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Ferguson Wellman Capital Management Inc. lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 0.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 707,464 shares of the semiconductor manufacturer’s stock after purchasing an additional 6,399 shares during the period. Broadcom comprises about 3.3% of Ferguson Wellman Capital Management Inc.’s holdings, making the stock its 6th largest position. Ferguson Wellman Capital Management Inc.’s holdings in Broadcom were worth $267,244,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. ROSS JOHNSON & Associates LLC boosted its holdings in shares of Broadcom by 1,320.0% in the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 66 shares during the period. SWAN Capital LLC increased its holdings in shares of Broadcom by 261.9% in the 4th quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock valued at $26,000 after acquiring an additional 55 shares during the period. Networth Advisors LLC raised its position in Broadcom by 546.2% in the 1st quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 71 shares during the last quarter. Harborfront Financial Group LLC purchased a new stake in Broadcom in the 2nd quarter valued at $38,000. Finally, Cherry Tree Wealth Management LLC boosted its stake in Broadcom by 44.9% during the 4th quarter. Cherry Tree Wealth Management LLC now owns 129 shares of the semiconductor manufacturer’s stock worth $45,000 after purchasing an additional 40 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 3.0% AVGO stock opened at $368.56 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29. The company’s 50 day simple moving average is $383.09 and its 200-day simple moving average is $378.02. Broadcom Inc. has a 12 month low of $289.96 and a 12 month high of $495.00. The firm has a market capitalization of $1.75 trillion, a PE ratio of 47.07 and a beta of 1.44.

Broadcom (NASDAQ:AVGO – Get Free Report) last issued its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.22 by $0.10. The firm had revenue of $29.59 billion during the quarter, compared to the consensus estimate of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%.The company’s quarterly revenue was up 85.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.69 EPS. Equities analysts expect that Broadcom Inc. will post 10.25 earnings per share for the current fiscal year. Broadcom Dividend Announcement The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Monday, September 21st will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. Broadcom’s dividend payout ratio (DPR) is presently 33.21%.

Wall Street Analyst Weigh In AVGO has been the subject of a number of research reports. Cantor Fitzgerald upped their target price on shares of Broadcom from $525.00 to $600.00 and gave the company an “overweight” rating in a report on Thursday, September 3rd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $515.00 price objective (up from $430.00) on shares of Broadcom in a research report on Thursday, June 4th. Lake Street Capital upgraded shares of Broadcom to a “buy” rating in a research note on Thursday, September 3rd. Benchmark lifted their target price on shares of Broadcom from $485.00 to $545.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Finally, Raymond James Financial restated an “outperform” rating and issued a $475.00 price objective (up from $450.00) on shares of Broadcom in a research report on Thursday, September 3rd. Thirty investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average target price of $504.93.

Read Our Latest Analysis on AVGO

Insider Buying and Selling In related news, Director Justine Page sold 1,602 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $373.86, for a total value of $598,923.72. Following the completion of the transaction, the director owned 17,426 shares of the company’s stock, valued at approximately $6,514,884.36. The trade was a 8.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark Brazeal sold 25,000 shares of the firm’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $401.33, for a total transaction of $10,033,250.00. Following the sale, the insider directly owned 194,989 shares in the company, valued at $78,254,935.37. This represents a 11.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 61,644 shares of company stock worth $24,016,214. 1.90% of the stock is owned by company insiders.

Trending Headlines about Broadcom Here are the key news stories impacting Broadcom this week:

Positive Sentiment: Broadcom’s latest results showed powerful AI momentum: AI semiconductor revenue increased 221% to $16.7 billion, while management raised its fiscal 2027 AI revenue outlook to approximately $115 billion, up from more than $100 billion previously. Some projections cited in the coverage point to $230 billion in AI revenue by fiscal 2028. Broadcom’s AI Forecast Suggests Hyperscalers Want More Than Nvidia GPUs Positive Sentiment: Analysts continue to raise their expectations, with Cantor reportedly assigning a $600 price target. Bullish analysts argue that hyperscalers increasingly want custom accelerators, AI networking and complete data-center architectures—not only Nvidia GPUs—giving Broadcom a larger role in inference and other workloads. Top Analyst Sets $600 Broadcom Stock Target Positive Sentiment: A multi-generation Amazon AI-silicon agreement with Qualcomm also highlights the growing data-center market for custom chips. Although Qualcomm is the direct beneficiary, the deal reinforces the strategic importance of custom silicon and supports the broader investment case for Broadcom’s design and networking business. Qualcomm Amazon AI Silicon Deal Neutral Sentiment: The post-earnings reaction has been mixed because investors are scrutinizing near-term guidance, Broadcom’s share of customers’ tensor processing unit programs, and whether constrained chip supply can keep pace with demand. Wall Street remains broadly optimistic, but expectations are exceptionally high. Despite Post-Earnings Drop, Wall Street Analysts Eye New Highs for Broadcom Stock Negative Sentiment: Bearish coverage points to margin pressure, customer concentration, supply constraints and a premium valuation—Broadcom trades at roughly 47 times earnings—leaving limited room for execution mistakes. These concerns help explain why strong earnings did not produce a uniformly positive market response. Broadcom Buy, Sell or Hold Analysis About Broadcom (Free Report)

Broadcom Inc (NASDAQ:AVGO) designs, develops and supplies semiconductor and infrastructure software products for businesses, telecommunications providers and other organizations worldwide. Its semiconductor portfolio includes networking and connectivity components, custom application-specific integrated circuits, broadband and wireless communications products, storage adapters, optical components, and industrial solutions.

The company also provides enterprise infrastructure software through businesses including VMware, which offers virtualization and private- and hybrid-cloud solutions; mainframe and enterprise software; and cybersecurity products.

Featured Stories Five stocks we like better than Broadcom Tesla’s Robotaxi Launch Wasn’t the Moment Investors Expected Despite Post-Earnings Drop, Wall Street Analysts Eye New Highs for Broadcom Stock Morgan Stanley Eyes Good Things Ahead for Meta After $18 Billion Legal Settlement Q3 Earnings Could Be the Catalyst the Market Has Been Waiting For Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO – Free Report).

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Resource-conversion and resource-addition drilling returned multiple high-grade silver and gold intercepts across the San Dimas district

New drilling results at Convención and El Cristo have expanded the exploration footprint and support the potential for future Mineral Resource growth

Vancouver, British Columbia--(Newsfile Corp. - September 9, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce positive drill results from its ongoing 2026 exploration program at its San Dimas Silver/Gold Mine in Durango, Mexico. Recent resource-conversion and resource-addition drilling has returned multiple high-grade silver and gold intercepts across several areas of the San Dimas district, supporting near-mine Mineral Resource conversion and growth opportunities. Additionally, new drill results at Convención and El Cristo have expanded the district's exploration footprint and identified additional targets for follow-up drilling as part of the Company's 2026 exploration program, which includes approximately 117,000 metres ("m") of planned drilling.

"San Dimas continues to validate its position as one of our most prospective and enduring mining districts," stated Keith Neumeyer, CEO of First Majestic. "The latest drill results have returned multiple high-grade silver and gold intercepts from both resource-conversion and resource-addition programs, reinforcing the near-mine growth potential of established vein systems while expanding the exploration footprint at Convención and El Cristo. With approximately 117,000 metres of drilling planned in 2026, we are advancing one of the Company's largest exploration programs, focused on Mineral Resource conversion, testing new targets and identifying additional growth opportunities throughout the San Dimas district."

KEY DRILLING HIGHLIGHTS

Exploration drilling at San Dimas has intersected significant silver ("Ag") and gold ("Au") mineralization across multiple vein systems, supporting both near-mine Mineral Resource conversion and broader district exploration opportunities. A total of approximately 89,000 m of exploration drilling has been completed year-to-date in 2026, of the planned approximately 117,000 m program, with work focused on resource-conversion and resource-addition drilling in the West Block, Central Block and Graben block, together with follow-up drilling in the El Cristo mine area and continued target testing in the East/Arana Block.

Recent results include high-grade intercepts from resource-conversion and resource-addition drilling within the Sinaloa-Elia vein complex, continued expansion of the mineralized footprint at the Coronado-Carmen Escobosa vein system in the West Block, confirmation of a new target north of the Jessica vein at Convención, and encouraging early results from the Luz and Patricia veins within the El Cristo mine area. Selected significant intercepts are summarized in Table 1, and the principal target areas are shown in Figure 1.

Table 1: Selection of Significant Silver and Gold Drill Hole Intersections from the San Dimas 2026 Drill Program

DrillholeTargetSignificant InterceptsFromToTrue WidthAgAuAgEq(m)(m)(m)(g/t)(g/t)(g/t)Sinaloa - Elia ComplexELI26X-08Sinaloa - Elia198.50200.852.041,37721.382,980ELI26X-10Sinaloa - Elia191.50192.700.882,60443.085,835ELI25X-58Sinaloa - Elia218.10221.351.751,07024.512,908ELI26X-22Sinaloa - Elia342.60345.301.9967315.151,809ELI26X-07Sinaloa - Elia177.55183.654.453734.75729Coronado - Carmen Escobosa ComplexCOR26X-06Coronado588.75594.704.222462.94466CMNE26X-02Carmen Escobosa327.00329.751.585886.051,042CMNE26X-04Carmen Escobosa303.00307.653.421751.87315Convención Vein TargetSJE26X-08Convención310.70314.052.572512.56433SJE26X-10Convención358.70361.801.552812.81492El Cristo Mine AreaLUZ26X-02Luz511.30513.001.302,62558.256,994LUZ26X-03Patricia391.15393.351.691,89528.914,063

Figure 1: San Dimas District Vein Occurrence Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_001full.jpg

Sinaloa-Elia Vein Complex

Resource-addition and infill drilling at the historic Sinaloa-Elia vein complex has returned multiple high-grade silver and gold intercepts, further supporting the continuity and Mineral Resource growth potential of the system. New drill results extend the footprint of known mineralization beyond the current Mineral Resources to the east, west and locally down dip. Infill drilling has also returned thick, high-grade intercepts that support increased confidence in the mineralized system and the potential conversion of Inferred Mineral Resources to Indicated Mineral Resources, providing additional support for future mine planning (Figure 2).

Table 2: Selection of Significant Silver and Gold Drill Hole Intersections at the Sinaloa-Elia Vein Complex

DrillholeTargetSignificant InterceptsFromToTrue WidthAgAuAgEq(m)(m)(m)(g/t)(g/t)(g/t)ELI26X-08Sinaloa - Elia198.50200.852.041,37721.382,980ELI26X-10Sinaloa - Elia191.50192.700.882,60443.085,835ELI25X-58Sinaloa - Elia218.10221.351.751,07024.512,908ELI26X-22Sinaloa - Elia342.60345.301.9967315.151,809ELI26X-07Sinaloa - Elia177.55183.654.453734.75729

Figure 2: Sinaloa and Elia Veins, Vertical Long Section, Looking North

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_002full.jpg

Convención Vein

Geological analysis and targeting around the Jessica vein identified several historic anomalous vein and breccia intercepts that were reinterpreted as evidence for the presence of a hanging wall structure. Initial drill testing of this target returned five significant intercepts in seven holes, supporting the exploration hypothesis (Figure 3). The structure, the Convención vein, was intersected approximately 100 m north of Jessica and may represent a potential near-term mining opportunity. The target vein remains open in multiple directions, supporting additional follow-up drilling in the area (Figure 4).

Table 3: Selection of Significant Silver and Gold Drill Hole Intersections at the Convención Vein

DrillholeTargetSignificant InterceptsFromToTrue WidthAgAuAgEq(m)(m)(m)(g/t)(g/t)(g/t)SJE26X-08Convención310.70314.052.572512.56433SJE26X-10Convención358.70361.801.552812.81492

Figure 3: Santa Jessica Vein and New Convención Vein Geologic Interpretation, 1050 Level Plan, Looking Down

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_003full.jpg

Figure 4: Convención Long Section with Santa Jessica Historic Mining Footprint Shown for Reference, Looking North

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_004full.jpg

Coronado - Carmen Escobosa Complex

Drilling in the West Block has focused on the Coronado and Carmen Escobosa veins. Results from 2025 were incorporated into the Inferred Mineral Resources for San Dimas and provided the basis for follow-up drilling in 2026. Results received to date support the interpretation of Coronado and Carmen Escobosa as a two-vein mineralized system with continued potential for Mineral Resource addition (Figure 5).

At Carmen Escobosa, five drill holes testing the western continuity of mineralization, together with a drill hole targeting the eastern extension, returned significant intercepts. The target remains open for approximately 400 m to the west of these new intercepts, supporting additional follow-up drilling along strike (Figure 6). At Coronado, three drill holes testing the continuity of mineralization to the west also returned significant intercepts, further supporting the potential to expand the mineralized footprint in the West Block (Figure 7).

Table 4: Selection of Significant Silver and Gold Drill Hole Intersections at the Coronado - Carmen Escobosa Complex

DrillholeTargetSignificant InterceptsFromToTrue WidthAgAuAgEq(m)(m)(m)(g/t)(g/t)(g/t)COR26X-06Coronado588.75594.704.222462.94466CMNE26X-02Carmen Escobosa327.00329.751.585886.051,042CMNE26X-04Carmen Escobosa303.00307.653.421751.87315

Figure 5: Coronado and Carmen Escobosa Geologic Model, 700 Level Plan, Looking Down

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_005full.jpg

Figure 6: Carmen Escobosa Long Section, Looking North

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_006full.jpg

Figure 7: Coronado Long Section, Looking North

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_007full.jpg

El Cristo Mine

Exploration activities have expanded to include the El Cristo mine area, the southernmost historically mined areas on the property. Results to date have returned high-grade silver and gold intercepts from the Luz and Patricia veins, supporting follow-up drilling to evaluate the continuity and extent of mineralization. Select drill hole assay results and true-width vein intersections include:

Table 5: Selection of Significant Silver and Gold Drill Hole Intersections at the El Cristo Mine

DrillholeTargetSignificant InterceptsFromToTrue WidthAgAuAgEq(m)(m)(m)(g/t)(g/t)(g/t)LUZ26X-02Luz511.30513.001.302,62558.256,994LUZ26X-03Patricia391.15393.351.691,89528.914,063

Figure 8: El Cristo Mine Area, La Luz Vein Long Section, Looking Northwest

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_008full.jpg

The 2026 drill program at San Dimas is expected to continue advancing near-mine Mineral Resource conversion while testing additional targets across the district. Results received to date support the potential for Mineral Resource growth within established vein systems and highlight new opportunities at Convención and El Cristo for follow-up drilling.

Table 6: Selection of Significant Silver and Gold Drill Hole Intercepts at San Dimas

DrillholeTargetTarget TypeSignificant InterceptsFromToTrue WidthAuAgAgEq(m)(m)(m)(g/t)(g/t)(g/t)COR25X-15Carmen EscobosaResource addition432.75434.651.652.52255444COR25X-19Carmen EscobosaResource addition457.90461.653.331.85164303COR26X-02CoronadoResource addition467.80469.751.320.74118174COR26X-03Carmen EscobosaResource addition617.75619.351.313.06281511COR26X-06Coronado 1Resource addition588.75594.704.222.94246466
Include 1Resource addition589.10590.000.646.445441027
Include 2Resource addition591.15591.700.398.246471264
Coronado 2Resource addition597.70604.254.631.32105204COR26X-08CoronadoResource addition550.70556.803.051.33121221CMNE26X-01Carmen EscobosaResource addition373.20374.901.201.24125218CMNE26X-02Carmen EscobosaResource addition327.00329.751.586.055881042
Include 1Resource addition328.00329.000.5712.4812082144CMNE26X-04Carmen EscobosaResource addition303.00307.653.421.87175315CMNE26X-05Carmen EscobosaResource addition407.05410.302.491.45137246ELI25X-58Sinaloa - EliaResource conversion218.10221.351.7524.5110702908
Include 1Resource conversion218.75219.800.5674.0031708720ELI25X-59Sinaloa - EliaResource addition307.85310.151.552.12173332
Include 1Resource addition309.00309.450.307.435251082ELI26X-01Sinaloa - EliaResource addition252.85256.102.301.2881177ELI26X-02Sinaloa - EliaResource addition337.95339.251.181.45103212ELI26X-03FW VeinResource conversion117.70118.800.781.05104182ELI26X-03Sinaloa - EliaResource conversion123.25124.751.0622.65921791
Include 1Resource conversion124.35124.750.2884.412066537ELI26X-05Sinaloa - EliaResource conversion149.80150.800.716.65348847ELI26X-07Sinaloa - EliaResource conversion177.55183.654.454.75373729
Include 1Resource conversion182.30183.650.9816.6013802625ELI26X-08Sinaloa - EliaResource conversion198.50200.852.0421.3813772980
Include 1Resource conversion198.50200.401.6526.0516803634
HW VeinResource conversion219.95222.802.267.89329920
Include 1Resource conversion219.95220.850.7115.876121802ELI26X-09FW VeinResource conversion174.05175.201.003.77300582
Sinaloa - EliaResource conversion191.40192.851.1111.6568941
Include 1Resource conversion192.45192.850.3141.231613253
HW VeinResource conversion206.45208.801.804.69315667
Include 1Resource conversion206.45207.400.736.685051006ELI26X-10FW VeinResource conversion128.65129.600.780.98108182
Sinaloa - EliaResource conversion191.50192.700.8843.0826045835
Include 1Resource conversion192.00192.700.5270.5242359524
HW VeinResource conversion196.10197.451.004.80372732ELI26X-11Sinaloa - EliaResource conversion255.00258.802.687.93344939
Include 1Resource conversion256.20257.250.7423.1010502783ELI26X-13Sinaloa - EliaResource conversion120.95122.200.961.17105193ELI26X-14Sinaloa - EliaResource conversion275.25277.201.206.44369852
Include 1Resource conversion275.85276.400.3422.7613013008
HW VeinResource conversion296.75298.601.132.07103258ELI26X-16FW VeinResource conversion119.70120.550.801.09128210
VeinResource conversion159.40162.101.553.30155402
Sinaloa - EliaResource conversion179.10181.902.483.64134407ELI26X-19FW VeinResource conversion164.60166.050.961.5263177
Sinaloa - EliaResource conversion167.05168.801.162.51141329ELI26X-21Sinaloa - EliaResource conversion137.75138.800.8012.969041876
VeinResource conversion216.75218.301.001.02104180
VeinResource conversion225.20227.651.732.19247411
Include 1Resource conversion225.20225.950.535.046291007ELI26X-22VeinResource addition308.70311.202.223.16172409
Include 1Resource addition308.70309.100.3513.106501633
VeinResource addition342.60345.301.9915.156731809
Include 1Resource addition342.60344.351.2922.589812675SIN25X-21Sinaloa - EliaResource addition633.75635.250.963.06208438SIN26X-01VeinResource addition234.05235.701.523.89171463
Sinaloa - EliaResource addition396.45397.651.134.27258578SIN26X-03Sinaloa - EliaResource addition189.10190.901.4311.047831611
Include 1Resource addition189.60190.901.0313.709601988SIN26X-07Sinaloa - EliaResource addition136.40137.300.7013.057701749
Include 1Resource addition136.80137.300.3921.1512362822SIN26X-08Sinaloa - EliaResource addition182.35184.001.065.51393806SIN26X-11Sinaloa - EliaResource addition239.90240.900.9120.0413002803SIN26X-13Sinaloa - EliaResource addition126.45127.600.7010.142921053
IncludeResource addition126.45126.950.3022.265702240SIN26X-14Sinaloa - EliaResource addition210.70213.752.168.737821437
IncludeResource addition212.90213.200.2150.7349188723SIN26X-15Sinaloa - EliaResource addition175.20176.951.1218.868922306
Include 1Resource addition175.20176.100.5829.6613283552SIN26X-15Include 2Resource addition176.60176.950.177.434981055SJE26X-06ConvenciónResource addition245.80246.850.741.24152244SJE26X-08ConvenciónResource addition310.70314.052.572.56251443SJE26X-10ConvenciónResource addition358.70361.801.552.81281492
Include 1Resource addition359.45360.200.385.865641004CNV26X-01ConvenciónResource addition321.10322.200.851.01133209CNV26X-03ConvenciónResource addition265.90268.951.961.78166299ROBBIN26S-03VeinResource addition272.85273.950.716.7438544ROT26X-01RobertaResource conversion227.20228.200.794.04414717ROT26X-04VeinResource conversion3.255.702.260.93146216
RobertaResource conversion100.00101.450.831.42140247ROT26X-06RobertitaResource conversion11.2012.651.112.12180339ROT26X-11VeinResource addition14.6017.201.202.21242408
Include 1Resource conversion16.8517.200.167.017801306ROT26X-13San EnriqueResource addition27.1029.001.221.60215335
includeResource addition92.4593.300.740.86131196
VeinResource addition163.50164.600.719.1324709SRE26X-03Santa ReginaResource addition183.30192.005.591.75173304
Include 1Resource addition190.55190.950.266.797331242SRE26X-04Santa ReginaResource addition135.25137.151.720.87152217SRE26X-12Santa ReginaResource addition201.45203.451.292.09205362
VeinResource addition211.00212.501.232.41213394
Include 1Resource addition211.95212.500.456.405661046
San JuanResource addition216.85218.200.871.06147227ROS26X-01RosarioResource addition196.55197.700.886.9813551879
Include 1Resource addition197.10197.700.4612.7925003459
RosarioResource addition200.00206.805.212.91593811
Include 1Resource addition200.00202.201.696.3311731648NBU26X-02Noche BuenaResource conversion254.50255.600.933.33303553
Include 1Resource conversion255.20255.600.346.175781041NBU26X-03Noche BuenaResource conversion276.60277.450.726.756491155NBU26X-04Noche BuenaResource conversion310.65311.650.911.00105180LUZ26X-02LuzResource conversion511.30513.001.3058.2526256994
Include 1Resource conversion512.25513.000.57131.72582715706LUZ26X-03PatriciaResource conversion391.15393.351.6928.9118954063
Include 1Resource conversion392.05393.351.0047.4431036661LUZ26X-05GertrudisResource conversion117.10118.951.777.804401025
Include 1Resource conversion117.10117.750.6220.5612092751LUZ26X-06LuzResource conversion130.70131.450.704.29187509LUZ26X-10LuzResource addition112.60113.651.033.87397687LUZ26X-12LuzResource conversion212.55215.001.021.52120234LUZ26X-13LuzResource addition223.60224.951.108.685171168
IncludeResource addition224.25224.950.5715.799072091ARN26X-01ARANA 1Resource addition627.25629.701.100.05348352
ARANA 2Resource addition638.05639.650.800.19895909
includeResource addition638.55639.650.550.2512111230  
Notes:

All holes are Diamond Drill Core; AgEq grade = Ag grade (g/t) + [Au (g/t) * 75].From and To length indicated in metres, True Width of the intercept is calculated per drill hole and vein angles.See Appendix to this news release for details regarding drill hole locations, sample type, azimuth, dip and total depth.San Dimas: silver and gold drill hole significant intercepts were composited using the length weighted averages of uncapped sample assays, a 171g/t AgEq minimum grade (cut-off grade, "COG"), and a minimum composite length of 0.7 m (true width). A maximum of 1 m below the minimum COG was allowed as internal dilution. Where necessary to achieve minimum length, a single sample below the COG but grading >70g/t AgEq was allowed to be composited for short intervals.Where present, single samples or intercepts with assay results higher than 1000 g/t AgEq are highlighted as "Include" in each intercept.First Majestic's drill programs follow established Quality Assurance/Quality Control ("QA/QC") protocols with standards, blanks, and duplicates inserted into the sample stream. After geological logging, all drill core samples are cut in half. One half of the core is submitted to the laboratory for analysis, and the remaining half core is retained on-site for verification and reference purposes or future metallurgical testing.

Core samples are submitted to First Majestic's Central Laboratory ("Central Laboratory") (ISO 9001:2015). At the Central Laboratory, gold is analyzed by 30 g fire assay atomic absorption finish (AU-AA13). Results above 10 g/t gold are re-analyzed by 30 g fire assay gravimetric finish (ASAG-14). Silver is analyzed by 3-acid digestion atomic absorption finish (AAG-13). Results above 100 g/t silver are re-analyzed by 30 g fire assay gravimetric finish (ASAG-14, ASAG-13).

For further information concerning QA/QC and data verification matters, key assumptions, parameters, and methods used by the Company to estimate Mineral Reserves and Mineral Resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of Mineral Reserves and Mineral Resources, see the Company's most recently filed Annual Information Form available under the Company's SEDAR+ profile at www.sedarplus.ca and the Company's most recently filed Annual Report on Form 40-F, available on the Company's website at www.firstmajestic.com and filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.

QUALIFIED PERSONS

Gonzalo Mercado, P. Geo., the Company's Vice-President of Exploration and Technical Services and a "Qualified Person" as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed and approved the scientific and technical information contained in this news release. Mr. Mercado has verified the exploration data contained in this news release, including the sampling, analytical, and test data underlying such information.

ABOUT FIRST MAJESTIC

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Santa Elena Silver/Gold Mine, the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold Mine located in northeastern Nevada, U.S.A, which the Company is currently in the process of re-starting.

First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.

FIRST MAJESTIC SILVER CORP.

"signed"

Keith Neumeyer, CEO

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends. Forward-looking statements in this news release include but are not limited to statements with respect to: the total number of metres planned to be drilled at San Dimas in 2026; the potential for future Mineral Resource growth at San Dimas; the potential for the Convención vein to represent a near-term mining opportunity at San Dimas; and the Company's plans for the remainder of the 2026 drill program at San Dimas and the results of such program. Assumptions may prove to be incorrect and actual results and future events may differ materially from those anticipated. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions, or expectations upon which they are placed will occur. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: material adverse changes; general economic conditions including inflation risks; labour relations; relations with local communities; changes in national or local governments; exchange rate fluctuations; environmental risks; requirements for additional capital; outcomes of pending litigation; unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the Company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations as well as those factors discussed in the section entitled "Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2025 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca and in the Company's Annual Report on Form 40-F for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended.

The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

Cautionary Note to United States Investors

The Company is a "foreign private issuer" as defined in Rule 3b-4 under the United States Securities Exchange Act of 1934, as amended, and is eligible to rely upon the Canada-U.S. Multi-Jurisdictional Disclosure System, and is therefore permitted to prepare the technical information contained herein in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the securities laws currently in effect in the United States. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Technical disclosure contained in this news release has not been prepared in accordance with the requirements of United States securities laws and uses terms that comply with reporting standards in Canada with certain estimates prepared in accordance with NI 43-101.

NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning the issuer's material mineral projects.

APPENDIX - DRILL HOLE DETAILS

Table A1: Drill hole collar location, sample type, azimuth, dip and total depth.

DrillholeEastNorthElevationAzimuthDipDepth 
(m)TypeCOR25X-15397620266760557933216807CoreCOR25X-19397623266758457931711876CoreCOR26X-0239699926683951215168-59573CoreCOR26X-03397700266755957834815846CoreCOR26X-0639699926683951215141-66660CoreCOR26X-0839699926683951215164-70630CoreCMNE26X-013971462667860104886-47438CoreCMNE26X-023971452667860104861-83501CoreCMNE26X-0439714526678601048204-71369CoreCMNE26X-053971422667860104969-72474CoreELI25X-584002492666593395333-26258CoreELI25X-594003192667087550143-22432CoreELI26X-014002502666593395333-27312CoreELI26X-024003192667087550129-15429CoreELI26X-034002492666593395338-22312CoreELI26X-054002492666592395306-12399CoreELI26X-074002492666593395319-20201CoreELI26X-084002492666593395318-26258CoreELI26X-094002492666592395303-22222CoreELI26X-104002492666593395325-24225CoreELI26X-114002492666593395330-29273CoreELI26X-134002502666593395338-21276CoreELI26X-144002492666593395342-29318CoreELI26X-164002492666593395347-22294CoreELI26X-194003852666629376338-4249CoreELI26X-214003852666629376338-13450CoreELI26X-224003852666629376334-24507CoreSIN25X-213993102666219500302-30231CoreSIN26X-014001432666431464311-15471CoreSIN26X-033993082666219500271-1351CoreSIN26X-073993092666219500288-11195CoreSIN26X-083993082666218499276-10270CoreSIN26X-1139930826662185002652345CoreSIN26X-1339930826662195002814162CoreSIN26X-1439930826662185002649276CoreSIN26X-1539930826662185002717258CoreSJE26X-06400853267128311723353324CoreSJE26X-0840085426712831172352-27387CoreSJE26X-1040085426712831171347-33555CoreCNV26X-0140085326712831172340-20441CoreCNV26X-0340085326712831172342-10342CoreROBBIN26S-0339940826715321196115-86288CoreROT26X-01401987266915643234456258CoreROT26X-04401780266911672731036165CoreROT26X-0640178226691167281041192CoreROT26X-11401783266911672546-16381CoreROT26X-13401784266911672555-14324CoreSRE26X-04399738267066199580-23198CoreSRE26X-1239973826706639969517342CoreROS26X-01400044266539355717615255CoreNBU26X-024010182671218118319911291CoreNBU26X-034010182671219118319916300CoreLUZ26X-02404682266478359616712564CoreLUZ26X-03404681266478459616820594CoreLUZ26X-0540468226647825961681582CoreLUZ26X-06404886266422460232230162CoreLUZ26X-104048872664223600323-2174CoreLUZ26X-124048892664224601527309CoreLUZ26X-13404888266422460235242228CoreARN26X-014051092673471143194-451302Core  
Notes:

All drill hole collar coordinates are determined using total station equipment after hole completion with UTM WGS84, Zone 13 (metres) as the reference system.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/313544

Source: First Majestic Silver Corp.

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 | Source: Sysco Corporation

HOUSTON, Sept. 09, 2026 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) (“Sysco” or the “Company”) is reaffirming its fiscal 2027 financial guidance (originally issued on August 4, 2026) ahead of the Company’s webcast presentation from the Barclays 19th Annual Global Consumer Staples Conference in Boston scheduled for today, Wednesday, September 9, at 12:00 p.m. ET. The live conference webcast can be accessed at investors.sysco.com.

Re-affirming fiscal 2027 guidance including 9% to 11% adjusted EPS growth (on a 53 week basis)Introducing target of at least $500 million for AI powered efficiency to be realized by fiscal year 2029Raising mid-term guidance range for net sales growth of 4%-7% and adjusted EPS growth of 9%-11% in fiscal 2028 and fiscal 2029
In conjunction with this reaffirmation of guidance, Sysco also introduced a $500 million multi-year AI powered efficiency improvement program. The AI program will help remove structural cost from the business across the next three fiscal years. The program includes and builds upon the AI and technology enabled efficiency work the Company outlined on its fourth quarter earnings call, which identified $100 million of expected in-year savings included within fiscal 2027 guidance targets. These expected savings, in addition to the Company’s core business performance, will build over time and are expected to deliver meaningful adjusted EPS growth across the three year time horizon. All in, these actions provide confidence in raising the Company’s mid-term growth algorithm which now includes net sales growth of approximately 4%-7% (previously 4%-6%) and adjusted EPS growth of 9%-11% (previously 6%-8%).

“We finished fiscal 2026 with momentum, and that momentum has carried into the new year,” said Kevin Hourican, Sysco’s Chair of the Board and Chief Executive Officer. “The $500 million of AI powered efficiency improvement will deploy over the next three years. These savings reflect a durable change in how we execute our day-to-day business across truck routing, merchandising, and sales. As the leader in the industry, we are incredibly excited about raising the long-term growth algorithm across sales and adjusted EPS growth. Our technology transformation initiatives and recent Board appointments help to unlock the power of our industry-leading sales force to further strengthen the service levels our customers receive, accelerate the Company’s earnings profile for our shareholders, and position Sysco to delever quickly following the expected closure of the Jetro Restaurant Depot transaction by the third quarter of fiscal 2027.”

Reaffirms Fiscal 2027 Guidance & Raises Mid-Term Financial Targets

Sysco is reaffirming the following expectations for the fiscal year 2027, all of which reflect core Sysco on a standalone basis and include the benefit of the 53rd week:

Net sales growth of approximately 6% to 7%, to approximately $90 billion;Adjusted earnings per share of approximately $5.02 to $5.12, representing growth of approximately 9% to 11%; andExcluding the 53rd week, the midpoint of the Company’s adjusted EPS guidance sits at the high end of its long-term growth algorithm.
Sysco is also raising mid-term financial targets for fiscal year 2028 and 2029, all of which reflect core Sysco on a standalone basis:

Annualized net sales growth of approximately 4% to 7% (previously 4% to 6%)Annualized adjusted earnings per share growth of approximately 9% to 11% (previously 6% to 8%) Multi-Year AI Technology Transformation, Enabling Efficiency Improvement

Sysco is targeting at least $500 million of AI powered efficiency savings to be realized by fiscal 2029. For fiscal 2027, we remain on-target for the $100 million of in-year net cost savings previously introduced. Going forward, our overarching cost out efforts position Sysco to accelerate our savings on a multi-year basis. Additionally, the entire organization is aligned on these efforts as achievement of structural cost-out targets has been added to the Company’s long-term equity performance program.

The program is anchored in the following workstreams:

Supply chain productivity: routing software modernization, warehouse selector efficiency, and reduction in miles driven;Automation across merchandising and procurement, including strategic sourcing;Indirect spend management; andCustomer experience and back-office simplification About Sysco

Sysco is the global leader in selling, marketing and distributing food and related products to customers who prepare meals away from home. This includes restaurants, healthcare and educational facilities, lodging establishments, entertainment venues, and more. Sysco operates 333 distribution centers, in 10 countries, with 75,000 colleagues serving approximately 670,000 customer locations. The Company generated sales of more than $84 billion in fiscal year 2026 that ended June 27, 2026.

As the world’s largest food-away-from-home distributor, Sysco offers customized supply chain solutions, bespoke specialty product offerings, and culinary support to drive customers to innovate and optimize their operations. We act as a trusted business partner to our customers, helping them grow through our industry-leading portfolio that includes fresh produce, premium proteins, specialty products, sustainably focused items, equipment and supplies, and innovative culinary solutions. For more information, visit www.sysco.com. For important news and key information for Sysco investors, visit the Investor Relations section of the company’s website at investors.sysco.com.

SYY-INVESTORS

Forward-Looking Statements

Statements made in this press release include statements that are forward-looking or that express management’s beliefs, expectations or hopes and are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements about our future financial performance and results, business strategy, plans, goals and objectives, and other statements that are not historical facts, including expectations regarding our future growth, including growth in sales and earnings per share, expectations regarding cost savings associated with AI, as well as statements about the expected timing and completion of the proposed transaction with Jetro Restaurant Depot and the anticipated benefits of such proposed transaction.

Such forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of risks, uncertainties, estimates, and assumptions, including those outside of Sysco’s control. Risks and uncertainties include without limitation: the impact of geopolitical, economic and market conditions and developments, including changes in global trade policies and tariffs and foreign conflicts; risks related to our business initiatives; periods of significant or prolonged inflation or deflation and their impact on our product costs, volume, foot traffic, and profitability generally; risks related to our efforts to implement our transformation initiatives and meet our other long-term strategic objectives; risks of interruption of supplies and increase in product costs; risks related to changes in consumer eating habits; and impact of natural disasters or adverse weather conditions, public health crises, adverse publicity or lack of confidence in our products, and product liability claims as well as risks and uncertainties associated with our proposed transaction with Jetro Restaurant Depot, including but not limited to, the occurrence of any event, change or other circumstances that could give rise to the right of either or both parties to terminate the merger agreement; the risk that regulatory approvals may not be obtained or other closing conditions may not be satisfied in a timely manner or at all, as well as the risk that regulatory approvals are obtained subject to conditions that are not anticipated; the risk of other delays in closing the transaction; the possibility that any of the anticipated benefits and projected synergies of the transaction will not be realized or will not be realized within the expected time period; and the risk that the proposed transaction and its announcement could have an adverse effect on the market price of the common stock of Sysco. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Therefore, you should not place undue reliance on any of the forward-looking statements contained herein. For more information on these risks and other concerning factors that could cause actual results to differ from those expressed or forecasted, see our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC. We do not undertake to update our forward-looking statements, except as required by applicable law.

For more information contact: Kevin KimCassandra MauelInvestor ContactMedia [email protected]@sysco.comT 281-584-1219T 281-584-1390

JV to amplify both companies' complementary expertise to develop, scale, deliver differentiated crop protection solutions in high-growth markets

, /PRNewswire/ -- Corteva (NYSE: CTVA), a global leader in seed and crop protection technology, and Globachem N.V., a private company based in Belgium specializing in developing and globally marketing a wide range of crop protection products, today announced that they have entered into a definitive agreement to launch a 50/50 joint venture (JV) to support the development and delivery of new, differentiated crop protection solutions to meet evolving needs of farmers in Europe and the Americas.  

The new JV will be independently operated and focus on leveraging late-pipeline to commercial-stage technology from its parent companies to amplify both companies' ability to develop, register, and market the resulting products, which may be commercialized independently by one or both parent companies.

"This is the latest example of how we're leveraging collaborations to strengthen and broaden our portfolio as we prepare to launch as a standalone crop protection company following our planned separation," said Corteva Senior Vice President Brook Cunningham. "By combining our industry-leading pipeline and innovation capabilities with Globachem's expertise in formulation, we aim to scale and accelerate the delivery of more tailored, comprehensive solutions for core crops in targeted markets."

The JV will build upon an existing, multi-year partnership between Corteva and Globachem, allowing both companies to immediately benefit through enhanced collaboration. New solutions developed by the JV are expected to launch in the early 2030s and will be sold through established commercial channels.

"The entry into a definitive agreement regarding the establishment of the JV represents an important milestone in our long-standing relationship with Corteva and reflects our shared belief that collaboration is the fastest way to bring meaningful innovation to farmers," said Koen Quaghebeur, Chief Visionary  Officer and Co-founder of Globachem. "Together, Corteva's world-class discovery and development capabilities and Globachem's expertise in product development, formulation and regulatory execution, create a powerful platform for innovation. The JV will accelerate the delivery of differentiated crop protection solutions that help growers address evolving agronomic challenges and seize new opportunities. We are excited to build a company that brings together the strengths of both organizations, creating sustainable value for growers, our partners, and both parent companies."

The transaction is currently expected to close in the fourth quarter of 2026, subject to all necessary regulatory clearances and approvals.

About Corteva
Corteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, hightouch customer engagement and operational execution to profitably deliver solutions for the world's most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the Company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at www.corteva.com.

About Globachem
Globachem N.V. is a family-owned crop protection company headquartered in Belgium, committed to helping growers and distribution partners tackle some of agriculture's most critical challenges. Built on scientific expertise with a strong customer focus, the company delivers practical, user-friendly solutions through a unique portfolio of established products and innovations. Active in more than 60 countries, Globachem is a trusted long-term partner, driven by service, collaboration and a continuous search for breakthrough solutions that make a meaningful difference in key crops worldwide. Learn more at www.globachem.com.

Cautionary statement
This release contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like "may," "expects," "will," "aims," "believes," "intends," or other words of similar meaning. All statements that address expectations or projections about the future, including statements about the parties' expectations related to regulatory matters, product development and commercialization, product offerings and product, financial or sustainability performance are forward-looking statements. No obligation to update or revise any forward-looking statement, except as required by applicable law, is hereby undertaken and any such obligation is specifically disclaimed. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements or other estimates is included in the "Risk Factors" section of Corteva's Annual Report on Form 10-K, and as modified by subsequent reports on Form 10-Q and Current Reports on Form 8-K.

SOURCE Corteva Agriscience

NEW YORK, Sept. 08, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Celsius Holdings, Inc. ("Celsius" or the "Company") (NASDAQ: CELH) and certain officers. The class action, filed in the United States District Court for the Southern District of Florida, and docketed under 26-cv-62465, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Celsius securities between February 21, 2025 and June 3, 2026, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are an investor who purchased or otherwise acquired Celsius securities during the Class Period, you have until November 3, 2026, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here for information about joining the class action]

Celsius develops, processes, manufactures, markets, sells, and distributes products including energy drinks.

On April 1, 2025, Celsius closed the acquisition of Alani Nutrition LLC ("Alani Nu"), a maker of highly caffeinated energy drinks (described in greater detail below), for a net purchase price of $1.65 billion, comprised of cash and stock.

At all relevant times, Defendants represented that their products, including specifically Alani Nu drinks, were safe and healthy. For example, as of the time this Complaint was filed, Alani Nu's website continues to represent that "we use ingredients you can feel good about without compromising taste."

However, in contrast to Defendants' representations, Alani Nu drinks present serious risks due to the amount of caffeine they contain. A single 12-ounce Alani Nu drink contains 200 milligrams of caffeine, more than other popular energy drinks and more than twice the 100-milligram daily limit of caffeine recommended for teenagers and children aged 12 to 17, according to leading bodies of pediatricians and adolescent psychiatrists. The Center for Disease Control has stated that consumption of energy drinks in this age range can lead to cardiovascular issues ranging from irregular heartbeat to heart failure.

Alani Nu drinks have previously been the subject of regulatory action. In August of 2023, the Canadian Food Inspection Agency warned Canadians "[d]o not consume, use, sell, serve, or distribute" Alani Nu energy drinks, stating that the drinks "are being recalled from the marketplace due to various non-compliances related to caffeine content and labelling requirements." Specifically, Alani Nu's caffeine content exceeded Canada's legal limit of 180 milligrams for a single-serving energy drink.

Despite the risks that Alani Nu drinks present to consumers under the age of 18, Defendants at all relevant times have marketed these drinks to such consumers despite asserting their purported commitment not to do so. Alani Nu drinks are packaged in dynamic, bright colors, and Alani Nu actively recruits college students to join the "Alani Ambassadors" program and market Alani Nu products using their profiles on social media platforms such as Instagram and TikTok. As of the filing of this Complaint, the Alani Nu website even concedes that Defendants work with individuals whose social media audiences are comprised up to 25% of individuals under the age of 18.

While the labels on Alani Nu energy drinks state the amount of caffeine one can contains and generally state that they are "not recommended for consumption by children", they contain no similar cautionary language with respect to teenagers.

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants' products failed to adequately disclose the cardiac risks of consuming Alani Nu products; (ii) by marketing Alani Nu drinks to consumers under the age of 18, the Company was marketing its products to individuals who were particularly susceptible to known health risks posed by those products; (iii) the foregoing created a non-speculative risk that Alani Nu consumers would suffer potentially fatal adverse health events; (iv) the foregoing, once revealed, was likely to have a significant negative impact on the Company's business and reputation; and (v) as a result, Defendants' public statements were materially false and misleading at all relevant times.

The truth began to emerge on April 9, 2026, when NBC News and local news outlet MyRGV (Rio Grande Valley) reported that the family of 17-year old Texas cheerleader Larissa Rodriguez had filed a wrongful death lawsuit in Hidalgo County District Court against Glazer's Beer and Beverage, LLC ("Glazer's") and Glazer's Beer and Beverage of Texas, LLC, two distributors of Alani Nu. The family alleged that Rodriguez died from an enlarged heart caused by drinking Alani Nu energy drinks and that the drinks "had inadequate warnings about the serious cardiac risks" of drinking Alani Nu. According to NBC News, Celsius stated in response, inter alia, "our policy is not to market or sample to anyone under 18".

On this news, Celsius's stock price fell $1.52 per share, or 4.18%, to close at $34.86 on April 10, 2026.

Then, on June 4, 2026, Texas Attorney General Ken Paxton ("Paxton") announced an investigation into Celsius over concerns that its high-caffeine energy drinks are being marketed to children and teens. Per Attorney General Paxton's announcement, the investigation will specifically examine whether Celsius and its Alani Nu subsidiary had violated the Texas Deceptive Trade Practices Act by misrepresenting the safety of their products.

On news of the investigation, Celsius's stock price fell $2.26 per share, or 7.53%, to close at $27.75 per share on June 4, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

Quarterly Results Reflect Improved Profitability, First Day® Complete Growth and Continued Balance Sheet Progress

Net Income (Loss) Improves 29% and Adjusted EBITDA Improves 19% Year-Over-Year

Fall 2026 First Day® Complete Expected to Reach More Than 1.43 Million Students, 26% More than Fall 2025

Company Reiterates Fiscal 2027 Outlook

FLORHAM PARK, N.J., Sept. 08, 2026 (GLOBE NEWSWIRE) -- Barnes & Noble Education, Inc. (NYSE: BNED) ("Barnes & Noble Education," “BNED,” the “Company,” “we,” “us” or “our”), a leading solutions provider for the education industry, today reported financial results for the fiscal first quarter ended August 1, 2026.

During the first quarter, the Company delivered year-over-year improvement across its key operating and financial measures, including revenue, comparable store sales, BNC First Day® revenue, net income (loss), and Adjusted EBITDA, while further strengthening its balance sheet.   Barnes & Noble Education’s business is highly seasonal, with the majority of sales and operating profit typically realized during the second and third fiscal quarters, reflecting the fall and spring academic terms.

“We began fiscal 2027 on plan, with continued momentum across the business and year-over-year improvement across each of our key operating and financial measures,” commented Jonathan Shar, Chief Executive Officer. “These results reflect the continued progress of our strategy and the disciplined execution of our teams.”

“Importantly, the momentum in First Day® Complete continues to build as more institutions recognize the value of improving the affordability, access and convenience of course materials for their students,” continued Shar. “We are excited about the continued growth of First Day® Complete this fall and the opportunity to deepen our partnerships with colleges and universities and demonstrate our ability to deliver solutions that support their broader institutional priorities.”

Mr. Shar continued, “As we enter the important fall semester, we are encouraged by the growth we are seeing in First Day® Complete and remain confident in our outlook for fiscal 2027. We are focused on translating that momentum into continued growth in profitability, stronger cash generation and further improvements in our balance sheet.”

Fiscal 2027 First Quarter Financial Results

Revenue for the first quarter of fiscal 2027 was $290.6 million, an increase of $2.4 million, or 0.8%, compared with $288.2 million for the first quarter of fiscal 2026. Gross comparable store sales increased by $10.7 million, or 3.7%, year-over-year. The increase in revenue was primarily driven by growth in BNC First Day® programs, partially offset by the impact of store closures, including exits from certain less profitable locations.

Revenue from BNC First Day® programs increased by $10.3 million, or 9.0%, year-over-year to $124.7 million.

Net loss for the first quarter of fiscal 2027 was $12.9 million, a 29.3% improvement compared to a net loss of $18.3 million in the prior-year period. Adjusted EBITDA improved by $2.2 million, or 18.9%, to a loss of $9.3 million from a loss of $11.5 million in the prior-year period.

Total debt at the end of the first quarter of fiscal 2027 was $123.5 million, compared with $170.0 million at the end of the first quarter of fiscal 2026. The Company’s net working capital position remained strong with $236.8 million of positive working capital as of the end of the first quarter of fiscal 2027.

During the quarter, the Company declared a quarterly dividend of $0.08 per share, which was paid on July 30, 2026 to shareholders of record on July 16, 2026.

First Day Complete Momentum

The Company continues to generate strong momentum in First Day® Complete, its institution-wide affordable access program. First Day® Complete will be offered across 263 campuses during the Fall 2026 academic term, reaching more than 1.43 million students*, approximately 26% more than in Fall 2025. Given the seasonality of the Company’s business and the timing of the academic calendar, the financial impact of this expanded Fall 2026 participation will be primarily reflected in the second and subsequent quarters of fiscal 2027.

_________________________

* Represents the undergraduate student population at institutions where First Day® Complete is offered, plus graduate student populations where the program is also offered. Student population data as reported by the National Center for Education Statistics (NCES) as of January 2, 2026. The figure represents students eligible to participate in First Day® Complete.

The table below reflects the reconciliation of Adjusted EBITDA to the most comparable GAAP financial metric, Net loss, for the first quarter of fiscal 2027 and the related prior period:

Adjusted EBITDA

 13 weeks ended($ in thousands)August 1, 2026 August 2, 2025Net loss$(12,914) $(18,271)Add:   Depreciation and amortization expense 8,151   9,185 Interest expense, net 2,718   3,745 Income tax benefit (7,062)  (8,640)Other (income) expense, net (1,298)  (49)Stock-based compensation expense 1,084   2,536 Adjusted EBITDA$(9,321) $(11,494)     Outlook

Based on its first-quarter performance and current expectations, the Company is reiterating its prior fiscal 2027 outlook. The Company expects continued growth in revenues and is focused on driving operating leverage with disciplined expense management. The Company is targeting Adjusted EBITDA in the range of $85 million to $92 million and anticipates further significant improvements in net income profitability. The Company also sees opportunities to drive better capital efficiency, which should contribute to additional reductions in debt and interest expense. The Company anticipates approximately $20 million in capital expenditures and should be a normal cash taxpayer in fiscal 2027.

Earnings Calls

Following our Investor Day in June, we are continuing to expand our investor engagement activities. As indicated in our fiscal 2026 year-end earnings release, the Company will host earnings conference calls following its fiscal 2027 second quarter and full-year earnings results. With the second quarter following the important back-to-school season and our full-year results coinciding with the conclusion of the academic year, we believe these periods provide the most meaningful opportunities to update investors on our performance, progress against our strategic priorities and outlook for the business. Further details, including the exact date and time, will be announced in advance of each call.

Use of Non-GAAP Financial Information —Adjusted EBITDA

To supplement the Company’s condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses the financial measure of Adjusted EBITDA, which is a non-GAAP financial measure under Securities and Exchange Commission (the “SEC”) regulations. We define Adjusted EBITDA as net income (loss) plus (1) depreciation and amortization; (2) interest expense, net (3) income taxes, (4) stock compensation, and (5) certain other non-cash or non-recurring items, and other adjustments permitted under our credit agreement.

Adjusted EBITDA has been reconciled to the most comparable financial measure presented in accordance with GAAP, consolidated net income (loss). All of the items included in the reconciliation are either (i) non-cash items or (ii) items that management does not consider in assessing our on-going operating performance.

Adjusted EBITDA is not intended as a substitute for and should not be considered superior to measures of financial performance prepared in accordance with GAAP. In addition, the Company’s use of Adjusted EBITDA may be different from similarly named measures used by other companies, limiting its usefulness for comparison purposes.

We review Adjusted EBITDA as an internal measure to evaluate our performance at a consolidated level to manage our operations. We believe that this measure is a useful performance measure which is used by us to facilitate a comparison of our on-going operating performance on a consistent basis from period-to-period. We believe that Adjusted EBITDA provides for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone, as it excludes certain items that management believes do not reflect the ordinary performance of our operations in a particular period. Our Board of Directors and management also use Adjusted EBITDA at a consolidated level as one of the primary methods for planning and forecasting expected performance, for evaluating on a quarterly and annual basis actual results against such expectations, and as a measure for performance incentive plans. We believe that the inclusion of Adjusted EBITDA results provides investors useful and important information regarding our operating results, in a manner that is consistent with management’s evaluation of business performance.

The Company urges investors to carefully review the GAAP financial information included as part of the Company’s Form 10-Q for the fiscal quarter ended August 1, 2026. We do not provide a reconciliation of forward-looking non-GAAP financial metrics, because reconciling information is not available without an unreasonable effort, such as attempting to make assumptions that cannot reasonably be made on a forward-looking basis to determine the corresponding GAAP metric.

ABOUT BARNES & NOBLE EDUCATION, INC.

Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. Through its family of brands, BNED offers campus retail services and academic solutions, wholesale capabilities and more. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better and smarter world. For more information, visit www.bned.com.

Media & Investor Contact:
Greg McKinley / Rob Fink
FNK IR
[email protected]
952-393-4255 / 646-809-4048

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us and our business that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. When used in this communication, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “may,” “should,” “will,” “forecasts,” “projections,” “continue to,” “committed to,” and similar expressions, as they relate to us or our management, identify forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements, and such statements include but are not limited to those related to continued acceleration in demand for our BNC First Day® offerings, expected enrollment in our First Day® Complete program, continued expansion of our new offerings, expansion of institutional partnerships, future opportunities to accelerate profitable growth, generate strong cash flow, strategic and operational objectives, expected trends in financial results, including those related to seasonality, continued expense discipline and improved capital efficiency, margin improvement, and Adjusted EBITDA guidance. We caution you not to place undue reliance on these forward-looking statements. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, but not limited to: the amount of our indebtedness and ability to comply with covenants contained in our credit agreement; our ability to maintain adequate liquidity levels to support ongoing inventory purchases and related vendor payments in a timely manner; slower than anticipated pace of adoption of our BNC First Day® equitable and inclusive access course material models; our dependency on strategic service provider relationships and the potential for adverse operational and financial changes to these strategic service provider relationships; non-renewal of our managed bookstore, physical and/or online store contracts; general competitive conditions; a decline in college enrollment or decreased funding available for students; technological changes, including the adoption of artificial intelligence technologies for educational content; disruptions to our information technology systems, infrastructure, data, supplier systems, and customer ordering and payment systems due to computer malware, viruses, hacking and phishing attacks; disruption of or interference with third party service providers and our own proprietary technology; and changes in applicable domestic and international laws, rules or regulations or changes in enforcement practices, including, without limitation, U.S. tax reform, changes in tax rates, tariffs, import and export control laws and regulations, changes to consumer data privacy rights legislation, as well as related guidance. Moreover, we operate in a very competitive and rapidly changing environment and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In addition, the declaration of any future dividends will be subject to further review and approval by the Board in accordance with applicable law. The Board reserves the right to adjust or withdraw any quarterly dividend in future periods as it reviews our capital allocation strategy from time-to-time and ensures compliance with any applicable restrictions, including those set forth in our credit agreement with our lenders.

For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in the Company’s Annual Report on Form 10-K for the year ended May 2, 2026. Any forward-looking statements made by us in this press release speak only as of the date of this press release, and we do not intend to update these forward-looking statements after the date of this press release, except as required by law.

  BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)   13 weeks ended August 1, 2026 August 2, 2025Sales:   Product sales and other$276,859  $274,179 Rental income 13,736   13,981 Total sales 290,595   288,160 Cost of sales (exclusive of depreciation and amortization expense):   Product and other cost of sales 226,783   225,363 Rental cost of sales 6,765   7,420 Total cost of sales 233,548   232,783 Gross profit 57,047   55,377 Selling and administrative expenses 67,316   67,861 Depreciation and amortization expense 8,151   9,185 Other (income) expense, net (1,162)  1,497 Operating loss (17,258)  (23,166)Interest expense, net 2,718   3,745 Loss before income taxes (19,976)  (26,911)Income tax expense (7,062)  (8,640)Net loss$(12,914) $(18,271)    Earnings per share - Basic and Diluted   Net loss attributable to BNED shareholders - basic$(0.37) $(0.54)Net loss attributable to BNED shareholders - diluted$(0.37) $(0.54)    Weighted average shares of common stock outstanding - basic 34,531,798   34,053,847 Weighted average shares of common stock outstanding - diluted 34,531,798   34,053,847       13 weeks endedDollars in thousandsAugust 1, 2026 August 2, 2025    Sales:   Product sales and other95.3% 95.1%Rental income4.7% 4.9%Total sales100.0% 100.0%Cost of sales (exclusive of depreciation and amortization expense):   Product and other cost of sales81.9% 82.2%Rental cost of sales49.3% 53.1%Total cost of sales80.4% 80.8%Gross profit19.6% 19.2%Selling and administrative expenses23.2% 23.5%Depreciation and amortization expense2.8% 3.2%Other (income) expense, net(0.4)% 0.5%Operating loss(5.9)% (8.0)%Interest expense, net0.9% 1.3%Loss before income taxes(6.9)% (9.3)%Income tax expense(2.4)% (3.0)%Net loss(4.4)% (6.3)% (a)Represents the percentage these costs bear to the related sales, instead of total sales.     BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Consolidated Balance Sheets  (Unaudited)
(In thousands, except share and per share data)     August 1, 2026 May 2, 2026ASSETS   Current assets:   Cash and cash equivalents$7,806  $8,418 Accounts receivable, net 176,686   116,526 Merchandise inventories, net 366,296   298,347 Textbook rental inventories 5,844   27,035 Prepaid expenses and other current assets 37,237   34,137 Total current assets 593,869   484,463 Property and equipment, net 33,648   34,123 Operating lease right-of-use assets 148,920   145,594 Intangible assets, net 53,732   58,092 Deferred tax assets, net 149   — Other noncurrent assets 16,411   17,625 Total assets$846,729  $739,897 LIABILITIES AND STOCKHOLDERS' EQUITY   Current liabilities:   Accounts payable$210,999  $135,564 Accrued liabilities 78,887   80,990 Current operating lease liabilities 67,213   67,050 Total current liabilities 357,099   283,604 Long-term deferred taxes, net —   — Long-term operating lease liabilities 82,497   85,455 Other long-term liabilities 5,263   5,399 Long-term borrowings 123,500   71,000 Total liabilities 568,359   445,458 Commitments and contingencies   Stockholders' equity:   Preferred stock, $0.01 par value; authorized, 5,000,000 shares; issued and outstanding, none —   — Common stock, $0.01 par value; authorized, 200,000,000 shares; issued, 34,692,247 and 34,456,977 shares, respectively; outstanding, 34,685,810 and 34,429,710 shares, respectively 347   345 Additional paid-in-capital 1,009,192   1,012,349 Accumulated deficit (708,613)  (695,699)Treasury stock, at cost (22,556)  (22,556)Total stockholders' equity 278,370   294,439 Total liabilities and stockholders' equity$846,729  $739,897      BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flow  (Unaudited)
(In thousands, except per share data)     13 weeks ended  August 1, 2026 August 2, 2025Cash flows from operating activities:    Net income (loss) $(12,914) $(18,271)Adjustments to reconcile net income (loss) to net cash flows from operating activities    Depreciation and amortization expense  8,151   9,185 Amortization of deferred financing costs  916   916 Deferred taxes  (149)  1,432 Stock-based compensation expense  1,084   2,536 Changes in operating lease right-of-use assets and liabilities  (6,121)  4,711 Changes in other long-term assets and liabilities and other, net  110   788 Changes in other operating assets and liabilities, net:    Receivables, net  (60,160)  (63,897)Merchandise inventories  (67,949)  (101,003)Textbook rental inventories  21,191   17,549 Prepaid expenses and other current assets  (9,077)  (14,990)Accounts payable and accrued liabilities  72,049   93,441 Changes in other operating assets and liabilities, net  (43,946)  (68,900)Net cash flows provided by (used in) operating activities  (52,869)  (67,603)Cash flows from investing activities:    Purchases of property and equipment  (3,529)  (3,736)Net cash flows provided by (used in) investing activities  (3,529)  (3,736)Cash flows from financing activities:    Proceeds from borrowings  150,100   163,300 Repayments of borrowings  (97,600)  (96,400)Dividends paid  (2,775)  — Payment of equity issuance costs  —   (1,900)Net cash flows provided by (used in) financing activities  49,725   65,000 Net (decrease) increase in cash, cash equivalents, and restricted cash  (6,673)  (6,339)Cash, cash equivalents, and restricted cash at beginning of year  28,219   28,723 Cash, cash equivalents, and restricted cash at end of year $21,546  $22,384      Supplemental cash flow information:    Cash paid during the period for:    Interest paid $1,664  $2,927 Income taxes paid (net of refunds) $255  $185     BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Non-GAAP Information
(In thousands) (Unaudited)     13 weeks endedDollars in thousands August 1, 2026 August 2, 2025Net loss $(12,914) $(18,271)Reconciling items  (214)  2,487 Adjusted Net loss $(13,128) $(15,784)     Reconciling items    Stock-based compensation expense  1,084   2,536 Other (income) expense, net  (1,298)  (49)Reconciling items $(214) $2,487  Adjusted EBITDA 13 weeks endedDollars in thousands August 1, 2026 August 2, 2025Net loss $(12,914) $(18,271)Add:    Depreciation and amortization expense  8,151   9,185 Interest expense, net  2,718   3,745 Income tax benefit  (7,062)  (8,640)Other (income) expense, net(a)  (1,298)  (49)Stock-based compensation expense  1,084   2,536 Adjusted EBITDA $(9,321) $(11,494) (a)Other (income) expense is exclusive of Investigation Costs of $0.1 million and $1.5 million as of the 13 weeks ended August 1, 2026 and August 2, 2025, respectively.
Adjusted Free Cash Flow

  13 weeks endedDollars in thousands August 1, 2026 August 2, 2025Adjusted EBITDA $(9,321) $(11,494)Less:    Capital expenditures(a)  3,529   3,736 Cash interest paid  1,664   2,927 Cash taxes (refund) paid, net  255   185 Adjusted Free Cash Flow $(14,769) $(18,342) (a)Purchases of property and equipment are also referred to as capital expenditures. Our investing activities consist principally of capital expenditures for contractual capital investments associated with renewing existing contracts, new store construction, and enhancements to internal systems and our website. The following table provides the components of total purchases of property and equipment.   Capital Expenditures

  13 weeks endedDollars in thousands August 1, 2026 August 2, 2025Physical store capital expenditures $2,727 $2,201Product and system development  722  1,400Other  80  135Total Capital Expenditures $3,529 $3,736        Use of Non-GAAP Financial Information - Adjusted Net Income (Loss), Adjusted EBITDA and Adjusted Free Cash Flow                                           

To supplement the Company’s consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses the financial measures of Adjusted Net Income (Loss), Adjusted EBITDA, and Adjusted Free Cash Flow, which are non-GAAP financial measures under Securities and Exchange Commission (the "SEC") regulations. We define Adjusted Net Income (Loss) as net income (loss) adjusted for certain reconciling items that are subtracted from or added to net income (loss). We define Adjusted EBITDA as net income (loss) plus (1) depreciation and amortization; (2) interest expense, net, (3) income taxes, (4) stock compensation, and (5) certain other non-cash or non-recurring items, and adjustments defined in the Company’s credit agreement. We define Adjusted Free Cash Flow as Cash Flows from Operating Activities less capital expenditures, cash interest and cash taxes.

These non-GAAP measures have been reconciled to the most comparable financial measures presented in accordance with GAAP as follows: the reconciliation of Adjusted Net Income (Loss) to net income (loss); the reconciliation of consolidated Adjusted EBITDA to consolidated net income (loss); and the reconciliation of Adjusted Free Cash Flow to Cash Flows from Operating Activities. All of the items included in the reconciliations are either (i) non-cash items or (ii) items that management does not consider in assessing our on-going operating performance.

These non-GAAP financial measures are not intended as substitutes for and should not be considered superior to measures of financial performance prepared in accordance with GAAP. In addition, the Company's use of these non-GAAP financial measures may be different from similarly named measures used by other companies, limiting their usefulness for comparison purposes.

We review these non-GAAP financial measures as internal measures to evaluate our performance at a consolidated level to manage our operations. We believe that these measures are useful performance measures which are used by us to facilitate a comparison of our on-going operating performance on a consistent basis from period-to-period. We believe that these non-GAAP financial measures provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone, as they exclude certain items that management believes do not reflect the ordinary performance of our operations in a particular period. Our Board of Directors and management also use Adjusted EBITDA at a consolidated level as one of the primary methods for planning and forecasting expected performance, for evaluating on a quarterly and annual basis actual results against such expectations, and as a measure for performance incentive plans. We believe that the inclusion of Adjusted Net Income (Loss) and Adjusted EBITDA results provides investors useful and important information regarding our operating results, in a manner that is consistent with management’s evaluation of business performance. We believe that Adjusted Free Cash Flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements and assists investors in their understanding of our operating profitability and liquidity as we manage the business to maximize margin and cash flow.

The Company urges investors to carefully review the GAAP financial information included as part of the Company’s Form 10-Q for the fiscal quarter ended August 1, 2026. We do not provide a reconciliation of forward-looking non-GAAP financial metrics, because reconciling information is not available without an unreasonable effort, such as attempting to make assumptions that cannot reasonably be made on a forward-looking basis to determine the corresponding GAAP metric.

Shares of Okta (OKTA -1.76%) soared in August, gaining 21.9%, according to data supplied by S&P Global Market Intelligence. That's more than eight times the 2.6% gains of the S&P 500 during the same period.

It turns out the threat of artificial intelligence (AI) to the cybersecurity sector wasn't as bad as some feared.

Image source: Getty Images.

What SaaSpocalypse? Earlier this year, software-as-a-service (SaaS) stocks took a beating, thanks to fears that some investors called the "SaaSpocalypse." The crux of the popular narrative was that AI agents would take over many of the jobs currently handled by SaaS offerings, rendering them obsolete. The ensuing frenzy took down a broad range of cybersecurity stocks, and Okta wasn't spared, losing 27% of its value between early January and early April.

While the jury was still out, patient investors kept their heads, which was a profitable decision. For its fiscal 2027 second quarter (ended July 31), Okta reported results that confirmed what astute investors already knew. Revenue of $805 million rose 11% year over year, driven higher by subscription revenue of $793 million, up 12%. The company's adjusted gross margin held steady at 82%, and adjusted earnings per share (EPS) of $1.05 rose 15%. This was well ahead of analysts' consensus estimates of revenue of $793 million and adjusted EPS of $0.97.

Okta turned a greater percentage of profits into greenbacks. Operating cash flow of $234 million jumped 40%, while free cash flow of $227 million also increased 40%.

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Other metrics were equally robust. Okta's remaining performance obligation (RPO) -- or contractually obligated revenue that hasn't yet been recognized -- climbed 17% to $4.86 billion, while current RPO (which will be recognized within 12 months) jumped 14% to $2.59 million. This was far from the SaaSpocalypse-related rout investors had anticipated.

CEO Todd McKinnon explained, "As AI agents transform every layer of technology, every agent needs a trusted identity and clear controls over what it can access and do." Far from being displaced by AI, Okta is becoming an integral part of the process.

Management's forecast also gave investors confidence, as Okta's outlook called for revenue of $815 million and adjusted EPS of $0.93, up 10% and 13%, respectively. The company is also guiding for current RPO of roughly $2.6 billion, up nearly 12% year over year. It's generally a positive sign when RPO growth outpaces revenue, as it indicates the company is building a solid foundation for future growth.

Okta's recovery has caused a commensurate rebound in its valuation. The stock now sells for 53 times forward earnings and 38 times next year's expected earnings -- so it isn't exactly cheap. However, with the SaaSpocalypse seemingly put to rest, the future looks bright for Okta.

PM Images/DigitalVision via Getty Images

Focus of Article: The focus of PART 1 of this article is to analyze Blackstone Secured Lending's (BXSL) recent results and compare a handful of the company's metrics to 11 business development company ("BDC") peers. This analysis will show past and current data with supporting documentation. Table 1 will compare BXSL's recent net asset value ("NAV") economic return (loss), adjusted net investment income ("NII"), stock price to annualized NII ratio, and percentage of total investment income attributable to capitalized payment-in-kind ("PIK")/deferred interest income to the 11 BDC peers. Table 1 will also provide a premium (discount) to estimated CURRENT NAV analysis using stock prices as of 9/4/2026. Table 2 will compare BXSL's investment portfolio (including several additional metrics) as of 3/31/2026 and 6/30/2026 to the 11 BDC peers.

I am writing this two-part article due to the continued requests that such an analysis be specifically performed on BXSL and some of the company's BDC peers at periodic intervals. These BDC peers include Ares Capital (ARCC), Capital Southwest (CSWC), FS KKR Capital Corp (FSK), Gladstone Investment (GAIN), Golub Capital BDC (GBDC), Main Street Capital Corporation (MAIN), Oaktree Specialty Lending Corporation (OCSL), Blue Owl Capital Corporation (OBDC), SLR Investment Corp. (SLRC), TriplePoint Venture Growth BDC Corp. (TPVG), and Sixth Street Specialty Lending, Inc. (TSLX).

Understanding the characteristics of a company's investment portfolio and operating performance can shed some light on which companies are overvalued or undervalued strictly per a "numbers" analysis. This is not the only data that should be examined to initiate a position within a particular stock/sector. However, I believe this analysis would be a good "starting point" to begin a discussion on the topic. My BUY, SELL, or HOLD recommendation and current price target for BXSL will be in the "Conclusions Drawn" section of the article. This includes providing a list of the BDC stocks I currently believe are undervalued (a buy recommendation), overvalued (a sell recommendation), or appropriately valued (a hold recommendation).

NAV, Economic Return (Loss), Current Premium (Discount) to NAV, and NII Analysis - Overview: Let us start this analysis by getting accustomed to the information provided in Table 1 below. This will be beneficial when explaining how BXSL compares to the company's 11 BDC peers regarding the metrics stated above. Due to the fact several BDC peers listed in Table 1 have a different fiscal year-end, all quarterly results are based on a calendar year-end. For instance, all metrics below are stated as "Q2 2026" even though this does not correspond to every company's fiscal year-end. Readers should be aware as such when the analysis is presented below.

Table 1a + 1b - NAV, Economic Return (Loss), Current Premium (Discount) to NAV, NII, and Capitalized PIK Analysis

The REIT Forum

The REIT Forum

(Source: Table created by me, obtaining historical stock prices from NASDAQ and each company's NAV per share figures from the SEC's EDGAR Database)

Table 1 above provides the following information on BXSL and the 11 BDC peers (see each corresponding column): 1) NAV per share at the end of calendar Q1 2026; 2) NAV per share at the end of calendar Q2 2026; 3) NAV per share change during calendar Q2 2026 (percentage); 4) economic return (loss) (change in NAV and accrued dividend) during calendar Q2 2026 (percentage); 5) economic return (loss) during the trailing 24-months (percentage); 6) my estimated CURRENT NAV per share (NAV as of 9/4/2026); 7) stock price as of 9/4/2026; 8) 9/4/2026 premium (discount) to my estimated CURRENT NAV (percentage); 9) NII (or adjusted NII where applicable) per share during calendar Q2 2026; 10) NII (or adjusted NII where applicable) per share change versus the prior quarter; 11) NII (or adjusted NII where applicable) per share change versus calendar Q2 2025 (monetary amount); 12) NII (or adjusted NII where applicable) per share change versus calendar Q2 2025 (percentage); 13) 9/4/2026 stock price to annualized NII ratio; and 14) percentage of total investment income attributable to capitalized PIK (deferred) interest income during calendar Q2 2026 (percentage).

Now that an overview has been provided, let us start the comparative analysis.

Analysis of BXSL: Using Table 1 above as a reference, BXSL had a NAV of $26.26 per share at the end of calendar Q1 2026. BXSL had a NAV of $25.53 per share at the end of calendar Q2 2026. This calculates to a quarterly NAV decrease of ($0.73) per share, or (2.78%). Some of this modest NAV decrease was directly due to broader credit spread widening, while a portion was directly related to individual portfolio company credit risk during the quarter. This included, but was not limited to, unrealized depreciation within Medallia, Inc. (Medallia), Titan Investment Company, Inc. (Titan), and Paramount Global Surfaces, Inc. (Paramount). All 3 of these portfolio companies were either placed on non-accrual during Q4 2025 or Q1 2026. I correctly projected modest unrealized depreciation occurring within BXSL's investment portfolio during calendar Q2 2026. When including BXSL's quarterly base dividend of $0.77 per share and no special periodic dividend, the company had an economic return (change in NAV and accrued dividends) of $0.04 per share, or 0.15%, for calendar Q2 2026. It should also be noted BXSL had a trailing 24-month economic return of 16.55%. This percentage was slightly below the covered 12 BDC peer average (a slightly negative factor/trend).

BXSL's performance during the past four quarters was mainly attributable to the following three factors: 1) very minor net underpayment of dividends (including special periodic dividends if/when applicable) when compared to the company's NII/adjusted NII; 2) minor-modest net realized loss within several exited/restructured portfolio companies; and 3) modest net unrealized depreciation within the company's active investment portfolio. This is a good transition to the next topic of discussion, an analysis of BXSL's investment portfolio (including several additional metrics) as of 3/31/2026 and 6/30/2026. To begin this analysis, Table 2 is provided below.

Tables 2a + 2b - Investment Portfolio Composition Analysis (Including Several Additional Metrics; 6/30/2026 Versus 3/31/2026)

The REIT Forum

The REIT Forum

(Source: Tables created by me, directly obtaining some figures/percentages from the SEC's EDGAR Database [link provided below Table 1]). All remaining figures/percentages were calculated using data obtained within the SEC's EDGAR Database)

Using Tables 2a and 2b above as a reference, BXSL had 97% and 2% of the company's investment portfolio in senior secured first- and second-lien loans as of 6/30/2026, respectively. As such, these types of loans comprised the vast majority of BXSL's investment portfolio. When compared to the prior quarter, BXSL's percentage of senior secured first- and second-lien loans remained unchanged. BXSL also had less than 1%, 0%, and 1% of the company's investment portfolio in subordinated debt (unsecured loans), collateralized loan obligations ("CLO")/credit-linked notes ("CLN") (structured securitizations) + other, and equity/warrants, respectively. When compared to the prior quarter, BXSL's percentage of subordinated debt (unsecured loans), CLO/CLN (structured securitizations) + other, and equity/warrants remained unchanged as well. As such, there was not a shift in investment portfolio composition during calendar Q2 2026.

I would also point out BXSL's proportion of second-lien loans and subordinated debt is very low when compared to the company's 11 BDC peers. Simply put, this is generally a positive characteristic regarding potential credit risk/recoveries in a recessionary environment (considering general credit hierarchy). I believe BXSL's previously below-average non-accrual percentages were direct evidence of the company's more cautionary strategy regarding capital stack/credit hierarchy. That said, to remain non-bias, there was a short-term "uptick" regarding non-accrual percentages during calendar Q1 2026, which is discussed below.

As of 6/30/2026, BXSL's investment portfolio had a "fair market value ("FMV") versus cost" ratio of 0.9645x. When compared to the 11 other BDC peers within this analysis, this ratio was modestly below the mean of 1.0102x (a negative factor/trend). However, I would point out GAIN's and MAIN's FMV versus cost ratio of 1.2275 and 1.1551 as of 6/30/2026, respectively, "skews" the metric to the upside a bit. When excluding those 2 BDC peers, this ratio becomes 0.9699x, which is very close to BXSL's ratio as of 6/30/2026. When compared to a ratio of 0.9752x as of 3/31/2026, BXSL's ratio slightly decreased during calendar Q2 2026. As noted above, this was mainly the result of unrealized depreciation in various BXSL's portfolio companies (including a majority of software and software-related investments). A more detailed "breakdown" of BXSL's quarterly performance was recently provided to our Investing Group subscribers via a quarterly earnings assessment article.

BXSL had 3.6% and 1.8% of the company's investment portfolio in "non-accrual" status as of 6/30/2026, based on its amortized cost basis and FMV, respectively. When compared to the 11 BDC peers as of 6/30/2026, BXSL's amortized cost and FMV non-accrual percentage were now at - basically at the mean of 3.6% and 1.7%, respectively (now a neutral catalyst/trend). Last quarter was the 1st quarter since BXSL's initial public offering ("IPO") in 2021 that the company's amortized cost and FMV non-accrual percentage were above the BDC covered peer average. This was directly due to BXSL placing ACI Group Holdings, Inc. ("ACI"), Medallia, and Paramount on non-accrual during Q1 2026. ACI's and Medallia's non-accrual was not a surprise. Both portfolio companies were "flagged" for non-accrual during Q1 2026 by my team. However, to remain non-bias, Paramount's non-accrual occurred a bit sooner than anticipated. That said, Paramount was correctly on our "watch list" for several quarters (weekly credit reports/tables are provided on the subscriber side). Specifically regarding Medallia, as noted in the aforementioned BXSL assessment article, this portfolio company's non-accrual/restructuring should not have come as a surprise. This event was projected for nearly 1 year by my team (a future general type of restructuring/non-accrual) and was first spotted, regarding rising credit risk, nearly 2 years ago. BXSL's external management team, a subsidiary of Blackstone (BX), continues to lead Medallia's restructuring, whereas the creditors will see a partial debt-to-equity exchange, with the newly termed debt going back on accrual status. This restructuring has recently been finalized during calendar Q3 2026. Regarding BXSL's non-accrual percentage decline during calendar Q2 2026, creditors completed a partial debt-to-equity restructuring of ACI and DCA Investment Holdings LLC ("DCA") while no new portfolio companies were placed on non-accrual status.

Since the company's initial public offering ("IPO") in 2021, BXSL's investment portfolio as of 6/30/2026 has generated a cumulative realized loss of only ($0.06) per share (when based on a per-share count as of 6/30/2026). BXSL's very minor cumulative realized loss figure was modestly more attractive when compared to the mean loss of ($0.90) per share (a positive catalyst/trend). This includes GAIN's cumulative realized gain of $4.23 per share, which skews this figure to the upside (it would be a larger net loss when excluding GAIN). I believe calculating a BDC's cumulative realized gain (loss) per share amount provides an extremely useful metric when analyzing the long-term performance of management's underwriting abilities, due diligence, expertise, and operational performance. This metric provides direct evidence BXSL's management team has, regarding a majority of instances, continued to find attractive debt/equity investments over a long period of time, which, more times than not, have ultimately delivered attractive risk-adjusted returns. I am the only contributor on Seeking Alpha to provide this specific metric (includes reconciling all necessary cumulative adjustments within this account to provide a "proper/true" per share amount). This holds especially true due to the past Generally Accepted Accounting Principles ("GAAP") disclosure changes regarding equity presentation.

As of 6/30/2026, 0.70% of BXSL's portfolio had debt and equity investments within the oil and gas sector (based on FMV, including certain investments in the energy sector that had "oil and gas" characteristics and/or services closely linked to the sector). When compared to the 11 other BDC peers within this analysis, BXSL's oil and gas exposure was slightly below the mean of 1.64%. When compared to the prior quarter, BXSL's exposure to the oil and gas sector fractionally increased. Even though larger oil and gas companies benefited during most of 2022 from a net increase to commodity prices tied to inflation and the ongoing Russia/Ukraine conflict, I would point out most sector prices largely retraced during late 2022 - 2025. However, with the recent conflict in the Middle East, oil and gas prices sharply increased during 2026 (the largest increase in years). Depending on how long this regional conflict lasts, there will very likely continue to be volatility in pricing (both to the upside and downside as the conflict escalates/winds down). This could temporarily benefit U.S. oil and gas companies. Simply put, dependent upon offsetting/mitigating hedges/forward contracts, smaller/private oil and gas companies could benefit from this recent conflict regarding increased domestic oil and gas production (which would trickle down to several parts of the economy). This could be a short- or long-term event dependent upon many unresolved geopolitical/macroeconomic variables. As such, I would remain a bit cautious considering the ramifications of this specific sector regarding high-yield/speculative-grade credit. That said, on the flip side, sharply higher oil and gas prices will have a direct impact on various facets of the U.S. economy, which could lead to a rise in credit risk outside the oil and gas sector down the road. As is the case in most scenarios, there is usually a "give and take".

As of 6/30/2026, 18.9% of BXSL's portfolio had debt and equity investments within the generalized software (and software-related) sector (based on FMV). When compared to the 11 other BDC peers within this analysis, BXSL's generalized software exposure was slightly above the mean of 15.1%. This is a new sector classification metric I added this quarter due to recent fears/panic regarding underlying portfolio companies within this classification. There continues to be "market jitters" around private credit as a whole (especially around private BDC redemptions) and "AI disruption" risk (specifically software as a service [SaaS] exposure). I continue to believe some fear/speculation is valid regarding AI/disruption risk, but not to the extent regarding how markets reacted in February-early March 2026 ("snowball effect"). This was reiterated by most BDC management teams during calendar Q4 2025, Q1 2026, and Q2 2026 earnings calls. This topic is continuously monitored, tracked, and forecasted on the subscriber side of the service.

Once again using Table 1 as a reference, BXSL reported adjusted NII (which excludes capital gains incentive fees) of $0.747 per share during calendar Q2 2026. I prefer to track/utilize BXSL's adjusted NII metric as opposed to NII (more indicative of net investment company taxable income [ICTI]). When comparing each company's stock price as of 9/4/2026 to its annualized NII (or where applicable, adjusted NII), BXSL had the 3rd lowest ratio at 8.27x. BXSL's annualized adjusted NII ratio was modestly below the 12-peer ratio of 10.10x as of 9/4/2026 (a positive catalyst/trend). Historically speaking, BXSL's price-to-earnings ratio as of 9/4/2026 was attractive/low (a positive catalyst/trend).

During calendar Q2 2026, 6.28% of BXSL's total investment income was attributable to capitalized PIK/deferred interest income. When compared to the 11 other BDC peers within this analysis, this was slightly below the mean of 7.31% (a slightly positive catalyst/trend). I believe it is never a positive catalyst/trend when a BDC has any portion of its accrued income classified as being capitalized/deferred. Simply put, under GAAP, capitalized PIK interest/dividend income is revenue that is currently being "booked" but has not actually been received in cash yet (deferred). In theory/a "perfect world", capitalized PIK interest income is usually paid in cash at the maturity of that particular loan/when a sale occurs. However, in my experience, more times than not, capitalized PIK interest income is a contractual amendment regarding a specific portfolio company that is, at the time, having operational difficulties (which increases the probability of the eventual inability to pay its loan obligations). This especially holds true when a specific debt investment had no capitalized PIK feature at the origination of a particular loan but is currently accruing 100% capitalized PIK interest income due to a loan modification/restructuring.

Simply put, in a majority of cases, it is a "slick" strategy of continuing to record accrued interest income only to write off this capitalized interest income at a later date, usually at loan maturity, by classifying that "lost deferred interest" as a reduction in the debt investment's proceeds (a realized loss) as opposed to lowering previously accrued income by the accumulated capitalized PIK balance. I am not stating this occurs all the time, but certain BDC peers tend to utilize this "phantom income" strategy regularly. In particular, Prospect Capital Corporation (PSEC) has been prone to this strategy to a greater degree over the years versus most other BDC peers within this analysis, which has been pointed out for years (and was one of the reasons I dropped coverage of that BDC back in 2024). As such, it could be the case that capitalized PIK interest income is never "completely" received in cash upon maturity/when a sale occurs. In my professional opinion, if a BDC has a large/above-average portion of its investment income classified/accrued as capitalized PIK interest income, it should be seen as a potential concern regarding future performance/credit quality. In the end, one really just has to go "case-by-case" to determine the overall "viability" of a BDC actually eventually receiving this capitalized PIK/deferred interest income in the future. Something I continually monitor/track in my modeling.

A great recent example of this trend was FSK. This particular BDC peer has been carrying high - very high capitalized PIK/deferred interest income—for quite some time. I previously continued to warn subscribers/readers about this negative factor/trend for a handful of quarters. I also warned of "looming" non-accruals within FSK's investment portfolio. During Q2 2025, Q4 2025, and Q1 2026, FSK placed 4, 5, and 7 new portfolio companies on non-accrual status, respectively. During Q2 2025 and Q1 2026, this included 3 and 6 large - very large portfolio companies that previously had partial/full PIK provisions, respectively. Simply put, this should not have been a notable surprise for market participants. As a direct result, FSK's stock price previously notably declined during the 2nd half of 2025 - early 2026 (I/we had FSK listed as notably overvalued/STRONG SELL prior to the company's Q2 2025 earnings).

As of 9/4/2026, BXSL's stock price traded at $24.72 per share. When calculated, BXSL's stock price was trading at a discount to my estimated CURRENT NAV (NAV as of 9/4/2026; $24.45 per share) of ($0.73) per share, or (2.87%). This was slightly more attractive than the 12-BDC covered peer average of a discount of (1.20%) (a slightly positive catalyst/trend). I continue to believe BXSL should trade at a modest, notable premium to the company's CURRENT NAV. As such, based on my proven valuation methodology over various interest rate/economic cycles, I currently believe BXSL is one of a couple BDC sector peers that is notably undervalued.

Comparison of BXSL's NAV, Economic Return, Valuation, NII, and Other Metrics to 11 BDC Peers in Ranking Order: The REIT Forum Feature

Conclusions Drawn (PART 1): PART 1 of this article has analyzed BXSL and 11 other BDC peers in regard to the following metrics: 1) trailing 24-month economic return (loss) (good indicator of recent overall performance); 2) percentage of investments on non-accrual status as of 6/30/2026 (good indicator of overall portfolio health/credit risk); 3) cumulative gain (loss) per share as of 6/30/2026 (great indicator of long-term performance); 4) current premium (discount) to my estimated CURRENT NAV per share (NAV as of 9/4/2026) (very good indicator of overall valuation); 5) current stock price to annualized NII ratio (good indicator of overall valuation); and 6) percentage of total investment income attributable to capitalized PIK (deferred) interest income (good indicator of overall portfolio health/credit risk).

When compared to the 11 other BDC peers within this analysis, I believe BXSL continues to outperform a majority of the company's BDC peers I currently cover. This includes, but is not limited to, BXSL's attractive adjusted NII per share (though, to remain unbiased, it has net decreased over the prior several quarters [similar to most sector peers]); a modestly more attractive cumulative realized gain (loss) per share amount as of 6/30/2026; a very low exposure to the oil and gas sector (including certain investments in the energy sector that had oil and gas characteristics and/or services closely linked to the sector); a slightly more attractive stock price to annualized adjusted NII ratio; and a slightly below average capitalized PIK/deferred interest income percentage (all positive catalysts/trends). In addition, BXSL is tied for having the lowest management fees out of the externally-managed covered BDC peers at 1.00% of total assets less cash and cash equivalents (along with a "clawback" feature regarding the company's incentive fees). Simply put, this will continue to positively impact shareholders via lower proportionate fees versus most other externally managed BDC-covered peers.

That said, to remain non-bias, this article also highlighted BXSL had an average percentage of investments in non-accrual status as of 6/30/2026 (though it should decline once the Medallia restructuring is complete), a slightly below-average FMV versus cost ratio, a slightly below-average trailing 24-month economic return percentage, and a slightly above-average exposure to the generalized software and software-related sector (cautious - slightly negative factors/trends).

Looking back, I previously correctly identified the very high probability of an increasing BXSL base dividend and/or special periodic dividends during 2022 - 2023. This was mainly due to the U.S. London Interbank Offered Rate (LIBOR)/Standard Overnight Financing Rate ("SOFR")/PRIME very quickly moving past all floors on the asset side of the balance sheet, along with financing outstanding borrowings with longer-term, lower-cost debt on the liability side of the balance sheet, during 2021.

That said, to remain non-bias, during 2024 - 2026, one had/has to continue to monitor the weighted average annualized yield on new loan originations versus exiting debt investments, as there remains a pretty good "lag" in this specific metric. I believe we are close - very close to a "trough"/bottoming pattern regarding this metric. Something I continually track. In addition, I believe the majority of sector earnings peaked during late 2023 - early 2024 (previously "plateaued"). The rapid NII growth that sector peers experienced during 2022 - 2023 simply did not occur during 2024 - the 1st half of 2026 (nor will it occur during the 2nd half of 2026 - 2027). As the FOMC began to reduce the Federal Funds Rate (starting in September 2024), sector earnings GRADUALLY decreased over time. The severity of decreases has varied peer-to-peer (which I continuously project/model). This notion is already embedded in all price targets. Furthermore, credit risk will almost certainly rise (albeit mildly) throughout the sector during 2026 but should begin to slowly ease during 2027.

However, I continue to believe BXSL is better positioned to weather a potential minor-modest recession when compared to most sector peers (as highlighted in the analysis above).

Dividend sustainability will be discussed/analyzed in PART 2 of this sector comparative analysis.

My BUY, SELL, or HOLD Recommendation: From the analysis provided above, including additional factors not discussed within this article (additional metrics covered in PART 2), I currently rate BXSL as a SELL when I believe the company's stock price is trading at or greater than a 17.5% premium to my projected CURRENT NAV (NAV as of 9/4/2026; $24.45 per share), a HOLD when trading at less than a 17.5% premium but greater than a 7.5% premium to my projected CURRENT NAV, and a BUY when trading at or less than a 7.5% premium to my projected CURRENT NAV.

Therefore, with a closing price as of 9/4/2026 of $24.72 per share, I currently rate BXSL as NOTABLY UNDERVALUED from a stock price perspective.

As such, I currently believe BXSL is a STRONG BUY recommendation. My current price target for BXSL is approximately $29.90 per share. This is currently the price where my recommendation would change to a SELL. The current price where my STRONG BUY recommendation would change to a HOLD is approximately $27.35 per share. Put another way, the following are my CURRENT BUY, SELL, or HOLD per share recommendation ranges for BXSL (our Investing Group subscribers get this type of data on all 12 BDC (and 18 mortgage real estate investment trust [mREIT]) stocks I currently cover on a weekly basis):

$29.90 per share or above = SELL (Overvalued)

$27.36 - $29.89 per share = HOLD (Appropriately Valued)

$24.81 - $27.35 per share = BUY (Undervalued)

$24.80 per share or below = STRONG BUY (Notably Undervalued)

BDC Sector Recommendations as of 9/4/2026: Table 10 - Past and Current BDC Recommendations

The REIT Forum

(Source: Table created by me, including all past and present recommendations based on data obtained from the SEC's EDGAR Database [link provided below Table 1a])

Table 10 above provides the following information on BXSL and the 11 BDC peers (see each corresponding column): 1) 7/18/2025 BUY, SELL, or HOLD recommendation (pre late summer 2025 sell-off); 2) 10/10/2025 BUY, SELL, or HOLD recommendation (pre fall 2025 rally); and 3) 9/4/2026 BUY, SELL, or HOLD recommendation range, relative to my estimated CURRENT NAV.

I currently have 3 BDCs rated as NOTABLY UNDERVALUED (STRONG BUY), 2 rated as UNDERVALUED (BUY), 5 rated as APPROPRIATELY VALUED (HOLD), 0 rated as OVERVALUED (SELL), and 2 as NOTABLY OVERVALUED (STRONG SELL). Simply put, certainly not as bearish as late 2019 - early 2020 or June - July 2025. I currently believe the sector, as a whole, is appropriately valued - very slightly undervalued. I would just be mindful, knowing high-yield/speculative-grade credit spreads directly impact broader asset valuations. I continue to project a net widening of spreads during the 2nd half of 2026 - mid-2027. This is something I have continued to discuss with subscribers. It's important to understand.

That said, I continue to see very good - great value with BXSL (yes, even considering a projected dividend reduction at some point during 2026 - early 2027, discussed in PART 2).

The analysis performed above does not provide "every" catalyst/factor to consider when choosing a BDC investment. However, I believe this analysis is a good starting point to begin a discussion on the topic. Additional metrics will be analyzed in PART 2 of this article. PART 2 will take a look at BXSL's past and current dividend rates, yields, and other similar metrics and compare the results to the 11 other BDC peers. Several of these metrics have a direct impact on future operations/results as events unfold. This includes dividend projections for all 12 peers for calendar Q4 2026/each applicable company's next set of dividend projections.

My Personal BXSL Past + Current Stock Disclosures: The following are my BXSL past and current stock disclosures and total returns since I have been writing on Seeking Alpha (since 2013):

Table 11 - BXSL Past + Current Stock Disclosures/Returns

The REIT Forum

Source: Taken Directly from the REIT Forum's © Spreadsheets/Data

Final Note: All trades/investments I have performed over the past 10+ years have been disclosed to readers in "real time" (that day at the latest) via Seeking Alpha and, more recently, the "live chat" feature of our Investing Group (which cannot be changed/altered). Beginning in January 2020, I transitioned all my real-time purchase and sale disclosures solely to subscribers of the REIT Forum. All applicable public articles will still have my "main ticker" purchase and sale disclosures (just not real-time alerts). At the end of August 2026, I had an unrealized/realized gain "success rate" of 87.8% and a total return (includes dividends received) success rate of 95.6% out of 90 total past and present mREIT and BDC positions (updated monthly; multiple purchases/sales in one stock count as one overall position until fully closed out). I encourage other Seeking Alpha contributors to provide real-time buy and sell updates for their readers/subscribers, which would ultimately lead to greater transparency/credibility.

Simply put, a contributor's/team's recommendation track record should "count for something" and should always be considered when it comes to credibility/successful investing.

Understanding My/Our Valuation Methodology Regarding mREIT Common and BDC Stocks: The basic "premise" around my/our recommendations in the mREIT common and BDC sectors is value. Regarding operational performance over the long term, there are above average, average, and below-average mREIT and BDC stocks. That said, better-performing mREIT and BDC peers can be expensive to own, as well as being cheap. Just because a well-performing stock outperforms the company's sector peers over the long term, this does not mean this stock should be owned at any price. As with any stock, there is a price range where the valuation is cheap, a price where the valuation is expensive, and a price where the valuation is appropriate. The same holds true with all mREIT common and BDC peers. As such, regarding my/our investing methodology, each mREIT common and BDC peer has their own unique BUY, SELL, or HOLD recommendation range (relative to estimated CURRENT BV/NAV). The better-performing mREITs and BDCs typically have a recommendation range at a premium to BV/NAV (varying percentages based on overall outperformance) and vice versa with the average/underperforming mREITs and BDCs (typically at a discount to estimated CURRENT BV/NAV).

Each company's recommendation range is "pegged" to estimated CURRENT BV/NAV because this way subscribers/readers can track when each mREIT and BDC peer moves within the assigned recommendation ranges (daily if desired). That said, the underlying reasoning why I place each mREIT and BDC recommendation range at a different premium or (discount) to estimated CURRENT BV/NAV is based on roughly 15-20 catalysts, which include both macroeconomic catalysts/factors and company-specific catalysts/factors (both positive and negative). This investing strategy is not for all market participants. For instance, not likely a "good fit" for extremely passive investors. For example, investors holding a position in a particular stock, no matter the price, for, say, a period of 5+ years. However, as shown throughout my articles written here at Seeking Alpha since 2013, in the vast majority of instances I have been able to enhance my personal total returns and/or minimize my personal total losses from specifically implementing this particular investing valuation methodology. I hope this provides some added clarity/understanding for new subscribers/readers regarding my valuation methodology utilized in the mREIT common and BDC sectors.

Each investor's BUY, SELL, or HOLD decision is based on one's risk tolerance, time horizon, and dividend income goals. My personal recommendation will not fit each reader's current investing strategy. The factual information provided within this article is intended to help assist readers when it comes to investing strategies/decisions. Please disregard any minor "cosmetic" typos if/when applicable.

Allianz Asset Management GmbH lowered its holdings in Hershey Company (The) (NYSE:HSY – Free Report) by 72.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,020 shares of the company’s stock after selling 55,711 shares during the period. Allianz Asset Management GmbH’s holdings in Hershey were worth $3,688,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Hershey by 6.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,310 shares of the company’s stock valued at $2,618,000 after buying an additional 937 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Hershey by 20.2% in the second quarter. EverSource Wealth Advisors LLC now owns 697 shares of the company’s stock valued at $116,000 after acquiring an additional 117 shares during the period. Gamco Investors INC. ET AL purchased a new position in Hershey during the second quarter valued at approximately $267,000. Bank of Nova Scotia grew its stake in Hershey by 4.5% during the second quarter. Bank of Nova Scotia now owns 17,927 shares of the company’s stock valued at $2,975,000 after acquiring an additional 769 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in Hershey by 5.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 22,247 shares of the company’s stock worth $3,692,000 after acquiring an additional 1,149 shares during the period. 57.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth Several analysts have issued reports on HSY shares. Mizuho lowered their target price on shares of Hershey from $195.00 to $185.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 20th. Piper Sandler decreased their price target on shares of Hershey from $249.00 to $200.00 and set an “overweight” rating on the stock in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $191.00 price objective on shares of Hershey in a research report on Friday, July 31st. Weiss Ratings raised Hershey from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, July 31st. Finally, UBS Group boosted their target price on Hershey from $190.00 to $198.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. Seven research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $204.78.

Check Out Our Latest Research Report on Hershey Hershey Price Performance HSY stock opened at $173.25 on Wednesday. The firm has a 50 day simple moving average of $178.76 and a two-hundred day simple moving average of $191.86. The stock has a market cap of $34.81 billion, a PE ratio of 23.67, a P/E/G ratio of 1.37 and a beta of 0.11. Hershey Company has a one year low of $161.43 and a one year high of $239.48. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.18 and a quick ratio of 0.66.

Hershey (NYSE:HSY – Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.47. The company had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.63 billion. Hershey had a net margin of 12.24% and a return on equity of 31.92%. The firm’s revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.21 EPS. Hershey has set its FY 2026 guidance at 8.360-8.520 EPS. On average, analysts predict that Hershey Company will post 8.49 EPS for the current fiscal year.

Hershey Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be issued a $1.452 dividend. This represents a $5.81 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Friday, August 14th. Hershey’s dividend payout ratio is presently 79.37%.

Insider Activity at Hershey In other news, CFO Steven Voskuil sold 1,500 shares of the stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $170.00, for a total transaction of $255,000.00. Following the transaction, the chief financial officer directly owned 53,195 shares in the company, valued at approximately $9,043,150. This represents a 2.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.08% of the company’s stock.

Hershey Profile (Free Report)

The Hershey Company (NYSE: HSY) is a leading North American chocolatier and snack manufacturer headquartered in Hershey, Pennsylvania. The company develops, produces and markets a wide range of confectionery and snack products for retail, foodservice and international customers. Hershey’s business spans manufacturing, branded product marketing, packaging and distribution across grocery, convenience, mass merchant and e-commerce channels.

Hershey’s product portfolio centers on chocolate and sugar confectionery, including core brands such as Hershey’s, Reese’s, Hershey’s Kisses and Twizzlers, alongside non-chocolate snacks and confectionery brands.

Read More Five stocks we like better than Hershey Tesla’s Robotaxi Launch Wasn’t the Moment Investors Expected Despite Post-Earnings Drop, Wall Street Analysts Eye New Highs for Broadcom Stock Morgan Stanley Eyes Good Things Ahead for Meta After $18 Billion Legal Settlement Q3 Earnings Could Be the Catalyst the Market Has Been Waiting For Want to see what other hedge funds are holding HSY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hershey Company (The) (NYSE:HSY – Free Report).

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Pioneering gene-editing company CRISPR Therapeutics (CRSP -1.81%) was a well-performing biotech stock in August. Its shares were hot in the hot month, zooming almost 19% higher thanks to a solid quarterly earnings report and business update.

A welcome update CRISPR released its second-quarter financials and business update early in the month, on Aug. 3, to be exact. It quoted CEO Samarth Kulkarni as saying that this "reflected strong execution across CRISPR Therapeutics' portfolio and platform" -- and he was not wrong.

Image source: Getty Images.

The biotech's one approved product, the blood disorder treatment Casgevy (developed and marketed in partnership with Vertex Pharmaceuticals), saw a 78% quarter-over-quarter jump in sales to $76 million. Better, during the period, the U.S. Food and Drug Administration (FDA) approved Casgevy's label expansion to cover pediatric patients aged 2 and older.

While financial figures aren't as meaningful for biotechs, with their typically feast-or-famine business models, CRISPR's have been looking good lately.

Second-quarter revenue was boosted significantly by a $10 million upfront payment from a license and collaboration deal from a business partner that hasn't been identified. With that, the company's total top line expanded to nearly $10.2 million from the year-ago tally of $892,000.

I should note here that, under the CRISPR/Vertex partnership agreement, CRISPR does not recognize its share of Casgevy sales as revenue. Rather, its net share is bundled with its proportion of costs in the "collaboration expense, net" line item of its profit and loss statement.

As for CRISPR's bottom line, a steep decline in in-process research and development expenses, plus that $10 million infusion, narrowed the net loss considerably. It was just under $91.5 million ($0.94 per share) for the period compared to the second quarter of 2025's nearly $209 million deficit.

Analysts tracking the stock were modeling revenue of less than $7.5 million and a net loss of $1.20 per share.

CRISPR is a busy company that continues to use its proprietary gene-editing platform to develop new medications. In its pipeline are treatments targeting disorders like hypertension (high blood pressure) and alpha-1 antitrypsin deficiency, a genetic condition that can threaten the lungs and liver.

Premium Feature

Moneyball Superscore

55/100

Today's Change

(

-1.81

%) $

-1.01

Current Price

$

54.78

Bright future Since we're still near the start of the gene-editing revolution in healthcare, it's likely to be some time before medicines developed with the technology become commonly available. While there are now numerous gene-editing businesses on the scene, CRISPR is a rare bird that has helped bring an actual product to market.

With that, I think it's always going to be in the mix with this future-forward technology, and I'd fully expect more products from its lab to reach pharmacy shelves. This remains a high-potential stock, I believe, but investors need to be patient with it.

3 AI Infrastructure Stocks to Watch Beyond NVIDIAArista Networks NYSE: ANET executives said the company is investing across its networking portfolio rather than making tradeoffs between AI and data-center switching, software, campus networking and routing, as it works toward its 2026 revenue outlook of $12.6 billion.

Speaking at the Goldman Sachs Communacopia and Technology Conference, Chief Financial Officer Chantelle Breithaupt said the outlook implies roughly 40% growth and provides substantial absolute-dollar capacity for research and development. Arista generally targets R&D spending of 8% to 10% of revenue, she said.

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Beyond the Foundry: 5 Infrastructure Stocks Tackling the AI BottlenecksPresident and Chief Technology Officer Ken Duda said the company’s work with sophisticated hyperscale customers on new technologies and customized systems supports its broader portfolio. Investments in hardware and software for large operators can flow into specialty cloud providers and enterprise deployments, he said.

Supply Chain, Demand Visibility and Margins Breithaupt said Arista raised its annual guidance by more than $1 billion after becoming more comfortable with supply availability and gaining greater order visibility. The company secured purchase commitments, received support from suppliers and had visibility into two quarters of purchase orders by the August timeframe, she said.

5 AI Infrastructure Stocks Smart Money Is Buying Before the Next SurgeWhile supply conditions have improved, Breithaupt cautioned that the industry is not fully beyond component constraints. Availability can be affected by a range of items, from major components such as chips and memory to peripheral items including printed circuit boards and power cables.

Arista’s multiyear purchase commitments nearly tripled to $9.7 billion, according to the discussion. Breithaupt characterized the increase as a demand signal rather than solely the result of component-price inflation. Chips have lead times of roughly 52 weeks, she said, prompting the company to make purchasing decisions well ahead of the order visibility it has in hand.

The company is comfortable with that approach because its portfolio is relatively flexible and components can be used across products and customers, Breithaupt said. Duda added that common switch models and components serve multiple customer types and use cases, helping reduce potential inventory-obsolescence risk.

Arista maintained its 2026 gross-margin outlook of 62% to 64%. Breithaupt said customer mix remains a primary variable, while tariff refunds are expected to contribute about 30 basis points for the year. The company also implemented a targeted price increase for products with meaningful exposure to memory and other component-cost inflation. The increase was intended to offset inflation rather than expand margins, she said.

EOS and Open Networking Duda said Arista continues to view its Extensible Operating System, or EOS, as a major differentiator. He said open-source network operating systems require extensive technical effort to assemble, validate and deploy across specific hardware platforms and customer use cases.

In hyperscale environments, open-source approaches are primarily used to support multisourcing and reduce dependence on a single software supplier, Duda said. He said Arista retains an advantage in demanding routing applications that require fast convergence, large routing tables, policy controls, tunnel encapsulation capabilities and operation within hardware-memory limits.

For cloud providers and enterprises, Duda said EOS, along with Arista’s CloudVision management platform, offers consistent operations across data centers, campuses, wide-area networks and cloud deployments. The same operating-system code runs across those environments, he said.

AI Networking Opportunities Executives highlighted AI infrastructure as a significant growth driver, particularly among NeoCloud providers. Duda said these customers seek best-of-breed technologies to optimize their full technology stacks and reduce token costs, rather than relying on a single-vendor system.

Arista’s offerings include networking capabilities for scale-out AI clusters, as well as CloudVision visibility into both network conditions and AI-server metrics such as flow control, congestion and retransmissions, Duda said. Breithaupt said the company remains selective in its commercial arrangements with NeoCloud customers, using measures such as prepayment where appropriate because not all emerging providers have equivalent financial backing.

Duda defined scale-across networking as the interconnection of AI clusters split across data centers. Unlike scale-out networking within a data center, scale-across applications require greater routing complexity and deeper buffering to account for the longer round-trip distance between geographically distributed clusters, he said.

Power, cooling and data-center-space constraints are driving customers to distribute GPU deployments across locations, creating demand for scale-across architectures and Arista’s 7800R Series platforms, according to Duda. Breithaupt said scale-across represented about 30% of Arista’s stated $3.5 billion AI revenue target for the year.

The company also sees a longer-term opportunity in scale-up networking, which connects accelerators within a rack or enclosure. Duda said Arista has limited share in that market today but expects Ethernet-based standardization, including ESUN, to create an opening. He expects activity to begin ramping in the latter part of 2027, with volume potentially arriving in early 2028.

Campus Growth and Capital Priorities Arista raised its campus revenue target to more than $1.25 billion for the year. Duda said the company initially won campus business from existing data-center customers, but is now seeing a growing share of new campus customers seeking alternatives to incumbent vendors.

The company cited its Cognitive Campus strategy, which includes always-on operations, zero-touch capabilities and zero-trust networking. Duda said Arista’s in-service software upgrades have become a differentiator for campuses supporting 24-hour operations such as hospitals, manufacturing facilities, logistics centers and media operations.

Breithaupt said Arista has roughly 5% market share in campus networking and views the segment as a high-volume, lower-dollar growth opportunity over multiple years.

On capital allocation, Breithaupt said working capital is the company’s first priority as it navigates what she described as step-function growth. Share repurchases remain opportunistic, while Arista continues to evaluate acquisition opportunities but has not identified a target that meets both its technology and cultural criteria.

Looking ahead, Duda said he is particularly interested in applying AI internally and within Arista’s products to build network engineering and operations assistants. Such tools could improve customer efficiency, uptime and operational management, he said.

About Arista Networks (NYSE:ANET)Arista Networks, Inc designs, develops and sells cloud networking solutions for large data centers, cloud service providers, internet companies, enterprises and other organizations. Its portfolio includes high-performance Ethernet switches, routers and wireless networking products used to connect servers, storage systems, users and applications across data center and campus environments.

The company's software offerings include Arista EOS, its Linux-based network operating system, and CloudVision, a cloud-based platform for network management, automation, monitoring and analytics.

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

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NEW YORK, Sept. 08, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Azenta, Inc. (“Azenta” or the “Company”) (NASDAQ: AZTA). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Azenta and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

On August 24, 2026, Azenta issued a press release announcing the resignation of John Marotta from his roles as Chief Executive Officer and as a director of the Company.

On this news, Azenta’s stock price fell $4.52 per share, or 12.09%, to close at $32.88 per share on August 24, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

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HB Wealth Management LLC boosted its holdings in shares of Arthur J. Gallagher & Co. (NYSE:AJG – Free Report) by 25.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,157 shares of the financial services provider’s stock after buying an additional 2,465 shares during the quarter. HB Wealth Management LLC’s holdings in Arthur J. Gallagher & Co. were worth $2,791,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Kemnay Advisory Services Inc. acquired a new stake in shares of Arthur J. Gallagher & Co. in the fourth quarter worth $26,000. Rakuten Securities Inc. lifted its position in Arthur J. Gallagher & Co. by 650.0% during the second quarter. Rakuten Securities Inc. now owns 105 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 91 shares during the period. Axiom Investment Management LLC purchased a new stake in Arthur J. Gallagher & Co. in the first quarter valued at $28,000. MV Capital Management Inc. purchased a new stake in Arthur J. Gallagher & Co. in the fourth quarter valued at $34,000. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in Arthur J. Gallagher & Co. during the 1st quarter worth about $29,000. 85.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity In related news, VP Christopher E. Mead sold 3,500 shares of Arthur J. Gallagher & Co. stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $257.02, for a total value of $899,570.00. Following the sale, the vice president owned 22,223 shares of the company’s stock, valued at approximately $5,711,755.46. This trade represents a 13.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Scott R. Hudson sold 12,000 shares of the business’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $264.13, for a total transaction of $3,169,560.00. Following the completion of the sale, the vice president directly owned 90,262 shares of the company’s stock, valued at approximately $23,840,902.06. The trade was a 11.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 27,500 shares of company stock worth $7,310,090 over the last three months. 1.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes A number of equities analysts have weighed in on AJG shares. Argus lifted their price objective on Arthur J. Gallagher & Co. from $267.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, August 17th. Mizuho raised their target price on Arthur J. Gallagher & Co. from $287.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Morgan Stanley lifted their price target on Arthur J. Gallagher & Co. from $270.00 to $290.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Citigroup boosted their price target on Arthur J. Gallagher & Co. from $250.00 to $285.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Finally, Royal Bank Of Canada upped their price objective on Arthur J. Gallagher & Co. from $300.00 to $310.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Fourteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Arthur J. Gallagher & Co. presently has a consensus rating of “Moderate Buy” and a consensus target price of $290.28. Get Our Latest Analysis on AJG

Arthur J. Gallagher & Co. Trading Down 4.3% Shares of Arthur J. Gallagher & Co. stock opened at $251.47 on Wednesday. The firm has a 50-day simple moving average of $255.31 and a two-hundred day simple moving average of $228.39. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.05 and a current ratio of 1.05. Arthur J. Gallagher & Co. has a fifty-two week low of $190.75 and a fifty-two week high of $313.55. The company has a market cap of $64.45 billion, a P/E ratio of 41.70, a price-to-earnings-growth ratio of 1.59 and a beta of 0.50.

Arthur J. Gallagher & Co. (NYSE:AJG – Get Free Report) last posted its earnings results on Thursday, July 30th. The financial services provider reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.81 by $0.03. Arthur J. Gallagher & Co. had a return on equity of 13.28% and a net margin of 9.96%.The firm had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period last year, the firm earned $2.33 EPS. The company’s quarterly revenue was up 24.3% on a year-over-year basis. As a group, equities analysts predict that Arthur J. Gallagher & Co. will post 13.28 earnings per share for the current fiscal year.

Arthur J. Gallagher & Co. Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Tuesday, September 8th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Tuesday, September 8th. Arthur J. Gallagher & Co.’s dividend payout ratio (DPR) is presently 46.43%.

Arthur J. Gallagher & Co. Company Profile (Free Report)

Arthur J. Gallagher & Co is a global insurance brokerage, risk management and consulting company. The company helps businesses, institutions and individuals identify, manage and transfer risk through insurance and related services.

Its operations include retail insurance brokerage, employee benefits consulting, risk management, claims administration, actuarial services, captive insurance and wholesale brokerage. Gallagher arranges commercial property and casualty coverage, personal insurance, specialty insurance and employee benefit programs, while also providing services designed to help clients manage workplace, liability and other operational risks.

Founded in 1927 by Arthur J.

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Key Takeaways AMN expects Q3 Nurse and Allied Solutions revenues to rise 9-11% as staffing demand strengthens.MSP arrangements generated about 46% of AMN Healthcare's consolidated revenues in Q2'26.AMN is expanding AI-enabled language, leadership and workforce tools to diversify beyond staffing. AMN Healthcare Services, Inc. (AMN - Free Report) is well-poised for growth in the coming quarters, courtesy of its broad array of services. The optimism is led by strong momentum in its Managed Services Program (MSP), favorable healthcare staffing demand, diversified workforce solutions, and investments in technology and AI-driven platforms. However, stiff competition, industry regulations and changing marketplace conditions are major downsides.

Shares of this Zacks Rank #3 (Hold) company have skyrocketed 114.5% year to date against the industry's 12% decline. However, the S&P 500 Index has risen 12.2% in the said timeframe.

This renowned player in the healthcare total talent services space has a market capitalization of $1.31 billion. The company projects 144.1% year-over-year earnings growth for 2026 and expects to witness continued improvements in its business. AMN Healthcare surpassed the Zacks Consensus Estimate in the trailing four quarters, delivering an average earnings surprise of 96.63%.

Image Source: Zacks Investment Research

Factors Favoring AMN StockFavorable Healthcare Staffing Demand: Demand for healthcare staffing remains supported by population growth, aging demographics, increasing care complexity and persistent labor shortages. Healthcare providers are increasingly using flexible workforce models and external staffing partners to manage labor variability and improve efficiency.

In second-quarter 2026, travel nurse volume increased 6% year over year, while allied volume rose 7%, the strongest growth rates in four years. Travel nurse orders turned positive in May and reached approximately 40% growth by early August, while allied orders grew in the mid-teens during June and July. Management expects more than 10% year-over-year growth in both businesses in the third quarter and forecasts Nurse and Allied Solutions revenue growth of 9-11%. Sustained demand could drive stronger staffing volumes and support AMN’s revenue recovery.

Expanding MSP Penetration: AMN Healthcare’s Managed Services Programs (MSPs) strengthen client relationships by helping providers manage supplemental labor across AMN and third-party suppliers. MSP arrangements accounted for approximately 46% of consolidated revenues in second-quarter 2026. In 2025, AMN managed $1.8 billion of spend through MSPs and $3.3 billion, including vendor-neutral programs. Broad-based demand across regions, provider sizes and service models further supports the platform’s workforce optimization capabilities. The scale of AMN’s MSP platform provides recurring access to large healthcare staffing demand and strengthens client retention while creating opportunities to capture additional market share.

Diversified Workforce Solutions: AMN has expanded beyond traditional staffing into technology-enabled total talent solutions spanning staffing, recruitment, MSP, Vendor Management Systems (VMS), language services, consulting and workforce optimization. Second-quarter growth included travel nurse, allied and international nurse staffing, while physician search increased new searches 40% year over year and executive search rose 30%.

AMN also expanded its WorkWise platform with supplier and rate intelligence, while Passport users surpassed 400,000. In June 2026, the company acquired Jaide Health to enhance AI-enabled language interpretation and ESSENTIAL Leadership Assessment to expand leadership evaluation, coaching and succession planning capabilities. This broad service portfolio creates multiple avenues for growth beyond traditional healthcare staffing.

Downsides of AMN StockStiff Competition: AMN Healthcare operates in a highly competitive staffing and workforce-solutions market, with pressure from national, regional and specialized providers. Locum tenens demand is increasingly shifting toward vendor-neutral channels, which management describes as highly competitive. Language services revenues also declined as pricing per minute fell 8%, while Technology and Workforce Solutions revenues dropped 15% year over year. Continued competition could limit pricing power, fill rates and revenue growth.

Changing Marketplace Conditions: Healthcare providers continue to adjust staffing models and focus on controlling labor costs. Contingent labor premiums have fallen to the mid- to high-single digits from the mid- to high-teens before COVID-19, indicating a normalization of pandemic-era economics. Although Nurse and Allied demand is recovering, third-quarter 2026 consolidated revenue guidance calls for only 1-3% year-over-year growth as declines in other segments offset staffing gains. These market shifts could slow AMN’s overall recovery.

Healthcare Industry Regulations: Regulatory and administrative changes can affect clinician availability, client demand and international staffing. AMN’s international nurse business benefited from forward movement in visa cutoff dates, but embassy appointment backlogs remain a constraint. Management indicated that resolving these delays will influence international growth in 2027. Changes in immigration policies or continued processing delays could therefore create staffing shortages, delay placements and increase operating uncertainty.

Estimate TrendAMN Healthcare has been witnessing a positive estimate revision trend for 2026. Over the past 60 days, the Zacks Consensus Estimate for its earnings per share has improved 22.9% to $3.32.

The Zacks Consensus Estimate for third-quarter 2026 revenues and earnings per share is pegged at $648 million and 22 cents, respectively, suggesting 2.1% growth and a 43.6% decline from the year-ago reported numbers.

Key PicksSome better-ranked stocks from the broader medical space are Veracyte (VCYT - Free Report) , Globus Medical (GMED - Free Report) and West Pharmaceutical (WST - Free Report) .

Veracyte, currently flaunting a Zacks Rank #1 (Strong Buy), reported a second-quarter 2026 adjusted earnings per share (EPS) of 54 cents, which surpassed the Zacks Consensus Estimate by 25.6%. Revenues of $150.3 million beat the Zacks Consensus Estimate by 4.1%.

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

VCYT has an estimated earnings growth rate of 8.4% for 2026. The company’s earnings beat estimates in the trailing four quarters, the average surprise being 41.8%.

Globus Medical, currently carrying a Zacks Rank #2 (Buy), reported a second-quarter 2026 adjusted EPS of $1.34, which surpassed the Zacks Consensus Estimate by 19.6%. Revenues of $789.6 million beat the Zacks Consensus Estimate by 0.4%.

GMED has an estimated long-term earnings growth rate of 12.4%. The company’s earnings beat estimates in the trailing four quarters, the average surprise being 27.9%.

West Pharmaceutical, carrying a Zacks Rank #2 at present, reported second-quarter 2026 adjusted EPS of $2.37, which beat the Zacks Consensus Estimate by 13.9%. Revenues of $872.3 million surpassed the Zacks Consensus Estimate by 4.2%.

WST has an estimated long-term earnings growth rate of 16%. WST’s earnings surpassed estimates in the trailing four quarters, the average surprise being 17.4%.

When a developer needs to make sense of a chaotic mountain of telemetry data, they call on Elastic (ESTC -3.69%). The company provides an essential search-driven platform that powers observability, security, and enterprise search workflows, essentially acting as the digital librarian for modern infrastructure. With the stock trading around $88.42 as of Sept. 8, 2026, and having climbed roughly 17% year-to-date, Elastic has shifted its focus from burning cash for growth to building a profitable, AI-integrated software engine.

Our proprietary Hidden Gems scoring system assigns Elastic an overall Superscore of 80 out of 100, placing it in the Strong category. The Superscore is an AI-powered score that evaluates a company's overall strength by combining financial performance, product market position, technological capabilities, leadership quality, and relative valuation. It represents the unification of all our scores into a single score for public companies, with five rating bands: Exceptional (90-100), Strong (75-89), Above Average (60-74), Average (40-59), and Cautious (0-39). This 80 places the company in the Top ~10% of every company we score. This analysis serves as one data-driven signal to guide your research, pairing the core strengths against the persistent risks to help you weigh the investment case for yourself.

Why Elastic Has an 80 SuperscoreStrong profitability pivot: The company successfully transitioned to GAAP profitability in fiscal 2026, reporting $368 million in net income and demonstrating that its platform can generate significant cash as it scales.AI product momentum: Rapid integration of generative AI tools like 'Search AI' and agentic workflows has deepened its utility, keeping enterprise customers locked into its ecosystem.Operational scale gains: Expanding gross margins to 76% in fiscal 2026 proves that the company is effectively managing the infrastructure costs of its cloud-first, consumption-based subscription model.Market relevance: Its status as a leader in observability and security keeps the platform essential to large enterprises, with over 1,720 customers now paying more than $100k in annual recurring revenue.Why Is Elastic's Superscore Not Higher?Stretched valuation multiples: An EV-to-EBITDA ratio of 502x prices in massive growth, leaving little room for error if expansion slows or if guidance slips.Intense competitive environment: The company competes for market share against well-funded hyperscalers and specialized rivals, preventing it from establishing an unassailable data moat.Normalization of growth: While healthy, the current mid-teen revenue growth represents a maturation phase compared to the hyper-growth periods of the company's earlier history.AI execution risk: Much of its AI-driven revenue is tied to upselling within its existing base, so it still faces the challenge of capturing entirely new segments to maintain its trajectory.Elastic's high capital efficiency -- ranking in the Top ~1% -- means it generates substantial profits relative to its small base of tangible assets. This allows the business to turn each point of revenue growth into outsize returns, a factor that helps justify the current premium investors pay for the stock.

ScoreScore (out of 100)RankSupporting Data PointProduct 1Y87Top ~8%Strong AI innovation like 'Agent Builder' is driving high-value enterprise adoption.Product 5Y71Top ~29%Consistent 23% revenue CAGR from 2022 to 2026 shows successful cloud-native transformation.Financial 1Y84Top ~8%Fiscal 2026 saw a pivotal shift to profitability with $368 million in net income.Financial 5Y75Top ~16%Disciplined cost management reduced the debt-to-equity ratio from 1.43 in 2022 to 0.46 in 2026.Leaders63Bottom ~40%Management provides granular visibility into key SaaS metrics like cRPO and cloud expansion.AI43Top ~20%The company is effectively embedding AI into its core tools but lacks a proprietary data moat.Valuation Risk70Top ~20%The stock trades at a trailing P/E of 27.83, reflecting investor expectations for future growth.Is Elastic Right For Your Portfolio?This stock warrants a closer look if...

You are looking for the best small-cap tech stocks that have successfully matured into profitable, cloud-native platforms.You believe that AI-driven search and observability will remain critical infrastructure for the modern enterprise.You may want to keep researching before buying if...

You are concerned about valuation risk given the high EV-to-EBITDA ratio.You are uncomfortable with the intense competition from cloud giants that could limit long-term pricing power.The Superscore provides a data-driven signal to help organize your research, but it is not a buy recommendation. Please weigh these points against your own risk tolerance and financial objectives before making any investment decisions.

Image source: The Motley Fool.

My Five-year prediction for Elastic stockElastic posted robust Q1 2027 results at the end of August, and the stock rose 48% last month. It's not the only provider of enterprise search services, but most of its rivals are open-source software packages managed by global communities. It's a promising position in the AI boom, as Elastic's tools can help data-rich companies organize and clean up large quantities of messy data before feeding it into proprietary AI and machine learning systems.

That said, I'm looking at a turnaround story in progress. Elastic's revenues have grown consistently in recent years, but I can't say the same for its cash flows and EBITDA. An EV-to-EBITDA ratio above 500 results from close-to-breakeven profits.

On the upside, Elastic is no longer just a search box for websites. Its vector database and Search AI platform have turned it into a context layer for the generative AI era, helping enterprises retrieve and ground data in real time as they rush to build proprietary AI agents.

Over the next five years, I expect Elastic to complete its transition from a high-growth disruptor to a cornerstone of the enterprise software stack. If it can sustain mid-teens revenue growth while pushing non-GAAP operating margins toward 20%, the company could top $3 billion in annual revenue by 2031. Paired with a stable price-to-sales ratio over the same period, Elastic's stock might double by 2031. Just don't expect a smooth ride.

The Hidden Gems Superscore reflects The Motley Fool's proprietary AI-driven evaluation of a company across product, financial, leadership, and valuation pillars as of the article date and may change over time. Performance figures are point-in-time. Past performance does not guarantee future results.

Key Takeaways Teradyne's Semiconductor Test sales jumped 128% year over year to $1.12B in Q2 2026. New UltraFLEXplus tools target AI and data-center digital, PCIe Gen6 and high-power test needs. Teradyne expects Q3 revenues of $1.20-$1.30B as AI demand supports UltraFLEXplus adoption. Teradyne (TER - Free Report) is benefiting from accelerating artificial intelligence (AI)-driven semiconductor test demand, particularly across high-performance compute, networking, and advanced memory applications, positioning the company as a formidable player against KLA (KLAC - Free Report) and Cohu (COHU - Free Report) . The company’s growing demand for its UltraFLEXplus system, which is designed to address the complex testing requirements of high-performance processors and networking devices, has been noteworthy. UltraFLEXplus enables customers to reduce test development time, driving higher-efficiency volume production.

Building on this momentum, Teradyne recently launched three new instruments for its UltraFLEXplus semiconductor test platform to address growing AI and data-center computing requirements. The UltraPin5000-EM offers expanded vector memory and faster pattern loading for complex AI devices, while UltraPort-PCIe6 supports PCIe Gen6 testing at 64 Gbps across 32 lanes. The UltraVS64-HP delivers up to 1,280 amps per instrument to test increasingly power-intensive compute devices. Together, the products expand UltraFLEXplus capabilities across advanced digital, high-speed interface and power testing, supporting semiconductor manufacturers from wafer probe through final device validation.

The UltraFLEXplus system has proven to be a key driver in boosting the Semiconductor Test business. In the second quarter of 2026, Teradyne delivered a remarkable 128% year-over-year growth in its Semiconductor Test business, contributing $1.12 billion out of the company’s total $1.3 billion in sales. This segment alone accounted for 84% of total sales.

The growing demand for AI-driven applications, particularly in data centers, is expected to continue driving the adoption of UltraFLEXplus. The strong demand for UltraFLEXplus is likely to support top-line growth, strengthening Teradyne’s competitive position against KLA and Cohu in the semiconductor test market. For the third quarter of 2026, Teradyne expects revenues in the range of $1.20-$1.30 billion.

How Competitors Fare Against TERTeradyne is facing stiff competition from companies such as KLA and Cohu. Both companies are expanding their footprint in the AI space.

KLA is benefiting from the growing demand for AI through its leadership in process control and its ability to address growth markets in wafer fab equipment, including high-bandwidth memory and advanced packaging.

In May 2026, Cohu received approximately $5 million in multiple orders for its Diamond X platform from a leading semiconductor manufacturer. The systems will support testing of next-generation GaN power devices for AI data centers, strengthening Cohu’s position in AI infrastructure and high-efficiency power semiconductor testing.

TER’s Share Price Performance, Valuation and EstimatesTeradyne shares have surged 84.4% in the year-to-date period, outperforming the Zacks Computer & Technology sector’s growth of 18.2% and the Zacks Electronics - Miscellaneous Products increase of 37.5%.

TER Stock Performance
Image Source: Zacks Investment Research

TER stock is trading at a premium with a forward 12-month Price/Sales of 9.75X compared with the Computer & Technology sector’s 6.11X. TER has a Value Score of F.

TER's Valuation
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for fiscal 2026 earnings is pegged at $9.10 per share, which has been unchanged over the past 30 days. This suggests 129.80% year-over-year growth.

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

NEW YORK, Sept. 08, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Planet Fitness, Inc. (“Planet Fitness” or the “Company”) (NYSE: PLNT).   Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether Planet Fitness and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until September 14, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Planet Fitness securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.  

[Click here for information about joining the class action]

On May 7, 2026, Planet Fitness reported its first quarter 2026 financial results and updated its full-year outlook.  Among other items, Planet Fitness disclosed that “2026 is off to a slower than expected start from a net member growth perspective” as the Company faced “internal and external headwinds during our peak sign-up period.”  The Company further disclosed that it was pausing its planned national Black Card price increase pending a broader pricing review.  In addition, Planet Fitness stated that, based on “lower net joins than planned in the first quarter” and the decision to pause the Black Card price increase, it was reducing several of its 2026 growth expectations.  The Company lowered expected system-wide same club sales growth to approximately 1%, compared to its prior guidance of 4% to 5%; revenue growth to approximately 7%, compared to prior guidance of approximately 9%; adjusted EBITDA growth to approximately 6%, compared to prior guidance of approximately 10%; adjusted net income to a decrease of approximately 2%, compared to prior guidance of 4% to 5% growth; and adjusted diluted EPS growth to approximately 4%, compared to prior guidance of 9% to 10%. 

On this news, Planet Fitness’s stock price fell $19.95 per share, or 31.19%, to close at $44.01 per share on May 7, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising.  Prior results do not guarantee similar outcomes.   

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

Why Twilio Is Rallying While the Rest of SaaS Struggles Twilio NYSE: TWLO executives outlined the company’s strategy to expand beyond communications connectivity into tools designed to provide context, orchestration and intelligence for interactions involving customers, human agents and artificial intelligence systems.

Speaking at a Goldman Sachs event, Twilio said its core business remains connecting customers with end users through communications channels. However, the company sees its newer conversation-focused products as an important part of its future, particularly as businesses deploy AI agents alongside human support teams.

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3 AI and Cloud Stocks With Analyst Conviction and Long RunwaysChief Product and Technology Officer Inbal Shani described Twilio’s platform as consisting of three layers: communications channels, contextual data and AI agents operating across those channels. The goal, she said, is to use real-time context to make AI agents “more effective, more productive, more accurate.”

Conversation products and developer flexibility Twilio recently launched products including Conversation Memory, Conversation Orchestrator and Conversation Intelligence. Shani said the company is seeking to preserve its developer-first approach while also making it easier for a broader set of users to build customized solutions.

Twilio, Braze: The Top 2 CEP Platforms to Own in 2025“The concept of developer is changing,” Shani said, noting that declining development costs are enabling more enterprises, independent software vendors and AI-native companies to create tailored applications.

Conversation Memory is intended to help preserve context across customer interactions. Shani said Twilio is distinguishing between information needed to improve a real-time conversation and longer-term data held in systems such as customer relationship management platforms and data warehouses. Rather than asking customers to duplicate their existing data, Twilio is building connectors to those systems and retaining information most relevant to the interaction.

Beta customers helped shape product priorities, according to Shani. One key request was a “warm handoff” between an AI agent and a human agent, as well as the ability to detect when an interaction should be escalated. While Twilio initially emphasized customer-support applications, some beta users also adopted the products for sales uses, such as identifying leads outside business hours and transferring them to sales staff later.

Voice AI opportunity remains early Twilio said voice AI remains in the early stages of adoption, with challenges involving latency, quality, turn detection, background noise, network variability and model accuracy still being addressed across the industry.

Shani said accuracy is the primary barrier to deploying voice AI agents at scale, and that infrastructure is especially important for managing latency, voice quality and proper turn detection. She also identified trust and regulation as significant adoption considerations, including identity verification, monitoring, data storage, supervision mechanisms and evolving compliance requirements.

Twilio’s ConversationRelay product already allows customers to select and bring their own speech-to-text, text-to-speech and large language models, Shani said. The company intends to remain a neutral platform rather than favoring a single model provider or AI agent architecture.

“We do not think there is going to be only one,” Shani said, referring to AI models and agents. She said customers are likely to use multiple models and agents for different workloads and use cases.

Twilio expects customer conversations to increasingly span multiple channels, potentially beginning with voice and moving to messaging or email. Shani said the company’s orchestration capabilities are designed to support those multichannel interactions over a customer’s lifetime, from marketing to sales, support and subsequent engagement.

Growth, margins and messaging A Twilio executive said the company’s organic revenue outperformance of more than 5% in each of the past two quarters was broad-based across products, sales channels and customer industries. Messaging, which represents about 60% of revenue, grew about 18% in the first half of the year and was a significant contributor to the upside.

The executive cautioned that Twilio does not view revenue beats above 5% as a new normal, noting that the company’s usage-based model can create variability. Over the previous several years, the company has generally exceeded its revenue guidance by approximately 2% to 4%, the executive said.

Voice revenue grew more than 20% in the second quarter, according to the company. Twilio said roughly half of the year-over-year dollar growth in voice came from connectivity volume and half came from software add-ons, such as conferencing, Media Streams and Answering Machine Detection.

Twilio also said gross profit growth has benefited from favorable product mix, including higher-margin voice, software add-ons and self-service products. The company is pursuing cost reductions through more direct carrier connections, hosting-cost initiatives and migration of certain products from on-premises environments to the cloud.

Regarding higher U.S. carrier fees, Twilio said it has not yet seen a meaningful change in messaging demand. The company said customers have expressed dissatisfaction with the increased costs, but Twilio continues to offer alternatives including WhatsApp, email and other over-the-top channels.

Self-service platform and investment discipline Twilio launched its updated Console in May at its Signal conference, consolidating access to its products in one place and using AI to help customers complete setup, registration and campaign workflows. The company said conversion rates on the new platform are up about 90% compared with its prior platform, though executives emphasized that the launch is still in its early months.

Shani said Twilio has adopted a more structured annual planning process for research and development, weighing investments across core infrastructure, product improvements, innovation and earlier-stage experiments. The company said it is prioritizing headcount and infrastructure spending based on expected return on investment, including work to address technical debt where demand signals indicate opportunities such as voice AI.

Twilio also said it is using AI internally in areas including its self-service platform, global operations, customer support and engineering tools, while maintaining what executives described as financial and operating discipline.

About Twilio (NYSE:TWLO)Twilio Inc NYSE: TWLO is a cloud communications platform-as-a-service (CPaaS) company that enables developers and enterprises to embed communications into web and mobile applications. Its core offering is a suite of programmable APIs that handle messaging (SMS, MMS, and chat), voice calling, video, and user authentication. Twilio's platform is designed to help businesses build customer engagement and communication workflows without managing telecommunications infrastructure directly.

The company's product portfolio includes programmable voice and messaging APIs, Twilio Video for real‑time video applications, and Twilio Authy for multi‑factor authentication.

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

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Hsbc Holdings PLC boosted its position in MKS Inc. (NASDAQ:MKSI – Free Report) by 2,274.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,935 shares of the scientific and technical instruments company’s stock after buying an additional 54,537 shares during the quarter. Hsbc Holdings PLC owned 0.08% of MKS worth $24,984,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in MKSI. Keating Financial Advisory Services Inc. acquired a new stake in MKS in the second quarter valued at $25,000. Allied Private Wealth LLC acquired a new stake in shares of MKS in the 2nd quarter valued at about $33,000. Clearstead Trust LLC acquired a new stake in shares of MKS in the 2nd quarter valued at about $36,000. Ancora Advisors LLC bought a new position in shares of MKS during the second quarter worth about $36,000. Finally, Carolina Wealth Advisors LLC grew its stake in MKS by 47.5% in the second quarter. Carolina Wealth Advisors LLC now owns 87 shares of the scientific and technical instruments company’s stock worth $39,000 after purchasing an additional 28 shares in the last quarter. 99.79% of the stock is owned by institutional investors and hedge funds.

MKS Price Performance Shares of NASDAQ MKSI opened at $265.50 on Wednesday. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.14 and a quick ratio of 0.72. The firm has a market capitalization of $17.95 billion, a PE ratio of 42.34, a P/E/G ratio of 0.55 and a beta of 1.98. MKS Inc. has a 1-year low of $107.02 and a 1-year high of $447.62. The business’s fifty day moving average price is $308.96 and its two-hundred day moving average price is $295.81.

MKS (NASDAQ:MKSI – Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The scientific and technical instruments company reported $3.30 EPS for the quarter, topping the consensus estimate of $2.91 by $0.39. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.20 billion. MKS had a net margin of 10.15% and a return on equity of 24.72%. The company’s quarterly revenue was up 28.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.77 earnings per share. MKS has set its Q3 2026 guidance at 3.270-3.890 EPS. On average, research analysts expect that MKS Inc. will post 13.07 EPS for the current year. MKS Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, August 25th. This represents a $1.00 annualized dividend and a dividend yield of 0.4%. MKS’s payout ratio is currently 15.95%.

Wall Street Analyst Weigh In A number of research analysts have commented on MKSI shares. KeyCorp increased their target price on MKS from $360.00 to $475.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Morgan Stanley raised their price objective on MKS from $374.00 to $442.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Cantor Fitzgerald reiterated an “overweight” rating and set a $600.00 target price on shares of MKS in a research note on Monday, August 3rd. Wells Fargo & Company raised their price target on shares of MKS from $300.00 to $325.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Finally, Weiss Ratings downgraded shares of MKS from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $382.86.

View Our Latest Analysis on MKS

Insider Buying and Selling at MKS In related news, CEO John Tseng-Chung Lee sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $302.01, for a total transaction of $3,020,100.00. Following the sale, the chief executive officer owned 134,776 shares of the company’s stock, valued at $40,703,699.76. The trade was a 6.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Williams sold 457 shares of MKS stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $288.31, for a total value of $131,757.67. Following the transaction, the executive vice president owned 4,098 shares in the company, valued at approximately $1,181,494.38. This trade represents a 10.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 10,757 shares of company stock valued at $3,227,146 in the last quarter. Corporate insiders own 0.57% of the company’s stock.

MKS Profile (Free Report)

MKS Instruments, Inc (NASDAQ: MKSI) designs, manufactures and markets technology solutions that enable advanced processes in a variety of high‐technology and industrial markets. The company’s core offerings include vacuum and gas delivery systems, pressure and flow measurement instruments, optical metrology tools, photonics subsystems and critical components for manufacturing processes. These products support the precise control and monitoring needs of semiconductor, industrial manufacturing, life and health sciences, and research applications.

The company’s product portfolio features mass flow controllers, pressure transducers, vacuum gauges, gas purity monitors, laser-based metrology systems and photonic devices such as lasers and detectors.

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When a mid-sized regional bank realizes its manual, spreadsheet-driven lending process can no longer keep up with modern digital competitors, it looks for a platform that can handle the entire loan lifecycle. nCino (NCNO -4.24%) fills that gap with a multi-tenant cloud-based operating system that automates everything from client onboarding to regulatory compliance. The stock trades at $22.14 on Sept. 8, down 28% over the past year as investors have grappled with slowing revenue growth and a challenging mortgage market.

Our proprietary Hidden Gems scoring system assigns nCino an overall Superscore of 74 out of 100, placing it in the Above Average category. The Superscore is an AI-powered score that evaluates a company's overall strength by combining financial performance, product market position, technological capabilities, leadership quality, and relative valuation. It represents the unification of all our scores into a single score for public companies, with five rating bands: Exceptional (90-100), Strong (75-89), Above Average (60-74), Average (40-59), and Cautious (0-39). This 74 Superscore places the company in the Top ~22% of every company we score, essentially performing ahead of roughly 78 out of every 100 companies we evaluate. This score is one data-driven signal worth investigating, and this article pairs the reasons the score is high with the reasons it is not higher, so you can weigh both sides before doing more work.

Why nCino has a 74 SuperscoreShift to profitability: The company reached a milestone by reporting positive GAAP net income of $5 million in fiscal 2026, proving that its platform can generate sustainable earnings after years of heavy investment.Deep customer integration: With over 2,700 global institutions currently using its platform, the company benefits from high switching costs, making it a mission-critical utility for its financial clients.AI-driven innovation: The company successfully launched proprietary tools such as its Banking Advisor and agentic workflows, enabling banks to automate complex tasks and deepen the value they derive from the core software.Operational discipline: A 2026 restructuring plan that included a 7% workforce reduction successfully streamlined the cost structure and created tangible operating leverage.Strong retention: Customers keep paying year after year, with an ACV net retention rate of 112% in fiscal 2026, meaning the company drives more revenue from its existing base without needing to hunt for new contracts.Why is nCino's Superscore not higher?Decelerating top-line growth: Total revenue grew 10% in fiscal 2026, a significant cooling compared to its 21% five-year revenue CAGR, reflecting market maturity and macroeconomic headwinds in the mortgage sector.High valuation multiples: The stock trades at a trailing P/E of 71.41, a premium that leaves little margin for error if future growth or earnings guidance slips.Competitive market pressure: The company must constantly defend its application layer against specialized, AI-native start-ups that offer cheaper or more agile alternatives for specific lending functions.Dependence on Salesforce: Because fundamental elements of the platform are built on the Salesforce (CRM -3.90%) infrastructure, the company remains subject to the terms and strategic shifts of its primary partner until the agreement expires in 2031.Hidden Gems Database scores at a glanceScoreScore (out of 100)RankSupporting Data PointProduct (1Y)77Top ~25%Successful integration of AI-driven products and agentic workflows.Product (5Y)69Top ~32%Consistent platform expansion and successful acquisitions like SimpleNexus.Financial (1Y)73Top ~24%Transition to GAAP profitability in fiscal 2026.Financial (5Y)65Top ~31%High long-term revenue CAGR of 21% tempered by historical losses.Leaders62Bottom ~37%Standard SaaS pay-for-performance compensation with healthy board oversight.AI75Top ~8%Proprietary dataset provides a moat that newer entrants struggle to replicate.Valuation Risk66Top ~27%Current valuation reflects high expectations, with a trailing P/E of 71.41.Is nCino right for your portfolio?This stock warrants a closer look if...

You are seeking exposure to the best small-cap tech stocks that have successfully transitioned from a burn-heavy growth model to sustainable profitability.You value companies that act as mission-critical infrastructure for the global financial sector, creating durable switching costs.You may want to keep researching before buying if...

You are concerned about the deceleration in revenue growth as the platform approaches greater market saturation.You find the current trailing P/E of 74 too expensive, given the risks of a volatile mortgage market.The Superscore is a single data-driven signal meant to assist in your research, not a directive; please balance this data against your personal goals and risk tolerance before taking action.

My five-year prediction for nCino stockThis company struggles under lofty interest rates. The sooner the Fed resumes rate cuts, the happier nCino's investors will be. Sales are slowing due to macroeconomic factors.

On that note, I'm impressed by the company's rising bottom line in this market environment. The restructuring made a significant difference, and nCino is drawing real benefits from AI-powered data analytics.

The growth story here isn't about landing more banks; there are only so many, and 2,700 institutions already use the nCino platform. It's about each bank consuming more AI tools. Roughly 230 customers have bought intelligence units, and only a third of them have actually turned the stuff on yet. There's a lot of untapped room for AI-driven sales growth here.

Now, the Salesforce deal expires in 2031, right when this prediction cashes out. I expect a renewal, but that's not the same thing as a signed deal. So Wall Street is pricing nCino's stock for potential disaster, but it's a durable business with serious safeguards against replacement.

The stock is valued at a modest 17.7 times free cash flow today, while earnings are expected to rise at an annual rate of 19% over the next five years. That would be more than enough to double share prices before the Salesforce deal expires, and the valuation ratios could widen. Sounds like a safe bet to me.

The Hidden Gems Superscore reflects The Motley Fool's proprietary AI-driven evaluation of a company across product, financial, leadership, and valuation pillars as of the article date and may change over time. Performance figures are point-in-time. Past performance does not guarantee future results.

Smith+Nephew announces cash tender offer for up to $250 million of its outstanding 2.032% notes due 2030

LONDON, UK / ACCESS Newswire / September 8, 2026 / Smith+Nephew, the global medical technology company (the "Company") (LSE:SN)(NYSE:SNN), announces today an offer to purchase for cash (the "Tender Offer"), upon the terms and subject to the conditions set forth in an offer to purchase dated September 8, 2026 (the "Offer to Purchase"), up to U.S.$250 million aggregate principal amount (the "Maximum Tender Amount") of the Company's 2.032% Senior Notes due 2030 (the "Notes") from each registered holder of the Notes (each a "Holder" and collectively, the "Holders"). Capitalized terms not otherwise defined in this announcement have the same meaning as assigned to them in the Offer to Purchase.

Holders are advised to read carefully the Offer to Purchase for full details of, and information on the procedures for participating in, the Tender Offer. The following table sets forth certain information relating to pricing for the Tender Offer.

Title of Security

CUSIP/ISIN(1)

Aggregate Principal Amount

Outstanding

Reference U.S.

Treasury Security

Fixed Spread

(basis points)

Bloomberg

Reference Page(2)

Maximum

Tender Amount(3)

2.032% Senior

Notes due 2030

(Maturity date: October 14, 2030)

83192P AA6 / US83192PAA66

$900,000,000

4.375% U.S.

Treasury due August 31,

2031

55 bps

FIT1

$250,000,000

(1) No representation is made as to the correctness or accuracy of the CUSIP or ISIN numbers listed in this announcement or printed on the Notes. They are provided solely for convenience.

(2) The Bloomberg Reference Page is provided for convenience only. To the extent any Bloomberg Reference Page changes prior to the Price Determination Date (as defined in the Offer to Purchase), the Dealer Manager (as defined below) referred to below will quote the Reference Treasury Security from the updated Bloomberg Reference Page.

(3)The Company reserves the right to increase or decrease the Maximum Tender Amount by press release no later than the third business day before the Expiration Time (as defined below).

Purpose of the Tender Offer

The purpose of the Tender Offer together with the Concurrent Notes Offering (as defined below) is to proactively manage the Company's debt portfolio and to extend the average maturity profile of the Company's existing debt. Notes that are accepted and purchased in the Tender Offer will be canceled and will no longer remain outstanding obligations of the Company.

New Notes and Financing Condition

The Company announced on September 8, 2026 its intention, subject to market conditions, to issue senior notes due 2036 (the "New Notes") in the concurrent notes offering (the "Concurrent Notes Offering"). Whether the Company will accept for purchase any Notes validly tendered in the Tender Offer is subject to, and conditioned upon, satisfaction or, where applicable, waiver of, the Company receiving aggregate gross proceeds from the Concurrent Notes Offering at or prior to the Expiration Time in an amount that is sufficient to effect the repurchase of the Notes validly tendered and accepted for purchase pursuant to the Tender Offer, on terms satisfactory to the Company in its sole discretion (the "Financing Condition").

Allocation of New Notes

The Company intends, in connection with the allocation of the New Notes in the Concurrent Notes Offering, to consider among other factors whether or not the relevant investor seeking an allocation of the New Notes in the Concurrent Notes Offering has validly tendered or indicated to the Company or BofA Securities (the "Dealer Manager") a firm intention to tender any Notes it holds pursuant to the Tender Offer and, if so, the aggregate principal amount of such Notes tendered or indicated to be tendered by such investor. When determining allocations of the notes in the Concurrent Notes Offering, the Company intends to give some degree of preference to those investors who, prior to such allocation, have validly tendered Notes, or have indicated their firm intention to tender Notes, pursuant to the Tender Offer. However, the Company will consider various factors in making allocation decisions and is not obliged to allocate notes in the Concurrent Notes Offering to an investor who has validly tendered or indicated to the Company or the Dealer Manager a firm intention to tender any Notes it holds pursuant to the Tender Offer and if allocated, the amount may be less than the amount tendered and accepted.

Any potential allocation of New Notes in the Concurrent Notes Offering, while being considered by the Company as set out above, will be made in accordance with customary new issue allocation processes and procedures following the completion of the book building process for the Concurrent Notes Offering and will be made at the sole discretion of the Company. In the event that a holder validly tenders Notes pursuant to the Tender Offer, such Notes will remain subject to such tender and the conditions of the Tender Offer as set out in the Offer to Purchase irrespective of whether that holder receives all, part or none of any allocation of New Notes in the Concurrent Notes Offering for which it has applied.

Holders should note that the pricing and allocation of the New Notes are expected to take place prior to the Expiration Time for the Tender Offer and any holder that wishes to subscribe for New Notes in addition to tendering existing Notes for purchase pursuant to the Tender Offer should therefore provide, as soon as practicable, and prior to the New Notes allocation, to the Dealer Manager any indications that it has tendered or an indication of a firm intention to tender Notes for purchase pursuant to the Tender Offer and the quantum of Notes that it intends to tender. Please refer to the Offer to Purchase for further details.

Tender Offer Consideration and Accrued Interest

The consideration offered for each $1,000 principal amount of Notes subject to the Tender Offer validly tendered and not validly withdrawn at or prior to the Expiration Time and accepted for purchase will be the Tender Offer Consideration, which will be payable on the Settlement Date (as defined below). In no event will the Tender Offer Consideration be paid prior to the Expiration Time. The Tender Offer Consideration for the Notes will be determined at the Price Determination Date, expected to be 4:00 p.m., New York City time, on September 15, 2026, taking into account the maturity date of the Notes and shall be calculated in accordance with standard market practice as further described in the Offer to Purchase.

Holders will also receive accrued and unpaid interest thereon from the last interest payment date up to, but excluding, the date of payment of the Tender Offer Consideration, which is expected to be September 18, 2026.

Maximum Tender Amount and Proration

The aggregate principal amount of Notes purchased will not exceed U.S.$250 million. If the aggregate principal amount of Notes validly tendered and not validly withdrawn exceeds the Maximum Tender Amount, acceptance of the Notes will be subject to proration. The Company reserves the right to increase or decrease the Maximum Tender Amount by press release or other public announcement no later than 9:00 a.m., New York City time, on the third business day before the Expiration Time (unless amended).

If the aggregate principal amount of Notes validly tendered and not validly withdrawn would cause the Maximum Tender Amount to be exceeded, then the Tender Offer will be oversubscribed. In that case, the Notes accepted for purchase on the Settlement Date may be accepted on a prorated basis.

All Notes not accepted as a result of proration will be returned to the tendering Holder. A separate tender instruction must be submitted on behalf of each beneficial owner of the Notes, given the potential proration.

Offer Conditions

The Tender Offer is subject to the satisfaction or waiver of certain conditions described in the Offer to Purchase, including the Financing Condition.

Indicative Timetable

The following table sets out the expected dates and times of the key events relating to the Tender Offer. This is an indicative timetable and is subject to change.

Date

Calendar Date and Time

Launch Date

8-Sep-26

Withdrawal Rights

Tendered Notes may be validly withdrawn at any time (i) prior to the earlier of (x) the Expiration Time and (y) if the Tender Offer is extended, the tenth business day after commencement of the Tender Offer, and (ii) after the 60th business day after the commencement of the Tender Offer if for any reason the Tender Offer has not been consummated within 60 business days after commencement.

Price Determination Date

4:00 p.m., New York City time, on September 15, 2026, unless extended.

Expiration Time

5:00 p.m., New York City time, on September 15, 2026, unless extended or earlier terminated.

Results Announcement Date

As soon as practicable on the day following the Expiration Time, expected to be on September 16, 2026, unless extended by the Company.

Settlement Date

Promptly after the Expiration Time, expected to be September 18, 2026, assuming that the Tender Offer is not extended or earlier terminated.

Holders are advised to read carefully the Offer to Purchase for full details of and information on the procedures for participating in the Tender Offer.

Further Information

Holders may access the Offer to Purchase at https://gbsc-usa.com/smith&nephew/.

Questions and requests for assistance in connection with the Tender Offer may be directed to the Dealer Manager at:

Merrill Lynch International

2 King Edward Street London, EC1A 1HQ United Kingdom
Attn: Liability Management Group Telephone (Europe): +44 20 7996 5420
Telephone (U.S. Toll Free): +1 (888) 292-0070
Telephone (U.S.): +1 (980) 387-3907
Email: [email protected]

Questions and requests for assistance in connection with the tender of Notes including requests for a copy of the Offer to Purchase may be directed to:

Global Bondholder Services Corporation

65 Broadway - Suite 404 New York, New York 10006 Attn: Corporate Actions
Banks and Brokers Call: +1 (212) 430-3774
Toll Free: +1 (855) 654-2015
Email: [email protected]

NOTICE AND DISCLAIMER

From time to time, the Company may purchase additional Notes in the open market, in privately negotiated transactions, through tender offers or otherwise, or may redeem Notes pursuant to the terms of the indenture governing the Notes. Any future purchases or redemptions may be on the same terms or on terms that are more or less favorable to Holders of Notes than the terms of the Tender Offer. Any future purchases or redemptions by the Company will depend on various factors existing at that time. There can be no assurance as to which, if any, of these alternatives (or combinations thereof) the Company may choose to pursue in the future. The effect of any of these actions may directly or indirectly affect the price of any Notes that remain outstanding after the consummation or termination of the Tender Offer.

This announcement must be read in conjunction with the Offer to Purchase. This announcement and the Offer to Purchase contain important information which must be read carefully before any decision is made with respect to the Tender Offer. If any Holder is in any doubt as to the action it should take or is unsure of the impact of the Tender Offer, it is recommended to seek its own financial and legal advice, including as to any tax consequences, from its stockbroker, bank manager, attorney, accountant or other independent financial or legal adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to tender Notes in the Tender Offer (or to validly withdraw any such tender). None of the Company, the Dealer Manager, the Information & Tender Agent and any person who controls, or is a director, officer, employee or agent of such persons, or any affiliate of such persons, makes any recommendation as to whether Holders should participate in the Tender Offer.

OFFER AND DISTRIBUTION RESTRICTIONS

This announcement and the Offer to Purchase do not constitute an offer or an invitation to participate in the Tender Offer in any jurisdiction in which, or to any person to or from whom, it is unlawful to make such offer or invitation or for there to be such participation under applicable laws. The distribution of this announcement and the Offer to Purchase in certain jurisdictions may be restricted by law. Persons into whose possession this announcement or the Offer to Purchase comes are required by the Company, the Dealer Manager and the Information & Tender Agent to inform themselves about and to observe any such restrictions.

United Kingdom

The Offer to Purchase is only addressed to Holders where they would (if they were clients of the Company) be per se professional clients or per se eligible counterparties of the Company within the meaning of the rules of the Financial Conduct Authority ("FCA"). Neither the Offer to Purchase nor any other related documents or materials are addressed to or directed at any persons who would be retail clients within the meaning of the FCA rules and any such persons should not act or rely on them. Recipients of the Offer to Purchase and any other documents or materials relating to the Tender Offer should note that the Company is acting on its own account in relation to the Tender Offer and will not be responsible to any other person for providing the protections which would be afforded to clients of the Company or for providing advice in relation to the Tender Offer.

This announcement, the Offer to Purchase and any other documents and/or materials relating to the Tender Offer are not being made and this announcement, the Offer to Purchase and such documents and/or materials have not been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000, as amended. Accordingly, this announcement, the Offer to Purchase and such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of this announcement, the Offer to Purchase and such documents and/or materials as a financial promotion is only being made to persons outside the United Kingdom and to those persons in the United Kingdom falling within the definition of investment professionals (as defined by Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial Promotion Order")) or persons who are within Article 43(2) of the Financial Promotion Order or any other persons to whom they may otherwise lawfully be communicated under the Financial Promotion Order (all such persons together being referred to as "relevant persons") and the transactions contemplated herein will be available only to, and engaged in, by relevant persons. Any person who is not a relevant person should not act on or rely on this announcement, the Offer to Purchase and any such other documents and/or materials in the United Kingdom.

France

This announcement, the Offer to Purchase and any other documents and/or materials relating to the Tender Offer may not be distributed in the Republic of France other than to qualified investors (investisseurs qualifiés) as defined in Article L.411-2 1° of the French Code monétaire et financier and only qualified investors (investisseurs qualifiés) are eligible to participate in the Tender Offer. The Tender Offer, this announcement, the Offer to Purchase and any other documents and/or materials relating to the Tender Offer have not been and will not be submitted for clearance to nor approved by the Autorité des marchés financier.

Italy

None of the Tender Offer, this announcement, the Offer to Purchase and any other documents or materials relating to the Tender Offer has been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa ("CONSOB"), pursuant to Italian laws and regulations. The Tender Offer is being carried out in Italy as an exempted offer pursuant to article 101-bis, paragraph 3 bis of the

Legislative Decree No. 58 of February 24, 1998, as amended (the "Financial Services Act") and article 35-bis, paragraph 4 of CONSOB Regulation No. 11971 of May 14, 1999, as amended. Accordingly, Holders or beneficial owners of the Notes that are located in Italy can tender Notes through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 20307 of February 15, 2018, as amended from time to time, and Legislative Decree No. 385 of September 1, 1993, as amended) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or any other Italian authority.

General

This announcement is for informational purposes only and shall not constitute an offer to buy, a solicitation to buy or an offer to sell any securities. The Tender Offer is being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law. Please see the Offer to Purchase for certain important information on offer restrictions applicable to the Tender Offer.

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Investor contacts

Media Enquiries

Charles Reynolds +44 7811 121398
Smith+Nephew [email protected]

About Smith+Nephew

Smith+Nephew is a portfolio medical technology business focused on the repair, regeneration and replacement of soft and hard tissue. We exist to restore people's bodies and their self-belief by using technology to take the limits off living. We call this purpose 'Life Unlimited'. Our 17,000 employees deliver this mission every day,

making a difference to patients' lives through the excellence of our product portfolio, and the invention and application of new technologies across our three global business units of Orthopaedics, Sports Medicine & ENT and Advanced Wound Management.

Founded in Hull, UK, in 1856, we now operate in around 100 countries, and generated annual sales of $6.2 billion in 2025. Smith+Nephew is a constituent of the FTSE100 (LSE:SN, NYSE:SNN). The term 'Smith+Nephew' is used to refer to Smith & Nephew plc and its consolidated subsidiaries, unless the context requires otherwise.

For more information about Smith+Nephew, please visit www.smith-nephew.com and follow us on X, LinkedIn, Instagram or Facebook

Smith+Nephew Forward-looking Statements

This announcement contains certain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. For example, statements regarding expected revenue growth and trading profit margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. For Smith+Nephew, these factors include: conflicts in Europe and the Middle East, economic and financial conditions in the markets we serve, especially those affecting healthcare providers, payers and customers; price levels for established and innovative medical devices; developments in medical technology; regulatory approvals, reimbursement decisions or other government actions; product defects or recalls or other problems with quality management systems or failure to comply with related regulations; litigation relating to patent or other claims; legal and financial compliance risks and related

investigative, remedial or enforcement actions; disruption to our supply chain or operations or those of our suppliers; competition for qualified personnel; strategic actions, including acquisitions and disposals, our success in performing due diligence, valuing and integrating acquired businesses; disruption that may result from transactions or other changes we make in our business plans or organization to adapt to market developments; relationships with healthcare professionals; reliance on information technology and cybersecurity; disruptions due to natural disasters, weather and climate change related events; changes in customer and other stakeholder sustainability expectations; changes in taxation regulations; effects of foreign exchange volatility; effects of AI use and deployment; and numerous other matters that affect us or our markets, including those of a political, economic, business, competitive or reputational nature. Please refer to the documents that Smith+Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith+Nephew's most recent annual report on Form 20-F for the year ended December 31, 2025 and interim financial statements on Form 6-K for the six months period ended June 27, 2026, which are available on the SEC's website at www. sec.gov and the Offer to Purchase, for a discussion of certain of these factors. Any forward-looking statement is based on information available to Smith+Nephew as of the date of the statement. The Company can give no assurance that any goal or plan set forth in the Company's forward-looking statements will be achieved and readers are cautioned not to place undue reliance on such statements, which speak only as of the date made. All written or oral forward-looking statements attributable to Smith+Nephew are qualified by this caution. Smith+Nephew does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Smith+Nephew's expectations.

◊ Trademark of Smith+Nephew. Certain marks registered in US Patent and Trademark Office.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

SOURCE: Smith & Nephew Plc

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Bringing biocompatible, clinically effective skincare to communities across Mexico and Canada

LOS ANGELES--(BUSINESS WIRE)--Today, Naturium, a brand from e.l.f. Beauty (NYSE: ELF), announced its expansion with Sephora across Canada and Mexico, bringing its biocompatible, clinically effective skincare to new consumers across North America. Delivering affordable luxury for head-to-toe skincare, the brand makes its official debut in Mexico exclusively in Sephora Mexico stores and on Sephora.com.mx, while broadening its Canadian retail footprint online and in Sephora Canada stores nationwide.

Since its launch in 2019, Naturium has built a loyal, community-driven following based on a simple idea: effective skincare should be easy to understand and incorporate into everyday life. The Sephora expansion marks the next step in the brand’s continued growth, bringing its mission of ‘skin love for everyone’ to more consumers across North America. With the addition of these two markets, Naturium is now available in six regions globally.

“To see Naturium continue to grow and reach new markets is incredibly meaningful to us. We have been working to expand Naturium’s retail presence internationally and getting the best of Naturium into more hands,” said Suzanne Pengelly, President of Naturium. “We’ve built Naturium around products people genuinely love making part of their everyday routines, and we can’t wait for even more consumers to discover them.”

“We’re very happy to welcome Naturium to Sephora Mexico and add to our portfolio a brand that combines innovation, clinical efficacy, and an accessible approach to skincare,” said Mauricio Padilla, CEO of Sephora Mexico. “We’re confident its proposition will strongly resonate with our clients, and we’re excited to be its exclusive retail destination in Mexico.”

At Sephora Canada and Sephora Mexico, consumers can find an assortment of Naturium’s bestselling skincare and body care formulas, including:

Glow Getter Multi-Oil Hydrating Body Wash – Best-selling vanilla coconut body wash that delivers a multi-oil glow from head to toe. Glow Getter Multi-Oil Body Butter – Luxurious, vanilla coconut, fast absorbing body butter includes 81% multi-oil complex for glowing, replenished and firmer-looking skin. Multi-Peptide Moisturizer – Clinically-proven moisturizer that improves wrinkles & hydration in 100% of consumers and firmness in 97% of consumers. Vitamin C Complex Serum – Gold stabilized Vitamin C delivered in a biocompatible, ph-balance that is suitable for all skin types. To celebrate its launch in Sephora Canada, Naturium is rolling out a brand campaign across Canada featuring its Canadian community and their love of skincare, including partnerships with creators that are long-time brand fans, and have championed Naturium for years. The brand will also host an experiential activation on September 12 in Toronto at The Well, where guests can enjoy a special photobooth experience, product education, customized skincare routines, and take home some of the brand's most loved products.

Beginning September 9, Naturium will be available online at sephora.com/ca/en/ and in Sephora Canada stores nationwide. In Mexico, Naturium will be available exclusively at Sephora Mexico stores and on Sephora.com.mx.

About Naturium
Founded in 2019, Naturium brings the science of consistent skincare to every one, every where, every day. The brand's biocompatible and dermatologist-tested formulas work with individual skin's biology from head to toe, blending natural botanicals with potent actives for clinically effective results at an accessible price point. Naturium has pioneered facial and body care innovations. Naturium is clean, vegan, paraben-free, and double-certified by Leaping Bunny and PETA as cruelty-free. Acquired by e.l.f. Beauty (NYSE: ELF) in 2023, the brand is available at naturium.com and both in-store and online at Target and Ulta in the U.S.

About Sephora
Sephora is the world’s leading global prestige beauty retail brand. With 55,000 passionate employees operating in 37 markets, Sephora connects customers and beauty brands within the world’s most trusted and dynamic beauty community. We serve a highly engaged community of hundreds of millions of beauty followers across our global omnichannel network of more than 3,400 stores and iconic flagships, and our e-commerce and digital platforms, offering personalized and immersive seamless experiences across every touchpoint. With our curation of more than 500 brands and our own label, Sephora Collection, we offer the most unique and diverse range of prestige beauty products, tailored to our customers’ needs from fragrance to make-up, haircare, skincare and beyond, as we constantly reimagine the world of prestige beauty. Since SEPHORA’s inception in 1969 in Limoges, France, and as part of the LVMH Group since 1997, the brand has been disrupting the prestige beauty retail industry. Today, they continue to break with convention to drive their mission: champion a world of inspiration and inclusion where everyone can celebrate their beauty. For more information, visit www.sephora.com.

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Key Takeaways NuFormer is expanding across credit, customer service and growth campaigns at NU.NU's $39.4 billion credit portfolio grew 37%, while risk-adjusted NIM rose to 12.4%.NuFormer now runs faster and cheaper, with AI agents handling over 60% of Brazil support chats. Nu Holdings Ltd. (NU - Free Report) is putting artificial intelligence deeper into its operating model, with NuFormer central to underwriting, customer service and growth. The company said the model draws on more than a decade of transaction history across over 100 million customers in Brazil, Mexico and Colombia, giving it a large base of financial behavior data.

NuFormer has become faster and cheaper to run. Its latest generation quadrupled its context length, training speed and inference speed while lowering production costs. The model is used for credit cards in Brazil and Mexico and unsecured lending in Brazil, while SME credit cards and Colombian cards are being tested.

The push matters because credit remains a major earnings driver. NU ended the second quarter of 2026 with a $39.4 billion credit portfolio, up 37% year over year. Risk-adjusted net interest margin rose to 12.4% from 9.5% in the first quarter, helped by stronger credit income and a lower cost of credit.

AI is also moving beyond underwriting. Generative AI agents now handle more than 60% of customer support conversations in Brazil, with ratings at or above human levels. NuFormer is also being used to target growth campaigns, with more than 100 campaigns already run using the platform.

The financial backdrop gives NU room to invest. Second-quarter 2026 gross revenues reached $5.9 billion, up 39% year over year, while net income hit $1.1 billion. The company served 139 million customers, ARPAC reached $17 and the efficiency ratio stood at 19.5%, showing that AI investment is being layered onto a scaled platform.

How Are Itau Unibanco & MercadoLibre Compete?Itau Unibanco (ITUB - Free Report) , a major Brazilian banking rival to Nu Holdings, is embedding generative AI across customer service, business banking and payments. In June 2026, Itau Unibanco partnered with Google to expand Gemini access and AI training for SMEs. By late July 2026, its ia.i assistant was already available to approximately 300,000 Superapp users.

MercadoLibre (MELI - Free Report) , via its Mercado Pago platform, competes with Nu Holdings across Latin American payments, credit and digital financial services. The company uses AI and machine learning in credit scoring, customer service, advertising and marketplace search. In second-quarter 2026, MELI completed the rollout of an AI powered search architecture across its five largest sites. In second-quarter 2026, Mercado Pago reached 88 million monthly active users.

NU’s Price Performance, Valuation and EstimatesShares of NU have gained 29.4% in the past three months, outperforming the broader industry and the S&P 500 Index.

Image Source: Zacks Investment Research

From a valuation standpoint, NU trades at a forward price-to-earnings ratio of 14.38X, well above the industry’s 11.55X. It carries a Value Score D.

Image Source: Zacks Investment Research

NU’s estimates have increased 3 cents over the past month. The Zacks Consensus Estimate for full-year 2026 EPS is pegged at 86 cents.

Image Source: Zacks Investment Research

NU stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Leading German health insurer brings NiCE Cognigy AI agents and CXone together to support more than 5 million annual member interactions

HOBOKEN, N.J.--(BUSINESS WIRE)--NiCE (Nasdaq: NICE) today announced that AOK PLUS is now live on NiCE Cognigy and CXone, making it one of the first customers to bring AI agents and member service operations together on NiCE’s unified CX AI platform. The deployment unites AI-powered self-service, intelligent orchestration, workflows and employee expertise to support more than 5 million annual member interactions.

AOK PLUS began its AI transformation with NiCE Cognigy in 2025, introducing AI-powered voice self-service to identify member needs and direct inquiries to the appropriate teams. With CXone, AOK PLUS is extending that intelligence across its broader member service operation, connecting AI-powered interactions with 2,400 employees and 120 skills that intelligently route inquiries based on employee competencies. Together, NiCE Cognigy and CXone create one foundation for orchestrating automated and employee-assisted service from interaction to resolution.

The unified approach is already operating at significant scale. AOK PLUS is supporting more than 5 million annual member interactions on CXone and has achieved a call acceptance rate above 95%. The organization also migrated more than 1,400 telephone numbers with zero downtime. The implementation was delivered by NiCE in collaboration with long-standing Platinum partner CCT Solutions.

Trust and data sovereignty are central to AOK PLUS’s approach. The organization is among the first public health insurers in Germany to move member service operations to the cloud and the first insurer in Saxony and Thuringia to deploy AI-powered voice automation in a sovereign cloud environment. Deployed in NiCE’s EU Sovereign Cloud, CXone provides the security, governance and data sovereignty required to scale AI while meeting stringent German and European healthcare requirements.

“Our members are getting faster, more personalized support without ever losing the security and trust they expect,” said Sebastian Reichenbach, Project Lead Customer Experience & Contact Center, AOK PLUS. “That’s what happens when AI agents and our 2,400 employees work from the same platform, so no matter who or what responds, the experience feels seamless.”

“AOK PLUS is turning millions of member interactions into personalized, trusted experiences at scale, and that’s the real payoff of bringing AI agents and member service together on one platform,” said Darren Rushworth, President, NiCE International. “And they’re doing it without compromising the security and data sovereignty their members expect.”

About AOK PLUS

AOK PLUS – The Health Insurance Fund for Saxony and Thuringia is a federal agency operating within Germany's statutory health insurance system. Headquartered in Dresden, AOK PLUS serves more than 3.4 million members through more than 130 local branches across Saxony and Thuringia and employs approximately 7,000 people. For more information, visit www.aok.de.

About NiCE

NiCE (NASDAQ: NICE) is transforming the world with AI that puts people first. Our purpose-built AI-powered platforms automate engagements into proactive, safe, intelligent actions, empowering individuals and organizations to innovate and act, from interaction to resolution. Trusted by organizations throughout 150+ countries worldwide, NiCE’s platforms are widely adopted across industries connecting people, systems, and workflows to work smarter at scale, elevating performance across the organization, delivering proven measurable outcomes.

Trademark Note: NiCE and the NiCE logo are trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE's marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Rushworth are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in general economic and business conditions; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; rapid changes in technology and market requirements; the implementation of AI capabilities in certain products and services, decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications; difficulties in making additional acquisitions or difficulties or effectively integrating acquired operations; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners; cyber security attacks or other security incidents; privacy concerns; changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, the effect of unexpected events or geo-political conditions, including those arising from political instability or armed conflict that may disrupt our business and the global economy; our ability to recruit and retain qualified personnel; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company's reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

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Everpure P has remained stable following the announcement last Friday that it will join the S&P 500 before the market opens on September 21. This addition highlights a significant achievement for the company, which has seen its revenue growth accelerate for eight consecutive quarters. This growth is driven by strong enterprise demand, increased market share, and the rising adoption of its Storage-as-a-Service offerings, with artificial intelligence (AI) and hyperscale solutions providing further opportunities.

S&P 500 Inclusion: Everpure will transition from the S&P MidCap 400, replacing The Trade Desk TTD in the S&P 500. This move is expected to trigger automatic buying from index-tracking funds and adds to a robust year for Everpure, with its stock rising nearly 50% year-to-date. Company Overview: Everpure offers a comprehensive storage and data management platform centered on flash technology. Their range of products includes traditional enterprise storage and high-performance AI workloads, all built on a unified software architecture designed for enhanced performance, density, reliability, and power efficiency. The company has also ventured into consumption-based storage with its Evergreen//One service, achieving an annualized total contract value (TCV) run rate exceeding $1 billion. Q2 Performance: In Q2 (July), Everpure surpassed expectations with a 37.7% year-over-year revenue increase to $1.19 billion and a 77% rise in adjusted operating income to $230 million. The company has raised its FY27 guidance, now anticipating revenue between $5.03 billion and $5.07 billion, up from a previous range of $4.41 billion to $4.51 billion, and adjusted operating income of $940 million to $960 million. Remaining performance obligations (RPO) grew 44% year-over-year to over $4.1 billion, ensuring strong future revenue visibility. The adjusted gross margin stood at 69.9%, with P strategically maintaining product gross margins at the lower end of its 65-70% range to focus on growth and market share amidst rising component costs. Growth Drivers: The Q2 growth was bolstered by increased pricing, a transition to higher-performance configurations, and enhanced capacity per system, which compensated for lower system volumes. The demand was widespread across all products, regions, and customer segments, with large enterprise interest remaining robust despite significant price hikes. AI Impact: The demand for Everpure's storage solutions is being further fueled by AI as customers develop more data-intensive infrastructures. The company is also expanding its partnerships with hyperscalers, recently securing a contract with a second top-five hyperscaler, which is expected to ramp up significantly in FY28. Everpure anticipates that its hyperscale business will make a more substantial contribution in the latter half of FY27. Everpure's inclusion in the S&P 500 signifies a pivotal moment for a company that is increasingly benefiting from the growing demands of AI and infrastructure modernization. The stock has performed well, driven by rising core enterprise demand, the adoption of Storage-as-a-Service, and emerging hyperscale opportunities. Although shares experienced a pullback after P's impressive Q2 results in late August—likely due to high expectations and concerns over short-term cash flow and product margins—these factors reflect strategic decisions to secure supply and prioritize growth. Everpure still anticipates positive free cash flow for FY27. The significant revision to its second-half outlook indicates resilient demand despite price increases, reinforcing confidence in its growth trajectory. The upcoming Financial Analyst Meeting on September 23 will provide further insights into the company's long-term strategy and financial outlook.

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

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.