Track market-moving stories before they get noisy

Wesco International (WCC - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The earnings report, which is expected to be released on April 30, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis maker of electrical and industrial maintenance supplies and construction materials is expected to post quarterly earnings of $2.88 per share in its upcoming report, which represents a year-over-year change of +30.3%.

Revenues are expected to be $5.88 billion, up 10% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Wesco International?For Wesco International, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -3.69%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Wesco International will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Wesco International would post earnings of $3.82 per share when it actually produced earnings of $3.40, delivering a surprise of -10.99%.

Over the last four quarters, the company has beaten consensus EPS estimates two times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Wesco International doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Record first quarter reported net sales of $6.1 billion, up 14% YOY Organic sales up 12% YOY Data center sales of $1.4 billion, up ~70% YOY Record total company backlog, up 22% YOY First quarter operating margin of 4.8%, up 30 basis points YOY; adjusted EBITDA margin of 6.4%, up 60 basis points YOY First quarter diluted EPS of $3.11; adjusted diluted EPS of $3.37, up 52.5% YOY First quarter operating cash flow of $221 million, up $193 million YOY; free cash flow of $213 million or 128% of adjusted net income Raising 2026 outlook reflecting an exceptional start to the year , /PRNewswire/ -- Wesco International (NYSE: WCC), a leading provider of business-to-business distribution, logistics services and supply chain solutions, announces its results for the first quarter of 2026.

"We delivered an exceptional start to 2026, building on last year's market outperformance and accelerating business momentum. Sales, backlog, operating margin, adjusted earnings per share, and free cash flow all increased versus the prior year and exceeded our expectations. Record sales of $6.1 billion were up 14% marking our third quarter in a row of double-digit sales growth. Data center sales of $1.4 billion were up approximately 70% and now represent 24% of our total Wesco sales. Backlog was up 22%, to a new record level, reflecting the benefits of secular growth trends and continued effectiveness of our cross-selling program. Profit growth and margin improvement were also excellent, driven by gross margin expansion and strong operating cost leverage. As a result, we delivered adjusted EBITDA margin expansion of 60 basis points, adjusted EBITDA growth of 25%, and adjusted EPS growth of over 50% versus the prior year. Free cash flow generation, at 128% of adjusted net income, was also very strong. The power of our customer value proposition, global capabilities, and leading portfolio of products, services and solutions is clear as we continue to outperform the market," said John Engel, Chairman, President, and CEO.

Mr. Engel concluded, "We are very pleased with our first quarter results and continued positive business momentum to start the year. While uncertainty in the macro-economic environment may present challenges, we're focused on continued strong execution and outperformance under all market conditions. We are raising our full-year 2026 outlook reflecting our exceptional start to the year. As the market leader, and with positive momentum building, I'm confident that Wesco will continue to outperform our markets and deliver superior value to our customers and shareholders in 2026 and beyond."

Key Financial Highlights

Three Months Ended March 31

($ in millions except per share data)

2026
Reported

2025
Reported

Change vs prior
year

GAAP Results

Net sales

$6,080.1

$5,343.7

13.8 %

Selling, general, and administrative expenses

$947.6

$836.3

13.3 %

Operating profit

$293.5

$240.9

21.8 %

Net income attributable to common stockholders

$153.8

$104.0

47.9 %

Earnings per diluted share

$3.11

$2.10

48.1 %

Operating cash flow

$221.4

$28.0

690.7 %

Effective tax rate

21.8 %

23.4 %

(160) basis points

($ in millions except per share data)

2026
Adjusted

2025
Adjusted

Change vs prior
year

Non-GAAP Results*

Organic sales growth

12.3 %

5.6 %

N/A

Gross profit

$1,291.8

$1,125.6

14.8 %

Gross margin

21.2 %

21.1 %

20 basis points

Adjusted selling, general, and administrative expenses

$930.1

$829.0

12.2 %

Adjusted EBITDA

$388.8

$310.7

25.1 %

Adjusted EBITDA margin

6.4 %

5.8 %

60 basis points

Adjusted net income attributable to common stockholders

$166.8

$109.6

52.2 %

Adjusted earnings per diluted share

$3.37

$2.21

52.5 %

Free cash flow

$213.4

$9.4

2,170.2 %

*

Amounts may not foot or recalculate due to rounding.

Net Sales

On an organic basis, which removes differences in foreign exchange rates, sales for the first quarter of 2026 grew by 12.3%. The increase in organic sales reflects volume growth in all three segments (CSS, EES and UBS), as well as a favorable impact from changes in price. We had record backlog at the end of the first quarter of 2026, up by 22% compared to the end of the first quarter of 2025. Gross Profit and Gross Margin

The increase in gross margin for the first quarter of 2026 reflects improved gross margin in the EES segment partially offset by a decline in the UBS segment. Selling, General, and Administrative ("SG&A") Expenses

The increase in SG&A expenses for the first quarter of 2026 is primarily driven by higher salaries and an increase in commissions and incentives due to higher sales and profit. SG&A expenses for the first quarter of 2026 include $17.5 million of digital transformation costs, compared to $7.3 million of digital transformation and restructuring costs for the first quarter of 2025. Adjusted for these costs, SG&A expenses were 15.3% and 15.5% of net sales for the first quarter of 2026 and 2025, respectively, reflecting positive operating cost leverage on the sales growth. Adjusted EBITDA and Adjusted EBITDA Margin

The increase in adjusted EBITDA for the first quarter of 2026 primarily reflects higher sales, lower cost of goods sold as a percentage of sales, and lower SG&A expenses as a percentage of sales, as described above. Effective Tax Rate

The lower effective tax rate for the first quarter of 2026 is largely driven by higher discrete income tax benefits relating to the exercise and vesting of stock-based awards. Adjusted Earnings Per Diluted Share

The increase in adjusted earnings per diluted share in the first quarter of 2026 primarily reflects higher sales, lower cost of goods sold as a percentage of sales, and lower SG&A expenses as a percentage of sales, as described above. Additionally, the prior year period included $14.4 million of preferred stock dividends. The preferred stock was retired in the second quarter of 2025. Operating Cash Flow

Net cash provided by operating activities for the first quarter of 2026 totaled $221.4 million compared to $28.0 million in the first quarter of 2025. The $193.4 million increase is driven by a $105.7 million impact from changes in accounts payable, due to the increase in inventory purchases, as well as the timing of inventory purchases and payments to suppliers as compared to the prior year. Additionally an increase in net income as adjusted for certain non-cash items also contributed to the increase in operating cash flows. Webcast and Teleconference Access

Wesco will conduct a webcast and teleconference to discuss the first quarter of 2026 earnings as described in this News Release on Thursday, April 30, 2026, at 10:00 a.m. E.T. The call will be broadcast live over the internet and can be accessed from the Investor Relations page of the Company's website at https://investors.wesco.com. The call will be archived on this internet site for seven days.

Wesco International (NYSE: WCC) builds, connects, powers and protects the world. Headquartered in Pittsburgh, Pennsylvania, Wesco is a FORTUNE 500® company with approximately $24 billion in annual sales in 2025 and a leading provider of business-to-business distribution, logistics services and supply chain solutions. Wesco offers a best-in-class product and services portfolio of Electrical and Electronic Solutions, Communications and Security Solutions, and Utility and Broadband Solutions. The Company employs approximately 21,000 people, partners with the industry's premier suppliers, and serves thousands of customers around the world. With millions of products, end-to-end supply chain services, and significant digital capabilities, Wesco provides innovative solutions to meet customer needs across commercial and industrial businesses, technology companies, telecommunications providers, and utilities. Wesco operates more than 700 sites, including distribution centers, fulfillment centers, and sales offices in approximately 50 countries, providing a local presence for customers and a global network to serve multi-location businesses and global corporations.

Forward-Looking Statements

All statements made herein that are not historical facts should be considered as "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. These statements include, but are not limited to, statements regarding business strategy, growth strategy, competitive strengths, productivity and profitability enhancement, competition, new product and service introductions, and liquidity and capital resources. Such statements can generally be identified by the use of words such as "anticipate," "plan," "believe," "estimate," "intend," "expect," "project," and similar words, phrases or expressions or future or conditional verbs such as "could," "may," "should," "will," and "would," although not all forward-looking statements contain such words. These forward-looking statements are based on current expectations and beliefs of Wesco's management, as well as assumptions made by, and information currently available to, Wesco's management, current market trends and market conditions and involve risks and uncertainties, many of which are outside of Wesco's and Wesco's management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, you should not place undue reliance on such statements.

Important factors that could cause actual results or events to differ materially from those presented or implied in the forward-looking statements include, among others, the failure to achieve the anticipated benefits of, and other risks associated with, acquisitions, joint ventures, divestitures and other corporate transactions; the inability to successfully integrate acquired businesses; the impact of increased interest rates or borrowing costs; fluctuations in currency exchange rates; evolving impacts from tariffs or other trade tensions between the U.S. and other countries (including implementation of new tariffs and retaliatory measures); failure to adequately protect Wesco's intellectual property or successfully defend against infringement claims; the inability to successfully deploy new technologies, digital products and information systems or to otherwise adapt to emerging technologies in the marketplace, such as those incorporating artificial intelligence (AI); risks relating to our use or reliance on AI; failure to execute on our efforts and programs related to environmental, social and governance (ESG) matters; unanticipated expenditures or other adverse developments related to compliance with new or stricter government policies, laws or regulations, including those relating to data privacy, cybersecurity, competition, sustainability and environmental protection; the inability to successfully develop, manage or implement new technology initiatives or business strategies, including with respect to the expansion of e-commerce or AI capabilities and other digital solutions and digitalization initiatives; disruption of information technology systems or operations; natural disasters (including as a result of climate change), health epidemics, pandemics and other outbreaks; supply chain disruptions; geopolitical conflicts and issues, such as the ongoing Middle East and Russia/Ukraine conflicts; the impact of changing and expanding export controls, sanctions, and data localization rules; the failure to manage the increased risks and impacts of cyber incidents or data breaches; and exacerbation of key materials shortages, inflationary cost pressures, material cost increases, demand volatility, and logistics and capacity constraints, any of which may have a material adverse effect on the Company's business, results of operations and financial condition. All such factors are difficult to predict and are beyond the Company's control. Additional factors that could cause results to differ materially from those described above can be found in Wesco's most recent Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission.

Contact Information

Investor Relations

Corporate Communications

Scott Gaffner

Senior Vice President, Investor Relations

[email protected]  

Jennifer Sniderman

Vice President, Corporate Communications

717-579-6603

http://www.wesco.com 

WESCO INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share amounts)

(Unaudited)

Three Months Ended

March 31, 2026

March 31, 2025

Net sales

$           6,080.1

$          5,343.7

Cost of goods sold (excluding depreciation and amortization)

4,788.3

78.8 %

4,218.1

78.9 %

Selling, general and administrative expenses

947.6

15.6 %

836.3

15.7 %

Depreciation and amortization

50.7

48.4

Income from operations

293.5

4.8 %

240.9

4.5 %

Interest expense, net

96.7

86.3

Other (income) expense, net

(0.4)

0.2

Income before income taxes

197.2

3.2 %

154.4

2.9 %

Provision for income taxes

43.1

36.1

Net income

154.1

2.5 %

118.3

2.2 %

Less: Net income attributable to noncontrolling interests

0.3

(0.1)

Net income attributable to WESCO International, Inc.

153.8

2.5 %

118.4

2.2 %

Less: Preferred stock dividends

—

14.4

Net income attributable to common stockholders

$              153.8

2.5 %

$             104.0

1.9 %

Earnings per diluted share attributable to common stockholders

$                3.11

$               2.10

Weighted-average common shares outstanding and common
     share equivalents used in computing earnings per diluted
     common share

49.5

49.6

WESCO INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollar amounts in millions)

(Unaudited)

As of

March 31,
2026

December 31,
2025

Assets

Current assets:

Cash and cash equivalents

$          696.6

$           604.8

Trade accounts receivable, net

4,273.1

4,069.6

Inventories

4,213.1

4,008.8

Other current assets

770.8

773.0

    Total current assets

9,953.6

9,456.2

Goodwill and intangible assets

5,077.5

5,112.6

Other assets

1,933.6

1,926.1

    Total assets

$      16,964.7

$      16,494.9

Liabilities and Equity

Current liabilities:

Accounts payable

$        3,470.5

$        3,030.5

Short-term debt and current portion of long-term debt, net

22.8

25.0

Other current liabilities

1,194.9

1,241.3

    Total current liabilities

4,688.2

4,296.8

Long-term debt, net

5,738.1

5,756.4

Other noncurrent liabilities

1,440.5

1,415.3

    Total liabilities

11,866.8

11,468.5

Equity:

    Total equity

5,097.9

5,026.4

    Total liabilities and equity

$      16,964.7

$      16,494.9

WESCO INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollar amounts in millions)

(Unaudited)

Three Months Ended

March 31,
2026

March 31,
2025

Operating activities:

Net income

$          154.1

$          118.3

Add back (deduct):

Depreciation and amortization

50.7

48.4

Change in trade receivables, net

(216.1)

(188.7)

Change in inventories

(215.2)

(227.4)

Change in accounts payable

449.5

343.8

Other, net

(1.6)

(66.4)

Net cash provided by operating activities

221.4

28.0

Investing activities:

Capital expenditures

(23.4)

(20.4)

Acquisition payments, net of cash acquired

—

(35.2)

Other, net

3.5

1.2

Net cash used in investing activities

(19.9)

(54.4)

Financing activities:

Debt (repayments) borrowings, net(1)

(11.0)

99.7

Payments for taxes related to net-share settlement of equity awards

(22.0)

(18.0)

Repurchases of common stock

(25.0)

(25.0)

Payment of common stock dividends

(24.4)

(22.1)

Payment of preferred stock dividends

—

(14.4)

Other, net

(25.8)

(17.9)

Net cash (used in) provided by financing activities

(108.2)

2.3

Effect of exchange rate changes on cash and cash equivalents

(1.5)

3.1

Net change in cash and cash equivalents

91.8

(21.0)

Cash and cash equivalents at the beginning of the period

604.8

702.6

Cash and cash equivalents at the end of the period

$          696.6

$          681.6

(1)

The three months ended March 31, 2026 includes the issuance of the Company's $650 million aggregate principal amount of 5.250% Senior Notes due 2031 (the "2031 Notes") and $850 million aggregate principal amount of 5.500% Senior Notes due 2034 (the "2034 Notes"). The three months ended March 31, 2025 includes the issuance of the Company's $800 million aggregate principal amount of 6.375% senior notes due 2033 (the "2033 Notes").

NON-GAAP FINANCIAL MEASURES

In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") above, this earnings release includes certain non-GAAP financial measures. These financial measures include organic sales growth, gross profit,  gross margin, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin, financial leverage, free cash flow, adjusted selling, general and administrative expenses, adjusted income from operations, adjusted operating margin, adjusted other non-operating (income) expense, adjusted provision for income taxes, adjusted income before income taxes, adjusted net income, adjusted net income attributable to WESCO International, Inc., adjusted net income attributable to common stockholders, and adjusted earnings per diluted share. The Company believes that these non-GAAP measures are useful to investors as they provide a better understanding of our financial condition and results of operations on a comparable basis. Additionally, certain non-GAAP measures either focus on or exclude items impacting comparability of results such as digital transformation costs, restructuring costs, cloud computing arrangement amortization, and the related income tax effects, allowing investors to more easily compare the Company's financial performance from period to period. Management does not use these non-GAAP financial measures for any purpose other than the reasons stated above.

WESCO INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in millions, except per share amounts and ratios)

(Unaudited)

Organic Sales Growth by Segment:

Three Months Ended

Growth/(Decline)

March 31, 2026

March 31, 2025

Reported
Sales

Acquisition

Foreign
Exchange

Workday

Organic
Sales

EES

$         2,244.2

$         2,065.3

8.7 %

— %

1.7 %

— %

7.0 %

CSS

2,478.9

2,000.3

23.9 %

— %

2.0 %

— %

21.9 %

UBS

1,357.0

1,278.1

6.2 %

— %

0.4 %

— %

5.8 %

Total net sales

$         6,080.1

$         5,343.7

13.8 %

— %

1.5 %

— %

12.3 %

Organic Sales Growth by Segment - Sequential:

Three Months Ended

Growth/(Decline)

March 31, 2026

December 31,
2025

Reported
Sales 

Acquisition

Foreign
Exchange

Workday

Organic
Sales

EES

$         2,244.2

$         2,272.9

(1.3) %

— %

0.5 %

(1.6) %

(0.2) %

CSS

2,478.9

2,424.7

2.2 %

— %

0.4 %

(1.6) %

3.4 %

UBS

1,357.0

1,371.0

(1.0) %

— %

0.2 %

(1.6) %

0.4 %

Total net sales

$         6,080.1

$         6,068.6

0.2 %

— %

0.4 %

(1.6) %

1.4 %

Note: Organic sales growth is a non-GAAP financial measure of sales performance. Organic sales growth is calculated by deducting the percentage impact from acquisitions and divestitures for one year following the respective transaction, fluctuations in foreign exchange rates and number of workdays from the reported percentage change in consolidated net sales. Workday impact represents the change in the number of operating days period-over-period after adjusting for weekends and public holidays in the United States; There was no change in the number of workdays in the first quarter of 2026 compared to the first quarter of 2025. The first quarter of 2026 had one less workday than the fourth quarter of 2025.

Three Months Ended

Gross Profit:

March 31,
2026

March 31,
2025

Net sales

$       6,080.1

$       5,343.7

Cost of goods sold (excluding depreciation and amortization)

4,788.3

4,218.1

Gross profit

$       1,291.8

$       1,125.6

Gross margin

21.2 %

21.1 %

Note: Gross profit is a financial measure commonly used in the distribution industry. Gross profit is calculated by deducting cost of goods sold, excluding depreciation and amortization, from net sales. Gross margin is calculated by dividing gross profit by net sales.

WESCO INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in millions, except per share amounts and ratios)

(Unaudited)

Three Months Ended

March 31, 2026

March 31, 2025

Adjusted SG&A Expenses:

SG&A expenses

$          947.6

$          836.3

Digital transformation costs(1)

(17.5)

(6.2)

Restructuring costs(2)

—

(1.1)

Adjusted SG&A expenses

$          930.1

$          829.0

Percentage of Net sales

15.3 %

15.5 %

Adjusted Income from Operations:

Income from operations

$          293.5

$          240.9

Digital transformation costs(1)

17.5

6.2

Restructuring costs(2)

—

1.1

Adjusted income from operations

$          311.0

$          248.2

Adjusted income from operations margin %

5.1 %

4.6 %

Adjusted Other (Income) Expense, net:

Other (income) expense, net

$             (0.4)

$              0.2

Loss on termination of business arrangement(3)

—

(0.3)

Adjusted other income, net

$             (0.4)

$             (0.1)

Adjusted Provision for Income Taxes:

Provision for income taxes

$            43.1

$            36.1

Income tax effect of adjustments to income from
     operations and other expense (income), net(4)

4.5

2.0

Adjusted provision for income taxes

$            47.6

$            38.1

Adjusted Net Income Attributable to Common
     Stockholders:

Net income attributable to common stockholders

$          153.8

$          104.0

Digital transformation costs(1)

17.5

6.2

Restructuring costs(2)

—

1.1

Loss on termination of business arrangement(3)

—

0.3

Income tax effect of adjustments to income from
     operations and other expense (income), net(4)

(4.5)

(2.0)

Adjusted net income attributable to common
     stockholders

$          166.8

$          109.6

(1)

Digital transformation costs include costs associated with certain digital transformation initiatives.

(2)

Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.

(3)

Loss on termination of business arrangement represents the loss recognized as a result of management's decision to terminate a business arrangement with a third party.

(4)

The adjustments to income from operations and other (income) expense, net have been tax effected at rates of 25.8% and 26.4% for the three months ended March 31, 2026 and 2025, respectively.

WESCO INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in millions, except per share amounts and ratios)

(Unaudited)

Three Months Ended

Adjusted Earnings per Diluted Share:

March 31,
2026

March 31,
2025

Adjusted income from operations

$        311.0

$        248.2

Interest expense, net

96.7

86.3

Adjusted other income, net

(0.4)

(0.1)

Adjusted income before income taxes

214.7

162.0

Adjusted provision for income taxes

47.6

38.1

Adjusted net income

167.1

123.9

Net income (loss) attributable to noncontrolling interests

0.3

(0.1)

Adjusted net income attributable to WESCO International, Inc.

166.8

124.0

Preferred stock dividends

—

14.4

Adjusted net income attributable to common stockholders

$        166.8

$        109.6

Diluted shares

49.5

49.6

Adjusted earnings per diluted share

$          3.37

$          2.21

Note: For the three months ended March 31, 2026, SG&A expenses, income from operations, provision for income taxes, net income attributable to common stockholders and earnings per diluted share have been adjusted to exclude digital transformation costs and the related income tax effects. For the three months ended March 31, 2025, SG&A expenses, income from operations, other non-operating (income) expense, provision for income taxes, net income attributable to common stockholders and earnings per diluted share have been adjusted to exclude digital transformation costs, restructuring costs, the loss on termination of business arrangement, and the related income tax effects. These non-GAAP financial measures provide a better understanding of our financial results on a comparable basis.

WESCO INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in millions, except per share amounts and ratios)

(Unaudited)

Three Months Ended March 31, 2026

EBITDA and Adjusted EBITDA by Segment:

EES

CSS

UBS

Corporate

Total

Net income attributable to common stockholders

$      164.1

$      188.3

$      121.7

$    (320.3)

$      153.8

Net income (loss) attributable to noncontrolling interests

0.1

0.4

—

(0.2)

0.3

Provision for income taxes(1)

—

—

—

43.1

43.1

Interest expense, net(1)

—

—

—

96.7

96.7

Depreciation and amortization

13.2

19.8

8.5

9.2

50.7

EBITDA

$      177.4

$      208.5

$      130.2

$    (171.5)

$      344.6

Other expense (income), net

6.8

13.1

(0.4)

(19.9)

(0.4)

Stock-based compensation expense

0.8

1.6

0.9

12.8

16.1

Digital transformation costs(2)

—

—

—

17.5

17.5

Cloud computing arrangement amortization(3)

—

—

—

11.0

11.0

Adjusted EBITDA

$      185.0

$      223.2

$      130.7

$    (150.1)

$      388.8

Adjusted EBITDA margin %

8.2 %

9.0 %

9.6 %

6.4 %

(1)  The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and
      treasury functions.

(2)  Digital transformation costs include costs associated with certain digital transformation initiatives.

(3)  Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized
      implementation costs for cloud computing arrangements to support our digital transformation initiatives.

Three Months Ended March 31, 2025

EBITDA and Adjusted EBITDA by Segment:

EES

CSS

UBS

Corporate

Total

Net income attributable to common stockholders

$      125.1

$      127.2

$      130.3

$    (278.6)

$      104.0

Net (loss) income attributable to noncontrolling interests

(0.1)

0.1

—

(0.1)

(0.1)

Preferred stock dividends

—

—

—

14.4

14.4

Provision for income taxes(1)

—

—

—

36.1

36.1

Interest expense, net(1)

—

—

—

86.3

86.3

Depreciation and amortization

12.2

19.0

7.8

9.4

48.4

EBITDA

$      137.2

$      146.3

$      138.1

$    (132.5)

$      289.1

Other expense (income), net

4.4

10.9

(0.2)

(14.9)

0.2

Stock-based compensation expense

1.0

1.3

0.4

7.5

10.2

Digital transformation costs(2)

—

—

—

6.2

6.2

Cloud computing arrangement amortization(3)

—

—

—

3.9

3.9

Restructuring costs(4)

—

—

—

1.1

1.1

Adjusted EBITDA

$      142.6

$      158.5

$      138.3

$    (128.7)

$      310.7

Adjusted EBITDA margin %

6.9 %

7.9 %

10.8 %

5.8 %

(1)  The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the corporate tax and
      treasury functions.

(2)  Digital transformation costs include costs associated with certain digital transformation initiatives.

(3)  Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized
      implementation costs for cloud computing arrangements to support our digital transformation initiatives.

(4)  Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.

Note: EBITDA, adjusted EBITDA and adjusted EBITDA margin % are non-GAAP financial measures that provide indicators of the Company's performance and its ability to meet debt service requirements. For the three months ended March 31, 2026, adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, and cloud computing arrangement amortization. For the three months ended March 31, 2025, adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, cloud computing arrangement amortization, and restructuring costs.

WESCO INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in millions, except per share amounts and ratios)

(Unaudited)

Twelve Months Ended

Financial Leverage:

March 31,
2026

December 31,
2025

Net income attributable to common stockholders

$            695.6

$            645.8

Net income attributable to noncontrolling interests

2.6

2.3

Gain on redemption of Series A Preferred Stock

(32.9)

(32.9)

Preferred stock dividends

12.9

27.3

Provision for income taxes

220.4

213.4

Interest expense, net

397.2

386.7

Depreciation and amortization

199.9

197.6

EBITDA

$         1,495.7

$         1,440.2

Other income, net

(10.1)

(9.6)

Stock-based compensation expense

46.4

40.5

Digital transformation costs(1)

46.5

35.2

Cloud computing arrangement amortization(2)

37.3

30.2

Restructuring costs(3)

(1.1)

—

Adjusted EBITDA

$         1,614.7

$         1,536.5

As of

March 31,
2026

December 31,
2025

Short-term debt and current portion of long-term debt, net

$              22.8

$              25.0

Long-term debt, net

5,738.1

5,756.4

Debt issuance costs and debt discount(4)

63.6

48.0

Total debt

5,824.5

5,829.4

Less: Cash and cash equivalents

696.6

604.8

Total debt, net of cash

$         5,127.9

$         5,224.6

Financial leverage ratio

3.2

3.4

(1)

Digital transformation costs include costs associated with certain digital transformation initiatives.

(2)

Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives.

(3)

Reduction to restructuring costs represents the reversal of certain severance costs previously incurred pursuant to an ongoing restructuring plan.

(4)

Debt is presented in the Condensed Consolidated Balance Sheets net of debt issuance and debt discount costs.

Note: Financial leverage ratio is a non-GAAP measure of the use of debt. Financial leverage ratio is calculated by dividing total debt, excluding debt issuance costs, and debt discount, net of cash, by adjusted EBITDA. EBITDA is defined as the trailing twelve months earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as the trailing twelve months EBITDA before other non-operating expense (income), non-cash stock-based compensation expense, digital transformation costs, cloud computing arrangement amortization, and restructuring costs.

WESCO INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in millions, except per share amounts and ratios)

(Unaudited)

Three Months Ended

Free Cash Flow:

March 31,
2026

March 31,
2025

Cash flow provided by operations

$         221.4

$          28.0

Less: Capital expenditures

(23.4)

(20.4)

Add: Other adjustments

15.4

1.8

Free cash flow

$         213.4

$           9.4

  Percentage of Adjusted net income

127.7 %

7.6 %

Note: Free cash flow is a non-GAAP financial measure of liquidity. Capital expenditures are deducted from operating cash flow to determine free cash flow. Free cash flow is available to fund investing and financing activities. For the three months ended March 31, 2026 and 2025, the Company paid for certain costs related to digital transformation and restructuring. Such expenditures have been added back to operating cash flow to determine free cash flow for such periods. Our calculation of free cash flow may not be comparable to similar measures used by other companies.

SOURCE Wesco International

For the quarter ended March 2026, Wesco International (WCC - Free Report) reported revenue of $6.08 billion, up 13.8% over the same period last year. EPS came in at $3.37, compared to $2.21 in the year-ago quarter.

The reported revenue represents a surprise of +3.43% over the Zacks Consensus Estimate of $5.88 billion. With the consensus EPS estimate being $2.88, the EPS surprise was +17.18%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Wesco International performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Sales- EES (Electrical & Electronic Solutions): $2.24 billion versus $2.25 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +8.7% change.Net Sales- UBS (Utility & Broadband Solutions): $1.36 billion versus the three-analyst average estimate of $1.33 billion. The reported number represents a year-over-year change of +6.2%.Net Sales- CSS (Communications & Security Solutions): $2.48 billion versus $2.3 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +23.9% change.Adjusted EBITDA- Corporate: $-150.1 million versus the three-analyst average estimate of $-135.1 million.Adjusted EBITDA- UBS (Utility & Broadband Solutions): $130.7 million versus the three-analyst average estimate of $128.94 million.Adjusted EBITDA- CSS (Communications & Security Solutions): $223.2 million versus the three-analyst average estimate of $193.99 million.Adjusted EBITDA- EES (Electrical & Electronic Solutions): $185 million compared to the $169.15 million average estimate based on three analysts.View all Key Company Metrics for Wesco International here>>>

Shares of Wesco International have returned +8.1% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

On May 11, 2026, WESCO International Inc WCC shares rose 3.1% today, bringing the current price to $366.30. Over the past year, the stock has experienced significant volatility, trading between a 52-week low of $160.70 and a high of $368.90.

GF Value™ verdict: Current price is $366.30 vs GF Value™ of $202.44, indicating the stock is 80.9% overvalued.GF Score™: 86/100 (Strong), suggesting a solid overall company score based on key financial metrics.Most notable signal: Insider activity shows significant selling with $61.0M sold compared to $0.4M bought in the last 3 months. Is WCC Overvalued or Undervalued? The current market price of WESCO International Inc WCC is $366.30, significantly higher than the GF Value™ estimate of $202.44. This indicates that the stock is 80.9% overvalued, according to GuruFocus' proprietary valuation methodology. The GF Valuation label categorizes WCC as "Significantly Overvalued," which poses a risk for potential investors, as the current price does not reflect the underlying intrinsic value based on historical trading multiples, past business growth, and future performance estimates.

The substantial gap between the market price and the estimated fair value suggests that investors may be paying a premium that is not justified by the company's fundamentals. This overvaluation could lead to a price correction if the market reassesses WCC's true worth in the coming periods. Investors should exercise caution and consider the potential risks associated with such a significant overvaluation.

How Does WCC's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)26.0x13.2x Forward P/E22.9xN/A The current P/E ratio of 26.0x is 97% above WCC's 5-year median P/E of 13.2x, indicating that the stock is trading well above its historical valuation levels. The forward P/E of 22.9x also suggests that future earnings may not justify the current stock price, aligning with the GF Value™ verdict of being significantly overvalued. This P/E analysis further reinforces the concerns regarding the sustainability of WCC's current price level.

What Does WCC's GF Score™ Tell Us? MetricRating GF Score™86 Financial Strength5/10 Profitability8/10 Growth9/10 Valuation3/10 Momentum10/10 WCC's GF Score™ of 86/100 indicates a strong overall performance, particularly in the areas of Growth (9/10) and Momentum (10/10). However, the company's Financial Strength (5/10) and Valuation (3/10) scores highlight weaknesses that may be concerning for potential investors. The relatively high profitability rank (8/10) suggests that WCC is capable of generating strong earnings, but the low valuation score indicates that the stock is currently expensive compared to its intrinsic value.

What Are Insiders Doing with WCC Stock? Recent insider activity at WESCO International Inc has shown a notable pattern, with insiders selling $61.0M worth of shares while only purchasing $0.4M in the last three months. This significant selling compared to minimal buying may signal a lack of confidence in the stock's current valuation or future performance from those with inside knowledge of the company. Such a trend could indicate that insiders believe the stock is overvalued at its current price level.

What This Means for Investors Based on the analysis of GF Value™, WESCO International Inc WCC is currently overvalued. The significant difference between the current market price and the estimated fair value suggests that potential risks may outweigh the benefits at this time.

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

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

WCC's GF Score™ is 86/100, indicating a strong overall performance based on key financial metrics.

Is WCC overvalued or undervalued?

WCC is considered significantly overvalued, with a current price of $366.30 compared to a GF Value™ of $202.44.

What is WCC's P/E ratio?

WCC's P/E (TTM) is 26.0x, which is 97% above its 5-year median P/E of 13.2x, indicating it is trading at a premium compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."

Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potential fails to justify their swelled-up valuation. In that phase, investors find themselves invested in shares that have limited to no upside or even a downside. So, betting on a stock just by looking at the traditional momentum parameters could be risky at times.

A safer approach could be investing in bargain stocks with recent price momentum. While the Zacks Momentum Style Score (part of the Zacks Style Scores system) helps identify great momentum stocks by paying close attention to trends in a stock's price or earnings, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.

There are several stocks that currently pass through the screen and Wesco International (WCC - Free Report) is one of them. Here are the key reasons why this stock is a great candidate.

Investors' growing interest in a stock is reflected in its recent price increase. A price change of 16.8% over the past four weeks positions the stock of this maker of electrical and industrial maintenance supplies and construction materials well in this regard.

While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. WCC meets this criterion too, as the stock gained 20.4% over the past 12 weeks.

Moreover, the momentum for WCC is fast paced, as the stock currently has a beta of 1.54. This indicates that the stock moves 54% higher than the market in either direction.

Given this price performance, it is no surprise that WCC has a Momentum Score of B, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.

In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped WCC earn a Zacks Rank #2 (Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Most importantly, despite possessing fast-paced momentum features, WCC is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. WCC is currently trading at 0.73 times its sales. In other words, investors need to pay only 73 cents for each dollar of sales.

So, WCC appears to have plenty of room to run, and that too at a fast pace.

In addition to WCC, there are several other stocks that currently pass through our 'Fast-Paced Momentum at a Bargain' screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.

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

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

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

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Wesco International (WCC - Free Report) WESCO International, Inc. is one of the largest players in the highly fragmented distribution market for electrical construction products in North America.

WCC is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Computer and Technology stock. WCC has a Momentum Style Score of B, and shares are up 20.9% over the past four weeks.

Five analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.35 to $15.90 per share. WCC also boasts an average earnings surprise of +3.2%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, WCC should be on investors' short list.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Wesco International (WCC - Free Report) WESCO International, Inc. is one of the largest players in the highly fragmented distribution market for electrical construction products in North America.

WCC is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 21.88; value investors should take notice.

For fiscal 2026, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.35 to $15.90 per share. WCC boasts an average earnings surprise of +3.2%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, WCC should be on investors' short list.

, /PRNewswire/ -- The Board of Directors of Wesco International (NYSE: WCC) today declared a quarterly cash dividend on all of the issued and outstanding shares of common stock, in an amount equal to $0.50 per share. The dividend is payable on June 30, 2026 to the holders of record of the common stock at the close of business on June 12, 2026.

About Wesco 

Wesco International (NYSE: WCC) builds, connects, powers and protects the world. Headquartered in Pittsburgh, Pennsylvania, Wesco is a FORTUNE 500® company with approximately $24 billion in annual sales in 2025 and a leading provider of business-to-business distribution, logistics services and supply chain solutions. Wesco offers a best-in-class product and services portfolio of Electrical and Electronic Solutions, Communications and Security Solutions, and Utility and Broadband Solutions. The Company employs approximately 21,000 people, partners with the industry's premier suppliers, and serves thousands of customers around the world. With millions of products, end-to-end supply chain services, and significant digital capabilities, Wesco provides innovative solutions to meet customer needs across commercial and industrial businesses, technology companies, telecommunications providers, and utilities. Wesco operates more than 700 sites, including distribution centers, fulfillment centers, and sales offices in approximately 50 countries, providing a local presence for customers and a global network to serve multi-location businesses and global corporations.

Contact Information

Investor Relations

Scott Gaffner, CFA
Senior Vice President, Investor Relations
[email protected]

Corporate Communications

Jennifer Sniderman
Vice President, Corporate Communications
[email protected]

SOURCE Wesco International

, /PRNewswire/ -- Wesco International (NYSE: WCC), a leading provider of business-to-business distribution, logistics services, and supply chain solutions, today announced it has entered into a definitive agreement to acquire Newark Engineering Group ("Newark"), a Singapore-based provider of engineered cooling solutions and lifecycle services for data centers.

The acquisition expands Wesco's capabilities in data center cooling and lifecycle services and strengthens its presence in the fast-growing Southeast Asia region.

Newark specializes in the design, supply, installation, commissioning and maintenance of advanced thermal management systems that are mission-critical to data center performance and reliability. The company serves customers across Southeast Asia, including Singapore, Malaysia, and Indonesia, delivering integrated solutions across the full data center lifecycle—from design and installation to ongoing maintenance and optimization.

Under the terms of the agreement, Wesco will acquire 100% of Newark for a cash-free, debt-free purchase price of 175 million Singapore dollars (approximately $136 million USD).

"Newark provides integrated, turnkey cooling solutions, with strong partnerships and a blue-chip customer base that includes global technology and Fortune 500 companies," said John Engel, Chairman, President, and Chief Executive Officer of Wesco.

Mr. Engel continued, "This acquisition expands our participation in the data center value chain, particularly in engineered cooling and lifecycle services, and provides a strong growth platform in Southeast Asia. It's a service-led business with attractive margins, and we see a clear path to above-market growth by leveraging Wesco's global customer relationships and expanding solutions portfolio. We expect this acquisition to enhance our growth profile, support margin expansion, and generate attractive returns within the first year."

The combination creates meaningful commercial opportunities by bringing together Newark's established regional customer relationships with Wesco's global account coverage. Wesco expects to expand access to hyperscale, enterprise, and colocation data center customers while increasing share of wallet through cross-selling electrical, communications, and supply chain solutions across Newark's installed base.

Newark generated approximately USD$60 million in revenue in 2025 and is EBITDA margin accretive to the Wesco portfolio with a purchase multiple below Wesco's current trading multiple.

"Partnering with Wesco will accelerate our growth and expand our ability to serve data center customers across Southeast Asia," said Fanny Lee, Managing Director of Newark Engineering Group. "Wesco's global platform and complementary capabilities will allow us to broaden our solutions portfolio, access new customers, and scale the business."

The transaction is expected to close in the third quarter of 2026, subject to customary regulatory approvals and closing conditions.

About Newark Engineering Group

Headquartered in Singapore with offices in Malaysia and Indonesia, Newark Engineering Group is a provider of mission-critical cooling and thermal management solutions, delivering integrated customized HVAC solutions spanning design support, equipment supply, installation, commissioning and lifecycle services for data centers and other mission-critical infrastructure across Southeast Asia.

About Wesco International

Wesco International (NYSE: WCC) builds, connects, powers and protects the world. Headquartered in Pittsburgh, Pennsylvania, Wesco is a FORTUNE 500® company with approximately $24 billion in annual sales in 2025 and a leading provider of business-to-business distribution, logistics services and supply chain solutions. Wesco offers a best-in-class portfolio of electrical, communications, and utility solutions, serving customers across commercial, industrial, data center, and infrastructure markets.

Wesco Contact Information:

Scott Gaffner
Senior Vice President, Investor Relations
[email protected]

Jennifer Sniderman
Vice President, Corporate Communications
[email protected]

SOURCE Wesco International

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Wesco International (WCC - Free Report) WESCO International, Inc. is one of the largest players in the highly fragmented distribution market for electrical construction products in North America.

WCC is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 21.02; value investors should take notice.

Five analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.35 to $15.90 per share. WCC also boasts an average earnings surprise of +3.2%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, WCC should be on investors' short list.

First Trust Advisors LP reduced its holdings in Meritage Homes Corporation (NYSE: MTH) by 22.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 534,147 shares of the construction company's stock after selling 154,624 shares during the quarter. First Trust Advisors

SCOTTSDALE, Ariz., April 22, 2026 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE: MTH), the fifth-largest U.S. homebuilder, reported first quarter results for the period ended March 31, 2026.

Summary Operating Results (unaudited)
(Dollars in thousands, except per share amounts)  Three Months Ended March 31,
  2026
 2025
 % Chg
Homes closed (units)  2,967   3,416  (13)%Home closing revenue $1,107,822  $1,342,104  (17)%Average sales price — closings $373  $393  (5)%Home orders (units)  3,664   3,876  (5)%Home order value $1,400,440  $1,558,177  (10)%Average sales price — orders $382  $402  (5)%Ending backlog (units)  1,865   2,004  (7)%Ending backlog value $711,466  $812,358  (12)%Average sales price — backlog $381  $405  (6)%Home closing gross margin  17.5%  22.0% (450) bps
Earnings before income taxes $72,524  $160,159  (55)%Net earnings $55,309  $122,806  (55)%Diluted EPS $0.82  $1.69  (51)%
MANAGEMENT COMMENTS

"With the spring selling season commencing this quarter, we experienced some improved demand, achieving an absorption rate of 3.6 net sales per month and sales orders of 3,664 homes. However, these results were below our expectations as 2026 began with a severe winter storm in January and then transitioned into military operations in Iran midway through the quarter, which negatively impacted consumer sentiment and mortgage rates," said Steven J. Hilton, executive chairman of Meritage Homes. "In this environment, we acknowledge that capturing demand requires higher than anticipated incentive utilization, even as we look to optimize every asset while balancing pace and margin."

"We leaned into our strategy again this quarter, focusing on what we can control. We are proud of another year-over-year improvement in our cycle times driving 2,967 closings this quarter, and, with nearly 70% of these deliveries coming from intra-quarter sales, a backlog conversion rate of 254%," added Phillippe Lord, chief executive officer of Meritage Homes. "First quarter 2026 home closing revenue totaled $1.1 billion, however the difficult macroeconomic conditions this quarter drove a lower revenue leverage and increased incentives, resulting in home closing gross margin of 17.5% and diluted EPS of $0.82. As of March 31, 2026, our book value per share increased 6% year-over-year."

"We also maintained our objective of balance sheet preservation in uncertain times while continuing to execute on our shareholder returns commitment. In addition to opening 40 new communities and ending the quarter with 345 communities—our highest ever store count—we also completed $130 million of share repurchases, paid $32 million in dividends and finished the quarter with cash of $767 million, nothing drawn under our revolving credit facility and a net debt-to-capital ratio of 17.4%," concluded Mr. Lord.

FIRST QUARTER RESULTS

Orders of 3,664 homes for the first quarter of 2026 decreased 5% year-over-year mainly as a result of 18% lower average absorption pace, which was partially offset by a 17% increase in average community count. First quarter 2026 average sales price ("ASP") on orders of $382,000 was down 5% from the first quarter of 2025, primarily due to increased utilization of incentives and geographic mix this year. The 17% year-over-year decrease in home closing revenue in the first quarter of 2026 to $1.1 billion was due to 13% lower closing volume of 2,967 homes combined with a 5% decrease in ASP on closings to $373,000. ASP on closings was impacted by increased utilization of incentives and geographic mix this year. Home closing gross margin of 17.5% in the first quarter of 2026 was 450 bps lower than 22.0% in the prior year as a result of increased utilization of incentives, higher lot costs and reduced leverage of fixed costs on lower home closing revenue, all of which were partially offset by savings in direct costs, decreased compensation expense and faster cycle times. First quarter 2026 home closing gross margin included $2.4 million of real estate inventory impairments and $1.4 million in terminated land deal walk-away charges, compared to no impairments and $1.4 million in terminated land deal walk-away charges in the prior year. Selling, general and administrative expenses ("SG&A") as a percentage of first quarter 2026 home closing revenue were 11.8% compared to 11.3% in the first quarter of 2025, primarily as a result of lost leverage on lower home closing revenue as well as higher technology costs, which were partially offset by decreased compensation expense and an intentional reduction in discretionary expenses. The first quarter effective income tax rate was 23.7% in 2026 compared to 23.3% in 2025. Net earnings were $55 million ($0.82 per diluted share) for the first quarter 2026, a 55% decrease from $123 million ($1.69 per diluted share) for the first quarter of 2025, mainly resulting from lower home closing revenue and gross profit. BALANCE SHEET & LIQUIDITY

Cash and cash equivalents at March 31, 2026 totaled $767 million. This compared to cash and cash equivalents of $775 million at December 31, 2025. Land acquisition and development spend, net of land development reimbursements, totaled $326 million for the first quarter of 2026, reflecting a deliberate pullback due to market conditions. This compared to $465 million of land acquisition and development spend, net of land development reimbursements, in the first quarter of 2025. Approximately 75,500 lots were owned or controlled as of March 31, 2026, compared to approximately 84,200 lots as of March 31, 2025. Nearly 400 net new lots were added in the first quarter of 2026, representing an estimated 11 future communities. First quarter 2026 ending community count of 345 was up 19% compared to prior year and up 3% compared to the fourth quarter of 2025. Debt-to-capital and net debt-to-capital ratios were 26.6% and 17.4%, respectively, at March 31, 2026, which compared to 26.0% and 16.9%, respectively, at December 31, 2025. The Company declared and paid quarterly cash dividends of $0.48 per share totaling $32 million in the first quarter of 2026. This compared to $0.43 per share totaling $31 million in the first quarter of 2025. During the first quarter of 2026, the Company repurchased 1,815,820 shares of stock, or 2.7% of shares outstanding at the beginning of the quarter, for $130 million. This compared to $45 million in the first quarter of 2025. As of March 31, 2026, $384 million remained available to repurchase. GUIDANCE

Based on current market conditions, the Company is updating its guidance for full year 2026 home closing volume and revenue to at or within 5% of full year 2025 results.

CONFERENCE CALL

Management will host a conference call to discuss its first quarter 2026 results at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) on Thursday, April 23, 2026. To listen, please go to Meritage's Investor Relations page for the live webcast or dial in to 1-800-445-7795 US toll free or 1-785-424-1699. A replay will be available on the Investor Relations page.

Meritage Homes Corporation and Subsidiaries
Consolidated Income Statements
(In thousands, except per share data)
(Unaudited)

  Three Months Ended March 31,
  2026
 2025
 Change $ Change %
Homebuilding:         Home closing revenue $1,107,822  $1,342,104  $(234,282) (17)%Land closing revenue  9,361   15,421   (6,060) (39)%Total closing revenue  1,117,183   1,357,525   (240,342) (18)%Cost of home closings  (914,024)  (1,046,454)  (132,430) (13)%Cost of land closings  (9,630)  (12,256)  (2,626) (21)%Total cost of closings  (923,654)  (1,058,710)  (135,056) (13)%Home closing gross profit  193,798   295,650   (101,852) (34)%Land closing gross (loss)/profit  (269)  3,165   (3,434) (108)%Total closing gross profit  193,529   298,815   (105,286) (35)%Financial Services:         Revenue  6,285   7,082   (797) (11)%Expense  (3,623)  (4,192)  (569) (14)%Earnings from financial services unconsolidated entities and other, net  831   673   158  23%Financial services profit  3,493   3,563   (70) (2)%Commissions and other sales costs  (79,472)  (94,720)  (15,248) (16)%General and administrative expenses  (51,402)  (56,997)  (5,595) (10)%Interest expense  (587)  —   587  N/A
Other income, net  6,963   9,498   (2,535) (27)%Earnings before income taxes  72,524   160,159   (87,635) (55)%Provision for income taxes  (17,215)  (37,353)  (20,138) (54)%Net earnings $55,309  $122,806  $(67,497) (55)%          Earnings per common share:         Basic     Change $ or shares Change %
Earnings per common share $0.82  $1.71  $(0.89) (52)%Weighted average shares outstanding  67,367   71,915   (4,548) (6)%Diluted         Earnings per common share $0.82  $1.69  $(0.87) (51)%Weighted average shares outstanding  67,806   72,650   (4,844) (7)% Meritage Homes Corporation and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)  March 31, 2026
 December 31, 2025
Assets:      Cash and cash equivalents $766,632  $775,157 Other receivables  280,922   306,956 Real estate (1)  5,962,075   5,987,120 Deposits on real estate under option or contract  166,236   174,170 Investments in unconsolidated entities  60,762   57,268 Property and equipment, net  46,064   46,647 Deferred tax asset, net  51,211   53,293 Prepaids, other assets and goodwill  220,709   221,676 Total assets $7,554,611  $7,622,287 Liabilities:      Accounts payable $199,943  $200,679 Accrued and other liabilities  408,718   387,698 Home sale deposits  10,907   9,213 Loans payable and other borrowings  34,990   24,328 Senior and convertible senior notes, net  1,806,284   1,804,726 Total liabilities  2,460,842   2,426,644 Stockholders' Equity:      Preferred stock  —   — Common stock, par value $0.01. Authorized 125,000,000 shares; 66,702,433 and 68,168,923 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively  667   682 Additional paid-in capital  —   — Retained earnings  5,093,102   5,194,961 Total stockholders’ equity  5,093,769   5,195,643 Total liabilities and stockholders’ equity $7,554,611  $7,622,287        (1) Real estate – Allocated costs:      Homes completed and under construction $1,933,033  $2,069,548 Finished home sites and home sites under development  3,963,883   3,917,572 Consolidated real estate not owned  65,159   — Total real estate $5,962,075  $5,987,120  Meritage Homes Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)  Three Months Ended March 31,  2026
 2025
Cash flows from operating activities:    Net earnings $55,309  $122,806 Adjustments to reconcile net earnings to net cash provided by/(used in) operating activities:    Depreciation and amortization  5,373   5,949 Real estate and land impairments  2,427   — Write-off of terminated land deals  1,373   1,433 Stock-based compensation  5,860   6,325 Equity in earnings from unconsolidated entities  (656)  (626)Distribution of earnings from unconsolidated entities  673   588 Other  2,074   489 Changes in assets and liabilities:    Decrease/(increase) in real estate  34,049   (60,821)Decrease/(increase) in deposits on real estate under option or contract  7,389   (62,179)Decrease/(increase) in other receivables, prepaids and other assets  29,018   (37,636)Decrease in accounts payable and accrued and other liabilities  (43,274)  (16,041)Increase/(decrease) in home sale deposits  1,694   (2,863)Net cash provided by/(used in) operating activities  101,309   (42,576)Cash flows from investing activities:    Investments in unconsolidated entities  (3,517)  (5,850)Purchases of property and equipment  (4,308)  (5,592)Proceeds from sales of property and equipment  94   29 Net cash used in investing activities  (7,731)  (11,413)Cash flows from financing activities:    Repayment of loans payable and other borrowings  (33)  (2,150)Proceeds from issuance of senior notes  —   497,195 Payment of debt issuance costs  —   (5,073)Proceeds from liabilities related to consolidated real estate not owned  59,947   — Dividends paid  (32,017)  (30,887)Repurchase of shares  (130,000)  (44,999)Net cash (used in)/provided by financing activities  (102,103)  414,086 Net (decrease)/increase in cash and cash equivalents  (8,525)  360,097 Beginning cash and cash equivalents  775,157   651,555 Ending cash and cash equivalents $766,632  $1,011,652  Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands)
(Unaudited)

We aggregate our homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our three reportable homebuilding segments are as follows:
       •     West: Arizona, California, Colorado, and Utah
       •     Central: Tennessee and Texas
       •     East: Alabama, Florida, Georgia, Mississippi, North Carolina and South Carolina

  Three Months Ended March 31,
  2026
 2025
  Homes
 Value
 Homes
 Value
Homes Closed:            West Region 686  $336,183  998  $479,636 Central Region 1,108   376,300  1,187   412,537 East Region 1,173   395,339  1,231   449,931 Total 2,967  $1,107,822  3,416  $1,342,104 Homes Ordered:            West Region 898  $444,293  1,093  $539,594 Central Region 1,316   457,299  1,365   489,160 East Region 1,450   498,848  1,418   529,423 Total 3,664  $1,400,440  3,876  $1,558,177    At March 31,
  2026
 2025
  Homes
 Value
 Homes
 Value
Order Backlog:            West Region 397  $193,651  530  $262,627 Central Region 665   238,387  659   242,919 East Region 803   279,428  815   306,812 Total 1,865  $711,466  2,004  $812,358    Three Months Ended March 31,
  2026
 2025
  Ending
 Average
 Ending
 Average
Active Communities:            West Region 88  85.5  85  88.0 Central Region 107  109.5  82  86.0 East Region 150  145.5  123  117.0 Total 345  340.5  290  291.0  Meritage Homes Corporation and Subsidiaries
Supplement and Non-GAAP information
(Unaudited)Supplemental Information (Dollars in thousands):  Three Months Ended March 31,  2026
 2025
Depreciation and amortization $5,373  $5,949      Summary of Capitalized Interest:    Capitalized interest, beginning of period $77,064  $53,678 Interest incurred  20,005   14,714 Interest expensed  (587)  — Interest amortized to cost of home and land closings  (12,018)  (11,285)Capitalized interest, end of period $84,464  $57,107  Reconciliation of Non-GAAP Information (Dollars in thousands):This press release includes comments and discussion about our operating results that reflect certain adjustments, including to home closing gross profit, home closing gross margin, earnings before income taxes, net earnings, diluted earnings per common share, and debt-to-capital ratios. These are considered non-GAAP financial measures and should be considered in addition to, rather than as a substitute for, the comparable GAAP financial measures. We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operating results and may be helpful in comparing our company with other companies in the homebuilding and other industries to the extent they provide similar information. We encourage investors to understand the methods used by other companies to calculate these non-GAAP financial measures and any adjustments thereto before comparing to our non-GAAP financial measures.

Home Closing Gross Profit and Home Closing Gross Margin  Three Months Ended March 31,  2026
 2025
Home closing gross profit $193,798  $295,650 Home closing gross margin  17.5%  22.0%     Add: Real estate-related impairments  2,427   — Add: Write-off of terminated land deals  1,373   1,433 Adjusted home closing gross profit $197,598  $297,083 Adjusted home closing gross margin  17.8%  22.1% Earnings before income taxes, Net earnings and Diluted earnings per common share  Three Months Ended March 31,  2026
 2025
Earnings before income taxes $72,524  $160,159      Add: Real estate-related impairments  2,457   — Add: Write-off of terminated land deals  1,373   1,433 Adjusted earnings before income taxes $76,354  $161,592 Incremental tax rate  24.8%  24.4%Adjusted provision for income tax  (18,165)  (37,703)Adjusted net earnings  58,189   123,889      Diluted earnings per common share $0.82  $1.69 Adjusted diluted earnings per common share $0.86  $1.71  Debt-to-Capital Ratios  March 31, 2026 December 31, 2025Senior and convertible senior notes, net and loans payable and other borrowings $1,841,274  $1,829,054 Stockholders' equity  5,093,769   5,195,643 Total capital $6,935,043  $7,024,697 Debt-to-capital  26.6%  26.0%     Senior and convertible senior notes, net and loans payable and other borrowings $1,841,274  $1,829,054 Less: cash and cash equivalents  (766,632)  (775,157)Net debt $1,074,642  $1,053,897 Stockholders’ equity  5,093,769   5,195,643 Total net capital $6,168,411  $6,249,540 Net debt-to-capital  17.4%  16.9%
About Meritage Homes Corporation
Meritage is the fifth-largest public homebuilder in the United States, based on homes closed in 2025. The Company offers energy-efficient and affordable entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Utah, Tennessee, Texas, Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina.

Meritage has delivered over 210,000 homes in its 41-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. The Company is an industry leader in energy-efficient homebuilding, an eleven-time recipient of the U.S. Environmental Protection Agency’s (EPA) ENERGY STAR® Partner of the Year for Sustained Excellence Award and Residential New Construction Market Leader Award, as well as a four-time recipient of the EPA's Indoor airPLUS Leader Award.

For more information, visit www.meritagehomes.com.

The information included in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general and our future results including our full year 2026 projected home closing volume and home closing revenue.

Such statements are based on the current beliefs and expectations of Company management and current market conditions, which are subject to significant uncertainties and fluctuations. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, except as required by law, to update or revise any forward-looking statements to reflect future events or changes in these expectations. Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically. These risks and uncertainties include, but are not limited to, the following: increases in interest rates or decreases in mortgage availability, and the cost and use of rate locks and buy-downs; the cost of materials used to develop communities and construct homes; shortages in the availability and cost of subcontract labor; legislation related to tariffs; cancellation rates; supply chain and labor constraints; the ability of our potential buyers to sell their existing homes; the adverse effect of slow absorption rates; our ability to acquire and develop lots may be negatively impacted if we are unable to obtain performance and surety bonds; impairments of our real estate inventory; competition; home warranty and construction defect claims; failures in health and safety performance; fluctuations in quarterly operating results; our level of indebtedness; our exposure to counterparty risk with respect to our capped calls; our ability to obtain financing if our credit ratings are downgraded; our exposure to and impacts from natural disasters or severe weather conditions; the availability and cost of finished lots and undeveloped land; the success of our strategy to offer and market entry-level and first move-up homes; a change to the feasibility of projects under option or contract that could result in the write-down or write-off of earnest money or option deposits; our limited geographic diversification; sustainability matters and disclosures; our exposure to information technology failures and security breaches and the impact thereof; the loss of key personnel; changes in tax laws that adversely impact us or our homebuyers; our inability to prevail on contested tax positions; failure of our employees and representatives to comply with laws and regulations; our compliance with government regulations; liabilities or restrictions resulting from regulations applicable to our financial services operations; negative publicity that affects our reputation; potential disruptions to our business by an epidemic or pandemic, and measures that federal, state and local governments and/or health authorities implement to address it; and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2025 under the caption "Risk Factors," which can be found on our website at https://investors.meritagehomes.com.

Contacts:Emily Tadano, VP Investor Relations and External Communications (480) 515-8979 (office) [email protected]

Meritage Homes (MTH - Free Report) came out with quarterly earnings of $0.82 per share, missing the Zacks Consensus Estimate of $1.01 per share. This compares to earnings of $1.69 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -18.97%. A quarter ago, it was expected that this homebuilder would post earnings of $1.55 per share when it actually produced earnings of $1.67, delivering a surprise of +7.74%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Meritage, which belongs to the Zacks Building Products - Home Builders industry, posted revenues of $1.12 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 7.59%. This compares to year-ago revenues of $1.36 billion. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Meritage shares have added about 5.6% since the beginning of the year versus the S&P 500's gain of 3.2%.

What's Next for Meritage?While Meritage has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Meritage was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.51 on $1.49 billion in revenues for the coming quarter and $5.68 on $5.7 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Home Builders is currently in the bottom 10% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, PulteGroup (PHM - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on April 23.

This homebuilder is expected to post quarterly earnings of $1.80 per share in its upcoming report, which represents a year-over-year change of -30%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

PulteGroup's revenues are expected to be $3.38 billion, down 13% from the year-ago quarter.

RAPID PROGRESS AT COPALQUIN & LA DURA SETS UP 2026 AS PIVOTAL YEAR

Melbourne, Australia and Vancouver, Canada – TheNewswire - April 29, 2026 - Mithril Silver and Gold Limited ("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to report on its  quarterly activities and cash flow for its Copalquin and La Dura properties in Durango State, Mexico for the period ended March 31, 2026.

EXPLORATION HIGHLIGHTS

District-Scale Discovery Momentum Builds at Copalquin Silver-Gold Project, Mexico

Copalquin continues to demonstrate scale as a large, vertically extensive epithermal silver-gold system, with mineralisation defined over 9 km strike length and 1,200 m vertically. With a dominant east–west structural corridor in the southern half of the district and multiple northwest-trending structures, the 70 km2 district hosts a growing pipeline of high-potential targets.  The northern half of the district presents additional exploration upside with indications of further potential.

Mithril continues to refine a district-scale geological model at Copalquin integrating insights across multiple disciplines.  Ongoing fieldwork remains focused on expanding bedrock mapping across the district, forming the foundation for advanced interpretation supported by geochemistry, petrography, geophysics, and structural and alteration modelling.  A disciplined four-tier targeting framework has been implemented to systematically advance prospects from early-stage target generation through to exploration and resource drilling.  Recent success at Targets 3 and 5 highlight the effectiveness of this approach, delivering a growing pipeline of drill-ready targets.  

  Target 1 Drilling

  Phase IV infill and expansion drilling at Target 1 to complete the resource update progressed throughout the quarter with the anticipated update still on schedule for the end H1 2026. Results from Q1 drilling are anticipated for May 2026. The strike length of El Refugio has been extended 300m to the west and is still open in this direction, as well as down dip and to the east. Samples from drill core produced to date, have been selected for further metallurgical testing to confirm the previous high gold and silver recoveries.

Target 3 Drilling

Mapping and sampling on surface and within historical workings in the Target 3 area identified several targets for drill testing.  The initial programme of shallow drilling at Guadalupe, Constancia, Jabali and El Maizon has tested 700 metres of strike within this 1.2 km x 1.2 km area.

 Target 3 Drill Program Highlights include:

0.90 m @ 2.79 g/t gold, 151 g/t silver from 155.45.0 m (JA26-002)

0.50 m @ 6.91 g/t gold, 475 g/t silver from 102.50 m (JA26-004)

0.50 m @ 33.20 g/t gold, 6 g/t silver from 134.95 m (GU26-002)

  The drill programme at Target 3, consisting of 3,039 m, tested four of several historical workings.  These initial results confirm extensive epithermal style mineralisation, with important key attributes observed in the drill core.  The vein style and grades being intercepted indicate the mineralisation is at a high level in the system, with best intercepts and vein thicknesses found deeper in the drill holes.  The results establish Target 3 as a highly prospective area for growth, reinforcing the broader district scale upside at Copalquin.

The initial drill programme at Target 5 confirmed a large silver-rich target in the south-west of the Copalquin District.  High grade silver and gold mineralisation has been outlined within a series of northwest trending banded quartz veins hosted in granodiorite over an area extending 3.2 km from El Gallo in the northwest to Guamuchilito in the southeast and 3.0 km from El Jarillal in the southwest to the Zaragoza workings in the northeast (an area of 9.6 km2).

Drilling at the Apomal workings has defined a mineralised zone over 350m of strike length.  Drilling at the Tasolera workings to the southeast, intercepted a major alteration zone 70m thick containing elevated silver and base metal values.  The alteration zone is associated with a major shear zone and indicates that significant amounts of hydrothermal fluids have passed through these rocks, similar to the structures intercepted below Target 1. Further along trend to the southeast, are the Candelaria workings, where channel sampling returned 0.6 m @ 38.3 g/t gold, 4,520 g/t silver 1 indicating a mineralised corridor of 1.5 km within this 9.6 km2 target area.

Further drilling at Target 5 will target known zones of high-grade mineralisation based on the work done to date and the results of the aeromagnetic survey, with a view to defining additional resource tonnes.

Highlight drill results to date from Target 5 maiden programme (including previously released2):

2.75 m @ 660 g/t AgEq (2.28 g/t gold, 500 g/t silver) from 93.6 m (AP25-003), including 

1.00 m @ 1,714g/t AgEq (5.80 g/t gold, 1,308 g/t silver) from 94.7 m 

3.35 m @ 366g/t AgEq (1.71 g/t gold, 246 g/t silver) from 90.15 m (AP25-005), including 

1.05 m @ 1,146 g/t AgEq (5.35 g/t gold, 771 g/t silver) from 92.45 m 

1.25 m @ 728g/t AgEq (4.55 g/t gold, 409 g/t silver) from 119.2 m (AP25-006), plus 

0.90 m @ 616g/t AgEq (2.41 g/t gold, 447 g/t silver) from 138.1 m, plus 

0.80 m @ 427g/t AgEq (1.51 g/t gold, 321 g/t silver) from 149.5 m  

0.50 m @ 443g/t AgEq (0.45 g/t gold, 411 g/t silver) from 241.3 m (AP25-010) 

(plus 3.4% lead and 1.70% zinc) 

2.85 m @ 145g/t AgEq (1.14 g/t gold, 65 g/t silver) from 79.6 m (AP25-014) 

3.05 m @170g/t AgEq (0.07 g/t gold, 165 g/t silver) from 193.05 m (AP25-017) 

Copalquin District Geological Model Strengthened

By the end of Q1, 2026, 24 km2 of the full 70km2 concession had been mapped.  Mapping progressing south from Zaragoza towards the historical San Manuel workings is identifying new structures with potential for extension of mineralization to the south-east from the dominant east-west directed trend.  Understanding of metal zonation and vein paragenesis continues to evolve with new information, helping to develop a new geological model for the laterally extensive and potentially protracted epithermal system.

  Aerial magnetic surveys were completed over the Copalquin District and the La Dura concession areas.  Initial work on the Copalquin dataset shows strong correlation to mapped lithology, with evidence of untested corridors related to hydrothermal alteration.  Interpretation work by Mithril and external consultants continues to advance and will inform a new structural geology study.

  Regional La Dura Property

At the La Dura property, a LiDAR survey was completed over the Company’s full 21km2 of mining concessions that cover the La Dura silver-gold district in Durango State with results from the survey reported during the first quarter.

The LiDAR survey provided high-resolution aerial photography and a bare-earth digital terrain model (DTM) that virtually ‘strips away’ the vegetation, revealing geology and structural detail beneath. Highlights include:

Historic mine shafts - 18 

Historic adits (mine tunnels) - 44 

Historic mine and prospecting pits - 134 

A second cluster of adits and workings located 1 km south in the concession area 

Conclusions from our external consultant GeoCloud Analytics, highlight a compelling structural corridor extending up to 1.5 km in length and approximately 300 m in width.  This trend hosts multiple historic workings, including the four- level La Dura mine, and is defined by at least five repeated mineralised structures.  The scale, continuity and structural repetition collectively point to a highly prospective system, positioning this as a clear, high-priority drill target.  Detailed interpretations and supporting figures from the LiDAR study are provided below.

Corporate

Cash balance of A$10.8M at March 31, 2026 and Mithril remains debt free. 

Mexican value added tax refunds have continued in 2026 with a refund of MXN3.8M (~A$0.32M) received in January 2026.  A further 3 months of refunds have been received in April 2026 after the quarter end totalling ~A$0.5m. 

Announced the appointment of James Barr, P.Geo., as Vice President, Exploration. 

  Commenting on the March 2026 quarter, Managing Director and CEO John Skeet said:

“This quarter demonstrates that Copalquin is not just growing — it is emerging as a large-scale, multi-target epithermal system with clear vectors to higher-grade mineralisation at depth,” said John Skeet, Managing Director & CEO.

“Drilling at Target 1 continues to expand the resource envelope, while early success at Targets 3 and 5 confirms a pipeline of mineralised centres across the district. The consistency of structure, grade and vertical zonation we are seeing is what is expected in a large system, and importantly, we are still at an early stage of testing it.”

“Our integrated geological model - now supported by drilling, geophysics and detailed fieldwork - is unlocking multiple new corridors and targets across more than 9 kilometres of strike.  This is soon to be further enhanced with a geological structural study.  At the same time, La Dura is advancing as a high-impact drill opportunity with indications of scale and structural repetition.”

“With cash in hand, no debt and multiple active fronts, Mithril is well positioned to progress drilling and demonstrate scale. We see 2026 as a defining year as we continue to convert this district into a significant silver-gold discovery.”

   Copalquin District and La Dura Property – 2026

Mithril is undertaking an aggressive exploration programme in 2026, with up to 25,000 metres of drilling planned during the first 6 - 8 months of the year across the Copalquin District. Upcoming work will focus on expanding known mineralized zones, testing new high-priority targets, integrating district-wide geophysical data, and continuing to advance the Company’s district-scale exploration thesis.  The district features over 100 historic underground workings (c.1850 – 1910) including several multi-level mines and 200 small surface workings.  Mapping and sampling across the lower half of the 70 km2 mining concession area demonstrates a large epithermal silver-gold system with multiple target areas for potential resource growth plus the conduit system responsible for the widespread gold and silver mineralisation.

The northern half of the Copalquin concession area features large areas of alteration. The LiDAR image shows evidence of historic mining activity and indicates some key structures.  Along with historic sampling data, the northern section of the property presents as a potentially significant large exploration area within Mithril’s Copalquin mining concessions.

The nearby 20 km2 La Dura property has recently been added to the portfolio providing a brown field property with a database of mapping, sampling and drilling.  The recent LiDAR survey has revealed multiple historic workings within the concession area, including the 4-level high-grade La Dura mine.  An initial 1.5 km long mineralisation corridor has been identified as a future drill target.  An aerial magnetic survey has been completed with interpretation work currently progressing.

Click Image To View Full Size

  Figure 1 Mithril’s Copalquin and La Dura property locations in Durango State, Mexico

Click Image To View Full Size

  Figure 2 LiDAR identified historic workings across the 70km2 district. Current drilling locations at Target 1 west and Target 5 (El Apomal), and recent drilling at Zaragoza mine in Target 1 south, high priority drill target area of La Constancia-El Jabali (Target 3).  Several new areas highlighted across the district for follow-up work including recently sampled Target 6

Target 5 Drilling and Discussion

  The drilling at Target 5 has confirmed high-grade silver-gold mineralisation within a 1.5 km mineralised corridor that runs from the Candelaria - San Miguel workings and north-west to the Apomal workings within the 9.6 km2 target area.

  The maiden drill programme successfully intercepted high-grade silver and gold from near surface and at various elevations up to 240 metres below surface.

  The strongest observed alteration zone to date in Target 5 was intercepted by hole drill TA25-002 which has a 70 metre length of alteration zone with ~5 ppm Ag and elevated base metals. This is a sign that a significant amount of fluids have passed through these rocks. It should also be noted that this zone should produce a significant soil geochemical anomaly – especially for lead (Pb).

 
Click Image To View Full Size

  Figure 3 Target 5 hydrothermal zone with drill hole traces and intercepts indicated by the star symbols (stars - yellow > 1 g/t, red 1-5 g/t and pink > 5 g/t)

The above figure shows a modelled hydrothermal zone (red lines) based on Ag > 1 ppm and Na / Al ratios - drilling has managed to delineate a healthy 700 m x 200 m hydrothermal zone that hosts a network of anastomosing veins.  Included are AuEq70* intercepts > 1 g/t (stars - yellow > 1 g/t, red 1-5 g/t and pink > 5 g/t). It is also notably open to the NW, SE and it is interpreted that the area between Apomal and Taz is highly prospective.

  The aerial magnetic survey over the southern half the Copalquin mining concession area has been completed with the final report pending.  It is anticipated that the results from the survey will provide important data for drill programme design as Target 5 progresses.

  
Click Image To View Full Size

  Figure 4 Target 5 – Drilling and channel sampling to date currently defines a mineralised silver-gold corridor of approximately 1.5 km, open to NW and SE with further indications of parallel structures each side.

Target 5 Drilling and Discussion

  La Maquina Workings

  One hole at La Maquina was completed to test the down dip extension of a new vein discovery on surface in an area where no historical workings are known to exist.  Channel sampling conducted by Mithril returned grades of up to 3.54 g/t gold, 11.3 g/t silver, or 3.7 g/t AuEq over 0.5 m. The drill hole intercepted the projected vein 68 metres down dip from the surface within the granodiorite intrusive, with mineralisation characterised as concordant veining with banding and microbands of black sulphides.  Vein continuity seen in mapping and sampling to the northwest remains a favourable target for future drill testing.  La Maquina drilling highlights are listed in Table 1.

  

  Figure 5 Map – La Maquina

  

  Figure 6 Section – La Maquinna, looking to the northwest

Table 1 Results received for Target 5 drilling to-date for maiden drill programme. Drill holes AP25-001 to AP25-008 reported 5 Nov 2025 2

Hole ID

From (m)

 To (m)

Interval

Au g/t

Ag g/t

AgEq g/t

AgEq g/t.m

AP25-001

32

32.5

0.5

1.21

39.3

                     124

                        62

AP25-001

279.83

280.35

0.52

1.285

167

                     257

                     134

AP25-002

31.45

35.3

3.85

1.26

42.65

                     131

                     504

Including

31.45

31.95

0.5

7.74

187

                     729

                     364

AP25-003

34.5

35

0.5

0.393

62.4

                        90

                        45

AP25-003

93.6

96.35

2.75

2.28

500

                     660

                 1,814

Including

94.7

95.7

1

5.8

1308

                 1,714

                 1,714

AP25-003

214

215.3

1.3

2.89

0.5

                     203

                     264

AP25-003

231.6

232.3

0.7

2.38

1.5

                     168

                     118

AP25-004

89.2

90.65

1.45

0.57

109.6

                     150

                     217

AP25-005

35.65

39.7

4.05

0.19

61.5

                        75

                     303

Including

36.75

38.35

1.6

0.41

130

                     159

                     254

AP25-005

90.15

93.5

3.35

1.71

246

                     366

                 1,225

(Including

92.45

93.5

1.05

5.35

771

                 1,146

                 1,203

AP25-006

119.2

120.45

1.25

4.548

409

                     727

                     909

AP25-006

138.1

139

0.9

2.41

447

                     616

                     554

AP25-006

149.75

150.55

0.8

1.51

321

                     427

                     341

AP25-006

301.4

301.9

0.5

0.19

73

                        86

                        43

AP25-007

51

52.5

1.5

0.23

15.2

                        31

                        47

AP25-007

62.75

64.8

2.05

0.27

88.1

                     107

                     219

Including

64.3

64.8

0.5

0.90

311

                     374

                     187

AP25-008

78.2

78.9

0.7

0.34

11.9

                        36

                        25

AP25-009

85

85.8

0.8

0.09

23.6

                        30

                        24

AP25-009

89.45

95.55

6.1

0.30

21.7

                        43

                     260

AP25-009

99.6

100.1

0.5

0.10

10.3

                        18

                          9

AP25-010

96

96.5

0.5

0.50

47.4

                        83

                        41

AP25-010

241.3

241.8

0.5

0.45

411

                     443

                     221

AP25-011

263.15

263.65

0.5

0.06

24

                        29

                        14

AP25-012

84.45

84.95

0.5

0.22

105.3

                     121

                        60

AP25-012

232.95

233.95

1

0.14

105

                     115

                     115

AP25-012

347.05

347.65

0.6

0.63

86

                     130

                        78

AP25-013

73.65

74.4

0.75

0.05

15.6

                        19

                        14

AP25-013

78.75

79.25

0.5

0.44

55.5

                        86

                        43

AP25-013

384.2

384.9

0.7

0.16

3.8

                        15

                        11

AP25-014

78

78.55

0.55

0.13

65.9

                        75

                        41

AP25-014

79.6

82.45

2.85

1.14

64.7

                     145

                     412

AP25-014

185.5

186

0.5

1.40

64.7

                     163

                        81

AP25-014

407.7

408.9

1.2

0.34

57.9

                        82

                        98

AP25-015

NRI

                                 -  

                         -  

AP25-016

NRI

                                 -  

                         -  

AP25-017

9

10

1

0.26

29.1

                        47

                        47

AP25-017

57.6

58.1

0.5

0.09

17.1

                        24

                        12

AP25-017

63

63.75

0.75

0.18

19.2

                        32

                        24

AP25-017

193.05

196.1

3.05

0.07

165

                     170

                     518

Including

193.05

193.9

0.85

0.11

229

                     237

                     201

Including

195.45

196.1

0.65

0.09

265

                     271

                     176

TA25-001

36.5

37.5

1

0.10

21.9

                        29

                        29

TA25-001

57.1

60.45

3.35

0.18

33.7

                        46

                     155

TA25-002

35.65

36.35

0.7

0.09

34.8

                        41

                        29

TA25-002

77.35

77.85

0.5

0.19

52.8

                        66

                        33

TA25-002

79.85

81.1

1.25

0.39

29.4

                        57

                        71

TA25-003

33.8

34.55

0.75

0.07

21.3

                        26

                        19

TA25-003

45.65

46.5

0.85

0.10

37.4

                        45

                        38

TA25-004

79.5

80.75

1.25

0.53

66.35

                     103

                     129

TA25-005

1

3

2

0.13

18.55

                        28

                        55

TA25-005

141

141.55

0.55

0.10

82.2

                        89

                        49

MA26-001*

122.80

123.65

0.85

6.20

764.0

1198

  1018

  MA26-001*

169.45

170.20

0.75

1.16

18.1

99

74

  Target 3 Drilling and Discussion

  The 2026 drilling program was directed to test vein extensions from the mapped historical workings in the area and to build on the information collected by Mithril from three holes previously drilled at the Constancia Main workings in 2020 (holes CDH-044/045/046).  

  Target 3 is hosted in a favourable intermediate volcaniclastic tuff and breccia with several phases of rhyolitic intrusive and flows present.  Dominant veins are trending east-west, northwest and locally in a less common northeast trend at Jabali.  Styles of mineralisation include disseminated and banded silver-sulphides, as well as visible gold (GU26-002).

  These features indicate high level continuity within the broad property wide east-west mineral trend and/or a localized upwelling source to mineralisation.  Intersection of the Jabali and Guadalupe structures is projected approximately 950 metres west of Guadalupe and approximately 200 metres south of the southernmost Jabali drillhole JA26-004 and is a favourable target for future drill testing.  The Target 3 drill programs are described below, and drilling highlights are listed in Table 1.

  Jabali

  Six drill holes were completed at Jabali to test two veins mapped on surface and within historical workings. The Jabali main workings, located to the north, have less than 150 metres of lateral development over two levels, while the smaller southern workings have about 40 metres of lateral development on one level. Recent channel sampling in the Jabali main workings returned results of up to 0.65 m of gold at 16 g/t gold and 1,275 g/t silver, or 34.21 g/t AuEq. Drill results confirm vein continuity down dip and along strike at least 230 metres with mineralisation remaining open in all directions.

  Guadalupe

  Five holes were drilled at Guadalupe to test the dip of a small stope in historical workings. Hole GU26-002 intersected minor veining and stockwork with visible gold. Channel samples from quartz veining near historical workings on the surface returned 13.25 g/t gold and 558 g/t silver, or 21.22 AuEq, over 0.50 m. These holes confirm the presence of quartz veining with epithermal breccia textures within a broad zone of anomalous gold and silver mineralisation.

   Constancia

  Two holes were drilled along the northwest trending Constancia veins. The first hole tested a small historical working approximately 150 metres immediately south of Jabali while the second drill hole tested the down dip continuity of mapped surface vein located 100 metres immediately south of the Guadalupe workings. Hole CS26-001 intersected weak alteration and anomalous gold and silver grades over 4 m, from approximately 177-181 m.  CS26-002 intercepted weak to moderate alteration over 30 metres between 45-75 m with anomalous gold and silver grades.

  El Maison

  Two holes were drilled to test the continuity of a new vein mapped on surface grading 0.25 g/t gold and 23 g/t silver, or 0.59 got AuEq over 0.50 m, along an interpreted east-west mineral trend. The holes successfully intercepted quartz breccia/epithermal veining and anomalous gold and silver assays over several intervals within weakly altered microdiorite.

  

  Figure 7 Map – Target 3 Area

      

  Figure 8 Section – JA26-004, looking northeast

Table 2 Recent results received for Target 3 and Target 5 drilling

Hole ID

From (m)

 To (m)

Interval (m)

Au g/t

Ag g/t

AuEq g/t

Target 5

            MA26-001*

122.80

123.65

0.85

6.20

764.0

17.11

MA26-001*

169.45

170.20

0.75

1.16

18.1

1.42

Target 3

            JA26-002

29.35

29.95

0.60

0.14

10.9

0.30

JA26-002

35.00

36.00

1.00

0.16

7.6

0.26

JA26-002

36.00

36.50

0.50

0.95

120.0

2.67

JA26-002

92.00

93.35

1.35

0.33

0.5

0.34

JA26-002*

155.45

156.35

0.90

2.79

151.0

4.95

JA26-003

57.45

58.45

1.00

0.23

1.2

0.25

JA26-003

69.65

70.50

0.85

0.26

5.2

0.33

JA26-004

27.95

29.45

1.50

0.38

3.3

0.42

JA26-004

34.70

36.80

2.1

0.12

18.4

0.38

JA26-004*

102.50

103.00

0.50

6.91

475.0

13.70

JA26-006*

54.50

55.15

0.65

1.12

17.8

1.37

GU26-001

6.70

7.70

1.00

0.27

1.2

0.29

GU26-001

25.70

26.70

1.00

0.16

17.0

0.40

GU26-001

74.30

75.00

0.70

1.02

68.4

2.00

GU26-001

79.50

80.00

0.50

0.50

1.5

0.52

GU26-002*

134.95

135.45

0.50

33.20

5.9

33.28

GU26-003

19.20

20.20

1.00

0.69

0.9

0.70

GU26-003

20.20

21.20

1.00

0.29

2.1

0.32

GU26-003

19.20

21.20

2.00

0.49

1.5

0.51

GU26-003*

68.65

69.15

0.50

0.76

27.7

1.16

GU26-004

11.10

11.60

0.50

0.28

1.2

0.30

GU26-004

31.75

33.50

1.75

0.41

0.3

0.41

GU26-004

33.50

34.00

0.50

0.37

0.9

0.38

GU26-004

62.30

62.80

0.50

0.80

0.7

0.81

GU26-004

67.35

68.00

0.65

0.20

6.7

0.30

GU26-004

68.00

69.20

1.20

0.54

21.2

0.84

GU26-004*

75.85

76.40

0.55

1.24

6.1

1.33

GU26-004

80.50

81.05

0.55

0.26

0.3

0.26

GU26-005

32.20

33.00

0.80

0.19

8.4

0.31

GU26-005

48.65

50.15

1.50

0.39

2.4

0.42

GU26-005

68.30

68.90

0.60

0.18

8.3

0.30

CS26-002

48.65

49.15

0.50

0.13

15.6

0.35

CS26-002

54.50

56.00

1.50

0.26

1.9

0.29

* Intercepts shown on attached maps and sections

  Details of La Dura Property LiDAR Survey

  The LiDAR survey over the La Dura mining concession area (located 15 km from the Copalquin District) has provided high-resolution aerial photography and bare-earth digital terrain model (DTM).  This virtually ‘strips away’ the vegetation, revealing amazing geology and structural detail beneath LiDAR uses laser beams shot from an aircraft (more than 1 million per second) to measure their reflectance and distance to build a survey accurate 3D model of the ground beneath.  Below are figures from the LiDAR consultant’s interpretations of the LiDAR images, observations and recommendations.

 
Click Image To View Full Size

  Figure 9 LiDAR interpretation yields 44 adits, 18 shafts, and the remainder being 134 shallow prospecting pits.  Most of the mining activity is located on and around the La Dura Mine.  A second cluster of adits is located approximately 1km to the South.

Recommendations Based in LiDAR Observations

  Repetition of the La Dura Mine Trend

Workings identified around the La Dura Mine appear to align on a 304 azimuth trend.  Projecting this trend to the South-West sees other pit-chains of workings also align suggesting a stacked vein system.  While the La Dura trend appears continually mineralized along strike, the S-W projects are not as continuous.  From locations of these workings, prospecting extending from and along the trend should be undertaken to in-fill.  The canyon immediately South of La Dura offers excellent bedrock exposure for potential vein and structure review at depth, being over 130 m deep from the peak.

  Adits described in OBS-001 trending North

The Northerly trending adits (005 azimuth) driven into the ridgeline at this location based on orientation appear to be a different system to that of La Dura trending 304 azimuth.  If continuous, OBS-001 projected North to the intersection of La Dura would make an interesting target.  The adit cluster noted in OBS-007 may be an example of this structural intersection.

  
Click Image To View Full Size

  Figure 10  Map view of the La Dura Project area totaling 21km2 illustrated with a hill shaded DEM.  Observation locations noted are discussed within this presentation.

 
Click Image To View Full Size

  Figure 11  OBS-001: Multiple adits aligning a 005 azimuth are driven East into the ridgeline.  The 210 trending adit just to the NE sits ~20 m lower elevation to the adit chain that appears driven towards the same structure.  Adit azimuth labels in white text.

Click Image To View Full Size

  Figure 12  OBS-006: The density of workings In the La Dura mine area and alignment suggest a mineralized trend toward 304 azimuth.  Moving to the South-West, the trend appears to be repeated suggesting stacked veins.

   CORPORATE AND FINANCIAL SUMMARY

Cash balance of A$10.8M at end of the March 2026 quarter and Mithril remains debt free. 

Mexican value added tax refunds have continued in 2026 with a refund of MXN3.8M (~A$0.32M) received in January 2026.  A further 3 months of refunds have been received in April 2026 after the quarter end totalling ~A$0.5m. 

Announced the appointment of James Barr, P.Geo., as Vice President, Exploration.  Mr. Barr brings more than 20 years of international mineral exploration and mine development experience, with deep expertise in Mexico’s epithermal gold-silver systems. Most recently, he served in senior leadership roles at SilverCrest Metals Inc., culminating as Interim Vice President, Exploration, where he played a key role in advancing and expanding the Las Chispas Mine in Sonora, Mexico. SilverCrest was acquired by Coeur Mining in February 2025 in a transaction valued at approximately US$1.7 billion. 

Mr. Barr’s appointment strengthens Mithril’s technical leadership as the Company continues to advance exploration across its Copalquin Gold-Silver District in Durango, Mexico, including ongoing drilling and regional target development.

Exploration Expenditure

  Exploration expenditure for the quarter was A$2.86M focussed entirely on the Copalquin District in Mexico and the LiDAR survey of the adjacent La Dura property.

Related Party Payments

In line with its obligations under ASX Listing Rule 5.3.5, Mithril Silver and Gold Limited notes that the only payments to related parties of the Company, as advised in the Appendix 5B for the period ended 31 March 2026, pertain to payments to directors and consultants for fees, salary and superannuation

  PLANNED EXPLORATION ACTIVITIES – JUNE 2026 QUARTER

During the June 2026 quarter, Mithril plans to:

Complete resource expansion and infill drilling at Target 1 ahead of a Mineral Resource Update; 

Initiate follow-up drilling programs at Targets 3 and 5; 

Complete a preliminary structural geology study for the Copalquin district; 

Complete an alteration model and study for the Copalquin district; 

Continue to develop target generation framework for drill testing new prospects in Targets 4 and 6; and 

Complete interpretation of the aeromagnetic survey for La Dura. 

        ASX Announcements released during the March 2026 quarter:

31 Mar 26        Becoming a substantial holder       

31 Mar 26        Application for quotation of securities - MTH       

18 Mar 26        Swiss Mining Institute Zurich Conference Presentation       

11 Mar 26        Half Yearly Report and Accounts       

02 Mar 26        Investor Presentation       

02 Mar 26        Mithril appoints James Barr as Vice President, Exploration       

25 Feb 26        MITHRIL LIDAR STUDY REVEALS 1.5 KM TREND & HISTORIC MINES       

13 Feb 26        Unaudited 31 December 2025 Financial Statements       

11 Feb 26        Target 5 Drilling and District Update

09 Feb 26        Ceasing to be a substantial holder       

05 Feb 26        Change in substantial holding       

03 Feb 26        Change of Registered Office       

02 Feb 26        Section 708A Notice       

02 Feb 26        Application for quotation of securities - MTH       

30 Jan 26        Quarterly Activities/Appendix 5B Cash Flow Report

27 Jan 26        Change in substantial holding       

20 Jan 26        MITHRIL DRILLS HIGH-GRADE GOLD-SILVER AT TARGET 1

15 Jan 26        MTH KICKS OFF MAIDEN DRILL PROGRAMME AT TARGET 3

  After quarter end

09 Apr 26        HIGH-GRADE AND WIDESPREAD SILVER AND GOLD AT TARGET 3

  ABOUT THE COPALQUIN AND LA DURA GOLD SILVER PROPERTIES

Mithril is undertaking an aggressive exploration program in 2026, with 25,000 metres of drilling planned during the first half of the year across the Copalquin District. Upcoming work will focus on expanding known mineralized zones, testing new high-priority targets, integrating district-wide geophysical data, and continuing to advance the Company’s district-scale exploration thesis.  The district features over 100 historic underground workings including several notable producing multi-level mines and 200 surface workings.  Mapping and sampling across the lower half of the 70 km2 mining concession area demonstrates and a large epithermal silver-gold system with multiple target areas for potential resource growth plus the conduit system responsible for the widespread silver and gold mineralisation.

La Dura Mining Concessions, Adjacent to Mithril’s Copalquin Property3 consists of 5 contiguous mining concessions with a total area of 2,052 hectares and located in Durango State, Mexico, 5 km from the town of El Durazno and 20 km from Mithril’s flagship Copalquin property.

The property hosts a significant Au‐Ag sheeted to stockwork vein system associated with NW striking faults in Tertiary rhyolite.  Mineralization occurs on surface along 650 metres of strike and has been mined in the San Manuel shoot at the La Dura historic mine, to about 140 metres depth. Veins are characterised by low sulphide mineralisation with minimal to no alteration of the host rhyolite tuff.  Historically, the veins have been exploited and explored solely on the progress of the underground workings and assaying.  The project warrants property scale mapping, wide spaced soil sampling and channel sampling to develop targets for drill testing.  A LiDAR survey has been completed and interpreted and an aerial magnetic survey has been flown with interpretation in process.

The veins at the various workings appear to be hosted by upper series volcanic rocks and may have significant depth potential should they extend into the lower series andesitic rocks at some greater depth.

Within 15 months of drilling in the Copalquin District, Mithril delivered a maiden JORC mineral resource estimate at the first of several target areas (Target 1), demonstrating the high-grade gold and silver resource potential for the district. This maiden resource is detailed below (see ASX release 17 November 2021)^ and a NI 43-101 Technical Report filed on SEDAR+

  Target 1 Maiden Resource:

  Indicated 691 kt @5.43 g/t gold, 114 g/t silver for 121,000 oz gold plus 2,538,000 oz silver 

Inferred 1,725 kt @4.55 g/t gold, 152 g/t silver for 252,000 oz gold plus 8,414,000 oz silver 

(using a cut-off grade of 2.0 g/t AuEq*)

28.6% of the resource tonnage is classified as indicated 

  Table 3 Mineral resource estimate at Target 1 El Refugio – La Soledad using a cut-off grade of 2.0 g/t AuEq*

  Tonnes

(kt)

Tonnes

(kt)

Gold

(g/t)

Silver

(g/t)

Gold Eq.* (g/t)

Gold

(koz)

Silver

(koz)

Gold Eq.* (koz)

El Refugio

Indicated

691

5.43

114.2

7.06

121

2,538

157

  Inferred

1,447

4.63

137.1

6.59

215

6,377

307

La Soledad

Indicated

-

-

-

-

-

-

-

  Inferred

278

4.12

228.2

7.38

37

2,037

66

Total

Indicated

691

5.43

114.2

7.06

121

2,538

157

  Inferred

1,725

4.55

151.7

6.72

252

8,414

372

  *  In determining the gold equivalent (AuEq.) grade for reporting, a gold:silver price ratio of 70:1 was determined, using the formula: AuEq grade = Au grade + ((Ag grade/70) x (Ag recovery/Au recovery)). The metal prices used to determine the 70:1 ratio are the cumulative average prices for 2021: gold USD1,798.34 and silver: USD25.32 (actual is 71:1) from kitco.com.  

For silver equivalent (AgEq.) grade reporting, the same factors as above are used with the formula AgEq grade = Ag grade + ((Au grade x 70) x (Au recovery/Ag recovery))

At this early stage, the metallurgical recoveries were assumed to be equal (93%). Subsequent preliminary metallurgical test work produced recoveries of 91% for silver and 96% for gold (ASX Announcement 25 February 2022) and these will be used when the resource is updated in the future.   In the Company’s opinion there is reasonable potential for both gold and silver to be extracted and sold.

^ The information in this report that relates to Mineral Resources or Ore Reserves is based on information provided in the following ASX announcement: 17 Nov 2021 - MAIDEN JORC RESOURCE 529,000 OUNCES @ 6.81G/T (AuEq*), which includes the full JORC MRE report, also available on the Mithril Resources Limited Website.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Mining study (conceptual) and metallurgical test work supports the development of the El Refugio-La Soledad resource with conventional underground mining methods indicated as being appropriate and with high gold-silver recovery to produce metal on-site with conventional processing. The average vein width is approximately 4.5 metres.

  Mithril is currently exploring in the Copalquin District to expand the resource footprint, demonstrating its multi-million-ounce gold and silver potential.  Mithril has an exclusive option to purchase 100% interest in the Copalquin mining concessions by paying US$10M on or any time before 7 August 2028.

  -ENDS-

Released with the authority of the Board.

For further information contact:

  The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

  Competent Persons Statement - JORC

The information in this announcement that relates to metallurgical test results, mineral processing and project development and study work has been compiled by Mr John Skeet who is Mithril’s CEO and Managing Director. Mr Skeet is a Fellow of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.

Mr Skeet has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Skeet consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

The information in this announcement that relates to sampling techniques and data, exploration results and geological interpretation for Mithril’s Mexican project, has been compiled by Mr James Barr who is Mithril’s Vice President - Exploration. Mr Barr is a member of the Engineers and Geoscientists of British Columbia and a Certified Professional Geologist (P.Geo). This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.

Mr Barr has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Barr consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources is reported by Mr Rodney Webster, former Principal Geologist at AMC Consultants Pty Ltd (AMC), who is a Member of the Australian Institute of Geoscientists. The report was peer reviewed by Andrew Proudman, Principal Consultant at AMC. Mr Webster is acting as the Competent Person, as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, for the reporting of the Mineral Resource estimate. A site visit was carried out by Jose Olmedo a geological consultant with AMC, in September 2021 to observe the drilling, logging, sampling and assay database. Mr Webster consents to the inclusion in this report of the matters based on information in the form and context in which it appears

Qualified Persons – NI 43-101

Scientific and technical information in this Report has been reviewed and approved by Mr John Skeet (FAUSIMM, CP) Mithril’s Managing Director and Chief Executive Officer. Mr John Skeet is a qualified person within the meaning of NI 43-101.

Samples are sent to ALS Global with sample preparation performed in Chihuahua City, Mexico and assaying of sample pulps performed in North Vancouver, BC, Canada.

  Tenement and Mining Concession Information – 31 March 2026

Mithril Silver and Gold Limited Group

Australian Interests:

Mining Concession

Tenement title number

Interest owned %

Murchison Area (Limestone Well)

E20/846

10.00

Murchison Area (Limestone Well)

E57/1069

10.00

Mithril continues to hold a 10% free carried interest in the Limestone Well tenements with Firefly Metals (formerly Auteco Minerals).

  Mexican Operations:

  Copalquin Property

Mining Concession

Mining Concession title number

Interest owned %

La Soledad

52033

50.00

El Cometa

164869

50.00

San Manuel

165451

50.00

Copalquin

178014

50.00

El Sol

236130

50.00

El Corral

236131

50.00

Mithril has currently owns a 50% interest in the Copalquin mining concessions and has an exclusive option to purchase the remaining 50% (bringing Mithril’s ownership of the Copalquin mining concessions to 100%) by paying US$10M to the vendor on or any time before 7 August 2026 (the due date for payment was initially 7 August 2023, and was extended by 3 years by written agreement between Mithril and the vendor). Mithril has executed and registered an agreement with the vendor for an extension of the payment date by a further 2 years (bringing the payment date to 7 August 2028).

  La Dura Property

Mining Concession

Mining Concession title number

Interest owned %

La Dura

51845

Option to Acquire 100%

Ampliacion La Dura

196005

Option to Acquire 100%

La Dura Plus

220859

Option to Acquire 100%

La Dura Plus

220860

Option to Acquire 100%

La Dura

234913

Option to Acquire 100%

In December 2025, Mithril executed an Agreement to acquire 100% interest in the La Dura mining concessions over a 4 year period for a purchase price of US$4M (See ASX announcement: 05/12/2025 - Mithril to Acquire the La Dura Gold-Silver Property)

1 See ASX Announcement 1 Dec 2025 Exploration Sampling up to 4,520 G/T Silver, 38.2 G/T Gold

2 See ASX Announcement 5 Nov 2025 Maiden T5 Drilling Up To 1,714 G/T AgEq Over 1m

3 See ASX announcement: 05/12/2025 - Mithril to Acquire the La Dura Gold-Silver Property

Meritage Homes (MTH) remains rated Hold due to persistent weak demand and declining absorption, despite management's efforts on inventory control and the quick-close model. MTH's Q1 2026 saw home closing revenue fall 17% y/y, gross margin drop 450 bps to 17.5%, and net earnings decline 55% y/y. Incentive usage remains elevated, margins are pressured by higher lot costs, and order value fell 10% y/y despite a 17% increase in community count.

On May 20, 2026, Meritage Homes Corp MTH shares rose 4.6% to $63.68, recovering slightly from an 8.3% decline over the past month. The stock has traded between a 52-week high of $84.74 and a low of $58.03.

GF Value™ verdict: Current price is $63.68, which is 7.6% below the GF Value™ of $68.90.GF Score™: 86/100, indicating a strong overall rating.Most notable signal: Insiders sold $4.5 million in shares over the last three months, with no buying activity reported. Is MTH Overvalued or Undervalued? Meritage Homes Corp is currently trading at $63.68, which is below the GF Value™ of $68.90, suggesting that the stock is undervalued by approximately 7.6%. This margin of safety indicates a potential opportunity for investors looking for undervalued stocks. However, it is important to consider the GF Valuation label, which categorizes MTH as fairly valued overall. This implies that while there is a discrepancy between the market price and the intrinsic value, the financial metrics and market conditions should also be taken into account.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Therefore, while the lower market price may suggest a buying opportunity, the fair valuation status and overall market conditions warrant caution.

How Does MTH's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 11.7x 6.9x Forward P/E 12.5x N/A The current P/E (TTM) of 11.7x is significantly higher than its 5-year median P/E of 6.9x, indicating that the stock is trading at a premium compared to its historical valuation. This analysis aligns with the GF Value™ verdict that suggests caution regarding the stock's valuation, as it is trading above its historical norms despite being labeled as undervalued based on the GF Value™.

What Does MTH's GF Score™ Tell Us? Metric Rating GF Score™ 86 Financial Strength 8/10 Profitability 8/10 Growth 6/10 Valuation 10/10 Momentum 7/10 The GF Score™ of 86/100 indicates a strong overall performance. The financial strength and profitability rankings of 8/10 suggest that Meritage Homes is financially stable and generates solid profits. However, the growth rank of 6/10 indicates that there may be room for improvement in this area. The highest valuation rank of 10/10 aligns with the current pricing dynamics, while the momentum rank of 7/10 shows that the stock has had some positive performance recently, even though it has faced challenges in the longer term.

What Are Insiders Doing with MTH Stock? Over the past three months, insiders at Meritage Homes Corp have sold approximately $4.5 million worth of shares, with no buying activity reported during this period. This pattern of selling could suggest that insiders may have concerns about the stock's future performance or are taking profits after recent price movements. Absence of buying activity from insiders may indicate a lack of confidence in the stock's short-term prospects.

What This Means for Investors Based on the GF Value™ assessment, Meritage Homes Corp MTH is currently undervalued, with a price of $63.68 compared to a GF Value™ of $68.90. However, potential investors should consider the overall fair valuation label and the recent insider selling, which could signal caution moving forward.

For the complete analysis, visit the Meritage Homes Corp MTH stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

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

MTH has a GF Score™ of 86/100, indicating a strong overall rating based on various financial metrics and performance assessments.

Is MTH overvalued or undervalued?

MTH is currently undervalued with a GF Value™ of $68.90, showing a 7.6% margin compared to its current price of $63.68.

What is MTH's P/E ratio?

The P/E ratio for MTH is currently 11.7x, which is significantly above its 5-year median P/E of 6.9x, indicating the stock is trading at a premium compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

SCOTTSDALE, Ariz., May 21, 2026 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE: MTH, “Meritage” or the “Company”), the fifth-largest homebuilder in the U.S., today announced that its Board of Directors has declared a quarterly dividend of $0.48 per share. This dividend is payable on June 30, 2026 to shareholders of record as of the close of trading on June 16, 2026.

About Meritage Homes Corporation

Meritage is the fifth-largest public homebuilder in the United States, based on homes closed in 2025. The Company offers energy-efficient and affordable entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Utah, Tennessee, Texas, Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina.

Meritage has delivered over 210,000 homes in its 41-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. The Company is an industry leader in energy-efficient homebuilding, an eleven-time recipient of the U.S. Environmental Protection Agency’s (EPA) ENERGY STAR® Partner of the Year for Sustained Excellence Award and Residential New Construction Market Leader Award, as well as a four-time recipient of the EPA's Indoor airPLUS Leader Award.

For more information, visit www.meritagehomes.com.

Contacts:Emily Tadano, VP Investor Relations and External Communications (480) 515-8979 (office) [email protected]

SCOTTSDALE, Ariz., June 11, 2026 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE: MTH), the fifth largest public homebuilder in the U.S., plans to release the Company's second quarter 2026 results on Wednesday, July 29, 2026 after the market closes. Management will host a conference call to discuss the results at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) on Thursday, July 30, 2026.

To participate in the conference call, please go to Meritage’s Investor Relations page to register for and access the live webcast. Alternatively, dial in to 1-800-445-7795 U.S. toll free or 1-785-424-1699 and reference the conference code MTHQ226 with the operator. A replay will be available on the Investor Relations page.

About Meritage Homes Corporation

Meritage is the fifth-largest public homebuilder in the United States, based on homes closed in 2025. The Company offers energy-efficient and affordable entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Utah, Tennessee, Texas, Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina.

Meritage has delivered over 210,000 homes in its 41-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. The Company is an industry leader in energy-efficient homebuilding, an eleven-time recipient of the U.S. Environmental Protection Agency’s (EPA) ENERGY STAR® Partner of the Year for Sustained Excellence Award and Residential New Construction Market Leader Award, as well as a four-time recipient of the EPA's Indoor airPLUS Leader Award.

For more information, visit www.meritagehomes.com.

Posted by Defense World Staff on Apr 6th, 2026

SG Americas Securities LLC grew its position in First Financial Bancorp. (NASDAQ:FFBC – Free Report) by 174.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 72,244 shares of the bank’s stock after buying an additional 45,943 shares during the period. SG Americas Securities LLC owned approximately 0.07% of First Financial Bancorp. worth $1,808,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its position in shares of First Financial Bancorp. by 0.4% during the third quarter. Vanguard Group Inc. now owns 10,713,828 shares of the bank’s stock worth $270,524,000 after acquiring an additional 47,496 shares in the last quarter. Bank of America Corp DE increased its position in shares of First Financial Bancorp. by 12.4% in the third quarter. Bank of America Corp DE now owns 945,401 shares of the bank’s stock valued at $23,871,000 after acquiring an additional 104,550 shares during the last quarter. Qube Research & Technologies Ltd raised its stake in shares of First Financial Bancorp. by 22.7% during the 2nd quarter. Qube Research & Technologies Ltd now owns 786,319 shares of the bank’s stock worth $19,076,000 after purchasing an additional 145,575 shares in the last quarter. Bridgeway Capital Management LLC grew its stake in shares of First Financial Bancorp. by 4.6% in the third quarter. Bridgeway Capital Management LLC now owns 739,666 shares of the bank’s stock valued at $18,677,000 after buying an additional 32,822 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in First Financial Bancorp. by 3.9% during the first quarter. Millennium Management LLC now owns 589,799 shares of the bank’s stock worth $14,733,000 after buying an additional 22,227 shares during the last quarter. 77.23% of the stock is currently owned by institutional investors and hedge funds.

First Financial Bancorp. Stock Performance Shares of FFBC stock opened at $28.08 on Monday. First Financial Bancorp. has a 12-month low of $21.10 and a 12-month high of $31.38. The company has a market capitalization of $2.94 billion, a PE ratio of 10.56 and a beta of 0.94. The firm has a 50 day moving average price of $28.44 and a two-hundred day moving average price of $26.39. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.43.

First Financial Bancorp. (NASDAQ:FFBC – Get Free Report) last posted its earnings results on Wednesday, January 28th. The bank reported $0.80 EPS for the quarter, beating the consensus estimate of $0.78 by $0.02. The company had revenue of $251.30 million for the quarter, compared to the consensus estimate of $249.00 million. First Financial Bancorp. had a return on equity of 10.77% and a net margin of 20.30%.During the same quarter in the prior year, the business earned $0.71 earnings per share. As a group, analysts predict that First Financial Bancorp. will post 2.64 earnings per share for the current year.

First Financial Bancorp. Dividend Announcement The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Monday, March 2nd. First Financial Bancorp.’s dividend payout ratio (DPR) is currently 37.59%.

Analyst Upgrades and Downgrades A number of research analysts have recently commented on FFBC shares. Weiss Ratings raised shares of First Financial Bancorp. from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Stephens started coverage on First Financial Bancorp. in a report on Friday, March 27th. They set an “overweight” rating and a $33.00 price target for the company. Keefe, Bruyette & Woods upped their price objective on First Financial Bancorp. from $31.00 to $32.00 and gave the company a “market perform” rating in a research note on Friday, January 30th. Truist Financial lifted their target price on First Financial Bancorp. from $29.00 to $30.00 and gave the stock a “hold” rating in a research note on Monday, February 2nd. Finally, Royal Bank Of Canada increased their price target on First Financial Bancorp. from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Friday, January 30th. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.17.

View Our Latest Stock Analysis on First Financial Bancorp.

Insider Transactions at First Financial Bancorp. In related news, insider Gregory A. Harris sold 1,821 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $29.43, for a total value of $53,592.03. Following the completion of the transaction, the insider owned 42,431 shares of the company’s stock, valued at $1,248,744.33. The trade was a 4.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Richard S. Dennen sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $30.20, for a total transaction of $604,000.00. Following the completion of the transaction, the insider owned 61,856 shares of the company’s stock, valued at $1,868,051.20. The trade was a 24.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 32,141 shares of company stock valued at $969,429. 1.13% of the stock is currently owned by company insiders.

First Financial Bancorp. Company Profile (Free Report)

First Financial Bancorp (NASDAQ: FFBC) is a bank holding company headquartered in Cincinnati, Ohio, and the parent of First Financial Bank. The company provides a comprehensive suite of commercial and consumer banking services through a network of more than 100 full-service banking centers and mortgage offices across Ohio, Indiana and Kentucky. Its core mission centers on delivering personalized relationship banking to businesses, individuals and public sector clients.

First Financial Bank’s product portfolio includes deposit solutions such as checking, savings and money market accounts, alongside a range of lending offerings that cover commercial and industrial loans, real estate and construction financing, home mortgages and home equity lines of credit.

Recommended Stories Five stocks we like better than First Financial Bancorp.

Receive News & Ratings for First Financial Bancorp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Financial Bancorp. and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINESG Americas Securities LLC Buys 15,726 Shares of Polaris Inc. $PII

NEXT HEADLINE »Pebblebrook Hotel Trust $PEB Shares Acquired by SG Americas Securities LLC

Earnings per diluted share of $0.71; $0.77 on an adjusted(1) basis Return on average assets of 1.34%; 1.45% on an adjusted(1) basis Net interest margin on FTE basis(1) of 3.99% Record quarterly revenue of $265.3 million on an adjusted(1) basis Noninterest income of $75.6 million on an adjusted(1) basis $150 million of subordinated debt redeemed ROTCE of 17.8%; 19.2% on adjusted(1) basis 2nd consecutive Gallup Exceptional Workplace Award for outstanding associate engagement BankFinancial acquisition closed January 1, 2026 Board of Directors authorized 5,000,000 share repurchase plan , /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the three months ended March 31, 2026. 

For the three months ended March 31, 2026, the Company reported net income of $74.4 million, or $0.71 per diluted common share.  These results compare to net income of $62.4 million, or $0.64 per diluted common share, for the fourth quarter of 2025.

Return on average assets for the first quarter of 2026 was 1.34% while return on average tangible common equity was 17.78%(1).  These compare to return on average assets of 1.22% and return on average tangible common equity of 16.27%(1) in the fourth quarter of 2025. 

First quarter 2026 highlights include:

Robust net interest margin of 3.97%, or 3.99% on a fully tax-equivalent basis(1) 1 bp increase from fourth quarter Increase from linked quarter driven by a 13 bp decline in funding costs, which was partially offset by a 12 bp decrease in asset yields Noninterest income of $81.9 million; $75.6 million on an adjusted(1) basis Adjustments include a $1.3 million loss on securities, an $8.9 million gain on bargain purchase, and a $1.4 million loss on the surrender of a bank owned life insurance policy Leasing business income remains strong at $21.6 million, a 10.7% increase from fourth quarter Record wealth management income increased 12.9%, to $10.5 million Foreign exchange income of $16.3 million Noninterest expenses of $169.4 million, or $154.8 million as adjusted(1); 9.1% increase from linked quarter Adjustments(1) include $14.3 million of acquisition related expenses, $0.7 million of tax credit investment writedowns and $0.4 million of efficiency and other noninterest expenses Increase driven by the BankFinancial and Westfield acquisitions Efficiency ratio of 62.4%; 58.4% as adjusted(1)  Modest loan growth during the quarter End of period loan balances increased $70.8 million; includes $227.7 million acquired in BankFinancial transaction offset primarily by $151.9 million decrease in ICRE Decline in legacy loan balances driven by elevated payoffs Originations increased approximately 45% compared to the first quarter of 2025 Significant increase in loan pipelines since January ___________________________________________________________________________________________

Strong average deposit growth during the quarter Total average deposit balances increased $1.7 billion; includes $1.2 billion impact from the BankFinancial acquisition and full quarter impact from Westfield Seasonal decline in public funds Total Allowance for Credit Losses of $206.7 million; Total quarterly provision expense of $8.5 million Loans and leases - ACL of $183.7 million; $2.8 million initial ACL related to BankFinancial ACL to total loans of 1.36% Unfunded Commitments - ACL of $23.0 million; $0.3 million related to BankFinancial Annualized net charge-offs were 35 bps of total loans Nonperforming assets decreased slightly to 0.44% of total assets; Classified assets decreased to 1.02% of total assets Capital ratios remain strong Total capital ratio increased 25 bps to 15.71% Tier 1 common equity increased 91 bps to 12.23% Tangible common equity of 7.88%(1); 8.89%(1) excluding impact from AOCI Tangible book value per share of $16.15(1); 2.6% increase from linked quarter (1) Non-GAAP measure.  For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.

Additionally, the Board of Directors has authorized a new share repurchase program that replaces the previously authorized program.  Under the new plan, which expires in December 2027, management is authorized to purchase up to 5 million shares.

Archie Brown, President and CEO, commented on the First Quarter results, "I am very pleased with our overall performance in the first quarter.  The first quarter was a busy one as we closed the BankFinancial acquisition, completed the conversion of Westfield Bank, and wrapped up the sale of the BankFinancial multi-family loan portfolio.  Adjusted(1) earnings per share were $0.77, with an adjusted(1) return on assets of 1.45% and an adjusted(1) return on tangible common equity of 19.2%.  Adjusted(1) earnings per share increased 22% compared to the first quarter of last year, driven by a robust net interest margin and strong fee income.  Our net interest margin was resilient, despite the fed funds rate cut in December, as the expected decline in loan yields was offset by a similar decline in deposits costs.  Assuming no short-term rate reductions by the Federal Reserve, we expect the margin to remain stable in the near term."

Mr. Brown continued, "Loan balances increased slightly for the quarter due to the BankFinancial acquisition.  Excluding the BankFinancial portfolio, loans declined for the quarter as seasonally strong loan production was offset by extended payoff pressure in the ICRE portfolio.  Compared to the first quarter of 2025, originations increased by approximately 45%, and excluding Westfield and BankFinancial, originations were up by over 25%.  Our expectation for loan growth for 2026 has not materially changed.  Loan pipelines are very healthy, and we expect strong production in the second quarter.  We also expect payoff activity in ICRE to approach more normal levels, leading to solid loan growth in the second quarter."

Mr. Brown commented on fee income and expenses, "Adjusted(1) fee income was very strong for the quarter.  Historically, fee income significantly dips early in the year, however we successfully combated this trend in the first quarter.  Adjusted(1) noninterest income was $75.6 million, which was 24% higher than in the first quarter of 2025 and only a slight decline from the linked quarter.  These results were driven by record Wealth Management income, strong client derivative income and record leasing business income.  Additionally, expenses were well controlled during the quarter with total noninterest expenses coming in well below our expectations and acquisition-related cost savings exceeding our initial estimates." 

Mr. Brown commented on asset quality and capital, "Net charge-offs were 35 basis points of total loans and were impacted by one large commercial relationship.  Other asset quality indicators were stable with nonperforming assets slightly declining from the linked quarter to 44 basis points.  While there is more uncertainty in the economy due to the impact of the war in Iran, our current expectations are for asset quality to gradually improve throughout the year, similar to our performance in 2025.  Capital ratios are strong and continued to climb in the first quarter.  All regulatory ratios were well in excess of regulatory minimums and tangible common equity increased to 7.9%.  Tangible book value per share was $16.15, which was a 2.6% increase over the linked quarter, and a 9% increase compared to the first quarter of 2025.  Tangible book value was at approximately the same level as the third quarter of 2025, prior to the Westfield Bank acquisition.  This month, the Board of Directors authorized a 5 million share repurchase plan, replacing the plan we had in place through 2025, and we are evaluating opportunities to employ buybacks as part of our overall capital planning."

On the recent acquisitions, Mr. Brown commented, "During the first quarter we successfully completed the conversion of Westfield Bank.  For the first quarter, deposit and loan balances were stable, we maintained high associate retention, and we have achieved the financial results that we expected from the transaction to date.  We are happy with the quality of the bank we acquired and with the talented team that has joined us.  We also completed the purchase of BankFinancial on January 1st and plan to convert systems in early June.  We remain excited about the opportunities in the Chicago market and continue to see high growth potential from this transaction." 

Mr. Brown concluded, "In closing, I want to thank our associates for the incredible work they have done this year integrating Westfield into First Financial and the work they are now doing as they prepare for the BankFinancial conversion.  I also want to mention how proud I am that First Financial was selected for the Gallup Exceptional Workplace Award for associate engagement.  This marks the second consecutive year that we have received this honor, which is awarded to 4% of the thousands of companies that Gallup works with worldwide.  We have partnered with Gallup for more than six years and we have made associate engagement a core tenant of our corporate strategy.  I want to commend our associates and leaders who work throughout the year to drive engagement, knowing that by doing so, we are also improving the client experience and shareholder value." 

Full detail of the Company's first quarter 2026 performance is provided in the accompanying financial statements and slide presentation.

(1) Non-GAAP measure.  For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.

Teleconference / Webcast Information
First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Friday, April 24, 2026 at 8:30 a.m. Eastern Time.  Members of the public who would like to listen to the conference call should dial (888) 550-5723 (U.S. toll free) or (646) 960-0471 (U.S. local), access code 5048068.  The number should be dialed five to ten minutes prior to the start of the conference call.  A replay of the conference call will be available beginning one hour after the completion of the live call at (800) 770-2030 (U.S. toll free), (609) 800-9099 (U.S. toll), access code 5048068.  The recording will be available until May 8, 2026.  The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company's website at  www.bankatfirst.com.  The webcast will be archived on the Investor Relations section of the Company's website for 12 months.

Press Release and Additional Information on Website
This press release as well as supplemental information are available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com.

Use of Non-GAAP Financial Measures
This earnings release contains GAAP financial measures and Non-GAAP financial measures where management believes it to be helpful in understanding the Company's results of operations or financial position.  Where Non-GAAP financial measures are used, the comparable GAAP financial measures, as well as a reconciliation to the comparable GAAP financial measure, can be found in the section titled "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.

Forward-Looking Statements

Certain statements contained in this report which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as ''believes,'' ''anticipates,'' "likely," "expected," "estimated," ''intends'' and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.  Examples of forward-looking statements include, but are not limited to, statements we make about (i) our future operating or financial performance, including revenues, income or loss and earnings or loss per share, (ii) future common stock dividends, (iii) our capital structure, including future capital levels, (iv) our plans, objectives and strategies, and (v) the assumptions that underlie our forward-looking statements.

As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements.  Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control.  It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements.  Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation:

economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company's business; future credit quality and performance, including our expectations regarding future loan losses and our allowance for credit losses the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry;
Management's ability to effectively execute its business plans; 
mergers and acquisitions, including costs or difficulties related to the integration of acquired companies;
the possibility that any of the anticipated benefits of the Company's acquisitions will not be realized or will not be realized within the expected time period;
the effect of changes in accounting policies and practices; 
changes in consumer spending, borrowing and saving and changes in unemployment; 
changes in customers' performance and creditworthiness;
the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; 
current and future economic and market conditions, including the effects of changes in housing prices, fluctuations in unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, trade and tariff policies, and any slowdown in global economic growth;
our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;
financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;
the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale;
the effect of a fall in stock market prices on our brokerage, asset and wealth management businesses;
a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks;
the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; and
our ability to develop and execute effective business plans and strategies. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2025, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov.  

All forward-looking statements included in this filing are made as of the date hereof and are based on information available at the time of the filing.  Except as required by law, the Company does not assume any obligation to update any forward-looking statement.

About First Financial Bancorp.
First Financial Bancorp. is a Cincinnati, Ohio based bank holding company.  As of March 31, 2026, the Company had $22.8 billion in assets, $13.5 billion in loans, $17.9 billion in deposits and $2.9 billion in shareholders' equity.  The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management.  These business units provide traditional banking services to business and retail clients.  Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $4.1 billion in assets under management as of March 31, 2026.  The Company operated 153 full service banking centers as of March 31, 2026, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis.  In 2025, First Financial Bank received its second consecutive Outstanding rating from the Federal Reserve for its performance under the Community Reinvestment Act and was recognized as a Gallup Exceptional Workplace Award winner, one of only 70 Gallup clients worldwide to receive this designation.  Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com. 

FIRST FINANCIAL BANCORP.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended,

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

2026

2025

2025

2025

2025

RESULTS OF OPERATIONS

Net income

$    74,445

$    62,393

$    71,923

$    69,996

$    51,293

Net earnings per share - basic

$      0.72

$      0.65

$      0.76

$      0.74

$      0.54

Net earnings per share - diluted

$      0.71

$      0.64

$      0.75

$      0.73

$      0.54

Dividends declared per share

$      0.25

$      0.25

$      0.25

$      0.24

$      0.24

KEY FINANCIAL RATIOS

Return on average assets

1.34 %

1.22 %

1.54 %

1.52 %

1.13 %

Return on average shareholders' equity

10.24 %

9.18 %

11.08 %

11.16 %

8.46 %

Return on average tangible shareholders' equity (1)

17.78 %

16.27 %

19.11 %

19.61 %

15.16 %

Net interest margin

3.97 %

3.96 %

3.99 %

4.01 %

3.84 %

Net interest margin (fully tax equivalent) (1)(2)

3.99 %

3.98 %

4.02 %

4.05 %

3.88 %

Ending shareholders' equity as a percent of ending assets

12.92 %

13.11 %

14.18 %

13.73 %

13.55 %

Ending tangible shareholders' equity as a percent of:

Ending tangible assets (1)

7.88 %

7.79 %

8.87 %

8.40 %

8.16 %

Risk-weighted assets (1)

10.52 %

9.76 %

10.94 %

10.44 %

10.10 %

Average shareholders' equity as a percent of average assets

13.12 %

13.31 %

13.87 %

13.66 %

13.38 %

Average tangible shareholders' equity as a percent of average tangible assets (1)

8.01 %

7.97 %

8.54 %

8.26 %

7.94 %

Book value per share

$     28.02

$     28.11

$     27.48

$     26.71

$     26.13

Tangible book value per share (1)

$     16.15

$     15.74

$     16.19

$     15.40

$     14.80

Common equity tier 1 ratio (3)

12.23 %

11.32 %

12.91 %

12.57 %

12.29 %

Tier 1 ratio (3)

12.51 %

11.60 %

13.23 %

12.89 %

12.61 %

Total capital ratio (3)

15.71 %

15.46 %

15.32 %

14.98 %

14.90 %

Leverage ratio (3)

9.39 %

9.53 %

10.50 %

10.28 %

10.01 %

AVERAGE BALANCE SHEET ITEMS

Loans (4)

$ 14,028,324

$ 12,812,267

$ 11,806,065

$ 11,792,840

$ 11,724,727

Investment securities

4,769,261

3,988,846

3,552,014

3,478,921

3,411,593

Interest-bearing deposits with other banks

596,094

647,347

610,074

542,815

615,812

  Total earning assets

$ 19,393,679

$ 17,448,460

$ 15,968,153

$ 15,814,576

$ 15,752,132

Total assets

$ 22,459,523

$ 20,256,539

$ 18,566,188

$ 18,419,437

$ 18,368,604

Noninterest-bearing deposits

$ 3,745,002

$ 3,436,709

$ 3,124,277

$ 3,143,081

$ 3,091,037

Interest-bearing deposits

13,900,550

12,521,948

11,387,648

11,211,694

11,149,633

  Total deposits

$ 17,645,552

$ 15,958,657

$ 14,511,925

$ 14,354,775

$ 14,240,670

Borrowings

$ 1,012,161

$   848,650

$   823,346

$   910,573

$ 1,001,337

Shareholders' equity

$ 2,947,585

$ 2,695,581

$ 2,575,203

$ 2,515,747

$ 2,457,785

CREDIT QUALITY RATIOS

Allowance to ending loans

1.36 %

1.39 %

1.38 %

1.34 %

1.33 %

Allowance to nonaccrual loans

182.73 %

183.18 %

213.18 %

206.08 %

261.07 %

Nonaccrual loans to total loans

0.75 %

0.76 %

0.65 %

0.65 %

0.51 %

Nonperforming assets to ending loans, plus OREO

0.75 %

0.76 %

0.65 %

0.65 %

0.51 %

Nonperforming assets to total assets

0.44 %

0.48 %

0.41 %

0.41 %

0.32 %

Classified assets to total assets

1.02 %

1.11 %

1.18 %

1.15 %

1.16 %

Net charge-offs to average loans (annualized)

0.35 %

0.27 %

0.18 %

0.21 %

0.36 %

(1) Non-GAAP measure.  For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.

(2) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate.  Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis.  Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

(3) March 31, 2026 regulatory capital ratios are preliminary.

(4) Includes loans held for sale.

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

2026

2025

First

Fourth

Third

Second

First

Full

Quarter

Quarter

Quarter

Quarter

Quarter

Year

Interest income

  Loans and leases, including fees

$ 224,951

$ 215,663

$ 204,865

$ 201,460

$ 197,163

$ 819,151

  Investment securities

     Taxable

49,491

40,971

36,421

36,243

34,401

148,036

     Tax-exempt

2,526

2,363

2,195

2,233

2,204

8,995

        Total investment securities interest

52,017

43,334

38,616

38,476

36,605

157,031

  Other earning assets

5,450

6,334

6,773

5,964

6,651

25,722

       Total interest income

282,418

265,331

250,254

245,900

240,419

1,001,904

Interest expense

  Deposits

79,735

78,861

77,766

75,484

78,641

310,752

  Short-term borrowings

5,168

4,925

5,979

6,393

7,545

24,842

  Long-term borrowings

7,905

7,550

6,023

5,754

4,937

24,264

      Total interest expense

92,808

91,336

89,768

87,631

91,123

359,858

      Net interest income

189,610

173,995

160,486

158,269

149,296

642,046

  Provision for credit losses-loans and leases

6,030

9,688

8,612

9,084

9,141

36,525

  Provision for credit losses-unfunded commitments

2,510

412

453

718

(441)

1,142

      Net interest income after provision for credit losses

181,070

163,895

151,421

148,467

140,596

604,379

Noninterest income

  Service charges on deposit accounts

9,013

8,308

7,829

7,766

7,463

31,366

  Wealth management fees

10,482

9,288

7,351

7,787

8,137

32,563

  Bankcard income

3,580

3,590

3,589

3,737

3,310

14,226

  Client derivative fees

4,010

2,681

1,876

1,674

1,571

7,802

  Foreign exchange income

16,313

22,696

16,666

13,760

12,544

65,666

  Leasing business income

21,608

19,523

20,997

20,797

18,703

80,020

  Net gains from sales of loans

6,047

7,041

6,835

6,687

4,322

24,885

  Net gain (loss) on investment securities

(1,260)

(12,576)

(42)

243

(9,949)

(22,324)

  Gain on bargain purchase

8,892

0

0

0

0

0

  Other

3,221

4,216

8,424

5,612

4,982

23,234

      Total noninterest income

81,906

64,767

73,525

68,063

51,083

257,438

Noninterest expenses

  Salaries and employee benefits

99,856

85,123

80,607

74,917

75,238

315,885

  Net occupancy

7,553

6,315

6,003

5,845

6,019

24,182

  Furniture and equipment

4,693

3,940

3,582

3,441

3,813

14,776

  Data processing

12,654

10,465

9,591

9,020

8,759

37,835

  Marketing

2,652

3,056

2,359

2,737

2,018

10,170

  Professional services

3,986

6,231

2,314

3,549

2,739

14,833

  Amortization of tax credit investments

669

800

112

111

112

1,135

  FDIC assessments

3,645

2,923

2,611

2,611

3,059

11,204

  Intangible amortization

6,261

3,927

2,359

2,358

2,359

11,003

  Leasing business expense

14,129

13,837

13,911

13,155

12,802

53,705

  Other

13,310

12,914

10,820

10,927

11,158

45,819

      Total noninterest expenses

169,408

149,531

134,269

128,671

128,076

540,547

Income before income taxes

93,568

79,131

90,677

87,859

63,603

321,270

Income tax expense

19,123

16,738

18,754

17,863

12,310

65,665

      Net income

$  74,445

$  62,393

$  71,923

$  69,996

$  51,293

$ 255,605

ADDITIONAL DATA

Net earnings per share - basic

$    0.72

$    0.65

$    0.76

$    0.74

$    0.54

$    2.68

Net earnings per share - diluted

$    0.71

$    0.64

$    0.75

$    0.73

$    0.54

$    2.66

Dividends declared per share

$    0.25

$    0.25

$    0.25

$    0.24

$    0.24

$    0.98

Return on average assets

1.34 %

1.22 %

1.54 %

1.52 %

1.13 %

1.35 %

Return on average shareholders' equity

10.24 %

9.18 %

11.08 %

11.16 %

8.46 %

9.98 %

Interest income

$ 282,418

$ 265,331

$ 250,254

$ 245,900

$ 240,419

$ 1,001,904

Tax equivalent adjustment

1,186

1,227

1,248

1,246

1,213

4,934

   Interest income - tax equivalent

283,604

266,558

251,502

247,146

241,632

1,006,838

Interest expense

92,808

91,336

89,768

87,631

91,123

359,858

   Net interest income - tax equivalent

$ 190,796

$ 175,222

$ 161,734

$ 159,515

$ 150,509

$ 646,980

Net interest margin

3.97 %

3.96 %

3.99 %

4.01 %

3.84 %

3.95 %

Net interest margin (fully tax equivalent) (1)

3.99 %

3.98 %

4.02 %

4.05 %

3.88 %

3.98 %

Full-time equivalent employees

2,319

2,164

1,986

2,033

2,021

(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis.  Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

% Change

% Change

2026

2025

2025

2025

2025

Linked Qtr.

Comp Qtr.

ASSETS

     Cash and due from banks

$    170,641

$    178,553

$    174,659

$    210,187

$    190,610

(4.4) %

(10.5) %

     Interest-bearing deposits with other banks

1,032,259

597,338

565,080

570,173

633,349

72.8 %

63.0 %

     Investment securities available-for-sale

4,953,023

3,971,932

3,422,595

3,386,562

3,260,981

24.7 %

51.9 %

     Investment securities held-to-maturity

49,631

58,545

71,595

72,994

76,469

(15.2) %

(35.1) %

     Other investments

137,018

129,564

117,120

122,322

120,826

5.8 %

13.4 %

     Loans held for sale

18,280

16,953

21,466

26,504

17,927

7.8 %

2.0 %

     Loans and leases

       Commercial and industrial

4,693,786

4,632,241

3,838,630

3,927,771

3,832,350

1.3 %

22.5 %

       Lease financing

649,645

638,527

596,734

587,176

573,608

1.7 %

13.3 %

       Construction real estate

591,080

677,339

627,960

732,777

824,775

(12.7) %

(28.3) %

       Commercial real estate

4,473,468

4,384,556

4,048,370

3,961,513

3,956,880

2.0 %

13.1 %

       Residential real estate

1,831,338

1,832,184

1,494,464

1,492,688

1,479,704

0.0 %

23.8 %

       Home equity

1,026,839

1,005,204

935,975

903,299

872,502

2.2 %

17.7 %

       Installment

162,314

188,694

109,764

116,598

119,672

(14.0) %

35.6 %

       Credit card

66,371

65,325

62,654

64,374

64,639

1.6 %

2.7 %

          Total loans

13,494,841

13,424,070

11,714,551

11,786,196

11,724,130

0.5 %

15.1 %

       Less:

          Allowance for credit losses

(183,716)

(186,487)

(161,916)

(158,522)

(155,482)

(1.5) %

18.2 %

                Net loans

13,311,125

13,237,583

11,552,635

11,627,674

11,568,648

0.6 %

15.1 %

     Premises and equipment

228,384

204,760

198,251

197,741

197,968

11.5 %

15.4 %

     Operating leases

220,061

214,003

214,667

217,100

213,648

2.8 %

3.0 %

     Goodwill

1,099,543

1,099,524

1,007,656

1,007,656

1,007,656

0.0 %

9.1 %

     Other intangibles

145,927

118,832

73,797

75,458

77,002

22.8 %

89.5 %

     Accrued interest and other assets

1,396,114

1,301,792

1,134,985

1,119,884

1,089,983

7.2 %

28.1 %

       Total Assets

$ 22,762,006

$ 21,129,379

$ 18,554,506

$ 18,634,255

$ 18,455,067

7.7 %

23.3 %

LIABILITIES

     Deposits

       Interest-bearing demand

$  3,658,155

$  3,360,613

$  2,983,132

$  3,057,232

$  3,004,601

8.9 %

21.8 %

       Savings

6,460,546

5,973,532

5,029,097

4,979,124

4,886,613

8.2 %

32.2 %

       Time

3,817,268

3,622,227

3,293,707

3,201,711

3,144,440

5.4 %

21.4 %

          Total interest-bearing deposits

13,935,969

12,956,372

11,305,936

11,238,067

11,035,654

7.6 %

26.3 %

       Noninterest-bearing

3,982,753

3,465,470

3,127,512

3,131,926

3,161,302

14.9 %

26.0 %

          Total deposits

17,918,722

16,421,842

14,433,448

14,369,993

14,196,956

9.1 %

26.2 %

     FHLB short-term borrowings

550,000

675,000

550,000

680,000

735,000

(18.5) %

(25.2) %

     Other

70,457

332

45,167

4,699

64,792

21,122.0 %

8.7 %

          Total short-term borrowings

620,457

675,332

595,167

684,699

799,792

(8.1) %

(22.4) %

     Long-term debt

380,176

514,052

221,823

344,955

345,878

(26.0) %

9.9 %

          Total borrowed funds

1,000,633

1,189,384

816,990

1,029,654

1,145,670

(15.9) %

(12.7) %

     Accrued interest and other liabilities

902,026

748,937

672,213

676,453

611,206

20.4 %

47.6 %

       Total Liabilities

19,821,381

18,360,163

15,922,651

16,076,100

15,953,832

8.0 %

24.2 %

SHAREHOLDERS' EQUITY

     Common stock

1,789,676

1,647,618

1,641,315

1,638,796

1,637,041

8.6 %

9.3 %

     Retained earnings

1,485,573

1,437,286

1,399,577

1,351,674

1,304,636

3.4 %

13.9 %

     Accumulated other comprehensive income (loss)

(217,430)

(189,942)

(223,000)

(246,384)

(253,888)

14.5 %

(14.4) %

     Treasury stock, at cost

(117,194)

(125,746)

(186,037)

(185,931)

(186,554)

(6.8) %

(37.2) %

       Total Shareholders' Equity

2,940,625

2,769,216

2,631,855

2,558,155

2,501,235

6.2 %

17.6 %

       Total Liabilities and Shareholders' Equity

$ 22,762,006

$ 21,129,379

$ 18,554,506

$ 18,634,255

$ 18,455,067

7.7 %

23.3 %

FIRST FINANCIAL BANCORP.

AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

Quarterly Averages

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

2026

2025

2025

2025

2025

ASSETS

     Cash and due from banks

$    227,115

$    178,403

$    165,210

$    174,375

$    164,734

     Interest-bearing deposits with other banks

596,094

647,347

610,074

542,815

615,812

     Investment securities

4,769,261

3,988,846

3,552,014

3,478,921

3,411,593

     Loans held for sale

451,139

32,425

26,366

25,026

10,212

     Loans and leases

       Commercial and industrial

4,771,066

4,310,399

3,890,886

3,881,001

3,787,207

       Lease financing

630,204

617,518

592,510

581,091

585,119

       Construction real estate

643,270

679,884

711,011

784,028

797,100

       Commercial real estate

4,446,231

4,240,042

3,993,549

3,958,730

4,018,211

       Residential real estate

1,834,467

1,717,439

1,489,942

1,485,479

1,475,703

       Home equity

1,016,080

981,406

919,368

891,761

858,153

       Installment

166,979

164,013

114,058

117,724

127,192

       Credit card

68,888

69,141

68,375

68,000

65,830

          Total loans

13,577,185

12,779,842

11,779,699

11,767,814

11,714,515

       Less:

          Allowance for credit losses

(200,745)

(179,275)

(162,417)

(158,170)

(158,206)

                Net loans

13,376,440

12,600,567

11,617,282

11,609,644

11,556,309

     Premises and equipment

230,154

202,956

199,167

198,407

198,998

     Operating leases

215,318

211,091

217,404

212,684

205,181

     Goodwill

1,099,543

1,069,781

1,007,656

1,007,656

1,007,656

     Other intangibles

149,631

104,184

74,448

76,076

78,220

     Accrued interest and other assets

1,344,828

1,220,939

1,096,567

1,093,833

1,119,889

       Total Assets

$ 22,459,523

$ 20,256,539

$ 18,566,188

$ 18,419,437

$ 18,368,604

LIABILITIES

     Deposits

       Interest-bearing demand

$  3,626,103

$  3,276,425

$  3,036,296

$  3,066,986

$  3,090,526

       Savings

6,406,223

5,740,651

5,054,563

5,005,526

4,918,004

       Time

3,868,224

3,504,872

3,296,789

3,139,182

3,141,103

          Total interest-bearing deposits

13,900,550

12,521,948

11,387,648

11,211,694

11,149,633

       Noninterest-bearing

3,745,002

3,436,709

3,124,277

3,143,081

3,091,037

          Total deposits

17,645,552

15,958,657

14,511,925

14,354,775

14,240,670

     Federal funds purchased and securities sold

          under agreements to repurchase

16,278

2,283

12,434

4,780

2,055

     FHLB short-term borrowings

538,084

444,511

497,092

532,198

553,667

     Other

0

13,891

21,519

26,226

99,378

          Total short-term borrowings

554,362

460,685

531,045

563,204

655,100

     Long-term debt

457,799

387,965

292,301

347,369

346,237

       Total borrowed funds

1,012,161

848,650

823,346

910,573

1,001,337

     Accrued interest and other liabilities

854,225

753,651

655,714

638,342

668,812

       Total Liabilities

19,511,938

17,560,958

15,990,985

15,903,690

15,910,819

SHAREHOLDERS' EQUITY

     Common stock

1,795,255

1,644,923

1,639,986

1,637,782

1,641,016

     Retained earnings

1,448,012

1,406,388

1,369,069

1,322,168

1,282,300

     Accumulated other comprehensive loss

(173,065)

(209,767)

(247,746)

(257,873)

(275,068)

     Treasury stock, at cost

(122,617)

(145,963)

(186,106)

(186,330)

(190,463)

       Total Shareholders' Equity

2,947,585

2,695,581

2,575,203

2,515,747

2,457,785

       Total Liabilities and Shareholders' Equity

$ 22,459,523

$ 20,256,539

$ 18,566,188

$ 18,419,437

$ 18,368,604

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS

(Dollars in thousands)

(Unaudited)

 Quarterly Averages

March 31, 2026

December 31, 2025

March 31, 2025

Balance

Interest

Yield

Balance

Interest

Yield

Balance

Interest

Yield

Earning assets

    Investments:

      Investment securities

$ 4,769,261

$ 52,017

4.42 %

$ 3,988,846

$ 43,334

4.31 %

$ 3,411,593

$ 36,605

4.35 %

      Interest-bearing deposits with other banks

596,094

5,450

3.71 %

647,347

6,334

3.88 %

615,812

6,651

4.38 %

    Gross loans (1)

14,028,324

224,951

6.50 %

12,812,267

215,663

6.68 %

11,724,727

197,163

6.82 %

       Total earning assets

19,393,679

282,418

5.91 %

17,448,460

265,331

6.03 %

15,752,132

240,419

6.19 %

Nonearning assets

    Allowance for credit losses

(200,745)

(179,275)

(158,206)

    Cash and due from banks

227,115

178,403

164,734

    Accrued interest and other assets

3,039,474

2,808,951

2,609,944

       Total assets

$ 22,459,523

$ 20,256,539

$ 18,368,604

Interest-bearing liabilities

    Deposits:

      Interest-bearing demand

$ 3,626,103

$ 13,281

1.49 %

$ 3,276,425

$ 13,818

1.67 %

$ 3,090,526

$ 15,188

1.99 %

      Savings

6,406,223

32,480

2.06 %

5,740,651

32,343

2.24 %

4,918,004

30,355

2.50 %

      Time

3,868,224

33,974

3.56 %

3,504,872

32,700

3.70 %

3,141,103

33,098

4.27 %

    Total interest-bearing deposits

13,900,550

79,735

2.33 %

12,521,948

78,861

2.50 %

11,149,633

78,641

2.86 %

    Borrowed funds

      Short-term borrowings

554,362

5,168

3.78 %

460,685

4,925

4.24 %

655,100

7,545

4.67 %

      Long-term debt

457,799

7,905

7.00 %

387,965

7,550

7.72 %

346,237

4,937

5.78 %

        Total borrowed funds

1,012,161

13,073

5.24 %

848,650

12,475

5.83 %

1,001,337

12,482

5.06 %

       Total interest-bearing liabilities

14,912,711

92,808

2.52 %

13,370,598

91,336

2.71 %

12,150,970

91,123

3.04 %

Noninterest-bearing liabilities

    Noninterest-bearing demand deposits

3,745,002

3,436,709

3,091,037

    Other liabilities

854,225

753,651

668,812

    Shareholders' equity

2,947,585

2,695,581

2,457,785

       Total liabilities & shareholders' equity

$ 22,459,523

$ 20,256,539

$ 18,368,604

Net interest income

$   189,610

$   173,995

$   149,296

Net interest spread

3.39 %

3.32 %

3.15 %

Net interest margin

3.97 %

3.96 %

3.84 %

Tax equivalent adjustment

0.02 %

0.02 %

0.04 %

Net interest margin (fully tax equivalent)

3.99 %

3.98 %

3.88 %

(1) Loans held for sale and nonaccrual loans are included in gross loans.

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS  (1)

(Dollars in thousands)

(Unaudited)

 Linked Qtr. Income Variance

 Comparable Qtr. Income Variance

Rate

Volume

Total

Rate

Volume

Total

Earning assets

    Investment securities

$   1,138

$   7,545

$   8,683

$     604

$  14,808

$  15,412

    Interest-bearing deposits with other banks

(284)

(600)

(884)

(1,021)

(180)

(1,201)

    Gross loans (2)

(5,646)

14,934

9,288

(9,151)

36,939

27,788

       Total earning assets

(4,792)

21,879

17,087

(9,568)

51,567

41,999

Interest-bearing liabilities

    Total interest-bearing deposits

$  (5,438)

$   6,312

$     874

$ (14,686)

$  15,780

$   1,094

    Borrowed funds

    Short-term borrowings

(535)

778

243

(1,438)

(939)

(2,377)

    Long-term debt

(702)

1,057

355

1,042

1,926

2,968

       Total borrowed funds

(1,237)

1,835

598

(396)

987

591

       Total interest-bearing liabilities

(6,675)

8,147

1,472

(15,082)

16,767

1,685

          Net interest income (1)

$   1,883

$  13,732

$  15,615

$   5,514

$  34,800

$  40,314

(1) Not tax equivalent.

(2) Loans held for sale and nonaccrual loans are included in gross loans.

FIRST FINANCIAL BANCORP.

CREDIT QUALITY

(Dollars in thousands)

(Unaudited)

Three Months Ended,

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

2026

2025

2025

2025

2025

ALLOWANCE FOR CREDIT LOSS ACTIVITY

Balance at beginning of period

$ 186,487

$ 161,916

$ 158,522

$ 155,482

$ 156,791

Initial allowance on purchased loans

2,829

23,652

0

0

0

  Provision for credit losses

6,030

9,688

8,612

9,084

9,141

  Gross charge-offs

    Commercial and industrial

10,788

6,636

2,165

4,996

8,178

    Lease financing

43

918

298

606

1,454

    Construction real estate

0

0

245

0

0

    Commercial real estate

29

433

3,105

0

0

    Residential real estate

127

151

0

16

0

    Home equity

119

95

92

100

86

    Installment

1,058

1,197

1,194

1,120

1,321

    Credit card

496

729

577

489

474

      Total gross charge-offs

12,660

10,159

7,676

7,327

11,513

  Recoveries

    Commercial and industrial

100

264

202

290

195

    Lease financing

23

201

291

11

29

    Construction real estate

0

0

0

0

0

    Commercial real estate

28

5

1,138

70

24

    Residential real estate

30

13

58

42

24

    Home equity

116

117

94

74

144

    Installment

598

682

609

716

563

    Credit card

135

108

66

80

84

      Total recoveries

1,030

1,390

2,458

1,283

1,063

  Total net charge-offs

11,630

8,769

5,218

6,044

10,450

Ending allowance for credit losses

$ 183,716

$ 186,487

$ 161,916

$ 158,522

$ 155,482

NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)

  Commercial and industrial

0.91 %

0.59 %

0.20 %

0.49 %

0.85 %

  Lease financing

0.01 %

0.46 %

0.00 %

0.41 %

0.99 %

  Construction real estate

0.00 %

0.00 %

0.14 %

0.00 %

0.00 %

  Commercial real estate

0.00 %

0.04 %

0.20 %

(0.01) %

0.00 %

  Residential real estate

0.02 %

0.03 %

(0.02) %

(0.01) %

(0.01) %

  Home equity

0.00 %

(0.01) %

0.00 %

0.01 %

(0.03) %

  Installment

1.12 %

1.25 %

2.03 %

1.38 %

2.42 %

  Credit card

2.13 %

3.56 %

2.97 %

2.41 %

2.40 %

     Total net charge-offs

0.35 %

0.27 %

0.18 %

0.21 %

0.36 %

COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS

  Nonaccrual loans

    Commercial and industrial

$  22,576

$  27,461

$  23,832

$  24,489

$   7,649

    Lease financing

5,857

5,660

5,885

6,243

6,487

    Construction real estate

715

1,120

1,120

1,365

0

    Commercial real estate

49,481

45,590

24,443

23,905

25,736

    Residential real estate

17,439

18,302

16,452

16,995

16,044

    Home equity

3,687

2,927

3,567

3,226

2,920

    Installment

786

748

652

701

719

      Total nonaccrual loans

100,541

101,808

75,951

76,924

59,555

  Other real estate owned (OREO)

238

184

111

204

213

     Total nonperforming assets

100,779

101,992

76,062

77,128

59,768

  Accruing loans past due 90 days or more

1,366

411

592

714

228

     Total underperforming assets

$ 102,145

$ 102,403

$  76,654

$  77,842

$  59,996

Total classified assets

$ 232,368

$ 235,451

$ 218,794

$ 214,346

$ 213,351

CREDIT QUALITY RATIOS

Allowance for credit losses to

     Nonaccrual loans

182.73 %

183.18 %

213.18 %

206.08 %

261.07 %

     Total ending loans

1.36 %

1.39 %

1.38 %

1.34 %

1.33 %

Nonaccrual loans to total loans

0.75 %

0.76 %

0.65 %

0.65 %

0.51 %

Nonperforming assets to

     Ending loans, plus OREO

0.75 %

0.76 %

0.65 %

0.65 %

0.51 %

     Total assets

0.44 %

0.48 %

0.41 %

0.41 %

0.32 %

Classified assets to total assets

1.02 %

1.11 %

1.18 %

1.15 %

1.16 %

FIRST FINANCIAL BANCORP.

CAPITAL ADEQUACY

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended,

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

2026

2025

2025

2025

2025

PER COMMON SHARE

Market Price

  High

$     31.16

$     26.98

$     26.79

$     25.19

$     29.04

  Low

$     25.09

$     23.26

$     23.55

$     22.05

$     24.25

  Close

$     27.88

$     25.02

$     25.25

$     24.26

$     24.98

Average shares outstanding - basic

103,705,269

96,724,148

94,889,341

94,860,428

94,645,787

Average shares outstanding - diluted

104,615,405

97,593,800

95,753,798

95,741,696

95,524,262

Ending shares outstanding

104,932,829

98,521,726

95,757,250

95,760,617

95,730,353

Total shareholders' equity

$ 2,940,625

$ 2,769,216

$ 2,631,855

$ 2,558,155

$ 2,501,235

REGULATORY CAPITAL

Preliminary

Common equity tier 1 capital

$ 1,970,561

$ 1,798,266

$ 1,828,843

$ 1,776,038

$ 1,724,134

Common equity tier 1 capital ratio

12.23 %

11.32 %

12.91 %

12.57 %

12.29 %

Tier 1 capital

$ 2,016,070

$ 1,843,672

$ 1,874,191

$ 1,821,316

$ 1,769,357

Tier 1 ratio

12.51 %

11.60 %

13.23 %

12.89 %

12.61 %

Total capital

$ 2,531,124

$ 2,457,377

$ 2,170,546

$ 2,116,180

$ 2,090,211

Total capital ratio

15.71 %

15.46 %

15.32 %

14.98 %

14.90 %

Total capital in excess of minimum requirement

$   839,542

$   788,889

$   683,018

$   632,563

$   617,347

Total risk-weighted assets

$ 16,110,302

$ 15,890,363

$ 14,166,935

$ 14,129,683

$ 14,027,274

Leverage ratio

9.39 %

9.53 %

10.50 %

10.28 %

10.01 %

OTHER CAPITAL RATIOS

Ending shareholders' equity to ending assets

12.92 %

13.11 %

14.18 %

13.73 %

13.55 %

Ending tangible shareholders' equity to ending tangible assets (1)

7.88 %

7.79 %

8.87 %

8.40 %

8.16 %

Average shareholders' equity to average assets

13.12 %

13.31 %

13.87 %

13.66 %

13.38 %

Average tangible shareholders' equity to average tangible assets (1)

8.01 %

7.97 %

8.54 %

8.26 %

7.94 %

REPURCHASE PROGRAM (2)

Shares repurchased

0

0

0

0

0

Average share repurchase price

N/A

N/A

N/A

N/A

N/A

Total cost of shares repurchased

N/A

N/A

N/A

N/A

N/A

(1) Non-GAAP measure.  For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.

(2) Represents share repurchases as part of publicly announced plans.

N/A = Not applicable

SOURCE First Financial Bancorp.