Track market-moving stories before they get noisy

Posted by Defense World Staff on Jul 31st, 2026

Gryphon Financial Partners LLC grew its stake in Amazon.com, Inc. (NASDAQ:AMZN) by 7.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 73,085 shares of the e-commerce giant’s stock after buying an additional 5,125 shares during the period. Amazon.com makes up approximately 1.6% of Gryphon Financial Partners LLC’s holdings, making the stock its 15th biggest position. Gryphon Financial Partners LLC’s holdings in Amazon.com were worth $15,221,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Narwhal Capital Management increased its holdings in shares of Amazon.com by 2.3% in the 4th quarter. Narwhal Capital Management now owns 216,606 shares of the e-commerce giant’s stock worth $49,997,000 after buying an additional 4,854 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Amazon.com by 21.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 24,653,228 shares of the e-commerce giant’s stock worth $5,690,463,000 after acquiring an additional 4,275,942 shares in the last quarter. Weaver Capital Management LLC increased its stake in Amazon.com by 13.6% in the fourth quarter. Weaver Capital Management LLC now owns 39,264 shares of the e-commerce giant’s stock valued at $9,063,000 after acquiring an additional 4,713 shares during the last quarter. Ethos Financial Group LLC raised its position in Amazon.com by 9.6% during the fourth quarter. Ethos Financial Group LLC now owns 36,485 shares of the e-commerce giant’s stock valued at $8,421,000 after purchasing an additional 3,196 shares in the last quarter. Finally, Culbertson A N & Co. Inc. lifted its stake in Amazon.com by 8.6% during the fourth quarter. Culbertson A N & Co. Inc. now owns 30,444 shares of the e-commerce giant’s stock worth $7,027,000 after purchasing an additional 2,412 shares during the last quarter. Institutional investors own 72.20% of the company’s stock.

Insiders Place Their Bets In other news, CEO Douglas J. Herrington sold 1,000 shares of Amazon.com stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $239.77, for a total value of $239,770.00. Following the sale, the chief executive officer directly owned 484,527 shares in the company, valued at approximately $116,175,038.79. This trade represents a 0.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP David Zapolsky sold 9,270 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $268.53, for a total value of $2,489,273.10. Following the transaction, the senior vice president owned 41,190 shares of the company’s stock, valued at approximately $11,060,750.70. This represents a 18.37% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 135,719 shares of company stock worth $36,438,002. Insiders own 8.90% of the company’s stock.

Amazon.com Trading Up 3.9% Shares of AMZN opened at $235.50 on Friday. The stock has a market capitalization of $2.53 trillion, a P/E ratio of 28.17, a PEG ratio of 1.70 and a beta of 1.46. Amazon.com, Inc. has a twelve month low of $196.00 and a twelve month high of $278.56. The company has a quick ratio of 1.01, a current ratio of 1.18 and a debt-to-equity ratio of 0.27. The firm has a fifty day simple moving average of $245.59 and a two-hundred day simple moving average of $235.97.

Amazon.com (NASDAQ:AMZN – Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The e-commerce giant reported $5.75 EPS for the quarter, beating the consensus estimate of $1.82 by $3.93. The firm had revenue of $200.61 billion during the quarter, compared to the consensus estimate of $197.03 billion. Amazon.com had a net margin of 12.22% and a return on equity of 19.92%. The company’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.68 earnings per share. On average, research analysts anticipate that Amazon.com, Inc. will post 7.76 EPS for the current year.

Key Headlines Impacting Amazon.com Here are the key news stories impacting Amazon.com this week:

Positive Sentiment: AWS growth reaccelerated sharply: Amazon Web Services revenue rose 37% year over year—the fastest growth in several years—beating expectations as enterprise AI spending increased. New arrangements with Meta and OpenAI further support demand for Amazon’s cloud infrastructure. Amazon’s AWS posts fastest growth since 2021 Positive Sentiment: Amazon delivered a broad earnings beat: Second-quarter revenue increased approximately 20% to $200.6 billion, surpassing the $197.0 billion consensus estimate, while EPS of $5.75 exceeded expectations of $1.82. Operating income reached $27.5 billion, and AWS operating profit was approximately $16.6 billion. Amazon.com Announces Second Quarter Results Positive Sentiment: Advertising and retail added momentum: Advertising revenue climbed 26% to nearly $20 billion, while Prime Day activity supported the North American e-commerce business. Amazon also said a $600 million tariff refund will be partly passed on to customers. Amazon Thrives On Big Q2 Positive Sentiment: AI strategy is increasingly focused on monetization: Coverage suggests Amazon is emphasizing AWS infrastructure, partnerships and customer access rather than competing exclusively to build the industry’s top proprietary model. This could improve returns on AI spending and reduce the cost of a frontier-model race. Amazon is proving you don’t need the best model Neutral Sentiment: Amazon’s Anthropic investment produced a substantial non-operating gain, boosting reported profitability, but the benefit may be volatile and does not represent recurring operating earnings. Negative Sentiment: Spending and guidance remain investor concerns: Amazon’s planned roughly $200 billion of 2026 capital expenditures is pressuring free cash flow, while its third-quarter revenue outlook of $197 billion to $202 billion is below the approximately $204.6 billion analyst consensus. Reports of costly AI deployment errors add to execution risk. Amazon Contends With Unplanned Overspending on AI Analyst Upgrades and Downgrades A number of brokerages recently weighed in on AMZN. KeyCorp set a $335.00 price objective on Amazon.com and gave the company an “overweight” rating in a report on Thursday, July 16th. Stifel Nicolaus set a $319.00 price target on shares of Amazon.com and gave the company a “buy” rating in a research report on Thursday, April 30th. Oppenheimer boosted their price objective on shares of Amazon.com from $275.00 to $320.00 and gave the stock an “outperform” rating in a report on Thursday, April 30th. TD Cowen reaffirmed a “buy” rating and set a $340.00 target price (down from $350.00) on shares of Amazon.com in a report on Wednesday, July 8th. Finally, Scotiabank reissued an “outperform” rating and issued a $325.00 price target (up from $275.00) on shares of Amazon.com in a research note on Thursday, April 30th. Fifty-seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $313.43.

View Our Latest Stock Report on Amazon.com

Amazon.com Company Profile (Free Report)

Amazon.com, Inc is a diversified technology and retail company best known for its e-commerce marketplace and broad portfolio of consumer and enterprise services. Founded by Jeff Bezos in 1994 and headquartered in Seattle, Washington, the company launched as an online bookseller and expanded into a global retail platform that sells products directly to consumers and provides a marketplace for third-party sellers. Over time Amazon has grown beyond retail into areas including cloud computing, digital media, devices and logistics.

Key businesses and offerings include Amazon’s online marketplace and fulfillment services, the Amazon Prime membership program (which bundles expedited shipping with streaming and other benefits), Amazon Web Services (AWS) which supplies on-demand cloud computing and storage to businesses and public-sector customers, and a range of content and advertising services such as Prime Video and Amazon Advertising.

Recommended Stories Five stocks we like better than Amazon.com Microsoft Just Flipped the AI Spending Narrative Overnight Qualcomm’s Turnaround Is Working, So Why Is Wall Street Selling? Meta’s Earnings Show Why Wall Street Is Losing Patience With AI Spending Can Starbucks Keep This Turnaround Going? The Latest Results Say Yes Want to see what other hedge funds are holding AMZN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amazon.com, Inc. (NASDAQ:AMZN – Free Report).

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Investors aren't lovin' it. McDonald's (MCD -1.13%) is slated to hit the earnings drive-thru on Tuesday, Aug. 4, and ahead of that report, the fast food stock is slumping.

As of July 29, shares of the burger chain are off 9.6% year to date, a showing that's more than 400 basis points worse than that of the broader consumer discretionary sector. McDonald's is also laboring 20.4% below its 52-week high.

McDonald's has a dependable dividend, but a lot needs to go right for the stock to rebound. Image source: Getty Images.

For those mulling the stock as an earnings play, Wall Street expects McDonald's to report earnings per share of $3.32 on sales of $7.3 billion compared with year-earlier earnings of $3.19 and revenue of $6.8 billion. With inflation weighing on some of the Big Mac's core customers, the earnings report likely needs to be exceptional to spark a rally, but patient investors may find comfort in the dividend.

$10,000 in McDonald's stock equals decent income So, how much does $10,000 worth of this consumer discretionary stock generate in yearly income? Here's the math.

At a share price of $272, a $10,000 stake in McDonald's yields nearly 37 shares. The annual dividend on this stock is currently $7.35 per share, so 37 shares equal $271.95 in annual payouts. That's decent. It's actually pretty good for investors who don't need that income right now and can leverage the benefit of time by consistently reinvesting McDonald's dividends, allowing them to compound into a larger share position over the long term.

On the other hand, $272 a year in dividends isn't life-changing money, particularly for retirees facing inflationary pressures and high healthcare and long-term care costs. That underscores the point that investors should be diversified and not depend on a single stock, McDonald's or otherwise, for equity income.

Today's Change

(

-1.13

%) $

-3.08

Current Price

$

268.44

Putting McDonald's dividend into a direct Golden Arches context, Big Mac prices ranged from $4.67 to $6.72 about a year ago across the U.S. Call the average $5.70, and that means McDonald's dividend currently pays for 47.7 Big Macs -- and, no, these restaurants aren't serving partial burgers.

Good dividend news For investors who aren't overly impressed with McDonald's dividend, don't fret, because there's still something to see here. The fast-food giant is a committed dividend grower, as evidenced by a 5% increase last October.

That marked the 49th consecutive year the company raised its payout. Should it repeat that feat this year, and it likely will, that would make McDonald's a Dividend King, or one of the companies with 50 consecutive years of higher dividends.

Dividend growth is a safe bet with this stock because the company generated $2.4 billion in operating cash flow in the first quarter, easily surpassing capital spending of $1.7 billion. Additionally, McDonald's is a dedicated buyer of its own shares, thus shrinking its share count while making its dividend obligations more manageable.

, /PRNewswire/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported second quarter 2026 financial results, reaffirmed its 2026 financial guidance and provided a quarterly business update.

Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.)

Second quarter GAAP earnings attributable to common shareholders of $1.4 billion or $0.64 per common share, compared with GAAP earnings attributable to common shareholders of $2.2 billion or  $1.00 per common share in 2025  Adjusted earnings* of $1.4 billion or $0.63 per common share*, compared with $1.4 billion or $0.65 per common share in 2025  Adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA)* of $4.8 billion, compared to $4.6 billion in 2025  Cash provided by operating activities of $4.1 billion, compared with $3.2 billion in 2025  Distributable cash flow (DCF)* of $2.9 billion, in-line with results in 2025  Reaffirmed 2026 full year financial guidance and medium-term financial outlook  Sanctioned and began construction of the US$1.0 billion Line 5 Relocation project in Wisconsin, supporting the continued safe and reliable delivery of energy to the Midwest, Ontario and Quebec  Signed exclusive option to acquire TTC Connector Pipeline (TTC Connector), expanding existing U.S. Gulf Coast footprint and increasing connectivity between Tres Palacios and Freeport LNG  Sanctioned the 2.6 Bcf/d Bay Runner Twin Pipeline (Bay Runner Twin), providing Permian natural gas supply to the Rio Grande LNG facility under long-term take-or-pay agreements  Completed Project Beacon open season for increased capacity on Algonquin Gas Transmission with demand exceeding initial expectations; working to commercialize potential expansion CEO COMMENT
Greg Ebel, President and CEO commented the following:

"Shaped by ongoing geopolitical developments around the world, energy markets have remained volatile in recent months. While supply disruptions persist and uncertainty continues, one thing is clear; energy security, reliability, and affordability are more important than ever. Against this backdrop, Enbridge's scale, connectivity, and portfolio of strategic infrastructure assets position us to help strengthen North America's energy future while delivering value for customers and shareholders. We are advancing projects all across our businesses and in the second quarter added $1 billion to our now $41 billion growth project backlog. Year-to-date, we have sanctioned $9 billion of new projects and are well on track to meet our targeted $10-20 billion of new project announcements over the 2026 to 2027 timeframe. 

"We continue to see a wide array of high-quality opportunities in our Gas Transmission business, driven by customer demand across the continent. In the U.S. Northeast, we completed an open season for Project Beacon, a proposed expansion of our Algonquin Gas Transmission system, which received significantly more interest than our initial expectations. We also signed an exclusive option to acquire the TTC Connector Pipeline. This pipeline will connect Enbridge's Tres Palacios Gas Storage facility to Freeport LNG and is expected to enter service by the end of the year. Lastly in our Permian JV, the Blackcomb Pipeline has begun commissioning and we've sanctioned the Bay Runner Twin to service additional trains at Rio Grande LNG.

"The accelerating momentum we're seeing in Canada to support growth in the Western Canadian Sedimentary Basin presents a differentiated opportunity for Enbridge. As production continues to increase, Enbridge is ideally positioned to help enable that growth through new WCSB egress, including various Mainline Optimizations, as well as opportunities on our other industry-leading Liquids assets. Our Regional Oil Sands system serves around 50% of all Alberta oil sands production, while our Southern Lights and Norlite systems provide critical diluent supply and are expandable alongside future production growth. These assets will become increasingly important to our growth profile as Canadian oil production rises in response to favourable market fundamentals and the implementation of more supportive policies by Canadian governments. As a result, Mainline Optimization Phase 2 has evolved into a broader suite of expansion opportunities, and as greater clarity emerges around policies supporting production growth later this year, Enbridge is well positioned to provide the egress solutions our customers require. This quarter we sanctioned and began construction on the Line 5 Relocation project in Wisconsin, which we expect to enter service in early 2027. The relocation reinforces the long-term reliability of Line 5, which remains essential to delivering secure, affordable energy to the Great Lakes region.

"Our Gas Distribution and Storage business continues to provide year-round reliable and affordable service to over 7 million customers. This quarter the Public Utilities Commission of Ohio Staff filed its report on our Enbridge Gas Ohio rate case. The report was constructive and we look forward to working with the Commission towards a settlement in 2027.

"Lastly, our Renewable Power segment continues to advance over 1.5 GW of safe harboured opportunities. This builds on the momentum we've seen over the past 12 months, which saw us sanction over 1.4 GW of solar and onshore wind generation capacity and 1.6 GWh of battery storage capacity, all underpinned by long-term power purchase agreements with Meta. We expect to sanction additional safe harboured projects during the remainder of the year. 

"As our secured capital backlog continues to grow, our teams also remain focused on execution. This quarter we began construction on our largest project, the $4 billion Sunrise Expansion of our B.C. Pipeline system. This is in addition to a number of projects that are progressing well, including Tennessee Ridgeline, Aspen Point and the second phase of Sequoia Solar, all which are expected to enter service later this year.

"Looking ahead, we remain committed to being the first choice for our customers, policymakers, and regulators to advance essential infrastructure across North America under our all-of-the-above approach to energy investment. With an unmatched incumbent footprint, a $41 billion secured capital backlog, and $10 to $11 billion of annual growth investment capacity, Enbridge is well positioned to capitalize on the best macro environment for growth in the last 10 years. We will continue to add visibility to, and extend, our 5% growth outlook further into the future. Enbridge remains on track to deliver on our financial guidance this year, reinforcing the strength of our first-choice investment proposition."

FINANCIAL RESULTS SUMMARY

Financial results for the three months and six months ended June 30, 2026 and 2025 are summarized in the table below:

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars, except per share amounts; number   
   of shares in millions)

GAAP Earnings attributable to common shareholders

1,396

2,177

3,067

4,438

GAAP Earnings per common share

0.64

1.00

1.41

2.04

Cash provided by operating activities

4,111

3,238

6,453

6,291

Adjusted EBITDA1

4,776

4,644

10,586

10,472

Adjusted Earnings1

1,382

1,418

3,512

3,660

Adjusted Earnings per common share1

0.63

0.65

1.61

1.68

Distributable Cash Flow1

2,948

2,903

6,799

6,680

Weighted average common shares outstanding

2,184

2,180

2,183

2,180

1 Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.

GAAP earnings attributable to common shareholders for the second quarter of 2026 decreased by $0.8 billion, or $0.36 per share, compared with the same period in 2025. This decrease was primarily due to non-cash, unrealized changes in the value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks. In addition, a non-cash pre-issuance hedge loss was recorded on an exchange of medium-term notes and a non-cash adjustment to crude oil inventory was recorded in our Liquids Pipelines segment. This was partially offset by the absence of an impairment of rate-regulated assets in Enbridge Gas Ohio and the operating performance items discussed below.

The period-over-period comparability of GAAP earnings attributable to common shareholders is impacted by certain unusual, infrequent or other non-operating factors which are noted in the reconciliation schedule included in Appendix A of this news release. Refer to the Company's Management's Discussion & Analysis for Q2 2026 filed in conjunction with the quarter-end financial statements for a detailed discussion of GAAP financial results.

Adjusted EBITDA in the second quarter of 2026 increased by $132 million compared with the same period in 2025. This was primarily as a result of the increased revenues attributable to the East Tennessee, Texas Eastern, and the Enbridge Gas Utah rate cases.

Adjusted earnings in the second quarter of 2026 decreased by $36 million, or $0.02 per share, compared with the same period in 2025, due to higher depreciation from assets placed into service and higher interest expense on incremental debt balances, partially offset by the operating performance discussed above.

DCF for the second quarter of 2026 increased $45 million compared with the same period in 2025, due primarily to EBITDA factors discussed above and the timing of maintenance capital expenditures, partially offset by higher incremental debt balances driving higher interest expense.

Detailed financial information and analysis can be found below under Second Quarter 2026 Financial Results.

FINANCIAL OUTLOOK

The Company reaffirms its 2026 financial guidance for adjusted EBITDA between $20.2 billion and $20.8 billion and DCF per share between $5.70 and $6.10.

The Company also reaffirms its post-2026 adjusted EBITDA, DCF per share, and EPS near-term average compound annual growth rate of approximately 5%.

FINANCING UPDATE

The Company's rolling 12-month Debt-to-EBITDA metric at the end of the second quarter of 2026 was 5.1x, elevated in part due to the period end debt balance translating at a 1.42 CAD/USD foreign exchange rate compared to EBITDA translating at an average trailing 12-month rate of 1.38.

SECURED GROWTH PROJECT EXECUTION UPDATE

Enbridge added over $1 billion to its secured growth backlog through the sanctioning of the Line 5 Relocation project. In addition, the Enbridge Houston Oil Terminal entered service during the quarter.

The secured growth backlog now sits at approximately $41 billion. Financing of the secured growth program is expected to be provided through the Company's anticipated $10 to $11 billion of annual growth capital investment capacity.

SECOND QUARTER BUSINESS UPDATES

Liquids Pipelines: Line 5 Relocation Project

Enbridge has sanctioned and begun construction of the Line 5 Relocation project in Wisconsin, which involves a 41-mile re-route of the existing pipeline system. Upon entering service, Recoverable Line 5 Capital will be added to Mainline rate base. All key state and federal permits have been secured, including right-of-way agreements and the U.S. Army Corps of Engineers' Clean Water Act permit.  Enbridge expects the project to cost US$1.0 billion and enter service in early 2027.

Gas Transmission: TTC Connector

Enbridge has signed an exclusive option agreement to purchase the TTC Connector, an under-construction natural gas development connecting Tres Palacios Gas Storage to the Coastal Bend Header pipeline for delivery to Freeport LNG. TTC Connector is a 25-mile, 300 MMcf/d greenfield pipeline with direct connection to Tres Palacios Gas Storage. The development is supported by long-term service agreements with bp for all available capacity. Upon the pipeline entering service, Enbridge has the option to acquire TTC Connector at an accretive valuation.

Gas Transmission: Bay Runner Twin

Within the Whistler Joint Venture, Enbridge and partners have sanctioned the Bay Runner Twin, a twinning of the under-construction Bay Runner extension project delivering Permian natural gas supply to NextDecade's Rio Grande LNG facility in Texas. The project will run along Bay Runner's existing right-of-way, offering up to 2.6 Bcf/d of incremental capacity between Agua Dulce and Rio Grande. The Bay Runner Twin is underpinned by long-term take-or-pay agreements for all incremental service capacity, and is expected to enter service by 2030.

SECOND QUARTER 2026 FINANCIAL RESULTS

GAAP Segment EBITDA and Cash Flow from Operations

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Liquids Pipelines

2,623

2,331

4,580

4,924

Gas Transmission

1,433

1,442

3,003

2,915

Gas Distribution and Storage

878

510

2,587

2,110

Renewable Power Generation

118

109

306

332

Eliminations and Other

(216)

1,167

(620)

1,207

EBITDA1

4,836

5,559

9,856

11,488

Earnings attributable to common shareholders   

1,396

2,177

3,067

4,438

Cash provided by operating activities

4,111

3,238

6,453

6,291

1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

For purposes of evaluating performance, the Company makes adjustments to GAAP reported earnings, segment EBITDA and cash flow provided by operating activities for unusual, infrequent or other non-operating factors, which allow management and investors to more accurately compare the Company's performance across periods, normalizing for factors that are not indicative of underlying business performance. Tables incorporating these adjustments follow below. Schedules reconciling EBITDA, adjusted EBITDA, adjusted EBITDA by segment, adjusted earnings, adjusted earnings per share and DCF to their closest GAAP equivalent are provided in the Appendices to this news release.

Adjusted EBITDA By Segment

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)   

Liquids Pipelines

2,341

2,336

4,644

4,957

Gas Transmission

1,421

1,384

2,939

2,823

Gas Distribution and Storage

878

840

2,587

2,440

Renewable Power Generation

131

120

333

361

Eliminations and Other

5

(36)

83

(109)

Adjusted EBITDA1

4,776

4,644

10,586

10,472

Adjusted Earnings1

1,382

1,418

3,512

3,660

1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Adjusted EBITDA generated from U.S. dollar denominated businesses was translated to Canadian dollars at a similar average exchange rate (C$1.38/US$) in the second quarter of 2026 when compared with the same quarter in 2025 (C$1.38/US$). A significant portion of U.S. dollar earnings are hedged under the Company's enterprise-wide financial risk management program.

Liquids Pipelines

Three months ended
June 30,

Six months ended
June 30,

2026

2025

20261

20251

(unaudited; millions of Canadian dollars)

Mainline & Market Access Systems2

1,567

1,491

3,016

3,160

Regional Oil Sands & Express-Platte Systems   

351

376

741

725

Gulf Coast & Other Systems3

423

469

887

1,072

Adjusted EBITDA4

2,341

2,336

4,644

4,957

1

Effective January 1, 2026, to better align with our operational structure, Enbridge reorganized the reporting sub-segments of Liquids Pipelines. Prior year comparatives have also been restated to reflect the reporting change.

2

Consists of Mainline System, Flanagan South Pipeline, Spearhead Pipeline, and Seaway Pipeline.

3

Consists of Gray Oak Pipeline, Cactus II Pipeline, Enbridge Ingleside Energy Center, Southern Lights, Bakken System, and others.

4

Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Liquids Pipelines adjusted EBITDA increased $5 million compared with the second quarter of 2025, primarily related to:

higher Mainline volumes, net of earnings sharing, higher Line 9 volumes, and benefits from system optimization initiatives; and  higher equity earnings from Seaway Pipeline due to higher spot volumes; partially offset by  lower Mainline tolls on Line 9 deliveries; and  lower revenue from Southern Lights following expiry of cost of service agreements on June 30, 2025. Gas Transmission

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)   

U.S. Gas Transmission

1,175

1,098

2,351

2,269

Canadian Gas Transmission

143

150

365

317

Other1

103

136

223

237

Adjusted EBITDA2

1,421

1,384

2,939

2,823

1

Other consists of Tomorrow RNG, Gulf Offshore assets, our investment in DCP Midstream, and others.

2

Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Gas Transmission adjusted EBITDA increased $37 million compared with the second quarter of 2025, primarily related to:

increased revenues attributable to East Tennessee rate case settlement and Texas Eastern previously approved rate increase; partially offset by  lower equity earnings from our investment in DCP Midstream. Gas Distribution and Storage

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)   

Enbridge Gas Ontario1

481

499

1,432

1,368

U.S. Gas Utilities1

380

335

1,113

1,050

Other

17

6

42

22

Adjusted EBITDA2

878

840

2,587

2,440

1

Enbridge Gas Inc. doing business as Enbridge Gas Ontario. U.S. Gas Utilities consist of The East Ohio Gas Company (doing business as Enbridge Gas Ohio), Questar Gas Company (doing business as Enbridge Gas Utah) and Public Service Company of North Carolina Incorporated (doing business as Enbridge Gas North Carolina).

2

Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Adjusted EBITDA for Enbridge Gas Ontario, Enbridge Gas Utah and Enbridge Gas North Carolina typically follows a seasonal profile. EBITDA is generally highest in the first and fourth quarters of the year. Seasonal profiles for Enbridge Gas Ontario, Enbridge Gas Utah and Enbridge Gas North Carolina reflect greater volumetric demand during the heating season and the magnitude of the seasonal adjusted EBITDA fluctuations will vary from year-to-year in Ontario reflecting the impact of colder or warmer than normal weather on distribution volumes. Enbridge Gas Ohio's earnings are largely decoupled from volumes and less impacted by weather fluctuations. Enbridge Gas Utah and Enbridge Gas North Carolina have revenue decoupling mechanisms that are not impacted by weather or gas volume variability, but revenues are shaped to align with the seasonal usage profile.

Gas Distribution and Storage adjusted EBITDA increased $38 million compared with the second quarter of 2025 primarily related to:

higher base rates for Enbridge Gas Utah and Enbridge Gas North Carolina due to recent rate cases. When compared with the normal weather forecast embedded in rates, the positive impact of weather to adjusted EBITDA for Enbridge Gas Ontario was approximately $9 million in the second quarter of 2026, net of sharing, in line with the a positive impact of approximately $10 million in the same period of 2025.

Renewable Power Generation

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)   

Adjusted EBITDA1

131

120

333

361

1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Renewable Power Generation adjusted EBITDA increased $11 million compared with the second quarter of 2025 primarily related to:

contributions from assets placed into service since the second quarter of 2025. Eliminations and Other

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Operating and administrative recoveries

79

94

162

225

Realized foreign exchange hedge settlement (loss)/gain   

(74)

(130)

(79)

(334)

Adjusted EBITDA1

5

(36)

83

(109)

1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Operating and administrative recoveries captured in this segment reflect the cost of centrally delivered services (including depreciation of corporate assets) inclusive of amounts recovered from business units for the provision of those services. U.S. dollar denominated earnings within operating segment results are translated at average foreign exchange rates during the quarter, and the impact of settlements made under the Company's enterprise foreign exchange hedging program are captured in this corporate segment.

Eliminations and Other adjusted EBITDA increased $41 million compared with the second quarter of 2025 primarily due to:

Lower realized foreign exchange losses on hedge settlements in 2026. Distributable Cash Flow

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars; number of shares in millions)

Liquids Pipelines

2,341

2,336

4,644

4,957

Gas Transmission

1,421

1,384

2,939

2,823

Gas Distribution and Storage

878

840

2,587

2,440

Renewable Power Generation

131

120

333

361

Eliminations and Other

5

(36)

83

(109)

Adjusted EBITDA1,3

4,776

4,644

10,586

10,472

Maintenance capital

(227)

(316)

(445)

(545)

Interest expense1

(1,283)

(1,202)

(2,530)

(2,449)

Current income tax1

(232)

(227)

(581)

(617)

Distributions to noncontrolling interests and redeemable noncontrolling interest1

(116)

(95)

(215)

(195)

Cash distributions in excess of equity earnings1

135

190

247

197

Preference share dividends

(105)

(104)

(212)

(206)

Other receipts of cash not recognized in revenue2

17

43

(41)

53

Other non-cash adjustments1

(17)

(30)

(10)

(30)

DCF3

2,948

2,903

6,799

6,680

Weighted average common shares outstanding

2,184

2,180

2,183

2,180

1

Presented net of adjusting items.

2

Consists of cash received, net of revenue recognized, for contracts under make-up rights and similar deferred revenue arrangements.

3

Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.

Second quarter 2026 DCF increased $45 million compared with the same period of 2025 due to factors discussed above contributing to higher adjusted EBITDA, and:

lower maintenance capital due to timing; partially offset by higher interest expense due to incremental debt issuances. Adjusted Earnings

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars; except per share amounts)   

Adjusted EBITDA1,2

4,776

4,644

10,586

10,472

Depreciation and amortization

(1,482)

(1,441)

(2,967)

(2,900)

Interest expense2

(1,288)

(1,213)

(2,541)

(2,474)

Income taxes2

(450)

(429)

(1,201)

(1,138)

Noncontrolling interests and redeemable noncontrolling interest2

(69)

(41)

(153)

(95)

Preference share dividends

(105)

(102)

(212)

(205)

Adjusted earnings1

1,382

1,418

3,512

3,660

Adjusted earnings per common share1

0.63

0.65

1.61

1.68

1 Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.

2 Presented net of adjusting items.

Adjusted earnings decreased $36 million and adjusted earnings per share decreased by $0.02 when compared with the second quarter of 2025, due to:

higher interest expense due to incremental debt issuances; and higher depreciation from assets placed into service since the second quarter of 2025; partially offset by higher adjusted EBITDA due to the operating factors discussed above.  CONFERENCE CALL

Enbridge will host a conference call and webcast on July 31, 2026 at 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) to provide a business update and review 2026 second quarter results. Analysts, members of the media and other interested parties can access the call toll free at 1-800-606-3040. The call will be webcast live at https://events.q4inc.com/attendee/193728984/. It is recommended that participants dial in or join the webcast fifteen minutes prior to the scheduled start time. A webcast replay will be available soon after the conclusion of the event and a transcript will be posted to the website. The replay will be available for seven days after the call toll-free 1-(800)-606-3040 (conference ID: 9581867).

The conference call format will include prepared remarks from the executive team followed by a question and answer session for the analyst and investor community only. Enbridge's media and investor relations teams will be available after the call for any additional questions.

DIVIDEND DECLARATION

On July 27, 2026, our Board of Directors declared the following quarterly dividends. All dividends are payable on September 1, 2026 to shareholders of record on August 14, 2026.

Dividend per share

Common Shares

$0.9700

Preference Shares, Series A

$0.34375

Preference Shares, Series B

$0.32513

Preference Shares, Series D

$0.33825

Preference Shares, Series F

$0.34613

Preference Shares, Series G1

$0.30247

Preference Shares, Series H

$0.38200

Preference Shares, Series I2

$0.27789

Preference Shares, Series L

US$0.36612

Preference Shares, Series N

$0.41850

Preference Shares, Series P

$0.36988

Preference Shares, Series R

$0.39463

Preference Shares, Series 1

US$0.41898

Preference Shares, Series 3

$0.33050

Preference Shares, Series 43       

$0.29427

Preference Shares, Series 5

US$0.41769

Preference Shares, Series 7

$0.37425

Preference Shares, Series 9

$0.35450

Preference Shares, Series 11

$0.34231

Preference Shares, Series 13

$0.33719

Preference Shares, Series 15

$0.35163

Preference Shares, Series 19

$0.38825

1

The quarterly dividend per share paid on Preference Shares, Series G was increased to $0.30247 from $0.29616 on June 1, 2026 due to the reset of the dividend on a quarterly basis.

2

The quarterly dividend per share paid on Preference Shares, Series I was increased to $0.27789 from $0.27159 on June 1, 2026 due to the reset of the dividend on a quarterly basis.

3

The quarterly dividend per share paid on Preference Shares, Series 4 was increased to $0.29427 from $0.28797 on June 1, 2026 due to the reset of the dividend on a quarterly basis.

FORWARD-LOOKING INFORMATION

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''believe'', "estimate'', ''expect'', ''forecast'', ''intend'', "likely", ''plan'', ''project'', ''target'', and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the following: our corporate vision and strategy, including our strategic priorities and enablers; 2026 financial guidance and near-term outlook, including projected DCF per share, EPS and adjusted EBITDA and expected growth thereof; expected dividends, dividend growth and payout policy; expected supply of, demand for, exports of and prices of crude oil, natural gas, natural gas liquids (NGL), liquefied natural gas (LNG), renewable natural gas (RNG) and renewable energy; industry and market conditions; anticipated utilization of our assets; expected EBITDA and adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected DCF and DCF per share; expected future cash flows; expected shareholder returns and asset returns; expected performance of Enbridge's businesses; financial strength, capacity and flexibility; financing costs and plans; expectations on leverage, including Debt-to-EBITDA ratio; expectations on sources of liquidity and sufficiency of financial resources; expected costs, benefits and in-service dates related to announced projects and projects under construction; investable capacity and capital allocation priorities; impact of weather and seasonality; expected future growth, development and expansion opportunities, including with respect to the Line 5 Relocation, Bay Runner Twin, and the TTC Connector; the characteristics, anticipated benefits, financing and timing of our acquisitions, dispositions and other transactions; government trade policies, as well as possible impacts of potential and announced tariffs, duties, fees, economic sanctions, or other trade measures and the timing thereof; expected future actions and decisions of regulators and courts and the timing and impact thereof; and toll and rate case discussions and proceedings and anticipated outcomes, timelines and impacts therefrom.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following: the expected supply of, demand for, export of and prices of crude oil, natural gas, NGL, LNG, RNG and renewable energy; energy transition, including the drivers and pace thereof; global economic growth and trade; anticipated utilization of our assets; exchange rates; inflation; interest rates; tax laws and tax rates; evolving government trade policies, including potential and announced tariffs, duties, fees, economic sanctions, or other trade measures; availability and price of labour and construction materials; the stability of our supply chain; operational reliability and performance; maintenance of support and regulatory approvals for our projects and transactions; anticipated in-service dates and final investment decisions; weather; the timing, terms and closing of announced and potential acquisitions, dispositions and other transactions and projects and the anticipated benefits thereof; governmental legislation; litigation; credit ratings; capital project funding; hedging program; expected EBITDA and adjusted EBITDA; expected earnings/ (loss) and adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss) per share; expected future cash flows; expected future DCF and DCF per share; estimated future dividends; financial strength and flexibility; debt and equity market conditions; general economic and competitive conditions. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL, LNG, RNG and renewable energy and the prices of these commodities are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for our services. Similarly, exchange rates, inflation, interest rates and tariffs impact the economies and business environments in which we operate and may impact levels of demand for our services and cost of inputs and are therefore inherent in all forward-looking statements. The most relevant assumptions associated with forward-looking statements regarding announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labour and construction materials; the stability of our supply chain; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; the impact of weather; and customer, government, court and regulatory approvals on construction and in-service schedules and cost recovery regimes.

Enbridge's forward-looking statements are subject to risks and uncertainties pertaining to the successful execution of our strategic priorities; operating performance; legislative and regulatory parameters and decisions; litigation; acquisitions, dispositions and other transactions and the realization of anticipated benefits therefrom; evolving government trade policies, including potential and announced tariffs, duties, fees, economic sanctions or other trade measures; operational dependence on third parties; project approval and support; renewals of rights-of-way; weather; economic and competitive conditions; global geopolitical conflicts and conditions; political decisions; public opinion; dividend policy; changes in tax laws and tax rates; exchange rates; interest rates; inflation; commodity prices; access to and cost of capital; our ability to maintain adequate insurance in the future at commercially reasonable rates and terms; and supply of, demand for, and prices of commodities and other alternative energy, including but not limited to those risks and uncertainties discussed in this news release and in Enbridge's other filings with Canadian and U.S. securities regulators. The impact of any one assumption, risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty, as these are interdependent, and our future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statement made in this news release or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to us or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.

ABOUT ENBRIDGE INC.

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're advancing new technologies including hydrogen, renewable natural gas, and carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.

None of the information contained in, or connected to, Enbridge's website is incorporated in or otherwise forms part of this news release.

FOR FURTHER INFORMATION PLEASE CONTACT:

Enbridge Inc. – Media

Enbridge Inc. – Investment Community

Jesse Semko

Marlon Samuel

Toll Free: (888) 992-0997

Toll Free: (800) 481-2804

Email: [email protected]    

Email: [email protected] 

NON-GAAP RECONCILIATIONS APPENDICES

This news release contains references to EBITDA, adjusted EBITDA, adjusted earnings, adjusted earnings per common share (EPS) and DCF per share. Management believes the presentation of these metrics gives useful information to investors and shareholders, as they provide increased transparency and insight into the performance of the Company.

EBITDA represents earnings before interest, tax, depreciation and amortization.

Adjusted EBITDA represents EBITDA adjusted for unusual, infrequent or other non-operating factors on both a consolidated and segmented basis. Management uses EBITDA and adjusted EBITDA to set targets and to assess the performance of the Company and its business units.

Adjusted earnings represent earnings attributable to common shareholders adjusted for unusual, infrequent or other non-operating factors included in adjusted EBITDA, as well as adjustments for unusual, infrequent or other non-operating factors in respect of depreciation and amortization expense, interest expense, income taxes, noncontrolling interests and redeemable noncontrolling interests on a consolidated basis. Management uses adjusted earnings as another measure of the Company's ability to generate earnings and uses EPS to assess performance of the Company.

DCF is defined as cash flow provided by operating activities before the impact of changes in operating assets and liabilities (including changes in environmental liabilities) less distributions to noncontrolling interests and redeemable noncontrolling interests, preference share dividends and maintenance capital expenditures and further adjusted for unusual, infrequent or other non-operating factors. Management also uses DCF to assess the performance of the Company and to set its dividend payout target.

This news release also contains references to Debt-to-EBITDA, a non-GAAP ratio which utilizes adjusted EBITDA as one of its components. Debt-to-EBITDA is used as a liquidity measure to indicate the amount of adjusted earnings to pay debt, as calculated on the basis of generally accepted accounting principles in the United States of America (U.S. GAAP), before covering interest, tax, depreciation and amortization.

Reconciliations of forward-looking non-GAAP financial measures and non-GAAP ratios to comparable GAAP measures are not available due to the challenges and impracticability of estimating certain items, particularly certain contingent liabilities and non-cash unrealized derivative fair value losses and gains subject to market variability. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures and non-GAAP ratios is not available without unreasonable effort.

Our non-GAAP financial measures and non-GAAP ratios described above are not measures that have standardized meaning prescribed by U.S. GAAP and are not U.S. GAAP measures. Therefore, these measures may not be comparable with similar measures presented by other issuers.

The tables below provide a reconciliation of the non-GAAP measures to comparable GAAP measures.

APPENDIX A
NON-GAAP RECONCILIATIONS – ADJUSTED EBITDA AND ADJUSTED EARNINGS
CONSOLIDATED EARNINGS

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Liquids Pipelines

2,623

2,331

4,580

4,924

Gas Transmission

1,433

1,442

3,003

2,915

Gas Distribution and Storage

878

510

2,587

2,110

Renewable Power Generation

118

109

306

332

Eliminations and Other

(216)

1,167

(620)

1,207

EBITDA

4,836

5,559

9,856

11,488

  Depreciation and amortization

(1,429)

(1,391)

(2,862)

(2,799)

  Interest expense

(1,395)

(1,181)

(2,617)

(2,515)

  Income tax expense

(442)

(666)

(1,029)

(1,363)

  Earnings attributable to noncontrolling interests and   
     redeemable noncontrolling interest

(69)

(42)

(69)

(168)

  Preference share dividends

(105)

(102)

(212)

(205)

Earnings attributable to common shareholders

1,396

2,177

3,067

4,438

ADJUSTED EBITDA TO ADJUSTED EARNINGS

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars; except per share amounts)   

Liquids Pipelines

2,341

2,336

4,644

4,957

Gas Transmission

1,421

1,384

2,939

2,823

Gas Distribution and Storage

878

840

2,587

2,440

Renewable Power Generation

131

120

333

361

Eliminations and Other

5

(36)

83

(109)

Adjusted EBITDA

4,776

4,644

10,586

10,472

Depreciation and amortization

(1,482)

(1,441)

(2,967)

(2,900)

Interest expense

(1,288)

(1,213)

(2,541)

(2,474)

Income tax expense

(450)

(429)

(1,201)

(1,138)

Earnings attributable to noncontrolling interests and
   redeemable noncontrolling interest

(69)

(41)

(153)

(95)

Preference share dividends

(105)

(102)

(212)

(205)

Adjusted earnings

1,382

1,418

3,512

3,660

Adjusted earnings per common share

0.63

0.65

1.61

1.68

EBITDA TO ADJUSTED EARNINGS

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars; except per share amounts)   

EBITDA

4,836

5,559

9,856

11,488

Adjusting items:

Change in unrealized derivative fair value (gain)/loss

(276)

(1,323)

496

(1,481)

Gain on sale of assets

—

—

—

(114)

Realized hedge loss

—

—

—

139

Asset impairments

—

330

—

330

Other

216

78

234

110

Total adjusting items

(60)

(915)

730

(1,016)

Adjusted EBITDA

4,776

4,644

10,586

10,472

Depreciation and amortization

(1,429)

(1,391)

(2,862)

(2,799)

Interest expense

(1,395)

(1,181)

(2,617)

(2,515)

Income tax expense

(442)

(666)

(1,029)

(1,363)

Earnings attributable to noncontrolling interests and
   redeemable noncontrolling interest

(69)

(42)

(69)

(168)

Preference share dividends

(105)

(102)

(212)

(205)

Adjusting items in respect of:

Depreciation and amortization

(53)

(50)

(105)

(101)

Interest expense

107

(32)

76

41

Income tax expense

(8)

237

(172)

225

Earnings attributable to noncontrolling interests

—

1

(84)

73

Adjusted earnings

1,382

1,418

3,512

3,660

Adjusted earnings per common share

0.63

0.65

1.61

1.68

APPENDIX B
NON-GAAP RECONCILIATION – ADJUSTED EBITDA TO SEGMENTED EBITDA
LIQUIDS PIPELINES

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Adjusted EBITDA

2,341

2,336

4,644

4,957

Change in unrealized derivative fair value gain/(loss)   

432

33

80

38

Other

(150)

(38)

(144)

(71)

Total adjustments

282

(5)

(64)

(33)

EBITDA

2,623

2,331

4,580

4,924

GAS TRANSMISSION

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Adjusted EBITDA

1,421

1,384

2,939

2,823

Change in unrealized derivative fair value gain/(loss)   

17

40

36

(21)

Gain on sale of assets

—

—

—

87

Other

(5)

18

28

26

Total adjustments

12

58

64

92

EBITDA

1,433

1,442

3,003

2,915

GAS DISTRIBUTION AND STORAGE

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)   

Adjusted EBITDA

878

840

2,587

2,440

Asset impairment

—

(330)

—

(330)

Total adjustments

—

(330)

—

(330)

EBITDA

878

510

2,587

2,110

RENEWABLE POWER GENERATION

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Adjusted EBITDA

131

120

333

361

Change in unrealized derivative fair value gain/(loss)   

—

—

—

105

Realized hedge loss

—

—

—

(139)

Gain on sale of assets

—

—

—

27

Other

(13)

(11)

(27)

(22)

Total adjustments

(13)

(11)

(27)

(29)

EBITDA

118

109

306

332

ELIMINATIONS AND OTHER

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Adjusted EBITDA

5

(36)

83

(109)

Change in unrealized derivative fair value gain/(loss) -
   Foreign exchange

(194)

1,216

(622)

1,286

Other

(27)

(13)

(81)

30

Total adjustments

(221)

1,203

(703)

1,316

EBITDA

(216)

1,167

(620)

1,207

APPENDIX C
NON-GAAP RECONCILIATION – CASH PROVIDED BY OPERATING ACTIVITIES TO DCF

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Net cash provided by operating activities

4,111

3,238

6,453

6,291

Adjusted for changes in operating assets and liabilities1

(1,234)

(58)

687

841

2,877

3,180

7,140

7,132

Distributions to noncontrolling interests and redeemable   
   noncontrolling interest

(116)

(95)

(215)

(195)

Preference share dividends

(105)

(104)

(212)

(206)

Maintenance capital

(227)

(316)

(445)

(545)

Significant adjusting items:

Other receipts of cash not recognized in revenue

17

43

(41)

53

Distributions from equity investments in excess of
   cumulative earnings2

183

208

425

396

Other items

319

(13)

147

45

DCF

2,948

2,903

6,799

6,680

1 Changes in operating assets and liabilities, net of recoveries.

2 Presented net of adjusting items.

SOURCE Enbridge Inc.

Reports Second-Quarter Diluted EPS of $2.03 on a GAAP Basis, an Increase of 290.4 Percent; Adjusted Diluted EPS of $3.65, an Increase of 22.9 Percent; These Results Include an Unfavorable Impact of $0.17 Per Share Related to Acquired IPR&D and Milestones Expense Delivers Second-Quarter Net Revenues of $16.990 Billion, an Increase of 10.2 Percent on a Reported Basis or 9.5 Percent on an Operational Basis Second-Quarter Global Net Revenues from the Immunology Portfolio Were $8.786 Billion, an Increase of 15.1 Percent on a Reported Basis, or 14.6 Percent on an Operational Basis; Global Skyrizi Net Revenues Were $5.505 Billion; Global Rinvoq Net Revenues Were $2.525 Billion; Global Humira Net Revenues Were $756 Million Second-Quarter Global Net Revenues from the Neuroscience Portfolio Were $3.228 Billion, an Increase of 20.3 Percent on a Reported Basis, or 19.8 Percent on an Operational Basis; Global Vraylar Net Revenues Were $1.071 Billion; Global Botox Therapeutic Net Revenues Were $1.042 Billion; Combined Global Ubrelvy and Qulipta Net Revenues Were $742 Million; Global Vyalev Net Revenues Were $256 Million Second-Quarter Global Net Revenues from the Oncology Portfolio Were $1.650 Billion, a Decrease of 1.5 Percent on a Reported Basis, or 2.4 Percent on an Operational Basis; Global Venclexta Net Revenues Were $771 Million; Global Imbruvica Net Revenues Were $532 Million; Global Elahere Net Revenues Were $211 Million Second-Quarter Global Net Revenues from the Aesthetics Portfolio Were $1.282 Billion, an Increase of 0.3 Percent on a Reported Basis, or a Decrease of 0.9 Percent on an Operational Basis; Global Botox Cosmetic Net Revenues Were $728 Million; Global Juvederm Net Revenues Were $245 Million Announced Definitive Agreement to Acquire Apogee Therapeutics, Deepening AbbVie's Immunology Portfolio Updates 2026 Adjusted Diluted EPS Guidance Range from $13.91 - $14.11 to $13.87 - $14.07; Now Includes a $0.14 per Share Dilutive Impact Related to the Proposed Acquisition of Apogee Therapeutics, Which is Anticipated to Close in the Third Quarter of 2026; Includes an Unfavorable Impact of $0.58 Per Share Related to Acquired IPR&D and Milestones Expense Incurred Year-To-Date Through the Second Quarter 2026  , /PRNewswire/ -- AbbVie (NYSE:ABBV) announced financial results for the second quarter ended June 30, 2026.

"AbbVie delivered another excellent quarter, marked by outstanding execution and pipeline advancement. We also announced the proposed acquisition of Apogee Therapeutics, which strengthens our ability to deliver innovative medicines to patients, bolsters our immunology leadership and creates significant shareholder value," said Robert A. Michael, chairman and chief executive officer, AbbVie. "Based on our substantial momentum, AbbVie's long-term outlook remains very strong."

Second-Quarter Results

Worldwide net revenues were $16.990 billion, an increase of 10.2 percent on a reported basis, or 9.5 percent on an operational basis. Global net revenues from the immunology portfolio were $8.786 billion, an increase of 15.1 percent on a reported basis, or 14.6 percent on an operational basis. Global Skyrizi net revenues were $5.505 billion, an increase of 24.4 percent on a reported basis, or 24.0 percent on an operational basis. Global Rinvoq net revenues were $2.525 billion, an increase of 24.5 percent on a reported basis, or 23.7 percent on an operational basis. Global Humira net revenues were $756 million, a decrease of 35.9 percent on a reported basis, or 36.1 percent on an operational basis. Global net revenues from the neuroscience portfolio were $3.228 billion, an increase of 20.3 percent on a reported basis, or 19.8 percent on an operational basis. Global Vraylar net revenues were $1.071 billion, an increase of 18.9 percent. Global Botox Therapeutic net revenues were $1.042 billion, an increase of 12.2 percent on a reported basis, or 11.6 percent on an operational basis. Global Ubrelvy net revenues were $392 million, an increase of 16.0 percent on a reported basis, or 15.9 percent on an operational basis. Global Qulipta net revenues were $350 million, an increase of 30.9 percent on a reported basis, or 30.3 percent on an operational basis. Global Vyalev net revenues were $256 million. Global net revenues from the oncology portfolio were $1.650 billion, a decrease of 1.5 percent on a reported basis, or 2.4 percent on an operational basis. Global Venclexta net revenues were $771 million, an increase of 11.6 percent on a reported basis, or 9.6 percent on an operational basis. Global Imbruvica net revenues were $532 million, a decrease of 29.4 percent.  Global Elahere net revenues were $211 million, an increase of 33.1 percent on a reported basis, or 31.8 percent on an operational basis. Global net revenues from the aesthetics portfolio were $1.282 billion, an increase of 0.3 percent on a reported basis, or a decrease of 0.9 percent on an operational basis. Global Botox Cosmetic net revenues were $728 million, an increase of 5.2 percent on a reported basis, or 3.4 percent on an operational basis. Global Juvederm net revenues were $245 million, a decrease of 6.0 percent on a reported basis, or 6.6 percent on an operational basis. On a GAAP basis, the gross margin ratio in the second quarter was 74.7 percent. The adjusted gross margin ratio was 84.7 percent. On a GAAP basis, selling, general and administrative (SG&A) expense was 21.4 percent of net revenues. The adjusted SG&A expense was 21.0 percent of net revenues. On a GAAP basis, research and development (R&D) expense was 13.8 percent of net revenues. The adjusted R&D expense was 13.6 percent of net revenues. Acquired IPR&D and milestones expense was 1.7 percent of net revenues. On a GAAP basis, the operating margin ratio in the second quarter was 37.9 percent. The adjusted operating margin ratio was 48.3 percent. Net interest expense was $679 million. On a GAAP basis, the tax rate in the quarter was 15.5 percent. The adjusted tax rate was 14.7 percent. Diluted earnings per share (EPS) in the second quarter was $2.03 on a GAAP basis. Adjusted diluted EPS, excluding specified items, was $3.65. These results include an unfavorable impact of $0.17 per share related to acquired IPR&D and milestones expense. Note: "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.

Recent Events

AbbVie and Apogee Therapeutics announced a definitive agreement under which AbbVie will acquire Apogee and its diverse pipeline of clinical-stage candidates in development across inflammatory and immunological diseases. The proposed acquisition includes zumilokibart (APG777), a late-stage, half-life extended monoclonal antibody targeting IL-13 for atopic dermatitis (AD), as well as APG273, a potential best-in-category long-acting combination targeting IL-13 and thymic stromal lymphopoietin (TSLP) in asthma. The acquisition holds potential for substantial shareholder value creation, with mega-blockbuster peak sales potential across Apogee's pipeline of assets, and is expected to close in the third quarter of 2026. The transaction values Apogee at a total equity value of approximately $10.9 billion. Additional information on the transaction can be found at investors.abbvie.com. AbbVie announced the U.S. Food and Drug Administration (FDA) and the European Commission (EC) approved Skyrizi (risankizumab) for the treatment of children six years of age and older with moderate to severe plaque psoriasis. The FDA also approved Skyrizi for pediatric use in psoriatic arthritis. These approvals were supported by data from Phase 3 OptIMMize clinical trial program. AbbVie announced the EC approved Rinvoq (upadacitinib) for the treatment of adult and adolescent patients with non-segmental vitiligo. With this approval, Rinvoq is the first systemic medication approved in the European Union (EU) for patients with non-segmental vitiligo. This approval is supported by data from the Phase 3 Viti-Up clinical program, in which Rinvoq met both co-primary endpoints, with statistically significant and clinically meaningful improvements in total body and facial repigmentation at week 48, as well as key ranked secondary endpoints. AbbVie announced the EC approved Rinvoq for the treatment of adult and adolescent patients with severe alopecia areata. This approval is supported by data from the Phase 3 UP-AA clinical program, in which Rinvoq met the primary endpoint of severity of alopecia tool score ≤ 20 as well as key secondary endpoints, including improvements in eyebrows and eyelashes, at week 24. At the 2026 Digestive Disease Week (DDW) Annual Meeting, AbbVie presented new data across its gastroenterology portfolio, including 18 abstracts in Crohn's disease (CD) and ulcerative colitis (UC). Presentations included real-world evidence and long-term findings that reinforced the efficacy, safety profile and durability of Skyrizi and Rinvoq in inflammatory bowel diseases (IBD). AbbVie announced the EC approved Aquipta (atogepant) for the acute treatment of migraine in adults with or without aura. This approval marks the second indication for Aquipta in the EU, where it is now approved as both an acute treatment option for migraine attacks and as a preventive treatment option for adults with chronic or episodic migraine who experience at least four migraine days per month. The approval is supported by data from the Phase 3 ECLIPSE trial, which showed that Aquipta resulted in statistically significant pain freedom at two hours versus placebo during the first migraine attack, with sustained pain freedom from 2 to 48 hours and a clinically meaningful and consistent effect across multiple migraine attacks. AbbVie announced the FDA approved Decnupaz (pivekimab sunirine) for the treatment of adult patients with blastic plasmacytoid dendritic cell neoplasm (BPDCN), an ultra-rare and aggressive hematologic malignancy. Decnupaz is the first antibody-drug conjugate (ADC) approved for BPDCN that is initiated in an outpatient setting and marks AbbVie's first ADC approved for blood cancer. The approval is supported by data from the Phase 1/2 CADENZA trial, in which newly diagnosed patients with BPDCN treated with Decnupaz demonstrated clinically meaningful and durable responses. AbbVie announced the EC authorized an expanded label for Venclyxto (venetoclax) to include use in combination with acalabrutinib and use in combination with Imbruvica (ibrutinib) for the treatment of adult patients with previously untreated chronic lymphocytic leukemia (CLL). The authorization provides an all-oral, fixed-duration, chemotherapy-free treatment option for patients with CLL and supports the potential for time off treatment. The expanded label is supported by data from the Phase 3 AMPLIFY trial, Phase 3 GLOW trial and Phase 2 CAPTIVATE trial. AbbVie announced the EC granted marketing authorization for Tepkinly (epcoritamab) in combination with lenalidomide and rituximab (R2) for the treatment of adult patients with relapsed or refractory (R/R) follicular lymphoma (FL). The approval is based on results from the pivotal Phase 3 EPCORE FL-1 trial, in which fixed-duration Tepkinly plus R2 achieved statistically significant improvement of progression-free survival (PFS) and overall response rates (ORR) compared to R2, with approximately three out of four patients achieving a complete response (CR). This approval marks the first bispecific-based therapy approved in Europe for the treatment of R/R FL in the second-line setting, offering patients a chemotherapy-free option. Tepkinly/Epkinly is being co-developed by AbbVie and Genmab. AbbVie announced topline results from the Phase 3 EPCORE DLBCL-4 trial evaluating the combination of Epkinly (epcoritamab) and lenalidomide, compared to rituximab plus gemcitabine plus oxaliplatin in adult patients with R/R diffuse large B-cell lymphoma (DLBCL) who received at least one prior line of therapy. In the trial, the chemotherapy-free combination of Epkinly plus lenalidomide demonstrated statistically significant and clinically meaningful improvement in PFS. The safety profile of Epkinly when administered in combination with lenalidomide was consistent with the known safety profiles of the individual agents. At the American Society of Clinical Oncology (ASCO) Annual Meeting, AbbVie announced new data demonstrating the breadth and momentum of its next-generation oncology pipeline. Presentations highlighted the potential of AbbVie's novel topoisomerase 1 inhibitor–based ADC and T‑cell engager platforms within solid tumors and blood cancers, including oral presentations in prostate cancer, small cell lung cancer (SCLC), platinum-resistant ovarian cancer (PROC) and multiple myeloma (MM). At the European Hematology Association (EHA) 2026 Congress, AbbVie presented data that reinforced its leadership and commitment to ongoing research to improve outcomes for people living with blood cancers. Featured data from AbbVie's blood cancer portfolio and pipeline included 21 oral and poster presentations, which highlighted etentamig (ABBV-383), Epkinly and Decnupaz. The presentations also showcased Venclexta (venetoclax) data, including a final analysis of the Phase 3 CLL14 trial which demonstrated that after a median follow-up of 9.2 years, treatment with Venclexta plus obinutuzumab resulted in superior PFS compared to treatment with obinutuzumab plus chlorambucil in previously untreated CLL. Allergan Aesthetics announced the FDA approved Skinvive by Juvederm as the first hyaluronic acid injectable indicated to reduce neck lines for the improvement of neck appearance in adults over the age of 21. This approval is supported by a randomized, multicenter, evaluator-blinded, controlled pivotal clinical study in which participants treated with Skinvive by Juvederm saw a clinically significant improvement in neck lines at one month. This approval represents the second FDA-approved indication for Skinvive by Juvederm, which is also approved to improve skin smoothness of the cheeks in adults. Allergan Aesthetics announced the EC and Health Canada approved Boey (trenibotulinumtoxinE) as the first rapid-onset, short-duration neurotoxin for the temporary improvement of moderate to severe glabellar lines in adults. These approvals are supported by data from two Phase 3 clinical trials, in which Boey demonstrated rapid onset of action as early as eight hours after administration and observed efficacy duration of two to three weeks, with treatment-emergent adverse events similar to placebo. AbbVie announced the EC approved Maviret (glecaprevir/pibrentasvir) for the treatment of acute hepatitis C virus (HCV) infection in adults and children aged 3 years and older. This approval gives clinicians an option to initiate treatment as soon as acute infection is confirmed and makes Maviret the only treatment approved in the EU for both acute and chronic HCV infection. Full-Year 2026 Outlook

AbbVie is updating its adjusted diluted EPS guidance to include the impact of the proposed Apogee Therapeutics acquisition, which is expected to be $0.14 dilutive in 2026, based upon an anticipated close in the third quarter of this year. This dilution is partially offset by $0.10 of overperformance. As a result, AbbVie is updating its adjusted diluted EPS guidance range for the full year 2026 from $13.91 - $14.11 to $13.87 - $14.07, reflecting a change of $0.04 at the midpoint.

The company's 2026 adjusted diluted EPS guidance includes an unfavorable impact of $0.58 per share related to acquired IPR&D and milestones expense incurred year-to-date through the second quarter 2026. This guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the second quarter of 2026, as both cannot be reliably forecasted.

About AbbVie

AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X and YouTube.

Conference Call

AbbVie will host an investor conference call today at 8:00 a.m. Central Time to discuss our second-quarter performance. The call will be webcast through AbbVie's Investor Relations website at investors.abbvie.com. An archived edition of the call will be available after 11:00 a.m. Central Time.

Non-GAAP Financial Results

Financial results for 2026 and 2025 are presented on both a reported and a non-GAAP basis. Reported results were prepared in accordance with generally accepted accounting principles in the United States (GAAP) and include all revenue and expenses recognized during the period. Non-GAAP results adjust for certain non-cash items and for factors that are unusual or unpredictable, and exclude those costs, expenses, and other specified items presented in the reconciliation tables later in this release. AbbVie's management believes non-GAAP financial measures provide useful information to investors regarding AbbVie's results of operations and assist management, analysts and investors in evaluating the performance of the business. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.

Forward-Looking Statements

Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, risks related to the proposed acquisition of Apogee Therapeutics, Inc. ("Apogee"), including the possibility that such acquisition may not be consummated on the anticipated timeframe or at all, risks related to the ability to realize the anticipated benefits of the proposed acquisition on the anticipated timeframe or at all, risks that the costs to consummate the acquisition or to obtain the anticipated benefits of the proposed acquisition could be greater than expected, the failure to obtain applicable regulatory or Apogee stockholder approval in a timely manner or otherwise, the risk that an event occurs that could give rise to the right of AbbVie or Apogee to terminate the merger agreement, risks related to the ability of AbbVie and Apogee to successfully integrate the businesses and the possibility that such integration may be more difficult, time consuming or costly than expected, risks that the proposed acquisition disrupts Apogee's or AbbVie's current plans and operations and makes it more difficult to maintain business and operational relationships, the diversion of management's attention from ongoing business operations and opportunities due to the proposed transaction, negative effects of the consummation of the proposed acquisition on business or employee relationships or the market price of AbbVie's common stock and/or operating results, significant transaction costs, the assumption of unknown liabilities, the risk of litigation and/or regulatory actions related to the proposed acquisition, the risk that zumilokibart (APG777) or other Apogee pipeline assets may not demonstrate the anticipated success, safety, or efficacy in ongoing or future clinical trials, the risk that positive interim clinical trial results for zumilokibart (APG777) may not be predictive of results in later-stage or larger clinical trials, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to AbbVie's industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes, tariffs and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's and Apogee's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2025 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information; and Item 1A, "Risk Factors," of Apogee's most recently filed Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and in other documents that Apogee subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

Media:

Investors:

Marianne Ostrogorski

Liz Shea

(224) 240-6336

(847) 935-2211

Todd Bosse

(847) 936-1182

Jeffrey Byrne

(847) 938-2923

AbbVie Inc.

Key Product Revenues

Quarter Ended June 30, 2026

(Unaudited) 

% Change vs. 2Q25

Net Revenues (in millions)

Reported

Operationala

U.S.

Int'l.

Total

U.S.

Int'l.

Total

Int'l.

Total

NET REVENUES

$12,861

$4,129

$16,990

9.3 %

12.8 %

10.2 %

10.2 %

9.5 %

Immunology

6,957

1,829

8,786

14.1

19.2

15.1

16.8

14.6

Skyrizi

4,767

738

5,505

24.0

27.3

24.4

24.2

24.0

Rinvoq

1,765

760

2,525

21.6

31.9

24.5

29.2

23.7

Humira

425

331

756

(47.0)

(12.5)

(35.9)

(13.2)

(36.1)

Neuroscience

2,771

457

3,228

18.8

29.9

20.3

25.7

19.8

Vraylar

1,068

3

1,071

18.9

30.1

18.9

28.5

18.9

Botox Therapeutic

864

178

1,042

11.4

16.2

12.2

12.5

11.6

Ubrelvy

379

13

392

15.0

54.9

16.0

52.5

15.9

Qulipta

289

61

350

22.1

>100.0

30.9

95.9

30.3

Vyalev

128

128

256

>100.0

67.7

>100.0

62.2

>100.0

Other Neuroscience

43

74

117

(38.6)

(8.9)

(22.7)

(12.4)

(24.6)

Oncology

936

714

1,650

(8.7)

9.9

(1.5)

7.6

(2.4)

Venclexta

369

402

771

14.8

8.8

11.6

5.0

9.6

Imbruvicab

337

195

532

(37.8)

(7.8)

(29.4)

(7.8)

(29.4)

Elahere

161

50

211

17.1

>100.0

33.1

>100.0

31.8

Epkinlyc

36

67

103

62.4

39.7

46.8

41.7

48.1

Other Oncology

33

—

33

>100.0

n/m

>100.0

n/m

>100.0

Aesthetics

761

521

1,282

(4.4)

8.1

0.3

5.0

(0.9)

Botox Cosmetic

400

328

728

(2.4)

16.4

5.2

12.1

3.4

Juvederm Collection

103

142

245

(2.0)

(8.6)

(6.0)

(9.7)

(6.6)

Other Aesthetics

258

51

309

(8.3)

14.1

(5.2)

11.8

(5.5)

Other Key Products             

761

174

935

(9.1)

(13.4)

(9.9)

(15.5)

(10.3)

Mavyret

133

162

295

(27.7)

(14.9)

(21.2)

(16.9)

(22.2)

Creon

345

—

345

(14.7)

n/m

(14.7)

n/m

(14.7)

Linzess

283

12

295

13.9

14.7

13.9

11.1

13.7

a

"Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues
at the prior year's foreign exchange rates.

b

Reflects profit sharing for Imbruvica international revenues.

c

Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from
certain international territories.

n/m = not meaningful

AbbVie Inc.

Key Product Revenues

Six Months Ended June 30, 2026

(Unaudited)

% Change vs. 6M25

Net Revenues (in millions)

Reported

Operationala

U.S.

Int'l.

Total

U.S.

Int'l.

Total

Int'l.

Total

NET REVENUES

$23,830

$8,162

$31,992

9.6 %

16.2 %

11.2 %

10.7 %

9.9 %

Immunology

12,494

3,582

16,076

13.8

22.9

15.7

17.1

14.5

Skyrizi

8,542

1,446

9,988

26.3

33.1

27.3

26.0

26.3

Rinvoq

3,170

1,474

4,644

18.6

37.3

24.0

30.9

22.2

Humira

782

662

1,444

(49.4)

(12.4)

(37.2)

(15.3)

(38.2)

Neuroscience

5,230

873

6,103

21.5

32.0

22.9

23.9

21.8

Vraylar

1,970

6

1,976

18.6

45.6

18.6

41.1

18.6

Botox Therapeutic

1,706

345

2,051

13.9

16.3

14.3

9.7

13.2

Ubrelvy

709

22

731

26.1

43.3

26.5

39.1

26.4

Qulipta

539

107

646

31.9

>100.0

40.5

97.5

39.2

Vyalev

217

240

457

>100.0

80.7

>100.0

68.4

>100.0

Other Neuroscience

89

153

242

(38.8)

(5.2)

(21.2)

(12.0)

(24.8)

Oncology

1,818

1,463

3,281

(11.4)

16.4

(0.9)

11.5

(2.8)

Venclexta

710

831

1,541

12.0

15.0

13.6

7.5

9.6

Imbruvicab

669

419

1,088

(37.6)

(0.3)

(27.1)

(0.3)

(27.1)

Elahere

321

88

409

6.2

>100.0

21.2

>100.0

19.3

Epkinlyc

61

125

186

42.7

59.0

53.3

57.3

52.2

Other Oncology

57

—

57

>100.0

n/m

>100.0

n/m

>100.0

Aesthetics

1,465

1,003

2,468

1.9

6.4

3.7

1.9

1.9

Botox Cosmetic

771

625

1,396

9.4

15.2

11.9

9.7

9.5

Juvederm Collection

188

289

477

3.9

(7.0)

(3.0)

(10.0)

(4.9)

Other Aesthetics

506

89

595

(8.3)

(0.9)

(7.3)

(4.5)

(7.8)

Other Key Products             

1,577

353

1,930

7.1

(5.8)

4.5

(11.9)

3.3

Mavyret

316

330

646

(3.2)

(6.9)

(5.1)

(13.0)

(8.3)

Creon

706

—

706

(7.0)

n/m

(7.0)

n/m

(7.0)

Linzess

555

23

578

43.6

13.7

42.1

7.2

41.8

a

"Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues
at the prior year's foreign exchange rates.

b

Reflects profit sharing for Imbruvica international revenues.

c

Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from
certain international territories.

n/m = not meaningful

AbbVie Inc.

Consolidated Statements of Earnings

(Unaudited)

(in millions, except per share data)

Second Quarter

Ended June 30

Six Months

Ended June 30

2026

2025

2026

2025

Net revenues

$    16,990

$    15,423

$    31,992

$    28,766

Cost of products sold

4,291

4,346

8,509

8,348

Selling, general and administrative

3,632

3,253

7,210

6,546

Research and development

2,344

2,131

4,816

4,198

Acquired IPR&D and milestones

291

823

1,035

1,071

Other operating income

—

(24)

—

(24)

Total operating costs and expenses

10,558

10,529

21,570

20,139

Operating earnings

6,432

4,894

10,422

8,627

Interest expense, net

679

678

1,324

1,305

Other expense, net

1,475

2,662

3,781

4,107

Earnings before income tax expense

4,278

1,554

5,317

3,215

Income tax expense

662

613

1,004

985

Net earnings

3,616

941

4,313

2,230

Net earnings attributable to noncontrolling interest

3

3

5

6

Net earnings attributable to AbbVie Inc.

$      3,613

$        938

$      4,308

$      2,224

Diluted earnings per share attributable to AbbVie Inc.                            

$        2.03

$       0.52

$        2.42

$        1.24

Adjusted diluted earnings per sharea

$        3.65

$       2.97

$        6.30

$        5.43

Weighted-average diluted shares outstanding

1,771

1,771

1,773

1,772

a

Refer to the Reconciliation of GAAP Reported to Non-GAAP Adjusted Information for further details.

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

1.     Specified items impacted results as follows:

Quarter Ended June 30, 2026

(in millions, except per share data)

Earnings

Diluted

Pre-tax

After-taxa

EPS

As reported (GAAP)

$        4,278

$        3,613

$          2.03

Adjusted for specified items:

Intangible asset amortization

1,689

1,436

0.81

Change in fair value of contingent consideration                                                   

1,518

1,479

0.83

Other

128

(37)

(0.02)

As adjusted (non-GAAP)

$        7,613

$        6,491

$          3.65

a  Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.

Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended June 30, 2026 included acquired IPR&D
and milestone expense of $291 million on a pre-tax and $288 million on an after-tax basis, representing an unfavorable impact of
$0.17 to both diluted EPS and adjusted diluted EPS.

2.     The impact of the specified items by line item was as follows:

Quarter Ended June 30, 2026

(in millions)

Cost of
products
sold

SG&A

R&D

Other
expense,
net

As reported (GAAP)

$   4,291

$   3,632

$   2,344

$   1,475

Adjusted for specified items:

Intangible asset amortization

(1,689)

—

—

—

Change in fair value of contingent consideration                                           

—

—

—

(1,518)

Other

(4)

(58)

(30)

(36)

As adjusted (non-GAAP)

$   2,598

$   3,574

$   2,314

$      (79)

3.     The adjusted tax rate for the second quarter of 2026 was 14.7 percent, as detailed below:

Quarter Ended June 30, 2026

(dollars in millions)

Pre-tax
earnings

Income taxes

Tax rate

As reported (GAAP)

$        4,278

$          662

15.5 %

Specified items

3,335

457

13.7 %

As adjusted (non-GAAP)                                                                                    

$        7,613

$       1,119

14.7 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

1.     Specified items impacted results as follows:

Quarter Ended June 30, 2025

(in millions, except per share data)

Earnings

Diluted

Pre-tax

After-taxa

EPS

As reported (GAAP)

$        1,554

$          938

$          0.52

Adjusted for specified items:

Intangible asset amortization

1,864

1,571

0.89

Change in fair value of contingent consideration                                                     

2,795

2,709

1.53

Other

91

60

0.03

As adjusted (non-GAAP)

$        6,304

$        5,278

$          2.97

a  Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.

Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended June 30, 2025 included acquired IPR&D
and milestone expense of $823 million on a pre-tax and $737 million on an after-tax basis, representing an unfavorable impact of
$0.42 to both diluted EPS and adjusted diluted EPS.

2.     The impact of the specified items by line item was as follows: 

Quarter Ended June 30, 2025

(in millions)

Cost of
products
sold

SG&A

R&D

Other
operating
income

Other
expense,
net

As reported (GAAP)

$   4,346

$   3,253

$   2,131

$     (24)

$   2,662

Adjusted for specified items:

Intangible asset amortization

(1,864)

—

—

—

—

Change in fair value of contingent consideration                    

—

—

—

—

(2,795)

Other

(69)

(14)

(16)

24

(16)

As adjusted (non-GAAP)

$   2,413

$   3,239

$   2,115

$      —

$    (149)

 3.     The adjusted tax rate for the second quarter of 2025 was 16.2 percent, as detailed below:

Quarter Ended June 30, 2025

(dollars in millions)

Pre-tax
earnings

Income taxes

Tax rate

As reported (GAAP)

$        1,554

$          613

39.4 %

Specified items

4,750

410

8.6 %

As adjusted (non-GAAP)                                                                                     

$        6,304

$       1,023

16.2 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

1.     Specified items impacted results as follows:

Six Months Ended June 30, 2026

(in millions, except per share data)

Earnings

Diluted

Pre-tax

After-taxa

EPS

As reported (GAAP)

$        5,317

$        4,308

$          2.42

Adjusted for specified items:

Intangible asset amortization

3,437

2,934

1.66

Change in fair value of contingent consideration                                                 

3,905

3,804

2.14

Other

523

156

0.08

As adjusted (non-GAAP)

$       13,182

$       11,202

$          6.30

a  Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.

Reported GAAP earnings and adjusted non-GAAP earnings for the six months ended June 30, 2026 included acquired IPR&D
and milestones expense of $1.0 billion on a pre-tax and after-tax basis, representing an unfavorable impact of $0.58 to both
diluted EPS and adjusted diluted EPS.

2.     The impact of the specified items by line item was as follows: 

Six Months Ended June 30, 2026

(in millions)

Cost of
products
sold

SG&A

R&D

Other
expense,
net

As reported (GAAP)

$    8,509

$    7,210

$    4,816

$    3,781

Adjusted for specified items:

Intangible asset amortization

(3,437)

—

—

—

Change in fair value of contingent consideration                                   

—

—

—

(3,905)

Other

(12)

(235)

(234)

(42)

As adjusted (non-GAAP)

$    5,060

$    6,975

$    4,582

$     (166)

3.     The adjusted tax rate for the first six months of 2026 was 15.0 percent, as detailed below:

Six Months Ended June 30, 2026

(dollars in millions)

Pre-tax
earnings

Income taxes

Tax rate

As reported (GAAP)

$        5,317

$        1,004

18.9 %

Specified items

7,865

971

12.3 %

As adjusted (non-GAAP)                                                                               

$       13,182

$        1,975

15.0 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

1.     Specified items impacted results as follows:

Six Months Ended June 30, 2025

(in millions, except per share data)

Earnings

Diluted

Pre-tax

After-taxa

EPS

As reported (GAAP)

$        3,215

$        2,224

$          1.24

Adjusted for specified items:

Intangible asset amortization

3,722

3,145

1.78

Change in fair value of contingent consideration                                                

4,313

4,186

2.36

Other

153

93

0.05

As adjusted (non-GAAP)

$       11,403

$        9,648

$          5.43

 a         Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. 

Reported GAAP earnings and adjusted non-GAAP earnings for the six months ended June 30, 2025 included acquired IPR&D
and milestones expense of $1.1 billion on a pre-tax and $975 million on an after-tax basis, representing an unfavorable impact
of $0.55 to both diluted EPS and adjusted diluted EPS.

2.     The impact of the specified items by line item was as follows: 

Six Months Ended June 30, 2025

(in millions)

Cost of
products
sold

SG&A

R&D

Other
operating
income

Other
expense,
net

As reported (GAAP)

$   8,348

$   6,546

$   4,198

$     (24)

$   4,107

Adjusted for specified items:

Intangible asset amortization

(3,722)

—

—

—

—

Change in fair value of contingent consideration                  

—

—

—

—

(4,313)

Other

(97)

(27)

(32)

24

(21)

As adjusted (non-GAAP)

$   4,529

$   6,519

$   4,166

$      —

$    (227)

3.     The adjusted tax rate for the first six months of 2025 was 15.3 percent, as detailed below:

Six Months Ended June 30, 2025

(dollars in millions)

Pre-tax
earnings

Income taxes

Tax rate

As reported (GAAP)

$        3,215

$          985

30.6 %

Specified items

8,188

764

9.3 %

As adjusted (non-GAAP)                                                                                 

$       11,403

$        1,749

15.3 %

SOURCE AbbVie

When MercadoLibre (MELI +1.20%) releases its earnings report on Aug. 5, there's one stat I'll be looking at in particular: revenue growth.

Last quarter, MercadoLibre's revenue jumped 49%, its fastest pace in four years. Revenue topped analysts' expectations, and it's a clear indication that the e-commerce and fintech company is rapidly expanding through Latin America as planned.

Today's Change

(

1.20

%) $

22.42

Current Price

$

1,885.73

MercadoLibre's Brazilian market saw a 56% increase. At the same time, its unit shipping costs dropped 17% year over year. This is due to the company's efforts to improve infrastructure and logistics within emerging markets.

Wall Street has still punished the stock despite clear evidence that the company's strategic investments are really starting to pay off. MercadoLibre's executive team deliberately reinvested capital in growth, which caused a temporary drop in operating margin that investors apparently did not like.

Image source: The Motley Fool.

For those focused on the long term, however, MercadoLibre is priced quite attractively right now. The stock is down more than 20% in the past 12 months. The company is currently trading at less than 3 times its sales, with a price-to-earnings-to-growth (PEG) ratio of 1.15. This suggests that MercadoLibre is either fairly priced or slightly undervalued.

Getting back to the one stat that tells a bigger story: 49% revenue growth. If MercadoLibre can maintain this pace or accelerate it, the stock will eventually begin to reflect the incredible investments the company has made over the past decade to build a viable e-commerce and fintech business in Latin America. The opportunity there is too massive to ignore.

Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends MercadoLibre. The Motley Fool has a disclosure policy.

3 transportation stocks gearing up for a new rallyGATX NYSE: GATX reported second-quarter 2026 diluted earnings per share of $2.84, up from $2.06 a year earlier, and raised its full-year earnings guidance to a range of $9.90 to $10.30 per share. Year-to-date diluted EPS was $5.19, compared with $4.21 in the first half of 2025.

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Management attributed the higher outlook to strong year-to-date results, favorable market conditions in Rail North America and engine leasing, benefits from the Wells Fargo Rail acquisition and a positive outlook across its businesses.

Rail North America Maintains High Utilization Rail North America fleet utilization remained high at 98% at quarter end, while GATX reported an 82.6% lease renewal success rate. The company’s lease price index increased 16.8%, with an average renewal term of 54 months.

Paul Titterton, executive vice president and president of Rail North America, said favorable supply-demand conditions continued to support renewal economics across most railcar types. Management said the second-quarter lease price index was affected by a higher-than-expected volume of sand-car renewals from the Wells Fargo portfolio.

Robert Lyons, GATX’s president and chief executive officer, said the company had expected some of those cars to come off lease, which would have removed them from the lease price index calculation. Instead, more cars were renewed than anticipated, a result he described as economically beneficial over the long term despite its effect on the index.

Management did not provide railcar-type-specific lease pricing details, citing the competitive nature of the market. Titterton said GATX expected continued sand-car exposure for the rest of the year but said the activity was consistent with the company’s expectations when it acquired the Wells Fargo fleet.

The company placed about 9,500 railcars under its 2022 Trinity supply agreement, with the earliest available scheduled delivery under that agreement in the first quarter of 2027. Titterton said a long-term supply agreement remains a core part of GATX’s sourcing strategy, though the company did not discuss specific plans to renew its existing agreement.

Remarketing Gains Support Results and Guidance Strong secondary-market demand contributed to meaningful asset remarketing activity during the quarter. GATX reported gains on asset dispositions of $67.7 million in the second quarter and $117.5 million for the first half of the year.

Lyons said gains from the Wells Fargo-related joint venture were tracking in line with the company’s full-year expectation of about $70 million. Meanwhile, gains from GATX’s legacy portfolio were running ahead of expectations, and management said they could exceed the company’s initial $130 million outlook for the full year.

Tom Ellman, executive vice president and chief financial officer, said the company was roughly at or slightly above its initial full-year expectations across several major metrics at midyear. He cited stronger-than-anticipated remarketing income and segment profit in Rail North America and engine leasing as key drivers of the increased earnings guidance.

Management also said the Wells Fargo Rail acquisition was contributing more than initially anticipated. GATX had previously expected the transaction to add roughly $0.20 to $0.30 per share in 2026. Ellman said the company now expects the contribution to be at least double that original estimate, supported by management fees, day-to-day portfolio performance and potential asset-sale-related fees.

GATX exercised its first option to acquire an additional interest in the Wells Fargo-related joint venture on June 30. The purchase represented 3.5% of the joint venture and had a total cash outlay of $66 million. Lyons said the company expects to exercise future options, though they remain subject to annual review.

Maintenance and Fleet Strategy Rail North America maintenance expense was approximately $250 million through the first half, in line with GATX’s expectation of roughly $500 million for the full year. Ellman said quarterly maintenance spending may vary, but the company remained on track for its annual target.

GATX said it is already seeing benefits from applying its maintenance-management processes to the Wells Fargo portfolio’s third-party maintenance network. However, Lyons said it may take about two years before the company has capacity to move some Wells Fargo railcars through its own maintenance facilities, which are currently operating at full capacity with GATX’s legacy fleet.

Management emphasized that it is focused on optimizing portfolio economics rather than targeting a specific fleet size. Lyons said GATX will continue to sell assets when secondary-market demand makes doing so attractive and will add railcars when purchase prices, financing costs and leasing demand support investment returns.

Titterton said North American railcar market conditions remain supported by a shrinking overall railcar fleet and improving railcar loadings, particularly in intermodal, agricultural and chemical markets. He also cited tighter trucking capacity as a favorable factor, while noting uncertainty in the broader economic environment.

International Rail and Engine Leasing GATX Rail Europe ended the quarter with 95.3% utilization despite what management described as challenging economic conditions. GATX Rail India’s fleet was fully utilized as demand remained robust. Rail International investment volume totaled approximately $46 million during the quarter, reflecting new railcar deliveries in Europe and India.

Lyons said Rail International segment profit could come in somewhat below the company’s initial expectation of about $130 million, though he said the difference was not significant enough to affect the revised full-year guidance.

Engine leasing delivered what management called excellent second-quarter results, supported by favorable market fundamentals and continued air-travel trends that drove demand for spare aircraft engines. GATX also identified investment opportunities through its 50/50 joint venture with Rolls-Royce.

Ellman said year-to-date engine leasing results were driven approximately 70% by operating income and 30% by remarketing activity. He also noted that other income in the segment included maintenance reserve releases, which can be uneven from quarter to quarter and should not be viewed as a recurring quarterly run rate.

Lyons said GATX does not currently plan to add engines to its wholly owned engine portfolio in 2026, though the company may pursue selective opportunities. He said the existing portfolio, which exceeds $1 billion of investment, is expected to remain a strong, high-return asset base over time.

About GATX (NYSE:GATX)GATX Corporation NYSE: GATX is a global railcar leasing and asset management company headquartered in Chicago, Illinois. Founded in 1898 as General American Transportation Corporation, GATX has grown into one of the world's leading lessors of railcars, marine vessels and industrial assets. The company's core business focuses on leasing and managing high-value equipment for customers in the energy, industrial, chemical, agricultural and metals markets.

In its Rail North America segment, GATX owns and manages a diverse fleet of more than 60,000 railcars, including tank cars, covered hoppers, boxcars and flatcars.

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

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Hilton Grand Vacations NYSE: HGV reported second-quarter adjusted EBITDA to shareholders of $293 million, up 5% from a year earlier, as cost controls and operating-efficiency initiatives helped offset lower contract sales and sales productivity pressures at portions of its Bluegreen business.

The company said adjusted EBITDA margin, excluding cost reimbursements, expanded 40 basis points year over year to 23%. Total revenue before cost reimbursements rose 3% to $1.3 billion. Management said reported GAAP results excluded $54 million in net contract-sales deferrals tied to presales at its Ka Haku project, along with $26 million in associated direct expenses. Adjusting for those items would add a net $28 million to adjusted EBITDA, according to the company.

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Tour Growth Continued, but Contract Sales Declined Hilton Grand Vacations generated 239,000 tours during the quarter, a 6% increase from the prior-year period and its fourth consecutive quarter of consolidated tour growth. CEO Mark Wang said the results demonstrated continued demand across the platform, with occupancy and on-the-book arrivals for the second half of the year remaining ahead of the prior year.

However, real estate contract sales declined 3% to $810 million. Volume per guest, or VPG, fell 9% to about $3,400. Wang said the decline reflected a faster-than-expected moderation in Bluegreen VPG following the prior-year launch of HGV Max, sales-execution challenges at several high-volume locations, and a greater mix of trust transactions and new-buyer sales.

New-buyer contract sales accounted for 28% of total volume, up 70 basis points from the prior-year period. The company reported high-single-digit growth in both new-buyer tours and transactions, supported by prior marketing investments and stable close rates.

Wang said the company did not view the sales shortfall as a demand problem. In particular, Bluegreen tour flow increased 10% year over year and new-buyer transactions at Bluegreen rose 16%, he said. But owner VPG at Bluegreen faced a difficult comparison after the HGV Max rollout drove a 45% increase in VPG during the second quarter of 2025.

Management also identified execution issues at Bluegreen operations in Orlando and Myrtle Beach. Wang said the company installed new leadership and increased recruiting and training investments in those markets. He said Hilton Grand Vacations expects performance to improve through the third quarter and return to expected levels by the fourth quarter.

Margins Benefit From Product Mix and Cost Discipline Real estate profit increased 7% to $173 million, while real estate margins expanded 220 basis points to 28%. Cost of product was 10%, down 130 basis points from a year earlier and consistent with the first quarter.

President and CFO Dan Mathewes said the larger mix of trust sales contributed to the cost-of-product performance. Trust transactions generally carry lower VPG than traditional deeded sales, but also have a lower cost of product, he said. Management also said inventory recapture from prior acquisitions is expected to contribute to cost-of-product benefits in the second half.

Real estate sales and marketing expense was $397 million, or 49% of contract sales, 40 basis points below the prior-year period. The financing business produced $144 million in revenue and $86 million in profit. Excluding amortization related to acquired receivables, financing margins were 62%, up 100 basis points year over year.

The company’s provision for bad debt was 17% of owned contract sales, at the high end of its targeted mid-teens range. Mathewes attributed the increase primarily to a higher customer borrowing propensity and a greater mix of trust and new-buyer sales, which carry higher provisions than deeded sales. He said the increase was not caused by portfolio deterioration, citing stable or improving early-stage delinquency trends across the company’s portfolios.

Combined gross receivables totaled $5 billion, with a $1.4 billion allowance for bad debt, or 28% of the portfolio. The weighted average interest rate on originated loans was 14.4%.

Member Growth, Asset Disposition and Capital Returns Hilton Grand Vacations ended the quarter with 722,000 consolidated members. Nearly 300,000 members, or 40% of its base, were enrolled in HGV Max, representing 24% growth from a year earlier. Wang said the company continues to invest in HGV Max and its member experience platform to support engagement, upgrades and recurring revenue opportunities.

Its HGV Ultimate Access events platform hosted more than 137,000 guests over the past year and generated what management described as strong contract sales. The company said the platform has become a core part of its member offering.

Rental and ancillary revenue rose 8% to $210 million, supported by higher revenue per available room and increased room nights. However, developer maintenance fees remained the largest driver of profitability trends in that business and contributed to a $10 million loss during the period.

The company completed the disposition of a group of non-core assets on June 30. It recorded a $48 million non-cash loss related to the transaction, though management expects the deal to reduce the annualized maintenance-fee burden on EBITDA by $10 million to $12 million, all else equal. The benefit in 2026 is expected to be minimal because many maintenance fees are paid at the beginning of the year. Hilton Grand Vacations said it may participate in proceeds if the third party managing and marketing the properties completes future sales.

Adjusted free cash flow was $180 million, representing 61% conversion from adjusted EBITDA. During the quarter, the company repurchased 3.1 million shares for $150 million, followed by another 488,000 shares for $25 million between July 1 and July 23. Year to date, share repurchases exceeded $300 million. As of July 23, $103 million remained under the company’s repurchase authorization.

Full-Year EBITDA Outlook Maintained Hilton Grand Vacations reaffirmed its 2026 adjusted EBITDA-before-deferrals guidance of $1.225 billion to $1.265 billion. Management said cost discipline, lower expected cost of product and improving bad-debt provisions in the second half should help support the outlook despite sales pressure.

The company now expects full-year VPG to decline in the low- to mid-single digits, compared with its prior outlook for flat to slightly lower VPG. For the third quarter, it expects high-single-digit VPG declines. Full-year contract sales are now expected to be flat to down slightly, versus its earlier expectation for a slight increase; third-quarter contract sales are expected to decline in the mid-single digits.

As of June 30, the company had $735 million of liquidity, including $272 million of unrestricted cash and $463 million available under its revolving credit facility. Total net leverage was 3.8 times on a pro forma trailing-12-month basis, down 0.1 turns from the first quarter and consistent with year-end levels.

About Hilton Grand Vacations (NYSE:HGV)Hilton Grand Vacations Inc is a leading developer and marketer of premium vacation ownership resorts. The company specializes in selling timeshare interests in vacation properties under the Hilton Grand Vacations brand, enabling members to purchase deeded real estate interests and utilize a points-based system for booking stays. Alongside new sales, the company provides ongoing management services for its portfolio of resorts, ensuring high standards of guest services, resort maintenance, and member engagement through its proprietary technology platform.

In addition to vacation ownership sales, Hilton Grand Vacations offers a comprehensive suite of membership benefits.

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

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Arthur J. Gallagher & Co. (AJG) Q2 2026 Earnings Call July 30, 2026 5:15 PM EDT

Company Participants

J. Gallagher - Chairman & CEO
Douglas Howell - Corporate VP & CFO

Conference Call Participants

Michael Zaremski - BMO Capital Markets Equity Research
Elyse Greenspan - Wells Fargo Securities, LLC, Research Division
Charles Peters - Raymond James & Associates, Inc., Research Division
Dean Criscitiello - Wolfe Research, LLC
David Motemaden - Evercore ISI Institutional Equities, Research Division
Andrew Andersen - Jefferies LLC, Research Division
Yaron Kinar - Mizuho Securities USA LLC, Research Division
Mark Hughes - Truist Securities, Inc., Research Division
Meyer Shields - Keefe, Bruyette, & Woods, Inc., Research Division
Andrew Kligerman - TD Cowen, Research Division

Presentation

Operator

Good afternoon, and welcome to Arthur J. Gallagher & Company's Second Quarter 2026 Earnings Conference Call.

[Operator Instructions]

Today's call is being recorded. If you have any objections, you may disconnect at this time.

Some of the comments made during this conference call, including answers given in response to questions, may constitute forward-looking statements within the meaning of the securities laws. The company does not assume any obligation to update information or forward-looking statements provided on this call. These forward-looking statements are subject to risks and uncertainties that can cause actual results to differ materially. Please refer to the information concerning forward-looking statements and Risk Factors sections contained in the company's most recent 10-K, 10-Q and 8-K filings for more details on such risks and uncertainties.

In addition, for reconciliations of the non-GAAP measures discussed on this call as well as other information regarding these measures, please refer to the earnings release and other materials in the Investor Relations section of the company's website.

It is now my pleasure to introduce J. Patrick Gallagher, Jr., Chairman and CEO of Arthur J. Gallagher & Company. Mr. Gallagher, you may begin.

Second quarter financial results were consistent with guidance and reflect strong operational execution Industrial customer demand grew 11% year-over-year, driven by continued growth from high-tech and data center customers Reaffirming 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share , /PRNewswire/ -- Portland General Electric Company (NYSE: POR) today reported second quarter 2026 net income of $68 million, or $0.59 per diluted share, on a generally accepted accounting principles (GAAP) basis. After adjusting for business transformation, optimization and acquisition expenses, second quarter 2026 non-GAAP net income was $74 million, or $0.64 per diluted share. This compares with second quarter 2025 GAAP net income of $62 million, or $0.56 per diluted share, and non-GAAP net income of $73 million, or $0.66 per diluted share.

"Affordability remains a national focus, and we have taken proactive steps to address customer cost pressures while supporting continued economic growth in our region. The approval of our large customer tariff reflects several years of legislative and regulatory work. It results in data center pricing increasing by approximately 30%, while lowering costs for all other customers," said Maria Pope, President and CEO. "As we enter the second half of 2026, we are focused on operational execution, meeting the opportunities of continued customer growth, and advancing major regulatory proceedings including our holding company and Washington acquisition filings."

Second Quarter 2026 Earnings Compared to Second Quarter 2025 Earnings

On a GAAP basis, total revenues increased due to higher cost recovery and increased energy deliveries, primarily driven by continued industrial load growth of 11.2%, while residential and commercial loads were relatively flat year over year. Purchased power and fuel expense increased due to expected intra-year timing differences between power cost recognition and revenue collections. Operations and maintenance expense decreased, reflecting ongoing cost management efforts, while depreciation and interest expense increased due to continued capital investment in the system.

Additional Company Updates

Regulatory Update

The New Large Load Tariff (docket UM 2377) was approved by the OPUC in May 2026 and established a new rate class for large load customers. It also established an important framework that better aligns infrastructure costs with the customers driving new system growth while helping reduce costs for residential and small business customers. New prices became effective July 8, 2026, which included an average rate increase of approximately 30% for data center and other new large load customers, while lowering rates for all other customers.

Corporate Structure / Holding Company Update

PGE continued to advance its proposed holding company structure, with OPUC Staff recommending approval of the proposal, subject to certain conditions. The proposed structure is expected to enhance financing flexibility and support continued investment in clean energy, reliability, and infrastructure needed to serve customers over time. 

General Rate Case

Next week, PGE will file its 2027 general rate case with the OPUC. As proposed, the case would result in an approximate 4.8% overall increase relative to currently approved prices. If approved, new rates would take effect July 1, 2027. This increase is expected to be partially offset by lower net variable power costs in 2027, which are addressed separately through the Annual Power Cost Update Tariff, and are currently forecasted to reduce customer prices by approximately 2.4% beginning January 1, 2027.

2025 All-Source Request for Proposals

The OPUC acknowledged our 2025 RFP final shortlist on May 26, 2026, marking an important milestone in the resource procurement process. We are now moving into commercial negotiations and expect to execute contracts by early 2027, subject to final negotiations and Board approvals.

Quarterly Dividend

As previously announced, on July 24, 2026, the board of directors of Portland General Electric Company approved a quarterly common stock dividend of 55.125 cents per share. The quarterly dividend is payable on or before October 15, 2026 to shareholders of record at the close of business on September 25, 2026.

2026 Earnings Guidance

PGE is reaffirming its estimate for full-year 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share based on the following assumptions:

An increase in energy deliveries between 1.5% and 2.5%, weather adjusted; Execution of power cost and financing plans; Execution of operating cost management plan; Normal temperatures in its utility service area for the remainder of the year; Hydro conditions for the year that reflect current estimates; Wind generation based on five years of historical levels or forecast studies when historical data is not available; Normal thermal plant operations; Operating and maintenance expense between $810 million and $830 million which includes approximately $150 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines and $26 million of business transformation, optimization and acquisition expenses and $4 million of regulatory deferral adjustments related to the January 2024 storm and 2024 reliability contingency event; Depreciation and amortization expense between $570 million and $590 million; Effective tax rate of 15% to 20%; Cash from operations of $1,000 to $1,200 million; Capital expenditures of $1,655 million; and Average construction work in progress balance of $780 million. Second Quarter 2026 Earnings Call and Webcast — July 31, 2026

PGE will host a conference call with financial analysts and investors on Friday, July 31, 2026, at 11 a.m. ET. The conference call will be webcast live on the PGE website at investors.portlandgeneral.com. A webcast replay will also be available on PGE's investor website "Events & Presentations" page beginning at 2 p.m. ET on July 31, 2026.

Maria Pope, President and CEO; Joe Trpik, Senior Vice President of Finance and CFO; and Erin Schwartz, Senior Manager of Investor Relations, will participate in the call. Management will respond to questions following formal comments.

Non-GAAP Financial Measures

This press release contains certain non-GAAP measures, such as adjusted earnings, adjusted EPS and adjusted earnings guidance. These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities, are infrequent in nature, or both. PGE believes that excluding the effects of these items provides an alternative measure of the Company's comparative earnings per share and enables investors to evaluate the Company's operating financial performance trends, exclusive of items that are not normally associated with ongoing operations. Management utilizes non-GAAP measures to assess the Company's current and forecasted performance, and for communications with shareholders, analysts and investors. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.

Items in the periods presented, which PGE believes impact the comparability of comparative earnings and do not represent ongoing operating financial performance, include the following:

Business transformation and optimization expenses, including strategic advisory, workforce realignment, corporate structure update costs and Washington acquisition related expenses including legal, financing and strategic advisory costs. Due to the forward-looking nature of PGE's non-GAAP adjusted earnings guidance, and the inherently unpredictable nature of items and events which could lead to the recognition of non-GAAP adjustments (such as, but not limited to, regulatory disallowances or extreme weather events), management is unable to estimate the occurrence or value of specific items requiring adjustment for future periods, which could potentially impact the Company's GAAP earnings. Therefore, management cannot provide a reconciliation of non-GAAP adjusted earnings per share guidance to the most comparable GAAP financial measure without unreasonable effort. For the same reasons, management is unable to address the probable significance of unavailable information.

PGE's reconciliation of non-GAAP earnings for the quarters ended June 30, 2026 is below.

Non-GAAP Earnings Reconciliation for the quarter ended June 30, 2026

(Dollars in millions, except EPS)

Net Income

Diluted EPS

GAAP as reported for the quarter ended June 30, 2026

$        68

$        0.59

Exclusion of business transformation, optimization and acquisition expenses

8

0.07

Tax effect (1)

(2)

(0.02)

Non-GAAP as reported for the quarter ended June 30, 2026

$        74

$        0.64

(1)

Tax effects were determined based on the Company's full-year blended federal and state statutory rate.

About Portland General Electric Company

Portland General Electric (NYSE: POR) is an integrated energy company that generates, transmits and distributes electricity to nearly 960,000 customers serving an area of approximately 2 million Oregonians. Since 1889, Portland General Electric (PGE) has been powering economies, delivering safe, affordable and reliable electricity while working to transform energy systems to meet evolving customer needs. PGE continues to make progress towards emissions reduction targets, and customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE is ranked a top ten utility in the 2025 Forrester U.S. Customer Experience Index. In 2025, PGE employees and retirees volunteered over 18,300 hours to more than 400 nonprofits organizations. Through the PGE Foundation, along with corporate contributions and the employee matching gift program, more than $5 million was directed to charitable organizations supporting economic growth and community resilience across our service area. For information: portlandgeneral.com/news.

Safe Harbor Statement

Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our estimates and assumptions as of the date of this report, and PGE assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors. Investors should not rely unduly on any forward-looking statements.

Forward-looking statements include statements, other than statements of historical or current fact, regarding PGE's earnings guidance (including all the assumptions and expectations  upon which such guidance is based), PGE's proposed purchase of electric utility operations and certain assets in Washington state from PacifiCorp (Acquisition), and PGE's operating and financing plans, as well as other statements containing words such as "anticipates," "assumptions," "believes," "continue," "could," "estimates," "expected," "forecast," "guidance," "may," "plans," "proposed," "seeks," "should," "will," "working to," or similar expressions.

Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Such risks, uncertainties and other factors include, without limitation: wildfire and public safety risks, including ignitions caused by PGE assets, the effectiveness of wildfire mitigation, vegetation management, and system hardening, the ability to implement public safety power shutoffs (PSPS), related liability exposure, and the timing and extent of regulatory cost recovery; severe weather, climate, and catastrophe risks, including extreme or unseasonable weather and other natural or human caused disasters that could endanger public safety, disrupt operations, damage assets, limit access to power or fuel supplies, increase costs, or adversely affect cost recovery; electric system operational risks, including forced outages, fires, equipment failures, adverse hydro or wind conditions, fuel supply disruptions, and complications at jointly owned facilities, resulting in increased costs or the need to procure replacement power; power and fuel supply and price risks, including availability, counterparty nonperformance, and volatility in wholesale electricity, natural gas, coal, and other fuel markets; regulatory, legislative, and policy risks, including new or revised laws, regulations, executive actions, audits, investigations, and proceedings that could affect rates, cost recovery, operations, capital plans, or financial results; Acquisition risks, including risks related to regulatory approvals, financing and joint‑venture arrangements, integration and operational execution, cost recovery, and the possibility that the anticipated benefits of the Acquisition are delayed, not realized, or cost more than expected; environmental compliance and permitting risks, including evolving environmental laws and permitting requirements and site specific remediation obligations, such as Superfund liabilities, where uncertainties regarding remediation scope, cost allocation, litigation, and regulatory cost recovery could result in material costs or adversely affect PGE's financial position, results of operations, or cash flows; capital investment and execution risks, including supply chain disruptions, cost inflation, labor constraints, permitting delays, contractual disputes, counterparty failures, or project abandonment, which could impair timely completion or cost recovery; load growth and demand uncertainty, including accelerated or uneven growth from large customers such as data centers, changes in customer usage patterns, variability in demand driven by weather variations, and reduced consumption or load shifting resulting from price increases, energy efficiency measures or other changes in customer behavior; customer choice and market structure risks, including reduced demand or usage shifts due to distributed generation or increased procurement from alternative providers, such as registered Electricity Service Suppliers (ESSs) or community choice aggregation programs; cybersecurity and physical security risks, including cyberattacks, data breaches, physical attacks, the use or misuse of artificial intelligence technologies, or other malicious acts that could damage assets, disrupt systems, or result in the disclosure of sensitive information; geopolitical and macroeconomic risks, including acts of war, terrorism, or civil unrest—such as the escalation of US operations in the Middle East—that could disrupt energy markets or supply chains, increase costs, or contribute to volatility in capital markets, inflation, or interest rates; economic and financial market risks, including availability and cost of capital, interest rate and equity market volatility, inflation, and trade tariffs affecting operating or capital costs; legal and litigation risks, including the timing and outcome of judicial, administrative, or regulatory proceedings, which may result in material liabilities or costs; workforce and labor risks, including labor strikes, work stoppages, collective bargaining disputes, the ability to attract and retain skilled employees, and transitions in senior management; resource procurement and All-Source Request for Proposals (RFP) project risks, including uncertainties related to the availability, cost, permitting, financing, and performance of resources selected through RFP or other regulatory processes and associated regulatory and counterparty risks; insurance availability and cost, particularly for wildfire or catastrophe related coverage; accounting, tax, and policy changes, including changes in accounting standards, tax laws, or regulatory accounting policies that could affect reported results or cash flows; and the other risks and uncertainties set forth in PGE's Annual Report on Form 10‑K for the year ended December 31, 2025, as filed with the SEC.

Source: Portland General Electric Company

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in millions, except per share amounts)

(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Revenues:

Revenues, net

$

811

$

798

$

1,674

$

1,730

Alternative revenue programs, net of amortization

3

9

19

5

Total revenues

814

807

1,693

1,735

Operating expenses:

Purchased power and fuel

296

294

657

662

Generation, transmission and distribution

112

114

222

224

Administrative and other

90

96

196

192

Depreciation and amortization

143

139

287

279

Taxes other than income taxes

52

46

103

92

Total operating expenses

693

689

1,465

1,449

Income from operations

121

118

228

286

Interest expense, net

61

57

121

113

Other income:

Allowance for equity funds used during construction

6

6

9

11

Miscellaneous income, net

14

7

18

12

Other income, net

20

13

27

23

Income before income tax expense

80

74

134

196

Income tax expense

12

12

21

34

Net income and Comprehensive income

$

68

$

62

$

113

$

162

Weighted-average common shares outstanding (in thousands):

Basic

115,733

109,522

115,687

109,473

Diluted

116,376

109,765

116,285

109,725

Earnings per share:

Basic

$

0.59

$

0.56

$

0.97

$

1.48

Diluted

$

0.59

$

0.56

$

0.97

$

1.47

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

June 30,

2026

December 31,

2025

ASSETS

Current assets:

Cash and cash equivalents

$

35

$

76

Accounts receivable, net

410

460

Inventories

126

124

Regulatory assets—current

255

168

Other current assets

218

244

Total current assets

1,044

1,072

Electric utility plant, net

11,535

10,993

Regulatory assets—noncurrent

521

619

Nuclear decommissioning trust

46

42

Non-qualified benefit plan trust

38

36

Other noncurrent assets

459

468

Total assets

$

13,643

$

13,230

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS, continued

(In millions, except share amounts)

(Unaudited)

June 30,

2026

December 31,

2025

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

451

$

330

Liabilities from price risk management activities—current

140

158

Current portion of finance lease obligation

27

27

Accrued expenses and other current liabilities

451

478

Total current liabilities

1,069

993

Long-term debt, net of current portion

4,928

4,662

Regulatory liabilities—noncurrent

1,507

1,490

Deferred income taxes

639

601

Deferred investment tax credits

190

194

Unfunded status of pension and postretirement plans

94

107

Liabilities from price risk management activities—noncurrent

66

56

Asset retirement obligations

301

299

Non-qualified benefit plan liabilities

67

70

Finance lease obligations, net of current portion

256

263

Other noncurrent liabilities

403

362

Total liabilities

9,520

9,097

Commitments and contingencies (see notes)

Shareholders' Equity:

Preferred stock, no par value, 30,000,000 shares authorized; none issued and
outstanding as of June 30, 2026 and December 31, 2025

—

—

Common stock, no par value, 160,000,000 shares authorized; 115,785,254
and 115,559,079 shares issued and outstanding as of June 30, 2026 and
December 31, 2025, respectively

2,385

2,382

Accumulated other comprehensive loss

(4)

(4)

Retained earnings

1,742

1,755

Total shareholders' equity

4,123

4,133

Total liabilities and shareholders' equity

$

13,643

$

13,230

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Six Months Ended June 30,

2026

2025

Cash flows from operating activities:

Net income

$

113

$

162

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

Depreciation and amortization

287

279

Deferred income taxes

13

25

Allowance for equity funds used during construction

(9)

(11)

Alternative revenue programs

(19)

(5)

Regulatory assets

3

(3)

Regulatory liabilities

4

(16)

Tax credit sales

12

13

Other non-cash income and expenses, net

61

49

Changes in working capital:

Accounts receivable, net

47

52

Inventories

(2)

(9)

Margin deposits

50

85

Accounts payable and accrued liabilities

(53)

(35)

Margin deposits from wholesale counterparties

8

—

Other working capital items, net

12

22

Other, net

(39)

(41)

Net cash provided by operating activities

488

567

Cash flows from investing activities:

Capital expenditures

(635)

(596)

Sales of Nuclear decommissioning trust securities

3

1

Purchases of Nuclear decommissioning trust securities

(3)

(3)

Other, net

(15)

(11)

Net cash used in investing activities

(650)

(609)

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, continued

(In millions)

(Unaudited)

Six Months Ended June 30,

2026

2025

Cash flows from financing activities:

Proceeds from issuance of long-term debt

$

270

$

310

Payments on long-term debt

—

(102)

Dividends paid

(120)

(109)

Other

(29)

(13)

Net cash provided by financing activities

121

86

Change in cash and cash equivalents

(41)

44

Cash and cash equivalents, beginning of period

76

12

Cash and cash equivalents, end of period

$

35

$

56

Supplemental cash flow information is as follows:

Cash paid for interest, net of amounts capitalized

$

103

$

94

Cash received for income taxes, net

(2)

(3)

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

SUPPLEMENTAL OPERATING STATISTICS

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Retail:

Residential

$

334

41

%

$

311

39

%

$

728

43

%

$

740

43

%

Commercial

248

31

234

29

483

29

476

27

Industrial

156

19

128

16

295

17

255

15

Subtotal

738

91

673

84

1,506

89

1,471

85

Direct access:

Commercial

4

—

4

—

7

—

8

—

Industrial

8

1

6

1

14

1

11

1

Subtotal

12

1

10

1

21

1

19

1

Subtotal Retail

750

92

683

85

1,527

90

1,490

86

Alternative revenue programs, net of amortization

3

0

9

1

19

1

5

—

Other accrued revenues, net

(2)

—

6

—

(5)

—

10

1

Total retail revenues

751

92

698

86

1,541

91

1,505

87

Wholesale revenues

39

5

88

11

102

6

188

11

Other operating revenues

24

3

21

3

50

3

42

2

Total revenues

$

814

100

%

$

807

100

%

$

1,693

100

%

$

1,735

100

%

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

%
Change

% 
Change
(Weather-
Adjusted)

2026

2025

%
Change

%
Change
(Weather-
Adjusted)*

Energy deliveries:

Retail:

Residential

1,591

1,571

1.3

%

(1.4)

%

3,678

3,797

(3.1)

%

(3.3)

%

Commercial

1,529

1,546

(1.1)

(2.0)

3,123

3,178

(1.7)

(1.8)

Industrial

1,633

1,416

15.3

15.2

3,161

2,814

12.3

12.3

Subtotal

4,753

4,533

4.9

3.5

9,962

9,789

1.8

1.6

Direct access:

Commercial

118

135

(12.6)

(12.6)

234

264

(11.4)

(11.4)

Industrial

513

513

—

—

1,010

956

5.6

5.6

Subtotal

631

648

(2.6)

(2.6)

1,244

1,220

2.0

2.0

Total retail

5,384

5,181

3.9

2.7

%

11,206

11,009

1.8

1.7

%

Wholesale

1,515

2,439

(37.9)

2,914

4,418

(34.0)

Total

6,899

7,620

(9.5)

%

14,120

15,427

(8.5)

%

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Average number of retail customers:

Residential

846,367

839,923

1

%

845,926

838,516

1

%

Commercial

114,523

114,230

—

114,533

114,211

—

Industrial

222

218

2

221

217

2

Direct access

502

729

(31)

518

659

(21)

Total

961,614

955,100

1

%

961,198

953,603

1

%

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

SUPPLEMENTAL OPERATING STATISTICS, continued

(Unaudited)

Heating Degree-days

Cooling Degree-days

2026

2025

Avg.

2026

2025

Avg.

First Quarter

1,737

1,772

1,828

—

4

—

April

303

248

349

—

—

3

May

122

160

169

27

14

26

June

52

56

62

106

88

86

Second Quarter

477

464

580

133

102

115

Year-to-date

2,214

2,236

2,408

133

106

115

(Decrease)/Increase from the 15-year average

(8)

%

(7)

%

16

%

(8)

%

Note: "Average" amounts represent the 15-year rolling averages provided by the National Weather Service (Portland Airport).

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Generation:

Thermal:

Natural gas

1,395

21

%

2,279

32

%

3,735

28

%

5,396

37

%

Coal

193

3

294

4

515

4

827

6

Total thermal

1,588

24

2,573

36

4,250

32

6,223

43

Hydro

242

4

328

5

591

4

770

5

Wind

767

12

866

12

1,315

10

1,465

10

Total generation

2,597

40

3,767

53

6,156

46

8,458

58

Purchased power:

Hydro

1,196

18

2,024

29

2,691

20

3,772

26

Wind

416

6

302

4

735

5

591

4

Solar

672

10

419

6

934

7

593

4

Natural Gas

193

3

—

—

624

5

—

—

Waste, Wood, and Landfill Gas

26

—

29

—

49

—

54

—

Source not specified

1,398

23

554

8

2,213

17

1,170

8

Total purchased power

3,901

60

3,328

47

7,246

54

6,180

42

Total system load

6,498

100

%

7,095

100

%

13,402

100

%

14,638

100

%

Less: wholesale sales

(1,515)

(2,439)

(2,914)

(4,418)

Retail load requirement

4,983

4,656

10,488

10,220

Media Contact:
Drew Hanson
Corporate Communications
Phone: 503-464-2067

Investor Contact:
Erin Schwartz
Investor Relations
Phone: 503-464-7751

SOURCE Portland General Company

31.7.2026 11:37, BAACSG

Zbrojně-průmyslová skupina Czechoslovak Group uvedla, že ve Středočeském kraji vzniká nové technologické centrum dceřiné společnosti AviaNera Technologies, které se v první etapě zaměří na rozvoj technologií a průmyslových kompetencí ve výrobě pokročilých pohonných jednotek pro bezpilotní letecké systémy (UAS).

Společnost AviaNera Technologies představila skupina CSG v loňském roce jako platformu pro rozvoj technologií bezpilotních systémů. Koncem loňského roku ji posílila akvizice srbské společnosti MUST Solutions, o kterou se dnes opírají vývojové a konstrukční kapacity v oblasti pohonných jednotek. České centrum má navázat průmyslovou přípravou a budováním výrobních kompetencí.

„Naší ambicí nikdy nebylo stát se pouze výrobcem proudových motorů. Budujeme technologickou společnost nové generace, která propojuje vlastní vývoj, pokročilé průmyslové technologie, digitalizaci a automatizaci. České technologické centrum bude důležitou součástí této dlouhodobé strategie a vytvoří referenční koncept, jehož know-how budeme postupně přenášet i do dalších zemí,“ říká Michal Strnad, majitel a generální ředitel skupiny CSG.

Technologické centrum je součástí širší strategie CSG vybudovat prostřednictvím AviaNera mezinárodní platformu pro vývoj a sériovou výrobu pohonných jednotek pro drony. Další rozvoj výrobních aktivit skupina plánuje mimo jiné v Indii a Spojených arabských emirátech.

Akcie CSG Akcie Czechoslovak Group (BAACSG) na Free Marketu pražské burzy posilují o 1,67 % na 408,7 Kč, na RM-SYSTÉMu akcie rostou o 1,02 % na 407 Kč.

Zdroj: CSG

Michal Bárta
Fio banka, a.s.
Prohlášení

People are seen behind a logo of Meta Platforms, during a conference in Mumbai, India, September 20, 2023. REUTERS/Francis Mascarenhas/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesPolice preparing to send notice to MetaCase follows India's tightening of content rulesIndia is Facebook's biggest market by usersNEW DELHI, July 31 (Reuters) - Police in the southern Indian city of ​Hyderabad have registered a case against the head of Meta India, Arun Srinivas, over multiple videos ‌posted on the company's Facebook platform that depicted Prime Minister Narendra Modi in an "abusive manner," a senior police officer said on Friday.

The videos spread as Modi contended with the biggest wave of youth-led protests India has seen in more than a decade, a movement ​over leaked papers in national examinations that has led to the resignation of his education minister.

Get the latest news from India and how it matters to the world with the Reuters India File newsletter. Sign up here.

Police are ​preparing to send a notice to Meta Platforms (META.O), opens new tab regarding the case, said V Aravind ⁠Babu, deputy commissioner of police for cyber crimes in Hyderabad.

Meta did not immediately respond to a Reuters' request ​for comment on Friday.

It was not immediately clear why Srinivas had been named personally, a rare move against a ​senior executive of a global tech firm. India has tightened its content rules this year, narrowing the legal shield that protects platforms from liability for what their users post and raising the exposure of the executives who run them.

Since February, platforms must remove ​unlawful content flagged by courts or the government within three hours, down from 36, or lose that protection.

Holding someone ​personally responsible normally requires proof of "an active role and knowledge," said Akash Karmakar, a technology law partner at Indian law firm ‌Panag & Babu.

Meta ⁠has repeatedly drawn the ire of Indian government over content posted by its users, and faced criticism that it does too little to police hate speech and misinformation on Facebook and Instagram.

FACEBOOK'S BIGGEST MARKET BY USERSThe case builds on a run of tensions between Meta and Modi's government over content tied to the prime minister. Modi has ​faced a barrage of online ​criticism, jokes and ridicule ⁠by protesters in recent weeks.

India's IT ministry summoned Meta executives this week after Facebook briefly restricted a Modi post, with a top official saying the government wanted the company ​to explain the matter at the highest level.

A Meta spokesperson said at the time ​that the ⁠post, which was Modi's first where he addressed the massive student protests, had been blocked inadvertently.

India is Facebook's biggest market by users. Srinivas is Meta's managing director and head for India since July 2025.

The case against him is among many others ⁠that ​were filed based on complaints by supporters of Modi's Bharatiya Janata Party, ​who alleged that manipulated videos and images of the prime minister were being circulated on Meta-owned social media platforms, such as Facebook and ​Instagram, local media reported earlier.

Reporting by Munsif Vengattil; Writing by Hritam Mukherjee; Editing by Tom Hogue and Raju Gopalakrishnan

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Based in Bengaluru, Munsif Vengattil leads Reuters' technology news coverage in India. He tracks themes at the intersection of tech, business, and labor. A reporter for nine years, Munsif has written extensively on India's electronics manufacturing aspirations and its tech policy space, AI and election interference, satellite internet, streaming wars, and data breaches. His stories also focus on investigating corporate strategies and revealing India-specific initiatives and challenges of the biggest of tech firms - from Apple, Facebook, and Google, to Foxconn, Samsung, and Nvidia.

Detail of the Amazon Prime streaming app on the screen of an Apple iPad Mini, taken on October 6, 2021. (Photo by Olly Curtis/Future Publishing)

Future Publishing

There is a lot of discussion in the entertainment industry press that every major major SVOD is likely to add free ad-supported streaming TV (FAST) channels to their platform right alongside their original productions and licensed programs.

The biggest rumors along that line center around Netflix, where stories arguing that FAST channels are on the way to that streamer have circulated for months.

But adding those free, ad-supported channels are no guarantee of success, and the latest example of that is in Germany and Austria, where Prime Video is shutting down its “Prime” FAST channel on August 1st, 15 months after their launch.

Prime was backended by Palo Alto, Calif.-based Wurl, which supports more than 4 billion monthly hours of viewing across hundreds of channels and more than 50 streaming platforms worldwide through cloud-based software and scheduling service.

This is just the latest example of the struggles to launch curated FAST channels designed to blend a linear television experience with original SVOD programming. One of the earliest attempts came from Netflix, which launched a series of curated FAST channels on its platform in France.

While Prime Video might still be working out its long-term strategy for curated FAST channels, it continues to aggressively pursue a much-more lucrative business: Prime Video Channels, which offers Prime members access to third-party streaming services through a unified billing process.

Prime Video just announced that it is adding a number of new third-party streaming services to subscribers in Denmark, Norway, and Switzerland. They include HBO Max, SkyShowtime, Apple TV, MGM+, Lionsgate+, MUBI, Hayu, Crunchyroll, Universal+ and BritBox.

“We are thrilled to bring add-on subscriptions to customers in Denmark, Norway, and Switzerland,” said Elisabetta Carruba, Director, Channels, EMEA. “Customers can now enjoy an unrivalled portfolio of series and movies alongside Prime Originals and Exclusives. This is an important step in our goal of becoming the number 1 entertainment destination for our customers across Europe.”

“Expanding our partnership into Norway and Denmark is an important next step as we bring HBO Max to even more Prime Video customers,” added Qaisar Rafique, EVP, Commercial Development EMEA & APAC, at Warner Bros Discovery. “Following successful launches of HBO Max on Amazon Prime Video in territories including the UK, Germany, Australia, and recently New Zealand, this expansion into new territories helps us scale with trusted partners and make it easier for customers to discover and subscribe to the premium entertainment offered by HBO Max on both Prime Video and HBO Max app and website.”

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