Track market-moving stories before they get noisy

In the latest trading session, Marathon Petroleum (MPC - Free Report) closed at $312.35, marking a +1.01% move from the previous day. The stock's change was more than the S&P 500's daily gain of 0.02%. On the other hand, the Dow registered a gain of 0.51%, and the technology-centric Nasdaq decreased by 0.18%.

The stock of refiner has risen by 21.72% in the past month, leading the Oils-Energy sector's gain of 7.75% and the S&P 500's gain of 0.77%.

The investment community will be closely monitoring the performance of Marathon Petroleum in its forthcoming earnings report. The company is scheduled to release its earnings on August 4, 2026. The company is forecasted to report an EPS of $14.52, showcasing a 266.67% upward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $34.83 billion, showing a 2.14% escalation compared to the year-ago quarter.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $43.19 per share and a revenue of $144.74 billion, signifying shifts of +303.64% and +7.04%, respectively, from the last year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Marathon Petroleum. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 33.84% higher. At present, Marathon Petroleum boasts a Zacks Rank of #3 (Hold).

In terms of valuation, Marathon Petroleum is presently being traded at a Forward P/E ratio of 7.16. This expresses a discount compared to the average Forward P/E of 8.32 of its industry.

It's also important to note that MPC currently trades at a PEG ratio of 0.2. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Oil and Gas - Refining and Marketing stocks are, on average, holding a PEG ratio of 0.23 based on yesterday's closing prices.

The Oil and Gas - Refining and Marketing industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 20, which puts it in the top 9% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow MPC in the coming trading sessions, be sure to utilize Zacks.com.

Bank of Hawaii Corporation (BOH) Q2 2026 Earnings Call July 27, 2026 2:00 PM EDT

Company Participants

Chang Park - Manager of Investor Relations
James Polk - President, CEO & Director
S. Shairson - Vice Chair & Chief Risk Officer
Bradley Satenberg - Vice Chair & CFO
Patricia Lam

Conference Call Participants

Jeff Rulis - D.A. Davidson & Co., Research Division
Matthew Clark - Piper Sandler & Co., Research Division
Jared David Shaw - Barclays Bank PLC, Research Division
Andrew Terrell - Stephens Inc., Research Division
Andrew Liesch
Kelly Motta - Keefe, Bruyette, & Woods, Inc., Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to the Bank of Hawaii Corporation Second Quarter 2026 Earnings Conference Call. [Operator Instructions]. I would now like to hand the conference over to your speaker today, Chang Park, Executive Vice President, Executive Director of Financial Performance and Investor Relations. Please go ahead.

Chang Park
Manager of Investor Relations

Good morning and good afternoon. Thank you for joining us today for our second quarter 2026 earnings conference call. Joining me today is our President and CEO, Jim Polk, CFO Brad Satenberg, Chief Risk Officer, Brad Shairson; and Manager of Investor Relations, Patricia Lam. Before we get started, I want to remind you that today's conference call will contain some forward-looking statements.

And while we believe our assumptions are reasonable, the actual results may differ materially from those projected. During the call today, we'll be referencing a slide presentation as well as the earnings release. Both of these are available on our website, boh.com, under the Investor Relations link. And now I would like to turn the call over to Jim.

James Polk
President, CEO & Director

Thanks, Chang. Good morning, and good afternoon, everyone, and thank you for joining us today. Bank of Hawaii delivered another solid quarter, reflecting continued progress in the underlying earnings

The logo of Cadence Design Systems is pictured outside the company's offices in San Jose, California, U.S., January 31, 2020. Picture taken January 31, 2020. REUTERS/Stephen Nellis Purchase Licensing Rights, opens new tab

July 27 (Reuters) - Cadence Design Systems (CDNS.O), opens new tab raised its annual revenue and profit forecasts on Monday, banking on robust demand for ​its AI-powered chip and system design software.

Shares of ‌the company rose more than 5% in extended trading.

Get a daily digest of breaking business news straight to your inbox with the Reuters Business newsletter. Sign up here.

The company's electronic design automation (EDA) tools are used to design and validate ​semiconductors and electronic systems.

Here are some details:

Demand has ​risen sharply for Cadence's software as chipmakers and ⁠technology companies develop increasingly sophisticated systems-on-chip (SoCs) and AI accelerators.

Its ​customers include AI-chip leader Nvidia (NVDA.O), opens new tab and iPhone-maker Apple (AAPL.O), opens new tab.

Cadence now ​expects 2026 revenue to be between $6.26 billion and $6.34 billion, up from its prior projection of $6.13 billion to $6.23 billion.

On average, analysts were expecting ​annual revenue of $6.21 billion, according to data compiled ​by LSEG.

Annual adjusted profit is expected to be between $8.05 and $8.15 per ‌share, ⁠up from its previous forecast of $7.85 to $7.95 and above estimates of $7.96.

Earlier in the month, Cadence launched an AI "super agent" called AuraStack that lets engineers describe their goals in plain ​language and ​then plans and ⁠carries out the work using the company's existing software tools to lay out ​and virtually test circuit designs.

Cadence's second-quarter revenue rose ​24.2% ⁠to $1.584 billion, largely in line with estimates. Adjusted profit came in at $2.11 per share, compared with estimates of $2.05.

Quarter-end backlog ⁠stood ​at $8.1 billion, with $4.2 billion expected ​to be recognized as revenue within the next 12 months.

Reporting by Anhata ​Rooprai in Bengaluru; Editing by Diti Pujara and Sriraj Kalluvila

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

DAYTONA BEACH, Fla., July 27, 2026 (GLOBE NEWSWIRE) -- Brown & Brown, Inc. (NYSE:BRO) (the "Company") announced its unaudited financial results for the second quarter of 2026.

For the second quarter ended June 30, 2026, the Company achieved:

Total revenues of $1.7 billion, increasing $391 million, or 30.4%, compared to the second quarter of the prior year, with Organic Revenue decreasing 0.7% and Organic Revenue with Contingents increasing 0.7%.Income before income taxes of $383 million, increasing 23.2%, with Income Before Income Taxes Margin of 22.9%, compared to 24.2% in the second quarter of the prior year.EBITDAC - Adjusted of $598 million, increasing 27.0%, with EBITDAC Margin - Adjusted of 35.7%, compared to 36.7% in the second quarter of the prior year.Net income attributable to the Company of $288 million, increasing $57 million, or 24.7%, compared to the second quarter of the prior year.Diluted net income per share of $0.84, an increase of 7.7%, with Diluted Net Income Per Share - Adjusted increasing to $1.07, or 3.9%, each compared to the second quarter of the prior year. For the six months ended June 30, 2026, the Company achieved:

Total revenues of $3.6 billion, increasing $888 million, or 33.0%, compared to the same period in 2025, with Organic Revenue decreasing 0.3% and Organic Revenue with Contingents increasing 1.6%.Income before income taxes of $915 million, increasing 24.0%, with Income Before Income Taxes Margin of 25.6%, compared to 27.4% in the same period in 2025.EBITDAC - Adjusted of $1.3 billion, increasing 32.2%, with EBITDAC Margin - Adjusted of 37.2%, compared to 37.4% in the same period in 2025.Net income attributable to the Company of $714 million, increasing $151 million, or 26.8%, compared to the same period in 2025.Diluted net income per share of $1.90, a decrease of 1.6%, with Diluted Net Income Per Share - Adjusted increasing to $2.46, or 6.0%, each compared to the same period in 2025. J. Powell Brown, president and chief executive officer of the Company, noted, “We are pleased with our financial results for the quarter and have great momentum as we head into the back half of the year.”

Reconciliation of Commissions and Fees
to Organic Revenue and Organic Revenue with Contingents
(in millions, unaudited)
       Three Months Ended June 30,  Six Months Ended June 30,  2026  2025  2026  2025 Commissions and fees$1,654  $1,249  $3,534  $2,634 Contingents (85)  (45)  (182)  (88)Core commissions and fees$1,569  $1,204  $3,352  $2,546 Acquisitions (393)     (829)   Dispositions    (4)     (8)Foreign Currency Translation    2      20 Litigation-Related Impact    (18)     (28)Organic Revenue$1,176  $1,184  $2,523  $2,530 Organic Revenue growth (8)     (7)   Organic Revenue growth % (0.7%)     (0.3%)               Organic Contingents$61  $45  $135  $86 Organic Revenue with Contingents 1,237   1,229   2,658   2,616 Organic Revenue with Contingents growth$8     $42    Organic Revenue with Contingents growth % 0.7%     1.6%                  See information regarding non-GAAP measures presented later in this press release.

Reconciliation of Diluted Net Income Per Share to
Diluted Net Income Per Share - Adjusted
(unaudited)
             Three Months Ended June 30,  Change  Six Months Ended June 30,  Change  2026  2025  $  %  2026  2025  $  % Diluted net income per share(1)$0.84  $0.78  $0.06   7.7% $1.90  $1.93  $(0.03)  (1.6%)Change in estimated acquisition earn-out payables (0.09)  0.03   (0.12)     (0.08)  0.02   (0.10)   (Gain)/loss on disposal —   —   —      —   —   —    Acquisition/Integration Costs 0.07   0.09   (0.02)     0.13   0.09   0.04    Amortization 0.25   0.13   0.12      0.51   0.28   0.23    Mark-to-market of escrow liability(2) —   —   —      —   —   —    Diluted Net Income Per Share - Adjusted$1.07  $1.03  $0.04   3.9% $2.46  $2.32  $0.14   6.0%                                 (1)  The calculation of diluted net income per share for the three and six months ended June 30, 2026 (a) excludes the mark-to-market of escrow liability and (b) includes the escrowed shares within the Company’s diluted weighted average number of shares, in each case in accordance with Accounting Standards Codification Topic 260 — Earnings Per Share (“ASC 260”), which requires this treatment in periods where the combined effect of these adjustments is accretive to earnings.

(2)  No adjustment for the mark-to-market of escrow liability was made to Diluted Net Income Per Share – Adjusted for the three or six months ended June 30, 2026 as the calculation of diluted net income per share for these periods already excludes the mark-to-market of escrow liability in accordance with ASC 260.

See information regarding non-GAAP measures presented later in this press release.

Reconciliation of Income Before Income Taxes to EBITDAC and
EBITDAC - Adjusted and Income Before Income Taxes Margin(1)to
EBITDAC Margin and EBITDAC Margin - Adjusted
(in millions, unaudited)
       Three Months Ended June 30,  Six Months Ended June 30,  2026  2025(2)  2026  2025(2) Total revenues$1,676  $1,285  $3,577  $2,689 Income before income taxes$383  $311  $915  $738 Income Before Income Taxes Margin(1) 22.9%  24.2%  25.6%  27.4%Amortization 110   50   226   103 Depreciation 18   11   35   23 Interest 100   51   199   96 Change in estimated acquisition earn-out payables (40)  11   (34)  7 EBITDAC$571  $434  $1,341  $967 EBITDAC Margin 34.1%  33.8%  37.5%  36.0%(Gain)/loss on disposal 1   —   —   1 Acquisition/Integration Costs 31   37   57   37 Mark-to-market of escrow liability (5)  —   (69)  — EBITDAC - Adjusted$598  $471  $1,329  $1,005 EBITDAC Margin - Adjusted 35.7%  36.7%  37.2%  37.4%                 (1)  “Income Before Income Taxes Margin” is defined as income before income taxes divided by total revenues.

(2) 2025 amounts reflect the positive impact of approximately $13 million of interest income earned from the proceeds of the Company’s follow-on common stock offering and senior notes issuance in June 2025, held in preparation for the closing of the Company’s pending acquisition of RSC Topco, Inc.

See information regarding non-GAAP measures presented later in this press release.

Brown & Brown, Inc.
Consolidated Statements of Income
(in millions, except per share data; unaudited)
       Three Months Ended June 30,  Six Months Ended June 30,  2026  2025  2026  2025 REVENUES           Commissions and fees$1,654  $1,249  $3,534  $2,634 Investment and other income 22   36   43   55 Total revenues 1,676   1,285   3,577   2,689 EXPENSES           Employee compensation and benefits 838   640   1,745   1,323 Other operating expenses 271   211   560   398 (Gain)/loss on disposal 1   —   —   1 Amortization 110   50   226   103 Depreciation 18   11   35   23 Interest 100   51   199   96 Change in estimated acquisition earn-out payables (40)  11   (34)  7 Mark-to-market of escrow liability (5)  —   (69)  — Total expenses 1,293   974   2,662   1,951 Income before income taxes 383   311   915   738 Income taxes 94   77   199   169 Net income before non-controlling interests 289   234   716   569 Less: Net income attributable to non-controlling interests 1   3   2   6 Net income attributable to the Company$288  $231  $714  $563 Net income per share:           Basic$0.86  $0.79  $2.14  $1.94 Diluted$0.84  $0.78  $1.90  $1.93 Weighted average number of shares outstanding:           Basic 329   292   330   287 Diluted 334   293   335   289  Brown & Brown, Inc.
Consolidated Balance Sheets
(in millions, except per share data, unaudited)
       June 30,
2026  December 31,
2025 ASSETS     Current assets:     Cash and cash equivalents$918  $1,079 Fiduciary cash 2,613   2,471 Commission, fees, and other receivables 1,547   1,438 Fiduciary receivables 1,632   1,515 Reinsurance recoverable 591   647 Prepaid reinsurance premiums 850   980 Other current assets 541   484 Total current assets 8,692   8,614 Fixed assets, net 368   367 Operating lease assets 274   269 Goodwill 15,146   15,087 Amortizable intangible assets, net 4,570   4,906 Other assets 837   748 Total assets$29,887  $29,991 LIABILITIES AND EQUITY     Current liabilities:     Fiduciary liabilities$4,245  $3,986 Losses and loss adjustment reserve 612   671 Unearned premiums 953   1,053 Accounts payable 807   990 Accrued expenses and other liabilities 683   875 Current portion of long-term debt 413   719 Total current liabilities 7,713   8,294 Long-term debt less unamortized discount and debt issuance costs 7,346   6,894 Operating lease liabilities 248   243 Deferred income taxes, net 925   815 Other liabilities 1,047   1,172 Equity:     Common stock, par value $0.10 per share; authorized 560 shares; issued 359 shares and outstanding 330 shares at 2026, issued 357 shares and outstanding 336 shares at 2025 36   36 Additional paid-in capital 6,189   6,160 Treasury stock, at cost 29 shares at 2026 and 21 shares at 2025 (1,348)  (848)Accumulated other comprehensive income 116   210 Non-controlling interests 25   26 Retained earnings 7,590   6,989 Total equity 12,608   12,573 Total liabilities and equity$29,887  $29,991  Brown & Brown, Inc.
Consolidated Statements of Cash Flows
(in millions, unaudited)
    Six Months Ended June 30,  2026  2025 Cash flows from operating activities:     Net income before non-controlling interests$716  $569 Adjustments to reconcile net income before non-controlling interests to net cash provided by operating activities:     Amortization 226   103 Depreciation 35   23 Non-cash stock-based compensation 49   52 Change in estimated acquisition earn-out payables (34)  7 Mark-to-market of escrow liability (69)  — Deferred income taxes 128   (2)Net loss on sales/disposals of investments, businesses, fixed assets and customer accounts —   2 Payments on acquisition earn-outs in excess of original estimated payables (40)  (1)Other 8   2 Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:     Commissions, fees and other receivables (increase)/decrease (143)  (139)Reinsurance recoverable (increase)/decrease 56   1,142 Prepaid reinsurance premiums (increase)/decrease 130   (9)Other assets (increase)/decrease (112)  (11)Losses and loss adjustment reserve increase/(decrease) (59)  (1,143)Unearned premiums increase/(decrease) (100)  55 Accounts payable increase/(decrease) (11)  5 Accrued expenses and other liabilities increase/(decrease) (194)  (132)Other liabilities increase/(decrease) 22   15 Net cash provided by operating activities 608   538 Cash flows from investing activities:     Additions to fixed assets (38)  (32)Payments for businesses acquired, net of cash acquired (30)  (161)Proceeds from sales of businesses, fixed assets and customer accounts 3   10 Other investing activities (6)  (4)Net cash used in investing activities (71)  (187)Cash flows from financing activities:     Fiduciary receivables and liabilities, net 157   119 Payments on acquisition earn-outs (184)  (45)Proceeds from long-term debt —   4,192 Payments on long-term debt (31)  (188)Deferred debt issuance costs (3)  (36)Borrowings on revolving credit facility 225   150 Payments on revolving credit facility (50)  (400)Proceeds from issuance of common stock, net of expenses —   4,315 Repurchase shares to fund tax withholdings for non-cash stock-based compensation (27)  (41)Purchase of treasury stock (500)  — Cash dividends paid (112)  (86)Other financing activities (1)  1 Net cash (used in) provided by financing activities (526)  7,981 Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash inclusive of fiduciary cash (27)  85 Net (decrease) increase in cash, cash equivalents and restricted cash inclusive of fiduciary cash (16)  8,417 Cash, cash equivalents and restricted cash inclusive of fiduciary cash at beginning of period 3,815   2,502 Cash, cash equivalents and restricted cash inclusive of fiduciary cash at end of period$3,799  $10,919  Conference call, webcast and slide presentation

A conference call to discuss the results of the second quarter of 2026 will be held on Tuesday, July 28, 2026, at 8:00 AM (EDT). The Company may refer to a slide presentation during its conference call. You can access the webcast and the slides from the "Investor Relations" section of the Company’s website at bbrown.com.

About Brown & Brown

Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm delivering comprehensive and customized insurance solutions and specialization since 1939. With a global presence spanning 700+ locations and a team of more than 23,000 professionals, we are dedicated to delivering scalable, innovative strategies for our customers at every step of their growth journey. Learn more at BBrown.com.

Forward-looking statements

This press release may contain certain statements relating to future results which are “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 are intended to be covered by the safe harbors created by those laws. You can identify these statements by forward-looking words such as “may,” “will,” “should,” “expect,” “anticipate,” “believe,” “intend,” “estimate,” “plan” and “continue” or similar words. We have based these statements on our current expectations about potential future events. Although we believe the expectations expressed in the forward-looking statements included in this press release are based upon reasonable assumptions within the bounds of our knowledge of our business, a number of factors could cause actual results to differ materially from those expressed in any forward-looking statements, whether oral or written, made by us or on our behalf. Many of these factors have previously been identified in filings or statements made by us or on our behalf. Important factors which could cause our actual results to differ, possibly materially from the forward-looking statements in this press release include but are not limited to the following items: the Company's determination as it finalizes its financial results for the second quarter of 2026 that its financial results differ from the current preliminary unaudited numbers set forth herein; risks with respect to the acquisition of RSC Topco, Inc. (“Accession”) (the “Transaction”); the possibility that the anticipated benefits, including any anticipated cost savings and strategies, of the Transaction are not realized when expected or at all; risks related to the financing of the Transaction, including that financing the Transaction resulted in an increase in the Company’s indebtedness; risks relating to the financial information related to Accession; the risk that certain assumptions the Company has made relating to the Transaction prove to be materially inaccurate; risks related to Accession’s business, including underwriting risk in connection with certain captive insurance companies; the inability to hire, retain and develop qualified employees, as well as the loss of any of our executive officers or other key employees; a cybersecurity attack or any other interruption in information technology and/or data security that may impact our operations or the operations of third parties that support us; acquisition-related risks that could negatively affect the success of our growth strategy, including the possibility that we may not be able to successfully identify suitable acquisition candidates, complete acquisitions, successfully integrate acquired businesses into our operations and expand into new markets; risks related to our international operations, which may result in additional risks or require more management time and expense than our domestic operations to achieve or maintain profitability; the requirement for additional resources and time to adequately respond to dynamics resulting from rapid technological change, including the increasing use of artificial intelligence and robotic processing automation; the loss of or significant change to any of our insurance company or intermediary relationships, which could result in loss of capacity to write business, additional expense, loss of market share or material decrease in our commissions; the effect of natural disasters on our Contingents, insurer capacity or claims expenses within our capitalized captive insurance facilities; adverse economic conditions, political conditions, outbreaks of war, disasters, or regulatory changes in states or countries where we have a concentration of our business; the inability to maintain our culture or a significant change in management, management philosophy or our business strategy; fluctuations in our commission revenue as a result of factors outside of our control; the effects of significant or sustained inflation or higher interest rates; claims expense resulting from the limited underwriting risk associated with our participation in captive insurance facilities; risks associated with our automobile and recreational vehicle finance and incentives dealer services (“F&I”) businesses; changes in, or the termination of, certain programs administered by the U.S. federal government from which we derive revenues; the limitations of our system of disclosure and internal controls and procedures in preventing errors or fraud, or in informing management of all material information in a timely manner; our reliance on vendors and other third parties to perform key functions of our business operations and provide services to our customers; the significant control certain shareholders have; changes in data privacy and protection laws and regulations or any failure to comply with such laws and regulations; improper disclosure of confidential information; our ability to comply with non-U.S. laws, regulations and policies; the potential adverse effect of certain actual or potential claims, regulatory actions or proceedings on our businesses, results of operations, financial condition or liquidity; uncertainty in our business practices and compensation arrangements with insurance carriers due to potential changes in regulations; regulatory changes that could reduce our profitability or growth by increasing compliance costs, technology compliance, restricting the products or services we may sell, the markets we may enter, the methods by which we may sell our products and services, or the prices we may charge for our services and the form of compensation we may accept from our customers, carriers and third parties; increasing scrutiny and changing laws or competing expectations from regulators, investors and customers with respect to our environmental, social and governance practices and disclosure; a decrease in demand for liability insurance as a result of tort reform legislation; our failure to comply with any covenants contained in our debt agreements; the possibility that covenants in our debt agreements could prevent us from engaging in certain potentially beneficial activities; fluctuations in foreign currency exchange rates; a downgrade to our corporate credit rating, the credit ratings of our outstanding debt or other market speculation; future sales or other dilution of our equity could adversely affect the market price of our common stock; changes in the U.S.-based credit markets that might adversely affect our business, results of operations and financial condition; changes in current U.S. or global economic conditions, including an extended slowdown in the markets in which we operate; disintermediation within the insurance industry, including increased competition from insurance companies, technology companies and the financial services industry, as well as the shift away from traditional insurance markets; conditions that result in reduced insurer capacity; quarterly and annual variations in our commissions that result from the timing of policy renewals and the net effect of new and lost business production; intangible asset risk, including the possibility that our goodwill may become impaired in the future; changes in our accounting estimates and assumptions; other risks and uncertainties as may be detailed from time to time in our public announcements and Securities and Exchange Commission (“SEC”) filings; and other factors that the Company may not have currently identified or quantified. Assumptions as to any of the foregoing, and all statements, are not based upon historical fact, but rather reflect our current expectations concerning future results and events. Forward-looking statements that we make or that are made by others on our behalf are based upon a knowledge of our business and the environment in which we operate, but because of the factors listed above, among others, actual results may differ from those in the forward-looking statements. Consequently, these cautionary statements qualify all of the forward-looking statements we make herein. We cannot assure you that the results or developments anticipated by us will be realized, or even if substantially realized, that those results or developments will result in the expected consequences for us or affect us, our business or our operations in the way we expect. We caution readers not to place undue reliance on these forward-looking statements. All forward-looking statements made herein are made only as of the date of this press release, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.

Non-GAAP supplemental financial information

This press release contains references to "non-GAAP financial measures" as defined in SEC Regulation G, consisting of Organic Revenue, Organic Revenue with Contingents, EBITDAC, EBITDAC Margin, EBITDAC - Adjusted, EBITDAC Margin - Adjusted and Diluted Net Income Per Share - Adjusted. We present these measures because we believe such information is of interest to the investment community and because we believe they provide additional meaningful methods to evaluate the Company’s operating performance from period to period on a basis that may not be otherwise apparent on a GAAP basis due to the impact of certain items that have a high degree of variability, that we believe are not indicative of ongoing performance and that are not easily comparable from period to period. This non-GAAP financial information should be considered in addition to, not in lieu of, GAAP information as of the relevant date. Consistent with Regulation G, a description of such information is provided below, and tabular reconciliations of such items to our most directly comparable GAAP information can be found within this press release as well as in our periodic filings with the SEC.

We view Organic Revenue and Organic Revenue growth (including Organic Revenue with Contingents and its growth) as important indicators when assessing and evaluating our performance on a consolidated basis and for each of our two segments, because they allow us to determine a comparable, but non-GAAP, measurement of revenue growth that is associated with the revenue sources that were a part of our business in both the current and prior year and that are expected to continue in the future. In addition, we believe Diluted Net Income Per Share - Adjusted provides a meaningful representation of our operating performance and improves the comparability of our results between periods by excluding the impact of the change in estimated acquisition earn-out payables, the impact of amortization of intangible assets and certain other non-recurring or infrequently occurring items. We also view EBITDAC, EBITDAC - Adjusted, EBITDAC Margin and EBITDAC Margin - Adjusted as important indicators when assessing and evaluating our performance, as they present more comparable measurements of our operating margins in a meaningful and consistent manner. As disclosed in our most recent proxy statement, we use Organic Revenue growth, Diluted Net Income Per Share - Adjusted and EBITDAC Margin - Adjusted as key performance metrics for our short-term and long-term incentive compensation plans for executive officers and other key employees.

Non-GAAP Revenue Measures

Organic Revenue is our core commissions and fees less: (i) the core commissions and fees earned for the first twelve months by newly acquired operations; (ii) divested business (core commissions and fees generated from offices, books of business or niches sold or terminated during the comparable period); (iii) Foreign Currency Translation (as defined below) and (iv) the Litigation-Related Impact. The term “core commissions and fees” excludes profit-sharing contingent commissions (“Contingents”); and therefore, represents the revenues earned directly from specific insurance policies sold and specific fee-based services rendered. Growth of Organic Revenue can be expressed as a dollar amount or a percentage rate.Organic Revenue with Contingents is Organic Revenue plus Organic Contingents (as defined below). Growth of Organic Revenue with Contingents can be expressed as a dollar amount or a percentage rate. Non-GAAP Earnings Measures

EBITDAC is defined as income before interest, income taxes, depreciation, amortization and the change in estimated acquisition earn-out payables.EBITDAC Margin is defined as EBITDAC divided by total revenues.EBITDAC - Adjusted is defined as EBITDAC, excluding (i) (gain)/loss on disposal (as defined below), (ii) Acquisition/Integration Costs (as defined below) and (iii) mark-to-market of escrow liability (as defined below).EBITDAC Margin - Adjusted is defined as EBITDAC - Adjusted divided by total revenues.Diluted Net Income Per Share - Adjusted is defined as diluted net income per share, excluding the after-tax impact of (i) the change in estimated acquisition earn-out payables, (ii) (gain)/loss on disposal, (as defined below), (iii) Acquisition/Integration Costs (as defined below), (iv) mark-to-market of escrow liability (as defined below) in periods wherein the effect of mark-to-market of escrow liability is not dilutive to the Company's earnings and, therefore, not already excluded from the calculation of diluted net income per share in accordance with ASC 260, and (v) amortization. Definitions Related to Certain Components of Non-GAAP Measures

“Acquisition/Integration Costs” means the acquisition and integration costs (e.g., costs associated with regulatory filings; costs for third-party professional services, including legal, accounting, consulting, financial advisory and due diligence; costs and fees associated with entry into the bridge financing commitment; costs of integrating or streamlining processes and information technology systems, including data migration and system integration; costs associated with optimizing vendor agreements and leased office space, including exit costs related to location combinations; and employment-related costs, including severance payments, costs associated with the transition of certain legacy compensation programs, retention-related compensation expenses, and incentive payments) arising out of our acquisition of Accession and acquisitions previously completed by Accession, which are not considered to be normal, recurring or part of ongoing operations.“Foreign Currency Translation” means the period-over-period impact of foreign currency translation, which is calculated by applying current-year foreign exchange rates to the various functional currencies in our business to our reporting currency of US dollars for the same period in the prior year.“(Gain)/loss on disposal” is a caption on our consolidated statements of income which reflects net proceeds received as compared to the net book value related to sales of books of business and other divestiture transactions.
“Mark-to-market of escrow liability” is a caption on our consolidated statements of income which reflects the non-cash change in the fair value associated with certain shares of the Company’s common stock held in escrow. The change is driven by fluctuations in our stock price between the beginning of the period and the end of the period. These escrowed shares represent a portion of the merger consideration payable in connection with our acquisition of Accession. The escrowed shares secure certain indemnification obligations of the Accession equity holders related to businesses that are in run-off or discontinued.
“Litigation-Related Impact” means the core commissions and fees attributable to (i) the loss of specifically identified customer accounts and (ii) new business generated in the prior year by certain former employees, in each case in connection with the conduct of a competitor that is the subject of pending litigation in multiple jurisdictions.“Organic Contingents” are Contingents, less (i) Contingents earned for the first twelve months by newly acquired stand-alone operations and (ii) Contingents earned from divested stand-alone operations (Contingents generated from stand-alone operations sold or terminated during the comparable period). Our industry peers may provide similar supplemental non-GAAP information with respect to one or more of these measures, although they may not use the same or comparable terminology and may not make identical adjustments and, therefore comparability may be limited.  This supplemental non-GAAP financial information should be considered in addition to, and not in lieu of, the Company's condensed consolidated financial statements.

For more information:

R. Andrew Watts
Chief Financial Officer
(386) 239-5770

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Net Loss per Diluted Share of $8.08 for the Quarter, inclusive of a Net Loss from Discontinued Operations

Net Income per Diluted Share from Continuing Operations of $0.32 for the Quarter

Core FFO per Share of $1.84 for the Quarter

Same Property NOI Grew by 6.0% for the Quarter Driven by Strength in Manufactured Housing

Same Property Adjusted Blended Occupancy for MH and RV of 98.8%

Increasing 2026 Same Property NOI Growth Guidance by 20 Basis Points, to 4.5% - 5.3%

Southfield, MI, July 27, 2026 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (the "Company" or "SUI"), a real estate investment trust ("REIT") that owns and operates, or has an interest in, manufactured housing ("MH") and recreational vehicle ("RV") communities (collectively, the "properties"), today reported its second quarter results for 2026.

Financial Results for the Quarter and Six Months Ended June 30, 2026

For the quarter ended June 30, 2026, net income attributable to continuing operations was $42.3 million, or $0.32 per diluted share, compared to a net loss from continuing operations of $30.0 million, or $0.74 per diluted share for the same period in 2025.For the quarter ended June 30, 2026, net loss attributable to common shareholders was $992.7 million, or $8.08 per diluted share, compared to net income attributable to common shareholders of $1.3 billion, or $10.02 per diluted share for the same period in 2025.For the six months ended June 30, 2026, net income attributable to continuing operations was $60.7 million, or $0.47 per diluted share, compared to a net loss from continuing operations of $51.7 million, or $0.92 per diluted share for the same period in 2025.For the six months ended June 30, 2026, net loss attributable to common shareholders was $1.0 billion, or $8.10 per diluted share, compared to net income attributable to common shareholders of $1.2 billion, or $9.68 per diluted share for the same period in 2025. Non-GAAP Financial Measures

Funds from Operations ("FFO") for the quarter and six months ended June 30, 2026, was $1.77 and $2.71, respectively, per common share and convertible securities ("Share"), as compared to $1.36 and $2.43 for the same periods in 2025.Core Funds from Operations ("Core FFO") for the quarter and six months ended June 30, 2026, was $1.84 and $3.24, respectively, per common share and convertible securities ("Share"), as compared to $1.76 and $3.02 for the same periods in 2025.Same Property Net Operating Income ("NOI") increased by $14.4 million and $28.0 million, or 6.0% and 6.1%, respectively, for the quarter and six months ended June 30, 2026, as compared to the corresponding period in 2025. "We delivered another strong quarter, exceeding the high end of our guidance while demonstrating the strength of our Manufactured Housing and RV portfolio," said Charles Young, Chief Executive Officer. "Supported by durable demand for attainable housing and outdoor vacationing, together with disciplined expense management, we continue to execute on our strategic priorities. The planned sale of our UK platform further simplifies our business and sharpens our focus on our core portfolio. As we maintain our disciplined approach to capital allocation, we are investing in our people, technology, and communities to optimize our platform, and our full-year guidance reflects our confidence in the business and the opportunities ahead."

OPERATING HIGHLIGHTS

Portfolio Occupancy

MH and annual RV sites were 97.9% occupied at June 30, 2026, as compared to 98.1% at June 30, 2025.During the quarter ended June 30, 2026, the number of MH and annual RV revenue producing sites increased by approximately 250 sites. Same Property Results

For the properties owned and operated by the Company since at least January 1, 2025, excluding properties classified as discontinued operations, the following table reflects the percentage changes for the quarter and six months ended June 30, 2026, as compared to the same period in 2025:

 Quarter Ended June 30, 2026 Six Months Ended June 30, 2026 MH RV Total MH RV TotalRevenue        6.2        %         0.0        %         3.9        %         6.4        %         1.7        %         4.8        %Expense        (0.7)        %         0.8        %         0.1        %         3.3        %         1.3        %         2.3        %NOI        8.8        %         (0.7)        %         6.0        %         7.5        %         2.0        %         6.1        %             As of June 30, 2026       MH RV Total      Number of Properties282  152  434        Same Property adjusted blended occupancy for MH and RV declined by 10 basis points to 98.8% at June 30, 2026, from 98.9% at June 30, 2025.

INVESTMENT ACTIVITY

During the quarter ended June 30, 2026, the Company sold a total of six RV properties in two transactions. Refer to page 12 for additional details related to the Company's acquisition and disposition activity.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY, AND OTHER ITEMS

As of June 30, 2026, the Company had $4.1 billion in debt outstanding with a weighted average interest rate of 3.3% and a weighted average maturity of 6.9 years. At June 30, 2026, the Company's Net Debt to trailing twelve-month Recurring EBITDA ratio was 3.9 times.

Park Holidays Sale

As previously announced, during the quarter ended June 30, 2026, the Company entered into an agreement to sell (the "Park Holidays Sale") all of the outstanding equity of the subsidiaries through which the Company operates its business in the United Kingdom (collectively, "Park Holidays" or the "UK business") for a base consideration amount of £785.7 million (or approximately $1.04 billion). The total cash consideration received at closing is subject to certain customary locked box adjustments.

The transaction is subject to receipt of a required regulatory approval from the UK Financial Conduct Authority, and is expected to close in the second half of 2026.

Reporting Changes

As a result of the Park Holidays Sale, the results of the UK business and assets and liabilities included in the disposition are presented as held for sale and as discontinued operations for all periods presented herein. During the quarter ended June 30, 2026, the Company recorded a non-cash valuation allowance charge of $1.1 billion to reduce the net assets of the UK business to its estimated fair value less costs to sell in accordance with its presentation as a discontinued operation. Unless otherwise noted, the information disclosed in this Earnings Release and Supplemental Package refer only to continuing operations and do not include discussion of balances or activity related to discontinued operations, including the UK business.

The Company has also revised its reporting structure to two segments, which consist of (i) MH communities, and (ii) RV communities. The new structure removes the UK business from the Company's operating segments as a result of its classification as a discontinued operation and reflects how the chief operating decision maker manages the business, makes operating decisions, allocates resources, and evaluates operating performance.

Stock Repurchase Program

Effective May 27, 2026, the Company's Board of Directors authorized a stock repurchase program (the "Stock Repurchase Program") under which the Company may repurchase up to $1.0 billion of its common stock through May 27, 2027. The Stock Repurchase Program renewed the Company's previous stock repurchase program and provides the Company with continued flexibility to repurchase shares of its common stock.

During the quarter ended June 30, 2026, the Company repurchased approximately 0.9 million shares of the Company's common stock at an average price of $123.30 per share for a total of $111.1 million. Subsequent to the quarter ended June 30, 2026, through July 22, 2026, the Company repurchased approximately 0.7 million shares of the Company's common stock at an average price of $120.62 per share for a total of $89.0 million.

Debt Repayments

During the quarter ended June 30, 2026, the Company repaid two mortgage term loans totaling $177.9 million, which unencumbered seven properties. Subsequent to the quarter ended June 30, 2026, the Company repaid two mortgage term loans totaling $258.3 million, which unencumbered 16 properties.

2026 GUIDANCE

The Company is updating full-year and establishing third quarter 2026 guidance for Diluted EPS and Core FFO per Share and certain other items as set forth below. The Company's guidance presented in this earnings release does not give effect to the completion of the Park Holidays Sale, or potential use of transaction proceeds, nor does it reflect any impacts therefrom, including any effect of the Park Holidays Sale on Diluted EPS or Core FFO per Share. While the Park Holidays Sale is expected to close in the second half of 2026, it is subject to receipt of regulatory approval. Monthly contribution for the UK business is presented in the UK Contribution table below. For the reasons described above, as well as other factors described elsewhere in this earnings release and in the Company's public reports, the actual results from the Company's business and operations in such period may differ materially from the Company's guidance for that period.

  Third Quarter Ending September 30, 2026 Full Year Ending December 31, 2026  Low High Low HighDiluted EPS attributable to the Consolidated Portfolio(a)(b) $        1.13         $        1.23         $        (6.72) $        (6.56)Core FFO per Share attributable to the Consolidated Portfolio(a)(b)(c) $        2.23         $        2.33         $        6.94          $        7.10          (a) The diluted share counts for both the quarter ending September 30, 2026 and the year ending December 31, 2026 are estimated to be 125.9 million and 126.6 million, respectively, which assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock.
(b) No reconciliation of the forecasted range for FFO per share is included in this release because the Company is unable to quantify certain amounts that would be required to be included in the reconciliation to the comparable GAAP financial measure without unreasonable efforts. In particular, the timing and magnitude of the anticipated loss associated with the disposition of the Company's UK segment remain uncertain. The Company believes that any such reconciliation would imply a degree of precision that could be confusing or misleading to investors and would not be representative of the underlying operating performance of the Company's continuing operations.
(c) The Company's guidance translates forecasted results from operations in the UK using the relevant exchange rate provided. Exchange rates are as follows: U.S. dollar ("USD") to British pound sterling ("GBP") is 1.30; USD to Canadian dollar ("CAD") is 0.72; and USD to Australian dollar ("AUD") is 0.64. The impact of fluctuations in Canadian and Australian foreign currency rates on guidance are not material.

Same Property Portfolio (in millions and %) FY 2025 Actual Results Expected Change in 2026  July 27, 2026 Update Prior FY RangeNorth America (MH and RV)          Revenues from real property $        1,453.0                 3.9%-4.6%         3.9%-4.6%Total property operating expenses          483.7                 2.5%-2.8%         3.2%-3.6%Total North America Same Property NOI(a) $        969.3         4.5%-5.3%         4.2%-5.2%           MH NOI (282 properties) $        688.3                 6.1%-6.9%         5.7%-6.7%RV NOI (152 properties) $        281.0                 0.2%-1.8%         0.0%-1.8% For the third quarter ending September 30, 2026, the Company's guidance range assumes North America Same Property NOI growth of 2.0% - 3.5%.

Consolidated Portfolio Guidance For 2026
(in millions) FY 2025 Actual Results FY 2026 Guidance Update at Midpoint as of July 27, 2026Ancillary NOI $        27.7         $        24.5Interest income $        48.1         $        21.5Brokerage commissions and other, net(b) $        39.2         $        45.5FFO contribution from North American home sales $        6.6         $        1.5General and administrative expenses excluding non-recurring expenses $        165.8         $        172.0Interest expense $        210.7         $        153.0Current tax expense $        3.3         $        4.0Contribution from Discontinued Operations(c) $        77.8         $        86.2 Contribution 1Q26 2Q26 3Q26 4Q26North America Same Property NOI:        MH 25% 25% 25% 25%RV 17% 25% 39% 19%Total 22% 25% 29% 24%         Home Sales FFO - North America 0% 11% 72% 17%Consolidated Ancillary NOI (2)% 30% 65% 7%Consolidated EBITDA 20% 25% 31% 24%Core FFO per Share(d) 21% 25% 31% 23% UK Contribution 1H26 Jul Aug Sep Oct Nov DecContribution from Discontinued Operations(e) 40% 14% 20% 10% 11% 4% 1% Footnotes to Supplemental Guidance Tables:    (a)Total North America Same Property results net $95.6 million and $102.3 million of utility revenue against the related utility expense in property operating expenses for 2025 results and 2026 guidance, respectively.(b)Brokerage commissions and other, net includes approximately $13.8 million and $12.8 million of business interruption income, and $16.4 million and $22.6 million of income from nonconsolidated affiliates for full year 2025 results and 2026 guidance, respectively. The business interruption income includes the pro rata recognition of the lump sum insurance settlement that was received during the quarter ended December 31, 2025.(c)The Contribution from Discontinued Operations includes the entire net contribution from the UK Business, inclusive of Real Property NOI, Home Sales FFO, Brokerage and Other, General and Administrative Expenses excluding non-recurring items, Interest Expense, and Current Tax Expense.(d)Assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock.(e)The UK business sale is expected to close in the second half of 2026. Illustrative full year contribution from the UK business is shown. The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions, dispositions and capital markets activity completed through July 27, 2026. These estimates exclude the effects of the Park Holidays Sale and all other prospective acquisitions, dispositions and capital markets activity. The estimates and assumptions are forward-looking based on the Company's current assessment of economic and market conditions and are subject to the other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements.

EARNINGS CONFERENCE CALL

A conference call to discuss second quarter results will be held on Tuesday, July 28, 2026 at 11:00 A.M. (ET). To participate, call toll-free at (877) 407-9039. Callers outside the U.S. or Canada can access the call at (201) 689-8470. A replay will be available following the call through August 11, 2026 and can be accessed toll-free by calling (844) 512-2921 or (412) 317-6671. The Conference ID number for the call and the replay is 13760809. The conference call will be available live on the Company's website located at www.suninc.com. The replay will also be available on the website.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this document that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments, and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as "forecasts," "intend," "goal," "estimate," "expect," "project," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "scheduled," "guidance," "target," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements reflect the Company's current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties, and other factors, both general and specific to the matters discussed in this document, some of which are beyond the Company's control. These risks, uncertainties, and other factors may cause the Company's actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks described under "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, in Item 8.01 of the Company's Current Report on Form 8-K filed May 21, 2026, and in the Company's other filings with the Securities and Exchange Commission, from time to time, such risks, uncertainties and other factors include, but are not limited to:

∙The ability of the Company to complete the proposed sale of Park Holidays on a timely basis or at all;∙Risks that the proposed sale of Park Holidays disrupts current plans and operations;∙The impacts of the announcement or consummation of the proposed sale of Park Holidays on business relationships;∙The anticipated cost related to the proposed sale of Park Holidays;∙The ability for the Company to realize the anticipated benefits of the proposed sale of Park Holidays;∙The Company's liquidity and refinancing demands;∙The Company's ability to obtain or refinance maturing debt;∙The Company's ability to maintain compliance with covenants contained in its debt facilities and its unsecured notes;∙Availability of capital;∙General volatility of the capital markets and the market price of shares of the Company's capital stock;∙Increases in interest rates and operating costs, including insurance premiums, real estate taxes, and utilities;∙Difficulties in the Company's ability to evaluate, finance, complete, and integrate acquisitions, developments, and expansions successfully;∙Competitive market forces;∙The ability of purchasers of manufactured homes to obtain financing;∙The level of repossessions of manufactured homes;∙The Company's ability to maintain effective internal control over financial reporting and disclosure controls and procedures;∙Expectations regarding the amount or frequency of impairment losses;∙Changes in general economic conditions, including inflation, deflation, energy costs, the real estate industry, the effects of tariffs or threats of tariffs, wars or other international conflicts, trade wars, immigration issues, supply chain disruptions, and the markets within which the Company operates;∙Changes in foreign currency exchange rates, including between the U.S. dollar and each of the British pound sterling, Canadian dollar, and Australian dollar;∙The Company's ability to maintain its status as a REIT;∙Changes in real estate and zoning laws and regulations;∙The Company's ability to maintain rental rates and occupancy levels;∙Legislative or regulatory changes, including changes to laws governing the taxation of REITs;∙Outbreaks of disease and related restrictions on business operations;∙Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts, and wildfires; and∙Litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this document, whether as a result of new information, future events, changes in the Company's expectations or otherwise, except as required by law.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company's behalf are qualified in their entirety by these cautionary statements.

Company Overview and Investor Information

The Company

Established in 1975, Sun Communities, Inc. became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of June 30, 2026, the Company owned, operated, or had an interest in a portfolio of 455 developed MH and RV properties comprising approximately 156,130 developed sites in the U.S. and Canada. At that date, the Company also owned, operated, or held an interest in a portfolio of 54 U.K. properties comprising approximately 22,030 developed sites, which were classified within discontinued operations as of June 30, 2026.

For more information about the Company, please visit www.suninc.com.

Company Contacts Investor Relations Sara Ismail, Senior Vice President (248) 208-2500 [email protected]  Corporate Debt Ratings Moody'sBaa2 | StableS&PBBB+ | Stable Portfolio Overview as of June 30, 2026

  MH & RV Properties  Properties MH & Annual RV Transient RV Sites Total SitesLocation  Sites Occupancy %  Florida         125                 42,520                 97.1        %         4,700                 47,220        Michigan         90                 34,420                 98.2        %         510                 34,930        California         36                 7,040                 99.6        %         1,720                 8,760        Texas         28                 9,330                 97.8        %         1,410                 10,740        Connecticut         16                 1,910                 96.6        %         100                 2,010        Maine         14                 2,520                 97.7        %         810                 3,330        New Jersey         13                 3,590                 100.0        %         910                 4,500        Arizona         11                 4,140                 97.5        %         860                 5,000        Colorado         11                 2,930                 94.0        %         940                 3,870        Indiana         10                 2,820                 99.0        %         1,000                 3,820        Maryland         10                 920                 99.1        %         1,370                 2,290        New York         9                 1,570                 99.4        %         1,040                 2,610        Other         82                 19,660                 98.9        %         7,390                 27,050        Total Portfolio         455                 133,370                 97.9        %         22,760                 156,130         Financial and Operating Highlights
($ in millions, except Per Share amounts)

 Quarters Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025Financial Information         Basic earnings / (loss) per share from continuing operations$        0.65          $        0.13          $        0.88          $        (0.45        ) $        (0.74        )Basic earnings / (loss) per share from discontinued operations         (8.71        )          (0.20        )          0.11                   0.52                   10.76         Basic earnings / (loss) per share$        (8.06        ) $        (0.07        ) $        0.99          $        0.07          $        10.02         Diluted earnings / (loss) per share from continuing operations$        0.32          $        0.13          $        0.88          $        (0.45        ) $        (0.74        )Diluted earnings / (loss) per share from discontinued operations         (8.40        )          (0.20        )          0.11                   0.52                   10.76         Diluted earnings / (loss) per share$        (8.08        ) $        (0.07        ) $        0.99          $        0.07          $        10.02                   Cash distributions declared per common share(a)$        1.12          $        1.12          $        1.04          $        1.04          $        1.04                   FFO per Share(b)$        1.77          $        0.95          $        2.15          $        2.18          $        1.36         Core FFO per Share(b)$        1.84          $        1.40          $        1.40          $        2.28          $        1.76                   Real Property NOI(b)         MH$        186.5          $        185.7          $        178.8          $        171.8          $        168.5         RV         74.1                   50.7                   53.3                   115.5                   72.9         Total$        260.6          $        236.4          $        232.1          $        287.3          $        241.4                   Recurring EBITDA(b)$        264.4          $        195.2          $        206.2          $        335.7          $        291.3         TTM Recurring EBITDA / Interest(b)6.6 x 6.0 x 4.9 x 4.4 x 3.8 xNet Debt / TTM Recurring EBITDA(b)3.9 x 3.7 x 3.4 x 3.3 x 2.9 x          Balance Sheet         Total assets$        10,867.6          $        12,358.8          $        12,522.9          $        12,800.3          $        13,362.1         Total debt$        4,052.2          $        4,246.2          $        4,258.7          $        4,271.7          $        4,283.5         Total liabilities$        5,090.0          $        5,299.1          $        5,194.4          $        5,438.0          $        5,570.0                   Operating Information         Properties         MH         295                   295                   294                   284                   284         RV         160                   166                   166                   164                   164         Total         455                   461                   460                   448                   448                   Sites         MH         100,860                   100,830                   100,150                   97,070                   97,380         Annual RV         32,510                   32,730                   33,330                   32,480                   32,100         Transient         22,760                   23,820                   23,550                   23,560                   23,440         Total sites         156,130                   157,380                   157,030                   153,110                   152,920                   Occupancy         MH         97.3        %          97.1        %          97.2        %          97.9        %          97.4        %Annual RV         100.0        %          100.0        %          100.0        %          100.0        %          100.0        %Blended MH and annual RV         97.9        %          97.8        %          97.9        %          98.4        %          98.1        %          MH and RV Revenue Producing Site Net Gains(c)         MH leased sites, net         157                   16                   178                   152                   170         RV leased sites, net         91                   (324        )          (37        )          371                   288         Total leased sites, net         248                   (308        )          141                   523                   458          (a) During the quarter ended June 30, 2025, the Company also paid a one-time special cash distribution of $4.00 per common share and unit.
(b) Refer to Definition and Notes for additional information.
(c) Revenue producing site net gains do not include occupied sites acquired during the year.

Condensed Consolidated Balance Sheets
($ in millions)

 June 30, 2026 December 31, 2025Assets   Land$        1,793.8          $        1,810.5         Land improvements and buildings         8,733.9                   8,699.2         Rental homes and improvements         998.3                   940.2         Furniture, fixtures and equipment         687.2                   674.3         Investment property         12,213.2                   12,124.2         Accumulated depreciation         (3,702.0)          (3,505.7)Investment property, net         8,511.2                   8,618.5         Cash, cash equivalents and restricted cash(a)         165.2                   606.7         Inventory of manufactured homes         75.7                   84.7         Notes and other receivables, net         282.4                   262.9         Collateralized receivables, net(a)         39.2                   43.2         Goodwill         9.5                   9.5         Other intangible assets, net         34.0                   36.7         Other assets, net         303.7                   309.2         Assets held for sale and discontinued operations, net(a)         1,446.7                   2,551.5         Total Assets$        10,867.6          $        12,522.9         Liabilities   Mortgage loans payable$        2,225.3          $        2,429.0         Secured borrowings on collateralized receivables(a)         39.2                   43.2         Unsecured debt         1,787.7                   1,786.5         Distributions payable         139.9                   131.1         Advanced reservation deposits and rent         199.9                   125.9         Accrued expenses and accounts payable         193.3                   178.3         Other liabilities         75.8                   73.2         Liabilities held for sale and discontinued operations, net(a)         428.9                   427.2         Total Liabilities         5,090.0                   5,194.4         Commitments and contingencies   Temporary equity         184.0                   255.7         Shareholders' Equity   Common stock         1.2                   1.2         Additional paid-in capital         9,487.5                   9,563.1         Accumulated other comprehensive income         2.4                   26.5         Distributions in excess of accumulated earnings         (3,971.7)          (2,634.7)Total SUI Shareholders' Equity         5,519.4                   6,956.1         Noncontrolling interests         74.2                   116.7         Total Shareholders' Equity         5,593.6                   7,072.8         Total Liabilities, Temporary Equity and Shareholders' Equity$        10,867.6          $        12,522.9          (a) Refer to Definitions and Notes for additional information.

Condensed Consolidated Statements of Operations
($ in millions, except for per share amounts)

 Quarter Ended June 30, Six Months Ended June 30,   2026   2025  % Change  2026   2025  % ChangeRevenues           Real property (excluding transient)(a)$        362.1          $        335.3                  8.0        % $        712.7          $        657.9                  8.3        %Real property - transient         60.6                   63.6                  (4.7)        %          89.5                   92.2                  (2.9)        %Home sales         27.8                   41.8                  (33.5)        %          54.3                   70.5                  (23.0)        %Ancillary         24.6                   25.5                  (3.5)        %          33.1                   33.8                  (2.1)        %Interest         6.2                   16.4                  (62.2)        %          13.4                   20.8                  (35.6)        %Brokerage commissions and other, net         3.3                   13.3                  (75.2)        %          5.0                   14.9                  (66.4)        %Total Revenues         484.6                   495.9                  (2.3)        %          908.0                   890.1                  2.0        %Expenses           Property operating and maintenance(a)         134.5                   131.0                  2.7        %          250.3                   240.1                  4.2        %Real estate tax         27.6                   26.5                  4.2        %          54.9                   51.3                  7.0        %Home costs and selling         24.5                   35.0                  (30.0)        %          49.4                   59.5                  (17.0)        %Ancillary         17.2                   18.1                  (5.0)        %          26.3                   26.8                  (1.9)        %General and administrative         49.9                   50.6                  (1.4)        %          108.5                   97.6                  11.2        %Catastrophic event-related charges, net         0.8                   0.4                  100.0        %          1.3                   0.3          N/MDepreciation and amortization         123.9                   117.3                  5.6        %          245.3                   232.0                  5.7        %Asset impairments(a)         17.9                   33.4                  (46.4)        %          18.2                   57.4                  5.7        %Loss on extinguishment of debt         —                   102.4                  (100.0)        %          —                   102.4                  (100.0)        %Interest         38.1                   54.4                  (30.0)        %          76.5                   132.9                  (42.4)        %Total Expenses         434.4                   569.1                  (23.7)        %          830.7                   1,000.3                  (17.0)        %Income / (Loss) Before Other Items         50.2                   (73.2) N/M          77.3                   (110.2) N/MGain / (loss) on foreign currency exchanges         13.3                   39.4                  (66.2)        %          (10.6)          48.1          N/MLoss on dispositions of properties, net         (22.0)          (1.3) N/M          (20.9)          (2.1) N/MOther income / (expense), net(a)         (0.1)          6.9          N/M          8.4                   12.6                  (33.3)        %Loss on remeasurement of notes receivable         (2.9)          (1.4)         107.1        %          (2.8)          (1.6)         75.0        %Income from nonconsolidated affiliates         6.1                   3.8                  60.5        %          12.2                   6.8                  79.4        %Loss on remeasurement of investment in nonconsolidated affiliates         (1.7)          (1.5)         13.3        %          (1.5)          (1.5)         —        %Current tax expense         (0.6)          (2.6)         (76.9)        %          (1.5)          (3.8)         (60.5)        %Deferred tax benefit / (expense)         —                   (0.1)         (100.0)        %          0.1                   —          N/ANet Income / (Loss) from Continuing Operations         42.3                   (30.0) N/M          60.7                   (51.7) N/MIncome / (loss) from discontinued operations, net(a)         (1,067.2)          1,360.3          N/M          (1,091.9)          1,340.4          N/MNet Income / (Loss)         (1,024.9)          1,330.3          N/M          (1,031.2)          1,288.7          N/MLess: Preferred return to preferred OP units / equity interests         2.5                   3.2                  (21.9)        %          5.2                   6.3                  (17.5)        %Less: Income / (loss) attributable to noncontrolling interests         (34.7)          53.5          N/M          (35.0)          51.6          N/MNet Income / (Loss) Attributable to SUI Common Shareholders$        (992.7) $        1,273.6          N/M $        (1,001.4) $        1,230.8          N/M            Weighted average common shares outstanding - basic(a)         122.5                   126.4                  (3.1)        %          122.6                   126.5                  (3.1)        %Weighted average common shares outstanding - diluted(a)         127.0                   126.4                  0.5        %          127.4                   126.5                  0.7        %            Basic earnings / (loss) per share from continuing operations$        0.65          $        (0.74) N/M $        0.78          $        (0.92) N/MBasic earnings / (loss) per share from discontinued operations         (8.71)          10.76          N/M          (8.91)          10.60          N/MBasic earnings / (loss) per share$        (8.06) $        10.02          N/M $        (8.13) $        9.68          N/M            Diluted earnings / (loss) per share from continuing operations(b)$        0.32          $        (0.74) N/M $        0.47          $        (0.92) N/MDiluted earnings / (loss) per share from discontinued operations(b)         (8.40)          10.76          N/M          (8.57)          10.60          N/MDiluted earnings / (loss) per share(b)$        (8.08) $        10.02          N/M $        (8.10) $        9.68          N/M (a) Refer to Definitions and Notes for additional information.
(b) Excludes the effect of certain anti-dilutive convertible securities.
N/M = Not meaningful. N/A = Not applicable.

Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO
($ in millions, except for per share data)

 Quarter Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Net Income / (Loss) Attributable to SUI Common Shareholders$        (992.7) $        1,273.6          $        (1,001.4) $        1,230.8         Adjustments       Depreciation and amortization - continuing operations(a)         122.3                   117.1                   242.1                   231.3         Depreciation and amortization - discontinued operations(a)         7.0                   8.9                   17.1                   53.6         Depreciation on nonconsolidated affiliates         0.3                   0.2                   0.6                   0.4         Asset impairments - continuing operations         17.9                   33.4                   18.2                   57.4         Asset impairments - discontinued operations         —                   132.9                   —                   135.0         Loss on classification to held for sale - discontinued operations         1,077.2                   —                   1,077.2                   —         Loss on remeasurement of investment in nonconsolidated affiliates         1.7                   1.5                   1.5                   1.5         Loss on remeasurement of notes receivable         2.9                   1.4                   2.8                   1.6         Loss on dispositions of properties, including tax effect - continuing operations         22.0                   2.9                   20.9                   3.6         (Gain) / loss on dispositions of properties, including tax effect - discontinued operations         0.8                   (1,445.0)          1.7                   (1,444.7)Add: Returns on preferred OP units / equity interests         2.5                   3.1                   5.2                   6.3         Add: Income / (loss) attributable to noncontrolling interests         (34.7)          53.5                   (35.0)          51.6         Gain on disposition of assets, net - continuing operations         (3.0)          (4.1)          (4.7)          (7.7)(Gain) / loss on disposition of assets, net - discontinued operations         —                   0.1                   (0.4)          (0.2)FFO(a)(c)(d)         224.2                   179.5                   345.8                   320.5         Adjustments       Acquisition and other transaction costs - continuing operations(a)         1.7                   4.6                   3.4                   13.6         Acquisition and other transaction costs - discontinued operations         14.9                   50.5                   15.4                   65.6         Loss on extinguishment of debt         —                   102.4                   —                   102.4         Catastrophic event-related charges, net         0.8                   0.4                   1.3                   0.3         Loss of earnings - catastrophic event-related charges, net(a)         3.2                   (5.7)          6.4                   (1.7)(Gain) / loss on foreign currency exchanges - continuing operations         (13.3)          (39.4)          10.6                   (48.1)Loss on foreign currency exchanges - discontinued operations         0.1                   —                   0.7                   —         Deferred tax (benefit) / expense - continuing operations         —                   0.1                   (0.1)          —         Deferred tax (benefit) / expense - discontinued operations         (2.6)          (32.2)          3.9                   (37.3)Other adjustments, net - continuing operations         5.2                   (3.8)          13.5                   (6.7)Other adjustments, net - discontinued operations         (0.2)          (24.5)          12.2                   (9.9)Core FFO(a)(b)(c)(d)$        234.0          $        231.9          $        413.1          $        398.7                 Weighted Average Common Shares and OP Units Outstanding(a)(b)         127.0                   131.8                   127.4                   132.1         FFO per Share(a)(b)(c)$        1.77          $        1.36          $        2.71          $        2.43         Core FFO per Share(a)(b)(c)$        1.84          $        1.76          $        3.24          $        3.02          (a) Refer to Definitions and Notes for additional information.
(b) Assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock.
(c) FFO and Core FFO include discontinued operations activity of $17.7 million or $0.14 per Share, and $30.0 million or $0.24 per Share, respectively, during the quarter ended June 30, 2026, and $57.2 million or $0.43 per Share, and $51.1 million or $0.39 per Share, respectively, during the quarter ended June 30, 2025.
(d) FFO and Core FFO include discontinued operations activity of $3.6 million or $0.03 per Share, and $35.7 million or $0.28 per Share, respectively, during the six months ended June 30, 2026, and $84.1 million or $0.64 per Share, and $102.7 million or $0.78 per Share, respectively, during the six months ended June 30, 2025.

Reconciliation of Net income / (Loss) Attributable to SUI Common Shareholders to NOI
($ in millions)

 Quarter Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Net Income / (Loss) Attributable to SUI Common Shareholders$        (992.7) $        1,273.6          $        (1,001.4) $        1,230.8         Interest income         (6.2)          (16.4)          (13.4)          (20.8)Brokerage commissions and other revenues, net         (3.3)          (13.3)          (5.0)          (14.9)General and administrative         49.9                   50.6                   108.5                   97.6         Catastrophic event-related charges, net         0.8                   0.4                   1.3                   0.3         Depreciation and amortization         123.9                   117.3                   245.3                   232.0         Asset impairments         17.9                   33.4                   18.2                   57.4         Loss on extinguishment of debt         —                   102.4                   —                   102.4         Interest expense         38.1                   54.4                   76.5                   132.9         (Gain) / loss on foreign currency exchanges         (13.3)          (39.4)          10.6                   (48.1)Loss on disposition of properties         22.0                   1.3                   20.9                   2.1         Other (income) / expense, net(a)         0.1                   (6.9)          (8.4)          (12.6)Loss on remeasurement of notes receivable         2.9                   1.4                   2.8                   1.6         Income from nonconsolidated affiliates         (6.1)          (3.8)          (12.2)          (6.8)Loss on remeasurement of investment in nonconsolidated affiliates         1.7                   1.5                   1.5                   1.5         Current tax expense         0.6                   2.6                   1.5                   3.8         Deferred tax (benefit) / expense         —                   0.1                   (0.1)          —         Net (income) / loss from discontinued operations, net         1,067.2                   (1,360.3)          1,091.9                   (1,340.4)Add: Preferred return to preferred OP units / equity interests         2.5                   3.2                   5.2                   6.3         Add: Income / (loss) attributable to noncontrolling interests         (34.7)          53.5                   (35.0)          51.6         NOI$        271.3          $        255.6          $        508.7          $        476.7           Quarter Ended June 30, Six Months Ended June 30,  2026  2025  2026  2025Real property NOI(a)$        260.6         $        241.4         $        497.0         $        458.7        Home sales NOI(a)         3.3                  6.8                  4.9                  11.0        Ancillary NOI(a)         7.4                  7.4                  6.8                  7.0        NOI(a)$        271.3         $        255.6         $        508.7         $        476.7         (a) Refer to Definitions and Notes for additional information.

Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Recurring EBITDA
($ in millions)

 Quarter Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Net Income / (Loss) Attributable to SUI Common Shareholders$        (992.7) $        1,273.6          $        (1,001.4) $        1,230.8         Adjustments       Depreciation and amortization - continuing operations         123.9                   117.3                   245.3                   232.0         Depreciation and amortization - discontinued operations         7.8                   9.8                   18.9                   55.2         Asset impairments - continuing operations - continuing operations(a)         17.9                   33.4                   18.2                   57.4         Asset impairments - discontinued operations         —                   132.9                   —                   135.0         Loss on classification to held for sale - discontinued operations(a)         1,077.2                   —                   1,077.2                   —         Loss on extinguishment of debt         —                   102.4                   —                   102.4         Interest expense - continuing operations         38.1                   54.4                   76.5                   132.9         Interest expense - discontinued operations         0.2                   3.8                   0.2                   7.4         Current tax expense - continuing operations         0.6                   2.6                   1.5                   3.8         Current tax expense - discontinued operations         2.5                   3.8                   3.3                   4.8         Deferred tax (benefit) / expense - continuing operations         —                   0.1                   (0.1)          —         Deferred tax (benefit) / expense - discontinued operations         (2.6)          (32.2)          3.9                   (37.3)Income from nonconsolidated affiliates         (6.1)          (3.8)          (12.2)          (6.8)Less: Loss on dispositions of properties - continuing operations         22.0                   1.3                   20.9                   2.1         Less: (Gain) / loss on dispositions of properties - discontinued operations         0.8                   (1,445.0)          1.7                   (1,444.7)Less: Loss on dispositions of assets, net - continuing operations         (3.0)          (4.1)          (4.7)          (7.7)Less: (Gain) / loss on dispositions of assets, net - discontinued operations         —                   0.1                   (0.4)          (0.2)EBITDAre(a)(b)         286.6                   250.4                   448.8                   467.1         Adjustments       Transaction costs - discontinued operations(a)(c)         14.9                   48.0                   14.9                   62.6         Catastrophic event-related charges, net - continuing operations         0.8                   0.4                   1.3                   0.3         (Gain) / loss on foreign currency exchanges - continuing operations         (13.3)          (39.4)          10.6                   (48.1)Loss on foreign currency exchanges - discontinued operations(a)         0.1                   —                   0.7                   —         Other (income) / expense, net - continuing operations(a)         0.1                   (6.9)          (8.4)          (12.6)Other (income) / expense, net - discontinuing operations(a)         (0.2)          (24.8)          12.1                   (10.2)Loss on remeasurement of notes receivable         2.9                   1.4                   2.8                   1.6         Loss on remeasurement of investment in nonconsolidated affiliates         1.7                   1.5                   1.5                   1.5         Add: Preferred return to preferred OP units / equity interests         2.5                   3.2                   5.2                   6.3         Add: Income / (loss) attributable to noncontrolling interests         (34.7)          53.5                   (35.0)          51.6         Add: Gain on dispositions of assets, net - continuing operations         3.0                   4.1                   4.7                   7.7         Add: Gain / (loss) on dispositions of assets, net - discontinued operations         —                   (0.1)          0.4                   0.2         Recurring EBITDA(a)(b)$        264.4          $        291.3          $        459.6          $        528.0          (a) Refer to Definitions and Notes for additional information.
(b) EBITDAre and Recurring EBITDA include discontinued operations activity.
(c) Represents non-recurring transaction costs that are directly attributable to the Park Holidays Sale and the Safe Harbor Sale for the applicable periods.

Real Property Operations - Total Portfolio
($ in millions)

 Quarter Ended June 30, 2026 Quarter Ended June 30, 2025 MH RV Total MH RV TotalRevenues           Real property (excluding transient)(a)$        271.2  $        90.9  $        362.1  $        249.8  $        85.5          $        335.3 Real property - transient         0.2           60.4           60.6           0.2           63.4                   63.6 Total operating revenues         271.4           151.3           422.7           250.0           148.9                   398.9 Expenses           Property operating expenses         84.9           77.2           162.1           81.5           76.0                   157.5 Real Property NOI(a)$        186.5  $        74.1  $        260.6  $        168.5  $        72.9          $        241.4              Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 MH RV Total MH RV TotalRevenues           Real property (excluding transient)(a)$        540.5  $        172.2  $        712.7  $        498.6  $        159.3          $        657.9 Real property - transient         0.7           88.8           89.5           0.7           91.5                   92.2 Total operating revenues         541.2           261.0           802.2           499.3           250.8                   750.1 Expenses           Property operating expenses         169.0           136.2           305.2           158.2           133.2                   291.4 Real Property NOI$        372.2  $        124.8  $        497.0  $        341.1  $        117.6          $        458.7              As of June 30, 2026 As of June 30, 2025 MH RV Total MH RV TotalNumber of Properties         295           160           455           284           164           448 Sites           Sites(b)         100,860           32,510           133,370           97,380           32,100           129,480 Transient sitesN/A          22,760           22,760  N/A          23,440           23,440 Total         100,860           55,270           156,130           97,380           55,540           152,920 Occupancy         97.3        %          100.0        %          97.9        %          97.4        %          100.0        %          98.1        % N/A = Not applicable.
(a) Refer to Definitions and Notes for additional information.
(b) MH annual sites included 13,130 and 11,567 rental homes in the Company's rental program at June 30, 2026 and 2025, respectively. The Company's gross investment in occupied rental homes at June 30, 2026 was $979.3 million, an increase of 20.5% from $812.5 million at June 30, 2025.

Real Property Operations - Same Property Portfolio(a)
($ in millions)

 Quarter Ended June 30,  2026  2025 Total Change % Change(b) MH RV Total MH RV Total  MH RV TotalSame Property Revenues                   Real property (excluding transient)$        246.1 $        80.4 $        326.5 $        231.7 $        77.4 $        309.1 $        17.4          6.2        %         3.8        %         5.6        %Real property - transient         0.2          57.3          57.5          0.2          60.2          60.4          (2.9)         22.1        %         (4.8)        %         (4.7)        %Total Same Property operating revenues         246.3          137.7          384.0                  231.9          137.6          369.5                  14.5          6.2        %         —        %         3.9        %Same Property Expenses                   Payroll and benefits         14.6          22.5          37.1                  15.4          23.1          38.5                  (1.4)         (5.7)        %         (2.8)        %         (4.0)        %Real estate taxes         19.6          6.9          26.5                  19.1          6.8          25.9                  0.6          2.4        %         1.5        %         2.2        %Supplies and repairs         13.4          10.0          23.4                  11.8          8.8          20.6                  2.8          14.0        %         14.3        %         14.1        %Utilities         5.4          12.7          18.1                  5.3          11.8          17.1                  1.0          2.8        %         7.6        %         6.1        %Legal, state / local taxes, and insurance         6.9          2.3          9.2                  7.9          3.0          10.9                  (1.7)         (13.2)        %         (24.1)        %         (16.1)        %Other         3.1          12.2          15.3                  3.9          12.6          16.5                  (1.2)         (19.5)        %         (3.0)        %         (6.8)        %Total Same Property operating expenses(a)         63.0          66.6          129.6          63.4          66.1          129.5          0.1          (0.7)        %         0.8        %         0.1        %Real Property NOI(a)$        183.3 $        71.1 $        254.4 $        168.5 $        71.5 $        240.0 $        14.4          8.8        %         (0.7)        %         6.0        %                     Six Months Ended June 30,  2026  2025 Total Change % Change(b) MH RV Total MH RV Total  MH RV TotalSame Property Revenues                   Real property (excluding transient)$        489.1 $        151.9 $        641.0 $        459.5 $        144.7 $        604.2 $        36.8          6.4        %         5.0        %         6.1        %Real property - transient         0.7          82.9          83.6          0.7          86.3          87.0          (3.4)         4.5        %         (3.9)        %         (3.9)        %Total Same Property operating revenues         489.8          234.8          724.6                  460.2          231.0          691.2                  33.4          6.4        %         1.7        %         4.8        %Same Property Expenses                   Payroll and benefits         29.6          38.5          68.1          29.4          39.1          68.5                  (0.4)         0.8        %         (1.4)        %         (0.4)        %Real estate taxes         39.0          13.8          52.8          36.7          13.4          50.1                  2.7          6.4        %         2.5        %         5.3        %Supplies and repairs         24.7          15.9          40.6          21.2          14.2          35.4                  5.2          16.5        %         11.8        %         14.6        %Utilities         10.3          23.5          33.8          10.9          22.2          33.1                  0.7          (5.6)        %         5.8        %         2.1        %Legal, state / local taxes, and insurance         14.3          4.9          19.2          15.4          5.9          21.3                  (2.1)         (7.5)        %         (16.6)        %         (10.0)        %Other         6.0          19.6          25.6          6.4          19.9          26.3                  (0.7)         (5.2)        %         (1.4)        %         (2.3)        %Total Same Property operating expenses(a)         123.9          116.2          240.1          120.0          114.7          234.7          5.4          3.3        %         1.3        %         2.3        %Real Property NOI(a)$        365.9 $        118.6 $        484.5 $        340.2 $        116.3 $        456.5 $        28.0          7.5        %         2.0        %         6.1        % (a) Refer to Definitions and Notes for additional information.
(b) Percentages are calculated based on unrounded numbers.
Real Property Operations - Same Property Portfolio (Continued)

  As of June 30,   2026   2025   MH RV MH RVNumber of properties(a)          282                   152                   282                   152         Sites        MH and annual RV sites          97,190                   30,790                   97,070                   30,850         Transient RV sites N/A          21,240          N/A          21,440         Total          97,190                   52,030                   97,070                   52,290         MH and Annual RV Occupancy        Occupancy(b)          97.8        %          100.0        %          97.4        %          100.0        %Average monthly base rent per site $        766          $        700          $        730          $        679         % Change of monthly base rent(c)          4.9        %          3.2        % N/A N/ARental Program Statistics included in MH        Number of occupied sites, end of period(d)          12,750          N/A          11,540          N/AMonthly rent per site – MH rental program $        1,409          N/A $        1,374          N/A% Change(c)          2.5        % N/A N/A N/A N/A = Not applicable.
(a) Financial results from properties impacted by dispositions and catastrophic weather events have been removed from Same Property reporting.
(b) Same Property blended occupancy for MH and RV was 98.3% at June 30, 2026, up 30 basis points from 98.0% at June 30, 2025. Adjusting for recently delivered and vacant expansion sites, Same Property adjusted blended occupancy for MH and RV declined by 10 basis points to 98.8% at June 30, 2026, from 98.9% at June 30, 2025.
(c) Percentages are calculated based on unrounded numbers.
(d) Occupied rental program sites in Same Property are included in total sites.

Home Sales Summary
($ in millions, except for average selling price)

 Quarter Ended June 30, Six Months Ended June 30,  2026   2025  % Change  2026   2025  % ChangeFinancial Information           Home sales$        27.8          $        41.8                  (33.5)        % $        54.3          $        70.5                  (23.0)        %Home cost and selling expenses         24.5                   35.0                  (30.0)        %          49.4                   59.5                  (17.0)        %NOI(a)(b)$        3.3          $        6.8                  (51.5)        % $        4.9          $        11.0                  (55.5)        %NOI margin %(a)         11.9        %          16.3        %            9.0        %          15.6        %  Other Information           Units Sold:         326                   480                  (32.1)        %          618                   827          (25.3)        %Average Selling Price:$        85,276          $        87,083                  (2.1)        % $        87,864          $        85,248          3.1        % (a) Refer to Definitions and Notes for additional information.

Operating Statistics for MH and Annual RVs

  Resident Move-outs  Leased Sites, Net(b) New Home Sales Pre-owned Home Sales Brokered Re-sales  % of Total Sites Number of Move-outs    2026 - YTD as of June 30 5.8%(a)         5,777                 (60)         139                 479                 946        2025         6.2        %         10,179                 1,138                  354                 1,210                 1,646        2024         4.3        %         7,050                 3,209                  447                 1,554                 1,700         (a) Percentage calculated based on a trailing 12-month basis.
(b) Increase in revenue producing sites, net of new vacancies.

Acquisitions and Dispositions
($ in millions)

Property Name Segment Number of Properties Sites State, Province, or Country Total Purchase Price / Sales Proceeds MonthACQUISITIONS            First Quarter 2026            Parkhurst Estates MH         1         279 MI $        17.0         JanuaryTotal Acquisitions Year to Date           1                 279           $        17.0                       DISPOSITIONS            Second Quarter 2026            Sun Retreats Amherstberg RV         1                 299         ON $        0.1         AprilJoint Venture RV Portfolio RV         5                 945         Various          9.0         JuneTotal Dispositions to Date           6                 1,244           $        9.1           Capital Expenditures(a)
($ in millions)

    Non-Recurring Capital Expenditures  Period Recurring Capital Expenditures Lot Modifications Growth Projects Capital Improvements to Recent Acquisitions Expansion and Development Total Non-Recurring Capital Expenditures TotalSix Months Ended June 30, 2026 $        29.7         $        20.3         $        8.3         $        3.8         $        14.8         $        47.2         $        76.9        Year Ended December 31, 2025 $        55.8         $        38.8         $        12.9         $        8.3         $        66.7         $        126.7         $        182.5        Year Ended December 31, 2024 $        54.5         $        35.5         $        11.5         $        22.9         $        105.2         $        175.1         $        229.6         (a) Refer to Definitions and Notes for additional information.

Capitalization Overview
($ in millions, shares and units in thousands, except for share price)

 As of June 30, 2026 Common Equivalent Shares Share Price CapitalizationEquity and Enterprise Value     Common shares        122,507         $        119.91         $        14,689.8         Convertible securities     Common OP units        2,353         $        119.91                  282.1         Preferred OP units        2,007         $        119.91                  240.7         Diluted shares outstanding and market capitalization(a)        126,867                    15,212.6         Plus: Total debt, per condensed consolidated balance sheet             4,052.2         Total capitalization             19,264.8         Less: Cash and cash equivalents (excluding restricted cash) - continuing operations             (150.6)Less: Cash and cash equivalents (excluding restricted cash) - discontinued operations             (33.5)Enterprise Value(a)    $        19,080.7          (a)  Refer to Definitions and Notes for additional information related to the Company's securities outstanding.

(b)  

 As of June 30, 2026 Debt Outstanding Weighted Average Interest Rate(a) Weighted Average Maturity
(in years) Maturity DateSecured Debt:       Mortgage loans payable$        2,225.3                 3.62        % 8.6 VariousSecured borrowings on collateralized receivables(b)         39.2                 8.53        % 11.8 VariousTotal Secured Debt         2,264.5                 3.70        %    Unsecured Debt:       Senior Unsecured Notes:       2028 senior unsecured notes         448.4                 2.29        % 2.3 November 20282031 senior unsecured notes         744.8                 2.70        % 5.0 July 20312032 senior unsecured notes         594.5                 3.61        % 5.8 April 2032Total Unsecured Debt         1,787.7                 2.90        % 4.6  Total carrying value of debt, per condensed consolidated balance sheets         4,052.2                 3.35        % 6.9  Plus: Unamortized deferred financing costs, discounts / premiums on debt, and fair value adjustments(a)         17.9              Total debt$        4,070.1               (a)  Includes the effect of amortizing deferred financing costs, unsecured note discounts, and fair value adjustments on the Secured borrowings on collateralized receivables.
(b)  Refer to Definitions and Notes for additional information.
(c)  

Debt Maturities(a)

($ in millions)

  As of June 30, 2026Year Mortgage Loans Payable(b) Principal Amortization Secured Borrowings on Collateralized Receivables(c)(d) Senior
Unsecured Notes Total2026 $        314.1         $        17.1         $        —         $        —         $        331.2        2027          —                  34.8                  1.0                  —                  35.8        2028          175.6                  38.8                  2.2                  450.0                  666.6        2029          310.7                  38.1                  2.4                  —                  351.2        2030          7.5                  37.3                  2.6                  —                  47.4        Thereafter          807.9                  452.1                  27.9                  1,350.0                  2,637.9        Total $        1,615.8         $        618.2         $        36.1         $        1,800.0         $        4,070.1         (a) Debt maturities include the unamortized deferred financing costs, discount / premiums, and fair value adjustments associated with outstanding debt.
(b) For the Mortgage loans payable maturing between 2026 - 2030:

 2026  2027  2028  2029  2030 Weighted average interest rate        3.73        %         —        %         3.97        %         3.16        %         3.45        % (c) Balance at June 30, 2026 excludes fair value adjustments of $3.2 million.
(d) Refer to Definitions and Notes for additional information.

Debt Analysis

    As of June 30, 2026Select Credit Ratios    Net Debt / TTM Recurring EBITDA(a)   3.9 xNet Debt / Enterprise Value(a)           20.3        %Net Debt / Gross Assets(a)           26.7        %Unencumbered assets / Total assets           79.1        %Floating rate debt / Total debt   N/A(c)Coverage Ratios    TTM Recurring EBITDA(a)(b) / Interest   6.6 xTTM Recurring EBITDA(a)(b) / Interest + Preferred distributions + Preferred stock distribution   6.6 xCredit Facility Covenants(d) Requirement  Maximum leverage ratio <65.0 %         17.8        %Minimum fixed charge coverage ratio >1.40 x 5.01 xMaximum secured leverage ratio <40.0 %         9.2        %Senior Unsecured Note Covenants Requirement  Total debt / Total assets ≤60.0 %         28.4        %Secured debt / Total assets ≤40.0 %         15.8        %Consolidated income available for debt service / Debt service ≥1.50 x 7.33 xUnencumbered total asset value / Total unsecured debt ≥150.0 %         626.9        % (a) Refer to Definitions and Notes for additional information.
(b) Percentage includes the impact of hedge activities.
(c) As of June 30, 2026, the Company had no floating rate debt.
(d) As of June 30, 2026, the Company did not have any borrowings outstanding under its senior credit facility.

Definitions and Notes

Acquisition and Other Transaction Costs - In the Company's Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 6, "Acquisition and other transaction costs - continuing operations" represent (a) nonrecurring integration expenses associated with acquisitions during the quarters and six months ended June 30, 2026 and 2025, (b) costs associated with potential acquisitions that will not close, (c) expenses incurred to bring recently acquired properties up to the Company's operating standards, including items such as tree trimming and painting costs that do not meet the Company's capitalization policy, and (d) other non-recurring transaction costs. Within this same reconciliation on page 6, "Acquisition and other transaction costs - discontinued operations" primarily represent non-recurring transaction costs that are directly attributable to the Park Holidays Sale and the Safe Harbor Sale and nonrecurring integration expenses associated with previous UK and marina acquisitions.

Asset Impairments - In the Company's Condensed Consolidated Statements of Operations on page 5, the Company recorded asset impairment charges of $17.9 million for the quarter ended June 30, 2026, primarily consisting of asset impairment charges of $14.1 million to reduce the carrying value of two development land parcels in the US, driven by the Company's contemplated change in strategic plan for these properties.

Assets Held for Sale and Discontinued Operations:

Park Holidays Sale - In May 2026, the Company entered into an agreement to sell Park Holidays, which represents a strategic shift in operations that is expected to have a major effect on the Company's operations and financial results. Accordingly, the results of the UK business and assets and liabilities included in the disposition are presented as held for sale and as discontinued operations for all periods presented herein. The Company expects the Park Holidays Sale to close in the second half of 2026.

As of June 30, 2026, the Company determined that the fair value of the UK business, including costs to sell, was lower than its carrying value. Accordingly, during the quarter ended June 30, 2026, the Company recorded a non-cash valuation allowance of $1.1 billion against the assets held for sale to reduce the carrying value of the UK business to the estimated fair value less costs to sell. The valuation allowance was recorded within Income / (loss) from discontinued operations, net on the Company's Condensed Consolidated Statements of Operations.

Safe Harbor Sale - In 2025, the Company entered into the Safe Harbor Sale, which represented a strategic shift in operations. Accordingly, the results of the Safe Harbor business have been reflected as discontinued operations on the Company's Condensed Consolidated Statements of Operations through the final transaction closing date of August 29, 2025.

The following table sets forth a summary of the operating results included within Income / (loss) from discontinued operations, net on the Company's Condensed Consolidated Statements of Operations (in millions):

 Quarter Ended June 30, Six Months Ended June 30,   2026   2025   2026   2025 Loss from discontinued operations, net - Park Holidays Sale$        (1,067.2) $        (62.2) $        (1,091.9) $        (63.6)Income from discontinued operations, net - Safe Harbor Sale         —                   1,422.5                   —                   1,404.0         Income / (loss) from discontinued operations, net$        (1,067.2) $        1,360.3          $        (1,091.9) $        1,340.4          The following table sets forth a summary of assets and liabilities classified as held for sale and discontinued operations related to the UK business (in millions):

 June 30, 2026 December 31, 2025Assets   Land$        1,689.3          $        1,692.7         Land improvements and buildings         613.0                   587.6         Furniture, fixtures and equipment         93.7                   95.5         Investment property         2,396.0                   2,375.8         Accumulated depreciation         (89.7)          (92.6)Investment property, net         2,306.3                   2,283.2         Cash, cash equivalents and restricted cash         33.5                   29.4         Inventory of manufactured homes         53.2                   58.2         Notes and other receivables, net         23.7                   69.2         Other intangible assets, net         61.3                   64.8         Other assets, net         45.9                   46.7         Valuation allowance to adjust assets to estimated fair value, less costs to sell         (1,077.2)          —         Assets held for sale and discontinued operations, net$        1,446.7          $        2,551.5         Liabilities   Advanced reservation deposits and rent$        103.7          $        130.0         Accrued expenses and accounts payable         69.7                   49.8         Other liabilities         255.5                   247.4         Liabilities held for sale and discontinued operations, net$        428.9          $        427.2          The following table sets forth a summary of the operating results included within Income / (loss) from discontinued operations, net on the Company's Condensed Consolidated Statements of Operations related to the UK business (in millions):

 Quarter Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Revenues       Real property$        53.0          $        51.3          $        90.7          $        84.5         Home sales         53.1                   58.3                   94.7                   96.8         Ancillary         17.0                   16.6                   21.8                   20.8         Interest, brokerage commissions and other, net         1.4                   1.4                   1.8                   1.5         Total Revenues         124.5                   127.6                   209.0                   203.6         Expenses       Property operating and maintenance         26.6                   26.9                   51.6                   49.1         Real estate tax         2.3                   2.2                   4.5                   4.1         Home costs and selling         37.4                   41.8                   68.7                   69.9         Ancillary         14.9                   15.4                   22.5                   22.1         General and administrative(a)         24.7                   10.6                   35.6                   20.6         Depreciation and amortization         7.8                   10.1                   18.9                   19.1         Asset impairments         —                   132.7                   —                   132.7         Interest         0.2                   3.8                   0.2                   7.4         Total Expenses         113.9                   243.5                   202.0                   325.0         Income / (Loss) Before Other Items         10.6                   (115.9)          7.0                   (121.4)Loss on disposition of properties, net         (0.8)          —                   (1.7)          (0.3)Other income / (expense), net         0.2                   25.0                   (12.1)          25.0         Loss on foreign currency exchanges         (0.1)          —                   (0.7)          —         Loss from classification to held for sale(a)         (1,077.2)          —                   (1,077.2)          —         Loss from Discontinued Operations, before income taxes         (1,067.3)          (90.9)          (1,084.7)          (96.7)Current tax expense         (2.5)          (3.5)          (3.3)          (4.2)Deferred tax benefit / (expense)         2.6                   32.2                   (3.9)          37.3         Loss from Discontinued Operations$        (1,067.2) $        (62.2) $        (1,091.9) $        (63.6) (a) Includes legal and advisory fees, employee separation costs, and other transaction costs of $78.7 million associated with the Park Holidays Sale during the quarter ended June 30, 2026; $14.9 million of which is recorded in General and administrative and $63.8 million of which is recorded in Loss from classification to held for sale within Income / (Loss) from Discontinued Operations.

Capital Expenditures - The Company classifies its investments in properties into the following categories:

Recurring Capital Expenditures - Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing items used to operate the communities. Recurring capital expenditures at the Company's MH and RV properties include major road, driveway and pool improvements; clubhouse renovations; adding or replacing streetlights; playground equipment; signage; maintenance facilities; manager housing and property vehicles. The minimum capitalized amount is one thousand dollars.Non-Recurring Capital Expenditures - The following investment and reinvestment activities are non-recurring in nature: Lot Modifications - consist of expenditures incurred to modify the foundational structures required to set up a new home after a previous home has been removed. These expenditures are necessary to create a revenue stream from a new site renter and often improve the quality of the community. Other lot modification expenditures include land improvements added to annual RV sites to aid in the conversion of transient RV guests to annual contracts. See page 11 for move-out rates.Growth Projects - consist of revenue-generating or expense-reducing activities at the properties. These include, but are not limited to, utility efficiency and renewable energy projects, site, or amenity upgrades, such as the addition of a garage or shed, and other special capital projects that substantiate an incremental rental increase.Capital Improvements to Recent Acquisitions - represents capital improvements identified during due diligence from the acquisition date through the third year of ownership needed to bring acquired properties up to the Company's operating standards. Capital improvements subsequent to acquisition often require 24 to 36 months to complete after closing. At MH and RV properties, capital improvements include upgrading clubhouses; landscaping; new street lighting systems; new mail delivery systems; pool renovations including larger decks, heaters and furniture; new maintenance facilities; lot modifications; and new signage including main signs and internal road signs.

Expansions and Developments - consist primarily of construction costs such as roads, activities, and amenities, and costs necessary to complete site improvements, such as driveways, sidewalks, and landscaping at the Company's MH and RV communities. Expenditures also include costs to rebuild after damage has been incurred at MH or RV properties. Cash, Cash Equivalents and Restricted Cash - Includes cash and cash equivalents of $14.6 million as of June 30, 2026, that was held in escrow accounts and restricted from general use. The restricted cash and cash equivalents include $9.7 million that has been designated to fund potential future MH and RV acquisitions under 1031 exchange transactions.

Enterprise Value - Equals total equity market capitalization, plus total indebtedness reported on the Company's balance sheet and less unrestricted cash and cash equivalents.

GAAP - U.S. Generally Accepted Accounting Principles.

Interest expense - The following is a summary of the components of the Company's interest expense (in millions):

 Quarter Ended June 30, Six Months Ended June 30,   2026   2025   2026   2025 Interest on secured debt, senior unsecured notes, and senior credit facility, net of interest rate swaps$        35.7          $        51.8          $        71.8          $        127.4         Amortization of deferred financing costs, debt (premium) / discounts, and (gains) / losses on hedges         0.8                   1.3                   1.6                   2.9         Senior credit facility commitment fees and other finance related charges         0.8                   1.6                   1.7                   3.3         Capitalized interest expense         (0.1)          (1.3)          (0.3)          (2.7)Interest expense before interest on secured borrowings         37.2                   53.4                   74.8                   130.9         Interest expense on secured borrowings on collateralized receivables         0.9                   1.0                   1.7                   2.0         Interest expense, per Condensed Consolidated Statements of Operations$        38.1          $        54.4          $        76.5          $        132.9          Loss of earnings - catastrophic event-related charges, net - include the following (in millions):

 Quarter Ended June 30, Six Months Ended June 30,   2026  2025   2026  2025 Hurricane Ian - Estimated loss of earnings in excess of the applicable business interruption deductible$        —         $        4.1          $        —         $        7.9         Hurricane Ian - Insurance recoveries realized for previously estimated loss of earnings         —                  (9.9)          —                  (9.9)Hurricane Ian - Recognition of deferred lump sum insurance settlement(1)         3.2                  —                   6.4                  —         Hurricane Helene - Estimated loss of earnings in excess of the applicable business interruption deductible, net         —                  0.1                   —                  0.3         Loss of earnings - catastrophic event-related charges, net$        3.2         $        (5.7) $        6.4         $        (1.7) (1) During the year ended December 31, 2025, the Company received a settlement of $80.2 million from an insurance provider to settle all claims related to property, casualty, flood, and business interruption insurance recoveries from Hurricane Ian. The Company concluded that $36.5 million of the total settlement pertained to business interruption recoveries through 2027, which the Company recorded as a contingent gain in accordance with ASC 450, "Contingencies." To better reflect the underlying economics of the transaction, the Company has elected to defer the business interruption recovery gain and recognize income ratably through 2027 for the Company's presentation of Core FFO.

NAREIT - The National Association of Real Estate Investment Trusts is the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate and capital markets. More information is available at www.reit.com.

Net Debt - The carrying value of debt, plus, unamortized premiums, discounts, and deferred financing costs, less unrestricted cash and cash equivalents. The following table sets forth the components of Net Debt (in millions):

 June 30, 2026 December 31, 2025Total carrying value of debt, per condensed consolidated balance sheets$        4,052.2          $        4,258.7         Plus: Unamortized deferred financing costs, discounts / premiums on debt, and fair value adjustments         17.9                   19.3         Less: Cash and cash equivalents (excluding restricted cash) - continuing operations         (150.6)          (569.6)Less: Cash and cash equivalents (excluding restricted cash) - discontinued operations         (33.5)          —         Net Debt$        3,886.0          $        3,708.4          Other adjustments, net - In the Company's Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 6, Other adjustments, net - continuing operations and Other adjustments, net - discontinued operations consist of the following (in millions):

 Quarter Ended June 30, Six Months Ended June 30, Other adjustments, net - continuing operations 2026   2025   2026   2025 Contingent consideration gains$        —          $        —          $        —          $        (6.0)Gain on insurance recovery         —                   —                   (6.7)          —         Cash flow hedge gains from debt extinguishments         —                   (7.4)          (1.7)          (7.4)Severance costs         (0.7)          0.2                   4.4                   0.4         Accelerated deferred compensation amortization         4.9                   0.8                   13.8                   2.0         ERP implementation expense         0.7                   0.8                   1.5                   1.8         Other         0.3                   1.8                   2.2                   2.5         Other adjustments, net - continuing operations$        5.2          $        (3.8) $        13.5          $        (6.7)  Quarter Ended June 30, Six Months Ended June 30,Other adjustments, net - discontinued operations 2026   2025   2026  2025 Long term lease termination (gains) / losses$        (0.2) $        (25.7) $        12.2         $        (25.7)Contingent consideration expense         —                   1.0                   —                  15.5         Other         —                   0.2                   —                  0.3         Other adjustments, net - discontinued operations$        (0.2) $        (24.5) $        12.2         $        (9.9) Other income / (expense), net - In the Company's Condensed Consolidated Statements of Operations on page 5, Other income / (expense), net consists of the following (in millions):

 Quarter Ended June 30, Six Months Ended June 30,   2026   2025   2026   2025 Contingent consideration gains$        —          $        —          $        —          $        6.0         Gain on insurance recovery         —                   —                   6.7                   —         Cash flow hedge gains from debt extinguishments         —                   7.4                   1.7                   7.4         Repair reserve on repossessed homes         (0.2)          (0.5)          0.1                   (0.6)Loss on remeasurement of collateralized receivables         (0.6)          (0.5)          (0.6)          (0.5)Gain on remeasurement of secured borrowings on collateralized receivables         0.6                   0.5                   0.6                   0.5         Other         0.1                   —                   (0.1)          (0.2)Other income / (expense), net$        (0.1) $        6.9          $        8.4          $        12.6          Safe Harbor Sale - The Company's sale of Safe Harbor Marinas, LLC in 2025.

Same Property - The Company defines Same Properties as those the Company has owned and operated continuously since at least January 1, 2025. Same properties exclude ground-up development properties, acquired properties, properties classified as discontinued operations, properties impacted by catastrophic weather events, and properties sold after December 31, 2024. The Same Property data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions, or unique situations.

Secured borrowings on collateralized receivables - This is a transferred asset transaction which has been classified as collateralized receivables and the cash received from this transaction has been classified as secured borrowings. The interest income and interest expense accrue in equal amounts. The Company has elected to record the collateralized receivables and secured borrowings at fair value under ASC 820, "Fair Value Measurements." As a result, the balance of collateralized receivables and related secured borrowings are net of fair value adjustments.

Securities - The Company had the following securities outstanding as of June 30, 2026:

 Number of Units / Shares Outstanding (in thousands) Conversion Rate(a) If Converted to
Common shares (in thousands)(b) Issuance Price
Per Unit Annual Distribution RateNon-Convertible Securities         Common shares        122,507         N/A N/A N/A $4.48(c)Convertible Securities Classified as Equity         Common OP units        2,353                 1.0000                 2,353         N/A $4.48(c)Preferred OP Units         Series A-1        154                 2.4390                 376         $        100.00                 6.00        %Series A-3        40                 1.8605                 75         $        100.00                 4.50        %Series C        292                 1.1100                 324         $        100.00                 5.00        %Series D        489                 0.8000                 391         $        100.00                 4.00        %Series E        80                 0.6897                 55         $        100.00                 5.50        %Series F        20                 0.6250                 12         $        100.00                 3.00        %Series G        5                 0.6452                 3         $        100.00                 3.20        %Series H        47                 0.6098                 29         $        100.00                 3.00        %Series J        232                 0.6061                 141         $        100.00                 2.85        %Series K        1,000                 0.5882                 588         $        100.00                 4.00        %Series L        20                 0.6250                 13         $        100.00                 3.50        %Total        2,379                   2,007            Total Convertible Securities Outstanding        4,732                   4,360             (a) Exchange rates are subject to adjustment upon stock splits, recapitalizations, and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.
(b) Calculation may yield minor differences due to fractional shares paid in cash to the shareholder at conversion.
(c) Annual distribution is based on the last quarterly distribution annualized.

Share - In addition to reporting net income on a diluted basis ("EPS"), the Company reports FFO and Core FFO on a per common share and convertible securities basis (per "Share"). For the periods presented below, the Company's diluted weighted average common shares outstanding for EPS and FFO are as follows:

 Quarter Ended June 30, Six Months Ended June 30,  2026 2025 2026 2025Diluted Weighted Average Common Shares Outstanding - EPS       Weighted average common shares outstanding - Basic        122.5                 126.4                 122.6                 126.5        Dilutive restricted stock        0.1                 —                 0.2                 —        Common and preferred OP units dilutive effect        4.4                 —                 4.6                 —        Weighted Average Common Shares Outstanding - Diluted        127.0                 126.4                 127.4                 126.5        Diluted Weighted Average Common Shares Outstanding - FFO       Weighted average common shares outstanding - Basic        122.5                 126.4                 122.6                 126.5        Restricted stock        0.1                 0.2                 0.2                 0.3        Common OP units        2.4                 2.8                 2.5                 2.9        Common stock issuable upon conversion of certain preferred OP units        2.0                 2.4                 2.1                 2.4        Weighted Average Common Shares and OP Units Outstanding        127.0                 131.8                 127.4                 132.1         Utility Revenues - In its Condensed Consolidated Statements of Operations and its total portfolio presentation of real property operating results, the Company includes the following utility reimbursement revenues in real property revenues (excluding transient) (in millions):

 Quarter Ended June 30, Six Months Ended June 30, Consolidated Portfolio 2026  2025  2026  2025Utility reimbursement revenues       MH$        19.6         $        17.6         $        40.8         $        37.2        RV         5.4                  5.4                  10.2                  9.7        Total$        25.0         $        23.0         $        51.0         $        46.9         For its presentation of Same Property results on page 10, the Company nets the following utility revenues (which include utility reimbursement revenues from residents) against related utility expenses in Same Property operating expenses (in millions):

 Quarter Ended June 30, Six Months Ended June 30, Same Property Portfolio 2026  2025  2026  2025Utility revenues netted against related utility expenses       MH$        19.2         $        17.6         $        40.0         $        37.1        RV         5.4                  5.3                  10.0                  9.6        Total$        24.6         $        22.9         $        50.0         $        46.7         Non-GAAP Supplemental Measures

Investors and analysts following the real estate industry use non-GAAP supplemental performance measures, including net operating income ("NOI"), earnings before interest, tax, depreciation, and amortization ("EBITDA") and funds from operations ("FFO") to assess REITs. The Company believes that NOI, EBITDA, and FFO are appropriate measures given their wide use by and relevance to investors and analysts. Additionally, NOI, EBITDA, and FFO are commonly used in various ratios, pricing multiples, yields and returns and valuation calculations used to measure financial position, performance, and value.

NOI provides a measure of rental operations and does not factor in depreciation, amortization and non-property specific expenses such as general and administrative expenses.

EBITDA provides a further measure to evaluate the Company's ability to incur and service debt; EBITDA also provides further measures to evaluate the Company's ability to fund dividends and other cash needs. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets.

Net Operating Income ("NOI") Total Portfolio NOI - NOI is derived from property operating revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that the Company believes is helpful to investors as a supplemental measure of operating performance because it is an indicator of the return on property investment and provides a method of comparing property performance over time. The Company uses NOI as a key measure when evaluating performance and growth of particular properties and / or groups of properties. The principal limitation of NOI is that it excludes depreciation, amortization, interest expense, and non-property specific expenses such as general and administrative expenses, all of which are significant costs. Therefore, NOI is a measure of the operating performance of the properties of the Company rather than of the Company overall. The Company believes that NOI provides enhanced comparability for investor evaluation of property performance and growth over time. The Company believes that GAAP net income (loss) is the most directly comparable measure to NOI. NOI should not be considered to be an alternative to GAAP net income (loss) as an indication of the Company's financial performance or GAAP net cash provided by operating activities as a measure of the Company's liquidity; nor is it indicative of funds available for the Company's cash needs, including its ability to make cash distributions. Because of the inclusion of items such as interest, depreciation, and amortization, the use of GAAP net income (loss) as a performance measure is limited as these items may not accurately reflect the actual change in market value of a property, in the case of depreciation and in the case of interest, may not necessarily be linked to the operating performance of a real estate asset, as it is often incurred at a parent company level and not at a property level.

Same Property NOI - This is a key management tool used when evaluating performance and growth of the Company's Same Property portfolio. Same Property NOI does not include the revenues and expenses related to home sales and ancillary activities at the properties. The Company believes that Same Property NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the Same Property portfolio from one period to the next. Earnings before interest, tax, depreciation and amortization ("EBITDA") EBITDAre - Nareit refers to EBITDA as "EBITDAre" and calculates it as GAAP net income (loss), plus interest expense, plus income tax expense, plus depreciation and amortization, plus or minus losses or gains on the disposition of depreciated property (including losses or gains on change of control), plus impairment write-downs of depreciated property and of investments in nonconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity's share of EBITDAre of nonconsolidated affiliates. EBITDAre is a non-GAAP financial measure that the Company uses to evaluate its ability to incur and service debt, fund dividends and other cash needs, and cover fixed costs. Investors utilize EBITDAre as a supplemental measure to evaluate and compare investment quality and enterprise value of REITs.Recurring EBITDA - The Company also uses EBITDAre excluding certain gain and loss items that management considers unrelated to measurement of the Company's performance on a basis that is independent of capital structure ("Recurring EBITDA"). The Company believes that GAAP net income (loss) is the most directly comparable measure to EBITDAre. EBITDAre is not intended to be used as a measure of the Company's cash generated by operations or its dividend-paying capacity, and should therefore not replace GAAP net income (loss) as an indication of the Company's financial performance or GAAP cash flow provided by / used for operating, investing, and financing activities as measures of liquidity. Funds from Operations ("FFO") FFO - Nareit defines FFO as GAAP net income (loss), excluding gains (or losses) from sales of certain real estate assets, real estate related depreciation and amortization, gains (or losses) from change in control, impairments of certain real estate assets and investments, and adjustments for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of the Company's operating performance. By excluding gains and losses related to sales of previously depreciated operating real estate assets, real estate related impairment, and real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not readily apparent from GAAP net income (loss). Management believes the use of FFO has been beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful.Core FFO - In addition to FFO, the Company uses FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of the Company's core business ("Core FFO") to evaluate our performance. These adjustments include acquisition and other transaction costs, gains and losses from the early extinguishment of debt, costs related to catastrophic weather events, net of insurance recoveries, gains and losses on foreign currency exchanges, and other miscellaneous non-comparable items, such as restructuring costs. The Company believes that FFO and Core FFO provide enhanced comparability for investor evaluations of period-over-period results. The Company believes that GAAP net income (loss) is the most directly comparable measure to FFO. The principal limitation of FFO is that it does not replace GAAP net income (loss) as a financial performance measure or GAAP cash flow from operating activities as a measure of the Company's liquidity. Because FFO excludes significant economic components of GAAP net income (loss) including depreciation and amortization, FFO should be used as a supplement to GAAP net income (loss) and not as an alternative to it. Furthermore, FFO is not intended as a measure of a REIT's ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital. FFO is calculated in accordance with the Company's interpretation of standards established by Nareit, which may not be comparable to FFO reported by other REITs that interpret the Nareit definition differently. Certain financial information has been revised to reflect reclassifications in prior periods to conform to current period presentation.

SUI 2Q 2026 Press Release and Supplemental

F5 Networks (FFIV - Free Report) came out with quarterly earnings of $4.73 per share, beating the Zacks Consensus Estimate of $3.98 per share. This compares to earnings of $4.16 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +18.84%. A quarter ago, it was expected that this computer networking company would post earnings of $3.47 per share when it actually produced earnings of $3.9, delivering a surprise of +12.39%.

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

F5, which belongs to the Zacks Internet - Software industry, posted revenues of $865.08 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.96%. This compares to year-ago revenues of $780.37 million. The company has topped consensus revenue estimates four times over the last four quarters.

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

F5 shares have added about 53.7% since the beginning of the year versus the S&P 500's gain of 8.3%.

What's Next for F5?While F5 has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

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

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

Ahead of this earnings release, the estimate revisions trend for F5 was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.12 on $854.33 million in revenues for the coming quarter and $16.45 on $3.32 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software is currently in the bottom 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Consensus Cloud Solutions, Inc. (CCSI - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This company is expected to post quarterly earnings of $1.49 per share in its upcoming report, which represents a year-over-year change of +2.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Consensus Cloud Solutions, Inc.'s revenues are expected to be $90 million, up 2.6% from the year-ago quarter.

July 27, 2026 17:18 ET  | Source: Mueller Water Products

ATLANTA, July 27, 2026 (GLOBE NEWSWIRE) -- Mueller Water Products, Inc. (NYSE: MWA) plans to release financial results for its third quarter ended June 30, 2026, after U.S. markets close on Wednesday, August 5, 2026. On Thursday, August 6, 2026, at 11:00 a.m. ET, the Company will hold a conference call to discuss earnings and business results. Interested parties are invited to listen via webcast available on the Investor Relations section of the Company’s website www.muellerwaterproducts.com. An archive of the webcast will be available for approximately 90 days following the call.

About Mueller Water Products, Inc.

Mueller Water Products, Inc. is a leading manufacturer and marketer of products and solutions used in the transmission, distribution and measurement of water in North America. Our broad portfolio includes engineered valves, fire hydrants, pipe connection and repair products, metering products, leak detection, pipe condition assessment, pressure management products, and software that provides critical water system data. We help municipalities increase operational efficiencies, improve customer service and prioritize capital spending, demonstrating why Mueller Water Products is Where Intelligence Meets Infrastructure®. Visit us at www.muellerwaterproducts.com.

Mueller refers to one or more of Mueller Water Products, Inc. (MWP), a Delaware corporation, and its subsidiaries. MWP and each of its subsidiaries are legally separate and independent entities when providing products and services. MWP does not provide products or services to third parties. MWP and each of its subsidiaries are liable only for their own acts and omissions and not those of each other. 

Investor Relations Contact: Whit Kincaid
770-206-4116
[email protected]

Media Contact: Jenny Barabas
470-806-5771
[email protected]

Total revenue grew 22% sequentially with high-power markets growing more than 50% year-over-year and driving expanded gross marginRevenue growth expected to accelerate in the third quarter, with the mid-point of guidance representing sequential growth of 28% coupled with further margin expansionStrong backlog and demand support continued double-digit growth in the fourth quarter, contributing to anticipated achievement of mid-single-digit revenue growth for the full year, while simultaneously having substantially exited the mobile market and completing the Navitas 2.0 transition to a high-power companyGrowth increasingly driven by AI Infrastructure markets, including AI Data Centers and Grid and Energy Infrastructure, which will represent more than one-third of total sales by year end and generate strong momentum into 2027 TORRANCE, Calif., July 27, 2026 (GLOBE NEWSWIRE) -- Navitas Semiconductor, (Nasdaq: NVTS), an industry leader in next-generation GaNFast™ gallium nitride (GaN) and GeneSiC™ silicon carbide (SiC) power semiconductors, today announced unaudited financial results for its second quarter 2026 ended June 30, 2026.

“Our strong second quarter results and expectations for continued double-digit quarterly growth in the second half of the year demonstrate the increasing traction of our strategic shift to Navitas 2.0 and focus exclusively on high-power markets,” stated Chris Allexandre, President and CEO of Navitas. “With the rapid adoption of AI, we are seeing accelerated market demand to overcome critical power bottlenecks in AI infrastructure, both within AI data centers as well as the requisite grid and energy infrastructure needed to power them. By the end of the year, Navitas will complete its transition with revenue from mobile and low-end consumer being insignificant and nearly all sales coming from high-power markets.

“Underpinning our growing momentum is Navitas’ unique ability to deliver high-power products with both GaN and high-voltage SiC technologies, enabling the distinct power requirements across AI infrastructure applications. We are seeing an expanding backlog, record level book-to-bill, and shipping volume production samples of our GaN and SiC-based solutions in support of multiple customer new program ramps. These production samples across GaN, HV SiC and UHV SiC include shipments in support of existing customer engagements for next-generation AI data centers targeting 800 V architectures. We expect selected hyperscalers and XPU platforms to ramp in 2027 as well as accelerated uptake of new grid infrastructure products. As we execute toward a series of inflection points that will drive explosive GaN and SiC content growth in years to come, we are confident in Navitas’ ability to capitalize on the substantial and growing market opportunity for high-power solutions.”

Commenting on the results, Tonya Stevens, CFO of Navitas, stated, “Our second quarter results reflect the Company’s continued strong momentum and growth in high-power markets with total revenue growing 22% sequentially to $10.5 million, and gross margin expanding 50 basis points on a non-GAAP basis. Additionally, we capitalized on the opportunity to further strengthen the balance sheet – ending the quarter with $557 million in cash, increasing our flexibility to make focused strategic investments in our portfolio and capacity expansion as well as support accelerated market penetration across AI infrastructure. We expect to deliver continued double-digit sequential growth in the third quarter, which will also represent a return to year-over-year revenue growth as well as position the Company to achieve mid-single-digit revenue growth for the full year, highlighting the completed transformation to Navitas 2.0 as a high-power company.”

Second Quarter 2026 Financial Highlights

Revenue: Total revenue was $10.5 million in the second quarter of 2026, compared to $8.6 million in the first quarter of 2026 and $14.5 million in the second quarter of 2025.
Gross Margin: GAAP gross margin for the quarter was 0.4%, compared to (9.3%) in the first quarter of 2026 and (11.8%) in the second quarter of 2025. GAAP gross margin for the current and prior periods includes approximately $4 million of cost associated with amortization of intangibles. On a non-GAAP basis, gross margin for the quarter was 39.5% compared to 39.0% in the prior quarter and 38.5% in the second quarter of 2025.
Results from Operations: GAAP loss from operations for the quarter was $27.2 million, compared to a loss of $27.8 million for the first quarter of 2026 and an operating loss of $21.7 million for the second quarter of 2025. On a non-GAAP basis, loss from operations for the quarter was $11.4 million compared to a loss of $11.7 million for the prior quarter and a loss of $10.6 million in the second quarter of 2025.
Net Results: GAAP net loss was $228.2 million in the second quarter of 2026, which included a non-cash charge of $203.1 million from the final remeasurement of earnout liabilities, compared to a net loss of $33.8 million in the first quarter of 2026 and a net loss of $49.1 million in the second quarter of 2025. On a non-GAAP basis, net loss for the quarter was $9.3 million, compared to a net loss of $9.8 million for the prior quarter and a net loss of $9.8 million in the second quarter of 2025.
Cash: Cash and cash equivalents were $557.4 million as of June 30, 2026, compared to $236.9 million as of December 31, 2025. Recent Business, Customer and Technology Highlights:

Introduced breakthrough Isolated TO product family purpose‑built for 1.2 kV to 3.3 kV SiC MOSFETs, enabling direct-cooled thermal management and delivering module‑like performance in a compact discrete form factor.Expanded existing SiC portfolio with newly introduced 1.2 kV JFET product line, to be released by early 2027 – initially targeting AI data centers, solid-state transformer and energy grid infrastructure applications, which are estimated to represent an incremental $1 billion SAM.Deepened collaboration with NVIDIA MGX™ Ecosystem in support of accelerating 800 V DC rack architectures for next-generation AI data centers with demonstration of 800 V-to-6 V DC-DC power delivery board at COMPUTEX 2026.Continued advancement of growing engagements for both SiC and GaN-based high-power solutions in support of numerous customers’ design programs and architectures across AI Infrastructure, including next-generation applications in AI Data Centers and Grid and Energy Infrastructure. Third Quarter 2026 Business Outlook

Third quarter 2026 net revenues are expected to increase to $13.5 million, plus or minus $0.5 million, which at the midpoint represents 28% sequential growth and would mark a return to year-over-year growth. Non-GAAP gross margin is expected to be 39.7%, plus or minus 100 basis points, which at midpoint represents a 20 basis point increase, and non-GAAP operating expenses are expected to be in a range between $15.5 and $17.5 million. A reconciliation of our forward-looking non-GAAP gross margin and non-GAAP operating expenses to the most directly comparable GAAP measures is not provided because such items cannot be reasonably calculated without unreasonable efforts due to the unpredictability of the amounts and timing of events affecting the items we exclude, including stock-based compensation expense and restructuring charges.

Second Quarter 2026 Financial Results Conference Call and Webcast Information:

When: Monday, July 27, 2026
Time: 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time)
Toll Free Dial-in: 1-800-715-9871 or 1-646-307-1963
Conference ID: 1184638
Webcast: Click Here

Additionally, a live and archived audio webcast of the conference call as well as supporting presentation materials will be accessible from the Investor Relations section of the Company’s website at ir.navitassemi.com.

Non-GAAP Financial Measures

This press release and statements in our public webcast include financial measures that are not calculated in accordance with generally accepted accounting principles (“GAAP”), which we refer to as “non-GAAP financial measures,” including (i) non-GAAP gross profit, (ii) non-GAAP gross margin, (iii) non-GAAP operating expense, (iv) non-GAAP research and development expense, (v) non-GAAP selling, general and administrative expense, (vi) non-GAAP loss from operations, (vii) non-GAAP operating margin, and (viii) non-GAAP net loss and net loss per share. Each of these non-GAAP financial measures is adjusted from GAAP results to exclude certain items, which for the periods presented include stock-based compensation and associated employer payroll taxes; amortization of acquisition-related intangible assets; changes in the fair value of earnout liabilities; restructuring and impairment charges; legal and related professional fees associated with matters that are extraordinary, non-recurring, or outside the ordinary course of business; equity method investment losses or gains; and certain other items identified in the “Reconciliation of GAAP Results to Non-GAAP Financial Measures” tables below. These items are generally non-cash in nature, relate to discrete events or activities, or vary in amount and frequency for reasons independent of our underlying operating performance. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance and enable comparison of financial trends and results between periods where certain items may vary independently of business performance. We believe these non-GAAP financial measures offer an additional view of our operations that, when coupled with the GAAP results and the reconciliations from corresponding GAAP financial measures, provide a more complete understanding of the results of operations. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Cautionary Statement Regarding Forward-Looking Statements

This press release, including the paragraph headed “Third Quarter 2026 Business Outlook,” includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are attempts to predict or indicate future events or trends or similar statements that are not a reflection of historical fact. Forward-looking statements may be identified by the use of words such as “we expect” or “are expected to be,” “estimate,” “plan,” “project,” “forecast,” “intend,” “anticipate,” “believe,” “seek,” or other similar expressions. Forward-looking statements are made based on estimates and forecasts of financial and performance metrics, projections of market opportunity and market share and current indications of customer interest, all of which are based on various assumptions, whether or not identified in this press release. All such statements are based on current expectations of the management of Navitas and are not predictions of actual future performance. Forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions and expectations. Many actual events and circumstances that affect performance are beyond the control of Navitas, and forward-looking statements are subject to a number of uncertainties.

Our business is subject to certain risks that could materially and adversely affect our business, financial condition, results of operations, or the value of our securities. These and other risk factors are discussed in the Risk Factors section of our most recent annual report on Form 10-K, as updated in the Risk Factors section of our most recent quarterly report on Form 10-Q, and in other documents we file with the SEC. If any of these risks, as discussed in more detail in our SEC reports, materialize or if our assumptions underlying forward-looking statements prove to be incorrect, actual results could differ materially from the results implied by these forward-looking statements. Examples of some of these risk factors include:

Risks Related to High-Power Markets: Last year, we announced an enhanced focus on AI data centers, energy and grid infrastructure, performance computing and industrial electrification, and a de-emphasis on mobile and consumer products. We may not successfully execute our strategic transition to these new markets and customer applications, which could adversely affect our business, results of operations, and financial condition. This strategic realignment entails significant operational, technical, and market risks. Our success in these markets depends on factors including our ability to (i) develop and scale semiconductor solutions that meet demanding power, efficiency, and performance requirements of our customers; (ii) compete against established incumbents with substantial R&D and manufacturing resources; (iii) anticipate rapidly evolving customer needs and technological standards in these high-power and high-performance segments; and (iv) secure design wins and long-term supply agreements in new and unfamiliar market segments.Market Acceptance and Addressable Market Uncertainty: The demand for our products, and our customers’ products, in new or emerging markets is difficult to forecast, as customer preferences may not be fully known and can evolve rapidly. Further, demand for our products depends on the acceptance of underlying new and developing system architectures. For example, our predictions for the use of GaN- and SiC-based products in 800 V AI data center power applications depend on assumptions regarding the acceptance and growth of 800 V systems themselves. Our forecasts are based on market opportunities across a “Serviceable Addressable Market” or “SAM”, which is based on a number of assumptions and predictions. We could be wrong about the size or timing of our SAM, which could in turn diminish the market opportunities available to us.Unpredictable Historical Data and Competitive Dynamics: In established markets, revenue projections can be supported by trends from prior periods. In contrast, there is little or no precedent for products aimed at new use cases, rendering traditional forecasting methods less reliable. To the extent our products reshape or create new market landscapes, the competitive environment may evolve in unexpected ways. For example, new competitors may emerge, or traditional competitors with established R&D and manufacturing resources, and long-standing customer relationships, may choose to offer competitive GaN or high-voltage SiC solutions.Other Risk Factors: Other risk factors related to our business include our ability to achieve design wins and to convince our current and prospective end customers to design our products into their product offerings, the risk that revenues from design wins may not materialize, the possibility that we may fail to accurately anticipate and respond to rapid technological change in the industries in which we operate or adapt to emerging industry standards, our dependence on a few key customers and distributors for a significant portion of our revenue, and the fact our business is subject to volatile demand and seasonal fluctuations. In addition, our supply chain is also subject to risks, including our reliance on single sources of supply for certain essential services, the risk that our suppliers may have quality, yield or capacity issues, the fact that we are exposed to fluctuations in prices for raw materials and components, and the risk that our products will not meet the reliability standards expected of high-power semiconductor devices. This is not a summary of all of the risks that could affect our business and you are encouraged to review the full list of risk factors in our SEC filings.

Note Regarding Customer Pipeline and Design Wins

In our investor and other communications we may refer to the terms “customer pipeline” and “design wins” in discussions of potential future business opportunities. Each of these terms, together with information we may disclose about anticipated future business in relation to these terms, constitutes “forward-looking statements” as described above and, accordingly, should be interpreted in light of related risks which, if materialized, could cause actual results to differ materially from those indicated from our view of customer pipeline and design wins today. More specifically, “customer pipeline” reflects estimated potential future business based on interest expressed by potential customers for qualified programs, stated in terms of estimated revenue that may be realized over the life of the customer’s end product. A “design win” reflects an end customer’s selection of a Navitas product for a specific production program, stated in terms of revenues that may be realized over the life of the customer’s end product. However, customer pipeline figures and design wins do not represent customer orders or forecasts, are not proxies for backlog or estimates of future revenue, and should not be considered as any other measure or indicator of financial performance. Rather, Navitas uses these terms to indicate the company’s current view of future potential business and related changes across various end markets. Time horizons vary based on product type and application. As a result, actual business realized will depend on several factors, including (i) whether potential customers ultimately choose the Navitas solution, (ii) the portion of the customer program awarded to the Navitas solution as compared to other sources in dual- or multiple-source cases, (iii) successful customer qualification of the selected solution, (iv) the time needed for customers to begin mass production, (v) the duration and pace of the customer’s ramp to full production, and (vi) strategic decisions of Navitas throughout the process based on expected revenues, margins and other factors relating to pipeline opportunities and design wins.

About Navitas

Navitas Semiconductor (Nasdaq: NVTS) is a next-generation power semiconductor leader in gallium nitride (GaN) and IC integrated devices, and high-voltage silicon carbide (SiC) technology, driving innovation across AI data centers, energy and grid infrastructure, performance computing and industrial electrification. With more than 30 years of combined expertise in wide-bandgap technologies, GaNFast™ power ICs integrate GaN power, drive, control, sensing, and protection, delivering faster power delivery, higher system density, and greater efficiency. GeneSiC™ high-voltage SiC devices leverage patented trench-assisted planar technology to provide industry-leading voltage capability, efficiency, and reliability for medium-voltage grid and infrastructure applications. Navitas has over 300 patents issued or pending and is the world’s first semiconductor company to be CarbonNeutral®-certified.

Navitas Semiconductor, GaNFast, GaNSense, GeneSiC, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited and affiliates. All other brands, product names, and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

Investor Relations Contacts:
Shelton Group
Leanne Sievers | Brett Perry
[email protected]

NAVITAS SEMICONDUCTOR CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) - UNAUDITED(dollars in thousands, except per share amounts)           Three Months Ended June 30, Six Months Ended June 30,   2026   2025   2026   2025 Net revenues $10,529  $14,490  $19,127  $28,508 Cost of revenues (exclusive of amortization of intangible assets included below)  6,451   12,162   11,813   20,873 Operating expenses:        Research and development  13,152   11,496   27,719   24,164 Selling, general and administrative  13,038   7,751   24,290   19,491 Amortization of intangible assets  4,734   4,734   9,468   9,468 Restructuring expense  344   —   794   1,469 Total operating expenses  31,268   23,981   62,271   54,592 Loss from operations  (27,190)  (21,653)  (54,957)  (46,957)Other income (expense), net:        Interest income (expense), net  274   131   538   93 Dividend income  1,827   647   3,515   1,391 Loss from change in fair value of earnout liabilities  (203,068)  (27,964)  (210,981)  (19,851)Other income  10   37   20   55 Total other income (expense), net  (200,957)  (27,149)  (206,908)  (18,312)Loss before income taxes  (228,147)  (48,802)  (261,865)  (65,269)Income tax provision  71   48   138   130 Equity method investment loss  —   (225)  —   (505)Net loss $(228,218) $(49,075) $(262,003) $(65,904)Net loss per common share        Basic $(0.95) $(0.25) $(1.11) $(0.34)Diluted $(0.95) $(0.25) $(1.11) $(0.34)Shares used in per share calculation:        Basic  240,643   198,956   235,874   193,462 Diluted  240,643   198,956   235,874   193,462  NAVITAS SEMICONDUCTOR CORPORATIONRECONCILIATION OF GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES - UNAUDITED(dollars in thousands, except per share amounts)           Three Months Ended June 30, Six Months Ended June 30,   2026  2025  2026  2025RECONCILIATION OF GROSS PROFIT MARGIN        GAAP Net revenues $10,529  $14,490  $19,127  $28,508 Cost of revenues (exclusive of amortization of intangibles)  (6,451)  (12,162)  (11,813)  (20,873)Cost of revenues (amortization of intangibles)  (4,037)  (4,035)  (8,073)  (8,067)GAAP Gross profit  41   (1,707)  (759)  (432)GAAP Gross margin  0.4% (11.8 )% (4.0 )% (1.5 )%Cost of revenues (amortization of intangibles)  4,037   4,035   8,073   8,067 China SiC inventory reserve  —   3,174   —   3,174 Stock-based compensation expense  82   71   200   107 Non-GAAP Gross profit $4,160  $5,573  $7,514  $10,916 Non-GAAP Gross margin  39.5%  38.5%  39.3%  38.3%RECONCILIATION OF OPERATING EXPENSES        GAAP Research and development $13,152  $11,496  $27,719  $24,164 Advanced R&D NRE Impairment  —   (2,238)  —   (2,238)Organization transformation costs  —   (395)  —   (395)Stock-based compensation (expense) income3  (3,917)  364   (9,129)  (3,474)Non-GAAP Research and development  9,235   9,227   18,590   18,057 GAAP Selling, general and administrative  13,038   7,751   24,290   19,491 Governance costs  —   (1,556)  —   (1,556)Stock-based compensation (expense) income3  (4,386)  620   (9,395)  (2,478)Other income (expense)1  (2,377)  95   (2,962)  (213)Non-GAAP Selling, general and administrative  6,275   6,910   11,933   15,244 Total Non-GAAP Operating expenses $15,510  $16,137  $30,523  $33,301 RECONCILIATION OF LOSS FROM OPERATIONS        GAAP Loss from operations $(27,190) $(21,653) $(54,957) $(46,957)GAAP Operating margin (258.2 )% (149.4 )% (287.3 )% (164.7 )%Add: Stock-based compensation expense (income)3included in:        Research and development  3,917   (364)  9,129   3,474 Selling, general and administrative  4,386   (620)  9,395   2,478 Cost of goods sold  82   71   200   107 Total  8,385   (913)  18,724   6,059 Amortization of acquisition-related intangible assets  4,734   4,734   9,468   9,468 China SiC inventory reserve  —   3,174   —   3,174 Advanced R&D NRE Impairment  —   2,238   —   2,238 Governance costs  —   1,556   —   1,556 Organization transformation costs  —   395   —   395 Restructuring, impairment and other expense (income)2  2,721   (95)  3,756   1,682 Non-GAAP Loss from operations $(11,351) $(10,564) $(23,009) $(22,385)Non-GAAP Operating margin (107.8 )% (72.9 )% (120.3 )% (78.5 )%         RECONCILIATION OF NET LOSS PER SHARE        GAAP Net loss $(228,218) $(49,075) $(262,003) $(65,904)Adjustments to GAAP Net loss        Total stock-based compensation expense (income)3  8,385   (913)  18,724   6,059 Loss from change in fair value of earnout liabilities  203,068   27,964   210,981   19,851 Amortization of acquisition-related intangible assets  4,734   4,734   9,468   9,468 Restructuring, impairment and other expense (income)2  2,721   (95)  3,756   1,682 Equity method investment loss  —   225   —   505 China SiC inventory reserve  —   3,174   —   3,174 Advanced R&D NRE Impairment  —   2,238   —   2,238 Governance costs  —   1,556   —   1,556 Organization transformation costs  —   395   —   395 Non-GAAP Net loss $(9,311) $(9,797) $(19,074) $(20,976)Average shares outstanding for calculation of non-GAAP Net loss per share (basic and diluted)  240,643   198,956   235,874   193,462 Non-GAAP Net loss per share (basic and diluted) $(0.04) $(0.05) $(0.08) $(0.11) (1) Includes employer payroll taxes on stock-based compensation and legal and related professional fees associated with matters that are extraordinary, non-recurring, or outside the ordinary course of business.

(2) Includes restructuring and impairment charges and the other expense described in note (1).

(3) The 2025 periods include the reversal of stock-based compensation expense due to award forfeitures following an employee termination.

NAVITAS SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED(dollars in thousands)  June 30, 2026
 December 31, 2025
ASSETS      Current assets      Cash and cash equivalents $557,409  $236,857 Accounts receivable, net  4,767   3,621 Inventories  19,510   13,283 Prepaid expenses and other current assets  19,840   4,399 Restricted cash  863   1,745 Total current assets  602,389   259,905 Property and equipment, net  8,570   9,779 Operating lease right of use assets  4,109   5,166 Finance lease right of use assets  602   766 Intangible assets, net  43,790   53,258 Goodwill  163,215   163,215 Other assets  9,754   8,380 Total assets $832,429  $500,469 LIABILITIES AND STOCKHOLDERS’ EQUITY      Current liabilities      Accounts payable and other accrued expenses $19,506  $22,350 Accrued compensation expenses  5,970   4,949 Operating lease liabilities, current  1,835   1,866 Finance lease liabilities, current  331   323 Earnout liability, current  —   22,632 Total current liabilities  27,642   52,120 Operating lease liabilities noncurrent  2,681   3,827 Finance lease liabilities noncurrent  289   456 Deferred tax liabilities  405   405 Total liabilities  31,017   56,808 Stockholders' equity  801,412   443,661 Total liabilities and stockholders’ equity $832,429  $500,469           A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ef6eb56-0dbe-49d2-953e-ef272c7f5ef4

by Todd Bishop on Jul 27, 2026 at 12:56 pmJuly 27, 2026 at 1:01 pm

Microsoft Security EVP Hayete Gallot introduces Project Perception’s agent teams Monday in San Francisco. (Screenshot) Microsoft on Monday unveiled Project Perception, an AI cybersecurity system built to defend against AI-driven attacks, aiming to keep pace with both hackers and its technology rivals.

The system, which enters public preview Aug. 3, coordinates three sets of AI agents: red team agents that hunt for paths an attacker could take, blue team agents that determine which risks matter and green team agents that make fixes.

It’s based on MAI-Cyber-1-Flash, a new AI model designed specifically for cybersecurity, which the company says does most of the work of larger models at half the cost. It runs in conjunction with OpenAI’s GPT-5.4, which Microsoft reserves for the 10% of tasks it calls exceptionally hard.

Microsoft says the combination scores 96% on CyberGym, a benchmark measuring how well AI systems find real vulnerabilities in large codebases.

The company did not give the model to independent testers before releasing it, according to The New York Times. Microsoft says the model was independently assessed by a third party.

The model is available at launch only to customers of MDASH, Microsoft’s AI-powered tool for finding vulnerabilities in code.

Microsoft CEO Satya Nadella said in a post on X that the initiative is an example of how the company can get better results per dollar by not locking its security systems to a single AI model family.

“This is the benefit of building the harness, context/signals, and action space separate from one model family,” he wrote. “By combining specialized models and data with the right agents, tools, security context, and harness, we can advance the frontier of cost to outcome.”

The initiative was announced Monday morning at an event in San Francisco by Hayete Gallot, the EVP for Microsoft Security, joined by colleagues including Mustafa Suleyman, CEO of Microsoft AI.

In a blog post, Gallot wrote that security needs a new “Cyber Stack,” and that approaches built for a world of human actors cannot keep pace with AI, agents and machine-speed attacks.

In an interview last week for GeekWire’s Microsoft 2.5 series, Gallot said that MDASH was effectively Microsoft’s first step into agentic security.

No system can reason directly over 100 trillion signals a day, so Microsoft is distilling them into a graph that agents can navigate, Gallot said, routing each threat to whichever model handles it best. In practice, this means software can quarantine a device or cut off access on its own.

The announcement comes days after OpenAI disclosed that two of its AI models broke out of a testing sandbox and hacked into Hugging Face, the AI development platform.

Rivals have been more cautious, under government restrictions. Two of the four systems Microsoft benchmarked against, Anthropic’s Mythos 5 and OpenAI’s GPT-5.6 Sol, are limited to small groups of government-approved customers.

Microsoft MSFT shares are inching higher heading into the giant’s fiscal Q4 earnings scheduled to be released after market close on Wednesday, July 29th.

Wall Street has set a high bar for MSFT, with consensus estimates set at $87.42 billion for revenue, representing a 14.4% year-on-year increase – and $4.21 per share for earnings, reflecting a 15.3% growth from last year.

Still, Microsoft stock has come under pressure amidst a broader tech rout in recent weeks, currently down more than 15% versus its June high.

The recent weakness in MSFT shares has failed to deter options traders, though.

Heading into the quarterly print, the put-to-call ratio on contracts expiring at the end of this week sits at 0.41, indicating a bullish skew.

And the upper price on those contracts, according to Barchart, is set at $416.54, signaling potential for a more than 6% rally in Microsoft Corp on the back of the earnings release.

Crucially, this optimism is mirrored in the technical setup as well.

MSFT has recently ripped through its 20-day moving average (MA), and is now trading just under its 50-day MA, with a clear break above the $399 level expected to accelerate positive momentum after Q2 financials.

Adding a layer of nuance to the earnings setup, UBS’s senior analyst Karl Kierstead trimmed his price target on Microsoft shares today to $480.

The revision follows recent field checks with roughly a dozen key enterprise clients and channel partners.

Kierstead pointed to near-term capacity constraints on external Azure customers and growing token-optimization efforts by developers, which could cap immediate upside in cloud revenue growth.

Moreover, UBS cautioned that MSFT’s capex could escalate beyond previous expectations due to memory chip inflation and heavy infrastructure commitments, noting that public markets have recently punished tech giants whose surging AI spend fails to instantly yield expanding operating margins.

Even with the price target haircut, UBS maintained its Buy rating on MSFT stock – stressing that the long-term structural thesis for the tech titan remains firmly intact.

In fact, Kierstead’s downwardly revised price objective still represents a massive 22% upside from here. According to him, underlying demand across Azure and rival AWS remains “exceptionally” healthy.

Plus, strategic monetization levers, such as GitHub Copilot pricing updates and growing enterprise AI integration, are expected to provide a steady tailwind to cloud growth.

With Microsoft trading at an “attractive valuation” relative to its long-term growth outlook, UBS views the current pullback as a temporary consolidation before the next leg higher.

A small 0.93% dividend yield on MSFT makes it even more compelling as a long-term holding, at least for income-focused investors.

Nvidia (NVDA -4.97%) announced Monday that it has formed the Open Secure AI Alliance, along with a group of roughly three dozen tech companies. The alliance will build and share open tools for protecting software and AI agents -- AI programs that act on their own. Space Exploration Technologies Corp. was among the founding members through its AI unit, SpaceXAI.

Today's Change

(

-4.97

%) $

-10.28

Current Price

$

196.56

What will the alliance do?The alliance’s core mission will be to “work to remediate and disclose vulnerabilities using open technologies.” Members include Microsoft, IBM, Palantir Technologies, and CrowdStrike.

Nvidia said it is contributing open model weights -- the trained numbers inside a model, published for all to see and free to use -- along with training data and research. It also posted a project which Nvidia says makes an AI agent's conduct easier to govern, audit, trace, and test. SpaceXAI said future Grok models will ship with open weights.

Why now?The timing follows a high-profile cyberattack in which an OpenAI model acting on its own -- no person was directing it -- hacked into the systems of Hugging Face, an open-source machine learning hub. Hugging Face said it contained the attack by running an open Chinese model on its own computers.

In Nvidia’s announcement of the alliance, the company stressed that "cyber defenders need open, frontier agentic systems for self-defense."

While the company didn’t name it directly, it’s clear that U.S. firms are wary of Chinese models -- many of which are open source -- becoming the go-to for cyber defense. But they are equally wary that the government will overstep and stifle competition domestically.

Treasury Secretary Scott Bessent floated sanctions last week for Chinese firms that use “distillation,” a process that creates new models from existing ones, more or less bypassing the incredibly expensive training phase that frontier models undergo.

More than 20 companies (including Nvidia) wrote to policymakers last week opposing "premature restrictions" on open weight models, saying it would “drive innovation overseas.“ SpaceX was not a signatory, but CEO Elon Musk took to X to share his support.

What it means for Nvidia investorsThis is unlikely to make a big difference to Nvidia’s bottom line for now, but long-term, the alliance could help Nvidia increase its importance in AI security, a layer that could further expand its footprint.

In the short term, the company is doing just fine. It reported $81.6 billion in quarterly revenue in May, up an incredible 85% from a year earlier. It guided the current quarter to $91 billion.

What it means for SpaceX investorsAgain, the impact on SpaceX in the short term is likely limited, but if the alliance is an indication of where the industry is headed -- moving from closed, proprietary models to open weight -- SpaceXAI could be in trouble.

Though it lags OpenAI and Anthropic, SpaceXAI is still first and foremost a frontier lab, and its business model relies on users paying for access. If cheaper -- or free -- models are available, it may prove difficult for the company to earn a return on the enormous costs involved in training Grok.

Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends CrowdStrike, International Business Machines, Microsoft, Nvidia, and Palantir Technologies. The Motley Fool has a disclosure policy.

, /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today reported:

Second-quarter 2026 net income of $1.255 billion, or $8.05 per share, compared with $685 million, or $4.34 per share, in the second quarter of 2025, after recognizing an $882 million second-quarter 2026 after-tax increase in the fair value of equity securities still held. Second-quarter 2026 non-GAAP operating income* of $224 million, or $1.43 per share, compared with $311 million, or $1.97 per share, in the second quarter of last year. The decrease of $87 million included an unfavorable effect of $61 million from an increase in after-tax catastrophe losses. $570 million increase in second-quarter 2026 net income, compared with second-quarter 2025, including the effects of after-tax net increases of $657 million from net investment gains and $28 million from investment income, partially offset by a decrease of $115 million from property casualty underwriting profit. $108.64 book value per share at June 30, 2026, up $6.29 since year-end. 8.0% value creation ratio for the first six months of 2026, compared with 4.6% for the same period of 2025.  Financial Highlights

(Dollars in millions, except per share data)

Three months ended June 30,

Six months ended June 30,

2026

2025

% Change

2026

2025

% Change

Revenue Data

   Earned premiums

$    2,635

$    2,480

6

$    5,239

$    4,824

9

   Investment income, net of expenses

319

285

12

637

565

13

   Total revenues

4,274

3,248

32

7,137

5,814

23

Income Statement Data

   Net income

$    1,255

$       685

83

$    1,529

$       595

157

   Investment gains and losses, after-tax

1,031

374

176

975

321

204

   Non-GAAP operating income*

$       224

$       311

(28)

$       554

$       274

102

Per Share Data (diluted)

   Net income

$      8.05

$      4.34

85

$      9.78

$      3.77

159

   Investment gains and losses, after-tax

6.62

2.37

179

6.24

2.03

207

   Non-GAAP operating income*

$      1.43

$      1.97

(27)

$      3.54

$      1.74

103

   Book value

$  108.64

$    91.46

19

   Cash dividend declared

$      0.94

$      0.87

8

$      1.88

$      1.74

8

   Diluted weighted average shares outstanding

155.7

157.8

(1)

156.3

157.8

(1)

*

The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures section defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles.

Forward-looking statements and related assumptions are subject to the risks outlined in the company's safe harbor statement.

Insurance Operations Highlights

100.8% second-quarter 2026 property casualty combined ratio, increased from 94.9% for the second quarter of 2025. 3% growth in second-quarter net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures. $353 million second-quarter 2026 property casualty new business written premiums, down 13%. Agencies appointed since the beginning of 2025 contributed $31 million or 9% of total new business written premiums. $30 million second-quarter 2026 life insurance subsidiary net income, up $4 million compared with the second quarter of 2025, and 5% growth in second-quarter 2026 term life insurance earned premiums. Investment and Balance Sheet Highlights

12% or $34 million increase in second-quarter 2026 pretax investment income, including a 14% increase in bond interest income and a 3% increase in stock portfolio dividends. Three-month increase of 4% in fair value of total investments at June 30, 2026, including a 2% increase for the bond portfolio and a 5% increase for the stock portfolio. $5.689 billion parent company cash and marketable securities at June 30, 2026, up 2% from year-end 2025. Investment Income Leads Second-Quarter Profits
Stephen M. Spray, president and chief executive officer, commented: "Investment income increased nicely, producing our main source of profits in the second quarter and bringing our total non-GAAP operating income to $554 million for the first half of the year.

"Turning to our insurance business, elevated catastrophe losses played a large part in an uptick in our combined ratio, coming in just shy of breakeven at 100.8% for the quarter. While not the result of any single storm, our field and headquarters claims associates have been busy, bringing compassion and expertise to our agents and policyholders across the country and close to home. Ohio was particularly impacted by bad weather this Spring with catastrophe losses reaching nearly four times higher than our 5-year second-quarter average for the state.

"On a six-month basis, we recorded a profitable 98.2% combined ratio. We are optimistic that further maturing of our plans to increase both product and geographic diversification will continue to help mute the impacts of catastrophe losses in any one quarter."

Focused on Outstanding Service and Pricing Discipline
"Consolidated net written premiums for the quarter and the first half of the year increased 3% and 5%, respectively. When market competition increases, our hallmark of personal service combines with data-driven analytics to support the ability of our agents to successfully retain their best clients.

"The power of segmentation in this market isn't simply about knowing when to walk away from an account that is underpriced in our view. It's also important that we work with our agents to offer advanced renewal quotes on accounts we believe are adequately priced.

"To help keep our pipeline of opportunities full, we continue to appoint new agencies in geographies where we see the best prospects for profitable growth. So far this year, we've appointed more than 200 agencies. With total agency relationships still under 3,000, we have a lot of runway to fuel growth without dampening the exclusivity of a Cincinnati contract that our current agents enjoy."

Book Value Reaches New Record
"At June 30, our book value again reached a record high, increasing 6% since December 31, 2025, to $108.64. Consolidated cash and total investments also reached a new high, nearly eclipsing $35 billion.

"Our ample capital allows us to execute on our long-term strategies and, at the same time, pay dividends to shareholders. Our value creation ratio, which considers the dividends we pay as well as growth in book value, was 8.0% for the first half of 2026."

Insurance Operations Highlights

Consolidated Property Casualty Insurance Results

(Dollars in millions)

Three months ended June 30,

Six months ended June 30,

2026

2025

% Change

2026

2025

% Change

Earned premiums

$  2,548

$  2,397

6

$  5,067

$  4,661

9

Fee revenues

3

3

0

7

7

0

   Total revenues

2,551

2,400

6

5,074

4,668

9

Loss and loss expenses

1,808

1,587

14

3,475

3,474

0

Underwriting expenses

761

685

11

1,502

1,364

10

   Underwriting profit (loss)

$      (18)

$     128

nm

$       97

$    (170)

nm

Ratios as a percent of earned premiums:

Pt. Change

Pt. Change

     Loss and loss expenses

71.0 %

66.3 %

4.7

68.6 %

74.5 %

(5.9)

     Underwriting expenses

29.8

28.6

1.2

29.6

29.3

0.3

           Combined ratio

100.8 %

94.9 %

5.9

98.2 %

103.8 %

(5.6)

% Change

% Change

Agency renewal written premiums

$  2,254

$  2,135

6

$  4,299

$  4,047

6

Agency new business written premiums

353

404

(13)

692

787

(12)

Other written premiums

218

194

12

502

394

27

   Net written premiums

$  2,825

$  2,733

3

$  5,493

$  5,228

5

Ratios as a percent of earned premiums:

Pt. Change

Pt. Change

     Current accident year before catastrophe losses

58.3 %

56.5 %

1.8

58.2 %

58.4 %

(0.2)

     Current accident year catastrophe losses

14.4

12.4

2.0

12.8

19.4

(6.6)

     Prior accident years before catastrophe losses

(1.8)

(2.4)

0.6

(2.2)

(2.3)

0.1

     Prior accident years catastrophe losses

0.1

(0.2)

0.3

(0.2)

(1.0)

0.8

           Loss and loss expense ratio

71.0 %

66.3 %

4.7

68.6 %

74.5 %

(5.9)

Current accident year combined ratio before

  catastrophe losses

88.1 %

85.1 %

3.0

87.8 %

87.7 %

0.1

$92 million or 3 percent growth of second-quarter 2026 property casualty net written premiums, reflecting premium growth initiatives, price increases and a higher level of insured exposures. The contribution to second-quarter growth from Cincinnati Re® and Cincinnati Global Underwriting Ltd.SM in total was approximately 1 percentage point. $51 million decrease in second-quarter 2026 new business premiums written by agencies, due to our personal lines insurance segment. The $51 million decrease included a $18 million increase in production from agencies appointed since the beginning of 2025. 220 new agency appointments in the first six months of 2026, including 36 that market only our personal lines products. 5.9 percentage-point second-quarter 2026 combined ratio increase, including an increase of 2.3 points for losses from catastrophes. 5.6 percentage-point six-month 2026 combined ratio improvement, including a decrease of 5.8 points from lower catastrophe losses. 1.7 percentage-point second-quarter 2026 benefit from favorable prior accident year reserve development of $42 million, compared with 2.6 points or $63 million for second-quarter 2025. 2.4 percentage-point six-month 2026 benefit from favorable prior accident year reserve development, compared with 3.3 points for the first six months of 2025. 0.2 percentage-point improvement in the six-month 2026 ratio for current accident year loss and loss expenses before catastrophes. 0.3 percentage-point increase in the underwriting expense ratio for the first six months of 2026, compared with the same period of 2025. Commercial Lines Insurance Results

(Dollars in millions)

Three months ended June 30,

Six months ended June 30,

2026

2025

% Change

2026

2025

% Change

Earned premiums

$          1,251

$ 1,212

3

$          2,492

$ 2,391

4

Fee revenues

1

—

nm

2

2

0

   Total revenues

1,252

1,212

3

2,494

2,393

4

Loss and loss expenses

910

767

19

1,757

1,502

17

Underwriting expenses

391

358

9

768

707

9

   Underwriting profit (loss)

$              (49)

$      87

nm

$              (31)

$    184

nm

Ratios as a percent of earned premiums:

Pt. Change

Pt. Change

     Loss and loss expenses

72.8 %

63.3 %

9.5

70.5 %

62.8 %

7.7

     Underwriting expenses

31.3

29.6

1.7

30.8

29.6

1.2

           Combined ratio

104.1 %

92.9 %

11.2

101.3 %

92.4 %

8.9

% Change

% Change

Agency renewal written premiums

$          1,146

$ 1,116

3

$          2,330

$ 2,268

3

Agency new business written premiums

208

200

4

413

403

2

Other written premiums

(27)

(26)

(4)

(57)

(56)

(2)

   Net written premiums

$          1,327

$ 1,290

3

$          2,686

$ 2,615

3

Ratios as a percent of earned premiums:

Pt. Change

Pt. Change

     Current accident year before catastrophe losses

62.2 %

59.6 %

2.6

62.5 %

60.3 %

2.2

     Current accident year catastrophe losses

12.0

7.2

4.8

10.8

6.1

4.7

     Prior accident years before catastrophe losses

(1.3)

(3.3)

2.0

(2.7)

(2.9)

0.2

     Prior accident years catastrophe losses

(0.1)

(0.2)

0.1

(0.1)

(0.7)

0.6

           Loss and loss expense ratio

72.8 %

63.3 %

9.5

70.5 %

62.8 %

7.7

Current accident year combined ratio before

  catastrophe losses

93.5 %

89.2 %

4.3

93.3 %

89.9 %

3.4

$37 million or 3% growth in second-quarter 2026 commercial lines net written premiums, primarily due to higher agency renewal premiums. Three percent growth in six-month net written premiums. $30 million or 3% increase in second-quarter renewal written premiums, with commercial lines average renewal pricing increases near the high end of the low-single-digit percent range. $8 million or 4% increase in second-quarter 2026 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market. 11.2 percentage-point second-quarter 2026 combined ratio increase, including an increase of 4.9 points for losses from catastrophes. 8.9 percentage-point six-month 2026 combined ratio increase, including an increase of 5.3 points from higher catastrophe losses. 1.4 percentage-point second-quarter 2026 benefit from favorable prior accident year reserve development of $17 million, compared with 3.5 points or $42 million for second-quarter 2025. 2.8 percentage-point six-month 2026 benefit from favorable prior accident year reserve development, compared with 3.6 points for the first six months of 2025. Personal Lines Insurance Results

(Dollars in millions)

Three months ended June 30,

Six months ended June 30,

2026

2025

% Change

2026

2025

% Change

Earned premiums

$  880

$  804

9

$          1,753

$ 1,502

17

Fee revenues

1

2

(50)

3

3

0

   Total revenues

881

806

9

1,756

1,505

17

Loss and loss expenses

638

598

7

1,245

1,444

(14)

Underwriting expenses

242

222

9

480

432

11

   Underwriting profit (loss)

$      1

$   (14)

nm

$               31

$   (371)

nm

Ratios as a percent of earned premiums:

Pt. Change

Pt. Change

     Loss and loss expenses

72.4 %

74.4 %

(2.0)

71.0 %

96.1 %

(25.1)

     Underwriting expenses

27.5

27.6

(0.1)

27.4

28.8

(1.4)

           Combined ratio

99.9 %

102.0 %

(2.1)

98.4 %

124.9 %

(26.5)

% Change

% Change

Agency renewal written premiums

$  943

$  866

9

$          1,669

$ 1,500

11

Agency new business written premiums

78

141

(45)

154

268

(43)

Other written premiums

(31)

(27)

(15)

(58)

(116)

50

   Net written premiums

$  990

$  980

1

$          1,765

$ 1,652

7

Ratios as a percent of earned premiums:

Pt. Change

Pt. Change

     Current accident year before catastrophe losses

52.3 %

51.3 %

1.0

52.8 %

56.9 %

(4.1)

     Current accident year catastrophe losses

21.4

25.4

(4.0)

19.2

41.7

(22.5)

     Prior accident years before catastrophe losses

(2.1)

(0.7)

(1.4)

(1.3)

(0.8)

(0.5)

     Prior accident years catastrophe losses

0.8

(1.6)

2.4

0.3

(1.7)

2.0

           Loss and loss expense ratio

72.4 %

74.4 %

(2.0)

71.0 %

96.1 %

(25.1)

Current accident year combined ratio before

  catastrophe losses

79.8 %

78.9 %

0.9

80.2 %

85.7 %

(5.5)

$10 million or 1% growth in second-quarter 2026 personal lines net written premiums, including higher agency renewal written premiums that benefited from rate increases in the high-single-digit percent range, partially offset by lower new business premiums and policy retention in the upper-80% range that reflect pricing discipline. Seven percent growth in six-month net written premiums. $63 million or 45% decrease in second-quarter 2026 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market. 2.1 percentage-point second-quarter 2026 combined ratio improvement, including a decrease of 1.6 points for losses from catastrophes. 26.5 percentage-point six-month 2026 combined ratio improvement, including a decrease of 20.5 points from lower catastrophe losses. 1.3 percentage-point second-quarter 2026 favorable prior accident year reserve development of $11 million, compared with 2.3 points or $19 million for second-quarter 2025. 1.0 percentage-point six-month 2026 benefit from favorable prior accident year reserve development, compared with 2.5 points for the first six months of 2025. Excess and Surplus Lines Insurance Results

(Dollars in millions)

Three months ended June 30,

Six months ended June 30,

2026

2025

% Change

2026

2025

% Change

Earned premiums

$  189

$  174

9

$  369

$  336

10

Fee revenues

1

1

0

2

2

0

   Total revenues

190

175

9

371

338

10

Loss and loss expenses

118

110

7

228

209

9

Underwriting expenses

53

49

8

103

93

11

   Underwriting profit

$   19

$    16

19

$    40

$    36

11

Ratios as a percent of earned premiums:

Pt. Change

Pt. Change

     Loss and loss expenses

62.5 %

63.5 %

(1.0)

61.8 %

62.3 %

(0.5)

     Underwriting expenses

28.0

27.6

0.4

28.1

27.5

0.6

           Combined ratio

90.5 %

91.1 %

(0.6)

89.9 %

89.8 %

0.1

% Change

% Change

Agency renewal written premiums

$  165

$  153

8

$  300

$  279

8

Agency new business written premiums

67

63

6

125

116

8

Other written premiums

(13)

(14)

7

(24)

(25)

4

   Net written premiums

$  219

$  202

8

$  401

$  370

8

Ratios as a percent of earned premiums:

Pt. Change

Pt. Change

     Current accident year before catastrophe losses

64.6 %

64.9 %

(0.3)

64.6 %

65.2 %

(0.6)

     Current accident year catastrophe losses

0.9

1.6

(0.7)

1.0

1.2

(0.2)

     Prior accident years before catastrophe losses

(2.9)

(2.7)

(0.2)

(3.5)

(3.8)

0.3

     Prior accident years catastrophe losses

(0.1)

(0.3)

0.2

(0.3)

(0.3)

0.0

           Loss and loss expense ratio

62.5 %

63.5 %

(1.0)

61.8 %

62.3 %

(0.5)

Current accident year combined ratio before

  catastrophe losses

92.6 %

92.5 %

0.1

92.7 %

92.7 %

0.0

$17 million or 8% growth in second-quarter 2026 excess and surplus lines net written premiums, including higher agency renewal written premiums that benefited from price increases averaging in the low-single-digit percent range. Eight percent growth in six-month net written premiums. $4 million or 6% increase in second-quarter 2026 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market. 0.6 percentage-point second-quarter 2026 combined ratio improvement and an increase of 0.1 points in the six-month 2026 combined ratio, largely due to lower ratios for current accident year loss and loss expenses including catastrophe losses, partially offset by higher ratios for underwriting expenses. 3.0 percentage-point second-quarter 2026 benefit from favorable prior accident year reserve development of $6 million, compared with 3.0 points or $5 million for second-quarter 2025. 3.8 percentage-point six-month 2026 benefit from favorable prior accident year reserve development, compared with 4.1 points for the first six months of 2025. Life Insurance Subsidiary Results

(Dollars in millions)

Three months ended June 30,

Six months ended June 30,

2026

2025

% Change

2026

2025

% Change

Term life insurance

$       64

$       61

5

$     125

$     118

6

Whole life insurance

13

13

0

27

26

4

Universal life and other

10

9

11

20

19

5

    Earned premiums

87

83

5

172

163

6

Investment income, net of expenses

54

49

10

108

99

9

Investment gains and losses, net

(1)

(4)

75

(1)

(5)

80

Fee revenues

2

2

0

3

3

0

Total revenues

142

130

9

282

260

8

Contract holders' benefits incurred

79

73

8

163

154

6

Underwriting expenses incurred

25

24

4

48

47

2

    Total benefits and expenses

104

97

7

211

201

5

Net income before income tax

38

33

15

71

59

20

Income tax provision

8

7

14

15

12

25

Net income of the life insurance subsidiary

$       30

$       26

15

$       56

$       47

19

$4 million increase in second-quarter 2026 earned premiums, including a 5% increase for term life insurance, our largest life insurance product line. $9 million increase in six-month 2026 life insurance subsidiary net income, primarily due to more favorable mortality experience, increased investment income and increased earned premiums, partially offset by less favorable impacts from the unlocking of interest rate and other actuarial assumptions. $23 million or 2% six-month 2026 increase, to $1.490 billion, in GAAP shareholders' equity for the life insurance subsidiary, primarily from net income that was partially offset by an increase in unrealized investment losses on fixed-maturity securities. Investment and Balance Sheet Highlights

Investments Results

(Dollars in millions)

Three months ended June 30,

Six months ended June 30,

2026

2025

% Change

2026

2025

% Change

Investment income, net of expenses

$                319

$     285

12

$                637

$       565

13

Investment interest credited to contract holders

(33)

(31)

(6)

(65)

(63)

(3)

Investment gains and losses, net

1,308

473

177

1,238

406

205

      Investments profit

$             1,594

$     727

119

$             1,810

$       908

99

Investment income:

   Interest

$                244

$     214

14

$                479

$       424

13

   Dividends

72

70

3

148

137

8

   Other

8

5

60

20

12

67

   Less investment expenses

5

4

25

10

8

25

      Investment income, pretax

319

285

12

637

565

13

      Less income taxes

55

49

12

110

97

13

      Total investment income, after-tax

$                264

$     236

12

$                527

$       468

13

Investment returns:

 Average invested assets plus cash and cash

   equivalents

$           34,421

$ 30,500

$           34,313

$  30,468

      Average yield pretax

3.71 %

3.74 %

3.71 %

3.71 %

      Average yield after-tax

3.07

3.10

3.07

3.07

      Effective tax rate

17.4

17.2

17.3

17.2

Fixed-maturity returns:

Average amortized cost

$           19,209

$ 17,372

$           18,938

$  17,334

Average yield pretax

5.08 %

4.93 %

5.06 %

4.89 %

Average yield after-tax

4.14

4.02

4.12

4.00

Effective tax rate

18.5

18.4

18.5

18.3

$34 million or 12% rise in second-quarter 2026 pretax investment income, including a 14% increase in interest income from fixed-maturity securities and a 3% increase in equity portfolio dividends. $1.382 billion in second-quarter 2026 pretax total investment gains, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio. (Dollars in millions)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Investment gains and losses on equity securities sold, net

$          183

$            (1)

$           223

$             (3)

Unrealized gains and losses on equity securities still held, net

1,117

481

1,006

411

Investment gains and losses on fixed-maturity securities, net

5

(12)

5

(14)

Other

3

5

4

12

Subtotal - investment gains and losses reported in net income

1,308

473

1,238

406

Change in unrealized investment gains and losses - fixed
maturities and short-term

74

28

(146)

95

Total

$       1,382

$          501

$        1,092

$          501

Balance Sheet Highlights

(Dollars in millions, except share data)

At June 30,

At December 31,

2026

2025

   Total investments

$         33,153

$          31,783

   Total assets

43,231

41,002

   Short-term debt

17

25

   Long-term debt

791

790

   Shareholders' equity

16,671

15,911

   Book value per share

108.64

102.35

   Debt-to-total-capital ratio

4.6 %

4.9 %

$34.903 billion in consolidated cash and total investments at June 30, 2026, an increase of 5% from $33.214 billion at year-end 2025. $18.954 billion bond portfolio at June 30, 2026, with an average rating of A2/A. Fair value increased $409 million during the second quarter of 2026, including $316 million in net purchases of fixed-maturity securities. $13.194 billion equity portfolio was 39.8% of total investments, including $8.907 billion in appreciated value before taxes at June 30, 2026. Second-quarter 2026 increase in fair value of $625 million, including $678 million in net sales of equity securities. $7.04 second-quarter 2026 increase in book value per share, including an addition of $1.46 of net income before investment gains, $7.09 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities, partially offset by $0.57 for other items and $0.94 from dividends declared to shareholders. Value creation ratio of 8.0% for the first six months of 2026, including 3.5% from net income before investment gains, which includes underwriting and investment income, and 6.2% from investment gains for equity securities, partially offset by 0.7% from changes in unrealized gains for fixed-maturity securities and 1.0% for other items. For additional information or to register for our conference call webcast, please visit investors.cinfin.com.

About Cincinnati Financial
Cincinnati Financial Corporation offers primarily business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.

Mailing Address:

Street Address:

P.O. Box 145496

6200 South Gilmore Road

Cincinnati, Ohio 45250-5496

Fairfield, Ohio 45014-5141

Safe Harbor Statement
Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like "seek," "expect," "will," "should," "could," "might," "anticipate," "believe," "estimate," "intend," "likely," "future," or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:

Insurance-Related Risks

Risks and uncertainties associated with our loss reserves or actual claim costs exceeding reserves Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance Unusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe risk Risks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk management Inadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimates Events or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growth Mergers, acquisitions, and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantages Our inability to manage business opportunities, growth prospects, and expenses for our ongoing operations Changing consumer insurance-buying habits The inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurers Domestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to: Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book value Significant or prolonged decline in the fair value of securities and impairment of the assets Significant decline in investment income due to reduced or eliminated dividend payouts from securities Significant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati Global An unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expenses Decreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activity The inability of our workforce, agencies, or vendors to perform necessary business functions Financial, Economic, and Investment Risks 

Declines in overall stock market values negatively affecting our equity portfolio and book value Downgrades in our financial strength ratings Interest rate fluctuations or other factors that could significantly affect: Our ability to generate growth in investment income Values of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assets Our traditional life policy reserves Economic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnerships Failure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligations Recession, prolonged elevated inflation, or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies The inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase shares General Business, Technology, and Operational Risks 

Ineffective information technology systems or failing to develop and implement improvements in technology Difficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents', ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, data loss, and expose us to liability  Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, remote working capabilities, and/or outsourcing relationships and third-party operations and data security Disruption of the insurance market caused by technology innovations such as driverless cars that could decrease consumer demand for insurance products Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitiveness Intense competition, and the impact of innovation, emerging technologies, artificial intelligence and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitability Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that the segment could not achieve sustainable profitability Unforeseen departure of certain executive officers or other key employees that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others Our inability, or the inability of our independent agents, to attract and retain personnel Events, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programs Regulatory, Compliance, and Legal Risks 

Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that: Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules, and regulations  Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business Increase assessments for guaranty funds, other insurance‑related assessments, or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes Increase our provision for federal income taxes due to changes in tax laws, regulations, or interpretations Increase other expenses Limit our ability to set fair, adequate, and reasonable rates Restrict our ability to cancel policies Impose new underwriting standards Place us at a disadvantage in the marketplace  Restrict our ability to execute our business model, including the way we compensate agents Adverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awards Events or actions, including unauthorized intentional circumvention of controls, which reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002 Effects of changing social, global, economic, and regulatory environments Additional measures affecting corporate financial reporting and governance that can affect the market value of our common stock Risks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.

* * *

Cincinnati Financial Corporation

Condensed Consolidated Balance Sheets and Statements of Income (unaudited)

(Dollars in millions)

June 30,

December 31,

2026

2025

Assets

   Investments

$        33,153

$        31,783

   Cash and cash equivalents

1,750

1,431

   Premiums receivable

3,546

3,142

   Reinsurance recoverable

633

655

 Deferred policy acquisition costs

1,442

1,344

   Other assets

2,707

2,647

Total assets

$        43,231

$        41,002

Liabilities

   Insurance reserves

$        15,465

$        14,499

   Unearned premiums

5,724

5,254

   Deferred income tax

1,861

1,833

   Long-term debt and lease obligations

859

861

   Other liabilities

2,651

2,644

Total liabilities

26,560

25,091

Shareholders' Equity

   Common stock and paid-in capital

1,979

1,958

   Retained earnings

17,958

16,719

   Accumulated other comprehensive loss

(135)

(34)

   Treasury stock

(3,131)

(2,732)

Total shareholders' equity

16,671

15,911

Total liabilities and shareholders' equity

$        43,231

$        41,002

(Dollars in millions, except per share data)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Revenues

   Earned premiums

$         2,635

$         2,480

$          5,239

$          4,824

   Investment income, net of expenses

319

285

637

565

   Investment gains and losses, net

1,308

473

1,238

406

   Other revenues

12

10

23

19

      Total revenues

4,274

3,248

7,137

5,814

Benefits and Expenses

   Insurance losses and contract holders' benefits

1,887

1,660

3,638

3,628

   Underwriting, acquisition and insurance expenses

786

709

1,550

1,411

   Interest expense

14

14

27

27

   Other operating expenses

11

10

20

21

      Total benefits and expenses

2,698

2,393

5,235

5,087

Income Before Income Taxes

1,576

855

1,902

727

Provision for Income Taxes

321

170

373

132

Net Income

$         1,255

$            685

$          1,529

$             595

Per Common Share:

   Net income — basic

$           8.14

$           4.38

$            9.88

$            3.81

   Net income — diluted

8.05

4.34

9.78

3.77

Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
(See attached tables for reconciliations; additional prior-period reconciliations available at investors.cinfin.com.)

Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules for insurance company regulation in the United States of America as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.

Management uses certain non-GAAP financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management's control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.

Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company's insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management's discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.For these reasons, many investors and shareholders consider non-GAAP operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.

Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global. Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products. Cincinnati Financial Corporation

 Net Income Reconciliation

(Dollars in millions, except per share data)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net income

$        1,255

$           685

$         1,529

$           595

Less:

   Investment gains and losses, net

1,308

473

1,238

406

   Income tax on investment gains and losses

(277)

(99)

(263)

(85)

   Investment gains and losses, after-tax

1,031

374

975

321

Non-GAAP operating income

$           224

$           311

$            554

$           274

Diluted per share data:

Net income

$          8.05

$          4.34

$           9.78

$          3.77

Less:

   Investment gains and losses, net

8.40

3.00

7.92

2.57

   Income tax on investment gains and losses

(1.78)

(0.63)

(1.68)

(0.54)

   Investment gains and losses, after-tax

6.62

2.37

6.24

2.03

   Non-GAAP operating income

$          1.43

$          1.97

$           3.54

$          1.74

Life Insurance Reconciliation

(Dollars in millions)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net income of the life insurance subsidiary

$             30

$             26

$             56

$             47

Investment gains and losses, net

(1)

(4)

(1)

(5)

Income tax on investment gains and losses

—

(1)

—

(1)

Non-GAAP operating income

31

29

57

51

Investment income, net of expenses

(54)

(49)

(108)

(99)

Investment interest credited to contract holders

33

31

65

63

Income tax excluding tax on investment gains and losses,
net

8

8

15

13

Life insurance segment profit

$             18

$             19

$             29

$             28

Property Casualty Insurance Reconciliation

(Dollars in millions)

Three months ended June 30, 2026

Consolidated

Commercial

Personal

E&S

Other*

Premiums:

   Net written premiums

$       2,825

$       1,327

$         990

$         219

$          289

   Unearned premiums change

(277)

(76)

(110)

(30)

(61)

   Earned premiums

$       2,548

$       1,251

$         880

$         189

$          228

Underwriting profit (loss)

$           (18)

$          (49)

$             1

$           19

$            11

(Dollars in millions)

Six months ended June 30, 2026

Consolidated

Commercial

Personal

E&S

Other*

Premiums:

   Net written premiums

$       5,493

$       2,686

$       1,765

$         401

$          641

   Unearned premiums change

(426)

(194)

(12)

(32)

(188)

   Earned premiums

$       5,067

$       2,492

$       1,753

$         369

$          453

Underwriting profit (loss)

$            97

$          (31)

$            31

$           40

$            57

(Dollars in millions)

Three months ended June 30, 2025

Consolidated

Commercial

Personal

E&S

Other*

Premiums:

   Net written premiums

$       2,733

$       1,290

$         980

$         202

$          261

   Unearned premiums change

(336)

(78)

(176)

(28)

(54)

   Earned premiums

$       2,397

$       1,212

$         804

$         174

$          207

Underwriting profit (loss)

$          128

$            87

$         (14)

$           16

$            39

(Dollars in millions)

Six months ended June 30, 2025

Consolidated

Commercial

Personal

E&S

Other*

Premiums:

   Net written premiums

$       5,228

$       2,615

$       1,652

$         370

$          591

   Unearned premiums change

(567)

(224)

(150)

(34)

(159)

   Earned premiums

$       4,661

$       2,391

$       1,502

$         336

$          432

Underwriting profit (loss)

$         (170)

$          184

$        (371)

$           36

$           (19)

Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. 

*Included in Other are the results of Cincinnati Re and Cincinnati Global.

Cincinnati Financial Corporation

Other Measures

Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company's insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting. Written premium: Under statutory accounting rules in the U.S., property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. The difference between written and earned premium is unearned premium.  Value Creation Ratio Calculations

(Dollars are per share)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Value creation ratio:

   End of period book value*

$      108.64

$        91.46

$      108.64

$        91.46

   Less beginning of period book value

101.60

87.78

102.35

89.11

   Change in book value

7.04

3.68

6.29

2.35

   Dividend declared to shareholders

0.94

0.87

1.88

1.74

   Total value creation

$          7.98

$          4.55

$          8.17

$          4.09

Value creation ratio from change in book value**

7.0 %

4.2 %

6.2 %

2.6 %

Value creation ratio from dividends declared to shareholders***

0.9

1.0

1.8

2.0

Value creation ratio

7.9 %

5.2 %

8.0 %

4.6 %

* Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding

** Change in book value divided by the beginning of period book value 

*** Dividend declared to shareholders divided by beginning of period book value

SOURCE Cincinnati Financial Corporation

, /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three and six months ended June 30, 2026. For the three months ended June 30, 2026 and 2025, net income attributable to Brixmor Property Group Inc. was $0.24 per diluted share and $0.28 per diluted share, respectively, and for the six months ended June 30, 2026 and 2025, net income attributable to Brixmor Property Group Inc. was $0.65 per diluted share and $0.50 per diluted share, respectively.

Key highlights for the three months ended June 30, 2026 include:

Executed 1.4 million square feet of new and renewal leases, with rent spreads on comparable space of 19.1%, including new lease rent spreads on comparable space of 31.3% and renewal lease rent spreads on comparable space of 15.5%  Realized total leased occupancy of 94.8%, anchor leased occupancy of 95.9%, and record small shop leased occupancy of  92.6% Commenced $12.7 million of annualized base rent Leased to billed occupancy spread totaled 440 basis points Total signed but not yet commenced new lease population represented 3.1 million square feet and a record $71.2 million of annualized base rent Reported an increase in same property NOI of 5.8%, including a contribution from base rent of 440 basis points Reported Nareit FFO of $178.6 million, or $0.58 per diluted share Stabilized $5.4 million of reinvestment projects at an average incremental NOI yield of 11%, with the in process reinvestment pipeline totaling $347.8 million at an expected average incremental NOI yield of 10% Completed $164.3 million of acquisitions and $15.1 million of dispositions Issued $400.0 million of 5.375% Senior Notes due 2036 Received a positive credit rating outlook from S&P Global Ratings Published the Company's annual Corporate Responsibility Report on June 18, 2026 (view the 2025 report at https://www.brixmor.com/corporate-responsibility)  Subsequent events:

Updated previously provided Nareit FFO per diluted share expectations for 2026 to $2.35 - $2.37 from $2.34 - $2.37 and same property NOI growth expectations for 2026 to 5.00% - 5.75% from 4.75% - 5.50% "Our team continued to execute at a high level during the second quarter, delivering strong leasing spreads, record small shop occupancy, and a record signed but not yet commenced rent pipeline," commented Brian T. Finnegan, Chief Executive Officer and President. "The embedded growth within our portfolio, combined with the momentum from our reinvestment program and recent acquisitions, provides outstanding visibility into future earnings growth and underpins our increased outlook for 2026."

FINANCIAL HIGHLIGHTS

The following table summarizes the Company's net income attributable to Brixmor Property Group Inc. and Nareit FFO: (Unaudited, dollars in millions, except per share amounts)

Three Months Ended

Six Months Ended

6/30/2026

6/30/2025

6/30/2026

6/30/2025

Net income attributable to Brixmor Property Group Inc.

$73.5

$85.1

$201.3

$154.9

Net income attributable to Brixmor Property Group Inc. per diluted share

$0.24

$0.28

$0.65

$0.50

Nareit FFO

$178.6

$171.5

$358.1

$342.6

Nareit FFO per diluted share

$0.58

$0.56

$1.16

$1.11

Items that impact FFO comparability

$(0.0)

$(0.3)

$(0.1)

$(0.3)

Items that impact FFO comparability, net per share

$(0.00)

$(0.00)

$(0.00)

$(0.00)

Same Property NOI Performance

For the three months ended June 30, 2026, the Company reported an increase in same property NOI of 5.8% versus the comparable 2025 period. For the six months ended June 30, 2026, the Company reported an increase in same property NOI of 6.1% versus the comparable 2025 period. Dividend

The Company's Board of Directors declared a quarterly cash dividend of $0.3075 per common share (equivalent to $1.23 per annum). The dividend is payable on October 15, 2026 to stockholders of record on October 2, 2026. PORTFOLIO AND INVESTMENT ACTIVITY

Value Enhancing Reinvestment Opportunities

During the three months ended June 30, 2026, the Company stabilized three value enhancing reinvestment projects with a total aggregate net cost of approximately $5.4 million at an average incremental NOI yield of 11% and added eight new reinvestment projects to its in process pipeline with a total aggregate net estimated cost of approximately $47.8 million at an expected average incremental NOI yield of 11%. The following table summarizes the Company's in process reinvestment pipeline as of June 30, 2026: (Dollars in millions)

Number of Projects

Net Estimated Costs

Expected NOI Yield

Anchor space repositioning

16

$79.2

7% - 14%

Outparcel development

13

23.0

14 %

Redevelopment

15

245.7

10 %

    Total

44

$347.8

10 %

Follow Brixmor on LinkedIn for video updates on reinvestment projects at https://www.linkedin.com/company/brixmor.  Acquisitions

As previously announced, during the three and six months ended June 30, 2026, the Company acquired four shopping centers for a combined purchase price of $164.3 million, including: Mayfair Shopping Center, a 221,010 square foot grocery-anchored community center located in the affluent Long Island suburb of Commack, New York, for $70.0 million, including redeemable preferred units of the Company's operating partnership, Brixmor Operating Partnership LP (the "Operating Partnership") and the assumption of indebtedness on the property. This is a milestone transaction for Brixmor as it marks the first time the Company has used redeemable preferred units of the Operating Partnership as currency for a portion of the acquisition price. Jones Crossing, a 163,472 square foot grocery-anchored community center located in the high-growth market of College Station, Texas, home to Texas A&M University, for $46.5 million. Vintage Marketplace, a 72,184 square foot grocery-anchored neighborhood center serving a high-traffic retail corridor in the northwest suburbs of Houston, Texas, for $32.7 million. Stanford Station, a 96,844 square foot neighborhood center located immediately adjacent to the Company's 23rd Street Station and Panama City Square properties in Panama City, Florida, for $15.1 million. Dispositions

During the three months ended June 30, 2026, the Company generated approximately $15.1 million of gross proceeds from the disposition of two shopping centers. During the six months ended June 30, 2026, the Company generated approximately $123.0 million of gross proceeds from the disposition of six shopping centers. CAPITAL STRUCTURE

On May 5, 2026, the Company's Operating Partnership issued $400.0 million aggregate principal amount of 5.375% Senior Notes due 2036. Proceeds were utilized to repay a portion of the $600.0 million 4.125% Senior Notes due 2026, which were fully repaid during the quarter. At June 30, 2026, the Company had $1.5 billion in liquidity. At June 30, 2026, the Company's net principal debt to adjusted EBITDA, current quarter annualized was 5.3x and net principal debt to adjusted EBITDA, trailing twelve months was 5.4x. GUIDANCE

The Company has updated its previously provided Nareit FFO per diluted share expectations for 2026 to $2.35 - $2.37 from $2.34 - $2.37 and  its same property NOI growth expectations for 2026 to 5.00% - 5.75% from 4.75% - 5.50%. Revenues deemed uncollectible are expected to total 60 - 85 basis points of total expected revenues in 2026. 2026 expectations do not include any additional items that impact FFO comparability, which include gain or loss on extinguishment of debt, net, and transaction expenses, net, or any other one-time items. The following table provides a reconciliation of the range of the Company's 2026 estimated net income attributable to Brixmor Property Group Inc. to Nareit FFO:  (Unaudited, dollars in millions, except per share amounts)

2026E

2026E Per
Diluted Share

Net income attributable to Brixmor Property Group Inc.

$353 - $359

$1.14  - $1.16

Depreciation and amortization related to real estate

427

1.39

Gain on sale of real estate assets

(62)

(0.20)

Impairment of real estate assets

6

0.02

    Nareit FFO

$724 - $730

$2.35 - $2.37

CONNECT WITH BRIXMOR

For additional information, please visit https://www.brixmor.com;  Follow Brixmor on: LinkedIn at https://www.linkedin.com/company/brixmor  Facebook at https://www.facebook.com/Brixmor  Instagram at https://www.instagram.com/brixmorpropertygroup; and YouTube at https://www.youtube.com/user/Brixmor.  CONFERENCE CALL AND SUPPLEMENTAL INFORMATION
The Company will host a teleconference on Tuesday, July 28, 2026 at 10:00 AM ET. To participate, please dial 877.704.4453 (domestic) or 201.389.0920 (international) within 15 minutes of the scheduled start of the call. The teleconference can also be accessed via a live webcast at  https://www.brixmor.com in the Investors section. A replay of the teleconference will be available through August 11, 2026 by dialing 844.512.2921 (domestic) or 412.317.6671 (international) (Passcode: 13760501) or via the web through July 28, 2027 at https://www.brixmor.com in the Investors section.

The Company's Supplemental Disclosure will be posted at https://www.brixmor.com in the Investors section. These materials are also available to all interested parties upon request to the Company at [email protected] or 800.468.7526.

NON-GAAP PERFORMANCE MEASURES
The Company presents the non-GAAP performance measures set forth below.  These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity.  Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP.  The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. A reconciliation of net income to these non-GAAP performance measures is presented in the attached tables.

Nareit FFO           
Nareit FFO is a supplemental, non-GAAP performance measure utilized to evaluate the operating and financial performance of real estate companies. Nareit defines FFO as net income (calculated in accordance with GAAP) excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis. Considering the nature of its business as a real estate owner and operator, the Company believes that Nareit FFO is useful to investors in measuring its operating and financial performance because the definition excludes items included in net income (calculated in accordance with GAAP) that do not relate to or are not indicative of the Company's operating and financial performance, such as depreciation and amortization related to real estate, and items which can make periodic and peer analyses of operating and financial performance more difficult, such as gains and losses from the sale of certain real estate assets and impairment write-downs of certain real estate assets.

Same Property NOI
Same property NOI is a supplemental, non-GAAP performance measure utilized to evaluate the operating performance of real estate companies.  Same property NOI is calculated (using properties owned for the entirety of both periods and excluding properties under development and completed new development properties that have been stabilized for less than one year) as total property revenues (base rent, expense reimbursements, adjustments for revenues deemed uncollectible, ancillary and other rental income, percentage rents, and other revenues) less direct property operating expenses (operating costs and real estate taxes). Same property NOI excludes (i) lease termination fees, (ii) straight-line rental income, net, (iii) accretion of below-market leases, net of amortization of above-market leases and tenant inducements, (iv) straight-line ground rent expense, net, (v) income or expense associated with the Company's captive insurance company, (vi) depreciation and amortization, (vii) impairment of real estate assets, (viii) general and administrative expense, and (ix) other income and expense (including interest expense and gain on sale of real estate assets). Considering the nature of its business as a real estate owner and operator, the Company believes that NOI is useful to investors in measuring the operating performance of its portfolio because the definition excludes various items included in net income that do not relate to, or are not indicative of, the operating performance of the Company's properties, such as lease termination fees, straight-line rental income, net, income or expense associated with the Company's captive insurance company,  accretion of below-market leases, net of amortization of above-market leases and tenant inducements, straight-line ground rent expense, net, depreciation and amortization, impairment of real estate assets, general and administrative expense, and other income and expense (including interest expense and gain on sale of real estate assets). The Company believes that same property NOI is also useful to investors because it further eliminates disparities in NOI by only including NOI of properties owned for the entirety of both periods presented and excluding properties under development and completed new development properties that have been stabilized for less than one year and therefore provides a more consistent metric for comparing the operating performance of the Company's real estate between periods.

Net Principal Debt to Adjusted EBITDA, current quarter annualized & Net Principal Debt to Adjusted EBITDA, trailing twelve months
Net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are supplemental non-GAAP measures utilized to evaluate the performance of real estate companies in relation to outstanding debt. Net principal debt is calculated as Debt obligations, net (calculated in accordance with GAAP) excluding net unamortized premium or discount and deferred financing fees less cash, cash equivalents, and restricted cash. Adjusted EBITDA is calculated as the sum of net income (calculated in accordance with GAAP) before non-controlling interests excluding (i) interest expense, (ii) federal and state taxes, (iii) depreciation and amortization, (iv) gains and losses from the sale of certain real estate assets, (v) gains and losses from change in control, (vi) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, (vii) gain (loss) on extinguishment of debt, net, and (viii) other items that the Company believes are not indicative of the Company's operating performance. Net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are calculated as net principal debt divided by quarterly annualized adjusted EBITDA or trailing twelve month adjusted EBITDA, respectively. Considering the nature of its business as a real estate owner and operator, the Company believes that net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are useful to investors in measuring its operating performance because they exclude items included in net income (calculated in accordance with GAAP) that do not relate to or are not indicative of the operating performance of the Company's real estate, are widely known and understood measures of performance, independent of a company's capital structure and items which can make periodic and peer analyses of performance more difficult, and can provide investors with a more consistent basis by which to compare the Company with its peers.

ABOUT BRIXMOR PROPERTY GROUP
Brixmor (NYSE: BRX) owns and operates a high-quality, national portfolio of open-air shopping centers. The Company's 346 retail centers comprise approximately 63 million square feet of prime retail space in established trade areas. Brixmor's properties reflect its vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a valued partner to a broad range of retailers, including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.

Brixmor announces material information to its investors in SEC filings and press releases and on public conference calls, webcasts and the "Investors" page of its website at https://www.brixmor.com. The Company also uses social media to communicate with its investors and the public, and the information Brixmor posts on social media may be deemed material information. Therefore, Brixmor encourages investors and others interested in the Company to review the information that it posts on its website and on its social media channels.

SAFE HARBOR LANGUAGE
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under the sections entitled "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at https://www.sec.gov. These factors include (1) changes in national, regional, and local economies, due to global events such as international geopolitical conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, general economic contractions, ongoing levels of inflation and interest rates, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio (defined hereafter); (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, privacy, data security, intellectual property rights, and taxes; and (10) cybersecurity incidents or other disruptions to information technology systems used by us, our tenants, or our vendors, which could compromise data or impair business operations. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except to the extent otherwise required by law.

CONSOLIDATED BALANCE SHEETS

Unaudited, dollars in thousands, except share information

As of

As of

6/30/2026

12/31/2025

Assets

Real estate

Land

$            1,864,583

$            1,849,779

Buildings and tenant improvements

9,430,205

9,296,849

Construction in progress

65,546

92,129

Lease intangibles

559,484

548,740

11,919,818

11,787,497

Accumulated depreciation and amortization

(3,708,299)

(3,588,646)

Real estate, net

8,211,519

8,198,851

Cash and cash equivalents

170,889

334,422

Restricted cash

15,230

27,108

Marketable securities

23,504

21,283

Receivables, net, including straight-line rent receivables of $249,808 and $237,837, respectively

305,579

315,128

Deferred charges and prepaid expenses, net

173,752

169,326

Real estate assets held for sale

-

4,551

Other assets

106,239

62,468

Total assets

$            9,006,712

$            9,133,137

Liabilities

Debt obligations, net

$            5,322,423

$            5,494,753

Accounts payable, accrued expenses and other liabilities

631,703

628,328

Total liabilities

5,954,126

6,123,081

Redeemable non-controlling interests

30,643

-

Equity

Common stock, $0.01 par value; authorized 3,000,000,000 shares;

 315,999,308 and 315,231,761 shares issued and 306,872,316 and 306,104,769

 shares outstanding

3,068

3,061

Additional paid-in capital

3,427,652

3,437,853

Accumulated other comprehensive income

12,140

1,722

Distributions in excess of net income

(421,159)

(432,822)

Total stockholders' equity

3,021,701

3,009,814

Non-controlling interests

242

242

Total equity

3,021,943

3,010,056

Total liabilities and equity

$            9,006,712

$            9,133,137

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited, dollars in thousands, except per share amounts

Three Months Ended

Six Months Ended

6/30/2026

6/30/2025

6/30/2026

6/30/2025

Revenues

Rental income

$            353,892

$            339,397

$            708,229

$            676,638

Other revenues

307

95

789

366

Total revenues

354,199

339,492

709,018

677,004

Operating expenses

Operating costs

44,227

39,877

86,141

79,088

Real estate taxes

44,279

43,559

89,682

88,452

Depreciation and amortization

110,258

103,277

215,460

208,874

Impairment of real estate assets

5,974

-

5,974

-

General and administrative

27,858

29,093

56,050

57,266

Total operating expenses

232,596

215,806

453,307

433,680

Other income (expense)

Dividends and interest

3,912

1,190

7,117

2,896

Interest expense

(60,898)

(54,409)

(120,290)

(108,493)

Gain on sale of real estate assets

9,820

15,755

61,917

18,825

Loss on extinguishment of debt, net

-

(296)

-

(296)

Other   

(775)

(780)

(3,036)

(1,373)

Total other expense

(47,941)

(38,540)

(54,292)

(88,441)

Net income

73,662

85,146

201,419

154,883

Net income attributable to non-controlling interests

(151)

(7)

(158)

(15)

Net income attributable to Brixmor Property Group Inc.

$              73,511

$              85,139

$            201,261

$            154,868

Net income attributable to Brixmor Property Group Inc. per common share:

Basic 

$                  0.24

$                  0.28

$                  0.65

$                  0.50

Diluted 

$                  0.24

$                  0.28

$                  0.65

$                  0.50

Weighted average shares:

Basic

307,183

306,975

307,115

306,923

Diluted

307,920

307,609

307,695

307,547

FUNDS FROM OPERATIONS (FFO)

Unaudited, dollars in thousands, except per share amounts

Three Months Ended

Six Months Ended

6/30/2026

6/30/2025

6/30/2026

6/30/2025

Net income attributable to Brixmor Property Group Inc.

$              73,511

$              85,139

$            201,261

$            154,868

Depreciation and amortization related to real estate

108,890

102,091

212,809

206,539

Gain on sale of real estate assets

(9,820)

(15,755)

(61,917)

(18,825)

Impairment of real estate assets

5,974

-

5,974

-

Nareit FFO

$            178,555

$            171,475

$            358,127

$            342,582

Nareit FFO per diluted share

$                  0.58

$                  0.56

$                  1.16

$                  1.11

Weighted average diluted shares outstanding

307,920

307,609

307,695

307,547

Items that impact FFO comparability

Transaction expenses, net

$                     (1)

$                     (1)

$                   (50)

$                   (22)

Loss on extinguishment of debt, net

-

(296)

-

(296)

Total items that impact FFO comparability 

$                     (1)

$                 (297)

$                   (50)

$                 (318)

Items that impact FFO comparability, net per share

$                (0.00)

$                (0.00)

$                (0.00)

$                (0.00)

Additional Disclosures

Straight-line rental income, net

$                5,854

$                9,781

$              13,793

$              17,262

Accretion of below-market leases, net of amortization of above-market leases and tenant inducements

3,689

4,174

7,798

6,689

Straight-line ground rent expense, net (1)

(161)

(141)

(321)

(275)

Dividends declared per share

$              0.3075

$              0.2875

$              0.6150

$              0.5750

Dividends declared

$              94,363

$              88,004

$            188,715

$            175,995

Dividend payout ratio (as % of Nareit FFO) 

52.8 %

51.3 %

52.7 %

51.4 %

(1) Straight-line ground rent expense, net is included in Operating costs on the Consolidated Statements of Operations.

SAME PROPERTY NOI ANALYSIS

Unaudited, dollars in thousands

Three Months Ended

Six Months Ended

6/30/2026

6/30/2025

Change

6/30/2026

6/30/2025

Change

Same Property NOI Analysis

Number of properties

337

337

- %

337

337

- %

Percent billed

90.3 %

89.8 %

0.5 %

90.3 %

89.8 %

0.5 %

Percent leased

94.7 %

94.4 %

0.3 %

94.7 %

94.4 %

0.3 %

Revenues

Base rent

$      239,766

$      229,431

$      477,353

$      457,597

Expense reimbursements

78,510

73,423

157,569

149,188

Revenues deemed uncollectible

(1,495)

(2,318)

(3,071)

(4,698)

Ancillary and other rental income / Other revenues

10,469

8,979

18,801

14,567

Percentage rents

2,774

2,774

7,754

6,717

330,024

312,289

5.7 %

658,406

623,371

5.6 %

Operating expenses 

Operating costs

(41,787)

(38,177)

(81,351)

(75,619)

Real estate taxes

(42,813)

(42,157)

(86,407)

(85,429)

(84,600)

(80,334)

5.3 %

(167,758)

(161,048)

4.2 %

Same property NOI

$      245,424

$      231,955

5.8 %

$      490,648

$      462,323

6.1 %

NOI margin

74.4 %

74.3 %

74.5 %

74.2 %

Expense recovery ratio

92.8 %

91.4 %

93.9 %

92.6 %

Percent Contribution to Same Property NOI Performance:

Change

Percent
Contribution

Change

Percent
Contribution

Base Rent

$        10,335

4.4 %

$        19,756

4.3 %

Revenues deemed uncollectible

823

0.4 %

1,627

0.3 %

Net expense reimbursements

821

0.4 %

1,671

0.4 %

Ancillary and other rental income / Other revenues

1,490

0.6 %

4,234

0.9 %

Percentage rents

-

0.0 %

1,037

0.2 %

5.8 %

6.1 %

Reconciliation of Net income attributable to Brixmor Property Group Inc. to Same Property NOI

Net income attributable to Brixmor Property Group Inc.

$        73,511

$        85,139

$      201,261

$      154,868

Adjustments:

Non-same property NOI

(8,145)

(8,935)

(16,905)

(18,002)

Lease termination fees

(2,742)

(1,352)

(4,372)

(5,463)

Straight-line rental income, net

(5,854)

(9,781)

(13,793)

(17,262)

Accretion of below-market leases, net of amortization of above-market leases and tenant inducements

(3,689)

(4,174)

(7,798)

(6,689)

Straight-line ground rent expense, net

161

141

321

275

Depreciation and amortization 

110,258

103,277

215,460

208,874

Impairment of real estate assets

5,974

-

5,974

-

General and administrative 

27,858

29,093

56,050

57,266

Total other expense

47,941

38,540

54,292

88,441

Net income attributable to non-controlling interests

151

7

158

15

Same Property NOI

$      245,424

$      231,955

$      490,648

$      462,323

EBITDA & RECONCILIATION OF DEBT OBLIGATIONS, NET TO NET PRINCIPAL DEBT

Unaudited, dollars in thousands

Three Months Ended 

Six Months Ended

6/30/2026

6/30/2025

6/30/2026

6/30/2025

Net income

$              73,662

$              85,146

$            201,419

$            154,883

Interest expense

60,898

54,409

120,290

108,493

Federal and state taxes

744

753

1,683

1,460

Depreciation and amortization

110,258

103,277

215,460

208,874

EBITDA

245,562

243,585

538,852

473,710

Gain on sale of real estate assets

(9,820)

(15,755)

(61,917)

(18,825)

Impairment of real estate assets

5,974

-

5,974

-

EBITDAre

$            241,716

$            227,830

$            482,909

$            454,885

EBITDAre

$            241,716

$            227,830

$            482,909

$            454,885

Transaction expenses, net

1

1

50

22

Loss on extinguishment of debt, net

-

296

-

296

Total adjustments 

1

297

50

318

Adjusted EBITDA

$            241,717

$            228,127

$            482,959

$            455,203

Adjusted EBITDA

$            241,717

$            228,127

$            482,959

$            455,203

Straight-line rental income, net

(5,854)

(9,781)

(13,793)

(17,262)

Accretion of below-market leases, net of amortization of above-market leases and tenant inducements

(3,689)

(4,174)

(7,798)

(6,689)

Straight-line ground rent expense, net (1)

161

141

321

275

Total adjustments 

(9,382)

(13,814)

(21,270)

(23,676)

Cash Adjusted EBITDA

$            232,335

$            214,313

$            461,689

$            431,527

(1) Straight-line ground rent expense, net is included in Operating costs on the Consolidated Statements of Operations.

Reconciliation of Debt Obligations, Net to Net Principal Debt

As of

6/30/2026

Debt obligations, net

$         5,322,423

Less: Net unamortized premium

(7,452)

Add: Deferred financing fees

33,982

Less: Cash, cash equivalents and restricted cash

(186,119)

Net Principal Debt

$         5,162,834

Adjusted EBITDA, current quarter annualized

$            966,868

Net Principal Debt to Adjusted EBITDA, current quarter annualized

5.3x

Adjusted EBITDA, trailing twelve months

$            953,871

Net Principal Debt to Adjusted EBITDA, trailing twelve months

5.4x

SOURCE Brixmor Property Group Inc.