Market Signal Briefing

Bitcoin price recovers to $71,000 following a volatile week. Institutional "buy the dip" activity offsets retail panic as BTC stabilizes post-flash crash.

Analysts at Bernstein said the current bitcoin downturn reflects a crisis of confidence rather than structural damage.

Miners are facing significant challenges, with bitcoin revenue per petahash falling by half from a peak of $70 to $35. Feb 9, 2026, 11:06 a.m.

Bitcoin’s BTC$70,411.45 mining difficulty dropped by around 11%, its largest decline since China’s 2021 crackdown on the industry, after a sharp decline in hashrate triggered by plunging prices and widespread winter storm-related outages in the U.S.

Mining difficulty, which determines how hard it is to find new Bitcoin blocks, adjusts roughly every two weeks to maintain a 10-minute block interval on the network.

STORY CONTINUES BELOW

The latest change brought the metric down from over 141.6 trillion to about 125.86 trillion, according to Blockchain.com data, signaling a steep drop in the number of active machines securing the network.

The decline follows a series of blows to miners. Bitcoin prices have fallen significantly from an all-time high of $126,000 in October to around $69,500.

That price drop forced many miners, especially those running outdated equipment and facing high energy costs, to shut down. Some also repurposed their hardware to focus on artificial intelligence (AI), as megacap firms offer stable contracts and often economically irresistible terms.

Bitfarms (BITF) notably saw its share price surge after saying it’s no longer a bitcoin company, and is instead focusing on data center development for high-performance computing and AI workloads.

Bitcoin mining revenue on a per terahash basis, measured via the hashprice, has plunged from nearly $70 at the time the cryptocurrency was trading at an all-time high, to now stand at little over $35.

Severe winter storms, particularly in Texas, compounded the situation. Grid operators issued curtailment requests to conserve electricity for residential users. Public mining firms scaled back production, with some seeing daily bitcoin output fall by more than 60%.

Although a drop in difficulty might appear alarming, it functions as a self-correcting mechanism. For miners who remain online, the reduced competition can increase profitability and help maintain the business model.

Historically, major difficulty drops have also signaled market capitulation, often preceding a stabilization or rebound in price as miners sell the BTC they mine to cover operational expenses.

While the steadily declining prices have stolen virtually all headlines over the past month, Ethereum (ETH) on-exchange supply has also fallen back to levels not seen since mid-2016.

Specifically, the total Ethereum supply on cryptocurrency exchanges sat at 16 million ETH on February 9, according to data available on CryptoQuant, while the asset itself was trading at around $2,000, down 34% on the monthly chart.

Ethereum price and exchange supply. Source: CryptoQuant The drawdown has unfolded gradually rather than through a sharp drop, pointing to a sustained change in how holders are positioning their assets. Notably, the data shows that reserves continued to fall even as ETH prices pulled back. 

This suggests the withdrawals are not driven by short-term price swings, but by long-term holding behavior. Likewise, it must be noted that the ETH leaving exchanges is not being sold. Instead, we are witnessing large investor-owned batches being moved into self-custody, staking, or backup holdings. 

Etheruem on-exchange supplies drop Of the 16 million ETH currently available on crypto-trading platforms, 7.4 million are on spot exchanges, while 8.5 million are on derivatives exchanges, according to the same data.

Binance remains the place with the largest holdings, 3.58 million ETH, to be precise, although this figure also illustrates the overall negative trend, as it was last recorded in September 2024. Bitfinex, which commands 2.6 million ETH, is also noteworthy, considering it boasted nearly 3.7 million ETH back in May 2025.

The balance tightening has implications for liquidity and price formation. Namely, with fewer tokens readily available on trading platforms, more notable upticks in demand could lead to sharper and faster price moves.

However, declining exchange reserves during periods of price stress have historically indicated that selling pressure is being absorbed rather than intensifying. That is, instead of moving ETH onto exchanges to sell into weakness, holders appear to be doing the opposite by pulling Ethereum away from trading venues.

Featured image via Shutterstock

El Salvador’s President Nayib Bukele continues to enjoy massive public support, despite his Bitcoin push not gaining the same enthusiasm. A new survey published by La Prensa Gráfica shows Bukele’s approval rating at 91.9%, highlighting just how popular he remains across the country.

Out of 1,200 people surveyed, nearly two-thirds said they strongly approve of his performance, while only 1.8% said they strongly disapprove. Bukele reacted in his usual sarcastic tone on social media, joking about how small the opposition has become.

The results suggest that his popularity is not tied to his crypto policies.

Security Improvements Drive SupportThe survey shows that most of Bukele’s support comes from improvements in public safety. Since taking office in 2019, he has taken a hard stance against gangs, changing the image of a country that was once known for high crime.

A major part of this effort was the construction of the Terrorism Confinement Center (CECOT), a large prison built to hold suspected gang members. Homicide rates have dropped sharply compared to previous years, and many citizens say daily life has become safer.

For many people, these security gains matter far more than economic or technology-related policies.

Bitcoin has a limited public impactEl Salvador made history in 2021 by adopting Bitcoin as legal tender, but the survey suggests the issue is not a major concern for most citizens. Only 2.2% of respondents described Bitcoin as Bukele’s biggest failure, and the topic barely appeared in most answers.

This shows that, despite government efforts to promote Bitcoin payments, everyday use remains limited. In a 2024 interview with TIME, Bukele himself admitted that Bitcoin did not achieve the level of adoption the government had expected.

The policy has also faced criticism from the International Monetary Fund, which warned about possible financial risks.

Government Still Adding BitcoinEven with limited public interest and pressure from international institutions, El Salvador has not stepped back from its Bitcoin strategy. Officials say the country has continued buying one Bitcoin per day since 2022, a plan Bukele has promised to maintain.

Online trackers connected to the country’s Bitcoin Office show that national holdings are still increasing, even after El Salvador agreed to scale back some crypto-related programs as part of a $1.4 billion IMF deal.

For now, Bukele’s strong approval ratings give him enough support to continue his Bitcoin policy, whether or not most citizens are actively using it.

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Arthur Hayes is turning a long-running debate about Hyperliquid into a price-denominated wager, staking $100,000 that HYPE will beat every altcoin with a $1 billion-plus market cap over a defined window.

“Since HYPE is bad Kyle Samani let’s make a bet,” Hayes wrote on X. “I bet that from 00:00 UTC 10 Feb 2026 to 00:00 UTC 31 July 2026 $HYPE will out perform any shitcoin >$1bn mcap on coingecko in USD terms. You choose your champion. Loser donates $100k to a charity of the winner’s choice.”

Hayes’ post landed in the wake of a pointed takedown from Multicoin Capital co-founder Kyle Samani, who called Hyperliquid “in most respects everything wrong with crypto,” while listing objections “Founder literally fled his home country to build, openly facilitates crime and terror, closed source, permissioned.”

Since $HYPE is bad @KyleSamani let’s make a bet.

I bet that from 00:00 UTC 10 Feb 2026 to 00:00 UTC 31 July 2026 $HYPE will out perform any shitcoin >$1bn mcap on coingecko in USD terms. You choose your champion.

Loser donates $100k to a charity of the winner’s choice. https://t.co/9n3TjxiRPk

— Arthur Hayes (@CryptoHayes) February 8, 2026

Why Hyperliquid Could Be Superior The sparring unfolded alongside a separate thread of bullish commentary on Hyperliquid’s push into non-crypto derivatives via HIP-3, a product line that has begun listing equity and commodity perpetuals. Blockworks analyst Shaunda Devens, whose research was shared by Jon Charbonneau, argued that HIP-3 is already pulling meaningful activity outside pure crypto flow.

In devens’ analysis of HIP-3 silver perpetuals versus CME/COMEX Micro Silver futures, Hyperliquid is framed less as a meme-driven venue and more as an attempt to build an always-on, order-driven derivatives market for traditional underlyings. The report notes that “TradFi instruments now [account for] 31% of venue volume” with “daily notional above $5B,” positioning the silver contract as a stress test of whether those markets can hold up when the underlying is moving fast.

“Pre-crash, Hyperliquid was competitive at top-of-book for the sizes that dominate perp flow,” the report said, citing a 2.4 bps median spread versus 3 bps on COMEX, and “median slippage was 0.5 bps from the benchmark.” But it also emphasized the capacity gap: roughly “~$230k within ±5 bps on Hyperliquid vs. ~$13M on COMEX,” a difference that matters as clip sizes rise.

That trade-off sharpened during a violent silver selloff, when the report says both venues degraded but Hyperliquid developed a heavier execution tail. It cites a brief dislocation of more than 400 bps versus the benchmark before mean reversion via funding, and notes that “1% of Hyperliquid trades printed >50 bps from mid, vs. none on COMEX.”

Hayes’ wager effectively reframes the dispute: not whether Hyperliquid is philosophically “good” or “bad,” but whether its growth narrative, especially around 24/7 access to non-crypto risk, translates into token outperformance relative to large-cap peers.

If the next six months validate the thesis embedded in HIP-3: tight execution for retail-weighted flow, continuous trading when legacy venues are closed, and a path to less cycle-sensitive revenue, HYPE’s relative performance becomes a simple scoreboard. If not, the bet offers a high-visibility way for critics to test whether the market is pricing substance or momentum.

At press time, HYPE traded at $32.275.

HYPE must break the 0.382 Fib, 1-week chart | Source: HYPEUSDT on TradingView.com Featured image from YouTube, chart from TradingView.com

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In brief Hyperliquid is up over 40% over the past fortnight after its monthly token unlock was slashed to 140,000 HYPE, drastically reducing sell-side pressure. Ripple added the DEX to its institutional prime brokerage platform, marking its first direct DeFi integration. Despite the rally, prediction market odds of Hyperliquid hitting $41 have fallen 10 points since last Friday. While major cryptocurrencies have declined over the past two weeks, Hyperliquid's price has posted a defiant double-digit rally over the same period, a divergence analysts attribute to its fundamental utility and reduced token supply pressure rather than speculative hype.

HYPE’s performance follows two key developments for Hyperliquid: a major institutional partnership and a drastic reduction in its monthly token supply unlock.

Hyperliquid’s HYPE token is up 41.5% over the past two weeks. It surged over 5% in Monday’s Asian trading session before paring gains; it is currently trading at $31.53, down 1% in the past 24 hours, per CoinGecko data.

HYPE's bullish momentum coincides with Ripple adding the decentralized exchange to its institutional prime brokerage platform, Ripple Prime, according to a Wednesday announcement.

Hyperliquid, meet Ripple Prime: https://t.co/RZWdbRfHoe

We’re now enabling institutions to access onchain derivatives liquidity through @HyperliquidX in a streamlined and secure way. Customers can also efficiently cross-margin crypto with all asset classes supported by our prime…

— Ripple (@Ripple) February 4, 2026

The move marks the first time Ripple's U.S.-focused platform has directly integrated a DeFi venue since its launch in November 2025.

Nima Beni, founder of Bitlease, argued that Hyperliquid is holding "because it’s built on usage, not hype," adding that, "When liquidity tightens, the difference between real products and narrative-driven tokens becomes obvious."

The Ripple Prime announcement has “clearly added momentum,” Ryan Lee, chief analyst at Bitget, told Decrypt, though he noted it explains “only part of the move.”

HYPE’s tokenomics tweakedA more significant driver may be Hyperliquid’s updated tokenomics. A January 29 announcement revealed that only 140,000 HYPE tokens would be unlocked in February—an 88% reduction from January’s 1.2 million unlock, drastically reducing sell-side pressure.

This removed roughly $34 million in monthly sell pressure, Jonatan Randin, senior market analyst at PrimeXBT, told Decrypt.

Lee attributes HYPE’s sustained rally to the market pricing in “broader platform growth,” pointing to Hyperliquid’s robust derivatives infrastructure and the recent launch of its HIP-3 upgrade, which introduced non-crypto markets like commodities and equities.

“That ‘strong utility-driven demand’ has allowed the token’s price to “decouple from Bitcoin’s recent decline,” he explained.

Looking ahead, Lee sees further catalysts. He cited the upcoming HIP-4 upgrade, which will introduce outcome-based prediction markets and USDH-denominated trading, as a key driver.

“At the same time, non-crypto markets enabled through HIP-3, such as commodities and equities, are driving new volume, while a growing builder ecosystem is creating specialized tools that reinforce adoption, revenue growth, and ongoing HYPE token burns,” the Bitget analyst said.

Despite these strong fundamentals, retail sentiment appears to be wavering. On prediction market Myriad, owned by Decrypt's parent company Dastan, users now assign only a 38% chance that Hyperliquid’s next major move will be a retest of $41, down from 48% last Friday. It suggests growing near-term caution even as the project's long-term narrative strengthens.

“What we’re seeing is an extinction phase. The era of thousands of indistinguishable tokens is ending, and capital is rotating toward platforms people actually use under stress,” Beni said.

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Binance has just added 4,225 BTC valued at over $300 million to its SAFU Fund, bringing its total holdings to 10,455 BTC. The company is racing to complete the fund’s reserve conversion from stablecoins to Bitcoin within 30 days, raising new questions about its future stability.

On-chain data shows the transaction was first broadcast on the Bitcoin network on February 9 at 09:09 AM GMT +3, recording 15 Binance 4 output confirmations totaling approximately $299.6 million as of publication.

Binance’s Secure Asset Fund for Users (SAFU) acquired the BTC at an average price of $70,403.17 per BTC, bringing the fund’s BTC holdings to over $734 million. 

Meanwhile, the exchange describes Bitcoin as the premier long-term store of value and foundational asset of the world’s crypto ecosystem, framing the move as a sign of confidence and its long-term bet on BTC through turbulent market cycles.

Binance is taking action amid the teetering Bitcoin price, which continues to scare investors and traders.

Binance’s SAFU acquires over 3.6K BTC at $237M amid BTC plunge Transaction explorer records another 3,665 BTC acquisition 3 days ago. Source: Arkham Arkham’s data shows that the exchange’s SAFU Fund purchased another 3,663 BTC, worth $237.14 million, just three days ago. The fund also acquired 1,315 BTC at $100.42 million five days ago and another 1,315 BTC at $100.7 million about a week ago. The purchases were executed at around $77,000, although BTC has since dropped to approximately $69,921 at the time of publication, according to Coingecko. 

Meanwhile, Binance says its latest BTC acquisitions are not a trading flex but an emergency fund decision. The exchange has justified its decision to spend hundreds of millions of dollars on Bitcoin despite the dropping prices, saying that BTC will help keep the SAFU Fund safe and stable.

According to Binance, its SAFU Fund will be topped up to $1 billion whenever its BTC reserve falls below $800 million, regardless of market volatility. 

Meanwhile, digital gold risks plunging further into a full-blown bear market after BTC/USD slipped for the fourth consecutive month. Coingecko also shows that BTC has lost 22.8% over the past 30 days, 20.4% over the past 14 days, 9% over the past 7 days, 0.8% over the past 24 hours, and 0.7% over the past hour.

OKX CEO criticizes Binance’s market manipulation  The founder and CEO of OKX, Star Xu, has spent weeks revisiting the October 10 meltdown, arguing that some large exchanges like Binance rely on aggressive narrative control and coordinated campaigns to directly or indirectly influence markets in specific directions.

According to Xu, industry leaders like Binance should focus on strengthening core infrastructure instead of manipulating the prices of tokens closely tied to them.

Xu’s remarks came after Cathie Woods resurfaced the October 10 crash, describing the event as being linked to a Binance software glitch. Woods believes the exchange’s software glitch triggered a wave of forced deleveraging, wiping out approximately $28 billion across the global crypto market.

Meanwhile, Xu directs his criticism at Binance, accusing it of prioritizing short-term profits over the health of the crypto market. 

The OKX CEO also criticized Binance’s competitors for pushing what he calls “Ponzi-like schemes” that amplify get-rich-quick narratives and prop up low-performing tokens, like what is happening with Bitcoin right now. He believes Binance is looking to prop up the Bitcoin ecosystem through marketing rather than fundamentals. 

Xu further believes that this approach does not build the industry but instead erodes trust, and everyone ultimately pays the price. He notes that Binance could be using these seemingly unfavorable BTC purchases as a shortcut for attracting traffic and user attention through narrative control and coordinated influencer campaigns. 

Meanwhile, Binance recently announced operational risk management measures to protect users, according to Cryptopolitan. The exchange aims to have 11,900 BTC under its SAFU Fund by early March, estimating that it will need to convert nearly $33 million per day to reach its target.

Bitcoin extended recent losses as derivatives data show a clear risk-off shift. Feb 9, 2026, 11:51 a.m.

What to know: Bitcoin extended recent losses and is stabilizing below $70,000 after last week’s steep drop.Derivatives data show a clear risk-off shift, with falling futures open interest, negative funding rates, elevated short positioning and implied volatility signaling strong demand for near-term downside protection.Crypto wallet Rainbow’s new RNBW token plunged about 75% from its ICO price, beset by distribution delays and infrastructure issues.Crypto markets opened the week under pressure, extending losses after a volatile weekend as bitcoin BTC$68,918.69 showed tentative signs of stabilizing below $70,000.

Even though the largest cryptocurrency dropped more than 2.8% in the last 24 hours, it remains well off its recent lows of around $60,000. Still, it has struggled to regain momentum after last week's steep drop that reignited debate over whether the market has entered a deeper bear phase or is nearing a bottom.

STORY CONTINUES BELOW

Bitcoin bulls pointed to slowing downside moves as a sign of exhaustion, even as critics took victory laps. Nevertheless, attention is being paid to software stocks, some of which started to rebound as concerns of a deeper collapse ease.

The CoinDesk 5 Index (CD5) fell 3.4%, with all five of the largest cryptocurrencies declining. Ether ETH$2,029.26 dropped about 5%, underperforming bitcoin as traders cut risk across major tokens, but held above the psychological support at $2,000. The broader CoinDesk 20 (CD20) index is down 3.7%.

Derivatives PositioningBTC futures are seeing a clear bearish shift after open interest (OI) slid from $19 billion to $16 billion over the last week, marking a period of sustained deleveraging. Funding rates on Bybit (-2.24%) and Binance (-0.5%) have flipped neutral-to-negative, signaling that short sellers are now leading the narrative. With the three-month basis compressing to 3%, institutional demand has cooled, reflecting a broader derivatives landscape dominated by risk-off sentiment.Options data confirms this defensive shift, with one-week 25-delta skew for BTC rising to 20% and call dominance dropping to 48%. The implied volatility (IV) term structure is now in extreme backwardation, with front-end volatility at 85.03% dwarfing long-term expectations (~50%). That's a massive premium for immediate protection against near-term price drops.Coinglass data shows $397 million in 24-hour liquidations, with a 45-55 split between longs and shorts. BTC ($234 million), ETH ($74 million) and SOL ($14 million) were the leaders in terms of notional liquidations. The Binance liquidation heatmap indicates $68,160 as a core liquidation level to monitor in case of a price drop.Token TalkCrypto wallet Rainbow debuted its RNBW token last week, but the launch wasn’t smooth.The Ethereum-based project introduced the token on the layer 2 network Base, with the price tumbling to $0.025, a 75% drop from its $0.10 initial coin offering (ICO) just two months earlier. It has since risen to $0.031That drop wiped out expectations from speculators betting on a $100 million fully diluted valuation (FDV). On Polymarket, odds of that bet reached a near 80% high earlier in the year. The FDV is now hovering closer to $31 million.At the heart of the chaos were delays in token distribution to early buyers and participants in Rainbow’s onchain rewards program. Some users said they had not received their airdropped tokens hours after the launch.Rainbow’s cofounder Mike Demarais blamed backend infrastructure buckling under demand. U.S.-based investors won’t be able to fully access their tokens until December 2026, according to vesting terms.Rainbow raised $18 million in a 2022 Series A led by Reddit cofounder Alexis Ohanian’s firm, Seven Seven Six. The wallet is known for gamified features and a points system tied to the RNBW token.

The quantum computing threat to Bitcoin has been a hot topic recently.

A fresh report from CoinShares finally puts real numbers behind the debate, and the actual risk is much smaller than the headlines suggest.

Can Quantum Computers Actually Break Bitcoin?CoinShares confirms that quantum algorithms like Shor’s could, in theory, expose private keys from Bitcoin’s ECDSA signature system. But the computing power needed to pull that off does not exist yet and is not coming anytime soon.

Breaking Bitcoin’s secp256k1 curve within one day would need around 13 million physical qubits. For context, Google’s Willow chip currently operates on just 105.

Ledger CTO Charles Guillemet told CoinShares, “To break current asymmetric cryptography, one would need something in the order of millions of qubits. And as soon as you add one more qubit, it becomes exponentially more difficult to maintain the coherence system.”

How Much Bitcoin Is Actually at Risk?Around 1.6 million BTC sits in older P2PK addresses where public keys are visible. But only about 10,200 BTC could realistically cause market disruption if stolen quickly.

The rest is spread across 32,607 separate addresses holding around 50 BTC each. According to CoinShares, cracking those would take millennia, even with the most aggressive quantum progress imaginable.

Modern Bitcoin address formats like P2PKH and P2SH keep public keys hidden behind hashes, which means the vast majority of the supply stays protected.

Should Bitcoin Upgrade Now?The report urges caution. Rushing into hard forks or unproven quantum-resistant address formats could introduce bugs, burn developer resources, and chip away at Bitcoin’s core values of immutability and property rights.

Cryptographer Dr. Adam Back offered a calmer take: “Bitcoin can adopt post-quantum signatures. Schnorr signatures paved the way for more upgrades, and Bitcoin can continue evolving defensively.”

What Does This Mean for Bitcoin Holders?CoinShares puts the timeline for cryptographically relevant quantum computers at the 2030s or later. Holders with funds in vulnerable legacy addresses have plenty of time to move them.

The quantum threat is real on paper, but the data says Bitcoin has time on its side.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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PARIS & HOUSTON--(BUSINESS WIRE)--TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed two new long-term Power Purchase Agreements (PPA) to deliver 1 GW of solar capacity – equivalent to 28 TWh of renewable electricity over 15 years – to supply Google's data centers in Texas. The power will be generated from TotalEnergies-owned sites currently under development in Texas: Wichita (805 MWp) and Mustang Creek (195 MWp), with construction scheduled to begin in Q2 2026. Bringing reliable new po.

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Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

NatWest Group PLC shares fell 4% to 632.8p, having recently hit a post-2008 high, after the bank revealed it had struck a £2.7 billion deal to buy Evelyn Partners.

Ahead of NatWest’s financial results on Friday, the purchase of the wealth management firm drew a mixed response from City analysts, with attention focused on price, cost savings and what it means for the wider wealth sector.

UBS noted the lender is paying about 15 times historic EBITDA, based on Evelyn’s £179 million profit, before synergies.

NatWest is targeting £100 million of annual cost savings, which would bring the effective multiple down to just under 10 times.

UBS noted the deal uses about 130 basis points of capital and that the bank expects the return on the acquisition to beat what it would earn from a share buyback, with an expected internal rate of return on the acquisition above the 11% implied cost of equity of a share buyback

Jefferies said the deal was a blow for those hoping Evelyn might list independently.

Also, analyst Julian Roberts said if NatWest wanted to buy a business with £50 billion-plus assets under management business in the UK discretionary wealth management space, "why not buy the something else?"

He suggested Rathbones Group PLC, which has over £100 billion of AUM and a lower enterprise value of around £2 billion.

It also raised questions for listed wealth managers, arguing that the price paid could give "a bump from the comparison, or the market decides that demand for these assets has just diminished".

Based on Evelyn's £2.7 billion enterprise value, Rathbones would be worth circa £4.2 billion on the same multiple of AUM, which is a 70% premium to the current market cap, and even more versus EV.

Analyst Rae Maile at Panmure Liberum said the sale ends long-running speculation around Evelyn’s future, seeing off rivals suitors including Barclays and ending some hopes for a possible IPO.

Much of the £100 million in hoped-for cost savings is likely to come from NatWest’s existing operations as the business is folded into Coutts and other units, with NatWest's intention to also generate "revenue synergies".

"The track record of banks achieving these anywhere, let alone in wealth management (anyone else remember Lloyds Abbey Life?) is limited if we are generous."

More broadly, he said the deal underlined continuing consolidation in a sector seen as structurally attractive over the long term.

HomeStock IdeasLong IdeasIndustrial 

SummaryThomson Reuters is rated a 'Buy' after the recent dip, offering value and a 3% dividend yield.TRI's moat is built on proprietary content, deeply embedded workflows, and AI-enabled products, making disruption from agentic AI overblown.Management guides for 7.5%-8% organic revenue growth and 100 bps EBITDA margin expansion in 2026, with strong capital returns and balance sheet.Looking for a portfolio of ideas like this one? Members of iREIT®+HOYA Capital get exclusive access to our subscriber-only portfolios. Learn More »z1b/iStock via Getty Images

The recent feared disruption on financial and legal software companies from the AI space has created bargain opportunities. This is especially true among moat-worthy players with solutions that are deeply embedded within their clients' workstreams. As such, I believe the

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A top Meta researcher warned the company’s executives that there could be as many as 500,000 cases of online sexual exploitation per day on Facebook and Instagram, according to explosive documents that were unsealed on the eve of a landmark jury trial.

Opening arguments begin Monday in New Mexico Attorney General Raul Torrez’s case in state court, which accuses Mark Zuckerberg’s social media giant of exposing kids to the “twin dangers of sexual exploitation and mental health harm” through creepy messages, “sextortion” schemes and human trafficking.

The result, the state claims, is a teen social media crisis that has led to anxiety, depression, self-harm and increasing suicides.

Mark Zuckerberg, chief executive officer of Meta Platforms Inc., during the Meta Connect event in Menlo Park, Calif., on Wednesday, Sept. 17, 2025. Bloomberg via Getty Images Ahead of the trial, the state’s lawyers cited an internal email in which Malia Andrus, who held child safety-related roles at Meta from August 2017 to October 2024, wrote that creeps targeted “~500k victims per DAY in English markets only” with sexually inappropriate messages.

“We expect the true situation is worse,” Andrus said in a June 2020 email, according to court records.

In another chilling message, Andrus noted that the massive user bases of Facebook and Instagram have effectively handed predators a tool to target kids on a scale that was previously unimaginable.

“I just think, nowhere in the history of humanity could you have a secret conversation with 1000 people,” she wrote. “I’m actually scared of the ramifications here.”

New Mexico’s lawsuit is one of several legal battles that Meta faces this year – and will seek to shine a light on safety lapses that have caught the attention of US lawmakers on Capitol Hill.

Last week, a bellwether trial accusing Meta and Google-owned YouTube of fueling social media addiction in young users began in California, with hundreds of victims’ families and school districts as plaintiffs. Elsewhere, the FTC last month appealed its loss in the major antitrust lawsuit seeking a breakup of Meta.

New Mexico Attorney General Raúl Torrez discusses the nexus of public safety, mental health and adverse child experiences during a news conference following a summit in Albuquerque, N.M., Nov. 3, 2023. AP The multiple trials accusing Meta of exposing children to harm are a “split screen of Mark Zuckerberg nightmares,” according to Sacha Haworth, executive director of the Tech Oversight Project, a watchdog group.

“These are the trials of a generation; just as the world watched courtrooms hold Big Tobacco and Big Pharma accountable, we will for the first time see Big Tech CEOs like Zuck take the stand,” said Haworth. “The world is watching, Meta’s reckoning has arrived, and the consequences have just begun.”

New Mexico’s case has been closely watched in part because of the garish details that arose during its probe of Meta’s practices.

Test accounts set up by state investigators were allegedly bombarded with adult sex content and outreach from alleged child predators, including “pictures and videos of genitalia” and an offer of a six-figure payment to star in a porn video, the lawsuit claims.

New Mexico’s Torrez has been critical of Instagram’s Teen Accounts feature. Ascannio – stock.adobe.com In other emails detailed in pretrial filings, Andrus allegedly ripped the age-verification tools meant to keep underage users off Instagram, warning that they were easily fooled.

“Our investigators have given feedback that almost every time they encounter an age liar on IG (in a child safety context) the age prediction is incorrect (aligns with the age they falsely claim to be),” Andrus wrote, according to court documents.

A Meta spokesperson said the internal discussions cited in the filings took place as part of an active effort by the company to protect kids.

“While New Mexico makes sensationalist, irrelevant and distracting arguments, we’re focused on demonstrating our longstanding commitment to supporting young people,” the spokesperson said in a statement. “For over a decade, we’ve listened to parents, worked with experts and law enforcement, and conducted in-depth research to understand the issues that matter most.”

Andrus, who left Meta in 2024 and now works in an online safety role for an OpenAI, did not return a request for comment.

Meta CEO Mark Zuckerberg speaks during an event at the Biohub Imaging Institute in Redwood City, Calif., Nov. 5, 2025. AP The state argued Andrus has deep knowledge of Meta’s handling of the online sex abuse problem because she worked extensively on the internal research, including serving as a member a “Groomers Taskforce, which examined adult predators who solicited minors.”

“Ms. Andrus also commented on Meta’s failure to adequately invest in child safety, the misleading nature of some of its publicly reported child safety metrics, and the (undisclosed) immaturity of Instagram’s child safety measures,” the state’s filing said.

Ahead of the trial, Meta’s attorneys tried to block any mention of several sensitive topics – including the company’s AI chatbots, research surveys detailing the harmful effects of its products on mental health and details of the bombshell undercover operation that New Mexico investigators conducted to reveal instances of online sex abuse.

Judge Biedscheid ultimately rejected the requests during pretrial hearings.

Mark Zuckerberg, CEO of Meta, arrives to testify before the US Senate Judiciary Committee hearing, “Big Tech and the Online Child Sexual Exploitation Crisis,” in Washington, DC, on Jan. 31, 2024. AFP via Getty Images Elsewhere, internal documents showed that Zuckerberg signed off on allowing minors to use Meta’s AI chatbot companions even after safety staffers warned that they could be used for romantic or sexualized conversations. Reuters was first to report on the documents.

Torrez has aggressively criticized Zuckerberg ahead of the trial. As The Post reported in December, he called Instagram’s implementation of a PG-13 rating system to shield kids from illicit content as a “dangerous promotional stunt that lulls parents into a false sense of security.”

Meta has fired back, accusing Torrez of making claims that are “littered with factual errors and misrepresentations” and ignoring the company’s progress in improving guardrails for kids.

Fourth Quarter

Net income of $302 million versus $21 million in the prior year quarter, which included a $290 million after-tax loss from a pension settlement transaction. Core income of $317 million versus $342 million in the prior year quarter. P&C core income of $449 million versus $451 million, reflects lower underlying underwriting results largely offset by higher net investment income. Life & Group core loss of $29 million versus $18 million in the prior year quarter. Corporate & Other core loss of $103 million versus $91 million in the prior year quarter. Net investment income of $653 million, reflects a $26 million increase from fixed income securities and other investments to $576 million and a $17 million decrease from limited partnerships and common stock to $77 million. P&C combined ratio of 93.8%, compared with 93.1% in the prior year quarter, including 1.5 points of catastrophe loss impact compared with 1.8 points in the prior year quarter. P&C underlying combined ratio was 92.3%, compared with 91.4% in the prior year quarter. P&C underlying loss ratio was 61.9% and the expense ratio was 30.1%. P&C segments generated net written premium growth of 2% in the quarter. P&C renewal premium change of +4%, with written rate of +2%. Full Year

Record high net income of $1,278 million versus $959 million in the prior year, which included a $293 million after-tax loss from pension settlement transactions. Core income of $1,342 million, which is the best on record, versus $1,316 million in the prior year. P&C core income of $1,664 million versus $1,549 million, reflects improved current accident year underwriting results and higher net investment income partially offset by unfavorable net prior period development. Life & Group core loss of $44 million versus $23 million in the prior year. Corporate & Other core loss of $278 million versus $210 million in the prior year. Net investment income of $2,557 million, reflects a $78 million increase from fixed income securities and other investments to $2,255 million and a $18 million decrease from limited partnerships and common stock to $302 million. P&C combined ratio of 94.7%, compared with 94.9% in the prior year, including 2.3 points of catastrophe loss impact compared with 3.6 points in the prior year. P&C underlying combined ratio was 91.8% compared with 91.5% in the prior year. P&C underlying loss ratio was 61.7% and the expense ratio was 29.7%. P&C segments generated net written premium growth of 5%. P&C renewal premium change of +4%, with written rate of +3%. Stockholders' Equity

Book value per share of $42.93; book value per share excluding AOCI of $46.99, an 10% increase from year-end 2024 adjusting for $3.84 of dividends per share paid. Increased quarterly cash dividend 4% to $0.48 per share; special dividend of $2.00 per share , /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today announced fourth quarter 2025 net income of $302 million, or $1.11 per share, versus $21 million, or $0.07 per share, in the prior year quarter.  Net income for the prior year quarter included a $290 million after-tax loss from a pension settlement transaction.  Net investment losses for the quarter were $15 million compared to $31 million in the prior year quarter.  Core income for the quarter was $317 million, or $1.16 per share, versus $342 million, or $1.25 per share, in the prior year quarter.

Our Property & Casualty segments delivered core income of $449 million for the fourth quarter of 2025, a decrease of $2 million compared to the prior year quarter reflecting lower underlying underwriting results largely offset by higher net investment income.  P&C segments generated net written premium growth of 2%, due to renewal premium change of +4% and written rate of +2%.

Our Life & Group segment produced a core loss of $29 million for the fourth quarter of 2025 versus $18 million in the prior year quarter.  Our Corporate & Other segment reported a core loss of $103 million for the fourth quarter of 2025 versus $91 million in the prior year quarter.

Net income for the full year 2025 was $1,278 million, or $4.69 per share, versus $959 million, or $3.52 per share, in the prior year.  Net income for the prior year included a $293 million after-tax loss from pension settlement transactions.  Net investment losses were $64 million for the full year 2025 and 2024.  Core income for the full year 2025 was $1,342 million, or $4.93 per share, versus $1,316 million, or $4.83 per share, in the prior year.

Our Property & Casualty segments recorded core income of $1,664 million for the full year 2025, an increase of $115 million compared to the prior year attributed to improved current accident year underwriting results and higher net investment income partially offset by unfavorable net prior period development in the current year compared to favorable net prior period development in the prior year.  P&C segments generated net written premium growth of 5%, due to renewal premium change of +4% and written rate of +3%.

Our Life & Group segment reported a core loss of $44 million for the full year 2025 versus $23 million in the prior year.  Our Corporate & Other segment produced a core loss of $278 million for the full year 2025 versus $210 million in the prior year.

CNA Financial declared a quarterly cash dividend of $0.48 per share and a special dividend of $2.00 per share, payable March 12, 2026 to stockholders of record on February 23, 2026.

Results for the Three Months
Ended December 31

Results for the Year Ended
December 31

($ millions, except per share data)

2025

2024

2025

2024

Net income

$              302

$                21

$          1,278

$              959

Core income (a)

317

342

1,342

1,316

Net income per diluted share

$             1.11

$             0.07

$            4.69

$             3.52

Core income per diluted share

1.16

1.25

4.93

4.83

December 31, 2025

December 31, 2024

Book value per share

$

42.93

$

38.82

Book value per share excluding AOCI

46.99

46.16

(a)

Management utilizes the core income (loss) financial measure to monitor the Company's operations.  Please refer herein to the Reconciliation of GAAP Measures to Non-GAAP Measures section of this press release for further discussion of this non-GAAP measure.

"In the fourth quarter we produced excellent results with $317 million of core income, capping off a best on record core income of $1,342 million for the full year, which is the third consecutive year of record results.  The 2025 full year core income reflects continued excellent underlying underwriting and investment results, which are both record highs, and contributed to delivering nearly $2.5 billion of cash flow from operations.

The P&C all-in combined ratio was 93.8% for the quarter and 94.7% for the full year, which include 1.5 points and 2.3 points of catastrophe losses, respectively.  The full year expense ratio of 29.7% is half a point lower than 2024, reflecting ongoing expense discipline while investing in talent, technology and artificial intelligence.

Net written premiums grew 2% in the quarter and 5% for the year while new business was flat for the quarter but grew 4% for the full year with retention of 83%.  We continue to lean into profitable opportunities while being highly selective in pockets where the market will not let us achieve appropriate risk-adjusted returns.

We are pleased with the fourth quarter action taken by AM Best who upgraded CNA's financial strength rating to A+ with a stable outlook.  We view AM Best's action as recognition of our consistently strong operating performance, sophisticated risk management and the strength of our balance sheet.

Looking forward, we enter the new year with momentum and confidence in our disciplined underwriting strategies and marketplace execution backed by our superior financial strength.  We feel we are well positioned as we look forward to an exciting 2026," said Douglas M. Worman, Chairman & Chief Executive Officer of CNA Financial Corporation.

Property & Casualty Operations

Results for the Three Months
Ended December 31

Results for the Year Ended
December 31

($ millions)

2025

2024

2025

2024

Net written premiums

$        2,794

$        2,752

$     10,683

$     10,176

NWP change (% year over year)

2

%

5

%

Net earned premiums

$        2,692

$        2,571

$     10,478

$       9,775

NEP change (% year over year)

5

%

7

%

Underwriting gain

$           167

$           178

$          551

$          496

Net investment income

$           409

$           400

$       1,581

$       1,490

Core income

$           449

$           451

$       1,664

$       1,549

Loss ratio

63.4

%

62.8

%

64.6

%

64.3

%

Less: Effect of catastrophe impacts

1.5

1.8

2.3

3.6

Less: Effect of (favorable) unfavorable development-related items

—

(0.1)

0.6

(0.2)

Underlying loss ratio

61.9

%

61.1

%

61.7

%

60.9

%

Expense ratio

30.1

%

30.0

%

29.7

%

30.2

%

Combined ratio

93.8

%

93.1

%

94.7

%

94.9

%

Underlying combined ratio

92.3

%

91.4

%

91.8

%

91.5

%

The fourth quarter underlying combined ratio increased 0.9 points as compared with the prior year quarter. The underlying loss ratio increased 0.8 points as compared with the prior year quarter as a result of increases across each segment. The expense ratio was generally consistent with the prior year quarter as a non-recurring technology charge was largely offset by a favorable acquisition ratio and net earned premium growth of 5%. The fourth quarter combined ratio increased 0.7 points as compared with the prior year quarter. Catastrophe losses were $40 million, or 1.5 points of the loss ratio in the quarter compared with $45 million, or 1.8 points of the loss ratio, for the prior year quarter. For the full year, the underlying combined ratio increased 0.3 points as compared with the prior year. The underlying loss ratio increased 0.8 points compared with the prior year due to increases across each segment. The expense ratio improved 0.5 points primarily attributed to net earned premium growth of 7%. For the full year, the combined ratio improved 0.2 points as compared with the prior year. Catastrophe losses were $240 million, or 2.3 points of the loss ratio for the full year compared with $358 million, or 3.6 points of the loss ratio, for the prior year. Unfavorable net prior period development increased the loss ratio by 0.6 points in the current year compared with 0.2 points of favorable development improving the loss ratio in the prior year. Business Operating Highlights

Specialty

Results for the Three Months
Ended December 31

Results for the Year Ended
December 31

($ millions)

2025

2024

2025

2024

Net written premiums

$           914

$           934

$       3,515

$       3,445

NWP change (% year over year)

(2)

%

2

%

Net earned premiums

$           899

$           868

$       3,472

$       3,361

NEP change (% year over year)

4

%

3

%

Underwriting gain

$               9

$             54

$           164

$           249

Loss ratio

63.6

%

60.1

%

61.5

%

59.5

%

Less: Effect of catastrophe impacts

—

—

—

—

Less: Effect of unfavorable (favorable) development-related items

3.0

—

1.1

(0.3)

Underlying loss ratio

60.6

%

60.1

%

60.4

%

59.8

%

Expense ratio

35.1

%

33.4

%

33.5

%

32.8

%

Combined ratio

99.0

%

93.8

%

95.3

%

92.6

%

Underlying combined ratio

96.0

%

93.8

%

94.2

%

92.9

%

The fourth quarter underlying combined ratio increased 2.2 points as compared with the prior year quarter. The expense ratio increased 1.7 points as compared with the prior year quarter driven by a non-recurring technology charge. The underlying loss ratio increased 0.5 points as compared with the prior year quarter. The fourth quarter combined ratio increased 5.2 points as compared with the prior year quarter. Unfavorable net prior period development increased the loss ratio by 3.0 points in the current quarter as compared with no net prior period development in the prior year quarter. For the full year, the underlying combined ratio increased 1.3 points as compared with the prior year. The expense ratio increased 0.7 points driven by higher employee related costs and a non-recurring technology charge partially offset by net earned premium growth of 3%. The underlying loss ratio increased 0.6 points as compared with the prior year. For the full year, the combined ratio increased 2.7 points as compared with the prior year. Unfavorable net prior period development increased the loss ratio by 1.1 points in the current year compared with 0.3 points of favorable development improving the loss ratio in the prior year. Commercial

Results for the Three Months
Ended December 31

Results for the Year Ended
December 31

($ millions)

2025

2024

2025

2024

Net written premiums

$       1,509

$       1,452

$       5,821

$       5,469

NWP change (% year over year)

4

%

6

%

Net earned premiums

$       1,460

$       1,384

$       5,695

$       5,158

NEP change (% year over year)

5

%

10

%

Underwriting gain

$          109

$          106

$          272

$          171

Loss ratio

65.7

%

64.8

%

67.9

%

68.3

%

Less: Effect of catastrophe impacts

2.4

2.3

3.8

6.2

Less: Effect of (favorable) unfavorable development-related items

(0.1)

—

0.9

(0.1)

Underlying loss ratio

63.4

%

62.5

%

63.2

%

62.2

%

Expense ratio

26.4

%

27.0

%

26.8

%

27.9

%

Combined ratio

92.5

%

92.3

%

95.2

%

96.7

%

Underlying combined ratio

90.2

%

90.0

%

90.5

%

90.6

%

The fourth quarter underlying combined ratio increased 0.2 points as compared with the prior year quarter. The underlying loss ratio increased 0.9 points compared with the prior year quarter attributed to social inflation impacted lines. The expense ratio improved 0.6 points primarily attributed to a favorable acquisition ratio and net earned premium growth of 5%. The fourth quarter combined ratio increased 0.2 points as compared with the prior year quarter. Catastrophe losses were $35 million, or 2.4 points of the loss ratio in the quarter compared with $33 million, or 2.3 points of the loss ratio, for the prior year quarter. For the full year, the underlying combined ratio improved 0.1 points as compared with the prior year, and is the lowest full year on record. The expense ratio improved 1.1 points primarily attributed to net earned premium growth of 10% and a favorable acquisition ratio. The underlying loss ratio increased 1.0 point compared with the prior year attributed to social inflation impacted lines. For the full year, the combined ratio improved 1.5 points as compared with the prior year, and is the lowest full year on record. Catastrophe losses were $217 million, or 3.8 points of the loss ratio for the full year compared with $318 million, or 6.2 points of the loss ratio, for the prior year. Unfavorable net prior period development increased the loss ratio by 0.9 points compared with 0.1 points of favorable development improving the loss ratio in the prior year. International

Results for the Three Months
Ended December 31

Results for the Year Ended
December 31

($ millions)

2025

2024

2025

2024

Net written premiums

$           371

$           366

$       1,347

$       1,262

NWP change (% year over year)

1

%

7

%

Net earned premiums

$           333

$           319

$       1,311

$       1,256

NEP change (% year over year)

4

%

4

%

Underwriting gain

$             49

$             18

$          115

$            76

Loss ratio

52.6

%

61.6

%

58.4

%

60.9

%

Less: Effect of catastrophe impacts

1.6

3.9

1.8

3.2

Less: Effect of favorable development-related items

(7.5)

(0.4)

(1.9)

(0.4)

Underlying loss ratio

58.5

%

58.1

%

58.5

%

58.1

%

Expense ratio

32.7

%

33.2

%

32.8

%

33.1

%

Combined ratio

85.3

%

94.8

%

91.2

%

94.0

%

Underlying combined ratio

91.2

%

91.3

%

91.3

%

91.2

%

The fourth quarter underlying combined ratio was generally consistent with the prior year quarter. The expense ratio improved 0.5 points primarily attributed to a favorable acquisition ratio and net earned premium growth of 4%. The underlying loss ratio increased 0.4 points as compared with the prior year quarter. The fourth quarter combined ratio improved 9.5 points as compared with the prior year quarter. Favorable net prior period development improved the loss ratio by 7.5 points in the current quarter compared with 0.4 points of improvement in the prior year quarter. Catastrophe losses were $5 million, or 1.6 points of the loss ratio in the quarter compared with $12 million, or 3.9 points of the loss ratio, for the prior year quarter. For the full year, the underlying combined ratio was generally consistent with the prior year. The underlying loss ratio increased 0.4 points as compared with the prior year. The expense ratio improved 0.3 points as compared with the prior year. For the full year, the combined ratio improved 2.8 points as compared with the prior year, and is the lowest full year on record. Favorable net prior period development improved the loss ratio by 1.9 points in the current year compared with 0.4 points of improvement in the prior year. Catastrophe losses were $23 million, or 1.8 points of the loss ratio for the full year compared with $40 million, or 3.2 points of the loss ratio, for the prior year. Life & Group

Results for the Three Months
Ended December 31

Results for the Year Ended
December 31

($ millions)

2025

2024

2025

2024

Net earned premiums

$           105

$           108

$           423

$           437

Claims, benefits and expenses

375

366

1,415

1,429

Net investment income

$           227

$           230

$           914

$           940

Core loss

$           (29)

$           (18)

$           (44)

$           (23)

Core loss increased $11 million for the fourth quarter of 2025 as compared with the prior year quarter primarily due to unfavorable persistency experience.

Core loss increased $21 million for the full year as compared with the prior year primarily resulting from lower net investment income from limited partnerships.

Corporate & Other

Results for the Three Months
Ended December 31

Results for the Year Ended
December 31

($ millions)

2025

2024

2025

2024

Insurance claims and policyholders' benefits

$             94

$             71

$           201

$           106

Interest expense

36

32

135

133

Net investment income

17

14

62

67

Core loss

(103)

(91)

(278)

(210)

Core loss increased $12 million for the fourth quarter of 2025 as compared with the prior year quarter.  The application of retroactive reinsurance accounting to additional cessions to the A&EP LPT in both periods resulted in after-tax non-economic charges of $67 million and $35 million in 2025 and 2024, respectively.  The additional cessions in those periods were $185 million and $103 million, respectively.  There was no prior period development in the current year quarter compared to a $17 million after-tax charge related to unfavorable prior period development in the prior year quarter associated with legacy mass tort.

Core loss increased $68 million for the full year as compared with the prior year.  The current year includes an unfavorable non-economic impact related to the A&EP LPT.  The current year also includes a $106 million after-tax charge related to unfavorable prior period development largely associated with legacy mass tort compared with a $62 million after-tax charge in the prior year.

Net Investment Income

Results for the Three Months
Ended December 31

Results for the Year Ended
December 31

2025

2024

2025

2024

Fixed income securities and other

$           576

$           550

$       2,255

$       2,177

Limited partnership and common stock investments

77

94

302

320

Net investment income

$           653

$           644

$       2,557

$       2,497

Net investment income increased $9 million for the fourth quarter of 2025 and $60 million for the full year.  The increase was driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates partially offset by lower common stock returns.

Stockholders' Equity

Stockholders' equity of $11.6 billion increased 11% from year-end 2024, primarily due to net income and an improvement in net unrealized investment losses partially offset by dividends paid to stockholders.

Book value per share ex AOCI of $46.99 increased 10% from year-end 2024 adjusting for $3.84 of dividends per share.

As of December 31, 2025, statutory capital and surplus for the Combined Continental Casualty Companies was $11.6 billion.

About the Company

CNA is one of the largest U.S. commercial property and casualty insurance companies.  Backed by more than 125 years of experience, CNA provides a broad range of standard and specialized insurance products and services for businesses and professionals in the U.S., Canada and Europe.  For more information, please visit CNA at cna.com.

Contacts

Media:

Analysts:

Kelly Messina | Vice President,

Marketing

Ralitza K. Todorova | Vice President,
Investor Relations & Rating Agencies

872-817-0350

312-822-3834

Earnings Remarks & Materials

A transcript of earnings remarks will be available on CNA's website at cna.com via the Investor Relations section.  Remarks will include commentary from the Company's Chairman and Chief Executive Officer, Douglas M. Worman, and Chief Financial Officer, Scott R. Lindquist.  An earnings presentation and financial supplement information related to the results will also be posted and available on the CNA website.

Definition of Reported Segments

Specialty provides management and professional liability and other coverages through property and casualty products and services using a network of retail and wholesale brokers, independent agencies and managing general underwriters. Commercial works with a network of retail and wholesale brokers and independent agents to market a broad range of property and casualty insurance products to all types of insureds targeting small business, construction, middle market and other commercial customers. International underwrites property and casualty coverages on a global basis through a branch operation in Canada, a European business consisting of insurance companies based in the U.K. and Luxembourg and Hardy, our Lloyd's Syndicate. Life & Group includes the individual and group run-off long-term care businesses as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants. Corporate & Other primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including asbestos and environmental pollution (A&EP), a legacy portfolio of excess workers' compensation (EWC) policies and legacy mass tort reserves. Financial Measures

Management utilizes the following metrics in their evaluation of the Property & Casualty Operations.

These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).

Loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. Underlying loss ratio represents the loss ratio excluding catastrophe losses and development-related items. Expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. Dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. Combined ratio is the sum of the loss ratio, the expense and the dividend ratio. Underlying combined ratio is the sum of the underlying loss, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate our underwriting performance since they remove the impact of catastrophe losses, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance.  The components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for Property & Casualty, Specialty, Commercial and International segments are set forth on pages 3, 4, 5 and 6, respectively.

Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes.

Rate represents the average change in price on policies that renew excluding exposure change.

Exposure represents the measure of risk used in the pricing of the insurance product.  The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy.

Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew.

New business represents premiums from policies written with new customers and additional policies written with existing customers.

Development-related items represents net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance.

Statutory capital and surplus represents the excess of an insurance company's admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices.  Statutory capital and surplus as of the current period is preliminary.

The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk.

Reconciliation of GAAP Measures to Non-GAAP Measures

Management utilizes financial measures not in accordance with GAAP to monitor the Company's insurance operations and investment portfolio.  The Company believes the presentation of these measures provides investors with a better understanding of the significant factors that comprise the Company's operating performance.  Reconciliations of these measures to the most comparable GAAP measures follow below.

Reconciliation of Net Income (Loss) to Core Income (Loss)

Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions.  Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of our primary operations.  The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding our defined benefit pension plans which are unrelated to our primary operations.  Management monitors core income (loss) for each business segment to assess segment performance.  Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure.

Results for the Three Months
Ended December 31

Results for the Year Ended
December 31

($ millions)

2025

2024

2025

2024

Net income

$              302

$                21

$           1,278

$              959

Less: Net investment losses

(15)

(31)

(64)

(64)

Less: Pension settlement transaction losses

—

(290)

—

(293)

Core income

$              317

$              342

$           1,342

$           1,316

Reconciliation of Net Income (Loss) per Diluted Share to Core Income (Loss) per Diluted Share

Core income (loss) per diluted share provides management and investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core income (loss).  Core income (loss) per diluted share is core income (loss) on a per diluted share basis.

Results for the Three Months
Ended December 31

Results for the Year Ended
December 31

2025

2024

2025

2024

Net income per diluted share

$             1.11

$             0.07

$             4.69

$             3.52

Less: Net investment losses

(0.05)

(0.12)

(0.24)

(0.23)

Less: Pension settlement transaction losses

—

(1.06)

—

(1.08)

Core income per diluted share

$             1.16

$             1.25

$             4.93

$             4.83

Reconciliation of Net Income (Loss) to Underwriting Gain (Loss) and Underlying Underwriting Gain (Loss)

Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders' benefits, amortization of deferred acquisition costs and insurance related administrative expenses.  Net income (loss) is the most directly comparable GAAP measure.  Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities which are managed separately from  our investing activities.

Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting results excluding catastrophe losses and development-related items.  Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities, excluding the impact of catastrophe losses, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance.

Results for the Three Months Ended December 31, 2025

Specialty

Commercial

International

Property &
Casualty

(In millions)

Net income

$                  128

$                  236

$                    70

$                  434

Net investment losses, after tax

6

9

—

15

Core income

$                  134

$                  245

$                    70

$                  449

Less:

Net investment income

167

200

42

409

Non-insurance warranty revenue (expense)

9

—

—

9

Other revenue (expense), including interest expense

(15)

(2)

1

(16)

Income tax expense on core income

(36)

(62)

(22)

(120)

Underwriting gain

9

109

49

167

Effect of catastrophe losses

—

35

5

40

Effect of unfavorable (favorable) development-related items

27

(2)

(25)

—

Underlying underwriting gain

$                    36

$                  142

$                    29

$                  207

Results for the Three Months Ended December 31, 2024

Specialty

Commercial

International

Property &
Casualty

(In millions)

Net income

$                  165

$                  222

$                    37

$                  424

Net investment losses (gains), after tax

12

16

(1)

27

Core income

$                  177

$                  238

$                    36

$                  451

Less:

Net investment income

165

199

36

400

Non-insurance warranty revenue (expense)

19

—

—

19

Other revenue (expense), including interest expense

(13)

(4)

(15)

(32)

Income tax expense on core income

(48)

(63)

(3)

(114)

Underwriting gain

54

106

18

178

Effect of catastrophe losses

—

33

12

45

Effect of favorable development-related items

—

—

(1)

(1)

Underlying underwriting gain

$                    54

$                  139

$                    29

$                  222

Results for the Year Ended December 31, 2025

Specialty

Commercial

International

Property &
Casualty

(In millions)

Net income

$                  615

$                  788

$                  205

$              1,608

Net investment losses, after tax

22

32

2

56

Core income

$                  637

$                  820

$                  207

$              1,664

Less:

Net investment income

650

775

156

1,581

Non-insurance warranty revenue (expense)

51

—

—

51

Other revenue (expense), including interest expense

(55)

(12)

13

(54)

Income tax expense on core income

(173)

(215)

(77)

(465)

Underwriting gain

164

272

115

551

Effect of catastrophe losses

—

217

23

240

Effect of unfavorable (favorable) development-related items

37

52

(25)

64

Underlying underwriting gain

$                  201

$                  541

$                  113

$                 855

Results for the Year Ended December 31, 2024

Specialty

Commercial

International

Property &
Casualty

(In millions)

Net income

$                  663

$                  658

$                  153

$              1,474

Net investment losses, after tax

31

44

—

75

Core income

$                  694

$                  702

$                  153

$              1,549

Less:

Net investment income

626

733

131

1,490

Non-insurance warranty revenue (expense)

62

—

—

62

Other revenue (expense), including interest expense

(53)

(14)

(10)

(77)

Income tax expense on core income

(190)

(188)

(44)

(422)

Underwriting gain

249

171

76

496

Effect of catastrophe losses

—

318

40

358

Effect of favorable development-related items

(8)

—

(6)

(14)

Underlying underwriting gain

$                  241

$                  489

$                  110

$                 840

Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI

Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations.  The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.

December 31, 2025

December 31, 2024

Book value per share

$                               42.93

$                               38.82

Less: Per share impact of AOCI

(4.06)

(7.34)

Book value per share excluding AOCI

$                               46.99

$                               46.16

Calculation of Return on Equity and Core Return on Equity

Core return on equity provides management and investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to its business operations.

Results for the Three Months
Ended December 31

Results for the Year Ended
December 31

($ millions)

2025

2024

2025

2024

Annualized net income

$           1,206

$                81

$           1,278

$              959

Average stockholders' equity including AOCI (a)

11,471

10,635

11,067

10,203

Return on equity

10.5

%

0.8

%

11.5

%

9.4

%

Annualized core income

$           1,267

$           1,366

$           1,342

$           1,316

Average stockholders' equity excluding AOCI (a)

12,626

12,549

12,610

12,534

Core return on equity

10.0

%

10.9

%

10.6

%

10.5

%

(a)

Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period.

For additional information, please refer to CNA's most recent 10-K on file with the Securities and Exchange Commission, as well as the financial supplement, available at cna.com.

Forward-Looking Statements

This press release includes statements that relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical events.  These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as "believes," "expects," "intends," "anticipates," "estimates" and similar expressions.  Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected.  Many of these risks and uncertainties cannot be controlled by CNA.  For a detailed description of these risks and uncertainties, please refer to CNA's filings with the Securities and Exchange Commission, available at cna.com.

Any forward-looking statements made in this press release are made by CNA as of the date of this press release.  Further, CNA does not have any obligation to update or revise any forward-looking statement contained in this press release, even if CNA's expectations or any related events, conditions or circumstances change.

Any descriptions of coverage under CNA policies or programs in this press release are provided for convenience only and are not to be relied upon with respect to questions of coverage, exclusions or limitations.  With regard to all such matters, the terms and provisions of relevant insurance policies are primary and controlling.  In addition, please note that all coverages may not be available in all states.

"CNA" is a registered trademark of CNA Financial Corporation.  Certain CNA Financial Corporation subsidiaries use the "CNA" trademark in connection with insurance underwriting and claims activities.  Copyright © 2026 CNA.  All rights reserved.

SOURCE CNA Financial

Q1 performance ahead of expectations for Sales, Adjusted EPS and EBITDA

Successfully Completed Feminine Care Business Divestiture for $340 Million, Sharpening Portfolio Focus

Full Year Outlook for Continuing Operations Remains Consistent with Prior Outlook

, /PRNewswire/ -- Edgewell Personal Care Company (NYSE: EPC) today announced results for its first fiscal quarter 2026 ended December 31, 2025. 

"We delivered a solid start to fiscal 2026. Our first quarter performance modestly exceeded our expectations for organic net sales, adjusted EPS and adjusted EBITDA(1). Alongside strong execution in our core businesses, we successfully completed the divestiture of Feminine Care, a pivotal milestone in our transformation journey that further sharpens our portfolio focus and strengthens our balance sheet. Importantly, the estimated annualized impact of the divestiture is expected to be favorable to our previous outlook," said Rod Little, Edgewell's President and Chief Executive Officer.

"After adjusting for the impact of the divestiture, our full year outlook for continuing operations is unchanged to our prior outlook for sales, adjusted EPS, adjusted EBITDA and free cash flow. Moving forward, as a more focused and agile company with a streamlined portfolio, we believe we are well-positioned to drive sustainable growth and create long-term shareholder value as we execute against our plan for fiscal 2026 and beyond."

Unless otherwise noted, reported results in this release are based on continuing operations and exclude the Feminine Care business which is treated as discontinued operations. This presentation also includes discussions of certain metrics on a consolidated basis, which is inclusive of the Feminine Care business, to help investors assess performance compared to the Company's prior financial outlook, which was done on a consolidated basis. The Company reports and forecasts results on a GAAP and non-GAAP basis and has reconciled non-GAAP results and outlook to the most directly comparable GAAP measures later in this release. See non-GAAP Financial Measures for a more detailed explanation, including definitions of various non-GAAP terms used in this release. All comparisons used in this release are for the same period in the prior fiscal year unless otherwise stated.

Fiscal 1Q 2026 Executive Summary

Consolidated Basis (Inclusive of the Feminine Care Business)

Net Sales were $486.8 million, an increase of 1.8% compared to the prior year. Organic net sales decreased (0.3)% (Organic basis excludes the impact from currency movements). GAAP Diluted Net Earnings (Loss) Per Share ("EPS") were $(1.41), compared to $(0.04) in the prior year quarter. Adjusted EPS were $0.03, compared to $0.07 in the prior year quarter. (1)  First quarter guidance was provided on a consolidated basis, inclusive of Feminine Care.

Continuing Operations Basis (Excluding the Feminine Care Business)

Net sales were $422.8 million, an increase of 1.9% compared to the prior year quarter. Organic net sales decreased 0.5% (Organic basis excludes the impact from currency movements). GAAP Diluted Net Earnings (Loss) Per Share ("EPS") were $(0.63), compared to $(0.21) in the prior year quarter. Adjusted EPS were $(0.16), compared to $(0.10) in the prior year quarter. Fiscal 1Q 2026 Operating Results From Continuing Operations (Unaudited)
Net sales were $422.8 million in the quarter, an increase of 1.9%, including a $9.6 million favorable impact from currency movements. Organic net sales decreased $1.9 million, or 0.5%. Organic sales growth in North America was 0.7%, driven by  volume growth in Sun Care and Grooming, partially offset by lower volumes and unfavorable pricing in Wet Shave and Skin Care.  Organic sales in international markets declined 1.6%, largely driven by volume declines in Sun Care and Wet Shave, primarily reflecting an anticipated change in the quarterly phasing of Wet Shave sales in Japan, and Sun Care sales in distributor markets.  

Gross profit was $161.0 million, as compared to $172.5 million in the prior year quarter. Gross margin as a percent of net sales was 38.1%, a decrease of 350-basis points. Adjusted gross margin as a percent of net sales decreased 210-basis points, to 39.5% in the quarter. Productivity savings of approximately 240-basis points and favorable currency movements were more than offset by 450-basis points of core inflation, tariffs, volume absorption and 75-basis points of unfavorable mix and other. 

Advertising and sales promotion expense ("A&P") was $45.6 million, or 10.8% of net sales, a decrease of $0.5 million, compared to $46.1 million, or 11.1% of net sales in the prior year quarter.     

Selling, general and administrative expense ("SG&A") was $102.4 million, or 24.2% of net sales, as compared to $99.6 million, or 24.0% of net sales in the prior year quarter. Adjusted SG&A was 23.7% of net sales, compared to 23.6% in the prior year quarter, which was primarily driven by higher people costs and unfavorable currency impacts, partly offset by lower consulting and corporate expenses.  

The Company recorded pre-tax restructuring and related charges in support of cost efficiency and effectiveness programs of $24.4 million in the quarter.

Operating (loss) income, was $(18.9) million, or (4.5)% of net sales, inclusive of a $4.4 million, or 110-basis points positive impact from favorable currency movements, compared to $9.3 million, or 2.2% of net sales in the prior year quarter. Adjusted operating income was $8.1 million, or 1.9% of net sales, compared to $15.9 million, or 3.8% of net sales in the prior year quarter.     

Interest expense associated with debt was $19.3 million, compared to $18.8 million in the prior year quarter. The increase in interest expense was the result of higher borrowing levels on the Company's U.S. revolving credit facility.

Other (income) expense, net was $(1.3) million compared to $3.2 million in the prior year quarter. Currency hedge and remeasurement losses were $0.9 million in the current quarter, compared to losses of $2.0 million in the prior year quarter. The current year quarter included $0.5 million of other project gains, compared to $1.8 million of expense in the prior year quarter. Adjusted other (income) expense, net was $0.7 million compared to $2.3 million in the prior year quarter.

The effective tax rate for the first three months of fiscal 2026 was 20.9% compared to 20.6% in the prior year period. Both periods reflect a tax benefit on a loss. The fiscal 2026 effective tax rate reflects more favorable discrete and unusual items resulting in a larger tax benefit compared to FY25. The adjusted effective tax rate for the three months of fiscal 2026 was 34.7% (tax benefit on a loss), down from the prior year period adjusted effective tax rate of 7.8% (tax benefit on a loss).

GAAP net (loss) earnings from continuing operations were $(29.2) million or $(0.63) per diluted share compared to $(10.1) million or $(0.21) per diluted share in the prior year quarter. Adjusted net earnings from continuing operations were $(7.6) million  or $(0.16) per share, inclusive of a $0.07 per share of favorable currency impact, compared to $(4.8) million or $(0.10) per share in the prior year quarter. Adjusted EBITDA from continuing operations was $25.0 million, inclusive of a $5.8 million favorable currency impact, compared to $30.9 million in the prior year quarter. Adjusted EBITDA on a consolidated basis was $38.1 million.

Net cash used for operating activities on a consolidated basis, inclusive of continuing and discontinued operations was $125.9 million for the three months ending December 31, 2025, compared to $115.6 million in the prior year period. The increase in cash used for operating activities was largely driven by lower earnings. The first quarter ended with $223.3 million in cash on hand, access to an additional $142.5 million under the Company's U.S. revolving credit facility available and an adjusted net debt leverage ratio of 3.8x.

Capital Allocation

On February 5, 2026, the Board of Directors declared a quarterly cash dividend of $0.15 per common share for the first fiscal quarter of fiscal 2026. The dividend will be payable on April 8, 2026 to shareholders of record as the close of business on March 6, 2026. During the first quarter of fiscal 2026, the Company paid dividends totaling $7.4 million to stockholders. As of December 31, 2025, the Company had $100.0 million available for share repurchase in the future under the Board's 2025 authorization.

Fiscal 1Q 2026 Operating Segment Results (Unaudited)

Wet Shave (Men's Systems, Women's Systems, Disposables, and Shave Preps)

Net sales decreased $3.2 million, or 1.1%. Organic net sales decreased $11.6 million or 3.9%. International markets declined as a result of  unfavorable phasing of Wet Shave sales in Japan, as anticipated, partly offset by higher pricing while North America declined as a result of decreased volumes and increased promotional levels. Segment profit decreased $4.4 million, or 9.4%. Organic segment profit, excluding the favorable impact from currency, decreased $8.5 million, or 18.2%, as lower gross margins were partly offset by lower marketing and SG&A expenses. 

Sun and Skin Care (Sun Care, Men's and Women's Grooming Products, and Wet Ones)

Net sales increased $10.9 million, or 9.0%. Organic net sales increased $9.7 million, or 8.0%, driven by 19.5% growth in Sun Care, primarily driven by higher volumes in North America. Grooming increased 6.8% driven by increased volumes, led by nearly 27% growth in Cremo. Segment loss increased $0.2 million, or 5.9%, including a favorable impact from foreign currency of $0.3 million, or 8.8%. Organic segment loss increased $0.5 million, or 14.7%, driven by higher marketing expenses, partly offset by higher gross profit.

Full Fiscal Year 2026 Financial Outlook

The Company is providing the following outlook assumptions for fiscal 2026. The previous outlook provided on November 13, 2025 was on a consolidated basis, including the Feminine Care business. The change from the prior outlook reflects the removal of the Feminine Care business. The revised full year outlook for continuing operations remains consistent with the prior outlook.  Unless otherwise stated, this outlook is presented on a continuing-operations basis and excludes the results of the Feminine Care business, which is reported as discontinued operations. Prior periods have been recast for comparability. Timing effects are as follows: Continuing operations reflect twelve months of stranded costs, while transition support services income which commenced upon closing is expected to be recognized for approximately eight months of the fiscal year. Refer to Note 8 for a reconciliation of previous consolidated outlook to continuing operations outlook.

Reported net sales are now expected to increase in the range of approximately 0.5% to 3.5% (no change to previous outlook) Includes an estimated 150-basis point positive impact from foreign currency changes Organic net sales are expected to be in the range of a 1.0% decrease to a 2% increase (no change to previous outlook) GAAP EPS is expected to be in the range of $0.55 to $0.95 (previously $1.10 to $1.50 on a consolidated basis) Includes: Restructuring and related costs*, Sun Care reformulation, Other costs Adjusted EPS is expected to be in the range of $1.70 to $2.10 (previously $2.15 to $2.55 on a consolidated basis) Reflects a $0.44 per share reduction from classifying the Feminine Care business as discontinued operations. On an annualized basis, this impact would be approximately $0.20 per share, compared to the Company's prior annualized outlook in the range of a $0.40 to $0.50 per share impact Adjusted gross margin is expected to increase approximately 60-basis points (no change to previous outlook). Adjusted operating margin is expected to decrease approximately 50-basis points (no change to previous outlook), reflecting 70-basis points from higher A&P investment in the current year and 30-basis points from increased SG&A expense reflecting lower incentive compensation in the prior year Adjusted EBITDA is expected to be in the range of $245 to $265 million (previously $290 to $310 million on a consolidated basis) Reflects a $44 million reduction from classifying the Feminine Care business as discontinued operations. On an annualized basis, this impact would be approximately $36 million, compared to the Company's prior annualized outlook in the range of a $35 million to $45 million impact Other Income/Expense, net is expected to be approximately $20 million, (previously flat on a consolidated basis) inclusive of interest income of $5 million (previously $2 million on a consolidated basis), and Transition Services Income in the range of $15 to $19 million Interest expense associated with debt is now expected to be approximately $70 million (previously $73 million on a consolidated basis), as the proceeds from the Feminine Care transaction are expected to be used to pay down the balance of the Company's U.S. revolving credit facility Adjusted effective tax rate is expected to be approximately 22% to 23% (previously 21% to 22% on a consolidated basis) Capital expenditures expected to be in the range of approximately 3.0% to 3.5% of net sales Adjusted free cash flow is expected to be approximately $80 to $110 million (previously $115 to $145 million on a consolidated basis) As previously discussed, in fiscal 2026, the Company is taking specific actions to strengthen its operating model, simplify the organization and improve manufacturing and supply chain efficiency through restructuring and repositioning actions, including the further consolidation of Wet Shave operations. As a result of these actions, the Company expects to incur pre-tax charges of approximately $65 million (previously $49 million) for the full fiscal year.

Webcast Information

In conjunction with this announcement, the Company will hold an investor conference call beginning at 8:00 a.m. Eastern Time today. All interested parties may access a live webcast of this conference call at www.edgewell.com, under the "Investors," and "News and Events" tabs or by using the following link:  http://ir.edgewell.com/news-and-events/events

Refer to Supplemental Slides at www.edgewell.com, under the "Investors," and "News and Events" tabs or by using the following link by using the following link http://ir.edgewell.com/news-and-events/events for historical financial information related to Company's divestiture of its Feminine Care business consistent with the continuing operations structure.

For those unable to participate during the live webcast, a re-play will be available on www.edgewell.com, under the "Investors," "Financial Reports," and "Quarterly Earnings" tabs. This release includes references to the Company's website and references to additional information and materials found on its website. The Company's website and such information and materials are not incorporated by reference in, and are not part of, this release.

About Edgewell

Edgewell is a leading pure-play consumer products company with an attractive, diversified portfolio of established brand names such as Schick®, Wilkinson Sword® and Billie® men's and women's shaving systems and disposable razors; Edge and Skintimate® shave preparations; Banana Boat®, Hawaiian Tropic®, Bulldog®,  Jack Black®, and CREMO® sun and skin care products; and Wet Ones® products. The Company has a broad global footprint and operates in more than 50 markets, including the U.S., Canada, Mexico, Germany, Japan, the U.K. and Australia, with approximately 6,200 employees worldwide.

# # #

Forward-Looking Statements. This document contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. These forward-looking statements include, but are not limited to, statements concerning our expectations regarding our future results of operations and financial condition; our capital allocation plans; our strategy, including sharpening our portfolio focus; impacts from the divestiture of our Feminine Care segment; our ability to drive sustainable growth and long-term shareholder value; and the effects of macroeconomic factors such as changes in tariffs and currency movements. Additional forward-looking statements can generally be identified by the use of words or phrases such as "believe," "expect," "expectation," "anticipate," "may," "could," "intend," "belief," "estimate," "plan," "target," "predict," "likely," "will," "should," "forecast," "outlook," or other similar words or phrases. These statements are not based on historical facts, but instead reflect the Company's expectations, estimates or projections concerning future results or events, including, without limitation, the future earnings and performance of Edgewell or any of its businesses. Many factors outside our control could affect the realization of these estimates. These statements are not guarantees of performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause the Company's actual results to differ materially from those indicated by those statements. The Company cannot assure you that any of its expectations, estimates or projections will be achieved. The forward-looking statements included in this document are only made as of the date of this document and the Company disclaims any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. You should not place undue reliance on these statements.

Factors that could cause fluctuations in our actual results include, but are not limited to, the following: our ability to compete in products and prices, as well as costs, in an intensely competitive industry; the loss of any of our principal customers or changes in the policies of our principal customers; our inability to design and execute a successful omnichannel strategy; our ability to attract, retain and develop key personnel; fluctuations in the price and supply of raw materials and costs of labor, warehousing and transportation; the impact of seasonal volatility on our sales, financial performance, working capital requirements and cash flow; the ability to successfully manage evolving global financial risks, including tariffs, foreign currency fluctuations, currency exchange or pricing controls and localized volatility; impacts from any loss of our principal customers or changes in the policies or strategies of our customers; our level of indebtedness and the various covenants related thereto, and to generate sufficient income and cash flow to allow the Company to effect the expected share repurchases and dividend payment; our failure to maintain our brands' reputation and successfully respond to changing consumer habits; and perceptions of certain ingredients, negative perceptions of packaging, lack of recyclability or other environmental attributes; our access to capital markets and borrowing capacity; impairment of our goodwill and other intangible assets; the ability to successfully manage the financial, legal, reputational and operational risks associated with third-party relationships, such as our suppliers, contract manufacturers, distributors, contractors and external business partners; risks associated with our international operations; our ability to effectively integrate acquired companies and successfully manage divestiture activities; our ability to successfully implement our cost savings initiatives, including rationalization or restructuring efforts; the ability to rely on and maintain key Company and third-party information and operational technology systems, networks and services and maintain the security and functionality of such systems, networks and services and the data contained therein; the ability to successfully achieve, maintain or adjust our environmental or sustainability goals and priorities; the ability to successfully manage current and expanding regulatory and legal requirements and matters (including, without limitation, those laws and regulations involving product liability, product and packaging composition, manufacturing processes, intellectual property, labor and employment, antitrust, privacy, cybersecurity and data protection, artificial intelligence, tax, the environment, due diligence, risk oversight, accounting and financial reporting) and to resolve new and pending matters within current estimates; the ability to adequately protect our intellectual property rights; product quality and safety issues, including recalls and product liability;  losses or increased funding and expenses related to our pension plans; and the other important factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 ("2025 Annual Report") under Part I. Item 1A. "Risk Factors," and in our other filings with the Securities and Exchange Commission ("SEC"). In addition, other risks and uncertainties not presently known to the Company or that it presently considers immaterial could significantly affect the accuracy of any such forward-looking statements. Risks and uncertainties include those detailed from time to time in the Company's publicly filed documents, including in Item 1A. Risk Factors of Part I of the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on November 18, 2025.

Non-GAAP Financial Measures. While the Company reports financial results in accordance with generally accepted accounting principles ("GAAP") in the U.S., this discussion also includes non-GAAP measures. These non-GAAP measures are referred to as "adjusted" or "organic" and exclude items which are considered by the Company as unusual or non-recurring and which may have a disproportionate positive or negative impact on the Company's financial results in any particular period. Reconciliations of non-GAAP measures, including reconciliations of measures related to the Company's fiscal 2026 financial outlook, are included within the Notes to Condensed Consolidated Financial Statements included with this release.

This non-GAAP information is provided as a supplement to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The Company uses this non-GAAP information internally to make operating decisions and believes it is helpful to investors because it allows more meaningful period-to-period comparisons of ongoing operating results. The information can also be used to perform analysis and to better identify operating trends that may otherwise be masked or distorted by the types of items that are excluded. This non-GAAP information is a component in determining management's incentive compensation. Finally, the Company believes this information provides a higher degree of transparency. The following provides additional detail on the Company's non-GAAP measures:

The Company utilizes "adjusted" non-GAAP measures including gross margin, SG&A, operating income, operating margin, effective tax rate, net earnings, earnings per share, EBITDA, and other (income) expense to internally make operating decisions. Constant currency measures are calculated by removing the impact of translational and transactional foreign currencies changes, net of foreign currency hedges compared to the prior year. Transactional foreign currency changes are driven by foreign legal entities' transactions not denominated in local currency. The Company analyzes its net sales and segment profit on an organic basis to better measure the comparability of results between periods. Organic net sales and organic segment profit exclude the impact of changes in foreign currency. Segment profit is impacted by fluctuations in translation and transactional foreign currency. The impact of currency was applied to segments using management's best estimate. The Company presents certain metrics on a consolidated and continuing operations basis to help with comparability. Free cash flow is defined as net cash from operating activities, less capital expenditures plus collections of deferred purchase price of accounts receivable sold and proceeds from sales of fixed assets. Adjusted free cash flow is defined as free cash flow, adjusted for the following the one-time operating cash flow impacts associated directly with Feminine Care divestiture including tax, working capital, and deal related fees and expenses. Free cash flow conversion is defined as free cash flow as a percentage of net earnings adjusted for the net impact of non-cash impairments. Net debt is defined as Gross debt less cash. Adjusted net debt is adjusted for anticipated net proceeds from sale of Feminine Care business to provide a normal comparison to continuing operations adjusted EBITDA. Net debt leverage ratio is defined as net debt divided by trailing twelve month adjusted EBITDA. Adjusted net debt leverage ratio is defined as adjusted net debt divided by continuing operations trailing twelve month adjusted EBITDA and $26 million income from pro forma twelve month Transition Services. Refer to Supplemental Slides for fiscal year 2025 quarterly recast adjusted EBITDA reconciliation for continuing operations. Basis of Presentation. In accordance with applicable accounting guidance, the results of the Feminine Care segment are presented as discontinued operations in the condensed consolidated statements of earnings and comprehensive income and, as such, have been excluded from both continuing operations and segment results for all periods presented. Further, the Company reclassified the assets and liabilities of the Feminine Care disposal group as assets and liabilities held for sale in the condensed consolidated balance sheet as of December 31, 2025 and September 30, 2025. The condensed consolidated statements of cash flows are presented on a consolidated basis with both continuing operations and discontinued operations. All amounts, percentages and disclosures for all periods presented reflect only the continuing operations of Edgewell unless otherwise noted.

Please refer to the Form 10-Q filed with the SEC on February 9, 2026.

EDGEWELL PERSONAL CARE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited, in millions, except per share data)

Three Months Ended

December 31,

2025

2024

Net sales

$             422.8

$             415.1

Cost of products sold

261.8

242.6

Gross profit

161.0

172.5

Selling, general and administrative expense

102.4

99.6

Advertising and sales promotion expense

45.6

46.1

Research and development expense

13.8

13.4

Restructuring charges

18.1

4.1

Operating (loss) income

(18.9)

9.3

Interest expense associated with debt

19.3

18.8

Other (income) expense, net

(1.3)

3.2

Loss from continuing operations before income taxes

(36.9)

(12.7)

Income tax benefit on continuing operations

(7.7)

(2.6)

Net loss from continuing operations

(29.2)

(10.1)

(Loss) earnings from discontinued operations, net of tax

(36.5)

8.0

Net loss

$             (65.7)

$               (2.1)

Basic earnings (loss) per share:

Continuing operations

$             (0.63)

$             (0.21)

Discontinued operations

(0.78)

0.17

Basic loss per share

$             (1.41)

$             (0.04)

Diluted earnings (loss) per share:

Continuing operations

$             (0.63)

$             (0.21)

Discontinued operations

(0.78)

0.17

Diluted loss per share

$             (1.41)

$             (0.04)

Weighted-average shares outstanding:

Basic

46.6

48.7

Diluted

46.6

48.7

See Accompanying Notes.

EDGEWELL PERSONAL CARE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)  

December 31,
2025

September 30,
2025

Assets

Current assets

Cash and cash equivalents

$               223.3

$               225.7

Trade receivables, less allowance for doubtful accounts of $4.5 and $4.8

154.0

137.8

Inventories

461.2

433.8

Other current assets

161.6

138.6

Current assets held for sale

57.0

59.6

Total current assets

1,057.1

995.5

Property, plant and equipment, net

292.5

295.0

Goodwill

1,137.4

1,137.1

Other intangible assets, net

821.8

828.2

Other assets

179.1

178.7

Non-current assets held for sale

280.0

321.8

Total assets

$            3,767.9

$            3,756.3

Liabilities and Shareholders' Equity

Current liabilities

Notes payable

$                 32.5

$                 29.5

Accounts payable

213.1

219.7

Other current liabilities

247.9

311.1

Current liabilities held for sale

4.0

5.2

Total current liabilities

497.5

565.5

Long-term debt

1,520.8

1,383.3

Deferred income tax liabilities

118.3

118.8

Other liabilities

145.1

135.6

Non-current liabilities held for sale

—

—

Total liabilities

2,281.7

2,203.2

Shareholders' equity

Common shares, $0.01 par value

0.7

0.7

Additional paid-in capital

1,560.6

1,578.8

Retained earnings

1,014.0

1,086.7

Common shares in treasury at cost

(984.6)

(1,003.3)

Accumulated other comprehensive loss

(104.5)

(109.8)

Total shareholders' equity

1,486.2

1,553.1

Total liabilities and shareholders' equity

$            3,767.9

$            3,756.3

See Accompanying Notes.

EDGEWELL PERSONAL CARE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in millions)  

Three Months Ended

December 31,

2025

2024

Cash Flow from Operating Activities

Net loss

$             (65.7)

$               (2.1)

Depreciation and amortization

21.3

21.7

Share-based compensation expense

3.4

6.1

Loss on sale of assets

—

1.4

Impairment charges

37.4

—

Loss on assets held for sale

3.8

—

Deferred compensation payments

(0.2)

(0.2)

Deferred income taxes

(0.9)

0.2

Other, net

12.5

2.3

Changes in operating assets and liabilities

(137.5)

(145.0)

Net cash used for operating activities

(125.9)

(115.6)

Cash Flow from Investing Activities

Capital expenditures

(11.6)

(16.8)

Collection of deferred purchase price on accounts receivable sold

1.7

1.1

Net cash used for investing activities

(9.9)

(15.7)

Cash Flow from Financing Activities

Cash proceeds from debt with original maturities greater than 90 days

292.0

369.0

Cash payments on debt with original maturities greater than 90 days

(155.0)

(204.0)

Proceeds from debt with original maturities of 90 days or less

2.4

3.7

Repurchase of shares

—

(30.3)

Dividends to common shareholders

(7.4)

(7.9)

Net financing inflow (outflow) from the Accounts Receivable Facility

4.3

(13.3)

Employee shares withheld for taxes

(2.8)

(7.3)

Other, net

(0.1)

—

Net cash provided by financing activities

133.4

109.9

Effect of exchange rate changes on cash

0.0

(12.2)

Net decrease in cash and cash equivalents

(2.4)

(33.6)

Cash and cash equivalents, beginning of period

225.7

209.1

Cash and cash equivalents, end of period

$             223.3

$             175.5

See Accompanying Notes.

EDGEWELL PERSONAL CARE COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, in millions, except per share data)

Note 1 —  Segments

The Company conducts its business in the following two segments: Wet Shave and Sun and Skin Care (collectively, the "Segments," and each individually, a "Segment"). Segment performance is evaluated based on segment profit, exclusive of general corporate expenses, share-based compensation costs, items which are considered by the Company to be unusual or non-recurring and which may have a disproportionate positive or negative impact on the Company's financial results in any particular period and the amortization of intangible assets. Financial items, such as interest income and expense, are managed on a global basis at the corporate level. The exclusion of such charges from segment results reflects management's view on how it evaluates segment performance.

Segment net sales and profitability are presented below:

Three Months Ended
December 31,

2025

2024

Net Sales

Wet Shave

$          291.3

$             294.5

Sun and Skin Care

131.5

120.6

Total net sales

$          422.8

$             415.1

Segment Profit

Wet Shave

$            42.2

$               46.6

Sun and Skin Care

(3.6)

(3.4)

Total segment profit

38.6

43.2

General corporate and other expenses

(24.1)

(20.9)

Amortization of intangibles

(6.4)

(6.4)

Interest and other expense, net

(20.0)

(21.1)

Restructuring and related charges

(24.4)

(4.1)

Acquisition and integration costs

—

(0.5)

Sun Care reformulation costs

(1.0)

(1.0)

Legal matters

(1.0)

—

Gain on investment

1.5

0.9

Other project and related costs

(0.1)

(2.8)

Total earnings before income taxes

$           (36.9)

$             (12.7)

Refer to Note 2 - GAAP to Non-GAAP Reconciliations below for the income statement location of non-GAAP adjustments to earnings before income taxes.

Note 2 — GAAP to Non-GAAP Reconciliations

The following tables provide a GAAP to Non-GAAP reconciliation of certain line items from the Condensed Consolidated Statement of Earnings:

Three Months Ended December 31, 2025

Gross Profit

SG&A

Operating
(Loss)
Income

EBIT (Loss)
from
Continuing
Operations
(1)

Income Tax
Provision
(Benefit)
from
Continuing
Operations

Net Loss
from
Continuing
Operations

Diluted EPS
from
Continuing
Operations

GAAP — Reported

$      161.0

$      102.4

$      (18.9)

$         (36.9)

$           (7.7)

$         (29.2)

$      (0.63)

Restructuring and related costs

5.8

(0.5)

24.4

24.4

6.0

18.4

0.40

Sun Care reformulation costs

—

—

1.0

1.0

0.2

0.8

0.02

Gain on investment

—

—

—

(1.5)

(0.3)

(1.2)

(0.03)

Legal matter

—

(1.0)

1.0

1.0

0.2

0.8

0.02

Other project and related costs

—

(0.6)

0.6

0.1

—

0.1

—

Tax shortfall on equity compensation

—

—

—

—

(2.7)

2.7

0.06

Total Adjusted Non-GAAP

$      166.8

$      100.3

$          8.1

$         (11.9)

$           (4.3)

$           (7.6)

$      (0.16)

Adjusted Non-GAAP
Constant Currency

(0.23)

GAAP as a percent of net sales

38.1 %

24.2 %

(4.5) %

GAAP effective tax rate

20.9 %

Adjusted as a percent of net sales

39.5 %

23.7 %

1.9 %

Adjusted  effective tax rate

34.7 %

Adjusted Constant Currency as a percent of net sales

38.7 %

0.8 %

—

Three Months Ended December 31, 2024

Gross Profit

SG&A

Operating
Income

EBIT (Loss)
from
Continuing
Operations
(1)

Income
Taxes from
Continuing
Operations

Net Loss
from
Continuing
Operations

Diluted EPS
from
Continuing
Operations

GAAP — Reported

$     172.5

$       99.6

$         9.3

$        (12.7)

$          (2.6)

$        (10.1)

$     (0.21)

Restructuring and related costs

—

—

4.1

4.1

1.0

3.1

0.07

Acquisition and integration costs

—

(0.5)

0.5

0.5

0.1

0.4

0.01

Sun Care reformulation costs

—

—

1.0

1.0

0.3

0.7

0.01

Gain on investment

—

—

—

(0.9)

—

(0.9)

(0.02)

Other project and related costs

—

(1.0)

1.0

2.8

0.8

2.0

0.04

Total Adjusted Non-GAAP

$     172.5

$       98.1

$       15.9

$          (5.2)

$          (0.4)

$          (4.8)

$     (0.10)

GAAP as a percent of net sales

41.6 %

24.0 %

2.2 %

GAAP effective tax rate

20.6 %

Adjusted as a percent of net sales

41.6 %

23.6 %

3.8 %

Adjusted effective tax rate

7.8 %

(1) EBIT is defined as Loss from continuing operations before income taxes. 

Note 3 - Net Sales and Profit (Loss) by Segment

Operations for the Company are reported via two Segments. The following tables present changes in net sales and segment profit (loss) for the three months ended December 31, 2025, as compared to the corresponding period in the prior year quarter.

Net Sales

Quarter ended December 31, 2025

Wet

Shave

Sun and Skin

Care

Total

Net Sales - Q1 2025

$      294.5

$      120.6

$      415.1

Organic

(11.6)

(3.9) %

9.7

8.0 %

(1.9)

(0.5) %

Impact of currency

8.4

2.8 %

1.2

1.0 %

9.6

2.4 %

Net Sales - Q1 2026

$      291.3

(1.1) %

$      131.5

9.0 %

$      422.8

1.9 %

Segment Profit

Quarter Ended December 31, 2025

Wet

Shave

Sun and Skin

Care

Total

Segment Profit  (Loss) - Q1 2025

$        46.6

$         (3.4)

$        43.2

Organic

(8.5)

(18.2) %

(0.5)

14.7 %

(9.0)

(20.7) %

Impact of currency

4.1

8.8 %

0.3

(8.8) %

4.4

10.1 %

Segment Profit (Loss) - Q1 2026

$        42.2

(9.4) %

$         (3.6)

5.9 %

$        38.6

(10.6) %

For all tables, the impact of currency to segment profit includes both the translational and transactional currency changes during the quarter.

Note 4 - Net Debt and EBITDA

The Company reports financial results on a GAAP and adjusted basis. The tables below are used to reconcile Net Debt and Net earnings to EBITDA and Adjusted EBITDA, which are non-GAAP measures, to improve comparability of results between periods.

December 31,
2025

September 30,
2025

Notes payable

$                 32.5

$                 29.5

Long-term debt

1,520.8

1,383.3

Gross debt

1,553.3

1,412.8

Less: Cash and cash equivalents

223.3

225.7

Net debt

1,330.0

1,187.1

Less: Expected proceeds from sale of Feminine Care business

340.0

—

Adjusted net debt

$               990.0

$            1,187.1

Three Months Ended

December 31,

2025

2024

Net earnings

$               (29.2)

$               (10.1)

Income tax benefit

(7.7)

(2.6)

Interest expense, net 

18.8

18.3

Depreciation and amortization

20.0

17.8

EBITDA

1.9

23.4

Restructuring and related charges  (1)

22.5

4.1

Acquisition & integration costs

—

0.5

Sun Care reformulation costs

1.0

1.0

Legal matter

1.0

—

Gain on investment

(1.5)

(0.9)

Other project and related costs

0.1

2.8

Adjusted EBITDA

$                25.0

$                30.9

(1) Excludes $1.9 million of accelerated depreciation, which is included within Depreciation and amortization during the three months ended December 31, 2025.

Note 5 - Discontinued Operations

The following table presents the financial results of Feminine Care included in (Loss) earnings from discontinued operations, net of tax for the three months ended December 31, 2025 and 2024:

Three Months Ended

December 31,

2025

2024

Net sales

$                       64.0

$                       63.3

Cost of products sold

48.0

44.2

Gross profit

16.0

19.1

Selling, general and administrative expense

12.5

3.3

Advertising and sales promotion expense

2.0

4.2

Research and development expense

0.6

0.5

Restructuring charges

0.2

0.1

Impairment charges

37.4

—

Operating income

(36.7)

11.0

Loss on assets held for sale

3.8

—

(Loss) earnings from discontinued operations before income taxes

(40.5)

11.0

Income tax (benefit) expense on discontinued operations

(4.0)

3.0

(Loss) earnings from discontinued operations, net of tax

$                      (36.5)

$                         8.0

The following table presents changes in net sales for the three months ended December 31, 2025, as compared to the corresponding period in the prior year quarter related to discontinued operations.

Net Sales

Quarter ended December 31, 2025

Discontinued Operations

Net Sales - Q1 2025

$                 63.3

Organic

0.7

1.1 %

Impact of currency

—

— %

Net Sales - Q1 2026

$                 64.0

1.1 %

The following tables provide a GAAP to Non-GAAP reconciliation related to discontinued operations:

Gross Profit

SG&A

Operating
income

EBIT (Loss)
from
Discontinued
Operations

Income Taxes
(Benefit)
from
Discontinued
Operations

Net Earnings
from
Discontinued
Operations

Diluted EPS
from
Discontinued
Operations

December 31, 2025

GAAP — Reported

$         16.0

$         12.5

(36.7)

(40.5)

$            (4.0)

$            (36.5)

$          (0.78)

Restructuring and related costs

—

—

0.2

0.2

—

0.2

0.00

Impairment charges

—

—

37.4

37.4

3.2

34.2

0.73

Loss on sale

—

—

—

3.8

0.9

2.9

0.06

Vendor bankruptcy

0.7

—

0.7

0.7

0.2

0.5

0.01

Feminine Care divestiture costs

—

(10.2)

10.2

10.2

2.5

7.7

0.17

Total Adjusted Non-GAAP

$         16.7

$           2.3

$           11.8

$            11.8

$              2.8

$               9.0

$            0.19

December 31, 2024

GAAP — Reported

$         19.1

$           3.3

11.0

11.0

$              3.0

$               8.0

$            0.17

Restructuring and related costs

—

—

0.1

0.1

—

0.1

0.00

Total Adjusted Non-GAAP

$         19.1

$           3.3

$           11.1

$            11.1

$              3.0

$               8.1

$            0.17

The Company reports financial results on a GAAP and adjusted basis. The table below is used to reconcile Net earnings to EBITDA and Adjusted EBITDA, which are non-GAAP measures, to improve comparability of results between periods related to discontinued operations.

Three Months

 Ended

December 31, 2025

Net earnings from discontinued operations

$                      (36.5)

Income tax benefit

(4.0)

Interest expense, net 

—

Depreciation and amortization

1.3

EBITDA from discontinued operations

(39.2)

Restructuring and related charges

0.2

Vendor bankruptcy

0.7

Impairment charges

37.4

Feminine Care divestiture costs

10.2

Loss on sale

3.8

Adjusted EBITDA from discontinued operations

$                        13.1

Note 6 - Consolidated Operations

The following table presents changes in net sales for the three months ended December 31, 2025, as compared to the corresponding period in the prior year quarter.

Net Sales

Quarter ended December 31, 2025

Continuing

Operations

Discontinued
Operations

Consolidated

Net Sales - Q1 2025

$      415.1

$        63.3

$      478.4

Organic

(1.9)

(0.5) %

0.7

1.1 %

(1.2)

(0.3) %

Impact of currency

9.6

2.4 %

—

— %

9.6

2.1 %

Net Sales - Q1 2026

$      422.8

1.9 %

$        64.0

1.1 %

$      486.8

1.8 %

 The following tables provide a GAAP to Non-GAAP reconciliation related to consolidated operations:

Three Months Ended December 31, 2025

Gross
Profit

SG&A

Operating
Income

EBIT (Loss)

Income
Taxes
Provision

(Benefit)

Net (Loss)
Income

Diluted
EPS

GAAP — Reported

$       177.0

$       114.9

$        (55.6)

$        (77.4)

$        (11.7)

$        (65.7)

$        (1.41)

Restructuring and related costs

5.8

(0.5)

24.6

24.6

6.0

18.6

0.40

Sun Care reformulation costs

—

—

1.0

1.0

0.2

0.8

0.02

Gain on investment

—

—

—

(1.5)

(0.3)

(1.2)

(0.03)

Legal matter

—

(1.0)

1.0

1.0

0.2

0.8

0.02

Vendor bankruptcy

0.7

—

0.7

0.7

0.2

0.5

0.01

Other project and related costs

—

(0.6)

0.6

0.1

—

0.1

0.00

Impairment charges

—

—

37.4

37.4

3.2

34.2

0.73

Loss on sale

—

—

—

3.8

0.9

2.9

0.06

Feminine Care divestiture costs

—

(10.2)

10.2

10.2

2.5

7.7

0.17

Tax shortfall on equity compensation

—

—

—

—

(2.7)

2.7

0.06

Total Adjusted Non-GAAP

$       183.5

$       102.6

$         19.9

$          (0.1)

$          (1.5)

$           1.4

$         0.03

Three Months Ended December 31, 2024

Gross
Profit

SG&A

Operating
Income

EBIT (Loss)

Income
Taxes
Provision

(Benefit)

Net (Loss)
Income

Diluted
EPS

GAAP — Reported

$       191.6

$       102.9

$         20.3

$          (1.7)

$           0.4

$          (2.1)

$        (0.04)

Restructuring and related costs

—

—

4.2

4.2

1.0

3.2

0.07

Acquisition and integration costs

—

(0.5)

0.5

0.5

0.1

0.4

0.01

Sun Care reformulation costs

—

—

1.0

1.0

0.3

0.7

0.01

Gain on investment

—

—

—

(0.9)

—

(0.9)

(0.02)

Other project and related costs

—

(1.0)

1.0

2.8

0.8

2.0

0.04

Total Adjusted Non-GAAP

$       191.6

$       101.4

$         27.0

$           5.9

$           2.6

$           3.3

$         0.07

The Company reports financial results on a GAAP and adjusted basis. The table below is used to reconcile Net earnings to EBITDA and Adjusted EBITDA, which are non-GAAP measures, to improve comparability of results between periods related to consolidated operations.

Three Months

 Ended

December 31,
2025

Net earnings

$                    (65.7)

Income tax benefit

(11.7)

Interest expense, net 

18.8

Depreciation and amortization

21.3

EBITDA

(37.3)

Restructuring and related costs

22.7

Sun Care reformulation costs

1.0

Gain on investment

(1.5)

Legal matter

1.0

Vendor bankruptcy

0.7

Other project and related costs

0.1

Impairment charges

37.4

Feminine Care divestiture costs

10.2

Loss on sale

3.8

Adjusted EBITDA

$                     38.1

Note 7 - Outlook for Continuing Operations

The following tables provide reconciliations of Adjusted EPS and Adjusted EBITDA, Non-GAAP measures, included within the Company's projected fiscal 2026 outlook for continuing operations. The below outlook reflects management's approximate expectations and are subject to rounding adjustments. As a result, the sum of individual amounts may not precisely equal the totals presented.

Adjusted EPS Outlook

Fiscal 2026 GAAP EPS

approx.

$0.55 - $0.95

Restructuring and related costs

approx.

1.40

Sun Care reformulation costs

approx.

0.11

Legal Matter

approx.

0.02

Gain on Investment

approx.

(0.03)

Other costs

approx.

0.08

Income taxes(1)

approx.

(0.43)

Fiscal 2026 Adjusted EPS Outlook (Non-GAAP)

approx.

$1.70 - $2.10

(1) Income tax effect of the adjustments to Fiscal 2026 GAAP EPS noted above.

Adjusted EBITDA Outlook

Fiscal 2026 GAAP Net Income

approx.

$25 - $45

Income tax provision

approx.

7

Interest expense, net of $5 interest income

approx.

65

Depreciation and amortization

approx.

77

EBITDA

approx.

$174 - $194

Restructuring and related costs (2)

approx.

63

Sun Care reformulation costs

approx.

5

Legal Matter

approx.

1

Gain on Investment

approx.

-1

Other costs

approx.

4

Fiscal 2026 Adjusted EBITDA

approx.

$245 - $265

(2) Excludes accelerated depreciation, which is included within Depreciation and amortization.

Note 8 - Previous Consolidated Outlook to Continuing Operations Outlook Reconciliation

The following tables provide reconciliations for Adjusted EPS and Adjusted EBITDA for comparison purposes to the Company's November outlook, only. The below outlook reflects management's approximate expectations, subject to rounding adjustments. As a result, the sum of individual amounts may not precisely equal the totals presented.

FULL-FISCAL YEAR 2026 ADJ. EBITDA OUTLOOK RECONCILIATION

Fiscal Year 2026

Annualized *

November Adjusted EBITDA Outlook $290 to $310 million

$                     300

mid-point

$                     300

2025 Discontinued Operations (12 months)

(61)

(61)

Estimated Transition Services (8 months)

17

26

Current Continuing Ops Adjusted EBITDA Outlook $245 to $265 million

$                     255

mid-point

$                     265

Change to prior outlook (previously $35 to $45 million annual)

$                     (44)

$                     (36)

FULL-FISCAL YEAR 2026 ADJ. EPS OUTLOOK RECONCILIATION

Fiscal Year 2026

Annualized *

November Adjusted EPS Outlook $2.15 to $2.55

$                    2.35

mid-point

$                    2.35

2025 Discontinued Operations (12 months)(3)

(0.91)

(0.91)

2026 Estimated Transition Services (8 months)

0.31

0.47

2026 Efficiencies - Interest and Amortization improvement (8 months)

0.17

0.25

Current Continuing Ops Adjusted EPS Outlook $1.70 to $2.10

$                    1.90

mid-point

$                    2.15

Change vs. prior outlook (previously $0.40 to $0.50 adj. EPS annual)

$                  (0.44)

$                  (0.20)

(3) Includes 2025 Discontinued Operations Adjusted EPS impact ($0.71) and impact of tax allocation recast on continuing operations in 2025 ($0.20).

SOURCE Edgewell Personal Care Company

8.9 MILLION COMMON SHARES REPURCHASED IN 2025 FOR $782 MILLION

, /PRNewswire/ -- Loews Corporation (NYSE: L) today released its fourth quarter 2025 financial results.

Fourth Quarter 2025 highlights:
Loews Corporation reported net income of $402 million, or $1.94 per share, in the fourth quarter of 2025, compared to $187 million, or $0.86 per share, in the fourth quarter of 2024. The fourth quarter results for 2024 included a pension settlement charge for CNA of $265 million (after-tax and noncontrolling interests). The following are key highlights of our fourth quarter results:

CNA Financial Corporation's (NYSE: CNA) net income attributable to Loews Corporation excluding the 2024 pension charge decreased slightly year-over-year due to an unfavorable non-economic charge related to the asbestos and environmental pollution loss portfolio transfer and lower underwriting income, partially offset by higher net investment income. Boardwalk Pipelines' net income decreased year-over-year primarily due to the non-recurrence of an income tax benefit of $36 million recorded in the fourth quarter of 2024. Loews Hotels' net income decreased year-over-year primarily due to an asset impairment charge of $20 million (after tax) related to the planned replacement of the Arlington Sheraton Hotel with the Americana by Loews Hotels in Arlington, Texas. Corporate segment results improved year-over-year due to higher investment income from the parent company trading portfolio. Book value per share increased to $90.71 as of December 31, 2025, from $79.49 as of December 31, 2024. Book value per share, excluding AOCI, increased to $95.89 as of December 31, 2025, from $88.18 as of December 31, 2024. On December 31, 2025, the parent company had $3.9 billion of cash and investments and $1.8 billion of debt. Loews Corporation repurchased 1.0 million shares of its common stock during the fourth quarter of 2025 for a total cost of $98 million. Consolidated highlights:

December 31,

Three Months

Years Ended

(In millions)

2025

2024

2025

2024

Net Income (Loss) Attributable to Loews Corporation:

CNA Financial

$          276

$           19

$       1,173

$          879

Boardwalk Pipelines

110

145

444

413

Loews Hotels & Co

6

27

31

70

Corporate

10

(4)

19

52

Net income attributable to Loews Corporation

$          402

$          187

$       1,667

$       1,414

Net income per share attributable to Loews Corporation

$         1.94

$         0.86

$         7.97

$         6.41

December 31, 2025

December 31, 2024

Book value per share

$                         90.71

$                         79.49

Book value per share excluding AOCI

$                         95.89

$                         88.18

Shares of common stock outstanding (in millions)

206.0

214.7

Three months ended December 31, 2025 compared to 2024

CNA:

Net income attributable to Loews Corporation was $276 million compared to $19 million. Net income for 2024 includes a pension settlement charge of $265 million. Excluding this pension charge, net income attributable to Loews Corporation was $284 million in the fourth quarter of 2024. Core income decreased to $317 million compared to $342 million, driven by an unfavorable non-economic charge related to the asbestos and environmental pollution loss portfolio transfer. Underwriting income was also lower, partially offset by higher net investment income. Net earned premiums grew by 5% and net written premiums grew by 2%. Property and Casualty's combined ratio increased by 0.7 points to 93.8% compared to 93.1% largely due to a higher underlying loss ratio. Property and Casualty's underlying combined ratio increased to 92.3% from 91.4%. Net investment income increased due to higher income from fixed income securities, as a result of a larger invested asset base and favorable reinvestment rates, partially offset by lower common stock returns. Boardwalk:

Net income decreased to $110 million compared to $145 million. Net income for 2024 included a $36 million income tax benefit from an adjustment to deferred state income taxes for a rate reduction effective in 2025. EBITDA decreased to $287 million compared to $290 million. Net income and EBITDA were impacted by an increase in legal expenses, offset by increased transportation revenues from higher re-contracting rates and recently completed growth projects, as well as increased storage and parking and lending revenues. Loews Hotels:

Net income decreased to $6 million compared to $27 million. Adjusted EBITDA increased 35% to $113 million compared to $84 million. Net income for 2025 was negatively impacted by an asset impairment charge of $20 million (after tax) related to the planned replacement of the Arlington Sheraton Hotel with the Americana by Loews Hotels in Arlington, Texas. Adjusted EBITDA improvement was driven by the addition of three new properties at the Universal Orlando Resort as well as higher average daily rates and occupancy at the other Universal Orlando Resort properties. In addition, results improved at the Loews Arlington Hotel and Convention Center. These positives were partially offset by the reduction in available room nights at the Loews Miami Beach Hotel due to renovations at the property. Corporate:

Net income of $10 million compared to a net loss of $4 million. The improved results are primarily due to higher investment income from the parent company trading portfolio. Year ended December 31, 2025 compared to 2024

Loews Corporation reported net income of $1,667 million, or $7.97 per share, compared to $1,414 million, or $6.41 per share, in 2024. Net income for 2024 includes a pension settlement charge for CNA of $265 million (after-tax and noncontrolling interests).

Excluding the pension charge in 2024, CNA's net income attributable to Loews Corporation increased due to higher Property and Casualty underwriting income and net investment income, partially offset by unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves. Boardwalk's net income and EBITDA improved due to increased transportation revenues from higher re-contracting rates, recently completed growth projects and higher utilization-based revenue, as well as increased storage and parking and lending revenues. Those positives were partially offset by higher operating costs and higher depreciation expense. Loews Hotels' net income decreased primarily due to an asset impairment charge, higher interest expense and renovations at the Loews Miami Beach Hotel, partially offset by improved results at the Universal Orlando Resort properties and the Loews Arlington Hotel and Convention Center, which was open for the entirety of 2025. Corporate net income decreased primarily due to lower investment income from the parent company trading portfolio. Share Purchases:

On December 31, 2025, there were 206.0 million shares of Loews common stock outstanding. For the three months and year ended December 31, 2025, Loews Corporation repurchased 1.0 million and 8.9 million shares of its common stock for a total cost of $98 million and $782 million, respectively. Depending on market conditions, Loews may from time to time purchase shares of its and its subsidiaries' outstanding common stock in the open market (including, with respect to Loews common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise. Boardwalk Litigation

As a reminder, in December, the Delaware Supreme Court issued a ruling in the litigation related to Loews Corporation's 2018 acquisition of the minority limited partner interests in its Boardwalk Pipelines subsidiary. The Supreme Court found that the Boardwalk general partner, an indirect subsidiary of Loews Corporation, breached the underlying partnership agreement in connection with its exercise of the purchase right to acquire the minority limited partner interests. In its previous ruling in 2022, the Delaware Supreme Court had ruled that the Boardwalk general partner was exculpated from damages related to its exercise of the purchase right. The remaining claims that have been remanded back to the Delaware Chancery Court for further proceedings following the Supreme Court's latest decision are tortious interference and unjust enrichment claims against Loews and certain of its Boardwalk-related subsidiaries. The Supreme Court resolved the other remaining claims in Loews's favor.

Reconciliation of GAAP Measures to Non-GAAP Measures

This news release contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries' financial performance. CNA utilizes core income, underlying loss ratio and underlying combined ratio. Boardwalk utilizes earnings before interest, income tax expense, depreciation and amortization ("EBITDA"), and Loews Hotels utilizes Adjusted EBITDA. These non-GAAP measures are defined and reconciled to the most comparable GAAP measures on pages 7 through 9 of this release.

Earnings Remarks

For Loews Corporation

     –      Today, February 9, 2026, earnings remarks will be available on the Investors section of our website at www.loews.com.
     –      Remarks will include commentary from Loews's president and chief executive officer and chief financial officer.

For CNA

     –      Today, February 9, 2026, earnings remarks will be available on the Investor Relations section of CNA's website at www.cna.com.
     –      Remarks will include commentary from CNA's president and chief executive officer and chief financial officer.

About Loews Corporation

Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit www.loews.com.

Forward-Looking Statements

Statements contained in this news release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by the Company. A discussion of the important risk factors and other considerations that could materially impact these matters, as well as the Company's overall business and financial performance, can be found in the Company's reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this news release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

Loews Corporation and Subsidiaries
Selected Financial Information

December 31,

Three Months

Years Ended

(In millions)

2025

2024

2025

2024

Revenues:

CNA Financial (a)

$        3,828

$        3,689

$      14,989

$      14,270

Boardwalk Pipelines

619

577

2,324

2,065

Loews Hotels & Co

235

240

945

933

Corporate investment income, net

52

40

196

242

Total

$        4,734

$        4,546

$      18,454

$      17,510

Income (Loss) Before Income Tax:

CNA Financial (a) (b)

$           378

$            21

$        1,620

$        1,211

Boardwalk Pipelines

141

145

584

505

Loews Hotels & Co (c)

12

32

52

95

Corporate:

Investment income, net

53

40

199

243

Other (d)

(43)

(50)

(172)

(180)

Total

$           541

$           188

$        2,283

$        1,874

Net Income (Loss) Attributable to Loews Corporation:

CNA Financial (a) (b)

$           276

$            19

$        1,173

$           879

Boardwalk Pipelines (e)

110

145

444

413

Loews Hotels & Co (c)

6

27

31

70

Corporate:

Investment income, net

41

33

158

193

Other (d)

(31)

(37)

(139)

(141)

Net income attributable to Loews Corporation

$           402

$           187

$        1,667

$        1,414

(a)   The three months ended December 31, 2025 and 2024 include net investment losses of $19 million and $39 million

       ($14 million and $29 million after tax and noncontrolling interests). The years ended December 31, 2025 and 2024

        include net investment losses of $81 million and $81 million ($59 million and $59 million after tax and noncontrolling

        interests).

(b)   Includes a pension settlement charge of $367 million ($265 million after tax and noncontrolling interests) for the

        three months and year ended December 31, 2024.

(c)    Includes an asset impairment charge of $25 million ($20 million after tax) for the three months and year ended

        December 31, 2025 related to the replacement of the Arlington Sheraton Hotel with the Americana by Loews Hotels

        in Arlington, Texas. The years ended December 31, 2025 and 2024 include Loews Hotels & Co's portion of joint

        venture impairment charges which reduced equity income from joint ventures by $9 million ($6 million after tax) and

        $19 million ($15 million after tax).

(d)   Consists of parent company interest expense, corporate expenses and the equity income (loss) of Altium Packaging.

(e)   Includes a $36 million income tax benefit from an adjustment to deferred state income taxes for a rate reduction

       effective in 2025 for the three months and year ended December 31, 2024.

Loews Corporation and Subsidiaries
Consolidated Financial Review

December 31,

Three Months

Years Ended

(In millions, except per share data)

2025

2024

2025

2024

Revenues:

Insurance premiums

$        2,797

$        2,679

$      10,900

$      10,211

Net investment income

714

696

2,779

2,780

Investment losses

(19)

(39)

(81)

(81)

Operating revenues and other

1,242

1,210

4,856

4,600

Total

4,734

4,546

18,454

17,510

Expenses:

Insurance claims and policyholders' benefits

2,150

2,030

8,294

7,738

Operating expenses and other (a)

2,043

2,328

7,877

7,898

Total

4,193

4,358

16,171

15,636

Income before income tax

541

188

2,283

1,874

Income tax (expense) benefit (b)

(113)

1

(511)

(380)

Net income

428

189

1,772

1,494

Amounts attributable to noncontrolling interests

(26)

(2)

(105)

(80)

Net income attributable to Loews Corporation

$           402

$           187

$        1,667

$        1,414

Net income per share attributable to Loews Corporation

$          1.94

$          0.86

$          7.97

$          6.41

Weighted average number of shares

206.80

217.83

209.10

220.53

(a)   Includes a pension settlement charge of $367 million ($265 million after tax and noncontrolling interests) for the

       three months and year ended December 31, 2024.

(b)   Includes a $36 million income tax benefit from an adjustment to deferred state income taxes for a rate reduction           

       effective in 2025 for the three months and year ended December 31, 2024.

Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures:

CNA Financial Corporation

Core income is calculated by excluding from CNA's net income attributable to Loews Corporation the after-tax effects of investment gains or losses and gains or losses resulting from pension settlement transactions. In addition, core income excludes the effects of noncontrolling interests. The calculation of core income excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA's primary insurance operations. The calculation of core income excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA's defined benefit pension plans which are unrelated to its primary insurance operations.

The following table presents a reconciliation of CNA net income attributable to Loews Corporation to core income:

December 31,

Three Months

Years Ended

(In millions)

2025

2024

2025

2024

CNA net income attributable to Loews Corporation

$           276

$            19

$        1,173

$           879

Investment losses

15

31

64

64

Pension settlement losses

290

293

Noncontrolling interests

26

2

105

80

Core income

$           317

$           342

$        1,342

$        1,316

In evaluating the results of Property & Casualty operations, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA's underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.

The following table presents a reconciliation of CNA's loss ratio to underlying loss ratio and CNA's combined ratio to underlying combined ratio:

December 31,

Three Months

Years Ended

2025

2024

2025

2024

Loss ratio

63.4 %

62.8 %

64.6 %

64.3 %

Expense ratio

30.1

30.0

29.7

30.2

Dividend ratio

0.3

0.3

0.4

0.4

Combined ratio

93.8 %

93.1 %

94.7 %

94.9 %

Less: Effect of catastrophe impacts

1.5

1.8

2.3

3.6

Less: Effect of development-related items

(0.1)

0.6

(0.2)

Underlying combined ratio

92.3 %

91.4 %

91.8 %

91.5 %

Underlying loss ratio

61.9 %

61.1 %

61.7 %

60.9 %

Boardwalk Pipelines

EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. The following table presents a reconciliation of Boardwalk's net income attributable to Loews Corporation to its EBITDA:

December 31,

Three Months

Years Ended

(In millions)

2025

2024

2025

2024

Boardwalk net income attributable to Loews

     Corporation

$           110

$           145

$           444

$           413

Interest, net

36

37

147

152

Income tax expense

31

140

92

Depreciation and amortization

110

108

443

429

EBITDA

$           287

$           290

$        1,174

$        1,086

Loews Hotels & Co

Adjusted EBITDA is calculated by excluding from Loews Hotels & Co's EBITDA, the noncontrolling interest share of EBITDA adjustments, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including Loews Hotels & Co's pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying Loews Hotels & Co's ownership percentage to the underlying equity method investment's components of Adjusted EBITDA and excluding distributions in excess of basis.

The following table presents a reconciliation of Loews Hotels & Co net income attributable to Loews Corporation to its Adjusted EBITDA:

December 31,

Three Months

Years Ended

(In millions)

2025

2024

2025

2024

Loews Hotels & Co net income attributable to Loews

     Corporation

$              6

$            27

$            31

$            70

Interest, net

14

12

57

42

Income tax expense

6

5

21

25

Depreciation and amortization

25

24

100

93

EBITDA

51

68

209

230

Noncontrolling interest share of EBITDA adjustments

(1)

(2)

(6)

Asset impairments

25

25

Equity investment adjustments:

Loews Hotels & Co's equity method income

(42)

(27)

(102)

(86)

Pro rata Adjusted EBITDA of equity method

    investments

76

44

240

188

Consolidation adjustments

3

2

Adjusted EBITDA

$           113

$            84

$           372

$           326

The following table presents a reconciliation of Loews Hotels & Co's equity method income to the Pro rata Adjusted EBITDA of its equity method investments:

December 31,

Three Months

Years Ended

(In millions)

2025

2024

2025

2024

Loews Hotels & Co's equity method income

$            42

$            27

$           102

$            86

Pro rata share of equity method investments:

Interest, net

19

10

62

40

Income tax expense

Depreciation and amortization

16

12

61

47

Asset impairments

9

19

Distributions in excess of basis

(1)

(5)

6

(4)

Pro rata Adjusted EBITDA of equity method

     investments

$            76

$            44

$           240

$           188

SOURCE Loews Corporation

Vancouver, British Columbia--(Newsfile Corp. - February 9, 2026) - RUA GOLD INC. (TSXV: RUA) (OTCQB: NZAUF) ("RUA GOLD" or the "Company") is pleased to provide an outlook as it outlines the strategy for 2026, including the commencement of drilling at the Glamorgan Project on the North Island and the advancement of the Reefton Project toward permitting on the South Island of New Zealand.

Following the completion of the oversubscribed and upsized financing in January 2026, the Company has approximately C$38 million in available cash and is well-positioned to deliver several key catalysts for shareholders.

Figure 1: A summary of key catalysts planned for 2026

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/283153_2dc02958a42e285f_006full.jpg

EXPANDED DRILL PROGRAM ACROSS THE REEFTON PROJECT
The drill program underway across the Reefton Goldfield has two primary objectives:

Three drill digs are currently operating at the Auld Creek target, continuing step-out drilling with the aim of expanding the existing resource. One rig is focused on other highly ranked, prospective targets across the past-producing Reefton Goldfield, with the objective of identifying the next optimal target for low-capital-intensity resource definition - specifically shallow, continuous mineralization. Work is ongoing with RSC Consulting to complete the updated NI 43-101 Technical Report for the Reefton Project, which is expected to be published by the end of the month. Completion of this report will establish a baseline resource at Auld Creek and support ongoing drill planning aimed at maximising resource growth.

Catalyst: Ongoing exploration updates coming to the market supported by the four drill rig program.

PERMITTING UNDERWAY FOR THE REEFTON PROJECT
RUA GOLD is actively advancing permitting-related activities on the West Coast of New Zealand. The Company has appointed key partners to support environmental studies and the permitting process. These partners bring strong and relevant experience from neighbouring projects, including Endura Mining's Snowy River Project, OceanaGold's Globe Progress reclamation project, and OceanaGold's Wharekirauponga Project on the North Island. Wharekirauponga was the first mine fully permitted under New Zealand's Fast-track process in just 112 days and is currently under construction.

Field visits were completed during December and January, and the Company is targeting submission of a Fast-track referral application in Q1 2026, with a regulatory decision anticipated in Q2 2026. This decision will determine whether the Reefton Project qualifies for the six-month Fast-Track permitting process.

Given the presence of antimony as a by-product at the Reefton Goldfield, and its strategic importance to New Zealand amid global efforts to secure critical minerals, the Company is confident in the project's eligibility for the Fast-track process.

Figure 2: Reefton Project Permitting Timeline

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/283153_2dc02958a42e285f_007full.jpg

Engagement with our local Māori stakeholders, Te Runanga o Ngāti Waewae, has been ongoing with respect to exploration activities and future development plans. Ngāti Waewae are strong supporters of the project and will work closely with the Company throughout the Fast-Track permitting process, including assisting with cultural impact assessments. Community and regulatory consultations have commenced and will continue to intensify throughout 2026.

Subject to a successful referral application, the Company is targeting submission of the Fast-Track mining permit application by the end of 2026.

Catalyst: Anticipated inclusion of the Reefton Project in the Fast-Track permitting process in Q2 2026 and submission of a mining permit application in Q4 2026. Throughout 2026, the Company will continue environmental and technical studies in preparation for the mining application.

NEW ZEALAND JOINS THE INTERNATIONAL MINERALS SECURITY PARTNERSHIP
New Zealand has joined the international Minerals Security Partnership to attract investment and strengthen its critical minerals sector, aligning with its Minerals Strategy to double its mineral export value by 2035 and support resilient, sustainable global supply chains.

Ministers Shane Jones and Winston Peters say membership places New Zealand alongside major economies, boosts international relationships, and helps unlock the country's natural resources and innovative technologies to create high-value regional jobs (refer to www.beehive.govt.nz/release/new-international-partnership-attract-investment-critical-minerals).

This strategic partnership entered by the New Zealand Government, aligns perfectly with the development strategy that RUA GOLD is currently executing on, further encouraging a positive outcome for Fast-Track permitting for the Reefton Project.

The Minerals Security Partnership includes Australia, Canada, Japan, the Republic of Korea, the United Kingdom, the United States, and the European Union among others.

COMMENCEMENT OF DRILLING AT THE GLAMORGAN PROJECT
The Glamorgan Project is located within the highly prospective Hauraki Goldfield on the North Island of New Zealand. The district has historically produced 15Moz gold and 60Moz silver, with active mining operations ongoing today. RUA GOLD's tenements are adjacent to OceanaGold's Wharekirauponga Project, which recently advanced through Fast-Track permitting process in 112 days, and is now under construction.1

Over the past 18-months, RUA GOLD has completed a comprehensive and systematic surface exploration program at the Glamorgan Project. This work has identified geological features extending 3 kilometres north that are geologically analogous to Wharekirauponga. The Company has defined four major gold-arsenic anomalies, each trending approximately 4 kilometres in length.

These results have established a strong pipeline of drill-ready targets and support a well-defined initial 5,000-metre drill program to be executed with two drill rigs over a six-month period.

Catalyst: Drill permit applications have been submitted, and environmental studies are underway. Completion of these studies is expected by the end of February, followed by Māori consultation in March. The Company anticipates receipt of drill permits in Q2 2026.

Figure 3: The Glamorgan Project is located adjacent to the high-grade Wharekirauponga and Waihi gold deposits.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/283153_2dc02958a42e285f_008full.jpg

ABOUT RUA GOLD
RUA GOLD is a well funded exploration company, strategically focused on New Zealand. With decades of expertise, their team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is focused on maximizing the asset potential of RUA GOLD's two highly prospective high-grade gold projects.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand's South Island with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t.

The Company's Glamorgan Project solidifies RUA GOLD's position as a leading high-grade gold explorer on New Zealand's North Island. This highly prospective project is located within the North Islands' Hauraki district, a region that has produced an impressive 15Moz of gold and 60Moz of silver. Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, Wharekirauponga.

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

Forward-Looking Information
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and specifically include statements regarding: the Company's strategies, expectations, planned operations or future actions including but not limited to exploration programs at its New Zealand properties; statements with respect to additional targets; the expectations and timing of permits; the filing of the technical reports of the Reefton and Glamorgan projects; the completion of the PEA; and timing and acceptance of the Reefton Project through the Fast-track permitting process. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's documents filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

1 The Company has no interest in, or rights to, any of the adjacent properties mentioned, and exploration results on adjacent properties are not necessarily indicative of mineralization on the Company's properties. Any references to exploration results on adjacent properties are provided for information only and do not imply any certainty of achieving similar results on the Company's properties.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283153

Source: Rua Gold Inc.

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February 09, 2026 06:00 ET  | Source: DMC Global Inc.

BROOMFIELD, Colo., Feb. 09, 2026 (GLOBE NEWSWIRE) -- DMC Global Inc. (Nasdaq: BOOM) will announce its 2025 fourth quarter financial results after the stock market closes on Monday, February 23, 2026. Following the earnings release, management will host a conference call and simultaneous webcast.

The conference call will begin at 5 p.m. Eastern (3 p.m. Mountain) and will be accessible by dialing 877-407-5783 (or +1-201-689-8782 for international callers).

Investors are invited to listen to the webcast live via the Internet at:  
https://event.choruscall.com/mediaframe/webcast.html?webcastid=GfofKixwt.html?webcastid=GfofKixw

The webcast also will be available on the Investor page of DMC’s website, located at: ir.dmcglobal.com

A replay of the webcast will be available for six months. For additional information, please contact Geoff High at 303-604-3924.

About DMC Global
DMC Global is an owner and operator of innovative, asset-light manufacturing businesses that provide unique, highly engineered products and differentiated solutions. DMC’s businesses have established leadership positions in their respective markets and consist of: Arcadia, a leading supplier of architectural building products; DynaEnergetics, which serves the global energy industry; and NobelClad, which addresses the global industrial infrastructure and transportation sectors. Based in Broomfield, Colorado, DMC trades on Nasdaq under the symbol “BOOM.” For more information, visit: http://www.dmcglobal.com.

CONTACT:
Geoff High 
Vice President of Investor Relations 
303-604-3924

HOUSTON, Feb. 09, 2026 (GLOBE NEWSWIRE) -- KBR (NYSE: KBR) announced today it has been awarded two firm-fixed-price task orders totaling $103 million under the United States Space Force (USSF) – Decision Support for Headquarters (HQ) USSF Analysis contract. These follow on awards from the Chief Technology & Innovation Office (CTIO) will be executed in Chantilly, Virginia and further strengthen KBR’s role as a trusted partner in national defense and space operations.

Under the terms of the contract, KBR will deliver data analysis and specialized technical expertise to support strategic decision-making, capability development and personnel readiness across the USSF and Department of the Air Force (DAF) over a three-year period of performance.

USSF/S1 Analysis Support to Strategic Support Division
KBR will:

Provide expertise in skills and certification analysis, workforce design, scientific assessments and AI-enabled analytics to enhance personnel readiness and guide strategic talent decisions.Manage certification coding, develop interactive dashboards, implement person-job matching algorithms and support space professional billet validation using STARS, MilPDS and MyVector.Design and execute central selection boards, analyze promotion outcomes and deliver timely, actionable recommendations to senior leaders to ensure the deliberate development and alignment of Guardians with mission-critical roles.
Headquarters Space Force Cyber and Data
KBR will:

Deliver objective, data-driven analysis that informs senior leader decisions across strategic, operational, personnel policy and acquisition domains within the DAF, USSF Headquarters and Field Command staff.Apply expertise in solution space technologies, multi-domain experimentation and model-based systems engineering to strengthen capability development and accelerate informed decision-making.Enhance integration and readiness across key space capability portfolios and ensure the USSF is prepared for future operational demands.
“We are proud to continue our partnership with the U.S. Space Force, delivering the critical analysis and technical expertise needed to drive strategic decisions and accelerate capability development,” said Stuart Bradie, KBR President and CEO. “These awards reflect our commitment to supporting national security through advanced analytics, engineering and AI-enabled workforce solutions.”

These strategic wins reinforce KBR's position as a leading provider of mission-critical support to the U.S. defense and space sectors.

About KBR
We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 37,000 people worldwide with customers in more than 80 countries and operations in over 29 countries. KBR is proud to work with its customers across the globe to provide technology, value-added services, and long-term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.

Visit www.kbr.com

Forward Looking Statements

The statements in this press release that are not historical statements, including statements regarding KBR’s delivery of data analysis and specialized technical expertise to the U.S. defense and space sectors, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks, uncertainties and assumptions, many of which are beyond the company’s control, that could cause actual results to differ materially from the results expressed or implied by the statements. These risks, uncertainties and assumptions include, but are not limited to, those set forth in the company’s most recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks and other U.S. Securities and Exchange Commission filings, which discuss some of the important risks, uncertainties and assumptions that the company has identified that may affect its business, results of operations and financial condition. Due to such risks, uncertainties and assumptions, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Except as required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

For further information, please contact:

Investors
Rachael Goldwait
Vice President, Investor Relations
713-753-5082
[email protected]

Media
Philip Ivy
Vice President, Global Communications and Marketing
713-753-3800
[email protected]

LONDON, Feb. 09, 2026 (GLOBE NEWSWIRE) -- Unispace, a global leader in integrated workplace strategy, design and construction, today announced the appointment of Paul Saville-King as Group Chief Executive Officer, effective February 2026. “Paul brings the right mix of industry, global and leadership experience for where Unispace is heading,” said Jodi Ingham, Managing Director at PAG.

On the surface, the fact that they are talking may be limiting the upside. However, the risk premium remains intact because failed talks could increase the chances of a military conflict between the two countries.

“We keep going back and forth on this Iran situation,” said John Kilduff, partner at Again Capital. “It’s better one day or even one hour then worse the next. It’s status quo nervousness over Iran.”

The Iran Talks: What’s Actually Happening According to Reuters, Iran’s chief diplomat on Friday said that the nuclear talks with the U.S. under the watchful eye of Omani mediators, were off to a “good start” and set to continue.

This represents the good news capping gains because it reduces the immediate risk of a U.S. military strike on Iranian nuclear facilities, Iranian retaliation and a region conflict that disrupts Middle East oil supply.

Why the Market Isn’t Buying the Good News Friday’s meeting results were enough to stall the rally and curtail the need for more risk premium, but not enough to eliminate it completely. Friday’s rally indicates the market isn’t quite fully buying the “good news” bit yet. This is because traders know that talks can collapse quickly. One bad headline puts the situation back to elevated conflict risk.

Traders also know that if the situation is resolved quickly, crude oil will be vulnerable to the downside. Perhaps $5 to $15 could be tied to the risk premium. Sanctions on Iranian oil could be reduced, putting 1-2 million barrels/day back on the market. And it reduces concerns that the Strait of Hormuz could be blocked. This waterway is responsible for 20% of global oil flows.

, /PRNewswire/ --  The DJS Law Group  reminds investors of a class action lawsuit against  Beyond Meat, Inc. ("Beyond Meat " or "the Company") (NASDAQ: BYND) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Shareholders who purchased shares of BYND during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.

CLASS PERIOD:  February 27, 2025 to November 11, 2025

DEADLINE: March 24, 2026

CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. Beyond Meat carried a higher book value for certain assets than their fair market value. The Company was likely to require a material non-cash impairment charge due to the asset valuation. Based on these facts, Beyond Meat's public statements were false and materially misleading throughout the class period.

If you are a shareholder who suffered a loss, contact us to participate.

WHY DJS LAW GROUP?  DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results.

Join the case to recover your losses.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

David J. Schwartz
DJS Law Group
274 White Plains Road, Suite 1
Eastchester, NY 10709
Phone: 914-206-9742
Email: [email protected]

SOURCE DJS Law Group LLP