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First quarter 2026 Highlights

Completed strategic evolution to assume control of Markel program and 100% of premium post transition to fronting arrangement Strong underlying operational performance with growth in written premiums, earned premium and members Transition to fronting arrangement resulted in decrease to reported revenue as previously disclosed Written Premium increased 18% to $289 million Policies in force increased 15% to 1.8 million with a record 112,000 new policies added in the first quarter Earned premium increased 42% to $240 million Net Loss of $13 million, including $89 million of pre-tax Markel Fronting Arrangement transitional costs, compared to Net Income of $27 million in the prior year period Adjusted EBITDA (a non-GAAP measure) increased 77% to $85 million, compared to $48 million in the prior year period Reaffirmed 2026 Outlook for Written Premium growth of 15% to 16% , /PRNewswire/ -- Hagerty, Inc. (NYSE: HGTY) makes it easier and more enjoyable for car enthusiasts to drive and celebrate the vehicles they love — through specialty vehicle insurance, live and digital auctions, engaging media and events, and the Hagerty Drivers Club, the world's largest membership community of car lovers. Today the company announced financial results for the three months ended March 31, 2026.

"First quarter results and the breadth of momentum across our ecosystem give us increasing confidence in our full year outlook that we reaffirmed today. We delivered 18% written premium growth in the first quarter, ahead of our full year outlook, and earned premium growth of 42% with the January 1, 2026 increase in quota share to 100%. 2026 is performing better than expected economically, even if the financial presentation looks different as we transition to the new Markel Fronting Arrangement. The presentation is different but the business is not, as we delivered another quarter of record growth," said McKeel Hagerty, Chief Executive Officer and Chairman of Hagerty.

"Our business momentum is showing up across the ecosystem - and Broad Arrow is no exception. During the first quarter, Broad Arrow hosted the most successful sale in the 31-year history of Amelia Car Week, delivering $111 million in total sales with a 92% sell-through rate and over 1,000 bidders from 23 countries. Results like this are the product of four decades of building trust, one member and one partner at a time, and they reflect exactly the kind of member-centric company that Hagerty is building for the long-term," added Mr. Hagerty.

FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS

First quarter 2026 Written Premium increased 18% year-over-year to $289 million First quarter 2026 Earned Premium increased 42% year-over-year to $240 million, driven by the combination of strong written premium growth and the January 1, 2026 transition to 100% quota share under the new fronting arrangement Policies in Force Retention was 88.5% as of March 31, 2026 compared to 89.0% in the prior year period, and policies in force count increased 15% year-over-year to 1.8 million First quarter 2026 Commission and fee revenue decreased 84% year-over-year to $16 million, as Markel commission revenue is eliminated upon consolidation under the new fronting arrangement First quarter 2026 Marketplace revenue decreased 12% year-over-year to $26 million, with strong year-over-year growth in auction sales at The Amelia offset by lower inventory sales from the prior year's one-time sale of vehicles acquired from The Academy of Art University Collection First quarter 2026 Membership and other revenue increased 6% year-over-year to $22 million Hagerty Drivers Club (HDC) paid members increased 6% year-over-year to over 940,000 First quarter 2026 Net investment income increased 13% year-over-year to $10 million First quarter 2026 Total Revenue decreased 5% year-over-year to $312 million, reflecting the transition to the Markel Fronting Arrangement First quarter 2026 Loss before taxes of $21 million, including $89 million of Markel Fronting Arrangement transitional costs First quarter 2026 Hagerty Re Loss Ratio was 38.4% compared to 42.0% in the prior year period, including $6 million of favorable prior accident year loss development First quarter 2026 Hagerty Re Combined Ratio was 86.5% compared to 88.5% in the prior year period Transition to new fronting arrangement and Article 7 reporting results in a different classification of certain expenses, impacting the period-to-period comparability of Policy acquisition costs, net (+$25 million), Underwriting and other insurance expenses (+$58 million), and Selling, general, and administrative expenses (-$72 million) First quarter 2026 Net Loss of $13 million, including $89 million of pre-tax Markel Fronting Arrangement transitional costs, compared to Net Income of $27 million in the prior year period First quarter 2026 Adjusted EBITDA (a non-GAAP measure) increased 77% year-over-year to $85 million, compared to $48 million in the prior year period First quarter 2026 Basic and Diluted Loss Per Share were $(0.06); Adjusted Diluted Loss Per Share (a non-GAAP measure) was $(0.04) The Company had $212 million of unrestricted cash and $229 million of total debt, $110 million of which was back leverage for Broad Arrow Capital's portfolio of loans collateralized by collector cars The definitions and reconciliations of non-GAAP financial measures are provided under the heading Key Performance Indicators and Certain Non-GAAP Financial Measures at the end of this press release.

2026 OUTLOOK - SUSTAINED COMPOUNDING GROWTH

We believe 2026 is on track to be another great year of underlying profit growth for Hagerty as our team executes on our long-term plan to deliver compounding premium growth through investing in our long-term competitive advantages with our member-centric approach. As of January 1, 2026, we moved to a 100% quota share arrangement with our long-term partner, Markel, where we retain 100% of the premium and risk from our high-quality, historically low volatility underwriting. We also remain focused on delivering this growth more efficiently through the benefits of scale, continued cost discipline, and investments in our technology platform.

For full year 2026, Hagerty anticipates: Written Premium growth of 15% to 16% Total Revenue change of (12)% to (11)%, as Markel-related commission revenue is eliminated under the Markel Fronting Arrangement1 Net Loss of $(51) million to $(41) million, including ~$190 million of Markel Fronting Arrangement transitional costs2 Adjusted EBITDA of $236 million to $247 million

2026 Outlook ($)

2026 Outlook (%)

in thousands

2025 Results

Low End

High End

Low End

High End

Total Written Premium

$1,193,548

$1,373,000

$1,385,000

15 %

16 %

Total Revenue1

$1,456,389

$1,280,000

$1,300,000

(12) %

(11) %

Net Income (Loss)2, 3

$149,225

$(51,000)

$(41,000)

N/M

N/M

Adjusted EBITDA4

$236,791

$236,000

$247,000

— %

4 %

1

Revenue guidance reflects the accounting impact of the Markel Fronting Arrangement. Beginning in 2026, we now control the Essentia book of business with the benefit of our MGA services received by Hagerty Re and not Essentia. As a result, commission revenue and the associated ceding commission expense for policies issued through the Markel Fronting Arrangement are now eliminated in consolidation. Although we expect the arrangement to result in increased profitability (as reflected in Adjusted EBITDA), reported commission revenue and ceding commission expense will be significantly lower than prior periods, affecting period-to-period comparability. 2025 commission revenue associated with our alliance agreement with Markel was $437 million and ceding commission expense related to the Company's reinsurance quota share agreement with Markel was $344 million in 2025.

2

The projected Net Loss includes approximately $190 million of pre-tax transitional costs related to the Markel Fronting Arrangement representing deferred ceding commissions paid to Markel for policies written prior to January 1, 2026, which will be fully amortized ratably over the remaining term of those policies throughout 2026. This amortization will decline from $89 million in Q1 2026 to approximately $10 million in Q4 2026 as 2025 policies expire. Excluding these transitional costs, we expect 2026 to reflect underlying profitability improvement.

3

Full year 2025 Net Income includes (i) the benefit from the $42 million release of a portion of our valuation allowance, partially offset by a $32 million loss related to the change in value of the TRA liability; and (ii) a $21 million reduction in reserves in the fourth quarter, primarily related to favorable development for the 2024 accident year and improvement in current accident year experience.

4

See Non-GAAP Financial Measures below for additional information regarding this non-GAAP financial measure.

N/M = Not meaningful

Conference Call Details
Hagerty will hold a conference call to discuss the financial results on Wednesday, May 6, 2026 10:00 am Eastern Time. A webcast of the conference call, including its Investor Presentation highlighting first quarter 2026 financial results, will be available on Hagerty's investor relations website at investor.hagerty.com. The dial-in for the conference call is (877) 423-9813 (toll-free) or (201) 689-8573 (international). Please dial the number 10 minutes prior to the scheduled start time.

A webcast replay of the call will be available at investor.hagerty.com following the call.

Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements we provide, other than statements of historical fact, are forward-looking statements, including those regarding Hagerty's future operating results and financial position, Hagerty's business strategy and plans, products, services, and technology implementations, market conditions, growth and trends, expansion plans and opportunities, and Hagerty's objectives for future operations. The words "anticipate," "believe," "envision," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," "ongoing," "contemplate," and similar expressions, and the negatives of these expressions, are intended to identify forward-looking statements.

Hagerty has based these forward-looking statements largely on current expectations about future events, which may not materialize. Actual results could differ materially and adversely from those anticipated or implied in forward-looking statements. These factors include, among other things, Hagerty's ability to: (i) compete effectively within Hagerty's industry and attract and retain insurance policyholders and paid Hagerty Drivers Club ("HDC") subscribers; (ii) maintain key strategic relationships with Hagerty's insurance distribution and underwriting carrier partners; (iii) prevent, monitor, and detect fraudulent activity; (iv) manage risks associated with disruptions, interruptions, outages, or other issues with Hagerty's technology platforms or use of third-party services; (v) accelerate the adoption of Hagerty's membership and marketplace products and services, as well as any new insurance programs and products offered; (vi) successfully implement the fronting arrangement consummated with Markel and realize the anticipated benefits while also managing the increased exposure to underwriting volatility, catastrophes, reinsurance counterparty risk, and legal, compliance, and regulatory risks resulting from the shift to Hagerty Re assuming 100% of the risk for policies written through this arrangement; (vii) underwrite and price new products, including Enthusiast+, consistent with expected loss ratios and risk tolerances; (viii) execute Broad Arrow's private sale, auction, and financing strategies; (ix) manage the cyclical nature of the insurance business and broader macroeconomic conditions, including inflation, interest rates, and potential recessionary pressures; (x) achieve Hagerty's investment objectives and avoid losses in the investment portfolio; (xi) address unexpected increases in the frequency or severity of claims, including catastrophe losses; and (xii) comply with numerous laws and regulations applicable to Hagerty's business, including without limitation state, federal, and foreign laws relating to insurance and rate increases, privacy and cybersecurity, marketing and advertising, digital services, accounting matters, tax, anti-money laundering, and economic sanctions.

The forward-looking statements in this release represent Hagerty's views as of the date hereof. You should not rely on forward-looking statements as predictions of future events. We operate in a very competitive and rapidly changing environment and new risks emerge from time to time. This presentation should be read in conjunction with the information included in filings with the SEC and press releases. Understanding the information contained in these filings is important in order to fully understand Hagerty's reported financial results and business outlook for future periods. In addition, this presentation contains certain "non-GAAP financial measures". The non-GAAP measures are presented for supplemental informational purposes only. These financial measures are not recognized measures under GAAP and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Reconciliations to the most directly comparable financial measure calculated and presented in accordance with GAAP are provided in the appendix to this presentation.

About Hagerty
Hagerty is a company built by drivers for drivers, protecting 2.9 million vehicles in the United States, Canada and the UK. We make it easier and more enjoyable for car enthusiasts to drive and celebrate the vehicles they love through innovative vehicle insurance products, live and digital auctions, engaging media and events, and the Hagerty Drivers Club, the world's largest membership community of car lovers.

For more information, please visit www.hagerty.com or www.newsroom.hagerty.com. Never Stop Driving®.

Category: Financial
Source: Hagerty

Hagerty, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

Three months ended March 31,

2026

2025

$ Change

% Change

REVENUES:

in thousands (except percentages and per share amounts)

Earned premium, net

$    239,642

$    169,355

$      70,287

41.5 %

Commission and fee revenue

16,435

100,287

(83,852)

(83.6) %

Marketplace revenue

25,652

29,086

(3,434)

(11.8) %

Membership and other revenue

22,127

20,865

1,262

6.0 %

Net investment income

10,263

9,058

1,205

13.3 %

Net investment losses

(2,289)

(315)

(1,974)

N/M

Total revenue

311,830

328,336

(16,506)

(5.0) %

EXPENSES:

Losses and loss adjustment expenses

97,919

71,130

26,789

37.7 %

Policy acquisition costs, net

101,922

77,333

24,589

31.8 %

Underwriting and other insurance expenses

59,588

1,357

58,231

N/M

Selling, general, and administrative expenses

72,416

144,045

(71,629)

(49.7) %

Interest expense and other, net

922

1,689

(767)

(45.4) %

Total expenses

332,767

295,554

37,213

12.6 %

INCOME (LOSS) BEFORE TAXES

(20,937)

32,782

(53,719)

(163.9) %

Income tax (expense) benefit

8,192

(5,489)

13,681

N/M

NET INCOME (LOSS)

(12,745)

27,293

(40,038)

(146.7) %

Net (income) loss attributable to non-controlling interest

8,254

(18,922)

27,176

143.6 %

Accretion of Series A Convertible Preferred Stock

(2,030)

(1,875)

155

8.3 %

NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS

$      (6,521)

$        6,496

$     (13,017)

(200.4) %

Earnings (loss) per share of Class A Common Stock:

Basic

$        (0.06)

$         0.07

Diluted

$        (0.06)

$         0.07

Weighted average shares of Class A Common Stock outstanding:

Basic

101,034

90,047

Diluted

101,034

346,311

N/M = Not meaningful

Hagerty, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

March 31,

December 31,

2026

2025

ASSETS

in thousands (except share amounts)

Fixed maturity securities available-for-sale, at fair value (amortized cost: $670,922 in 2026, $687,813 in 2025)

$           673,100

$           696,271

Equity securities, at fair value

47,804

34,871

Total investments

720,904

731,142

Cash and cash equivalents

212,371

160,177

Restricted cash and cash equivalents

154,362

138,823

Accounts receivable

27,993

98,872

Premiums receivable

92,446

180,529

Deferred acquisition costs, net

143,552

179,224

Reinsurance recoverables

11,863

15,296

Prepaid reinsurance premiums

40,405

21,950

Notes receivable

148,944

113,887

Intangible assets, net

89,125

88,915

Goodwill

114,150

114,164

Deferred tax assets

40,092

43,011

Other assets

228,386

207,986

TOTAL ASSETS

$         2,024,593

$         2,093,976

LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY

Accounts payable and accrued expenses

$            85,847

$           111,947

Advance premiums

50,748

28,287

Due to insurers

14,366

94,930

Losses payable and reserves for unpaid losses and loss adjustment expenses

203,987

264,204

Unearned premiums

508,003

412,058

Ceding commissions payable

1,870

86,165

Debt, net

228,608

177,907

Contract liabilities

46,383

46,450

Deferred tax liability

5,697

23,489

Tax receivable agreement liability

38,284

39,829

Other liabilities

106,757

61,684

TOTAL LIABILITIES

1,290,550

1,346,950

Commitments and Contingencies

—

—

TEMPORARY EQUITY

Preferred stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible Preferred Stock issued and outstanding as of March 31, 2026 and December 31, 2025) 1

88,648

86,618

STOCKHOLDERS' EQUITY

Class A Common Stock, $0.0001 par value (500,000,000 shares authorized, 101,085,283 and 100,706,893 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)

10

10

Class V Common Stock, $0.0001 par value (300,000,000 authorized, 241,552,156 shares issued and outstanding as of March 31, 2026 and December 31, 2025)

24

24

Additional paid-in capital

626,166

623,013

Accumulated earnings (deficit)

(407,451)

(402,960)

Accumulated other comprehensive income (loss)

(66)

1,229

Total stockholders' equity

218,683

221,316

Non-controlling interest

426,712

439,092

Total equity

645,395

660,408

TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY

$         2,024,593

$         2,093,976

1

The Series A Convertible Preferred Stock is recorded within Temporary Equity because it has equity conversion and cash redemption features.

Hagerty, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

Three months ended March 31,

2026

2025

OPERATING ACTIVITIES:

in thousands

Net income (loss)

$           (12,745)

$            27,293

Adjustments to reconcile net income (loss) to net cash from operating activities:

Loss on disposals of equipment, software, and other assets

213

1,136

Depreciation and amortization

9,706

9,488

Provision for deferred taxes

(13,528)

(939)

Share-based compensation expense

4,617

4,392

Non-cash lease expense

2,108

2,109

Net investment losses

2,289

315

(Accretion) amortization of discount and premium, net

(1,358)

(1,184)

Amortization of gain on loss portfolio transfer

(1,308)

—

Other

575

1,852

Changes in assets and liabilities:

Accounts and premiums receivable

157,636

(42,812)

Deferred acquisition costs, net

35,672

4,196

Reinsurance recoverables

3,433

(7,561)

Prepaid reinsurance premiums

(18,455)

(8,285)

Advance premiums

22,512

19,921

Due to insurers

(80,441)

25,336

Losses payable and reserves for unpaid losses and loss adjustment expenses

(60,217)

(14,958)

Unearned premiums

95,945

(5,377)

Ceding commissions payable

(84,295)

1,926

Other assets and liabilities, net

(46,106)

26,982

Net Cash Provided by Operating Activities

16,253

43,830

INVESTING ACTIVITIES:

Capital expenditures

(7,712)

(5,389)

Issuance of notes receivable

(48,133)

(9,886)

Collection of notes receivable

14,014

1,650

Purchases of fixed maturity securities

(149,982)

(39,150)

Purchases of equity securities

(51,041)

(246)

Proceeds from maturities and sales of fixed maturity securities

167,537

48,526

Proceeds from sales of equity securities

35,405

247

Other investing activities

(13)

(233)

Net Cash Used in Investing Activities

(39,925)

(4,481)

FINANCING ACTIVITIES:

Repayments of debt

(6,159)

(120,880)

Proceeds from debt, net of issuance costs

57,911

160,067

Proceeds from loss portfolio transfer

50,500

—

Claims payments made from loss portfolio transfer

(9,248)

—

Distributions paid to non-controlling interest unit holders

(359)

(24,676)

Funding of TRA Liability payments

(1,545)

(223)

Funding of employee tax obligations upon vesting of share-based payments

(61)

(44)

Net Cash Provided by Financing Activities

91,039

14,244

Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents

366

(130)

Change in cash and cash equivalents and restricted cash and cash equivalents

67,733

53,463

Beginning cash and cash equivalents and restricted cash and cash equivalents

299,000

232,845

Ending cash and cash equivalents and restricted cash and cash equivalents

$           366,733

$           286,308

Key Performance Indicators and Non-GAAP Financial Measures

Key Performance Indicators

The tables below present a summary of our Key Performance Indicators, which include important operational metrics, as well as certain financial measures prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and non-GAAP financial measures. We use these Key Performance Indicators to evaluate our business, measure our performance, identify trends against planned initiatives, prepare financial projections, and make strategic decisions. We believe these Key Performance Indicators are useful in evaluating our performance when read together with our Condensed Consolidated Financial Statements prepared in accordance with GAAP.

Three months ended March 31,

2026

2025

Change

GAAP Financial Measures

dollars in thousands (except per share amounts)

Total Revenue 1

$   311,830

$   328,336

$    (16,506)

(5.0) %

Income (loss) before taxes

$    (20,937)

$     32,782

$    (53,719)

(163.9) %

Net Income (Loss)

$    (12,745)

$     27,293

$    (40,038)

(146.7) %

Basic Earnings (Loss) Per Share

$       (0.06)

$        0.07

$       (0.13)

(185.7) %

Diluted Earnings (Loss) Per Share

$       (0.06)

$        0.07

$       (0.13)

(185.7) %

Non-GAAP Financial Measures

Adjusted EBITDA

$     85,185

$     48,151

$     37,034

76.9 %

Adjusted Net Income (Loss)

$    (13,144)

$     25,352

$    (38,496)

(151.8) %

Adjusted Diluted EPS

$       (0.04)

$        0.07

$       (0.11)

(157.1) %

Insurance Operational Metrics

Total Written Premium

$   288,946

$   244,327

$     44,619

18.3 %

Net Assumed Premium

$   317,346

$   155,651

$   161,695

103.9 %

Hagerty Re Loss Ratio

38.4 %

42.0 %

(3.6) %

N/M

Hagerty Re Combined Ratio

86.5 %

88.5 %

(2.0) %

N/M

New Business Count — Insurance

111,896

55,309

56,587

102.3 %

Marketplace Operational Metrics

Aggregate Auction Sales

$   135,379

$     75,336

$     60,043

79.7 %

Net Auction Sales

$   123,436

$     68,213

$     55,223

81.0 %

Private Sales

$     36,830

$     53,669

$    (16,839)

(31.4) %

BAC Average Loan Portfolio

$   135,270

$     62,784

$     72,486

115.5 %

N/M = Not meaningful

1

Total Revenue for the three months ended March 31, 2025 has been recast to include Net investment income and Net investment losses as components of revenue in accordance with the Article 7 reporting standards adopted in 2025. Total revenue as previously presented in accordance with Article 5 was $320 million for the three months ended March 31, 2025.

March 31,

2026

2025

Change

Insurance Operational Metrics

dollars in thousands

Policies in Force

1,760,400

1,524,927

235,473

15.4 %

Policies in Force Retention

88.5 %

89.0 %

(0.5) %

N/M

Vehicles in Force

2,910,661

2,609,209

301,452

11.6 %

HDC Paid Member Count

940,313

889,390

50,923

5.7 %

Marketplace Operational Metrics

BAC Loan Portfolio Balance

$   142,956

$     73,192

$     69,764

95.3 %

N/M = Not meaningful

Adjusted EBITDA

We define EBITDA as consolidated Net income (loss), excluding Interest expense and other, net, Income tax expense (benefit), and Depreciation and amortization. We define Adjusted EBITDA as EBITDA, further adjusted to (i) exclude net investment gains and losses; (ii) deduct interest expense related to the State Farm Term Loan; (iii) exclude share-based compensation expense; and when applicable, exclude (iv) restructuring, impairment and related charges; (v) gains, losses and impairments related to divestitures; and (vi) certain other unusual items, such as Markel Fronting Arrangement transitional costs during the three months ended March 31, 2026.

How This Measure is Useful

When used in conjunction with GAAP financial measures, Adjusted EBITDA is a supplemental measure of operating performance that we believe is a useful measure to evaluate our performance period over period and relative to our competitors and peers. Management uses Adjusted EBITDA to evaluate our operating performance on a consistent basis, as it removes the impact of items not directly resulting from our core operations. We believe the presentation of Adjusted EBITDA provides securities analysts, investors, and other interested parties with a supplemental view of our operating performance that enhances their understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.

Limitations of the Usefulness of This Measure

Adjusted EBITDA may differ from similarly titled measures used by other companies due to different methods of calculation, which could reduce the usefulness of this non-GAAP financial measure when comparing our performance to that of other companies. Presentation of Adjusted EBITDA is not intended to be considered in isolation or a substitute for, or superior to, the financial information prepared in accordance with GAAP. A reconciliation of Adjusted EBITDA to Net income (loss), the most directly comparable GAAP measure, is presented below.

Three months ended March 31,

2026

2025

in thousands

Net income (loss)

$         (12,745)

$           27,293

Interest expense and other, net 1

922

1,689

Income tax expense (benefit)

(8,192)

5,489

Depreciation and amortization

9,706

9,488

EBITDA

(10,309)

43,959

Markel Fronting Arrangement transitional costs 2

88,958

—

Net investment losses

2,289

315

Interest expense related to State Farm Term Loan 3

(515)

(515)

Share-based compensation expense

4,617

4,392

Other unusual items 4

145

—

Adjusted EBITDA

$           85,185

$           48,151

1

Excludes interest expense related to the BAC Credit Facility, which is recorded within "Selling, general, and administrative expenses" in the Condensed Consolidated Statements of Operations.

2

Represents the amortization of deferred ceding commissions paid to Markel for policies written prior to January 1, 2026. These costs relate exclusively to policies written prior to our entry into the Markel Fronting Arrangement and are being fully amortized ratably over the remaining term of those policies through December 31, 2026. We expect the amortization of these deferred ceding commissions to decline from $89.0 million in the first quarter of 2026 to approximately $10.0 million in the fourth quarter of 2026, as the remaining 2025 policy terms run off. Management excludes these costs from Adjusted EBITDA because they are transitional charges related solely to deferred ceding commissions on policies written prior to January 1, 2026, are expected to run off by December 31, 2026, and are not indicative of our ongoing operating performance under the Markel Fronting Arrangement.

3

Interest expense related to the State Farm Term Loan is charged against Adjusted EBITDA as it is directly attributable to the operations of Hagerty Re.

4

For the three months ended March 31, 2026, other unusual items includes additional severance expenses associated with the actions taken in the fourth quarter of 2025.

As a result of our transition to the Article 7 reporting standards, Net investment income is reported as a component of revenue and is no longer an adjustment in our reconciliation from Net income (loss) to Adjusted EBITDA. In addition, interest expense related to the State Farm Term Loan is now deducted from Adjusted EBITDA as it is directly attributable to Hagerty Re, which generates a significant portion of our net investment income. The following table presents a reconciliation of Adjusted EBITDA as presented in the prior period in accordance with Article 5, to the current presentation in accordance with Article 7:

Three months ended
March 31, 2025

in thousands

Prior presentation of Adjusted EBITDA

$                39,608

Net investment income

9,058

Interest expense related to State Farm Term Loan

(515)

Current presentation of Adjusted EBITDA

$                48,151

The following table reconciles Adjusted EBITDA for the year ended December 31, 2026 Outlook to the most directly comparable GAAP measure, which is Net income (loss):

2026 Low

2026 High

in thousands

Net loss 1

$         (51,000)

$         (41,000)

Interest expense and other, net 2

5,000

5,000

Income tax expense

33,000

34,000

Depreciation and amortization

40,000

40,000

Share-based compensation expense

19,000

19,000

Markel Fronting Arrangement transitional costs 1

190,000

190,000

Adjusted EBITDA

$         236,000

$         247,000

1

Represents the amortization of deferred ceding commissions paid to Markel for policies written prior to January 1, 2026. These costs relate exclusively to policies written prior to our entry into the Markel Fronting Arrangement and are being fully amortized ratably over the remaining term of those policies through December 31, 2026. We expect the amortization of these deferred ceding commissions to decline from $89.0 million in the first quarter of 2026 to approximately $10.0 million in the fourth quarter of 2026, as the remaining 2025 policy terms run off. Management excludes these costs from Adjusted EBITDA because they are transitional charges related solely to deferred ceding commissions on policies written prior to January 1, 2026, are expected to run off by December 31, 2026, and are not indicative of our ongoing operating performance under the Markel Fronting Arrangement.

2

Excludes interest expense related to the BAC Credit Facility, which is recorded within "Selling, general, and administrative expenses" in the Condensed Consolidated Statements of Operations.

Adjusted Net Income (Loss) and Adjusted Diluted EPS

Adjusted Net Income (Loss) represents Net income (loss) attributable to Class A Common Stockholders, assuming the full exchange of all outstanding THG units and Series A Convertible Preferred Stock for shares of Class A Common Stock, adjusted to exclude (i) net investment gains and losses; and when applicable, (ii) changes in the TRA Liability; (iii) gains and losses related to divestitures; and (iv) certain other unusual items, each of which we do not believe are directly related to our core operations and may not be indicative of our ongoing performance. Adjusted Diluted EPS is calculated by dividing Adjusted Net Income (Loss) by the weighted average shares of Class A Common Stock outstanding, assuming the full exchange of all outstanding THG units, Series A Convertible Preferred Stock, and unvested share-based compensation awards.

How These Measures Are Useful

When used in conjunction with GAAP financial measures, Adjusted Net Income (Loss) and Adjusted Diluted EPS are supplemental measures of operating performance that we believe are useful measures to evaluate our performance period over period and relative to our competitors and peers. Management uses Adjusted Net Income (Loss) and Adjusted Diluted EPS to evaluate our operating performance on a consistent basis to make strategic and operational decisions. We believe these measures provide management and investors with useful information regarding trends in our business that may not otherwise be apparent when relying solely on GAAP measures. By assuming the full exchange of all outstanding THG units and Series A Convertible Preferred Stock, we believe these measures facilitate comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period because it eliminates the effect of any changes in Net income (loss) attributable to Class A Common Stockholders driven by increases in Hagerty, Inc.'s ownership in THG, which is unrelated to our operating performance, and excludes items that are unusual or may not be indicative of our ongoing performance.

Limitations of the Usefulness of These Measures

Adjusted Net Income (Loss) and Adjusted Diluted EPS may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of Adjusted Net Income (Loss) and Adjusted Diluted EPS should not be considered alternatives to Net income (loss) attributable to Class A Common Stockholders and Diluted EPS, as determined under GAAP. While these measures are useful in evaluating our performance, they assume the full exchange of all outstanding THG units and Series A Convertible Preferred Stock for shares of Class A Common Stock, which has not occurred and may not occur. Further, the adjustments made to arrive at Adjusted Net Income (Loss) exclude certain expenses and income that may recur in the future. Adjusted Net Income (Loss) and Adjusted Diluted EPS should be evaluated in conjunction with our GAAP financial results. A reconciliation of Adjusted Net Income (Loss) to Net income (loss) attributable to Class A Common Stockholders, the most directly comparable GAAP measure, and the computation of Adjusted Diluted EPS are presented below.

Three months ended March 31,

2026

2025

Numerator:

in thousands (except per share amounts)

Net income (loss) attributable to Class A Common Stockholders

$           (6,521)

$            6,496

Adjustments:

Accretion of Series A Convertible Preferred Stock

2,030

1,875

Net income (loss) attributable to non-controlling interest

(8,254)

18,922

Net investment losses

2,289

315

Other unusual items 1

145

—

Tax impact of above adjustments 2

(2,833)

(2,256)

Adjusted Net Income (Loss)

$         (13,144)

$           25,352

Denominator:

Weighted average shares of Class A Common Stock outstanding — Diluted

101,034

346,311

Adjustments:

Assumed exchange of non-controlling interest THG units for shares of Class A Common Stock

245,102

—

Assumed conversion of shares of Series A Convertible Preferred Stock into shares of Class A Common Stock

6,785

6,785

Assumed vesting of share-based compensation awards

8,007

6,881

Adjusted weighted average shares of Class A Common Stock outstanding — Diluted

360,928

359,977

Adjusted Diluted EPS

$             (0.04)

$              0.07

Three months ended March 31,

2026

2025

Diluted EPS

$             (0.06)

$              0.07

Impact of assumed exchange, conversion, or vesting of remaining potentially dilutive securities 3

0.02

0.01

Non-GAAP adjustments 4

—

(0.01)

Adjusted Diluted EPS

$             (0.04)

$              0.07

1

For the three months ended March 31, 2026, other unusual items includes additional severance expenses associated with the actions taken in the fourth quarter of 2025.

2

Represents the tax effect of the aforementioned adjustments to reflect corporate income taxes at an estimated effective tax rate of 29.0% and 23.4% for 2025 and 2025, respectively, which considers the U.S. federal statutory rate of 21%, a combined state income tax rate of approximately 5% (net of federal benefits), and certain material permanent items.

3

Assumes the exchange of all outstanding THG units, Series A Convertible Preferred Stock, and unvested share-based compensation awards for shares of Class A Common Stock, resulting in the elimination of the non-controlling interest and recognition of the Net income (loss) attributable to non-controlling interest, as well as elimination of the accretion of Series A Convertible Preferred Stock.

4

Represents the per share impact of non-GAAP adjustments for each period. Refer to the reconciliation above for additional information.

SOURCE Hagerty

Hagerty, Inc. (HGTY) Q1 2026 Earnings Call Transcript

BICESTER, United Kingdom, May 19, 2026 (GLOBE NEWSWIRE) -- Broad Arrow Auctions, driven by Hagerty (NYSE: HGTY), is celebrating the success of its second annual Concorso d’Eleganza Villa d’Este Auction. As the official auction partner of BMW AG for this prestigious concours event, the sale took place at the stunning and historic Villa Erba from 16-17 May 2026.

The famous rotunda at Villa Erba was full to capacity for this jewel of the international collector car auction calendar, which is as much an elegant social occasion as an opportunity for buyers to indulge their passion for significant classic and modern collector cars. Intense bidding in the room, online and on the telephones created a truly exciting atmosphere, while over 12,000 watched the auctioning of 75 of the world’s most desirable collector cars live on the Broad Arrow YouTube channel. When renowned British auctioneer, Thomas Forrester, dropped the gavel on the final lot, the sales total had reached a fantastic €40.8 million with a sell-through rate of 87 percent.

“We returned for our second year as the official auction partner of the Concorso d'Eleganza Villa d'Este with a spectacularly varied catalogue of 75 collector cars curated to attract the interest of global collectors,” says Joe Twyman, VP of Sales EMEA Region for Broad Arrow Auctions. “And attract them we did, with registered bidders from an impressive 31 different countries and more than 70 percent growth in bidder registration over the 2025 sale. The incredible atmosphere in the auction room also reflected the buoyancy of the market right now and underlined the status of what is undoubtedly one of the greatest concours events in the world, a place where established and new collectors amass to admire and acquire spectacular enthusiast cars of all ages. We look forward to returning to Villa Erba again in 2027 to inspire the collector market even further”.

Italian marques were firm favourites, including Ferrari and Lamborghini, led by a stunning 2023 Ferrari Daytona SP3. A single-owner example displaying only 743 kilometres and finished in Rosso Magma Tri-Coat over a Blu Elettrico Alcantara interior, it sold for €6.250.000. A rare ‘non-cat, non-adjust’ 1990 Ferrari F40 achieved a price of €2.931.250, while one of the most exciting and intense bidding battles of the auction saw a beautiful 1968 Ferrari 330 GTS find a new home after selling for €1.918.750.

Lamborghini models that sparked a great deal of interest among collectors and enthusiasts included a 2022 Countach LPI 800-4 that sold for €1.581.250, a six-speed manual 2009 Murcielago LP640-4 Coupé which achieved €805.000 and a true icon of supercar history, a 1990 Countach 25th Anniversario that sold for €523.750.

An impressive selection of Japanese collector cars included the Ultimate R34 Skyline GT-R Collection, consisting of five remarkable examples of the fast and furious icon, which together reached a price of €1.517.000. These iconic machines shared the spotlight with a seldom-seen NSX Type S that achieved €207.000.

Other highlights included a 2015 Porsche 918 Spyder Weissach Package that sold for €2.256.250, a stalwart of the international collector-car market in a 1957 Mercedes-Benz 300 SL Gullwing Coupé that found a new home at €1.637.500 and a 1968 Bizzarrini 5300 GT Strada that achieved €820.000 immediately following the sale.

The auction also featured some extremely unique Italian models, fitting for the venue, including a characterful 1963 Fiat 600 Torpedo Marina by Vignale which could well be heading to a beach house after selling for €281.750 and a 1977 Fiat Bertone 850 T Visitors Bus, which created one of the most exhilarating bidding battles of the auction, and the most appreciation from those in the rotunda, selling well over its upper estimate at €189.750.

“It was a delight to welcome the international collector car community to our Concorso d’Eleganza Villa d’Este auction,” says Karsten Le Blanc, SVP, Head of EMEA Region and Broad Arrow Capital for Broad Arrow. “Their passion and enthusiasm for our offered lots created a truly exciting event that was a tremendous success. Our team curated a remarkable catalogue of classic and contemporary models, delivering an auction that was truly in keeping with the status and style of the prestigious Concorso d’Eleganza Villa d’Este.”

Top Ten Sales – Broad Arrow Concorso d’Eleganza Villa d’Este Auction

Lot 253 | 2023 Ferrari Daytona SP3 - €6.250.000Lot 254 | 2020 Ferrari Monza SP2 - SOLD BEFORE AUCTIONLot 126 | 1990 Ferrari F40 - €2.931.250Lot 211 | 2015 Porsche 918 Spyder Weissach Package - €2.256.250Lot 230 | 1968 Ferrari 330 GTS - €1.918.750Lot 124 | 1957 Mercedes-Benz 300 SL Gullwing Coupé - €1.637.500Lot 239 | 2022 Lamborghini Countach LPI 800-4 - €1.581.250Lot 120 | 2023 Ferrari 812 Competizione - €1.412.500Lot 243 | 1929 Bugatti Type 43 Roadster by Eugène Matthys - €1.007.500Lot 114 | 1956 Ferrari 250 GT Boano Alloy Coupé - €911.875 Attention now moves to Broad Arrow’s debut as the official auction partner of The Quail, A Motorsports Gathering, with The Quail Auction from 13-14 August 2026. Collectors are also invited to discuss consignments for other Broad Arrow auctions taking place in Europe in 2026, including the Zoute Concours Auction on 9 October and Zürich Auction on 7 November.

Complete results from The Concorso d’Eleganza Villa d’Este Auction are available at broadarrowauctions.com.

Ends.

For media enquiries relating to Broad Arrow Auctions, please contact a member of the press team.

Editor’s Notes

About Broad Arrow Auctions

Broad Arrow Auctions, driven by Hagerty (NYSE: HGTY), is a leading global collector car auction house founded in 2021 by industry veterans. As the fastest-growing auction house in its segment, Broad Arrow connects exceptional collector cars with enthusiasts worldwide through flagship events including The Broad Arrow Quail Auction (the official auction of The Quail, A Motorsports Gathering), The Amelia Concours Auction (the official auction of The Amelia Concours), The Porsche Auction in collaboration with Air | Water by Luftgekühlt, the Las Vegas Auction in partnership with Concours at Wynn Las Vegas, as well as international auctions held in partnership with Concorso d’Eleganza Villa d’Este, Zoute Grand Prix, and Auto Zürich. Learn more at broadarrowauctions.com and follow us on Instagram, Facebook, LinkedIn, and X. 

About Hagerty, Inc. (NYSE: HGTY)

Hagerty is a company built by drivers for drivers, protecting 2.7 million vehicles in the United States, Canada and the UK. We make it easier and more enjoyable for enthusiasts to drive and celebrate the machines they love through innovative insurance products, live and digital auctions, engaging media and events, as well as the Hagerty Drivers Club, the world’s largest community of car lovers.  

For more information, please visit www.hagerty.com or www.newsroom.hagerty.com.    

Forward-Looking Statements - This press release contains statements that constitute “forward-looking statements” within the meaning of the federal securities laws. All statements provided, other than statements of historical fact, are forward-looking statements, including those regarding Hagerty’s future operating results and financial position, Hagerty’s business strategy and plans, products, services, and technology implementations, market conditions, growth and trends, expansion plans and opportunities, and Hagerty’s objectives for future operations. The words “anticipate,” “believe,” “envision,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “ongoing,” “contemplate,” and similar expressions, and the negative of these expressions, are intended to identify forward-looking statements. 

Hagerty has based these forward-looking statements largely on current expectations about future events, which may not materialize. Actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. These factors include, among other things, Hagerty’s ability to: (i) compete effectively within our industry and attract and retain our insurance policyholders and paid Hagerty Drivers Club (“HDC”) subscribers; (ii) maintain key strategic relationships with our insurance distribution and underwriting carrier partners; (iii) prevent, monitor, and detect fraudulent activity; (iv) manage risks associated with disruptions, interruptions, outages or other issues with our technology platforms or our use of third-party services; (v) accelerate the adoption of our membership and marketplace products and services, as well as any new insurance programs and products we offer; (vi) manage the cyclical nature of the insurance business, including through any periods of recession, economic downturn or inflation; (vii) address unexpected increases in the frequency or severity of claims, and (viii) comply with the numerous laws and regulations applicable to our business, including state, federal and foreign laws relating to insurance and rate increases, privacy, the internet, and accounting matters.

The forward-looking statements herein represent the judgment of Hagerty as of the date of this release and Hagerty disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in Hagerty’s other press releases, reports and other filings with the Securities and Exchange Commission. Understanding the information contained in these filings is important in order to fully understand Hagerty’s reported financial results and its business outlook for future periods.

The packed sale room at Broad Arrow's 2026 Concorso d'Eleganza Villa d'Este Auction The top selling 2023 Ferrari Daytona SP3 at Broad Arrow's 2026 Concorso d'Eleganza Villa d'Este Auction

The packed sale room at Broad Arrow's 2026 Concorso d'Eleganza Villa d'Este Auction Courtesy of Broad Arrow Auctions The top selling 2023 Ferrari Daytona SP3 at Broad Arrow's 2026 Concorso d'Eleganza Villa d'Este Auct... Courtesy of Broad Arrow Auctions

LAKE RIDGE, Va., May 26, 2026 (GLOBE NEWSWIRE) -- Sean Hagerty's first-hand experience navigating the traditional and self-publishing worlds coupled with Leigh Stroh's recent publishing deal and three decades as a creative writing and English language educator, make for a strong team to help aspiring writers and accomplished authors looking for a new critical eye find the best avenue for getting their best words in print.

The Editorial Services Divisions offers a complete array of services including Editorial Assessment Overview, Developmental Editing, Copy Editing, Final Proofreading, and Fact Checking all at or below the industry standard pricing.

Author Sean Hagerty is a retired Special Operations Soldier with 25+ years in the U.S. Army Rangers and a Special Operations unit at Fort Belvoir, Virginia. He is the founder of Hagerty Strategic Group (HSG) and the author of Jones Point (2024) and Cabal (2025), with a third installment in the Dane Cooper series under contract for 2027. His experience in the world of publishing and promotion provides unique insights into the complicated writing landscape.

Over a thirty-year career as a writing instructor, author Leigh Stroh taught creative writing courses designed to help writers sound their unique stories in their most authentic voice. Coupled with recently securing a publishing contract for the publication of his political thriller Just a Shot Away (releasing September 15th, 2026), he can now offer an experienced editorial eye that has navigated the writing process from creation through published product.

Contact Information:
Sean Hagerty: [email protected]
https://authorseanhagerty.com/
Leigh Stroh: [email protected]
https://leighstroh.com/
Representatives: [email protected]

Telly Awards Follow Four Consecutive 'Best Journalism Film' at the International Motor Film Awards

, /PRNewswire/ -- Hagerty, Inc. (NYSE: HGTY) continues to set the standard for automotive storytelling, recently earning four prestigious 2026 Telly Awards honoring excellence in video and television across all screens as judged by video platform, television, streaming network and production company leaders. These latest wins bring Hagerty's all-time Telly Award total to 26.

Hagerty's award-winning lineup showcases the breadth and caliber of its enthusiast content. Original shows and their associated 2026 Telly Awards include:

Four Gold Telly Awards Presented to Hagerty, the Automotive Insurer That Built a World-Class Content Studio "Revelations" - Gold for Online Documentary Series "ICONS" - Gold for Video Journalism (Corvette ZR1 Episode) "Cammisa Ultimate Drag Race Replay" - Gold for Visual Effects "Ultimate Lap Battle" - Gold for Videography and Cinematography Produced in-house by Hagerty, these four Telly Award-winning shows were all written and hosted by iconic automotive journalist Jason Cammisa, directed by Anthony Esposito, edited by Robert David Sanders and produced by Liv Graves.

"These Telly Award wins underscore Hagerty's unique relationship with driving enthusiasts. We insure their cars, but we also make the best automotive content in the world for them so they can indulge their passion even when they're not behind the wheel," said Marc Burns, Hagerty CMO. 

By continuously delivering award-winning content across video, digital, print and audio formats, the brand reinforces its position as a trusted voice for the 67 million American car enthusiasts. The Hagerty audience continues to grow across all platforms. Its YouTube channel alone amassing hundreds of millions of video views, while the Hagerty Drivers Club is the largest car club in the world, with nearly a million members, and its magazine is the most popular car magazine in the world with 2.2 million readers.

By Drivers, for Drivers - About Hagerty Host Jason Cammisa
Jason Cammisa is an award-winning automotive journalist, television host and producer whose passion for cars is matched only by his ability to communicate their cultural significance to hundreds of millions of viewers worldwide. As the creator and host of Hagerty's flagship shows "Icons," "Revelations" and the "Ultimate" Series, Cammisa combines his technical expertise with big laughs and compelling storytelling to explore not just the engineering and performance of exceptional automobiles, but the human stories and historical context that make them unforgettable.

Cammisa's two-decade career in automotive journalism gives a unique, qualified perspective on everything he covers. His work has earned him global recognition for its depth, authenticity and cinematic quality, earning numerous accolades and a loyal following of automotive enthusiasts who tune in to see what narrative he'll uncover next. Whether sliding a legendary poster-car around a racetrack, examining nuances that make even normal-appearing cars fascinating or explaining the latest automotive innovations, Cammisa's infectious enthusiasm and genuine curiosity make each appearance an immersive and cinematic journey into the world of cars. His content has earned hundreds of millions of views across social media, broadcast and streaming platforms, with new content airing regularly across Hagerty's YouTube, Samsung Plus, Tubi and Amazon Prime channels.

About Hagerty, Inc. (NYSE: HGTY)
Hagerty is a company built by drivers for drivers, protecting 2.9 million vehicles in the United States, Canada and the UK. We make it easier and more enjoyable for car enthusiasts to drive and celebrate the machines they love through innovative vehicle insurance products, live and digital auctions, engaging media and events and the Hagerty Drivers Club, the world's largest membership community of car lovers. For more information, please visit www.hagerty.com or www.newsroom.hagerty.com. Never Stop Driving®.

About The Telly Awards
The Telly Awards is the premier award honoring video and television across all screens. Established in 1979, The Telly Awards receives over 13,000 entries from all 50 states and 5 continents. Entrants are judged by The Telly Awards Judging Council—an industry body of over 250 leading experts including advertising agencies, production companies, and major television networks, reflective of the multi-screen industry The Telly Awards celebrates. Partners of The Telly Awards include AWN, View Conference, Skwigly, ACM SIGGRAPH, Seed & Spark, Kinema, The Gotham, Portrait, NAB, RunwayML AIFF, ReelAbilities Film Festival, Film Fatales, FWD-Doc, NYWIFT, Stash, Production Hub, Video Consortium, SeriesFest and Green The Bid. More information can be found at the Telly Awards Press Center: https://tlly.co/press

Find The Telly Awards Online:
Website: www.TellyAwards.com
Facebook: /TellyAwards
X: @TellyAwards
Instagram: @TellyAwards YouTube: /TellyAwards

SOURCE Hagerty

Posted by Defense World Staff on Mar 30th, 2026

Assenagon Asset Management S.A. lifted its stake in Liberty Media Corporation – Liberty Live Series C (NASDAQ:LLYVK – Free Report) by 21.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,859 shares of the company’s stock after buying an additional 7,006 shares during the period. Assenagon Asset Management S.A.’s holdings in Liberty Media Corporation – Liberty Live Series C were worth $3,315,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of LLYVK. Principal Financial Group Inc. boosted its holdings in Liberty Media Corporation – Liberty Live Series C by 791.0% in the 3rd quarter. Principal Financial Group Inc. now owns 1,688,466 shares of the company’s stock worth $163,734,000 after acquiring an additional 1,498,972 shares during the period. Norges Bank purchased a new position in shares of Liberty Media Corporation – Liberty Live Series C in the second quarter valued at $58,978,000. JPMorgan Chase & Co. grew its holdings in Liberty Media Corporation – Liberty Live Series C by 118.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 568,468 shares of the company’s stock valued at $46,137,000 after purchasing an additional 307,902 shares in the last quarter. Bamco Inc. NY increased its stake in Liberty Media Corporation – Liberty Live Series C by 19.2% during the 2nd quarter. Bamco Inc. NY now owns 1,417,398 shares of the company’s stock worth $115,036,000 after buying an additional 228,040 shares during the period. Finally, Woodline Partners LP purchased a new stake in Liberty Media Corporation – Liberty Live Series C during the 3rd quarter worth $21,766,000. Institutional investors and hedge funds own 60.36% of the company’s stock.

Liberty Media Corporation – Liberty Live Series C Stock Performance LLYVK stock opened at $88.69 on Monday. The firm has a 50 day simple moving average of $91.24 and a 200-day simple moving average of $88.69. The company has a market capitalization of $8.15 billion, a P/E ratio of -170.56 and a beta of 1.25. Liberty Media Corporation – Liberty Live Series C has a twelve month low of $60.55 and a twelve month high of $102.62.

Analyst Ratings Changes A number of equities analysts have weighed in on LLYVK shares. Weiss Ratings reissued a “sell (d)” rating on shares of Liberty Media Corporation – Liberty Live Series C in a research report on Thursday, January 22nd. Zacks Research lowered Liberty Media Corporation – Liberty Live Series C from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 4th. Finally, Wall Street Zen upgraded Liberty Media Corporation – Liberty Live Series C to a “sell” rating in a research note on Saturday, February 28th. Two investment analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, Liberty Media Corporation – Liberty Live Series C presently has a consensus rating of “Sell”.

Read Our Latest Stock Analysis on LLYVK

Insiders Place Their Bets In other news, major shareholder Berkshire Hathaway Inc sold 66,568 shares of the business’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $83.27, for a total value of $5,543,117.36. Following the completion of the sale, the insider owned 10,703,007 shares of the company’s stock, valued at approximately $891,239,392.89. The trade was a 0.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders have sold 330,518 shares of company stock worth $27,386,738.

Liberty Media Corporation – Liberty Live Series C Profile (Free Report)

Liberty Media Corporation – Liberty Live Series C (NASDAQ: LLYVK) is a tracking stock designed to reflect the performance of Liberty Media’s investment in Live Nation Entertainment. Established in August 2023, the Liberty Live tracking stock allows investors to gain targeted exposure to the live entertainment sector without direct ownership of Liberty Media’s other diversified assets. The Series C shares trade separately, offering a clear view of the value and results generated by Live Nation’s global operations.

The underlying asset for the Liberty Live Series C shares is Liberty Media’s equity stake in Live Nation, one of the world’s leading live entertainment companies.

Featured Articles Five stocks we like better than Liberty Media Corporation – Liberty Live Series C Want to see what other hedge funds are holding LLYVK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Liberty Media Corporation – Liberty Live Series C (NASDAQ:LLYVK – Free Report).

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Pre-Market Stock Futures: The futures are trading higher as we start the new trading week. There is an old saying, “Fool me once, shame on you; fool me twice, shame on me.” Well, the buy-the-dip crowd continued to get a masterclass in just that lesson on Friday. Once again, the stock market opened higher, and high-beta stocks took off, only to end the day and the week down hard for the third consecutive week, as all of the early gains were surrendered by early Friday afternoon. By the close, all of the major indices ended lower. Once again, the tech-heavy Nasdaq led the way down, closing the day at 22,105, down 0.93%, while the small-cap Russell 2000 came in second, down 0.57% to finish the session at 2,474. The S&P 500 closed Friday at 6,632, down 0.61%, and the Dow Jones Industrials came away with the least damage, finishing the week at 46,558, down 0.26%.

Treasury Bonds: Yields were mixed across the Treasury curve after days of across-the-board selling. While there was some selling on the long end, most of the short and the belly of the curve saw some significant buying as yields had jumped higher recently. The 30-year-long bond closed the day at 4.91%, while the 10-year benchmark note was last seen at 4.29%.

Oil and Gas: The song remains the same for the energy complex, as once again, spot pricing ended the day higher on Friday. The broken-record reasons stayed in place as the war in Iran entered its fourth week, and for now, unless there is a breakthrough in negotiations or the U.S. Navy can protect the oil tankers in the Strait of Hormuz, prices could continue to rise. While the IEA and the U.S. are going to tap strategic reserves, that will help, but it won’t happen fast. Brent Crude closed Friday at $103, up 2.57%, while West Texas Intermediate was last seen at $98.53, up 2.92%. Natural gas finished the day at $3.14, down 2.94%.

Gold: Gold continues to consolidate around the $5,000 level, having been range-bound for the last month after the heavy sell-off in February. Fortunately for investors, this consolidation could pave the way for substantially higher levels for the rest of 2026. Respected market veteran strategist Ed Yardeni still sees the potential for Gold to hit $10,000 later in the decade, while JPMorgan also sees higher prices ahead. The last print for Gold on Friday came in at $5,019, down 1.29%, while Silver closed at $80.45, down close to 4%. 

Crypto: The cryptocurrency markets rallied early on Friday with Bitcoin surpassing $73,000 for the first time in over a week, fueled by renewed spot ETF inflows and investor bets on government stimulus. However, like stocks, all of the top crypto names faded in the afternoon.  Major altcoins like Solana and Dogecoin outperformed, rising over 4.5%, while crypto-linked stocks also participated in the rally. At 8 AM EDT, Bitcoin traded at $73,570, while Ethereum was quoted at $2,266. 

24/7 Wall St. reviews dozens of analyst research reports daily to identify new investment ideas for both investors and traders. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. 

Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Monday, March 16, 2026.  

Upgrades: Circle Internet Group Inc. (NYSE: CRCL | CRCL Price Prediction) was upgraded to Buy from Hold at Clear Street, which lifted the target price for the shares to $136 from $92. Intuit Inc. (NASDAQ: INTU) was upgraded to Neutral from Underperform at BNP Paribas, with a $463 target price. Rocket Companies Inc. (NYSE: RKT) was raised to Outperform from Neutral at Keefe Bruyette, which nudged the target price for the mortgage giant to $22 from $20. ServiceNow Inc. (NYSE: NOW) was raised to Outperform from Neutral at BNP Paribas, which has set a $140 target price for the shares. Trade Desk Inc. (NASDAQ: TTD) was upgraded to Neutral from Sell at Arete, which has a $25 target price. Downgrades: Alnylam Pharmaceuticals Inc. (NASDAQ: ALNY) was downgraded to Hold from Buy at Jefferies, which slashed the target price for the stock to $330 from $522. Immunocore Inc. (NASDAQ: IMCR) was downgraded to Hold from Buy at Jefferies, which cut the target price for the shares to $33 from $46. Incyte Corp. (NASDAQ: INCY) was downgraded to Hold from Buy at Jefferies, which cut the price target on the stock to $94 from $120 NewLake Capital Partners Inc. (OTC: NLCP) was cut to Neutral from Buy at Compass Point, with a $15 target price.  Qualcomm Inc. (NASDAQ: QCOM) was downgraded to Sell from Neutral at Seaport Research, which has a $100 target price for the legacy tech giant. Initiations: Alamo Group Inc. (NYSE: ALG) was initiated with an Outperform rating at William Blair, with a target price of $220. Eaton Corporation plc. (NYSE: ETN) was reinstated at Jefferies with a Buy rating and a $430 target price. 
Fifth Third Bancorp (NASDAQ: FITB) was resumed with an Overweight rating at JPMorgan, which bumped the target price for the bank to $50.50 from $45. PayPay Corp. (NASDAQ: PAYP) was started with an Outperform rating at Macquarie, with a $22.90 target. The company was a recent IPO. Sunbelt Rental Holdings Inc. (NYSE: SUNB) was started with an Underperform rating at Bank of America, with a $62 target price objective.

Fountain Valley, California and Austin, Texas--(Newsfile Corp. - March 25, 2026) - Moving iMage Technologies, Inc. (NYSE American: MITQ) ("MiT"), a leading provider of advanced out-of-home entertainment technology and services for cinemas, stadiums, arenas, esports, and immersive venues worldwide, today announced a three-year strategic agreement with Alamo Drafthouse Cinema. Under the agreement, Alamo Drafthouse will deploy MiT's DCS-branded cinema loudspeaker systems across its circuit, further enhancing its reputation for delivering premium, guest-focused theatrical experiences.

This collaboration reflects MiT's ongoing commitment to supporting exhibitors of all sizes with high-performance audio solutions that elevate the cinematic experience for audiences everywhere.

The agreement, which applies to all new theater construction, remodels, auditorium upgrades, and replacement speaker purchases during the term, is being launched with two premium large format (PLF) cinema upgrades at Alamo's Brooklyn, NY and Littleton, CO locations. The auditorium upgrades feature Dolby Atmos immersive sound, enabling multidimensional audio placement and enhanced clarity, powered by DCS cinema loudspeaker systems as well as Barco laser projection systems. MiT is overseeing system design, integration, and commissioning services for the installations, working closely with Alamo Drafthouse to ensure seamless deployment and long-term performance. Completion is expected later in March.

The partnership underscores Alamo Drafthouse's focus on delivering best-in-class cinematic experiences and extends MiT's position as a trusted provider of premium cinema audio solutions. DCS loudspeakers, known for their premium features and quality workmanship, have been selected to support the enhanced audio performance requirements of these PLF auditoriums. While all cinema audio systems can utilize DCS loudspeakers, they are frequently chosen for high-performance and PLF environments where exceptional sound reproduction and durability are critical.

Key Project Components

Barco laser projectors that incorporate proprietary HDR technology, delivering exceptional image clarity and featuring unprecedented brightness, profound blacks, and captivating contrast.

Dolby Atmos has reinvented how entertainment is created and experienced, allowing creatives everywhere to place each sound exactly where they want it to go, for a more realistic and immersive audio experience.

DCS Loudspeaker Systems including SC-423C 3-Way Screen Channel Loudspeakers, along with, delivering powerful, precise sound coverage throughout each auditorium. The system configuration supports the demanding technical standards of premium format presentations and features crisp dialogue and detailed mids.

Additional DCS systems equipment package includes dozens of Dual 18-inch Cinema Subwoofers (model SB-7218), Surround Loudspeakers (model SR-1020, SR-1290 and SR-1590) and 18-inch Flyable Subwoofers (model SB-118F and SB-218F).

Chris Drazba, Chief Development Officer, Alamo Drafthouse Cinema, commented, "We have great confidence in Moving iMage Technologies as a trusted cinema solutions provider. We are excited by their acquisition of the marquee DCS line of cinema loudspeakers to their suite of proprietary products. Their technical expertise, service capabilities and commitment to performance, reliability, and innovation align closely with our mission to deliver exceptional moviegoing experiences for our guests."

Moving iMage President and COO, Francois Godfrey, added, "We are honored by the Alamo Drafthouse team's commitment to our new DCS loudspeaker line, building on our long-term partnership delivering premium cinema solutions and installation services. MiT brings decades of experience partnering with the leading innovators in the cinema equipment ecosystem, and we are [certain] Alamo will be very pleased with their multi-year commitment to the DCS product line. These intial premium upgrades underscore our mutual dedication to innovation, quality, and operational excellence across next-generation exhibition environments."

About Alamo Drafthouse Cinema (https://drafthouse.com)
Alamo Drafthouse Cinema was founded in 1997 as a single-screen mom and pop repertory theater in Austin, TX. Twenty-nine years later, with 40 locations and counting, Alamo Drafthouse has been called "the best theater in America" by Entertainment Weekly and "the best theater in the world" by Wired. Alamo Drafthouse has built a reputation as a movie lover's oasis not only by combining best-in-class food and drink service with the movie-going experience, but also introducing unique programming and high-profile, star-studded special events. Alamo Drafthouse created Fantastic Fest, a world-renowned genre film festival dubbed "The Geek Telluride" by Variety featuring independents, international filmmakers, and major Hollywood studios. Alamo Drafthouse continues to expand its brand in new and exciting ways, including the American Genre Film Archive, a non-profit film archive dedicated to preserving, restoring and sharing film, and with several new theaters announced for this year and beyond.

About Moving iMage Technologies (www.movingimagetech.com)
With a focus on innovation, service, and quality, Moving iMage Technologies ("MiT) is a trusted partner in delivering state-of-the-art out-of-home entertainment environments. Founded in 2003, MiT provides products, integrated systems design, custom engineering, proprietary products, software, and installation services for cinemas, screening rooms, postproduction facilities, high-end home theaters, Esports venues, arenas, stadiums, and other entertainment spaces.

MiT manufactures a broad line of digital cinema peripherals in the U.S., including automation systems, projector pedestals/bases, projector lifts, hush boxes, direct-view LED frames, lighting fixtures and dimmers, power management devices, operations software, and Esports platforms. It also produces and markets on a global basis the DCS line of premium cinema loudspeakers which are widely recognized as an industry standard. MiT also distributes and integrates cinema equipment from Barco, Sharp (NEC) Digital Cinema, Christie Digital, LEA Professional, Dolby, GDC, JBL/Crown, LG, Meyer Sound, Trinnov, Q-SYS, QSC, Samsung and others.

MiT's Caddy Products division designs and sells cupholders, concession trays, and venue accessories that enhance concession sales and improve the guest experience.

Forward-Looking Statements
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate," "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.

Follow us on X: @movingimagenews
Follow us on LinkedIn: MiT on LinkedIn

MITQ Investor Relations Contacts
Chris Eddy or David Collins
Catalyst IR
[email protected] or 212-924-9800

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289750

Source: Moving iMage Technologies

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, /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) announced today that its Board of Directors has declared its quarterly dividend of $0.34 per share. Payment of the April dividend will be made on April 29, 2026, to shareholders of record at the close of business on April 15, 2026.

About Alamo Group
Alamo Group is a leader in the manufacture and sale of high-quality, purpose-built industrial and vegetation management equipment. We serve end-markets such as infrastructure building and maintenance, industrial construction, public works, land maintenance, agriculture and tree care. Our products are sold to independent equipment dealers and directly to contractors and municipalities. Product categories include vocational products (vacuum trucks, street sweepers, roadside safety equipment, excavators, and snow removal equipment) and light machinery (tractor mounted mowing equipment, land maintenance and recycling equipment) as well as related after-market parts and services. The Company operates two divisions: the Industrial Equipment Division and the Vegetation Management Division. Founded in 1969, the Company has approximately 3,800 employees and operates 27 manufacturing facilities in North America, Canada, Europe, Brazil and Australia. The corporate offices of Alamo Group Inc. are located in Seguin, Texas.

Forward Looking Statements
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: adverse economic conditions which could lead to a reduction in overall market demand, supply chain disruptions, labor constraints, increasing costs due to inflation, disease outbreaks, geopolitical risks, including tariffs, trade wars, and the effects of the war in the Ukraine and the Middle East, competition, weather, seasonality, currency-related issues, and other risk factors listed from time to time in the Company's SEC reports. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

SOURCE Alamo Group Inc.

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, /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) today reported results for the first quarter 2026.

Highlights:

Net sales were $417.1 million, up 6.7% compared to the first quarter of 2025 Net income was $29.2 million and adjusted net income was $31.1 million Fully diluted EPS was $2.41 per share and adjusted fully diluted EPS was $2.56 per share Adjusted EBITDA of $59.3 million was 14.2% of net sales, up 1.8% compared to the first quarter of 2025 Net sales in the Industrial Equipment Division increased 6.5% compared to the first quarter of 2025 Net sales in the Vegetation Management Division increased 7.0% compared to the first quarter of 2025 Successfully closed the Petersen acquisition and commenced work on synergy realization Debt, net of cash, was $95.2 million at the end of first quarter of 2026 Robert Hureau, Alamo Group's President, and Chief Executive Officer commented, "We are pleased with the financial results for the first quarter and we believe there is good momentum across many of our key initiatives aimed at creating long-term value for our employees and shareholders."

First Quarter Results

Net sales for the first quarter of 2026 were $417.1 million, an increase of 6.7% compared to $391.0 million for the first quarter of 2025. Net income for the first quarter of 2026 was $29.2 million, or $2.41 per fully diluted share compared to $31.8 million, or $2.64 per fully diluted share for the first quarter of 2025.

The Company also reported adjusted net income of $31.1 million, or $2.56 per fully diluted share, for the first quarter of 2026 compared to adjusted net income $32.5 million, or $2.70 per fully diluted share for the first quarter of 2025.  Adjusted EBITDA for first quarter of 2026 was $59.3 million, or 14.2% of net sales, compared to $58.3 million, or 14.9% of net sales, for the first quarter of 2025.

Net sales in the Industrial Equipment Division were $241.7 million, an increase of 6.5% compared to $227.1 million for the first quarter of 2025. Adjusted EBITDA in the Industrial Equipment Division for the first quarter of 2026 was $39.7 million, or 16.4% of net sales, compared to $37.4 million, or 16.5% of net sales, for the first quarter of 2025.

Net sales in the Vegetation Management Division were $175.4 million, an increase of 7.0% compared to $163.9 million in the first quarter of 2025.  Adjusted EBITDA in the Vegetation Management Division for the first quarter of 2026 was $19.6 million, or 11.2% of net sales, compared to $20.8 million, or 12.7% of net sales, for the first quarter of 2025.

Robert Hureau, Alamo Group's President and Chief Executive Officer commented, "Our Vegetation Management Division made good progress in terms of sales growth and improvement in profitability despite the end markets continuing to be challenging."

Operating cash flow for the first quarter ended March 31, 2026 was negative $23.5 million due to strong sequential growth, especially in the Vegetation Management Division, where net sales increased by $36.7 million or 26.4% in the first quarter of 2026 compared to the fourth quarter of 2025. Operating Cash Flow on a last-twelve-month basis was $139.8 million, or 138.2% of net income.

At March 31, 2026, total debt was $290.5 million, total cash was $195.2 million and the Company had $308.4 million of availability under its Revolving Facility.

Mr. Hureau added, "Our leverage, cash flow and overall liquidity are strong, and we remain in good position to continue executing on our capital deployment strategies. We look forward to a further discussion regarding our results and operating strategy during our upcoming Earnings Conference Call."

Earnings Conference Call

The Company will host a conference call to discuss the first quarter results on Tuesday, May 5, 2026, at 10:00 a.m. ET. Hosting the call will be members of senior management.  Individuals wishing to participate in the conference call should dial (833) 816-1163 (domestic) or (412) 317-1898 (international). For interested individuals unable to join the call, a replay will be available until Tuesday, May 12, 2026 by dialing (855) 669-9658 (domestic) or (412) 317-0088 (internationally), with passcode 1646754.

The live broadcast of Alamo Group Inc.'s quarterly conference call will be available online at the Company's website, www.alamo-group.com (under "Investor Relations/Events and Presentations") on Tuesday, May 5, 2026, beginning at 10:00 a.m. ET. The online replay will follow shortly after the call ends and will be archived on the Company's website for 60 days.

About Alamo Group
Alamo Group is a leader in the manufacture and sale of high-quality, purpose-built industrial and vegetation management equipment. We serve end-markets such as infrastructure building and maintenance, industrial construction, public works, land maintenance, agriculture and tree care. Our products are sold to independent equipment dealers and directly to contractors and municipalities.  Product categories include vocational products (vacuum trucks, street sweepers, roadside safety equipment, excavators, and snow removal equipment) and light machinery (tractor mounted mowing equipment, land maintenance and recycling equipment) as well as related after-market parts and services. The Company operates two divisions: the Industrial Equipment Division and the Vegetation Management Division. Founded in 1969, the Company has approximately 3,900 employees and operates 27 manufacturing facilities in North America, Canada, Europe, Brazil and Australia. The corporate offices of Alamo Group Inc. are located in Seguin, Texas.

Forward Looking Statements
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results.  Among those factors which could cause actual results to differ materially are the following:  adverse economic conditions which could lead to a reduction in overall market demand, supply chain disruptions, labor constraints, increasing costs due to inflation, disease outbreaks, geopolitical risks, including tariffs, trade wars, and the effects of the war in the Ukraine and the Middle East, competition, weather, seasonality, currency-related issues, and other risk factors listed from time to time in the Company's SEC reports.  The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

(Tables Follow)

Alamo Group Inc. and Subsidiaries 

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(Unaudited)

Three Months Ended

3/31/2026

3/31/2025

Net sales:

  Vegetation Management

$     175,420

$     163,890

  Industrial Equipment

241,729

227,060

Total net sales

417,149

390,950

Cost of sales

312,344

288,109

Gross profit

104,805

102,841

25.1 %

26.3 %

Selling, general and administration expense

57,767

54,330

Amortization expense

4,879

4,049

Income from operations

42,159

44,462

10.1 %

11.4 %

Interest expense

(4,624)

(3,194)

Interest income

1,481

1,238

Other income (expense)

32

(663)

Income before income taxes

39,048

41,843

Provision for income taxes

9,864

10,043

25.3 %

24.0 %

Net Income

$      29,184

$      31,800

Net income per common share:

Basic

$         2.42

$         2.65

Diluted

$         2.41

$         2.64

Average common shares:

Basic

12,051

11,990

Diluted

12,103

12,048

Alamo Group Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited) 

March 31,
2026

March 31,
2025

ASSETS

Current assets:

Cash and cash equivalents

$  195,234

$  200,274

Accounts receivable, net

334,956

339,596

Inventories

425,538

356,406

Other current assets

27,843

14,958

Total current assets

983,571

911,234

Rental equipment, net

60,273

57,198

Property, plant and equipment, net

162,807

159,183

Goodwill

266,610

204,582

Intangible assets, net

225,691

147,899

Other non-current assets

28,492

24,598

Total assets

$ 1,727,444

$ 1,504,694

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Trade accounts payable

$  141,662

$  104,977

Income taxes payable

2,704

18,725

Accrued liabilities

68,466

73,006

Current maturities of long-term debt and finance lease obligations

15,000

15,009

Total current liabilities

227,832

211,717

Long-term debt, net of current maturities

275,467

201,789

Long-term tax liability

470

626

Other long-term liabilities

24,964

24,201

Deferred income taxes

25,787

9,300

Total liabilities

554,520

447,633

Total stockholders' equity

1,172,924

1,057,061

Total liabilities and stockholders' equity

$ 1,727,444

$ 1,504,694

Alamo Group Inc. and Subsidiaries

Interim Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

Three Months Ended 

March 31,

2026

2025

Operating Activities

Net income

$   29,184

$   31,800

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

Provision for doubtful accounts

(376)

35

Depreciation - Property, plant and equipment

6,722

6,561

Depreciation - Rental equipment

3,029

2,884

Amortization of intangibles

4,879

4,049

Amortization of debt issuance

176

176

Stock-based compensation expense

1,847

2,303

Provision for deferred income tax expense (benefit)

1,640

(1,641)

Gain on sale of property, plant and equipment

(654)

—

Changes in operating assets and liabilities:

Accounts receivable

(53,368)

(30,865)

Inventories

(23,101)

(9,613)

Rental equipment

(2,262)

(7,148)

Prepaid expenses and other assets

(1,818)

(7,096)

Trade accounts payable and accrued liabilities

7,328

13,987

Income taxes payable

5,080

5,489

Other long-term liabilities, net

(1,818)

3,280

Net cash (used) provided by operating activities

(23,512)

14,201

Investing Activities

Acquisitions, net of cash acquired

(166,507)

—

Purchase of property, plant and equipment

(4,507)

(6,008)

Proceeds from sale of property, plant and equipment

1,242

116

Net cash used in investing activities

(169,772)

(5,892)

Financing Activities

Borrowings on bank revolving credit facility

120,000

—

Repayments on bank revolving credit facility

(31,600)

—

Principal payments on long-term debt and finance leases

(3,750)

(3,752)

Dividends paid

(4,093)

(3,595)

Proceeds from exercise of stock options

1,014

354

Common stock repurchased

(1,398)

(1,613)

Net cash provided by (used) in financing activities

80,173

(8,606)

Effect of exchange rate changes on cash and cash equivalents

(1,314)

3,297

Net change in cash and cash equivalents

(114,425)

3,000

Cash and cash equivalents at beginning of the year

309,659

197,274

Cash and cash equivalents at end of the period

$  195,234

$  200,274

Cash paid during the period for:

Interest

$    4,743

$    3,239

Income taxes

3,525

6,241

Alamo Group Inc.

Non-GAAP Financial Measures Reconciliation

From time to time, Alamo Group Inc. may disclose certain "Non-GAAP financial measures" in the course of its earnings releases, earnings conference calls, financial presentations and otherwise.  For these purposes, "GAAP" refers to generally accepted accounting principles in the United States.  The Securities and Exchange Commission (SEC) defines a "non-GAAP financial measure" as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude or include amounts from the most directly comparable measure calculated and presented in accordance with GAAP.  Non-GAAP financial measures disclosed by Alamo Group are provided as additional information to investors in order to provide them with greater transparency about, or an alternative method for assessing, our financial condition and operating results.  These measures are not in accordance with, or a substitute for, GAAP and may be different from, or inconsistent with, non-GAAP financial measures used by other companies.  Whenever we refer to a non-GAAP financial measure, we will also generally present the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable GAAP financial measure.

Attachment 1 discloses non-GAAP measures such as Adjusted Operating Income, Adjusted Net Income and Adjusted Fully Diluted EPS, adjusts for certain items that the management believes are not indicative of underlying performance. Adjusted Operating Income accounts for these impacts on a pre-tax basis and Adjusted Net Income and Adjusted Fully Diluted EPS are calculated on a after-tax basis. Management believes isolating certain items from the core operating performance improves comparability across periods, and reflects how management plans and assesses the business.

Attachment 2 shows a reconciliation of Earnings Before Interest, Taxes, Depreciation, and Amortization  ("EBITDA") and Adjusted EBITDA.

Attachment 3 reflects Division performance inclusive of non-GAAP financial measures such as Backlog, Adjusted Operating Income, Earnings Before Interest, Tax, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA.

Attachment 4 shows the net change in our total debt net of cash and discloses a non-GAAP financial presentation related to the impact of currency translation on net sales by division.

Attachment 1

Alamo Group Inc.

Non-GAAP Financial Reconciliation

(in thousands, except per share numbers)

(Unaudited)

Non-GAAP Financial Measures

Three Months Ended

March 31,

2026

2025

Operating Income

$  42,159

$  44,462

CEO Transition(1)

—

222

Acquisition and Integration Expenses(2)

558

—

Restructuring Expenses(3)

1,942

762

Adjusted Operating Income

$  44,659

$  45,446

  Adjusted Operating Income % net sales

10.7 %

11.6 %

Net Income

$  29,184

$  31,800

CEO Transition(1), net of tax benefit $53

—

169

Acquisition and Integration Expenses(2), net of tax benefit $141

417

—

Restructuring Expenses(3), net of tax benefit $491 and $183, respectively

1,451

579

Adjusted Net Income

$  31,052

$  32,548

Fully Diluted EPS

$     2.41

$     2.64

CEO Transition(1)

—

0.01

       Acquisition and Integration Expenses(2)

0.03

—

       Restructuring Expenses(3)

0.12

0.05

              Adjusted Fully Diluted EPS

$     2.56

$     2.70

Notes:

1.

CEO Transition includes accelerated stock compensation, recruiting expenses, sign-on bonus, and moving expenses

2.

Acquisition and integration expenses include advisory fees and other related costs for both unsuccessful and successful deals and integration expenses

3.

Restructuring expenses include costs related to leadership changes, severance costs, facility move and setup costs, and advisory fees associated with operational improvements

Attachment 2

Alamo Group Inc.

Non-GAAP Financial Reconciliation

(in thousands)

(Unaudited)

EBITDA

Three Months Ended

March 31, 2026

March 31, 2025

Net Income

$        29,184

$        31,800

Interest, net

3,143

1,956

Provision for income taxes

9,864

10,043

Depreciation

9,751

9,445

Amortization

4,879

4,049

     EBITDA

$        56,821

$        57,293

     EBITDA % net sales

13.6 %

14.7 %

Adjustments:

CEO Transition(1)

$             —

$           222

Acquisition and Integration Expenses(2)

558

—

Restructuring Expenses(3)

1,942

762

     Adjusted EBITDA

$        59,321

$        58,277

     Adjusted EBITDA % net sales

14.2 %

14.9 %

Notes:

1.

CEO Transition includes accelerated stock compensation, recruiting expenses, sign-on bonus, and moving expenses

2.

Acquisition and integration expenses include advisory fees and other related costs for both unsuccessful and successful deals and integration expenses

3.

Restructuring expenses include costs related to leadership changes, severance costs, facility move and setup costs, and advisory fees associated with operational improvements

Attachment 3

Alamo Group Inc.

Non-GAAP Financial Reconciliation

(in thousands)

(Unaudited)

Industrial Equipment Division Performance

Three Months Ended 

March 31,

2026

2025

Backlog

$    404,883

$    513,215

Net Sales

241,729

227,060

Income from Operations

31,646

31,150

Income from Operations % net sales

13.1 %

13.7 %

Adjustments:

CEO Transition(1)

$           —

$         119

Acquisition and Integration Expenses(2)

400

—

Restructuring Expenses(3)

320

—

Adjusted Operating Income

$     32,366

$     31,269

Adjusted Operating Income % of sales

13.4 %

13.8 %

Depreciation

5,487

5,393

Amortization

1,923

1,129

Other (income) expense

(27)

(360)

EBITDA

$     39,029

$     37,312

EBITDA % net Sales

16.1 %

16.4 %

Adjustments:

CEO Transition(1)

$           —

$         119

 Acquisition and Integration Expenses(2)

400

—

Restructuring Expenses(3)

320

—

Adjusted EBITDA

$     39,749

$     37,431

Adjusted EBITDA % net sales

16.4 %

16.5 %

Notes:

1.

CEO Transition includes accelerated stock compensation, recruiting expenses, sign-on bonus, and moving expenses

2.

Acquisition and integration expenses include advisory fees and other related costs for both unsuccessful and successful deals and integration expenses

3.

Restructuring expenses include costs related to leadership changes, severance costs, facility move and setup costs, and advisory fees associated with operational improvements

Attachment 3 (Continued)

Alamo Group Inc.

Non-GAAP Financial Reconciliation

(in thousands)

(Unaudited)

Vegetation Management Division Performance

Three Months Ended 

March 31,

2026

2025

Backlog

$   198,108

$    189,493

Net Sales

175,420

163,890

Income from Operations

10,513

13,312

Income from Operations % net sales

6.0 %

8.1 %

Adjustments:

CEO Transition(1)

$          —

$         103

Acquisition and Integration Expenses(2)

158

—

Restructuring Expenses(3)

1,622

762

Adjusted Operating Income

$     12,293

$     14,177

Adjusted Operating Income % of sales

7.0 %

8.7 %

Depreciation

4,264

4,052

Amortization

2,956

2,920

Other (income) expense

59

(303)

EBITDA

$     17,792

$     19,981

EBITDA % net Sales

10.1 %

12.2 %

Adjustments:

CEO Transition(1)

$          —

$         103

Acquisition and Integration Expenses(2)

158

—

Restructuring Expenses(3)

1,622

762

Adjusted EBITDA

$     19,572

$     20,846

Adjusted EBITDA % net sales

11.2 %

12.7 %

Notes:

1.

CEO Transition includes accelerated stock compensation, recruiting expenses, sign-on bonus, and moving expenses

2.

Acquisition and integration expenses include advisory fees and other related costs for both unsuccessful and successful deals and integration expenses

3.

Restructuring expenses include costs related to leadership changes, severance costs, facility move and setup costs, and advisory fees associated with operational improvements

Attachment 4

Alamo Group Inc.

Non-GAAP Financial Reconciliation

(in thousands)

(Unaudited)

Consolidated Net Change of Total Debt, Net of Cash

March 31, 2026

March 31, 2025

Net Change

Current maturities

$        15,000

$        15,009

Long-term debt,net of current

275,467

201,789

Total debt

$       290,467

$       216,798

Total cash

195,234

200,274

     Total Debt Net of Cash

$        95,233

$        16,524

$       78,709

Impact of Currency Translation on Net Sales by Division

Three Months Ended

March 31,

Change due to currency
translation

2026

2025

% change
from 2025

$

%

Vegetation Management

$       175,420

$       163,890

7.0 %

$          6,335

3.9 %

Industrial Equipment

241,729

227,060

6.5 %

3,332

1.5 %

Total net sales

$       417,149

$       390,950

6.7 %

$          9,667

2.5 %

SOURCE Alamo Group Inc.

Alamo Group Inc. (ALG) Q1 2026 Earnings Call Transcript

Despite a weak farm income forecast marring the near-term outlook of the Zacks Manufacturing - Farm Equipment industry, it is expected to benefit from rising agricultural equipment demand driven by the food needs of a growing global population.

Deere & Company (DE - Free Report) , CNH Industrial (CNH - Free Report) , AGCO Corporation (AGCO - Free Report) and Alamo Group (ALG - Free Report) are well-positioned to capitalize on this trend through continued product expansion and innovation. The industry is also gaining from rapid advancements in precision agriculture, automation and smart farming technologies, as companies invest heavily in digital solutions that make farming more efficient, accurate and easier to manage across the production cycle.

About the Industry The Zacks Manufacturing - Farm Equipment industry comprises companies that manufacture agricultural equipment. These equipment include tractors, combines, cotton pickers and harvesting equipment; tillage, seeding and application equipment, consisting of sprayers, nutrient management and soil preparation machinery; and hay and forage equipment, comprising self-propelled forage harvesters and attachments, balers and mowers. Some companies in the industry produce turf and utility equipment, consisting of riding lawn equipment and walk-behind mowers, golf course equipment, utility vehicles, commercial mowing equipment, and garden tillers and snow throwers. Some participants manufacture irrigation equipment. Deere, Kubota and CNH Industrial are presently the top three global manufacturers of agricultural equipment (in that order).

Trends Shaping the Future of the Manufacturing - Farm Equipment Industry Low Farm Income Likely to Weigh on the Industry:  The U.S. Department of Agriculture (USDA) forecasts a 0.7% year-over-year dip in net farm income to $153.4 billion for 2026. On an inflation-adjusted basis, net farm income is expected to fall 2.6%. Total crop receipts are forecast to inch up 1.2% to $240.8 billion in 2026. While receipts for corn and hay are expected to increase, they are expected to be offset partly by declines in wheat and rice receipts. Adjusted for inflation, total crop receipts are anticipated to slip 0.7%.  Meanwhile, total animal/animal product receipts are projected to fall 5.8% to $273.9 billion in 2026. Direct government farm payments are expected to increase sharply to $44.3 billion, up $13.8 billion from 2025, mainly driven by higher commodity-related payments and supplemental disaster assistance for farmers and ranchers. Total production expenses, including those associated with operator dwellings, are expected to rise 1% to $477.7 billion in 2026. Livestock and poultry purchases, feed, and labor are likely to remain the largest expense categories. Spending on livestock and poultry purchases is projected to record the steepest increase, rising 9.7%, while feed expenses are expected to decline 6.8% in 2026. The anticipated decline in farm income remains a key concern, as weaker earnings could dampen farmers’ purchasing power and delay equipment and input spending, creating headwinds for the farm equipment industry.

Demand for Food to Fuel the Industry: Despite the ongoing volatility in commodity prices and lower crop receipts, agricultural equipment demand will continue to be supported by increased global demand for food, stemming from population growth and an increasing proportion of the population aspiring for better living standards. With farm sizes increasing, there is a greater need for labor, but escalating labor costs are prompting farmers to turn to mechanization. Additionally, subsidies on agricultural machinery purchases are enabling even small-scale farmers to invest in equipment.

Pricing, Cost-Cutting Actions to Boost Margins: The industry has not been immune to the rampant cost inflation prevailing in the sector. Constraints on the availability of raw materials, labor and trucking resources have led to higher lead times for deliveries. However, the industry players have recently been reporting improvements in the supply chain. The companies have been implementing pricing and cost-reduction actions, which are likely to help sustain margins.

Technologically Advanced Machinery Gaining Popularity: Customers are increasingly relying on advanced technology, smart farming solutions and mechanization to run their operations. Thus, the industry participants are enhancing investments in launching products equipped with advanced technologies and features to keep up with customers' evolving demands. Precision agriculture technology is expected to be a key catalyst, as it enables farmers to increase yield with reduced input costs and sustainability benefits.

Zacks Industry Rank Indicates Dull Prospects The Zacks Manufacturing - Farm Equipment industry is part of the broader Zacks Industrial Products sector. The industry currently carries a Zacks Industry Rank #200, which places it at the bottom 18% of 245 Zacks industries.

The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates dim prospects in the near term. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Despite the bleak near-term prospects of the industry, we will present a few Manufacturing - Farm Equipment stocks that can be retained in one’s portfolio. It is worth taking a look at the industry’s stock-market performance and valuation picture before that.

Industry Underperforms Sector and S&P 500 The Zacks Manufacturing - Farm Equipment industry has underperformed its sector and the Zacks S&P 500 composite over the past 12 months. Stocks in this industry have gained 14.1% in the past 12 months compared with the S&P 500’s growth of 31.7%. The Industrial Products sector has risen 27.7% in the said time frame.

One-Year Price Performance

Industry's Current Valuation On the basis of the trailing EV/EBITDA ratio, which is a commonly used multiple for valuing farm equipment stocks, we see that the industry is currently trading at 30.4X compared with the S&P 500’s 18.47X. The Industrial Products sector’s forward 12-month EV/EBITDA is 19.97X. This is shown in the charts below.

Enterprise Value/EBITDA (EV/EBITDA) Ratio (F12M)

Enterprise Value/EBITDA (EV/EBITDA) Ratio (F12M)

Over the last five years, the industry traded as high as 32.79X and as low as 14.15X, the median being 19.78X.

4 Manufacturing - Farm Equipment Stocks to Keep an Eye on Deere: The company will continue to benefit from its strong focus on launching technologically advanced products and feature-rich solutions that strengthen its competitive positioning. Expansion in precision agriculture remains a key growth catalyst, while replacement demand driven by the need to upgrade aging equipment should continue to support revenues. Deere’s exposure to the construction equipment market also positions it well to benefit from infrastructure spending, healthy rental activity and robust demand from projects such as data centers. Optimizing its cost structure through efficiency initiatives and footprint adjustments, while leveraging pricing actions and its Smart Industrial strategy to offset input cost pressures over time, is also a smart move. Deere’s recent acquisition of construction technology company Tenna is aimed at scaling its business through Tenna’s customer-centric mixed-fleet model. Deere recently acquired construction technology company Tenna with the aim of scaling and growing the Construction & Forestry business using the latter's customer-focused mixed-fleet model. Tenna’s platform offers contractors near real-time visibility into equipment operations, enabling better tracking of equipment trends, maintenance needs, planning and job-site coordination, ultimately improving productivity and reducing costs. Deere’s recent acquisition of the intellectual property and assets of Finland’s Risutec Oy will help expand its silviculture strategy and commitment to sustainable reforestation.

The Zacks Consensus Estimate for the Moline, IL-based company’s fiscal 2026 earnings has moved up 0.2% over the past 90 days. Deere has a trailing four-quarter earnings surprise of around 11.25%, on average. The company currently has an estimated long-term earnings growth rate of 15.9% and carries a Zacks Rank #3 (Hold).

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

Price & Consensus: DE

CNH Industrial: The company is accelerating investments in automation, autonomy, digital technologies, alternative fuels and electrification to strengthen its footprint in the Precision Technology market. CNH has enhanced its FieldOps platform with new capabilities and continues to expand its feature set. It has also partnered to launch the FLEETPRO line of aftermarket kits in the EMEA region and integrated advanced Raven technology into newer machines for full connectivity with FieldOps. These initiatives support its target of nearly doubling precision technology components in agricultural sales to 10% by 2030. At the same time, CNH aims to reinforce its leadership across the agricultural cycle through new product launches, feature upgrades and portfolio enhancements spanning tractors, harvesters and crop production and protection equipment. Its ongoing operational efficiency initiatives are also expected to drive continued margin expansion.

The Zacks Consensus Estimate for CNH Industrial’s fiscal 2026 earnings has moved up 5% over the past 60 days.  CNH has a trailing four-quarter earnings surprise of around 10.1%, on average. The Basildon, UK-based company currently has an estimated long-term earnings growth rate of 18% and carries a Zacks Rank of 3.

Price & Consensus: CNH

AGCO: Backed by its differentiated portfolio and “Farmer First” approach, the company outperformed the broader market in the first quarter of 2026, driven by strong demand for high-horsepower equipment and precision agriculture solutions. AGCO continues to invest in new products, precision farming technologies and smart farming solutions to strengthen its distribution network, expand digital capabilities and enhance its product offerings. At the same time, the company is streamlining and sharpening its portfolio of agricultural machinery and precision ag technology solutions while maintaining disciplined investments in technology and organic growth initiatives. AGCO is also focused on debt reduction and enhancing shareholder returns, recently raising its quarterly dividend by 3%. Supported by its Farmer First strategy, strong innovation pipeline and ongoing cost discipline, the company remains well positioned to generate healthy cash flows going forward.

AGCO has an estimated long-term earnings growth rate of 24.9%. The consensus estimate for AGCO’s 2026 earnings has moved up 2% in the past 60 days. The estimate suggests year-over-year growth of 11.6%. It has a trailing four-quarter earnings surprise of 41.4%, on average. This Duluth, GA-based company currently carries a Zacks Rank of 3.

Price & Consensus: AGCO

Alamo: Supported by robust operating cash flows and solid liquidity, the company has been steadily investing in organic growth initiatives as well as strategic acquisitions. Its acquisition strategy focuses on profitable businesses with innovative, market-leading product portfolios that serve stable and steadily growing end markets. In line with this approach, it acquired Petersen Industries, a manufacturer of specialized truck-mounted grapple loader equipment for municipal and industrial customers. The Industrial Equipment Division’s growth in the first quarter of 2026 was primarily driven by the successful integration of the Petersen and Ring-O-Matic acquisitions. The Vegetation Management achieved its first quarterly year-over-year sales increase in nine quarters in the first quarter of 2026, signaling a potential stabilization in previously declining end markets. The company anticipates continued margin progression throughout 2026, driven by manufacturing efficiencies and new product innovation, including the commercial launch of the hybrid mechanical sweeper in the second half of the year.

The Zacks Consensus Estimate for the Seguin, TX-based company’s fiscal 2026 earnings has moved up 5.6% in 60 days’ time and implies year-over-year growth of 13.2%. ALG currently carries a Zacks Rank of 3 and has a long-term estimated earnings growth rate of 16%.

Price & Consensus: ALG

, /PRNewswire/ -- The Chemours Company (Chemours) (NYSE: CC) today announced it completed its previously announced private offering of $700,000,000 in aggregate principal amount of 7.875% senior unsecured notes due 2034 (the "Notes") that was exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The Notes are Chemours' senior unsecured obligations and are guaranteed by one of its subsidiaries.

Chemours used the net proceeds from the offering, together with cash on hand, to fund the redemption of $188,000,000 aggregate principal amount of its 5.750% senior notes due 2028 for an aggregate redemption price of approximately $189,800,000, plus accrued and unpaid interest thereon. The remaining net proceeds from the offering are expected to be used to fund the redemption of the outstanding 5.375% senior notes due 2027 for an aggregate redemption price of approximately $500,300,000 in (assuming a treasury rate of 3.56%), plus accrued and unpaid interest to, but excluding, the date of redemption.

The Notes and the related guarantee have not been, and will not be, registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. The Notes were offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release is not an offer to purchase or the solicitation of an offer to sell any of the existing 2027 or 2028 notes. The statements in this press release with respect to the redemption of the existing 2027 or 2028 notes do not constitute a notice of redemption under the indenture governing the existing 2027 or 2028 notes, as applicable. Any such notice has or will be sent to holders of existing 2027 and 2028 notes only in accordance with the provisions of each such indenture, as applicable.

About The Chemours Company

The Chemours Company (NYSE: CC) is a global leader in providing industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and advanced electronics, general industrial, and oil and gas. Through our three businesses – Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials – we deliver application expertise and chemistry-based innovations that solve customers' biggest challenges. Our flagship products are sold under prominent brands such as Opteon™, Freon™, Ti-Pure™, Nafion™, Teflon™, Viton™, and Krytox™. Headquartered in Wilmington, Delaware and listed on the NYSE under the symbol CC, Chemours has approximately 5,700 employees and 28 manufacturing sites and serves approximately 2,400 customers in approximately 110 countries. For more information, visit chemours.com or follow us on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements address, among other things, Chemours' intended use of the net proceeds therefrom, including the expectation to redeem all of the outstanding existing 2027 notes. Forward-looking statements are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond Chemours' control. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the redemption of the existing 2027 notes and other risks, uncertainties and other factors discussed in Chemours' filings with the U.S. Securities and Exchange Commission, including in Chemours' Annual Report on Form 10-K for the year ended December 31, 2025. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.

CONTACTS:

INVESTORS
Brandon Ontjes
Vice President, Head of Strategy & Investor Relations
+1.302.773.3309
[email protected]

NEWS MEDIA
Cassie Olszewski
Media Relations & Reputation Leader
+1.302.219.7140
[email protected]

SOURCE The Chemours Company

The article analyzes the Canton Network and its CIP-0105 update, which incentivizes Super Validators to lock rewards, aligning interests with long-term network success. CIP-0105 could result in 20–32% of Canton Coin supply being locked over the long run, reducing circulating supply and disincentivizing opportunistic selling. Major financial institutions like Nasdaq, DTCC, and others serve as Super Validators, signaling strong institutional adoption and potential for network effects.

On April 10, 2026, The Chemours Co CC shares experienced a notable increase of 4.0% today, bringing the current price to $22.71. This price movement is significant when considering the stock's 52-week range, which has seen a low of $9.13 and a high of $22.99.

GF Value™ verdict: The current price of $22.71 is 9.2% above the GF Value™ estimate of $20.79, indicating the stock is overvalued.GF Score™: With a score of 74/100, Chemours is rated as above average based on key financial metrics.Most notable signal: The momentum rank is strong at 10/10, suggesting robust price performance in recent periods. Is CC Overvalued or Undervalued? The current price of The Chemours Co CC at $22.71 is above the GF Value™ estimate of $20.79, which implies that the stock is overvalued by approximately 9.2%. This overvaluation indicates a lack of margin of safety for potential investors, as shares trading above their intrinsic value can signify heightened risk. The GF Valuation label categorizes the stock as fairly valued, but this assessment must be taken with caution given its current pricing dynamics.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Being overvalued suggests that investors may face risks if the stock does not meet growth expectations moving forward, or if market conditions shift unfavorably.

How Does CC's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 15.9x 13.2x The current P/E of 15.9x is above the 5-year median P/E of 13.2x, indicating that Chemours is trading at a higher valuation compared to its historical average. This aligns with the GF Value™ conclusion that the stock is currently overvalued, as the elevated P/E suggests that the stock may be priced for growth that could be challenging to achieve.

What Does CC'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. Higher GF Score™ values are associated with higher long-term returns, as evidenced by backtesting from 2006 to 2021.

Metric Rating GF Score™ 74 Financial Strength 3/10 Profitability 6/10 Growth 4/10 Valuation 7/10 Momentum 10/10 The GF Score™ of 74/100 suggests that Chemours has a solid standing relative to its peers, with particularly strong momentum (10/10) indicating positive price movements in recent times. However, the financial strength score of 3/10 is notably weak, suggesting potential vulnerabilities in the company's financial health. Profitability and growth ranks are average, indicating room for improvement in these areas.

What Are Insiders Doing with CC Stock? In the last three months, there have been no insider transactions reported for The Chemours Co CC . This lack of activity may suggest that insiders are not currently making significant stock moves, which could imply confidence in the company's stability or a wait-and-see approach regarding the stock's valuation.

What This Means for Investors Based on the analysis of GF Value™, The Chemours Co CC appears to be overvalued at its current price of $22.71 relative to the intrinsic value estimated at $20.79. This situation may present risks for potential investors as the stock is trading above its fair value, highlighting the importance of conducting thorough due diligence before making any investment decisions.

For the complete analysis, visit the The Chemours Co CC stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

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

The GF Score™ for The Chemours Co CC is 74/100, indicating an above-average rating based on several key financial metrics.

Is CC overvalued or undervalued?

CC is currently overvalued as its price of $22.71 exceeds the GF Value™ estimate of $20.79, indicating a 9.2% overvaluation.

What is CC's P/E ratio?

The current P/E ratio for The Chemours Co CC is 15.9x, which is above its historical 5-year median P/E of 13.2x, confirming the stock's overvaluation.

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].

On April 23, 2026, Hasbro Inc HAS released its 8-K filing detailing preliminary first-quarter 2026 results and operational updates. The company expects Q1 revenue in the range of $970 million to $985 million, supported by “continued strength in MAGIC: THE GATHERING,” and operating profit of $235 million to $245 million. Hasbro Inc (HAS) plans to report full first-quarter results before the market open on May 20, 2026.

Hasbro is a branded play company providing children and families around the world with entertainment offerings based on a world-class brand portfolio. From toys and games to television programming, motion pictures, and a licensing program, Hasbro reaches customers by leveraging its well-known brands such as Transformers, Peppa Pig, and Magic: The Gathering. The firm acquired EOne in 2019, bolting on popular family properties like Peppa Pig and PJ Masks, and has since divested noncore lines from the tie-up. Furthermore, the addition of Dungeons & Dragons Beyond in 2022 offers the firm access to 19 million digital tabletop players.

Preliminary Q1 2026 highlights and estimate comparison Preliminary Q1 revenue of $970 million to $985 million is above the analyst estimated revenue of $908.86 million. Revenue growth is expected to be up 9% to 11% year over year.

Operating profit of $235 million to $245 million implies year-over-year growth of 38% to 44%. Adjusted operating profit of $250 million to $260 million implies year-over-year growth of 12% to 17%.

Management reiterated full-year 2026 guidance for total revenue growth of 3% to 5% in constant currency, adjusted operating margin of 24% to 25%, and adjusted EBITDA of $1.40 billion to $1.45 billion.

Metric Q1 2026 Preliminary (Low) Q1 2026 Preliminary (High) YoY Change Analyst Estimate (if applicable) Revenue $970M $985M +9% to +11% $908.86M Operating Profit $235M $245M +38% to +44% N/A Adjusted Operating Profit $250M $260M +12% to +17% N/A 2026 Guidance (reiterated) Total Revenue Growth (CC) +3% +5% N/A N/A Adjusted Operating Margin 24% 25% N/A N/A Adjusted EBITDA $1.40B $1.45B N/A N/AOperational update and risks Hasbro disclosed progress on a previously announced cybersecurity event. According to the filing,

the Company believes that the unauthorized access has been contained and the Company is making progress in fully restoring its systems and operations.The company added,

This unauthorized access did not impact the Company’s financial results for the first quarter.While core trading-card shipments have proceeded, the company noted,

MAGIC: THE GATHERING shipments and its release cadence have continued as planned in the second quarter, including the April 2026 release of Secrets of Strixhaven.For the Consumer Products segment, Hasbro expects temporary operational frictions in Q2 due to order processing, shipping, and invoicing delays, stating,

the majority of any delayed shipping in the second quarter will be made up in the back-half of 2026.The company also said,

The second quarter is also expected to contain certain investigatory and other advisor costs related to the unauthorized access.Hasbro plans to release full Q1 results and host its earnings call on Wednesday, May 20, 2026, at 8:30 a.m. ET. The webcast and slides will be available at investor.hasbro.com.

Financial achievements and why they matter Top-line growth of 9% to 11% alongside operating profit growth of 38% to 44% signals positive operating leverage, led by the performance of MAGIC: THE GATHERING. For a company in the broader Travel & Leisure ecosystem—where discretionary spend and brand engagement are critical—this combination underscores the importance of resilient, high-margin franchises to buffer cyclicality and support reinvestment.

Adjusted operating profit of $250 million to $260 million is particularly relevant for investors evaluating underlying operations independent of non-recurring items such as acquired intangible amortization and restructuring. The company provided a detailed reconciliation indicating non-GAAP adjustments for acquired intangible amortization ($10 million), strategic transformation initiatives ($1 million), and restructuring and severance costs ($5 million).

Income statement, balance sheet, and cash flow context The press release provides preliminary income statement indicators—revenue, operating profit, and adjusted operating profit—but does not include full financial statements. These metrics are central to assessing near-term profitability and operating efficiency heading into the key mid-year product cycle. Adjusted EBITDA guidance of $1.40 billion to $1.45 billion offers a cash earnings proxy that is closely watched across the leisure and branded entertainment space for its correlation with investment capacity and debt serviceability.

While detailed balance sheet and cash flow data are pending the full Q1 release, operating margin targets of 24% to 25% inform expectations for capital allocation flexibility. Stronger margins in branded IP-driven businesses often translate into higher free cash flow conversion, which can support product development, marketing, and selective licensing opportunities across the portfolio.

Commentary excerpts The filing emphasized the growth driver and nature of the results and disclosure:

Hasbro, Inc. (NASDAQ: HAS), a leading games, IP and toy company, today announced preliminary results for the first quarter ended March 29, 2026, with growth behind continued strength in MAGIC: THE GATHERING.The unaudited financial information presented in this press release is preliminary and may change.Analysis Preliminary revenue above consensus points to sustained momentum in MAGIC: THE GATHERING and a favorable mix, with operating leverage evident in the profit ranges. The reiterated full-year targets suggest confidence in execution despite temporary operational disruptions tied to the cybersecurity event.

Key challenges include the anticipated Q2 timing impacts in Consumer Products and incremental advisory costs. These may weigh on near-term reported results. However, the company indicates order flow and shipments are expected to normalize later in the year, which could mitigate revenue timing pressures.

GuruFocus Valuation Check Based on GuruFocus’ proprietary GF Value framework, Hasbro Inc HAS appears overvalued. The GF Value is $62.25 versus a current price of $90.61, indicating shares trade at approximately 45.6% above the estimated fair value.

The GF Score of 72/100 is considered above average, suggesting a balanced but not exceptional overall investment profile. A Profitability Rank of 7/10 indicates solid earnings quality and margins relative to peers. A Financial Strength score of 5/10 points to a moderate balance sheet and leverage position. The Growth Rank of 3/10 and Predictability of 1 star signal lower visibility into consistent expansion or repeatability of results, which can introduce variability in outcomes. A Moat Score of 6/10 reflects a competitive position supported by notable brands and IP, but not an unassailable advantage.

Insiders have sold $42.9 million worth of shares over the past three months, with no reported insider buying. Large net insider selling can be a cautionary signal for investors monitoring alignment and sentiment. For a deeper dive, visit the Hasbro Inc stock page on GuruFocus.

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, /PRNewswire/ -- The Chemours Company ("Chemours" or "the Company") (NYSE: CC), a global chemistry company with leading market positions in Thermal & Specialized Solutions ("TSS"), Titanium Technologies ("TT"), and Advanced Performance Materials ("APM"), today announced its financial results for the first quarter 2026.

Key First Quarter 2026 Results & Recent Highlights1

Net Sales of $1.4 billion, slightly up compared to the corresponding prior-year quarter, with TSS reporting record first quarter results, with continued double-digit year-over-year sales growth in Opteon™ Refrigerants Net Loss attributable to Chemours of $29 million, or $0.19 per diluted share, compared with Net Loss attributable to Chemours of $5 million, or $0.03 per diluted share, in the corresponding prior-year quarter Adjusted Net Income2 of $8 million, or $0.05 per diluted share, compared to Adjusted Net Income of $19 million, or $0.13 per diluted share, in the corresponding prior-year quarter Adjusted EBITDA2,3 of $169 million compared to $166 million in the corresponding prior-year quarter Announced a global TiO2 price increase effective April 1, 2026, as a continuation of our December price actions; achieved a sequential TiO2 price increase of 3% in Net Sales Received ~$287 million initial net proceeds from the sale of the Kuan Yin site, positioning the Company to paydown €140 million of outstanding debt "Chemours exceeded overall expectations in the first quarter, achieving strong outcomes from both our TSS and TT businesses, paired with the more recent receipt of cash through the completion of a substantial portion of our Kuan Yin property sales enabling us to reduce our debt," stated Denise Dignam, Chemours President and CEO. "These achievements demonstrate our dedication to our Pathway to Thrive strategy and highlight the importance we place on effective execution. While the wider economic landscape remains uncertain, Chemours continues to drive full-year growth while remaining steadfast in prioritizing flexible commercial and operational strategies to ensure Chemours is able to capitalize on opportunities in our key markets."

Total Chemours

Q1 2026

Q1 2025

Y-o-Y % ∆

Q4 2025

Q-o-Q % ∆

Net Sales (millions)

$1,381

$1,368

1 %

$1,329

4 %

Net Loss (millions)

($29)

($5)

(480 %)

($47)

38 %

Loss Per Share4

($0.19)

($0.03)

(533 %)

($0.31)

39 %

Adjusted Net Income

$8

$19

(58 %)

$7

14 %

Adjusted EPS

$0.05

$0.13

(62 %)

$0.05

0 %

Adjusted EBITDA (millions)

$169

$166

2 %

$128

32 %

First quarter 2026 Net Sales were $1.4 billion, an increase of 1% compared to the prior-year quarter. Reported Net Sales were primarily driven by a 2% increase in price and a 3% increase in currency, partially offset by a 4% decrease in volumes. The overall increase in price was driven by automotive Freon™ pricing for TSS in North America, partially offset by TT and APM. The decrease in volume was primarily driven by constraints in production due to an operational outage in APM and weaker cyclical end markets impacting both TT and APM, partially offset by continued strength in TSS volume tied to increased Opteon™ Refrigerants adoption and Freon™ sales. 

First quarter 2026 Net Loss attributable to Chemours was $29 million, or $0.19 per diluted share, compared to Net Loss attributable to Chemours of $5 million, or $0.03 per diluted share in the prior-year quarter. The larger first quarter Net Loss attributable to Chemours was driven by increased financing costs associated with a recent debt offering and higher Selling, General and Administrative costs. Adjusted EBITDA for the first quarter of 2026 was $169 million, compared to $166 million in the prior-year quarter with the referenced higher pricing, currency and other income more than offsetting overall higher costs paired with lower sales volumes in APM and TT.

Thermal & Specialized Solutions

Q1 2026

Q1 2025

Y-o-Y % ∆

Q4 2025

Q-o-Q % ∆

Net Sales (millions)

$568

$466

22 %

$444

28 %

Opteon™ Refrigerants

$313

$279

12 %

$243

29 %

Freon™ Refrigerants

$162

$97

67 %

$113

43 %

Foam, Propellants & Other (FP&O)

$93

$90

3 %

$87

7 %

Adjusted EBITDA (millions)

$190

$141

35 %

$128

48 %

Adjusted EBITDA Margin

33 %

30 %

3 ppts

29 %

4 ppts

For the first quarter of 2026, TSS segment results reflected both record sales, inclusive of a 12% year-over-year growth in Opteon™ Refrigerants, and Adjusted EBITDA.

TSS segment first quarter 2026 Net Sales were $568 million, an increase of 22% versus the prior‑year quarter, driven by an 11% increase in price and a 9% increase in volume, with a 2% currency tailwind. Increased pricing was primarily driven by automotive Freon™ Refrigerant sales in North America. Volume growth was driven by the continued transition to Opteon™ Refrigerants as well as automotive Freon™ Refrigerant sales in North America.

Adjusted EBITDA for the quarter increased 35% to $190 million, while Adjusted EBITDA Margin increased three points to 33%. The increase in Adjusted EBITDA was driven by higher pricing associated with the referenced automotive Freon™ sales and a transition to a more favorable product mix in Opteon™ Refrigerant blends, partially offset by higher input costs associated with R32, a key component of our stationary Opteon™ Refrigerant blends, in the quarter.

Sequentially, Net Sales increased 28%, driven by a 22% seasonal volume increase supported by a 6% pricing increase. Volumes followed seasonal patterns, increasing across all refrigerants.  

Titanium Technologies

Q1 2026

Q1 2025

Y-o-Y % ∆

Q4 2025

Q-o-Q % ∆

Net Sales (millions)

$559

$597

(6 %)

$561

(0 %)

  TiO2 Pigment

$541

$575

(6 %)

$534

1 %

  Minerals

$18

$22

(18 %)

$27

(33 %)

Adjusted EBITDA (millions)

$18

$50

(64 %)

$23

(22 %)

Adjusted EBITDA Margin

3 %

8 %

(5) ppts

4 %

(1) ppts

TT segment first quarter 2026 Net Sales were $559 million, a 6% decrease compared to the prior-year quarter. This decrease was the result of a 7% decline in volumes globally, with favorable currency of 3% more than offsetting lower pricing of 2%. The decrease in volumes was driven by lower TiO2 sales concentrated in North America and certain non-western markets, which also negatively impacted product mix.

TT segment first quarter 2026 Adjusted EBITDA decreased 64% to $18 million compared to the prior-year quarter, while Adjusted EBITDA Margin decreased five percentage points to 3%. The decline in Adjusted EBITDA was primarily driven by the decline in sales as well as an unfavorable ore mix with Q1 production paired with decisions to adjust TT's mining footprint.

Sequentially, TT segment first quarter 2026 Net Sales were approximately flat, with a 3% increase in price, reflective of pricing actions announced in the fourth quarter of 2025, offset by a 3% decrease in volume.

Advanced Performance Materials

Q1 2026

Q1 2025

Y-o-Y % ∆

Q4 2025

Q-o-Q % ∆

 Net Sales (millions)

$243

$294

(17 %)

$312

(22 %)

Advanced Materials

$143

$178

(20 %)

$172

(17 %)

Performance Solutions

$100

$116

(14 %)

$141

(29 %)

Adjusted EBITDA (millions)

$5

$32

(84 %)

$12

(58 %)

Adjusted EBITDA Margin

2 %

11 %

(9) ppt

4 %

(2) ppts

APM segment first quarter 2026 Net Sales were $243 million, a 17% decrease compared to the prior-year quarter. This decrease was primarily driven by a 19% decrease in volume with favorable currency of 3% further offsetting a 1% decrease in price. The volume decline was primarily driven by sales constraints due to the Washington Works plant outage in Q1 and recent closure of APM's Advanced Materials SPS Capstone™ line, completed in the third quarter of 2025.

APM segment first quarter 2026 Adjusted EBITDA decreased 84% to $5 million compared to the prior-year quarter, while Adjusted EBITDA Margin decreased nine percentage points to 2%. The decrease in Adjusted EBITDA was primarily driven by the referenced lower sales volumes and related additional costs from the outage which combined for approximately $25 million for the quarter.

Sequentially, APM segment first quarter 2026 Net Sales were down approximately 22%, driven by a 22% decrease in volumes, related to decreased volumes across both Performance Solutions and Advanced Materials. The decline in volumes was due to the referenced first quarter Washington Works outage as well as contractual sales timing.

Other Non-Reportable Segment

The Performance Chemicals and Intermediates business in the Company's Other Non-Reportable Segment had Net Sales and Adjusted EBITDA for the first quarter 2026 of $11 million and $3 million, respectively.

Corporate Expenses

Corporate Expenses were $47 million in the first quarter of 2026, a decrease of approximately $10 million compared to the prior-year quarter. This was primarily due to lower costs associated with legacy litigation activities.

Liquidity and Capital Allocation

As of March 31, 2026, consolidated gross debt was $4.2 billion5. Debt, net of $563 million in unrestricted cash and cash equivalents, was $3.6 billion, resulting in a net leverage ratio of approximately 4.9x on a trailing twelve-month Adjusted EBITDA basis. Total liquidity was $1.5 billion, comprised of $563 million in unrestricted6 cash and cash equivalents and $953 million of revolving credit facility capacity, net of outstanding letters of credit.

In April 2026, the Company completed the sale of nine of the ten parcels of land at the Company's Kuan Yin site which are classified as held-for-sale and received net cash proceeds of approximately $287 million. The sale of the tenth parcel of land is expected to be completed by the end of 2026 for a remaining gross purchase price of approximately $55 million. Using part of the initial cash proceeds received, as well as cash on hand, in April 2026, the Company paid down €140 million of the outstanding tranche B-3 Euro Term loans due August 2028. The Company expects further debt repayments in 2026.

Operating cash usage for the first quarter of 2026 was $44 million, compared to a usage of $112 million in the prior-year quarter highlighting improvements in net working capital performance.

Capital expenditures for the first quarter of 2026 amounted to $49 million, a decrease in spend compared to $84 million in the prior-year quarter, driven by lower capital expenditures in TSS.

Free Cash Flows for the first quarter of 2026 reflected a usage of $93 million, compared to a usage of $196 million in the first quarter of 2025.

Second Quarter 2026 Outlook

In the second quarter, the Company anticipates consolidated Net Sales to increase in the range of 15% to 20%, sequentially, driven by favorable seasonal trends, with consolidated Adjusted EBITDA expected to range between $220 million and $250 million. Corporate Expenses are expected to approximate $45 million to $50 million. The Company also anticipates capital expenditures to approximate $50 million, with Free Cash Flows of at least $100 million.

TSS projects Net Sales will sequentially increase in the low-to-mid teens percentage range, driven by seasonality in connection with the 2026 cooling season in the northern hemisphere with strength in both Freon™ and Opteon™ Refrigerants. Adjusted EBITDA is expected to be between $210 million and $225 million.

TT expects an overall sequential Net Sales increase in the mid-to high teens percentage range, driven by seasonal volume strength and a favorable mix for TiO2 pigment, supported by recent pricing actions, paired with increased minerals sales. Adjusted EBITDA is expected to range between $40 million and $50 million.

APM expects a sequential Net Sales increase in the low-to-high thirties percentage range, driven by a return to normal operating levels at the Washington Works facility while reflecting some limited residual impacts from the outage. Adjusted EBITDA for APM is expected to be between $12 million and $18 million.

Full Year 2026 Outlook

The Company continues to expect 2026 Net Sales to grow in the range of 3% to 5% over 2025, with Adjusted EBITDA between $800 million and $900 million. This outlook is supported by higher TSS and APM Performance Solutions demand, anticipated TT pricing momentum, and ongoing cost improvements in each business. Capital expenditures are anticipated to be between $275 million and $325 million, with overall Free Cash Flow Conversion above 20%, due to increased earnings and improvements in working capital throughout the year. This revised estimate now reflects the approximate $30 million estimated full year income tax cash outflow related to the expected proceeds to be distributed on the sale of land at the former Kuan Yin TiO2 site. As an update to previous expectations, the Company anticipates that these cash flow dynamics will produce a net leverage ratio of less than 3.8x by the end of 2026.

Conference Call

As previously announced, Chemours will hold a conference call and webcast on May 6, 2026, at 8:00 AM Eastern Time. The webcast and materials can be accessed by visiting the Events & Presentations page of Chemours' investor website, investors.chemours.com. A webcast replay of the conference call will be available on Chemours' investor website.

About The Chemours Company

The Chemours Company (NYSE: CC) is a global leader in providing industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and advanced electronics, general industrial, and oil and gas. Through our three businesses – Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials – we deliver application expertise and chemistry-based innovations that solve customers' biggest challenges. Our flagship products are sold under prominent brands such as Opteon™, Freon™, Ti-Pure™, Nafion™, Teflon™, Viton™, and Krytox™. Headquartered in Wilmington, Delaware and listed on the NYSE under the symbol CC, Chemours has approximately 5,700 employees and 28 manufacturing sites and serves approximately 2,400 customers in approximately 110 countries. For more information, visit chemours.com or follow us on LinkedIn.

Non-GAAP Financial Measures

We prepare our financial statements in accordance with Generally Accepted Accounting Principles (GAAP). Within this press release, we may make reference to Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, Free Cash Flows, Free Cash Flows Conversion, Total Debt Principal, Net and Net Leverage Ratio which are non-GAAP financial measures. The Company includes these non-GAAP financial measures because management believes they are useful to investors in that they provide for greater transparency with respect to supplemental information used by management in its financial and operational decision making. Management uses Adjusted Net Income, Adjusted EPS and Adjusted EBITDA, which adjust for (i) certain non-cash items, (ii) certain items we believe are not indicative of ongoing operating performance or (iii) certain nonrecurring, unusual or infrequent items to evaluate the Company's performance in order to have comparable financial results to analyze changes in our underlying business from period to period. Additionally, Free Cash Flows, Free Cash Flows Conversion, Total Debt Principal, Net and Net Leverage Ratio are utilized as liquidity measures to assess the cash generation of our businesses and on-going liquidity position.

Accordingly, the Company believes the presentation of these non-GAAP financial measures, when used in conjunction with GAAP financial measures, is a useful financial analysis tool that can assist investors in assessing the Company's operating performance and underlying prospects. This analysis should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. This analysis, as well as the other information in this press release, should be read in conjunction with the Company's financial statements and footnotes contained in the documents that the Company files with the U.S. Securities and Exchange Commission. The non-GAAP financial measures used by the Company in this press release may be different from the methods used by other companies. The Company does not provide a reconciliation of certain forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures on a forward-looking basis because it is unable to predict with reasonable certainty the ultimate outcome of unusual gains and losses, potential future asset impairments and pending litigation without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For more information on the non-GAAP financial measures, please refer to the attached schedules or the table, "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)" and materials posted to the Company's website at investors.chemours.com.

Forward-Looking Statements

This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, guidance on Company and segment performance for the second quarter of 2026, the full year 2026 and the Company's corporate strategy. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized, such as guidance relying on models based upon management assumptions regarding future events that are inherently uncertain. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties including the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, our ability to maintain an effective internal control over financial reporting and disclosure controls and procedures, changes in environmental regulations in the United States or other jurisdictions that affect demand for or adoption of our products, changes in regulations in the United States or other jurisdictions that could impose tariffs or additional costs on products we either sell or need to purchase, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, efforts to resolve outstanding or potential litigation, including claims related to legacy PFAS liabilities, plans for dividends, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to develop and commercialize new products or technologies and obtain necessary regulatory approvals, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These statements also may involve risks and uncertainties that are beyond Chemours' control. Matters outside our control, including general economic conditions, geopolitical conditions, global conflicts, changes in laws and regulations in the United States or other jurisdictions in which we operate, and global health events and weather events, have affected or may affect our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains such as through strikes, labor disruptions or other events, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and the Annual Report on Form 10-K for the year ended December 31, 2025. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.

CONTACTS:

INVESTORS 
Brandon Ontjes 
Vice President, Head of Strategy & Investor Relations 
+1.302.773.3309
[email protected]   

NEWS MEDIA 
Cassie Olszewski
Media Relations & Reputation Leader 
+1.302.219.7140
[email protected]

1

Certain prior period amounts have been revised to correct for certain immaterial errors as further described in our Annual Report on Form 10-K for the year ended December 31, 2025.

2

Non-GAAP measures, including Adjusted Net Income, Adjusted EPS and Adjusted EBITDA referred to throughout, principally exclude the impact of recent litigation settlements for legacy environmental matters and associated fees, in addition to other unallocated items – please refer to the attached "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)".

3

Adjusted EBITDA excludes net income attributable to noncontrolling interests, net interest expense, depreciation and amortization, and all remaining provision for income taxes from Adjusted Net Income. See the corresponding reconciliation referenced in footnote #2.

4

On a diluted earnings per share basis.

5

This amount does not reflect the €140 million used to reduce outstanding debt, which occurred in April of 2026.

6

Restricted cash approximated $53 million of the end of the first quarter of 2026, reflecting primarily escrow payments Chemours has made related to the MOU agreement with DuPont, Corteva and EID as further described in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

The Chemours Company

Consolidated Statements of Operations (Unaudited)1

(Dollars in millions, except per share amounts)

Three Months Ended March 31,

2026

2025

Net sales

$

1,381

$

1,368

Cost of goods sold

1,169

1,132

Gross profit

212

236

Selling, general, and administrative expense

147

123

Research and development expense

26

27

Restructuring, asset-related, and other charges

13

33

Total other operating expenses

186

183

Equity in earnings of affiliates

8

8

Interest expense, net

(69)

(66)

Loss on extinguishment of debt

(9)

—

Other income, net

22

5

Loss before income taxes

(22)

—

Provision for income taxes

7

5

Net loss

(29)

(5)

Net loss attributable to Chemours

$

(29)

$

(5)

Per share data

Basic (loss) earnings per share of common stock

$

(0.19)

$

(0.03)

Diluted (loss) earnings per share of common stock     

(0.19)

(0.03)

The Chemours Company

Consolidated Balance Sheets (Unaudited)1

(Dollars in millions, except per share amounts)

March 31, 2026

December 31, 2025

Assets

Current assets:

Cash and cash equivalents

$

563

$

670

Restricted cash and restricted cash equivalents

—

2

Accounts and notes receivable, net

759

679

Inventories

1,536

1,569

Prepaid expenses and other

69

80

Assets held for sale

1

1

Total current assets

2,928

3,001

Property, plant, and equipment

9,925

9,920

Less: Accumulated depreciation

(6,885)

(6,842)

Property, plant, and equipment, net

3,040

3,078

Operating lease right-of-use assets

274

271

Goodwill

46

46

Other intangible assets, net

2

2

Investments in affiliates

166

160

Assets held for sale, non-current

21

21

Restricted cash and restricted cash equivalents

52

52

Other assets

738

751

Total assets

$

7,267

$

7,382

Liabilities

Current liabilities:

Accounts payable

$

891

$

954

Compensation and other employee-related cost

122

96

Short-term and current maturities of long-term debt

37

42

Current environmental remediation

97

88

Other accrued liabilities

462

506

Total current liabilities

1,609

1,686

Long-term debt, net

4,100

4,099

Operating lease liabilities

192

191

Long-term environmental remediation

520

530

Deferred income taxes

40

37

Other liabilities

590

588

Total liabilities

7,051

7,131

Commitments and contingent liabilities

Equity

Common stock (par value $0.01 per share; 810,000,000 shares authorized;
199,180,562 shares issued and 150,355,228 shares outstanding at March 31,
2026; 198,720,786 shares issued and 149,893,993 shares outstanding at
December 31, 2025)

2

2

Treasury stock, at cost (48,825,334 shares at March 31, 2026 and 48,826,793 at
December 31, 2025)

(1,802)

(1,802)

Additional paid-in capital

1,081

1,074

Retained earnings

1,178

1,220

Accumulated other comprehensive loss

(244)

(244)

Total Chemours stockholders' equity

215

250

Non-controlling interests

1

1

Total equity

216

251

Total liabilities and equity

$

7,267

$

7,382

The Chemours Company

Consolidated Statements of Cash Flows (Unaudited)1

(Dollars in millions)

Three Months Ended March 31,

2026

2025

Cash flows from operating activities

Net loss

$

(29)

$

(5)

Adjustments to reconcile net income to cash used for operating activities:

Depreciation and amortization

79

88

Loss (gain) on sales of assets and businesses

—

(1)

Equity in earnings of affiliates, net

(6)

(7)

Loss on extinguishment of debt

9

—

Amortization of debt issuance costs and issue discounts

3

3

Deferred tax benefit

(11)

(14)

Asset-related charges

1

1

Stock-based compensation expense

7

5

Net periodic pension cost (income)

—

—

Defined benefit plan contributions

(1)

(4)

Other operating charges and credits, net

(14)

37

Decrease (increase) in operating assets:

Accounts and notes receivable, net

(77)

(111)

Inventories and other current operating assets

32

(51)

Other non-current operating assets

17

48

(Decrease) increase in operating liabilities:

Accounts payable

(58)

(105)

Other current operating liabilities

12

(5)

Other non-current operating liabilities

(8)

9

Cash used for operating activities

(44)

(112)

Cash flows from investing activities

Purchases of property, plant, and equipment

(49)

(84)

Proceeds from life insurance policies

1

—

Proceeds from sales of assets and businesses

7

—

Foreign exchange contract settlements, net

(3)

(2)

Cash used for investing activities

(44)

(86)

Cash flows from financing activities

Proceeds from issuance of debt

700

—

Debt repayments

(689)

(8)

Payments on finance leases

(3)

(3)

Payments of debt issuance cost

(10)

—

Proceeds from supplier financing program

16

27

Payments to supplier financing program

(14)

(35)

Proceeds from exercised stock options, net

2

—

Payments related to tax withholdings on vested stock awards

(2)

(1)

Payments of dividends to the Company's common shareholders

(13)

(37)

Debt extinguishment payments

(6)

—

Cash used for financing activities

(19)

(57)

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash
equivalents

(2)

6

Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents

(109)

(249)

Cash, cash equivalents, restricted cash and restricted cash equivalents at January 1,

724

763

Cash, cash equivalents, restricted cash and restricted cash equivalents at March 31,

$

615

$

514

Supplemental cash flows information

Non-cash investing and financing activities:

Purchases of property, plant, and equipment included in accounts payable

$

27

$

26

The Chemours Company

Segment Financial and Operating Data (Unaudited)

(Dollars in millions)

Segment Net Sales1

Three Months

Ended

Sequential

Three Months Ended March 31,

Increase /

December 31,

Increase /

2026

2025

(Decrease)

2025

(Decrease)

Thermal & Specialized Solutions

$

568

$

466

$

102

$

444

$

124

Titanium Technologies

559

597

(38)

561

(2)

Advanced Performance
Materials

243

294

(51)

312

(69)

Other Non-Reportable Segment

11

11

0

12

(1)

Total Net Sales

$

1,381

$

1,368

$

13

$

1,329

$

52

Segment Adjusted EBITDA1

Three Months

Ended

Sequential

Three Months Ended March 31,

Increase /

December 31,

Increase /

2026

2025

(Decrease)

2025

(Decrease)

Thermal & Specialized Solutions

$

190

$

141

$

49

$

128

$

62

Titanium Technologies

$

18

$

50

$

(32)

$

23

$

(5)

Advanced Performance
Materials

$

5

$

32

$

(27)

$

12

$

(7)

Other Non-Reportable Segment

$

3

$

1

$

2

$

1

$

2

Quarterly Change in Net Sales from the three months ended March 31, 2025

March 31, 2026

Percentage Change
vs.

Percentage Change Due To

Net Sales

March 31, 2025

Price

Volume

Currency

Portfolio

Total Company

$

1,381

1

%

2

%

(4)

%

3

%

—

%

Thermal & Specialized Solutions

$

568

22

%

11

%

9

%

2

%

—

%

Titanium Technologies

559

(6)

%

(2)

%

(7)

%

3

%

—

%

Advanced Performance
Materials

243

(17)

%

(1)

%

(19)

%

3

%

—

%

Other Non-Reportable Segment

11

—

%

(2)

%

2

%

—

%

—

%

Quarterly Change in Net Sales from the three months ended December 31, 2025

March 31, 2026

Percentage Change
vs.

Percentage Change Due To

Net Sales

December 31, 2025

Price

Volume

Currency

Portfolio

Total Company

$

1,381

4

%

3

%

1

%

—

%

—

%

Thermal & Specialized Solutions

$

568

28

%

6

%

22

%

—

%

—

%

Titanium Technologies

559

—

%

3

%

(3)

%

—

%

—

%

Advanced Performance
Materials

243

(22)

%

—

%

(22)

%

—

%

—

%

Other Non-Reportable Segment

11

(2)

%

5

%

(7)

%

—

%

—

%

The Chemours Company
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)
(Dollars in millions)

GAAP Net Income (Loss) Attributable to Chemours to Adjusted Net Income and Adjusted EBITDA Reconciliation
 GAAP Net Leverage Ratio to Non-GAAP Net Leverage Ratio Reconciliation1

Adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") is defined as income (loss) before income taxes, excluding the following items: interest expense, depreciation, and amortization; non-operating pension and other post-retirement employee benefit costs, which represents the components of net periodic pension costs excluding the service cost component; exchange (gains) losses included in other income (expense), net; restructuring, asset-related, and other charges; (gains) losses on sales of businesses or assets; and, other items not considered indicative of the Company's ongoing operational performance and expected to occur infrequently, including certain litigation related and environmental charges and Qualified Spend reimbursable by DuPont and/or Corteva as part of the Company's cost-sharing agreement under the terms of the MOU that were previously excluded from Adjusted EBITDA. Adjusted Net Income is defined as net income (loss) attributable to Chemours, adjusted for items excluded from Adjusted EBITDA, except interest expense, depreciation, amortization, and certain provision for (benefit from) income tax amounts. Net Leverage Ratio is defined as our total debt principal, net, or our total debt principal outstanding less unrestricted cash and cash equivalents, divided by Adjusted EBITDA.

Three Months Ended

Twelve Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

2026

2025

(Loss) income before income taxes

$

(22)

$

—

$

(67)

$

(299)

$

38

Net (loss) income attributable to Chemours

$

(29)

$

(5)

$

(47)

$

(409)

$

12

Non-operating pension and other post-retirement
employee benefit (income) cost

(2)

(2)

(3)

(11)

(5)

Exchange (gains) losses, net

(1)

3

4

8

13

Restructuring, asset-related, and other charges (1)

13

32

4

39

85

Goodwill impairment charge (2)

—

—

—

—

56

Loss (gain) on extinguishment of debt (3)

9

—

5

14

1

Gain on sales of assets and businesses, net (4)

—

(1)

—

(7)

(1)

Transaction costs (5)

2

—

4

8

2

Qualified spend recovery (6)

(5)

(9)

(7)

(38)

(28)

Litigation-related charges (7)

20

—

19

340

2

Environmental charges (8)

7

—

20

100

15

Adjustments made to income taxes (9)

1

1

19

181

9

(Benefit from) provision for income taxes relating to
reconciling items (10)

(7)

—

(11)

(92)

(9)

Adjusted Net Income

8

19

7

133

152

Net income attributable to non-controlling interests

—

—

(1)

—

—

Interest expense, net

69

66

68

272

267

Depreciation and amortization (11)

79

77

81

319

299

All remaining provision for income taxes (10)

13

4

(27)

22

25

Adjusted EBITDA

$

169

$

166

$

128

$

746

$

743

Total debt principal

$

4,183

$

4,147

Less: Cash and cash equivalents

(563)

(464)

Total debt principal, net

$

3,620

$

3,683

Net Leverage Ratio (calculated using GAAP
earnings) (12)

(12.1)x

96.9x

Net Leverage Ratio (calculated using Non-GAAP
earnings) (12)

4.9x

5x

GAAP Net Income (Loss) Attributable to Chemours to Adjusted Net Income and Adjusted EBITDA Reconciliation
 GAAP Net Leverage Ratio to Non-GAAP Net Leverage Ratio Reconciliation (Continued)1

(1)

For the twelve months ended March 31, 2026, restructuring, asset-related and other charges primarily includes employee separation charges related to the 2026 Restructuring Program as well as charges related to our decision to exit our SPS CapstoneTM business. For the twelve months ended March 31, 2025, restructuring, asset-related and other charges primarily include charges related to our decision to exit our SPS CapstoneTM business and the 2024 Restructuring Program. See "Note 4 –Restructuring, Asset-Related and Other Charges" to the Interim Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for further details.

(2)

For the twelve months ended March 31, 2025, this represents a non-cash goodwill impairment charge in the Advanced Performance Materials unit, which is discussed further in "Note 15 – Goodwill and Other Intangibles, Net" to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025.

(3)

For the twelve months ended March 31, 2026, loss on extinguishments of debt reflects costs associated with early redemption of the 2027 senior unsecured notes and partial early redemption of our 2028 senior unsecured notes during the first quarter of 2026. See "Note 15 - Debt" to the Interim Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for further details.

(4)

For the twelve months ended March 31, 2026, gain on sales of assets and businesses, net includes a gain on sale of $7 million related to certain parcels of land at the Company's manufacturing site in Kuan Yin, Taiwan.

(5)

For the twelve months ended March 31, 2025, transaction costs include $4 million of costs associated with the Senior Secured Credit Facilities. See "Note 15 - Debt" to the Interim Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for further details. 

(6)

Qualified spend recovery represents costs and expenses that were previously excluded from Adjusted EBITDA, reimbursable by DuPont and/or Corteva as part of our cost-sharing agreement under the terms of the MOU which is discussed in further detail in "Note 17 – Commitments and Contingent Liabilities" to the Interim Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

(7)

Litigation-related charges pertain to litigation settlements, PFOA drinking water treatment accruals, and other related legal fees. For the twelve months ended March 31, 2026, litigation-related charges primarily includes $266 million related to the Company's portion of Chemours, DuPont, Corteva, EID and the State of New Jersey's settlement agreement reached in August 2025, $12 million in third-party legal fees directly related to the New Jersey Settlement agreement, $14 million related to the Company's portion of Chemours, DuPont, Corteva, EID's settlement agreement to resolve the Hoosick Falls class action lawsuit, $15 million related to alleged violations and discharge exceedances and $18 million related to reserves for asbestos and production liability matters. For the twelve months ended March 31, 2025, litigation-related charges include a $29 million accrual associated with the Ohio MDL and $27 million of benefits from insurance recoveries. See "Note 17 – Commitments and Contingent Liabilities" to the Interim Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for further details.

(8)

Environmental charges pertain to management's assessment of estimated liabilities associated with certain remediation expenses at various sites. For the twelve months ended March 31, 2026, environmental charges primarily include changes to remediation reserves at the four sites covered by the New Jersey settlement agreement. See "Note 17 – Commitments and Contingent Liabilities" to the Interim Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for further details.

(9)

Includes the removal of certain discrete income tax impacts within our provision for income taxes, such as shortfalls and windfalls on our share-based payments, certain return-to-accrual adjustments, valuation allowance adjustments, unrealized gains and losses on foreign exchange rate changes, and other discrete income tax items.

(10)

The income tax impacts included in this caption are determined using the applicable rates in the taxing jurisdictions in which income or expense occurred for each of the reconciling items and represent both current and deferred income tax expense or benefit based on the nature of the non-GAAP financial measure.

(11)

For the twelve months ended March 31, 2026 and March 31, 2025, accelerated depreciation charges of $12 million and $11 million, respectively, incurred as part of our decision to exit our SPS CapstoneTM business are included within the "Restructuring, asset-related and other charges" caption above, and therefore are not included as separate adjustment within this caption.

(12)

Net Leverage Ratio calculated using GAAP measures is defined as our total debt principal, net, or our total debt principal outstanding less unrestricted cash and cash equivalents, divided by income (loss) before income taxes. Net Leverage Ratio calculated using non-GAAP measures is defined as our total debt principal, net, or our total debt principal outstanding less unrestricted cash and cash equivalents, divided by Adjusted EBITDA.

The Chemours Company
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share amounts)

GAAP Earnings per Share to Adjusted Earnings per Share Reconciliation1

Adjusted earnings per share ("Adjusted EPS") is calculated by dividing Adjusted Net Income by the weighted-average number of common shares outstanding. Diluted Adjusted EPS accounts for the dilutive impact of stock-based compensation awards, which include unvested restricted shares. Diluted Adjusted EPS considers the impact of potentially-dilutive securities, except in periods in which there is a loss because the inclusion of the potentially-dilutive securities would have an anti-dilutive effect.

Three Months Ended

March 31,

December 31,

2026

2025

2025

Numerator:

Net (loss) income attributable to Chemours

$

(29)

$

(5)

$

(47)

Adjusted Net Income

8

19

7

Denominator:

Weighted-average number of common shares outstanding -
basic

150,767,077

149,918,386

150,464,150

Dilutive effect of the Company's employee compensation plans
(1)

819,728

491,194

398,511

Weighted-average number of common shares outstanding -
diluted (1)

151,586,805

150,409,579

150,862,661

Basic (loss) earnings per share of common stock (2)

$

(0.19)

$

(0.03)

$

(0.31)

Diluted (loss) earnings per share of common stock (1) (2)

(0.19)

(0.03)

(0.31)

Adjusted basic earnings per share of common stock (2)

0.05

0.13

0.05

Adjusted diluted earnings per share of common stock (1) (2)

0.05

0.13

0.05

(1)

In periods where the Company incurs a net loss, the impact of potentially dilutive securities is excluded from the calculation of EPS under U.S. GAAP, as their inclusion would have an anti-dilutive effect. As such, with respect to the U.S. GAAP measure of diluted EPS, the impact of potentially dilutive securities is excluded from our calculation for the three months ended March 31, 2026, three months ended March 31, 2025 and the three months ended December 31, 2025. With respect to the non-GAAP measure of adjusted diluted EPS, the impact of potentially dilutive securities is included in our calculation for the three months ended March 31, 2026, three months ended March 31, 2025 and the three months ended December 31, 2025 as Adjusted Net Income was in a net income position.

(2)

Figures may not recalculate exactly due to rounding. Basic and diluted earnings (loss) per share are calculated based on unrounded numbers.

GAAP Cash Flow Provided by Operating Activities to Free Cash Flows and Free Cash Flow Conversion Reconciliation

Free Cash Flows is defined as cash flows provided by (used for) operating activities, less purchases of property, plant and equipment as shown in the consolidated statements of cash flows. Free Cash Flow Conversion is calculated as the percentage of Free Cash Flows to Adjusted EBITDA.

Three Months Ended

March 31,

December 31,

2026

2025

2025

Cash flows (used for) provided by operating activities

$

(44)

$

(112)

$

137

Less: Purchases of property, plant, and equipment

(49)

(84)

(45)

Free Cash Flows

$

(93)

$

(196)

$

92

Adjusted EBITDA

169

166

128

Free Cash Flow Conversion

(55)

%

(118)

%

72

%

2026 Estimated GAAP Cash Flow Provided by Operating Activities to Estimated Free Cash Flows and Estimated Free Cash Flow Conversion Reconciliation (1)

Free Cash Flows is defined as cash flows provided by (used for) operating activities, less purchases of property, plant and equipment as shown in the consolidated statements of cash flows. Free Cash Flow Conversion is calculated as the percentage of Free Cash Flows to Adjusted EBITDA.

Estimated

Year Ended December 31, 2026

Low

High

Cash flows provided by (used for) operating activities

$

445

$

565

Less: Purchases of property, plant, and equipment

(275)

(325)

Free Cash Flows

$

170

$

240

Adjusted EBITDA

800

900

Free Cash Flow Conversion

21

%

27

%

(1)

Cash flows provided by operating activities is inclusive of the anticipated $30 million cash taxes associated with the sale of the Kuan Yin site.

The Chemours Company
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share amounts)

2026 Estimated GAAP Net Income Attributable to Chemours to Estimated Adjusted Net Income and Estimated Adjusted EBITDA Reconciliation (1)

(Estimated)

Year Ending December 31, 2026

Low

High

Net income attributable to Chemours

$

165

$

225

Restructuring, transaction, and other costs, net (2)

(35)

(45)

Adjusted Net Income

130

180

Interest expense, net

275

285

Depreciation and amortization

315

325

All remaining provision for income taxes

80

110

Adjusted EBITDA

$

800

$

900

(1)

The Company's estimates reflect its current visibility and expectations based on market factors, such as currency movements, macro-economic factors, and end-market demand. Actual results could differ materially from these estimates.

(2)

Restructuring, transaction, and other costs, net includes the net benefit from income taxes relating to reconciling items and adjustments made to income taxes for the removal of certain discrete income tax impacts.

SOURCE The Chemours Company

For the quarter ended March 2026, Chemours (CC - Free Report) reported revenue of $1.38 billion, up 1% over the same period last year. EPS came in at $0.05, compared to $0.13 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $1.4 billion, representing a surprise of -1.54%. The company delivered an EPS surprise of +195.24%, with the consensus EPS estimate being -$0.05.

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

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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

Revenues- Other Segment: $11 million compared to the $10.78 million average estimate based on three analysts. The reported number represents a change of 0% year over year.Revenues- Titanium Technologies: $559 million compared to the $544.35 million average estimate based on three analysts. The reported number represents a change of -6.4% year over year.Revenues- Advanced Performance Materials: $243 million versus $257.39 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -17.4% change.Revenues- Thermal & Specialized Solutions: $568 million compared to the $565.65 million average estimate based on three analysts. The reported number represents a change of +21.9% year over year.Adjusted EBITDA- Titanium Technologies: $18 million compared to the $3.21 million average estimate based on three analysts.Adjusted EBITDA- Other Segment: $3 million compared to the $1.18 million average estimate based on three analysts.Adjusted EBITDA- Advanced Performance Materials: $5 million versus the three-analyst average estimate of $3.69 million.Adjusted EBITDA- Thermal & Specialized Solutions: $190 million versus $176.61 million estimated by three analysts on average.View all Key Company Metrics for Chemours here>>>

Shares of Chemours have returned +25.4% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

The Chemours Company (CC) Q1 2026 Earnings Call Transcript

2 hours ago

CocaCola (NYSE:KO) EVP Jennifer Mann Sells 23,984 SharesCocaCola Company (The) (NYSE:KO - Get Free Report) EVP Jennifer Mann sold 23,984 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $83.41, for a total value of $2,000,505.44. Following the completion of the transaction, the executive vice president owned 157,400 shares of the company's stock, valued at approximately $13,128,734. The trade was a 13.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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Dutch Bros (NYSE:BROS) Major Shareholder Sells $15,759,829.98 in StockMarketBeat

Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,054 shares of the company's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $60.37, for a total transaction of $15,759,829.98. Following the completion of the sale, the insider owned 2,671,855 shares in the company, valued at $161,299,886.35. This represents a 8.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

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Insider Selling: Dutch Bros (NYSE:BROS) Major Shareholder Sells 261,055 Shares of StockMarketBeat

Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,055 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $63.02, for a total value of $16,451,686.10. Following the completion of the transaction, the insider owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 9.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

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ONON is experiencing a dip in trading today, despite a robust Q1 earnings report released this morning. The Switzerland-based athletic footwear company reported a remarkable earnings beat, with revenue rising 14.5% year-over-year to CHF831.9 million, surpassing analyst expectations. ONON also reaffirmed its FY26 revenue forecast, anticipating at least 23% constant currency (CC) growth, while enhancing its FY26 gross margin and adjusted EBITDA margin guidance.

ONON has announced a management restructuring to facilitate its next phase of global expansion. Starting May 1, 2026, co-founders David Allemann and Caspar Coppetti will serve as Co-CEOs while remaining Executive Co-Chairmen of the Board. Former CEO Martin Hoffmann has stepped down, and Scott Maguire has been promoted to COO. Q1 demand trends were notably strong, with double-digit constant currency growth across the Americas, EMEA, and APAC regions. Apparel sales saw exceptional growth, increasing over 50% CC globally. Direct-to-consumer sales surged by 28.7% CC to CHF322.3 million, fueled by robust digital and physical traffic. Management highlighted that traffic growth is outpacing revenue growth, indicating further conversion opportunities. Wholesale revenue climbed 25.1% CC to CHF509.6 million, marking the first instance of quarterly wholesale sales exceeding CHF0.5 billion. ONON noted sustained momentum with key global partners, including Dick's Sporting Goods DKS , Foot Locker (acquired by DKS), and JD Sports. Despite ongoing investments in product innovation and rising US tariffs, ONON achieved record gross profit and adjusted EBITDA margin in Q1. Capital expenditures increased to 2.8% of sales from 1.7% last year as the company continues its store expansion initiatives.Despite ONON's impressive quarterly results and improved margin outlook, investor sentiment seems lukewarm. The company's decision to simply reaffirm its FY26 revenue guidance following the Q1 performance may have contributed to the stock's decline. This weakness is also reflective of broader challenges in the athletic footwear sector, including recent drops in Nike NKE shares, as investors remain cautious about consumer spending and macroeconomic uncertainties. While ONON is executing well operationally, management's commentary may not have been sufficiently optimistic to alleviate concerns regarding the consumer environment.

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].

It has been about a month since the last earnings report for Chemours (CC - Free Report) . Shares have lost about 4.5% 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 Chemours due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.

Chemours' Q1 Earnings Surpass Estimates, Revenues MissChemours reported a net loss of $29 million or 19 cents per share for the first quarter of 2026. This compares unfavorably with the year-ago quarter’s net loss of $5 million or 3 cents per share.  

Barring one-time items, earnings were 5 cents per share, which topped the Zacks Consensus Estimate of a loss of 5 cents.  

The company reported first-quarter net sales of $1,381 million, reflecting a 1% increase from the previous-year quarter. However, the figure missed the Zacks Consensus Estimate of $1,402.6 million. Net sales were primarily aided by a 2% increase in price and a 3% favorable currency impact, partly offset by a 4% decrease in volumes.   

Adjusted EBITDA rose 2% year over year to $169 million for the quarter. The increase was driven by higher pricing, favorable currency and other income, which more than offset higher costs and lower sales volumes in the APM and TT segments. 

Segment HighlightsThe TT division recorded revenues of $559 million in the first quarter, marking a 6% decrease from the previous year. The figure beat our estimate of $543.3 million. This downside was primarily due to a 7% decline in volumes globally and a 2% decrease in pricing, partly offset by a 3% favorable currency impact.   

In the TSS segment, revenues saw a 22% year-over-year increase, reaching $568 million in the reported quarter. The figure was almost in line with our estimate of $568.3 million. Net sales growth was mainly driven by an 11% increase in price and a 9% rise in volume, with a 2% currency tailwind. Increased pricing was primarily driven by automotive Freon Refrigerant sales in North America.   

Volume growth was supported by the continued transition to Opteon Refrigerants as well as automotive Freon Refrigerant sales in North America.  

Revenues in the APM unit amounted to $243 million, which declined 17% year over year. The figure missed our estimate of $256.5 million. The downside was mainly caused by a 19% decrease in volume and a 1% decline in price, partly offset by a 3% favorable currency impact. The volume decline was primarily due to sales constraints from the Washington Works plant outage in the first quarter and the closure of the Advanced Materials SPS Capstone line, completed in the third quarter of 2025.  

FinancialsOperating cash usage in the first quarter was $44 million compared with $112 million in the year-ago quarter, reflecting improvements in net working capital performance. Capital expenditures were $49 million compared with $84 million in the prior-year quarter. Free cash flow reflected a usage of $93 million compared with $196 million in the first quarter of 2025.   

As of March 31, 2026, Chemours had consolidated gross debt of $4.2 billion. Debt, net of $563 million in unrestricted cash and cash equivalents, was $3.6 billion. Total liquidity was $1.5 billion.   

OutlookFor the second quarter, the company expects consolidated net sales to increase in the range of 15-20% sequentially, driven by favorable seasonal trends. Consolidated adjusted EBITDA is expected to be in the range of $220-$250 million. Corporate expenses are expected to be roughly $45-$50 million. The company also expects capital expenditures of around $50 million and free cash flow of at least $100 million.   

Chemours expects Thermal & Specialized Solutions’ net sales to increase sequentially in the low-to-mid-teens percentage range in the second quarter. Adjusted EBITDA is projected to be between $210 million and $225 million.   

Titanium Technologies’ net sales are expected to increase sequentially in the mid-to-high-teens percentage range, driven by seasonal volume strength and a favorable mix for TiO2 pigment. Adjusted EBITDA is expected to be in the range of $40-$50 million.   

Advanced Performance Materials’ net sales are expected to rise sequentially in the low-to-high-thirties percentage range, driven by a return to normal operating levels at the Washington Works facility. Adjusted EBITDA for APM is expected to be between $12 million and $18 million.   

For 2026, Chemours continues to expect net sales to grow in the range of 3-5% year over year. Adjusted EBITDA is projected in the range of $800-$900 million. Capital expenditures are expected in the range of $275-$325 million, with free cash flow conversion above 20%.   

How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended downward during the past month.

The consensus estimate has shifted -24.02% due to these changes.

VGM ScoresCurrently, Chemours has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a score of B on the value side, putting it in the second quintile for this investment strategy.

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

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Chemours has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.

Posted by Defense World Staff on Apr 22nd, 2026

Evergreen Capital Management LLC lowered its position in shares of Chemed Corporation (NYSE:CHE – Free Report) by 19.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 16,244 shares of the company’s stock after selling 4,018 shares during the quarter. Evergreen Capital Management LLC owned approximately 0.11% of Chemed worth $6,950,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Chemed by 5.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,052 shares of the company’s stock valued at $1,306,000 after acquiring an additional 167 shares during the last quarter. Lecap Asset Management Ltd. acquired a new stake in shares of Chemed during the fourth quarter worth $903,000. Merit Financial Group LLC grew its position in shares of Chemed by 52.0% in the fourth quarter. Merit Financial Group LLC now owns 1,429 shares of the company’s stock valued at $612,000 after purchasing an additional 489 shares during the period. United Advisor Group LLC grew its position in shares of Chemed by 6.8% in the fourth quarter. United Advisor Group LLC now owns 1,139 shares of the company’s stock valued at $487,000 after purchasing an additional 73 shares during the period. Finally, CWM LLC increased its stake in Chemed by 88.2% in the fourth quarter. CWM LLC now owns 4,084 shares of the company’s stock valued at $1,747,000 after purchasing an additional 1,914 shares during the last quarter. 95.85% of the stock is owned by hedge funds and other institutional investors.

Chemed Price Performance Shares of NYSE CHE opened at $374.22 on Wednesday. Chemed Corporation has a 1-year low of $365.20 and a 1-year high of $593.80. The company has a market capitalization of $5.47 billion, a price-to-earnings ratio of 20.37, a PEG ratio of 1.53 and a beta of 0.49. The business has a 50-day moving average of $407.60 and a 200-day moving average of $427.08.

Chemed (NYSE:CHE – Get Free Report) last announced its earnings results on Wednesday, February 25th. The company reported $6.42 EPS for the quarter, missing the consensus estimate of $7.02 by ($0.60). The company had revenue of $639.34 million for the quarter, compared to analysts’ expectations of $659.09 million. Chemed had a net margin of 10.48% and a return on equity of 25.66%. The business’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $6.83 earnings per share. Chemed has set its FY 2026 guidance at 23.250-24.250 EPS. Research analysts expect that Chemed Corporation will post 21.92 EPS for the current fiscal year.

Chemed Announces Dividend The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Monday, February 23rd were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, February 23rd. Chemed’s payout ratio is presently 13.06%.

Analysts Set New Price Targets Several equities analysts recently weighed in on CHE shares. Weiss Ratings lowered Chemed from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, April 13th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $422.00 price objective (down from $572.00) on shares of Chemed in a research note on Friday, February 27th. Zacks Research lowered shares of Chemed from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 4th. Oppenheimer decreased their target price on shares of Chemed from $580.00 to $500.00 and set an “outperform” rating on the stock in a research report on Friday, February 27th. Finally, Jefferies Financial Group lowered shares of Chemed from a “buy” rating to a “hold” rating in a research report on Thursday, January 22nd. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Chemed presently has an average rating of “Hold” and an average target price of $498.00.

View Our Latest Report on CHE

Insider Buying and Selling at Chemed In other news, CEO Kevin J. Mcnamara sold 2,000 shares of the company’s stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $403.18, for a total value of $806,360.00. Following the completion of the transaction, the chief executive officer directly owned 93,719 shares in the company, valued at approximately $37,785,626.42. This represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.29% of the company’s stock.

Chemed Profile (Free Report)

Chemed Corporation is a diversified provider of essential home services and healthcare solutions in the United States. Headquartered in Cincinnati, Ohio, the company operates through two principal business segments—Roto-Rooter and Vitas Healthcare. Since its founding in 1974, Chemed has built a reputation for reliability and expertise, serving both residential and commercial customers across a broad range of markets.

The Roto-Rooter segment offers a comprehensive suite of plumbing, drain cleaning and water restoration services.

Further Reading Five stocks we like better than Chemed Want to see what other hedge funds are holding CHE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chemed Corporation (NYSE:CHE – Free Report).

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