Track market-moving stories before they get noisy

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Payoneer Global Inc. (NASDAQ: PAYO), the global financial technology company powering business growth across borders, will report its First Quarter 2026 financial results on Thursday, May 7, 2026, before the market opens. Senior management will also host a conference call and earnings webcast to discuss financial results at 8:30 a.m. Eastern Time the same day. A live webcast and replay of the event will be available on the Payoneer Investor Relations website at https://investor.payoneer.com.

About Payoneer

Payoneer is the financial platform for cross-border business and global payments. Payoneer empowers millions of businesses with the financial tools and services they need to grow and transact globally with confidence. We make it easier for SMBs, particularly in emerging markets, to connect to the global economy, pay and get paid across borders, manage their funds across multiple currencies, and grow their businesses.

Contacts:

Investor Contact:
Michelle Wang
[email protected]

Media Contact:
Angela Sullivan
[email protected]

SOURCE Payoneer

Also from this source

11% increase in revenue ex. interest and strong profitability

44% B2B volume growth reflects acceleration across every major region

Increases 2026 guidance

, /PRNewswire/ -- Payoneer Global Inc. ("Payoneer" or the "Company") (NASDAQ: PAYO), the global financial technology company powering business growth across borders, today reported financial results for its first quarter ended March 31, 2026.

First Quarter 2026 Financial Highlights

($ in mm unless otherwise noted)

1Q 2025

2Q 2025

3Q 2025

4Q 2025

1Q 2026

YoY Change

Revenue ex. interest income

$188.6

$202.3

$211.4

$218.9

$210.1

11 %

Interest income

58.0

58.3

59.5

55.8

51.5

(11) %

Revenue

$246.6

$260.6

$270.9

$274.7

$261.6

6 %

Transaction costs as a % of revenue

16.0 %

15.6 %

15.7 %

15.6 %

13.5 %

(250) bps

Net income

$20.6

$19.5

$14.1

$19.0

$19.6

(5) %

Adjusted EBITDA

65.4

66.4

71.3

68.5

69.4

6 %

Adjusted EBITDA ex. interest income

7.5

8.1

11.7

12.8

17.9

140 %

Operational Metrics

Volume ($bn)

$19.7

$20.7

$22.3

$24.8

$22.8

16 %

Average Revenue Per User (ARPU)1

$ 439

$ 452

$ 471

$ 488

$513

17 %

Revenue as a % of volume ("Take Rate")

125 bps

126 bps

121 bps

111 bps

115 bps

(10) bps

SMB customer take rate2

119 bps

120 bps

121 bps

113 bps

120 bps

1 bp

1.

Please refer to "Additional Information and Definitions" for a description of ARPU.

2.

SMB customer take rate represents revenue from SMBs who sell on marketplaces, B2B SMBs, and Checkout (previously known as Merchant Services), divided by the associated volume from each respective channel.

"In Q1 we delivered acceleration across major KPIs: revenue growth ex. interest accelerated to 11%, B2B volume growth more than doubled to 44%, and we delivered another quarter of significant core profitability expansion. We are driving broad-based momentum across our business, supported by differentiated assets that compound as we scale. We have infrastructure built on years of investment and innovation, network effects that strengthen as volumes grow, and platform depth that allows us to meet the needs of how our customers operate globally.

We're a profitable, scaled platform in a multi-trillion-dollar B2B market that's still in the early innings of digitization, and our strong Q1 results demonstrate we're capturing share. We are executing consistently, moving fast where we see opportunities, and building a business that's not just larger, but structurally more valuable, with deeper strategic advantages and stronger customer relationships."

John Caplan, Chief Executive Officer

First Quarter 2026 Business Highlights (unless otherwise noted)

Revenue excluding interest income grew 11% year-over-year, driven by 16% volume growth led by a significant acceleration in B2B. SMB customer revenue of $189 million grew 12% year-over-year, reflecting: SMBs that sell on marketplaces revenue of $115 million, up 4% year-over-year. B2B SMBs revenue of $64 million, up 23% year-over-year. Checkout revenue of $10 million, up 46% year-over-year. B2B volume growth accelerated significantly to 44% year-over-year driven by strong growth in China, EMEA and APAC. Strong enterprise payouts momentum continued with 28% year-over-year volume growth. 17% growth in ARPU, and 22% growth in ARPU excluding interest income, the seventh consecutive quarter of 20%+ growth in ARPU excluding interest income. 1bp of SMB customer take rate expansion driven by mix shift towards higher yield products and services and the impact of our fee and monetization initiatives. $7.6 billion of customer funds (including both short-term and long-term funds) as of March 31, 2026. Customer funds growth of 15% year-over-year partially offset the impact of lower interest rates on year-over-year interest income. Significant year-over-year increase in share repurchases, with $74 million in the first quarter at a weighted average price of $5.16, vs $17 million in Q1 2025. Announced a strategic collaboration with FundPark, a fintech that provides financing solutions that help e-commerce businesses in Hong Kong accelerate their global business expansion. 2026 Outlook

"We begin 2026 with strong momentum. Revenue ex. interest is accelerating, robust growth in our B2B franchise is driving SMB take rate expansion, execution against our upmarket strategy is gaining traction and contributed to a seventh consecutive quarter of 20%+ growth in ARPU ex. interest, and core business profitability increased substantially. We're unlocking significant operating leverage while making meaningful investments, including in stablecoin and agentic AI, that we believe will support our durable, profitable growth.

We are increasing our full year 2026 guidance, reflecting $900-$940 million in revenue ex. interest and $200 million in interest income. We expect adjusted EBITDA1 of $285-$295 million. Our business fundamentals are strong, our strategic initiatives are working, and we're well-positioned to capitalize on the significant opportunity ahead of us."

Bea Ordonez, Chief Financial Officer

2026 guidance is as follows: 

Revenue 

$1,100 million - $1,140 million 

Transaction costs  

~15.0% of revenue 

Adjusted EBITDA1

$285 million to $295 million 

1.

The Company cannot reconcile its expected adjusted EBITDA to expected net income under "2026 Guidance" without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time, including income taxes and other financial (income) expense, net. Such unavailable information could have a significant impact on the Company's GAAP financial results. Please refer to "Financial Information; Non-GAAP Financial Measures" below for a description of the calculation of adjusted EBITDA.  

Webcast

Payoneer will host a live webcast of its earnings on a conference call with the investment community beginning at 8:30 a.m. ET today, May 7, 2026. To access the webcast, go to the investor relations section of the Company's website at https://investor.payoneer.com. A replay will be available on the investor relations website following the call.

About Payoneer

Payoneer is the financial platform for cross-border business and global payments. Payoneer empowers millions of businesses with the financial tools and services they need to grow and transact globally with confidence. We make it easier for SMBs, particularly in emerging markets, to connect to the global economy, pay and get paid across borders, manage their funds across multiple currencies, and grow their businesses. 

Forward-Looking Statements

This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Payoneer's future financial or operating performance. For example, projections of future revenue, transaction costs and adjusted EBITDA are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "plan," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical events and conflicts, such as Israel's and the United States' conflicts in the Middle East, and other economic, business and/or competitive factors, such as changes in global trade policies (including the imposition of tariffs); (3) changes in the assumptions underlying our financial estimates; (4) the outcome of any known and/or unknown legal or regulatory proceedings; and (5) other risks and uncertainties set forth in Payoneer's Annual Report on Form 10-K for the period ended December 31, 2025 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.

Financial Information; Non-GAAP Financial Measures

Some of the financial information and data contained in this press release, such as adjusted EBITDA, have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Payoneer uses certain non-GAAP measures to compare Payoneer's performance to that of prior periods for budgeting and planning purposes. Payoneer believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Payoneer's results of operations. Payoneer's method of determining these non-GAAP measures may be different from other companies' methods and, therefore, may not be comparable to those used by other companies and Payoneer does not recommend the sole use of these non-GAAP measures to assess its financial performance. Payoneer management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Payoneer's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review Payoneer's financial statements, which are included in Payoneer's Annual Report on Form 10-K for the year ended December 31, 2025 and its subsequent Quarterly Reports on Form 10-Q, and not rely on any single financial measure to evaluate Payoneer's business.  

Non-GAAP measures include the following items:

Adjusted EBITDA: We provide adjusted EBITDA, a non-GAAP financial measure that represents our net income (loss) adjusted to exclude, as applicable: M&A related expense (income), stock-based compensation expenses, restructuring charges, loss (gain) from change in fair value of warrants and warrant repurchase/redemption, other financial expense (income), net, income taxes, and depreciation and amortization.

Adjusted EBITDA ex. Interest: represents Adjusted EBITDA excluding interest income.

Other companies may calculate the above measure differently, and therefore Payoneer's measures may not be directly comparable to similarly titled measures of other companies.

Additional Information and Definitions

In this earnings release, we reference volume, which is an operational metric. Volume refers to the total dollar value of transactions successfully completed or enabled by our platform, not including orchestration transactions. For a customer that both receives and later sends payments, we count the volume only once. Note: orchestration transactions ceased in 2024 and were related to our 2020 acquisition of optile GmbH.

We also reference ARPU (Average Revenue Per User), which is defined as the Revenue from Active Customers divided by the number of Active Customers over the period in which the Revenue was earned. Active Customers for these purposes are defined as Payoneer accountholders with at least 1 financial transaction over the period. Revenue from Active Customers represents revenue attributed to Active Customers based on their use of the Payoneer platform, including interest income earned from their balances, and excluding revenues unrelated to their activities. 

Investor Contact:
Michelle Wang
[email protected]

Media Contact:
Angela Sullivan
[email protected]

TABLE - 1

PAYONEER GLOBAL INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(U.S. dollars in thousands, except share and per share data)

(Unaudited)

Three months ended
March 31,

2026

2025

Revenues

$

261,595

$

246,617

Transaction costs

35,202

39,349

Other operating expenses

40,011

41,658

Research and development expenses

43,326

37,271

Sales and marketing expenses

58,112

54,726

General and administrative expenses

36,007

29,904

Depreciation and amortization

18,916

14,390

Total operating expenses

231,574

217,298

Operating income

30,021

29,319

Financial expense:

Other financial expense, net

812

1,550

Financial expense, net

812

1,550

Income before income taxes

29,209

27,769

Income taxes

9,641

7,192

Net income

$

19,568

$

20,577

Other comprehensive income (loss)

Unrealized gain (loss) on available-for-sale debt securities, net

(8,351)

7,239

Tax benefit (expense) on unrealized gain (loss) on available-for-sale debt securities, net

1,902

(1,605)

Unrealized loss on cash flow hedges, net

(2,284)

(1,787)

Tax benefit on unrealized loss on cash flow hedges, net

446

327

Unrealized gain on interest rate floor, net

2,154

6,021

Tax expense on unrealized gain on interest rate floor, net

(613)

(1,276)

Foreign currency translation adjustments

(111)

(169)

Other comprehensive income (loss)

(6,857)

8,750

Comprehensive income

$

12,711

$

29,327

Per Share Data

Net income per share attributable to common stockholders — Basic earnings per
share

$

0.06

$

0.06

— Diluted earnings per share

$

0.06

$

0.05

Weighted average common shares outstanding — Basic

345,342,308

362,979,571

Weighted average common shares outstanding — Diluted

350,470,788

382,215,129

Disaggregation of revenue

The following table presents revenue recognized from contracts with customers as well as revenue from other sources:

(Unaudited)

Three months ended

March 31,

2026

2025

Revenue recognized at a point in time

$

206,899

$

185,333

Revenue recognized over time

1,152

930

Revenue from contracts with customers

$

208,051

$

186,263

Interest income on customer balances

$

51,537

$

57,972

Capital advance income

2,007

2,382

Revenue from other sources

$

53,544

$

60,354

Total revenues

$

261,595

$

246,617

The following table presents the Company's revenue disaggregated by primary regional market, with revenues being attributed to the country (in the region) in which the billing address of the transacting customer is located, with the exception of global bank transfer revenues, where revenues are disaggregated based on the billing address of the transaction funds source.

(Unaudited)

Three months ended

March 31,

2026

2025

Primary regional markets

Greater China(1)

$

86,616

$

84,896

Europe, Middle East, and Africa(2)

64,751

58,893

Asia-Pacific(2)

58,185

51,260

Latin America(2)

26,047

27,873

North America(3)

25,996

23,695

Total revenues

$

261,595

$

246,617

1.

Greater China is inclusive of mainland China, Hong Kong, Macao and Taiwan.

2.

No single country included in any of these regions generated more than 10% of total revenue.

3.

The United States is the Company's country of domicile. Of North America revenues, the U.S. represents $25,123 and $22,624 during the three months ended March 31, 2026 and 2025

TABLE - 2

PAYONEER GLOBAL INC.

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (UNAUDITED)

(U.S. dollars in thousands)

Three months ended

March 31,

2026

2025

Net income

$

19,568

$

20,577

Depreciation and amortization

18,916

14,390

Income taxes

9,641

7,192

Other financial expense, net

812

1,550

EBITDA

48,937

43,709

Stock based compensation expenses(1)

18,524

18,755

M&A related expenses(2)

478

337

Restructuring charges(3)

1,509

2,630

Adjusted EBITDA

$

69,448

$

65,431

Three months ended, 

Mar. 31, 2025

June 30, 2025

Sept. 30, 2025

Dec. 31, 2025

Mar. 31, 2026

Net income

$

20,577

$

19,480

$

14,123

$

19,012

$

19,568

Depreciation and amortization

14,390

15,553

16,140

19,542

18,916

Income taxes

7,192

10,370

16,388

8,446

9,641

Other financial expense, net

1,550

227

5,836

1,466

812

EBITDA

43,709

45,630

52,487

48,466

48,937

Stock based compensation expenses(1)

18,755

20,059

17,799

16,491

18,524

M&A related expenses(2)

337

736

981

1,339

478

Restructuring charges(3)

2,630

—

—

2,243

1,509

Adjusted EBITDA

$

65,431

$

66,425

$

71,267

$

68,539

$

69,448

1.

Represents non-cash charges associated with stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy.

2.

Amounts relate to M&A-related third-party fees, including related legal, consulting and other expenditures. For the three months ended March 31, 2026, $0.5 million of these expenses related to the acquisition of Boundless and the non-recurring fair value adjustment of the Skuad contingent consideration liability discussed in Note 3 to our condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q.  Amounts for the three months ended March 31, 2025 include $0.3 million in non-recurring fair value adjustment of the Skuad contingent consideration liability discussed in Note 3 to our condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q.

3.

Represents non-recurring costs related to severance and other employee termination benefits.

TABLE - 3

PAYONEER GLOBAL INC.

EARNINGS PER SHARE

(U.S. dollars in thousands, except share and per share data)

(Unaudited)

Three months ended March 31,

2026

2025

Numerator:

Net income

$

19,568

$

20,577

Denominator:

Weighted average common shares outstanding —

Basic

345,342,308

362,979,571

Add:

Dilutive impact of RSUs, ESPP and options to purchase common stock

5,128,480

18,362,026

Dilutive impact of private Warrants

—

873,532

Weighted average common shares — diluted

350,470,788

382,215,129

Net income per share attributable to common stockholders — Basic earnings per
share

$

0.06

$

0.06

Diluted earnings per share

$

0.06

$

0.05

TABLE - 4

PAYONEER GLOBAL INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(U.S. dollars in thousands, except share and per share data)

March 31,

December 31,

2026

2025

Assets:

Current assets:

Cash and cash equivalents

$

339,365

$

415,537

Restricted cash

4,851

6,090

Customer funds

7,245,415

7,544,541

Accounts receivable (net of allowance of $843 and $501 at March 31, 2026 and
December 31, 2025, respectively)

12,634

10,412

Capital advance receivables (net of allowance of $3,676  at March 31, 2026 and $3,953 at
December 31, 2025)

37,234

43,665

Other current assets

83,969

90,671

Total current assets

7,723,468

8,110,916

Non-current assets:

Property, equipment and software, net

39,739

32,437

Goodwill

86,188

77,785

Intangible assets, net

214,443

208,053

Customer funds

350,000

350,000

Restricted cash

23,561

23,604

Deferred tax assets, net

60,261

56,898

Severance pay fund

867

856

Operating lease right-of-use assets

63,750

62,257

Other assets

35,729

33,783

Total assets

$

8,598,006

$

8,956,589

Liabilities and shareholders' equity:

Current liabilities:

Trade payables

$

41,811

$

44,611

Outstanding operating balances

7,595,415

7,894,541

Other payables

124,637

144,568

Total current liabilities

7,761,863

8,083,720

Non-current liabilities:

Deferred tax liabilities, net

25,455

25,051

Other long-term liabilities

151,613

143,391

Total liabilities

7,938,931

8,252,162

Commitments and contingencies

Shareholders' equity:

Preferred stock, $0.01 par value, 380,000,000 shares authorized; no shares were issued
and outstanding at March 31, 2026 and December 31, 2025.

—

—

Common stock, $0.01 par value, 3,800,000,000 and 3,800,000,000 shares authorized;
415,278,698 and 411,826,086  shares issued and 337,813,340 and 348,704,315 shares
outstanding at March 31, 2026 and December 31, 2025, respectively.

4,153

4,118

Treasury stock at cost, 77,465,358 and 63,121,771 shares as of March 31, 2026 and
December 31, 2025, respectively.

(443,483)

(368,867)

Additional paid-in capital

912,812

896,294

Accumulated other comprehensive loss

(13,134)

(6,277)

Retained earnings

198,727

179,159

Total shareholders' equity

659,075

704,427

Total liabilities and shareholders' equity

$

8,598,006

$

8,956,589

TABLE - 5

PAYONEER GLOBAL INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(U.S. dollars in thousands)

March 31,

2026

2025

Cash Flows from Operating Activities

Net income

$

19,568

$

20,577

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

Depreciation and amortization

18,916

14,390

Deferred taxes

(1,108)

(2,279)

Stock-based compensation expenses

18,524

18,755

Interest on certificate of deposits

(5,718)

(6,725)

Interest and amortization of premium/discount on investments

401

(2,685)

Net realized (gains) losses on derivative instruments

(94)

117

Foreign currency re-measurement (gain) loss

684

(1,811)

Changes in operating assets and liabilities:

Other current assets

6,802

17,165

Trade payables

(6,750)

(2,883)

Deferred revenue

1,900

358

Accounts receivable, net

(2,187)

2,555

Capital advance extended to customers

(64,160)

(84,078)

Capital advance collected from customers

70,591

95,232

Other payables

(15,154)

(17,108)

Other long-term liabilities

6,603

(781)

Operating lease right-of-use assets

3,139

2,121

Other assets

(126)

796

Net cash provided by operating activities

51,831

53,716

Cash Flows from Investing Activities

Purchase of property, equipment and software

(10,148)

(4,726)

Capitalization of internal use software

(18,619)

(16,067)

Severance pay fund distributions, net

(11)

17

Customer funds in transit, net

(22,319)

(19,742)

Purchases of investments in available-for-sale debt securities

(80,375)

(71,968)

Maturities of investments in available-for-sale debt securities

75,000

64,500

Settlement of cash flow hedges

2,061

—

Cash paid in connection with acquisition, net of cash acquired

(6,479)

—

Net cash used in investing activities

(60,890)

(47,986)

Cash Flows from Financing Activities

Proceeds from issuance of common stock in connection with stock-based compensation plan,
net of taxes paid related to settlement of equity awards and proceeds from employee equity
transactions to be remitted to employees

(2,543)

(4,400)

Outstanding operating balances, net

(301,781)

(385,763)

Receipts of collateral on interest rate derivatives

32,860

25,610

Payments of collateral on interest rate derivatives

(32,680)

(20,140)

Consideration related to previous acquisitions

(6,519)

—

Common stock repurchased

(74,991)

(17,753)

Net cash used in financing activities

(385,654)

(402,446)

Effect of exchange rate changes on cash and cash equivalents

(808)

1,878

Net change in cash, cash equivalents, restricted cash and customer funds

(395,521)

(394,838)

Cash, cash equivalents, restricted cash and customer funds at beginning of period

6,416,707

5,658,210

Cash, cash equivalents, restricted cash and customer funds at end of period

$

6,021,186

$

5,263,372

Supplemental information of investing and financing activities not involving cash flows:

Property, equipment, and software acquired but not paid

$

1,485

$

—

Internal use software capitalized but not paid

$

6,694

$

4,959

Common stock repurchased but not paid

$

1,942

$

—

Right of use assets obtained in exchange for new operating lease liabilities

$

2,330

$

2,724

SOURCE Payoneer

Payoneer Global Inc. (PAYO) Q1 2026 Earnings Call Transcript

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Software infrastructure stocks trading under $10 rarely sit in that bucket by accident, but a handful of names in payments, ad-tech, and enterprise AI throw off operating numbers that usually belong to mid-caps. With AI agent adoption pulling cross-border commerce, real-time engagement, and performance advertising into the same conversation, low share prices increasingly look like a window of opportunity. Several of these tickers have turned the corner on profitability or raised full-year guidance.

Here are four software infrastructure stocks trading under $10 worth a closer look on the buy side.

Rezolve AI (NASDAQ: RZLV) Rezolve AI (NASDAQ:RZLV) runs an agentic commerce platform (Brain Commerce, Brain Checkout, brainpowa) for enterprise retailers. Shares closed at $2.81 on May 12, 2026, up 18.07% over the past month and 30.7% over the past year, a meaningful reset for a name with a roughly $1.12 billion market cap.

The bull case starts with Q1 2026: preliminary revenue of $60.00 million, more than the company’s entire $46.80 million FY2025 revenue, against reaffirmed FY2026 guidance of $360 million. Management says it can reach profitability without raising additional equity, and the platform serves 950+ enterprise clients with strategic ties to Microsoft, Google, and Tether. CEO Daniel M. Wagner called the quarter “a major inflection point”, and renewed acquisition interest around the company has added a floor to the narrative.

The risk is real: numbers are preliminary and unaudited, and a sub-$3 share price signals fragility. Even so, the revenue acceleration is hard to ignore.

Payoneer Global (NASDAQ: PAYO) Payoneer Global (NASDAQ:PAYO) provides cross-border payments infrastructure for SMBs and B2B marketplaces. The stock changed hands at $5.12 on May 12, 2026, up 10.34% in the past month on a roughly $1.71 billion market cap.

Q1 2026 revenue ex-interest grew 11% year over year, B2B volume more than doubled to 44%, and ARPU ex-interest expanded 22% for the seventh straight quarter above 20%. Management raised FY2026 guidance to $1.10 billion to $1.14 billion in revenue with adjusted EBITDA of $285 million to $295 million, and repurchased $74 million of stock in the quarter at an average $5.16. CEO John Caplan framed it as “a profitable, scaled platform in a multi-trillion-dollar B2B market that’s still in the early innings of digitization.”

Interest income fell 11% to $51.50 million, but the core business is accelerating, and the buyback signal is loud. The setup favors patient buyers.

Agora (NASDAQ: API) Agora (NASDAQ:API) sells real-time engagement APIs for voice, video, and live streaming and is pushing into conversational and physical AI. Shares finished at $3.87 on May 12, 2026.

Q4 2025 revenue rose 10.7% to $38.16 million, the fifth straight quarter of GAAP profitability, and FY2025 marked Agora’s first full year of profitability since 2018. A Super Bowl live shopping event reached nearly 600,000 peak concurrent viewers with sub-second latency, and the conversational AI engine has more than doubled in usage each quarter since its March 2025 launch. Buybacks have been aggressive, with $143.1 million of a $200 million program already utilized.

China exposure through Shengwang and an 89% net retention rate remain overhangs, but the AI engagement story has tangible adoption data behind it.

Taboola (NASDAQ: TBLA) Taboola (NASDAQ:TBLA) operates a content discovery and performance advertising platform anchored by Realize and Connexity. The stock closed at $5.16 on May 12, 2026, up 54.03% in the last month.

Q1 2026 revenue grew 9.1% to $466.39 million, beating estimates by 2.9%, while free cash flow more than doubled to $90.3 million. Management raised FY2026 guidance to $2.006 billion to $2.062 billion in revenue with adjusted EBITDA of $222 million to $240 million, and Benchmark lifted its price target to $6.50. CEO Adam Singolda said the company is “starting the year strong, exceeding the high end of our guidance across all metrics.”

The headline EPS of $0.20 was inflated by a $77 million one-time legal settlement, and ad-spend macro risk lingers. The underlying cash generation and buyback cadence support the constructive read.

Each of these names carries real execution risk, and the cleanest financials in this group still come with caveats around macro, China exposure, or one-time items. Use the data above as a launchpad for your own research before committing capital.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Payoneer Global Inc. (NASDAQ: PAYO), the global financial technology company powering business growth across borders, today announced that John Caplan, Chief Executive Officer, will present at the William Blair 46th Annual Growth Stock Conference on Tuesday, June 2, 2026 beginning at approximately 12:20 pm ET.

Investors and interested parties can access the live webcast and replay of the presentation by visiting the Company's investor relations website at https://investor.payoneer.com/

About Payoneer
Payoneer is the financial platform for cross-border business and global payments. Payoneer empowers millions of businesses with the financial tools and services they need to grow and transact globally with confidence. We make it easier for SMBs, particularly in emerging markets, to connect to the global economy, pay and get paid across borders, manage their funds across multiple currencies, and grow their businesses.

Investor Relations:
Michelle Wang
[email protected]

Media Contact:
Angela Sullivan
[email protected]

SOURCE Payoneer

Also from this source

Today's Change

(

0.89

%) $

0.06

Current Price

$

6.81

Payoneer Global (PAYO +0.89%), a cross-border payments platform, closed Tuesday at $6.39, up 24.32%. The stock jumped after reports that Canadian payments firm Nuvei is in advanced talks to acquire Payoneer for about $2.7 billion. Trading volume reached 51.7 million shares, about 1,005% above its three-month average of 4.7 million shares. Payoneer Global IPO'd in 2020 and has fallen 34% since going public.

How the markets moved todayThe S&P 500 slipped 0.26% to finish Tuesday at 7,386, while the Nasdaq Composite lost 0.97% to close at 25,679. Within the financial technology sector, rival PayPal closed at $41.46, up 0.48%, as investors weighed ongoing digital payments adoption alongside deal speculation around Payoneer Global.

What this means for investorsJust two years after private equity firm Advent International acquired Nuvei for $6.3 billion, the acquiree is trying to make a purchase of its own, offering $2.7 billion for Payoneer Global. However, even after Payoneer Global’s stock jumped 24% today, its market cap of $2.15 billion still sits 25% below Nuvei’s offer -- so the market isn’t fully convinced the deal will reach the finish line just yet.

Payoneer specializes in digital payments and cross-border transfers and would seem to fit in nicely alongside Nuvei’s primary business of payment acceptance solutions for merchants. Shareholders may be in a tough spot, though, as Payoneer’s revenue growth has slowed dramatically, so it may not feel like a great ten-year holding right now, but Nuvei’s acquisition price isn’t much higher than the stock’s 52-week high.

Josh Kohn-Lindquist has positions in PayPal. The Motley Fool has positions in and recommends PayPal. The Motley Fool recommends the following options: short June 2026 $50 calls on PayPal. The Motley Fool has a disclosure policy.

On April 28, 2026, we present a detailed DCF analysis for PNC Financial Services Group Inc (PNC). The company has shown a price performance of +44.4% over the p

Posted by Defense World Staff on Apr 29th, 2026

Concurrent Investment Advisors LLC lifted its stake in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 43.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,400 shares of the financial services provider’s stock after buying an additional 2,853 shares during the period. Concurrent Investment Advisors LLC’s holdings in The PNC Financial Services Group were worth $1,962,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Quarry LP purchased a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at $25,000. Beacon Financial Strategies CORP purchased a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $35,000. Westfuller Advisors LLC acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth $34,000. JPL Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth $37,000. Finally, Financial Life Planners acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth $39,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth Several brokerages have issued reports on PNC. Wells Fargo & Company raised their price objective on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 20th. JPMorgan Chase & Co. lowered their price objective on shares of The PNC Financial Services Group from $251.00 to $237.50 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a research report on Thursday, March 26th. They set a “buy” rating and a $250.00 price objective on the stock. TD Cowen raised their price objective on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Finally, Morgan Stanley raised their price objective on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus target price of $241.69.

Read Our Latest Research Report on PNC

Insider Activity at The PNC Financial Services Group In related news, CEO William S. Demchak sold 50,000 shares of the business’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the sale, the chief executive officer owned 554,274 shares of the company’s stock, valued at approximately $127,970,781.12. The trade was a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total transaction of $584,775.00. Following the sale, the executive vice president directly owned 21,120 shares in the company, valued at approximately $4,940,179.20. This represents a 10.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 64,186 shares of company stock worth $14,840,973 in the last ninety days. Corporate insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Down 0.2% Shares of NYSE:PNC opened at $220.83 on Wednesday. The company has a market cap of $89.07 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 0.92 and a beta of 0.96. The firm’s 50-day simple moving average is $214.34 and its 200-day simple moving average is $208.12. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.00. The PNC Financial Services Group, Inc has a fifty-two week low of $156.70 and a fifty-two week high of $243.94.

The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.51 earnings per share. As a group, equities research analysts predict that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th will be issued a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The PNC Financial Services Group’s payout ratio is presently 39.51%.

About The PNC Financial Services Group (Free Report)

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

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

Featured Articles Five stocks we like better than The PNC Financial Services Group Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC – Free Report).

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

« PREVIOUS HEADLINEConcurrent Investment Advisors LLC Acquires 10,313 Shares of Darden Restaurants, Inc. $DRI

NEXT HEADLINE »Concurrent Investment Advisors LLC Buys 3,161 Shares of IQVIA Holdings Inc. $IQV

, /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on May 13, 2026, of all outstanding 4.543% Senior Fixed Rate/Floating Rate Notes due May 13, 2027, in the amount of $1,250,000,000 (CUSIP 69353R FY9), issued by PNC Bank, National Association. The securities have an original scheduled maturity date of May 13, 2027. The redemption price will be equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of May 13, 2026. Interest on the 4.543% Senior Fixed Rate/Floating Rate Notes will cease to accrue on the redemption date.

Payment of the redemption price for the 4.543% Senior Fixed Rate/Floating Rate Notes will be made through the facilities of The Depository Trust Company.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

CONTACTS

MEDIA:           
Anne Pace
(631) 338-3268
[email protected]       

INVESTORS:     
Bryan Gill
(412) 768-4143
[email protected]

SOURCE The PNC Financial Services Group, Inc.

On May 08, 2026, we present a discounted cash flow (DCF) analysis for PNC Financial Services Group Inc PNC . The stock has shown a mixed performance recently, with a year-to-date increase of 6.7% and a notable 36.0% rise over the past year. Below are key highlights from our analysis:

DCF Earnings-based intrinsic value of $247.27 compared to the current price of $219.29, indicating a margin of safety of 11.3%. DCF Free Cash Flow (FCF)-based intrinsic value of $223.58, suggesting a fair valuation. GF Score™ of 82/100, indicating a high level of reliability in the DCF inputs. What Is PNC Worth? DCF Earnings-Based Model To determine the intrinsic value of PNC, we utilized a two-stage DCF model. The first stage accounts for the company's growth over the next 10 years, while the second stage estimates the terminal value based on a more conservative growth rate. Below is a summary of the key assumptions used in our analysis:

Parameter Value Current EPS (TTM, excl. non-recurring) $17.16 10-Year Growth Rate 8.4% 10-Year Treasury Rate 4.33% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% The two-stage model consists of a growth phase and a terminal phase. The growth phase assumes an 8.4% annual EPS growth for the first 10 years, while the terminal phase assumes a 4% growth rate for the subsequent 10 years. The calculation summary is as follows:

Stage Description Value Growth Stage (Years 1-10) EPS growing at 8.4%, discounted at 11% $150.98 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $96.29 Intrinsic Value Growth + Terminal $247.27 With the current price at $219.29, the intrinsic value of $247.27 indicates that PNC is modestly undervalued, with a margin of safety of 11.3%. It is important to note that GuruFocus uses EPS without non-recurring items, as research indicates that stock prices correlate more closely with earnings than with free cash flow. For a detailed calculation, visit the PNC DCF Calculator.

What Does the Free Cash Flow DCF Say? In addition to the earnings-based DCF model, we also evaluated PNC using a Free Cash Flow (FCF) DCF model. The FCF-based intrinsic value is calculated at $223.58. When comparing this value with the earnings-based intrinsic value of $247.27, we find that while the two models provide different perspectives, the FCF model suggests that PNC is fairly valued with a margin of safety of 1.9%.

How Does GF Value™ Compare to the DCF Models? According to GuruFocus, the GF Value™ for PNC is $200.23, indicating that the stock is currently overvalued based on this proprietary measure. The GF Value™ is derived from historical trading multiples, past business growth, and future performance estimates. When we consider the three valuation models, the DCF earnings model suggests undervaluation, the FCF model indicates fair valuation, and the GF Value™ suggests overvaluation, highlighting the importance of using multiple approaches in valuation. For more details, visit the GF Value™ page.

What Does PNC's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns (backtested 2006-2021). Below is a summary of PNC's GF Score™ metrics:

Metric Rating GF Score™ 82/100 Financial Strength 4/10 Profitability 6/10 Growth 8/10 Valuation 6/10 Momentum 10/10 With a predictability rank of 2/5 stars, it suggests that the DCF model may be less reliable for this stock. For more information, visit the PNC stock page.

Key Assumptions and Limitations It is important to note that DCF models are highly sensitive to growth rate and discount rate assumptions. Stocks with low predictability ratings, such as PNC's 2/5 stars, produce less reliable DCF estimates. Additionally, the terminal growth rate of 4% is a simplifying assumption that may not reflect future economic conditions.

What This Means for Investors In synthesizing the three valuation models—DCF earnings, DCF FCF, and GF Value™—we find a mixed consensus. The DCF earnings model suggests that PNC is modestly undervalued, while the FCF model indicates fair valuation, and the GF Value™ suggests overvaluation. Overall, investors should consider these perspectives when evaluating PNC's stock. For the full DCF analysis, visit the PNC DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.

Frequently Asked Questions What is PNC's intrinsic value based on DCF?

According to our analysis, the earnings-based intrinsic value is $247.26, while the FCF-based intrinsic value is $223.58.

Is PNC overvalued or undervalued?

Based on the DCF earnings model, PNC is modestly undervalued, while the GF Value™ indicates it is overvalued.

How reliable is the DCF model for PNC?

With a predictability rank of 2/5 stars, the DCF model's reliability for PNC is considered low.

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].

A month has gone by since the last earnings report for The PNC Financial Services Group, Inc (PNC - Free Report) . Shares have lost about 3% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is The PNC Financial Services Group due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.

PNC Financial Beats Q1 Earnings on Higher NII After FirstBank DealPNC Financial has delivered adjusted earnings per share of $4.32 in the first quarter of 2026,  beating the Zacks Consensus Estimate of $4.12 and up from $3.51 a year ago.

Results reflected higher net interest income, a rise in the net interest margin (NIM), and strong loan and deposit growth, aided by the FirstBank acquisition (completed in January 2026). However, higher expenses were headwinds.

Results excluded certain non-recurring charges. After considering those, net income (GAAP basis) was $1.77 billion, which rose 18.2% from the year-ago quarter.

Revenues & Expenses Rise 

Quarterly revenue came in at $6.2 billion, up 13% year over year while missing the consensus mark by 0.5%.

NII rose to $4 billion in the quarter, increasing nearly 14% from the year-ago period. PNC’s NIM improved to 2.95%, expanding 17 basis points year over year, as the bank benefited from lower funding costs and loan growth.

Non-interest income totaled $2.2 billion, up 11.5% from the first quarter of 2025, reflecting broader improvement across several fee categories. Within fee income lines, capital markets and advisory revenues rose sharply from last year, while residential and commercial mortgage revenues declined year over year.

Non-interest expenses increased to $3.8 billion, up 11.2% year over year. The rise largely reflected FirstBank’s operating and integration expenses, increased business activity, and continued investments to support growth. PNC incurred $98 million of integration costs (pre-tax) in the quarter related to the FirstBank acquisition, and management noted that expense growth was notably more modest, excluding integration expenses.

The efficiency ratio was 61% compared with 62% in the prior-year quarter.

Loan and Deposit Balance Rises

The balance sheet expansion was notable following the closure of the FirstBank deal. Total loans increased 8.9% sequentially to $360.9 billion, while total deposits climbed 3.8% sequentially to $457.6 billion, aided by acquired balances.

Credit Quality Remained Solid

Total non-performing loans were $2.24 billion, down 2.1% from the year-ago quarter. 

Net loan charge-offs were $253 million, up 23.4% from the year-ago quarter. These included $45 million in acquired net loan charge-offs related to certain FirstBank loans. Excluding acquired net loan charge-offs, net charge-offs were $208 million.

The company reported a provision for credit losses of $210 million in the first quarter, down 4.1% from the year-ago quarter. The allowance for credit losses increased to $5.5 billion from $5.22 billion as of March 31, 2025. The allowance for credit losses to total loans ratio was 1.52% compared with 1.64% in the year-ago quarter.

Capital Position & Profitability Ratios

As of March 31, 2026, the Basel III common equity tier 1 capital ratio was 10.1% compared with 10.6% as of March 31, 2025.

Return on average assets and average common shareholders’ equity were 1.19% and 11.92%, respectively, compared with 1.09% and 11.60% in the year-ago quarter.

Capital Return Stayed Robust

In the first quarter of 2026, PNC returned $1.4 billion of capital to shareholders. This included $0.7 billion in common stock dividends and $0.7 billion in common share repurchases. Share repurchase activity in the second quarter of 2026 is expected to be $600-$700 million.

OutlookQ2 2026

The company expects average loans to increase 2%–3% from the first-quarter 2026 reported figure of $350.9 billion.

Management anticipates net interest income to rise around 3% from the $3.9 billion reported in the first quarter of 2026.

Fee income (non-GAAP) is expected to increase nearly 2.5% from the first-quarter 2026 reported figure of $2.1 billion.

Other non-interest income is projected to be in the range of $150 million to $200 million, compared with $125 million reported in the first quarter of 2026.

Total revenues are expected to rise approximately 3.5% from the $6.2 billion reported in the first quarter of 2026.

Non-interest expenses (excluding one-time integration costs, non-GAAP) are anticipated to increase around 2% from the $3.8 billion reported in the first quarter of 2026.

Net charge-offs are estimated to be around $225 million, compared with $253 million reported in the first quarter of 2026.

2026

Average loans are expected to grow around 11% from the 2025 baseline of $323.4 billion, up from the prior expectation of nearly 8% growth.

NII is projected to increase approximately 14.5% from the 2025 baseline of $14.4 billion, revised upward from the earlier guidance of around 14% growth.

Non-interest income is expected to rise nearly 6% from the 2025 baseline of $8.7 billion.

Total revenues are anticipated to increase about 11% from the 2025 baseline of $23.1 billion.

Adjusted non-interest expenses (excluding one-time integration costs, non-GAAP) are expected to rise nearly 7% from the 2025 baseline of $13.8 billion.

The effective tax rate is estimated to be approximately 19.5%.

Management expects to generate nearly 400 basis points of positive operating leverage in 2026.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates review.

VGM ScoresCurrently, The PNC Financial Services Group has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Following the exact same course, the stock has a grade of B on the value side, putting it in the top 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, The PNC Financial Services Group has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerThe PNC Financial Services Group is part of the Zacks Financial - Investment Bank industry. Over the past month, Goldman Sachs (GS - Free Report) , a stock from the same industry, has gained 7.7%. The company reported its results for the quarter ended March 2026 more than a month ago.

Goldman reported revenues of $17.23 billion in the last reported quarter, representing a year-over-year change of +14.4%. EPS of $17.55 for the same period compares with $14.12 a year ago.

Goldman is expected to post earnings of $13.71 per share for the current quarter, representing a year-over-year change of +25.7%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.2%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Goldman. Also, the stock has a VGM Score of D.

On May 19, 2026, we present a discounted cash flow (DCF) analysis for PNC Financial Services Group Inc PNC . The company has shown a price performance of -0.4% over the past week, -4.9% over the past month, +4.0% year-to-date, and +23.1% over the past year. Below are key highlights from our analysis:

DCF Earnings-based intrinsic value of $247.27 compared to current price of $213.72, indicating a margin of safety of 13.6%. DCF Free Cash Flow (FCF)-based intrinsic value of $223.58, suggesting a fair valuation. GF Score™ of 80/100, indicating a high reliability of the DCF inputs. What Is PNC Worth? DCF Earnings-Based Model In our DCF analysis, we utilize a two-stage model to estimate PNC's intrinsic value. The first stage considers a growth phase lasting 10 years, where we project earnings per share (EPS) growth at an annual rate of 8.4%. The second stage accounts for a terminal growth rate of 4% over the subsequent 10 years. The discount rate applied in our calculations is 11%, derived from the risk-free rate and equity risk premium.

Parameter Value Current EPS (TTM, excl. non-recurring) $17.16 10-Year Growth Rate 8.4% 10-Year Treasury Rate 4.33% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% The calculation summary for the two-stage model is as follows:

Stage Description Value Growth Stage (Years 1-10) EPS growing at 8.4%, discounted at 11% $150.98 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $96.29 Intrinsic Value Growth + Terminal $247.27 With the current price at $213.72 and the intrinsic value calculated at $247.27, PNC appears to be modestly undervalued, with a margin of safety of 13.6%. It is important to note that GuruFocus uses EPS without non-recurring items, as research indicates that stock prices correlate more closely with earnings than with free cash flow. For further calculations, visit the PNC DCF Calculator.

What Does the Free Cash Flow DCF Say? In addition to the earnings-based model, we also assessed PNC using a Free Cash Flow (FCF) DCF model. The FCF-based intrinsic value is calculated at $223.58. When comparing this with the earnings-based intrinsic value of $247.27, the two models provide a slightly different perspective on valuation. The FCF model suggests that PNC is fair valued, with a margin of safety of 4.4%.

How Does GF Value™ Compare to the DCF Models? According to GuruFocus, the GF Value™ for PNC is $201.02, indicating that the stock is currently overvalued by 6.3%. GF Value™ is a proprietary measure calculated from historical trading multiples, past business growth, and future performance estimates. While the DCF earnings model suggests modest undervaluation, the FCF model indicates fair valuation, and GF Value™ presents a perspective of overvaluation. This divergence highlights the importance of considering multiple valuation methods. For more details, visit the GF Value™ page.

What Does PNC's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns based on backtested data from 2006-2021. Below is a summary of PNC's GF Score™ metrics:

Metric Rating GF Score™ 80/100 Financial Strength 3/10 Profitability 6/10 Growth 8/10 Valuation 7/10 Momentum 10/10 PNC has a predictability rank of 2/5 stars, indicating that the DCF model may be less reliable for this stock. For more information, visit the PNC stock page.

Key Assumptions and Limitations It is important to recognize that DCF models are highly sensitive to the assumptions made regarding growth rates and discount rates. Stocks with low predictability ratings, such as PNC, tend to produce less reliable DCF estimates. Additionally, the terminal growth rate of 4% is a simplifying assumption that may not reflect future economic conditions accurately.

What This Means for Investors In synthesizing the three valuation models—DCF earnings, DCF FCF, and GF Value™—we find that PNC presents a mixed valuation picture. While the DCF earnings model indicates modest undervaluation, the FCF model suggests fair valuation, and GF Value™ indicates overvaluation. Overall, PNC can be considered fairly valued based on the consensus of these models. For the full DCF analysis, visit the PNC DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.

Frequently Asked Questions What is PNC's intrinsic value based on DCF?

[Answer: earnings-based $247.26, FCF-based $223.58]

Is PNC overvalued or undervalued?

[Answer using DCF + GF Value™ consensus]

How reliable is the DCF model for PNC?

[Answer using predictability rank 2/5]

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].

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

Headquartered in Pittsburgh, The PNC Financial Services Group, Inc (PNC - Free Report) is a Finance stock that has seen a price change of 4.62% so far this year. The company is paying out a dividend of $1.70 per share at the moment, with a dividend yield of 3.11% compared to the Financial - Investment Bank industry's yield of 0.85% and the S&P 500's yield of 1.42%.

Looking at dividend growth, the company's current annualized dividend of $6.80 is up 3% from last year. Over the last 5 years, The PNC Financial Services Group, Inc has increased its dividend 3 times on a year-over-year basis for an average annual increase of 8.49%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. The PNC Financial Services Group's current payout ratio is 39%, meaning it paid out 39% of its trailing 12-month EPS as dividend.

PNC is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $18.93 per share, with earnings expected to increase 14.10% from the year ago period.

Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. However, not all companies offer a quarterly payout.

Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, PNC is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

On May 27, 2026, we conducted a DCF analysis for PNC Financial Services Group Inc PNC to evaluate its intrinsic value. The stock has shown a solid price performance with a year-to-date increase of 7.4% and a remarkable 32.8% rise over the past year.

DCF Earnings-based intrinsic value of $247.27 vs current price of $220.81 (margin of safety: 10.7%) DCF FCF-based intrinsic value of $223.58 vs current price (second opinion: fair valued with 1.2% margin of safety) GF Score™ of 80/100, indicating a reliable assessment of the DCF inputs What Is PNC Worth? DCF Earnings-Based Model The DCF earnings-based model for PNC uses a two-stage approach. In the first stage, we assume a growth rate of 8.4% for the next 10 years, followed by a terminal growth rate of 4% for the subsequent 10 years. The discount rate used for both stages is 11%, which is derived from the risk-free rate and equity risk premium.

Parameter Value Current EPS (TTM, excl. non-recurring) $17.16 10-Year Growth Rate 8.4% 10-Year Treasury Rate 4.47% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% In the growth phase, the EPS is expected to grow at 8.4% per year for 10 years, resulting in a value of $150.98 per share. In the terminal phase, the growth slows to 4% for the next 10 years, yielding a terminal stage value of $96.29 per share. The total intrinsic value calculated from both stages is:

Stage Description Value Growth Stage (Years 1-10) EPS growing at 8.4%, discounted at 11% $150.98 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $96.29 Intrinsic Value Growth + Terminal $247.27 With the current price at $220.81, the intrinsic value of $247.27 indicates that PNC is modestly undervalued, with a margin of safety of 10.7%. It’s important to note that GuruFocus uses EPS excluding non-recurring items in its calculations, as research shows that stock prices correlate more closely with earnings than with free cash flow. For further details, you can visit the PNC DCF Calculator.

What Does the Free Cash Flow DCF Say? The free cash flow (FCF)-based intrinsic value for PNC is calculated at $223.58. When we compare this with the earnings-based intrinsic value of $247.27, we find that the two models provide somewhat different perspectives. The FCF-based model suggests that PNC is fairly valued, with a margin of safety of just 1.2%.

How Does GF Value™ Compare to the DCF Models? The GF Value™ for PNC stands at $201.35, indicating that the stock is overvalued from this perspective. GF Value™ is GuruFocus' proprietary measure, calculated based on historical trading multiples, past business growth, and future performance estimates. When we consider all three valuation models, we see a divergence: the DCF earnings model suggests modest undervaluation, the FCF model indicates fair valuation, and GF Value™ suggests overvaluation. For more insights, visit the GF Value™ page.

What Does PNC's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns (backtested 2006-2021).

Metric Rating GF Score™ 80/100 Financial Strength 3/10 Profitability 6/10 Growth 8/10 Valuation 7/10 Momentum 10/10 With a predictability rank of 2/5 stars, it suggests that the DCF model may be less reliable for this stock. For more information, visit the PNC stock page.

Key Assumptions and Limitations It is essential to recognize that DCF models are highly sensitive to the assumptions made regarding growth rates and discount rates. Stocks with low predictability ratings, such as PNC, tend to produce less reliable DCF estimates. The terminal growth rate of 4% is a simplifying assumption that may not reflect actual future growth.

What This Means for Investors In synthesizing the three valuation models—DCF earnings, DCF FCF, and GF Value™—we find a mixed consensus. The DCF earnings model indicates that PNC is modestly undervalued, while the FCF model suggests it is fairly valued, and the GF Value™ indicates overvaluation. Overall, this presents a complex picture for investors. For the full DCF analysis, visit the PNC DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.

Frequently Asked Questions What is PNC's intrinsic value based on DCF?

[Answer: earnings-based $247.26, FCF-based $223.58]

Is PNC overvalued or undervalued?

[Answer using DCF + GF Value™ consensus]

How reliable is the DCF model for PNC?

[Answer using predictability rank 2/5]

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].

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Headquartered in Pittsburgh, The PNC Financial Services Group, Inc (PNC - Free Report) is a Finance stock that has seen a price change of 9.41% so far this year. Currently paying a dividend of $1.70 per share, the company has a dividend yield of 2.98%. In comparison, the Financial - Investment Bank industry's yield is 0.96%, while the S&P 500's yield is 1.45%.

Looking at dividend growth, the company's current annualized dividend of $6.80 is up 3% from last year. Over the last 5 years, The PNC Financial Services Group, Inc has increased its dividend 3 times on a year-over-year basis for an average annual increase of 8.49%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. The PNC Financial Services Group's current payout ratio is 39%, meaning it paid out 39% of its trailing 12-month EPS as dividend.

Looking at this fiscal year, PNC expects solid earnings growth. The Zacks Consensus Estimate for 2026 is $18.93 per share, which represents a year-over-year growth rate of 14.10%.

From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. But, not every company offers a quarterly payout.

High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, PNC is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

Investors interested in stocks from the Medical - Biomedical and Genetics sector have probably already heard of Biogen Inc. (BIIB) and Techne (TECH). But which of these two stocks is more attractive to value investors?

Posted by Defense World Staff on Apr 17th, 2026

Shares of Bio-Techne Corp (NASDAQ:TECH – Get Free Report) have been assigned an average rating of “Moderate Buy” from the fourteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation, nine have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $72.7692.

Several research firms have issued reports on TECH. Wells Fargo & Company boosted their price objective on Bio-Techne from $70.00 to $76.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Zacks Research upgraded Bio-Techne from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. Citigroup restated a “buy” rating and set a $80.00 price objective (up from $70.00) on shares of Bio-Techne in a report on Wednesday, February 4th. Weiss Ratings downgraded Bio-Techne from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 27th. Finally, TD Cowen restated a “buy” rating on shares of Bio-Techne in a report on Tuesday, March 17th.

Read Our Latest Report on Bio-Techne

Bio-Techne Price Performance Shares of NASDAQ TECH opened at $57.36 on Tuesday. Bio-Techne has a twelve month low of $46.01 and a twelve month high of $72.16. The company has a current ratio of 4.54, a quick ratio of 3.08 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $8.97 billion, a price-to-earnings ratio of 112.47, a PEG ratio of 3.84 and a beta of 1.49. The firm has a 50-day moving average of $55.83 and a two-hundred day moving average of $59.96.

Bio-Techne (NASDAQ:TECH – Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The biotechnology company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $295.88 million during the quarter, compared to the consensus estimate of $290.20 million. Bio-Techne had a net margin of 6.67% and a return on equity of 13.94%. Bio-Techne’s revenue was down .4% on a year-over-year basis. During the same period in the prior year, the company earned $0.42 EPS. As a group, analysts expect that Bio-Techne will post 1.67 earnings per share for the current fiscal year.

Bio-Techne Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Monday, February 16th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.6%. The ex-dividend date was Friday, February 13th. Bio-Techne’s payout ratio is presently 62.75%.

Institutional Trading of Bio-Techne Institutional investors and hedge funds have recently bought and sold shares of the stock. Diversified Trust Co increased its holdings in shares of Bio-Techne by 25.2% in the 1st quarter. Diversified Trust Co now owns 15,916 shares of the biotechnology company’s stock valued at $832,000 after purchasing an additional 3,206 shares during the period. MidFirst Bank acquired a new position in shares of Bio-Techne in the 4th quarter valued at about $223,000. Alberta Investment Management Corp acquired a new position in shares of Bio-Techne in the 4th quarter valued at about $1,300,000. Wellington Management Group LLP increased its holdings in shares of Bio-Techne by 12.1% in the 4th quarter. Wellington Management Group LLP now owns 5,734,049 shares of the biotechnology company’s stock valued at $337,219,000 after purchasing an additional 618,916 shares during the period. Finally, Alpine Peaks Capital LP increased its holdings in shares of Bio-Techne by 43.1% in the 4th quarter. Alpine Peaks Capital LP now owns 51,500 shares of the biotechnology company’s stock valued at $3,029,000 after purchasing an additional 15,500 shares during the period. Institutional investors and hedge funds own 98.95% of the company’s stock.

Bio-Techne Company Profile (Get Free Report)

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.

Further Reading Five stocks we like better than Bio-Techne

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

« PREVIOUS HEADLINEContrasting Bank of the James Financial Group (NASDAQ:BOTJ) and Customers Bancorp (NYSE:CUBI)

NEXT HEADLINE »KeyCorp Analysts Increase Earnings Estimates for Tetra Tech

Key Takeaways TECH is set to report Q3 fiscal 2026 results on May 6, with revenues seen rising 1.1% year over year. Bio-Techne's Protein Sciences may benefit from pharma strength and stabilizing biotech and academic demand. TECH's Diagnostics and Spatial Biology could see mixed trends, with growth in RNAscope and COMET bookings. Bio-Techne Corporation (TECH - Free Report) is set to release third-quarter fiscal 2026 results on May 6, before the opening bell.

The life science and diagnostic product maker posted adjusted earnings per share (EPS) of 46 cents in the last reported quarter, which beat the Zacks Consensus Estimate by 7%. The company’s earnings beat estimates in three of the trailing four quarters and matched once, the average surprise being 5.70%.

Q3 Estimates for TECHThe Zacks Consensus Estimate for revenues is pegged at $319.7 million, indicating an increase of 1.1% from the year-ago reported figure.

The consensus estimate for EPS is pinned at 55 cents, indicating a decrease of 1.8% from the year-ago reported figure.

Estimate Revision Trend Ahead of TECH’s Q3 EarningsEstimates for earnings have remained constant at 55 cents per share in the past 30 days.

Let’s briefly review the company’s performance leading up to the announcement.

TECH: Factors at Play Before Q3 ResultsDuring the previous earnings call, management noted that funding uncertainty has affected customer behavior in emerging biotech and U.S. academia end markets. However, recent strength in biotech funding activity, along with favorable U.S. fiscal 2026 appropriation bills, positions both end markets for continued stabilization and gradual improvement.

Protein Sciences 

The company’s core portfolio of research-use-only proteomic agents — featuring more than 6,000 proteins and 400,000 antibody types — might have continued to support global customers in advancing therapeutics to enable precision diagnostics. Revenues might have been positively impacted by the ongoing strength in pharmaceuticals, along with stabilization across U.S. academia and biotech end markets. Aside from the two largest cell therapy customers (who temporarily reduced purchases), GMP reagents are likely to have witnessed strong growth, underscoring the strength of its offering and improving end-market demand. 

In the fiscal third quarter, the protein analytical instrumentation business might have continued to demonstrate strong momentum. Additionally, the Wilson Wolf business is likely to have stood out as a high-growth opportunity in the to-be-reported quarter. In the previous quarter, the company’s fully automated proteomic analytical solution, ProteinSimple, achieved high single-digit growth. We expect this trend to have persisted in the to-be-reported quarter as well. 

Meanwhile, within the Simple Western portfolio, demand for the next-generation high-throughput instrument, Leo, appears to have been strong. In December, the company expanded the launch and completed its first shipments of the Leo System. We expect this development to have contributed to the quarterly performance.

Major developments within the segment include the launch of Simple Plex Ultra-Sensitive Assays on the Ella automated benchtop platform and Cultrex Synthetic Hydrogel — a fully defined synthetic extracellular matrix, to support reproducible and scalable 3D stem cell and organoid research. Additionally, the Ella benchtop immunoassay platform has received CE-IVD marking and is now available for sale in the European Union. 

In the previous quarter, Bio-Techne signed a licensing agreement with Monod Bio, which grants Bio-Techne exclusive commercial rights to a specific subset of Monod’s NovoBody Duo molecules — a new class of AI-designed bispecific binding proteins. These initiatives might have contributed to the company’s fiscal third-quarter top-line performance.

The consensus estimate for the segment’s revenues is pegged at $232.7 million, up 2.2% from the year-ago reported figure.

Bio-Techne Corp Price and EPS SurpriseDiagnostics and Spatial Biology

In the fiscal third quarter, the RNAscope product suite, which is used to detect and visualize RNA and short microRNA sequences at the single-cell level within intact tissue samples, might have experienced growth similar to that in the previous quarter.

The COMET instrument might have recorded year-over-year growth in bookings. The company might have also continued to see momentum for the ESR1 test, which monitors resistance to standard therapies in breast cancer patients. In the previous quarter, the Diagnostics business delivered high single-digit growth, supported by balanced performance across both clinical controls and molecular diagnostic kits. We expect this trend to have persisted in the to-be-reported quarter as well. 

Major developments within the segment include the expansion of its COMET solution portfolio with the addition of the new SPYRE Focus Panels and SPYRE Amplification Kits. In the previous quarter, Bio-Techne also signed an agreement between one of its spatial biology brands, Lunaphore, and the Wyss Center for Bio and Neuroengineering to develop an automated workflow for simultaneous RNA and protein detection in 3D specimens. The company also launched the ProximityScope assay, a novel spatial solution designed for seamless integration with the BOND RX staining platform from Leica Biosystems. These initiatives might have contributed to the company’s fiscal third-quarter top-line performance.

The consensus estimate for Spatial Biology revenues is pegged at $86.9 million, down 2.6% from the year-ago reported figure.

What Our Model Unveils for TECHPer our proven model, a stock with a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold), along with a positive Earnings ESP, has a higher chance of beating estimates, which is not the case here, as you can see.

Earnings ESP: Bio-Techne has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: The company currently carries a Zacks Rank #3 (Hold). 

Top MedTech PicksHere are some medical stocks worth considering, as these have the right combination of elements to post an earnings beat this time:

Agenus (AGEN - Free Report) has an Earnings ESP of +7.69% and a Zacks Rank #1. The company is expected to release first-quarter 2026 results soon. You can see the complete list of today’s Zacks #1 Rank stocks here.

In the trailing four quarters, AGEN delivered an average surprise of 31.42%. The Zacks Consensus Estimate for the company’s first-quarter EPS is expected to increase 289.3% from the year-ago quarter’s figure.

Encompass Health (EHC - Free Report) has an Earnings ESP of +0.17% and a Zacks Rank #2. The company is slated to release first-quarter 2026 results on April 30.   

EHC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 12.09%. The Zacks Consensus Estimate for EHC’s first-quarter EPS is anticipated to rise 10.2% from the year-ago reported figure.

The Ensign Group (ENSG - Free Report) has an Earnings ESP of +1.12% and a Zacks Rank #2. The company is expected to release first-quarter 2026 results soon.

ENSG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 2.93%. The Zacks Consensus Estimate for the company’s first-quarter EPS calls for an increase of 17.8% from the year-ago quarter’s figure.

, /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) announced that its Board of Directors has decided to pay a dividend of $0.08 per share for the quarter ended March 31, 2026. The quarterly dividend will be payable May 29, 2026, to all common shareholders of record on May 18, 2026. Future cash dividends will be considered by the Board of Directors on a quarterly basis.

Bio–Techne Corporation (NASDAQ: TECH) is a global life sciences company headquartered in Minnesota, celebrating 50 years of empowering scientific and diagnostic communities to reach better answers. The company provides high–quality reagents, analytical instruments, and precision diagnostics. Its portfolio is organized into three customer–focused brands: R&D Systems™, Bio–Techne Spatial™, and Bio–Techne Diagnostics™, reflecting the scientific journey from discovery to translational research to clinical decision–making. Bio–Techne operates in 34 locations worldwide and employs approximately 3,100 people. In fiscal year 2025, the company generated over $1.2 billion in net sales. Its more than 500,000 products are used globally by academic researchers, biopharmaceutical and biotechnology companies, and clinical diagnostic laboratories. For more information on Bio-Techne and its brands, please visit www.bio-techne.com or follow the company on social media at LinkedIn, X, or YouTube. 

Forward Looking Statements:
Our press releases may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements involve risks and uncertainties that may affect the actual results of operations. Forward looking statements in this press release include statements regarding potential future repurchase of Bio-Techne common stock. The following important factors, among others, have affected and, in the future, could affect the Company's actual results and future share price: the effect of new branding and marketing initiatives, the integration of new businesses and leadership, the introduction and acceptance of new products, the funding and focus of the types of research by the Company's customers, the impact of the growing number of producers of biotechnology research products and related price competition, general economic conditions, customer site closures or supply chain issues, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships.

For additional information concerning such factors, see the section titled "Risk Factors" in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements we make in our press releases due to new information or future events. Investors are cautioned not to place undue emphasis on these statements.

Contact: 

David Clair, Vice President, Investor Relations

[email protected]

612-656-4416

SOURCE Bio-Techne Corporation

CompaniesMay 6 (Reuters) - Biotech firm Bio-Techne (TECH.O), opens new tab on Wednesday missed Wall Street estimates for third-quarter revenue, as cuts to U.S. ​academic funding weighed on demand for its drug-development ‌products.

Here are some details:

Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.

The Minneapolis, Minnesota-based company, develops products used in medical research, drug development and diagnostics.

Bio-Techne's quarterly sales ​came in at $311.4 million, below analysts' expectations ​of $317.1 million, according to data compiled by LSEG.

Uncertainty ⁠due to cuts to U.S. academic funding ​as well as concerns related to President Donald Trump's ​tariffs have been weighing on the company's clients.

CEO Kim Kelderman said demand has yet to recover broadly, adding that while ​biotech funding remains healthy, it "has not yet ​translated into broad-based demand across our portfolio."

But early indicators point to a ‌more ⁠constructive outlook as funding activity and customer purchasing begin to realign, Kelderman added.

U.S. academic markets stabilized with low-single-digit growth in the quarter, the company ​said.

Sales at the ​company's largest ⁠protein sciences unit, which develops and makes biological compounds for research and diagnostics, fell ​1% to $226.2 million, below analysts' estimates of $230.63 ​million.

Revenue ⁠from its diagnostics and genomics unit, which makes tools and compounds for therapeutics and vaccines, dropped 4% to $85.6 million, missing expectations of $86.58 ⁠million.

The ​company earned adjusted profit per ​share of 53 cents for the quarter, missing estimates of 54 cents.

Reporting ​by Siddhi Mahatole in Bengaluru; Editing by Leroy Leo

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

Key Takeaways Bio-Techne reported Q3 EPS of 53 cents, missing estimates and falling 5.4% year over year. TECH posted $311.4M in sales, down 1.5%, though still beating consensus estimates. Bio-Techne's operating margin rose 1200 bps to 24.2%, driven by lower expenses. Bio-Techne Corporation (TECH - Free Report) reported third-quarter fiscal 2026 adjusted earnings per share (EPS) of 53 cents, which missed the Zacks Consensus Estimate by 2.8%. The bottom line was down 5.4% on a year-over-year basis. 

The quarter's adjustments eliminated the impact of certain one-time items, including amortization of Wilson Wolf intangible assets, and restructuring and restructuring-related costs, among others.

GAAP EPS was 32 cents compared with 14 cents in the prior-year quarter.

TECH's Revenues in DetailBio-Techne registered net sales of $311.4 million, reflecting a decline of 1.5% year over year on a reported basis. The figure was down 2% on an organic basis. The top line missed the Zacks Consensus Estimate by 2.4%.

Following the announcement, shares of Bio-Techne declined 1.2% in pre-market trading yesterday, reflecting investor reaction to the company’s quarterly sales and earnings decline. 

Segmental Analysis of TECH’s Q3 RevenuesThe company reports under two business segments — Protein Sciences, and Diagnostics and Spatial Biology (formerly Diagnostics and Genomics).

Within Protein Sciences, Bio-Techne recorded revenues of $226.2 million, down 1% year over year (down 4% organically). In fiscal 2024, a business within this segment met the criteria as held-for-sale, excluded from its operating results.

Within Diagnostics and Spatial Biology, sales decreased 4% year over year to $85.6 million (up 3% organically) in the fiscal third quarter. Within this, the Exosome Diagnostics business met the held-for-sale criteria, excluded from its operating results.

TECH’s Q3 MarginsBio-Techne’s gross profit fell 2.9% to $208.3 million. The gross margin contracted 97 basis points (bps) to 66.9% on a 1.5% rise in the cost of sales.

Selling, general and administrative expenses declined 27.7% to $109.3 million. Research and development expenses totaled $23.4 million, down 4.6% year over year. 

The company generated an operating profit of $75.5 million in the fiscal third quarter compared with the year-ago quarter’s figure of $38.7 million. The operating margin expanded 1200 bps to 24.2% during the quarter. 

Bio-Techne Corp Price, Consensus and EPS SurpriseBio-Techne’s Capital StructureBio-Techne exited the fiscal third quarter of 2026 with cash and equivalents of $209.8 million compared with $172.9 million at the end of the fiscal second quarter. Long-term debt obligations totaled $200 million compared with $260 million in the previous quarter. 

Cumulative net cash provided by operating activities was $196.7 million compared with $189.3 million a year ago.

Our Take on Bio-Techne’s ResultsBio-Techne ended the reported quarter with lower-than-expected results, wherein both earnings and revenues missed estimates. Also, quarterly revenue decline and gross margin contraction look discouraging. 

Large pharma delivered the sixth consecutive quarter of double-digit growth, which was offset by a continued lag in spending by emerging biotech. U.S. academic markets stabilized with low-single digit growth. Growth vectors performed well, with mid-single digit growth in Proteomic Analysis instruments, mid-teens growth in Spatial Biology, and nearly 50% growth in GMP proteins excluding fast track customers. 

The expansion of operating margin bodes well. 

TECH's Zacks Rank and Key PicksBio-Techne currently has a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space are Globus Medical (GMED - Free Report) , Intuitive Surgical (ISRG - Free Report) and Phibro Animal Health (PAHC - Free Report) .

Globus Medical, currently sporting a Zacks Rank #1 (Strong Buy), reported a fourth-quarter 2025 adjusted EPS of $1.28, which surpassed the Zacks Consensus Estimate by 20.8%. Revenues of $826.4 million beat the Zacks Consensus Estimate by 4.9%. You can see the complete list of today’s Zacks #1 Rank stocks here.

GMED has an earnings yield of 4.7% compared to the industry’s negative yield of 1.4%. The company’s earnings beat estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 18.79%.

Intuitive Surgical, carrying a Zacks Rank #2 (Buy) at present, posted a first-quarter 2026 adjusted EPS of $2.50, which exceeded the Zacks Consensus Estimate by 20.2%. Revenues of $2.77 billion topped the Zacks Consensus Estimate by 6.2%.

ISRG has an earnings yield of 2.1% in contrast to the industry’s negative yield of 0.9%. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 16.82%.

Phibro Animal Health, carrying a Zacks Rank #2 at present, posted a second-quarter fiscal 2026 adjusted EPS of 87 cents, which outpaced the Zacks Consensus Estimate by 27.01%. Revenues of $373.9 million outperformed the Zacks Consensus Estimate by 4.72%.

PAHC has an estimated long-term earnings growth rate of 21.5% compared with the industry’s 12.1% growth. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 20.15%.

ANTWERP, Belgium, 7 May 2026 – CMB.TECH NV (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) (“CMBT”, “CMB.TECH” or “the Company”) will release its first quarter 2026 earnings prior to market opening on Tuesday 19 May 2026 and will host a conference call at 8 a.m. EST / 2 p.m. CET to discuss the results for the quarter.

The call will be a webcast with an accompanying slideshow. You can find the details of this conference call below and on the “Investor Relations” page of the website. The presentation, recording & transcript will also be available on this page.

Webcast Information Event Type: Video conference call with slide presentationEvent Date:19 May 2026Event Time:8 a.m. EST / 2 p.m. CETEvent Title: “Q1 2026 Earnings Conference Call”Event Site/URL:  https://events.teams.microsoft.com/event/9600de65-6747-468b-bb10-eb435b6a1780@d0b2b045-83aa-4027-8cf2-ea360b91d5e4 To attend this conference call, please register via the following link.

Telephone participants who are unable to pre-register may dial in to the respective number of their location (to be found here). The Phone conference ID is the following: 266 848 625#

Announcement Q1 2026 results – 19 May 2026

About CMB.TECH

CMB.TECH (all capitals) is one of the largest listed, diversified and future-proof maritime groups in the world with a combined fleet of about 250 vessels: dry bulk vessels, crude oil tankers, chemical tankers, container vessels and offshore energy vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers.

CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia and Africa.

CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT” and on Euronext Oslo Børs under the ticker symbol “CMBTO”.

More information can be found at https://cmb.tech

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

This information is published in accordance with the requirements of the Continuing Obligations on Euronext Oslo Børs

Contact

CMB.TECH
Katrien Hennin
Head of Marketing and Communications
+32 499 39 34 70
[email protected]

Joris Daman
Head of Investor Relations
Tel: +32 498 61 71 11
[email protected]

CMBT_Q1_Earnings_Notice_ENG

CMB.TECH ANNOUNCES Q1 2026 RESULTS
FIRING ON ALL CYLINDERS

ANTWERP, Belgium, 19 May 2026 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the company”) (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) reported its unaudited financial results today for the first quarter ended 31 March 2026.

HIGHLIGHTS

Financial highlights: Profit for the period of USD 368.8 million in Q1 2026. EBITDA for the same period was USD 558.3 million.CMB.TECH’s contract backlog increased to USD 3.26 billion with the addition of 1 x 5-year Suezmax time charter and extension of 2 x Suezmax time charters by one year to a 10-year time charter each (with a profit split).Intention to distribute an amount of USD 0.64 per share. Fleet highlights:

Delivery of 7 newbuilding vessels (Q1 + Q2 to date): Newcastlemaxes: Mineral LatvijaVLCCs: Eburones, MenapiiSuezmaxes: Cap Grace, Cap JosephChemical tanker: Bochem CallaoCSOV: Windcat Haarlem Previously announced sale of 8 VLCCs: Daishan (2007, 306,005 dwt), Hirado (2011, 302,550 dwt), Ilma (2012, 314,000 dwt), Ingrid (2012, 314,000 dwt), Hojo (2013, 302,965 dwt), Dia (2015, 299,999 dwt), Antigone (2015, 299,421 dwt), and Aegean (2016, 299,999 dwt). Previously announced sale of Capesize vessels Golden Magnum (2009, 179,790 dwt), and Belgravia (2009, 169,390 dwt). Sale of Suezmax Sienna (2007 - 150,205 dwt). The sale will generate a gain of USD 29.2 million and is expected to be recognised upon delivery in the second quarter of 2026. For the first quarter of 2026, the company realised a net gain of USD 368.8 million or USD 1.27 per share (first quarter 2025: a net gain of 40.4 USD million or USD 0.23 per share). EBITDA (a non-IFRS measure) for the same period was USD 558.3 million (first quarter 2025: USD 158.4 million).

“CMB.TECH is firing on all cylinders. We are reaping the benefits of a red-hot tanker market through a mix of sales of older vessels at stellar prices, a historically high spot market and the addition of lucrative long-term charters. At the same time, the dry bulk market is powering on in all segments, but specifically Capesizes and Newcastlemaxes. Our spot results have been strong during Q1 and will be even stronger in Q2. With HFO prices up by 50 %, we manage to extract more profit from the going market rates thanks to our very modern and super eco fleet. Last but not least, our offshore energy division Windcat has been able to fix two of its CSOVs at excellent rates, testimony to the high quality of our vessels.

We are harvesting the fruits of our hard work over the past two years: well-timed newbuilding orders, well-timed acquisitions and a market which is going our way.

We don’t know how long this Goldilocks moment will continue amidst many uncertainties surrounding global trade and a growing orderbook. But we will use the current momentum to continue to strengthen our balance sheet, pay dividends and convert some of the current market strength into longer term charters.” - Alexander Saverys, CEO CMB.TECH.

Key figures

         The most important key figures (unaudited) are:               (in thousands of USD)   First Quarter 2026 First Quarter 2025          Revenue          519,630         235,044  Other operating income          20,331         7,134          Raw materials and consumables          (1,409)         (2,809)  Voyage expenses and commissions          (104,819)         (42,404)  Vessel operating expenses          (127,487)         (61,829)  Charter hire expenses          (218)         (313)  General and administrative expenses          (27,787)         (22,847)  Net gain (loss) on disposal of tangible assets          267,354         46,451  Depreciation and amortisation          (106,571)         (55,671)  Impairment reversals          589         —          Net finance expenses          (81,697)         (64,215)  Share of profit (loss) of equity accounted investees          12,096         (51)  Result before taxation          370,012         38,490          Income tax benefit (expense)          (1,178)         1,883  Profit (loss) for the period          368,834         40,373          Attributable to:        Owners of the Company          368,834         43,998   Non-controlling interest          —         (3,625)                 Earnings per share:             (in USD per share) First Quarter 2026 First Quarter 2025         Weighted average number of shares (basic) *         290,169,769         194,216,835          Basic earnings per share         1.27         0.23                        The number of shares issued on 31 March 2026 is 315,977,647. However, the number of shares excluding the owned shares held by CMB.TECH at 31 March 2026 is 290,169,769.          EBITDA reconciliation (unaudited):               (in thousands of USD)  First Quarter 2026 First Quarter 2025          Profit (loss) for the period          368,834         40,373          + Net finance expenses          81,697         64,215          + Depreciation and amortisation          106,571         55,671          + Income tax expense (benefit)          1,178         (1,883)          EBITDA (unaudited)          558,281         158,376                          EBITDA per share:               (in USD per share)  First Quarter 2026 First Quarter 2025          Weighted average number of shares (basic)          290,169,769         194,216,835          EBITDA          1.92         0.82                          All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor.

Intention of distribution

The Supervisory Board intends to approve a total distribution of USD 0.64 per share (the "Distribution"), which is proposed to be a combination of (i) an interim dividend of USD 0.20 per share (subject to 30% withholding tax, to the extent no exemption or reduction applies) and (ii) a first payment of USD 0.44 per share out of the share premium reserve (which is exempt from withholding tax).

The approval of the Distribution by the Supervisory Board is subject to, and conditional upon:

(i) the approval by the General Shareholders' Meeting of CMB.TECH, scheduled for 21 May 2026, of the agenda item relating to the distribution out of the share premium reserve; and

(ii) the completion of the corporate procedures prescribed by the Belgian Companies and Associations Code (Wetboek van vennootschappen en verenigingen / Code des sociétés et des associations) with respect to the interim dividend.

CMB.TECH will provide further information on the payment date, record date and other practical modalities of the Distribution once the Distribution is effectively approved (currently scheduled for end of May 2026), in accordance with applicable regulations.

TCE

The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows:

 Q1 2026Q1 2025Quarter-to-Date Q2 2026USD/dayUSD/dayUSD/dayFixed %DRY BULK VESSELSNewcastlemax average spot rate(1)28,12018,39344,10580%Newcastlemax average time charter rate24,114   Capesize average spot rate(1)26,104 37,70173%Panamax/Kamsarmax average spot rate(1)14,578 19,40274%Panamax/Kamsarmax average time charter rate13,456   TANKERSVLCC average spot rate (2)70,20435,101182,73181%VLCC average time charter rate(3)55,14446,135  Suezmax average spot rate(1) (3)91,84941,391122,14783%Suezmax average time charter rate33,90531,328  CONTAINER VESSELSAverage time charter rate29,37829,378  CHEMICAL TANKERSAverage spot rate(1) (2)21,45820,52121,06333%Average time charter rate19,30619,306   OFFSHORE ENERGYCSOV Average time charter rate64,837 62,301100%CTV Average time charter rate2,6092,3763,41491% 1) Reporting load-to-discharge for actual TCEs, in line with IFRS 15, net of commission
(2) CMB.TECH owned ships in TI Pool or Stolt Pool (excluding technical off hire days)
(3) Including profit share where applicable

CMB.TECH FLEET DEVELOPMENTS

Commercial contracts

CMB.TECH’s contract backlog increased by USD 109 million to USD 3.26 billion:

1 x 5-year Suezmax time charter: Cedar (2011, 165,000 dwt)Extension 2 x Suezmax time charters by one year to a 10-year time charter each: Cap Grace (2026, 156,000 dwt), Cap Joseph (2026, 156,000 dwt) (with profit split) Sales

Following vessels were delivered to new owners in Q1 2026 - generating a total capital gain of approximately USD 267.4 million:

Capesize vessels Golden Magnum (2009, 179,790 dwt), and Belgravia (2009, 169,390 dwt) - capital gain of approximately USD 8.1 million in Q1 2026, based on the net sales price and book valuesSix VLCCs: Daishan (2007, 306,005 dwt), Hirado (2011, 302,550 dwt), Hojo (2013, 302,965 dwt), Dia (2015, 299,999 dwt), Antigone (2015, 299,421 dwt), and Aegean (2016, 299,999 dwt) - capital gain of approximately USD 259.3 million in Q1 2026, based on the net sales price and book values. Following vessels will be delivered to new owners in Q2 2026:

Two VLCCs: Ilma (2012, 314,000 dwt) and Ingrid (2012, 314,000 dwt) - capital gain of approximately USD 98.2 million in Q2 2026, based on the net sales price and book values.One Suezmax Sienna (2007, 150,205 dwt). The sale will generate a gain of USD 29.2 million and is expected to be recognised upon delivery in the second quarter of 2026. Newbuilding deliveries

Delivery dateType of vesselName12 January 2026VLCCEburones (2026, 319,000 dwt)13 January 2026Chemical tankerBochem Callao (2026, 25,000 dwt)23 March 2026VLCCMenapii (2026, 319,000)8 April 2026SuezmaxCap Grace (2026, 156,000 dwt)27 April 2026SuezmaxCap Joseph (2026, 156,000 dwt)4 May 2026CSOVWindcat Haarlem (2026)11 May 2026NewcastlemaxMineral Latvija (2026, 210,000 dwt) MARKET & OUTLOOK

Bocimar – Dry-Bulk Market1

The dry bulk markets entered 2026 with strong momentum, with the Baltic Dry Index averaging materially higher year-on-year in Q1 and spot earnings across major vessel classes trending well above seasonal norms. Capesize C5TC (BCI-182) time charter equivalent (TCE) earnings averaged USD 26,405 per day during Q1 2026, compared to a 10-year historical average of USD 16,350 per day2. Average sector earnings in the first quarter were supported by robust major bulk volumes, firm minor bulk activity, and generally tighter effective fleet supply. Continuing on a strong Q1, the Capesize C5TC (BCI-182) average for April stands at 34,920 USD/day, the strongest since April 2001 and 15,263 USD/day higher compared to April 2025 (BCI-182 recalculated basis) – and increased further up to 48,433 USD/day on 13 May.

Iron ore trade demonstrated notable resilience in Q1 2026, with seaborne volumes underpinned by stable Chinese import demand, which increased by 11.0% quarter-to-date year-on-year. Although Chinese steel production showed regional variability, consistent blast furnace utilisation rates and firm export activity continued to support demand for high-grade iron ore. Inventory levels, while elevated in absolute terms, remained within a manageable range at approximately 35 days of consumption, compared to a 2010–2025 average of around 30 days. From a dry bulk shipping perspective, Capesize demand continues to be more closely linked to production and export volumes from major mining companies rather than fluctuations in steel production. In this context, Q1 2026 production guidance from leading miners reaffirmed a constructive outlook, with Rio Tinto guiding 343–366 MMT for 2026, Vale 335–345 MMT for 2026, and Fortescue 195–205 MMT for the 2025/2026 period. In addition, the Simandou project has begun to ramp up meaningfully in early 2026, with the port stockpile increasing to above 2 MMT by the end of Q1 and seaborne shipments rising from approximately 0.6 MMT in Q1 to around 1.2 MMT in April alone, marking a clear step-change in export volumes. Furthermore, vessel activity at Morebaya port is increasing, with a growing number of Capesize vessels observed waiting and loading Simandou cargoes on a month-over-month basis.

In addition to long-haul iron ore flows, Q1 2026 Capesize demand continued to benefit from the sustained ramp-up in bauxite exports from Guinea. Seaborne bauxite volumes maintained strong momentum, increasing by 9.6 MMT year-on-year, or 14.8%. Further support for ton-mile demand has come from logistical disruptions in the Middle East. The closure of the Strait of Hormuz has effectively re-routed approximately 9% of global aluminium production, creating additional demand for both bauxite and alumina shipments over longer distances. Market speculation has re-emerged regarding the potential introduction of export restrictions in Guinea at a level of 150 MMT per annum. At this stage, such measures remain unconfirmed. Available data continues to point to robust growth, with April bauxite exports reaching 23.1 MMT, representing a year-on-year increase of 12.4%. Pending any formal policy changes, the prevailing trend remains one of expanding long-haul cargo volumes, providing continued support to Capesize utilisation and a firmer freight market.

On the demand side, coal has emerged as a key upside driver in 2026. Market dynamics were significantly shaped by disruptions in global gas supply during the quarter. The temporary loss of approximately 80 mtpa of Qatari LNG capacity has been effectively offset by increased seaborne coal demand, with April coal exports rising by around 7.5% year-on-year (7.6 MMT). Elevated natural gas prices have further incentivised gas-to-coal switching, particularly across Europe and parts of Northeast Asia (Japan, South Korea, and Taiwan). This has supported increased thermal coal imports into the EU, India, and select Asian markets. Even in the event of a reopening of the Strait of Hormuz, structural constraints are expected to persist. Trains S4 and S6 at the Ras Laffan complex are projected to remain offline for the next 3–5 years, removing 12.8 mtpa of LNG supply and implying an incremental coal demand boost of approximately 39.7 MMT, or +3.0%. Metallurgical (coking) coal volumes, meanwhile, have remained relatively stable, underpinned by restocking activity and resilient Australian supply. Looking ahead, emerging El Niño conditions may provide an additional tailwind. Historically, reduced hydroelectric output in China during such periods has driven spikes in coal imports, most notably a 52% increase in 2023 (+130MMT).

Grain and agribulk shipments followed typical seasonal patterns, with strong South American soybean flows offset by softer Middle East–bound volumes, where rerouting and execution risk linked to the Strait of Hormuz limited trade visibility. Looking ahead, evolving El Niño conditions may further reshape trade flows. Potential drought impacts in Australia could weigh on grain export volumes, while improved weather conditions in Latin America are expected to support stronger harvests and higher export availability. This shift in regional supply dynamics would likely increase average voyage distances, providing incremental tonne-mile demand for the Kamsarmax/Panamax dry bulk fleet. In addition, El Niño-related constraints on Panama Canal draught levels tend to disproportionately impact the Kamsarmax segment, meaning that Panama Canal transits may become constrained during peak US agribulk export season in Q4 2026, driving additional re-routing and a corresponding increase in tonne-mile demand.

On the supply side, effective fleet growth remained constrained despite a gradually expanding newbuilding orderbook (Capesize OB/F 14.57%; Panamax OB/F 14.26%). A combination of slower sailing speeds (down 2.9% since the start of Operation Epic Fury), elevated bunker prices, periodic congestion, and temporary vessel displacement linked to geopolitical disruptions continued to limit effective capacity. Simultaneously, the fleet is ageing rapidly. Vessels delivered during the 2000–2008 ordering cycle are now approaching 20 years of age. By 2030, an estimated 39% of the fleet will be 20 years or older, an evolution that is already having a tangible impact on fleet efficiency. Capesize vessels transitioning from 17 to 18 years of age typically experience an average utilisation decline of approximately 13% in that year alone, with utilisation falling by a further 31% over the subsequent five years. Next to constrained yard capacity, also elevated newbuilding prices further constrain supply growth. At current time charter rate levels, returns do not meet an 8% unlevered hurdle, acting as a natural brake on new ordering activity. Absent a sustained increase in freight rates, the conditions required to trigger a meaningful fleet renewal cycle are unlikely to materialise.

Bocimar has 38 (+8NB) Newcastlemaxes on the water (average age 3.2y), 37 Capesize vessels on the water (average age 11.2), and 30 Kamsarmax/Panamax vessels on the water (average age 6.9y).

Bocimar performance highlights (in USD):

 TCE Q1 2026QTD Q2 2026Newcastlemax28,12044,105 (80% fixed)Capesize26,10437,701 (73% fixed)Kamsarmax/Panamax14,57819,402 (74% fixed) Euronav – Tanker Markets3

Crude tanker markets experienced exceptional volatility during Q1 2026, primarily driven by escalating geopolitical tensions in the Middle East and the disruption of shipping flows through the Strait of Hormuz. Transit volumes through the Strait declined materially, temporarily removing a meaningful portion of the VLCC (115 vessels) and Suezmax (24 vessels) fleets from effective supply. The resulting scramble for available tonnage led to sharp spikes in spot freight rates across key benchmark routes. However, it is important to note that parts of this rate surge were largely indicative, as actual fixture activity in the Middle East remained almost non-existent during the period, rendering some benchmarks effectively paper based. Against this backdrop, VLCC time charter equivalent (TCE) earnings averaged USD 156,601 per day in Q1 2026, compared to a 10-year historical average of USD 46,504 per day. Suezmax earnings followed a similar trajectory, with Q1 2026 TCE averaging USD 152,067 per day versus a 10-year average of USD 44,565 per day.

Over time, the disruption to crude oil flows has driven a gradual rebalancing of global trade patterns. Increased reliance on Atlantic Basin supply, most notably higher U.S. crude exports to Europe and Asia, has materially extended voyage distances and supported tonne-mile demand. In parallel, strategic stock releases and inventory drawdowns by consuming countries have partially alleviated immediate oil supply shortages, while reinforcing long-haul trading activity and vessel demand. By mid-April, with the Strait of Hormuz still effectively closed, a growing number of ballasting vessels repositioned to the U.S. Gulf, creating a growing risk of oversupply in the Atlantic basin and exerting downward pressure on spot rates as tonnage availability starts to gradually outpace cargo demand. On March 2nd, the TD22 USG (TCE) stood at 154,565 USD/day, spiking at 216,221 USD/day at March 4th, and cooling down gradually over the next weeks to 93,961 USD/day by April 30th. Over the same period, the VLCC utilisation (ratio laden versus ballasters) declined materially, and the number of VLCCs West of Suez increased by 28.8%. This pressure is expected to persist the longer the Strait remains closed, reinforced with broader macroeconomic implications and more pronounced effects on tanker demand.

Once reopened, restocking of global inventories, either to pre-conflict levels or even higher as a buffer against ongoing geopolitical risk, is likely to underpin tanker demand and freight rates. However, over the medium term, the market may revert back to its oversupplied conditions, potentially further accelerated by the United Arab Emirates’ decision to exit OPEC/OPEC+ effective 1 May. In addition, current elevated oil prices and energy dependence are also expected to have a lasting impact on global consumption patterns. Chinese NEV (new energy vehicle) exports continue to set new records, with March year-on-year growth of a staggering 135%. In addition, increased investment in renewable energy as part of broader energy security and independence strategies is expected to accelerate. Chinese solar exports hit 68 GW in March, doubling February volume. South-East Asia leading the jump with march PV imports +200% vs Feb as South-East Asia oil shock fuels search for energy alternatives and independence.

On the supply side, fleet orders increased significantly over the last months. The current OB/F stands at 27.36% for VLCCs, and 28.04% for Suezmaxes – with other databases already reporting OB/F’s 32.6% and 30.6%, respectively. Thereby crude tanker supply surpasses crude tanker tonne-mile trade demand in both 2026 (by -6.8%) and 2027 (by -2.7%). At the same time, fleet aging remains a key consideration. Currently, 43% of VLCCs and 41% of Suezmaxes are older than 15 years, indicating that a significant portion of the fleet will surpass 20 years of age within the next five years.

Euronav has 2 FSOs (average age 24y), 4 (+2NB) VLCCs (average age 1.8y) and 18 Suezmaxes (average age 7.2y) on the water.

Euronav performance highlights (in USD):

 TCE Q1 2026QTD Q2 2026VLCC70,204182,731 (81% fixed)SUEZMAX91,849122,147 (83% fixed)  Delphis – Container Markets4

The conflict in the Middle East has significantly disrupted regional container flows. The Strait of Hormuz is effectively closed to regular container traffic, having previously accounted for around 10% of global boxship capacity calls. Across all container vessel sizes, 129 vessels are currently trapped inside the Persian Gulf, and vessel transits through the strait have dropped sharply to fewer than one per day in March, compared to 20–25 prior to the conflict. Operators are increasingly relying on alternative logistics solutions, including land-based routing via Red Sea ports. Disruption effects are also spreading beyond the immediate region, with congestion hotspots emerging and operational inefficiencies increasing, port capacity utilisation in the Indian Subcontinent has surged to record levels, while average vessel speeds have declined with 2.1%. Expectations for a return to normal Red Sea transits have been pushed further out (again), as liner companies delay rerouting plans amid continued security concerns, including renewed threats in the Gulf of Aden, where containership transits have fallen to an 18-month low.

Hence, container shipping markets unexpectedly strengthened again in March. Time charter rates rose to new post-pandemic highs (and the highest level since September 2022), reflecting increased chartering activity from liner operators seeking to manage operational uncertainty. Freight markets experienced more pronounced impacts, particularly on routes to and from the Middle East Gulf, where disruption has driven higher costs. Elevated bunker prices have also contributed to broader rate increases, with the SCFI spot index rising by 43.3% since end-February to date.

Despite recent strength, market fundamentals suggest a potential softening later in 2026 again. Global seaborne container trade in billion TEU-miles is currently projected to grow by only 1.1% in 2026, down from 4.9% in 2025, and declining further in 2027 by -6.6%. The OB/F ratio stands at 37.7%, and fleet supply is expected to expand by 4.7% in 2026 and 7.6% in 2027. Trade growth forecasts have been revised downward in light of Middle East developments, with regional volumes likely to remain under pressure in the near term. Broader macroeconomic effects, including higher energy costs, are also expected to weigh on global trade flows, though the extent and duration of these impacts remain uncertain.

CMB.TECH’s 4 x 6,000 TEU (average age 1.8y) and 1 NB 1,400 TEU container vessels are all employed under 10 to 15-year time charter contracts.

Bochem – Chemical Markets5

Often overlooked, the Strait of Hormuz is also a critical passage for the global chemical tanker market. Arabian Gulf countries account for approximately 27 million tonnes of chemical exports, and while the strait represents only around 10% of total global chemical exports, its importance is far greater for specific trades. More than 20% of global organic chemical exports transit this route, with methanol, ethylene glycol and styrenics most affected. Asian markets were particularly exposed given their reliance on Middle Eastern supply.

In the immediate aftermath of the disruption, freight rates were supported by vessel dislocation, longer sailing distances and sharply higher war‑risk and insurance costs, despite weakening cargo volumes. As the quarter progressed, reduced Gulf exports translated into outright volume losses, force majeure declarations and lower operating rates at Asian petrochemical plants dependent on Middle Eastern feedstocks. Given the limited availability of alternative supply sources outside the Arabian Gulf, a prolonged closure of the Strait of Hormuz would be expected to result in a sharp decline in global organic chemical trade.

Regional imbalances persisted, with transatlantic and intra‑Asian trades remaining comparatively more resilient than Middle East‑linked routes. By the end of Q1, freight rate resilience increasingly contrasted with deteriorating underlying trade fundamentals, particularly for coated tonnage with higher exposure to organic chemicals.

Looking ahead, chemical tanker demand measured in billion tonne‑miles is forecast to contract by 2.1% in 2026, before recovering by 3.9% in 2027. Fleet supply growth is expected to exceed demand, with the global chemical tanker fleet projected to expand by 8.9% in 2026 and 6.4% in 2027.

Bochem’s 25,000 DWT chemical tankers fleet comprises out of 8 delivered vessels, and 8 NB vessels (average age <1y). They are employed under a 10-year time charter (6 vessels), under a 7-year time charter (6 vessels), and in a spot pool (2 vessels).

Bochem performance highlights (in USD):

 TCE Q1 2026QTD Q2 202625k DWT stainless Steel (Pool)21,45821,063 (33% fixed) Windcat – Offshore Energy Markets6

The CSOV market remained robust in early 2026, with CSOVs benefiting from strong activity over the winter off-season. In Q1, virtually all top-tier CSOVs in Europe found work, a second consecutive winter of near-full utilisation, reflecting healthy demand from both offshore wind and oil & gas projects. Charter rates held firm through the winter stepped up sharply for summer-season contracts, with average spring/summer fixing levels around TCE 58,000–67,000 USD/day and some short-term or oil & gas jobs exceeding TCE of 70,000 USD/day.

For the remainder of 2026, the outlook is positive. Peak summer installation activity is expected to keep CSOVs well employed at solid day rates. However, vessel supply will expand as more than 20 new CSOV deliveries arrive this year, which could introduce excess capacity towards the end of the year (the traditionally quieter winter period) and ease the ultra-tight market conditions seen recently. Nonetheless, rising interest from the oil & gas sector, for example, recent CSOV charters for Brazilian offshore campaigns, provides an additional demand driver, and steady operations & maintenance needs from the growing installed base of wind farms should help support utilisation even if wind project starts slow temporarily. Meanwhile, broader geopolitical factors underline the strategic importance of energy independence: heightened energy security concerns amid current Middle East tensions (including potential disruptions in critical shipping routes) are prompting governments to accelerate both renewable offshore wind projects and oil & gas hydrocarbon investment. These trends, together with disciplined newbuild ordering (no new CSOVs were ordered in Q1 2026), underpin a constructive longer-term demand picture for CSOVs.

The CTV market also saw a solid start to 2026. After a slow January, chartering activity picked up through Q1, by May, the vast majority of European CTVs has been booked for the 2026 maintenance season, with only a handful of vessels left on the spot market. Larger 12- and 24-pax vessels with superior seakeeping and deck capacity were again the preferred choice for most clients. Day rates have remained broadly in line with last year’s levels, with a slight upward trend observed as the season approaches.

Looking ahead, CTV utilisation is expected to stay high through the summer months amid steady offshore service demand. Supply-side dynamics remain favourable: new vessel introductions in 2026 are modest and focused on modern, higher-capacity designs, while ongoing industry consolidation has reduced the risk of overcapacity.

Windcat has 3 (+4NB) CSOVs, and 59(+4NB) CTVs (average age 10.4y).

Windcat performance highlights (in USD):

 TCE Q1 2026QTD Q2 2026CSOV64,83762,301 (100% fixed)CTV2,6093,414 (91% fixed) CONFERENCE CALL
The call will be a webcast with an accompanying slideshow. You can find the details of this conference call below and on the “Investor Relations” page of the website. The presentation, recording & transcript will also be available on this page.

Webcast Information Event Type: Video conference call with slide presentationEvent Date:19 May 2026Event Time:8 a.m. EST / 2 p.m. CETEvent Title: “Q1 2026 Earnings Conference Call”Event Site/URL:  https://events.teams.microsoft.com/event/9600de65-6747-468b-bb10-eb435b6a1780@d0b2b045-83aa-4027-8cf2-ea360b91d5e4 To attend this conference call, please register via the following link.

Telephone participants who are unable to pre-register may dial in to the respective number of their location (to be found here). The Phone conference ID is the following: 266 848 625#

Annual General Meeting – 21 May 2026

About CMB.TECH

CMB.TECH (all capitals) is one of the largest listed, diversified and future-proof maritime groups in the world with a combined fleet of about 250 vessels: dry bulk vessels, crude oil tankers, chemical tankers, container vessels and offshore energy vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers.

CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia and Africa.

CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT” and on Euronext Oslo Børs under the ticker symbol “CMBTO”.

More information can be found at https://cmb.tech

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

This information is published in accordance with the requirements of the Continuing Obligations on Euronext Oslo Børs.

Contact

CMB.TECH
Katrien Hennin
Head of Marketing and Communications
+32 499 39 34 70
[email protected]

Joris Daman
Head of Investor Relations
Tel: +32 498 61 71 11
[email protected]

Condensed consolidated interim statement of financial position (unaudited)

(in thousands of USD)

          March 31, 2026  December 31, 2025ASSETS             Non-current assets      Vessels          6,441,456  6,323,773Assets under construction          759,807  738,298Right-of-use assets          5,563  4,847Other tangible assets          35,266  23,981Prepayments          —  1,075Intangible assets          13,956  12,710Goodwill          190,689  177,022Receivables          97,794  97,116Investments          132,308  111,346Deferred tax assets          2,705  2,850       Total non-current assets  7,679,544  7,493,018       Current assets      Inventory          82,820  77,175Trade and other receivables          350,513  320,843Current tax assets          3,417  4,912Short-term investments          8,271  —Cash and cash equivalents          194,600  146,529   639,621  549,459       Non-current assets held for sale          137,513  363,097       Total current assets  777,134  912,556       TOTAL ASSETS  8,456,678  8,405,574              EQUITY and LIABILITIES             Equity      Share capital          343,440  343,440Share premium          1,817,557  1,817,557Translation reserve          4,662  9,502Hedging reserve          499  90Treasury shares          (284,508)  (284,508)Retained earnings          1,059,646  737,239       Equity attributable to owners of the Company  2,941,296  2,623,320       Non-current liabilities      Bank loans          2,783,764  2,839,590Other borrowings          1,902,228  1,876,815Lease liabilities          4,565  3,368Other payables          1,983  —Employee benefits          1,177  1,180Provisions          450  —Deferred tax liabilities          27  485       Total non-current liabilities  4,694,194  4,721,438       Current liabilities      Trade and other payables          258,000  222,492Current tax liabilities          9,351  8,288Bank loans          180,717  351,170Other notes          200,327  203,287Other borrowings          171,124  273,898Lease liabilities          1,667  1,681Provisions          2  —       Total current liabilities  821,188  1,060,816       TOTAL EQUITY and LIABILITIES  8,456,678  8,405,574               Condensed consolidated interim statement of profit or loss (unaudited)

(in thousands of USD except per share amounts)

          2026  2025   Jan. 1 - Mar. 31, 2026  Jan. 1 - Mar. 31, 2025Shipping income      Revenue  519,630  235,044Gains on disposal of vessels/other tangible assets  267,354  46,451Other operating income  20,331  7,134Total shipping income  807,315  288,629       Operating expenses      Raw materials and consumables          (1,409)          (2,809)Voyage expenses and commissions          (104,819)  (42,404)Vessel operating expenses          (127,487)  (61,829)Charter hire expenses          (218)  (313)Depreciation tangible assets          (105,860)  (54,854)Amortisation intangible assets          (711)  (817)Impairment reversals          589          —General and administrative expenses  (27,787)  (22,847)Total operating expenses  (367,702)  (185,873)       RESULT FROM OPERATING ACTIVITIES  439,613  102,756       Finance income  12,174  6,237Finance expenses  (93,871)  (70,452)Net finance expenses  (81,697)  (64,215)       Share of profit (loss) of equity accounted investees (net of income tax)          12,096  (51)       PROFIT (LOSS) BEFORE INCOME TAX  370,012  38,490       Income tax benefit (expense)  (1,178)  1,883       PROFIT (LOSS) FOR THE PERIOD  368,834  40,373       Attributable to:      Owners of the company  368,834  43,998Non-controlling interest  —          (3,625)       Basic earnings per share  1.27  0.23Diluted earnings per share  1.27  0.23       Weighted average number of shares (basic)  290,169,769  194,216,835Weighted average number of shares (diluted)  290,169,769  194,216,835                      Condensed consolidated interim statement of comprehensive income (unaudited)

(in thousands of USD)

          2026  2025   Jan. 1 - Mar. 31, 2026  Jan. 1 - Mar. 31, 2025       Profit/(loss) for the period  368,834  40,373       Other comprehensive income (expense), net of tax      Items that will never be reclassified to profit or loss:      Remeasurements of the defined benefit liability (asset)          —          —       Items that are or may be reclassified to profit or loss:      Foreign currency translation differences  (4,840)  4,182Cash flow hedges - effective portion of changes in fair value  409  (1,184)       Other comprehensive income (expense), net of tax  (4,431)  2,998       Total comprehensive income (expense) for the period  364,403  43,371       Attributable to:      Owners of the company  364,403  46,996Non-controlling interest  —  (3,625)               Condensed consolidated interim statement of changes in equity (unaudited)

(In thousands of USD)

 Share capitalShare premiumTranslation reserveHedging reserveTreasury sharesRetained earningsEquity attributable to owners of the CompanyNon-controlling interestTotal equity          Balance at January 1, 2025239,148460,486(2,045)2,145(284,508)777,0981,192,324—1,192,324          Profit (loss) for the period        —        —        —        —        —43,99843,998(3,625)40,373Total other comprehensive income (expense)        —        —4,182(1,184)        —        —2,998—2,998Total comprehensive income (expense)        —        —4,182(1,184)        —43,99846,996(3,625)43,371          Transactions with owners of the company         Business Combination        —        —        —        —        —        41,04141,0411,346,199        1,387,240Total transactions with owners        —        —        —        —        —        41,04141,0411,346,1991,387,240          Balance at March 31, 2025239,148460,4862,137961(284,508)862,1371,280,3611,342,5742,622,935                               Share capitalShare premiumTranslation reserveHedging reserveTreasury sharesRetained earningsEquity attributable to owners of the CompanyNon-controlling interestTotal equity          Balance at January 1, 2026343,4401,817,5579,50290(284,508)737,2392,623,320—2,623,320          Profit (loss) for the period        —        —        —        —        —368,834368,834—368,834Total other comprehensive income (expense)        —        —(4,840)409        ——(4,431)—(4,431)Total comprehensive income (expense)        —        —(4,840)409        —368,834364,403—364,403          Transactions with owners of the company         Dividends to equity holders        ——        —        —        —(46,427)(46,427)—(46,427)Total transactions with owners—————(46,427)(46,427)—(46,427)          Balance at March 31, 2026343,4401,817,5574,662499(284,508)1,059,6462,941,296—2,941,296                      Condensed consolidated interim statement of cash flows (unaudited)

(in thousands of USD)

                 2026  2025   Jan. 1 - Mar. 31, 2026  Jan. 1 - Mar. 31, 2025       Net cash from (used in) operating activities  167,351  33,444       Net cash from (used in) investing activities  204,408  (1,243,591)       Net cash from (used in) financing activities  (324,547)  1,341,620       Net increase (decrease) in cash and cash equivalents  47,212  131,473       Net cash and cash equivalents at the beginning of the period  146,529  38,869Effect of changes in exchange rates  859  (7,457)       Net cash and cash equivalents at the end of the period  194,600  162,886        1 Source: AXS Marine, Clarksons SIN, Breakwave Advisors, BRS, S&P Global, Arctic, Reuters, Rio Tinto, Arrow
2 On 1 January 2026, the Baltic Exchange recalibrated its Capesize index by changing the standard reference vessel from a 180,000 DWT ship to a 182,000 DWT “eco” design. This update increased the baseline Baltic Capesize Index (BCI) time charter average by roughly $3,500 per day
3 Source: AXS Marine, Clarksons SIN, IEA, Commodore Research, Ember
4 Source: Clarksons SIN
5 Source: Clarksons SIN, American Chemical Society, Drewry
6 Source: Clarksons Offshore

CMBT_Q1_2026_Earnings_release_

CMB.TECH NV (CMBT) Q1 2026 Earnings Call Transcript

New integrated workflow combines icIEF fractionation and mass photometry Enables direct characterization of aggregation and size within icIEF-resolved charge variants Four-hour workflow reduces development risk and accelerates biosimilar manufacturing , /PRNewswire/ -- Bio‑Techne Corporation (NASDAQ: TECH), a global provider of life science tools, reagents and diagnostic products, and Refeyn, the pioneer in mass photometry technology, today announced a first‑of‑its‑kind integrated workflow for the characterization of charge and size variants in bispecific antibodies and biosimilars.

By combining R&D Systems MauriceFlex™ imaged capillary isoelectric focusing (icIEF) fractionation system with Refeyn's TwoMP mass photometry platform, researchers can directly correlate charge heterogeneity with molecular weight and aggregation at single‑molecule resolution in a streamlined four‑hour workflow.

Bispecific antibodies are among the fastest-growing classes of biotherapeutics, but their structural complexity makes thorough characterization challenging. Incomplete characterization can delay development, increase manufacturing risk, and lead to costly late‑stage failures.

The MauriceFlex™ system delivers high-resolution separation and fractionation of charge variants, a capability increasingly expected in regulatory submissions. However, analyzing the size and aggregation of individual charge fractions has historically been difficult due to the large sample requirements of traditional methods.

The integrated workflow addresses this challenge directly by pairing icIEF fractionation with mass photometry. Charge variants are first separated using MauriceFlex™, then analyzed on Refeyn's TwoMP platform, which requires only nanogram‑level sample and reveals size distribution and aggregation at single‑molecule resolution.

Together, the technologies enable direct characterization of aggregation and size within icIEF-resolved charge variants—an insight not accessible with standalone methods—reducing reliance on multiple tests and enabling faster, more efficient process development.

"Bispecifics are the fastest growing segment within next‑generation antibodies, but they are very difficult to characterize. This approach directly addresses one of the biggest challenges by combining icIEF fractionation with mass photometry. Researchers can now interrogate charge and size variants together in a single workflow," said Gerry Mackay, CEO of Refeyn.

"Our customers are under intense pressure to develop and manufacture increasingly complex biologics faster and more efficiently. Enabling deeper characterization with less sample helps them reduce risk, control costs, and make better decisions earlier in development," said Will Geist, President Bio‑Techne Protein Sciences Segment.

In a joint webinar, scientists demonstrated the workflow using Mosunetuzumab‑axgb and a biosimilar, tracking size-related changes in the molecule across charge variant fractions under multiple conditions. An application note with full findings is available here.

The workflow will also be presented at the American Society for Mass Spectrometry (ASMS) conference, taking place May 31 – June 4, 2026, in San Diego. See booth and poster details here

ABOUT BIO‑TECHNE

Bio‑Techne Corporation (NASDAQ: TECH) is a global life sciences company headquartered in Minnesota, celebrating 50 years of empowering scientific and diagnostic communities to reach better answers. The company provides high‑quality reagents, analytical instruments, and precision diagnostics. Its portfolio is organized into three customer‑focused brands: R&D Systems™, Bio‑Techne Spatial™, and Bio‑Techne Diagnostics™, reflecting the scientific journey from discovery to translational research to clinical decision making. Bio‑Techne operates in 34 locations worldwide and employs approximately 3,000 people. In fiscal year 2025, the company generated over $1.2 billion in net sales. Its more than 500,000 products are used globally by academic researchers, biopharmaceutical and biotechnology companies, and clinical diagnostic laboratories.

For more information on Bio‑Techne, please visit www.bio-techne.com or follow the company on LinkedIn, X, or YouTube.

ABOUT REFEYN

Refeyn specializes in the development, production, and distribution of mass photometry solutions for industry and academia. Its innovative technology enables accurate mass measurement of single molecules in their native state without labels, delivering faster insights with minimal sample compared to conventional methods.

For more information on Refeyn, please visit www.refeyn.com or follow the company on LinkedIn or YouTube.

MEDIA CONTACTS:

Bio‑Techne
David Clair, Vice President Investor Relations
[email protected] 

Corporate Communications
[email protected] 

Refeyn
Catie Lichten
Scientific Communications Manager
[email protected] 

SOURCE Bio-Techne Corporation