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SAN DIEGO, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Johnson Fistel, PLLP announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Ardent Health, Inc. (NYSE: ARDT) securities between July 18, 2024 and November 12, 2025, inclusive (the “Class Period”). The lawsuit seeks to recover losses for investors under the federal securities laws.

What if I purchased Ardent Health securities?

If you purchased Ardent Health securities and suffered losses, you have until March 9, 2026 to seek appointment as lead plaintiff. Investors who suffered significant losses and would like to discuss their rights, or to determine whether they qualify to participate in any potential recovery, should visit:
https://www.johnsonfistel.com/investigations/ardent-health-inc/

You may also contact James Baker at (619) 814-4471 or [email protected], or Frank J. Johnson, Esq. at [email protected] to discuss your rights privately.

What is this case about?

According to a recently filed class action complaint, Ardent Health and certain of its senior executives made materially false and/or misleading statements and failed to disclose material adverse information regarding the Company’s business, operations, and financial reporting practices.

Ardent Health operates acute care hospitals and other healthcare facilities, and a critical aspect of its business involves the collection and valuation of accounts receivable. During the Class Period, defendants represented that the Company employed an active monitoring process to determine collectability, including detailed reviews of historical collections as a primary source of information.

The complaint alleges that, in reality, Ardent Health did not primarily rely on detailed historical collection reviews, but instead utilized a 180-day threshold at which accounts became fully reserved. This accounting practice allegedly allowed the Company to report inflated accounts receivable balances and delay recognition of losses on uncollectible accounts. As a result, defendants’ statements regarding Ardent Health’s financial condition and internal controls were materially misleading and/or lacked a reasonable basis.

Why did Ardent Health’s stock price decline?

On November 12, 2025, after market close, Ardent Health disclosed that it had completed hindsight evaluations of historical collection trends, resulting in a $43 million reduction in quarterly revenue. The Company also revealed a $54 million increase in professional liability reserves due to adverse prior-period claim developments and broader industry trends.

Following these disclosures, the price of Ardent Health stock declined approximately 33%, falling $4.75 per share, from a closing price of $14.05 on November 12, 2025, to $9.30 on November 13, 2025, causing significant losses to investors.

About Johnson Fistel, PLLP

Johnson Fistel, PLLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in securities class actions and shareholder derivative litigation, including international investors trading on U.S. exchanges. In 2024, the firm was ranked among the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services, recovering approximately $90.7 million for investors in cases where it served as lead or co-lead counsel.

Attorney Advertising.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Johnson Fistel, PLLP has paid for the dissemination of this promotional communication, and Frank J. Johnson is the attorney responsible for its content.

Contact:
Johnson Fistel, PLLP
501 W. Broadway, Suite 800
San Diego, CA 92101
James Baker, Investor Relations, or Frank J. Johnson, Esq.
(619) 814-4471
[email protected] | [email protected]

Woori Financial Group Inc. (WF) Q4 2025 Earnings Call February 6, 2026 2:00 AM EST

Company Participants

Hong Sung Han
Seong-Min Kwak

Conference Call Participants

Do Ha Kim - Hanwha Investment & Securities Co., Ltd., Research Division
Doosan Baek - Korea Investment & Securities Co., Ltd., Research Division
Hye-jin Park - Daishin Securities Co. Ltd., Research Division
Jun-Sup Jung - NH Investment & Securities Co., Ltd., Research Division
Jaewoong Won - HSBC Global Investment Research

Presentation

Hong Sung Han

Good afternoon. I am Han Hong Sung, the Head of IR at Woori Financial Group. Let me first begin by thanking everyone for taking time to participate on this earnings call for the Woori Financial Group. On today's call, we have the Group CFO, Kwak Seong-Min; the Group CTO, Oak Il-Jin; and the Group CRO, Park Jang-Geun.

We will first start with the Group CFO, Kwak Seong-Min's presentation on the earnings performance and then also present the corporate value enhancement plan, after which we will have a Q&A session. Please note that the call is being conducted with simultaneous interpretation for our overseas investors.

Now let us start our presentation on the earnings for the full year of 2025.

Seong-Min Kwak

Good afternoon. This is Kwak Seong-Min, the CFO of Woori Financial Group. Let me go over the 2025 full year performance. Please turn to Page 2 of the material, which is available on our website. The group's 2025 net income was KRW 3,141.3 billion, representing a Y-o-Y increase of 1.8%. The ROE was similar to last year at 9.1%. Amid uncertainties in the financial market regarding interest rates and FX rates and concern about a slowdown, balanced top line growth and the insurance acquisition enabled the group to achieve a high -- record a -- record high net operating revenue and stable profits. In particular, we set sizable reserves for future loss factors, including payoff projects with completion guarantee

Intel (INTC) has faced challenges in the past. Its stock has dropped over 30% in less than two months on three different occasions in recent years, resulting in the loss of billions in market capitalization and erasing substantial gains in a single correction. If past performance is any indication, INTC stock is not protected from sudden, sharp downturns.

SANTA CLARA, CA - JULY 15: An Intel sign is displayed in front of the Intel company headquarters July 15, 2008 in Santa Clara, California. Intel has reported a 25 percent increase in its second quarter earnings with net income of $1.6 billion or 28 cents per share compared to $1.28 billion, or 22 cents per share one year ago. (Photo by Justin Sullivan/Getty Images)

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In particular, we identify the following risks:

Margin Compression During a Costly and Uncertain Foundry TransitionDeclining Server Market Share and Competitive MismanagementDeteriorating Core Business Financials and Weak Forward GuidanceRisk 1: Margin Compression During a Costly and Uncertain Foundry Transition

Details: Ongoing pressure on gross margins, anticipated to drop to 34.5% on an adjusted basis (Q1 2026 Guidance), Valuation de-rating due to multi-billion dollar losses from foundry operations with no clear strategy for achieving profitability (FY2025 10-K)Segment Affected: Intel FoundryPotential Timeline: Immediate to the next 4 quartersEvidence: Intel Foundry faced operating losses of around $7 billion in 2023, with significant losses expected to continue through 2025. Major potential partners such as Nvidia and Apple are reportedly only engaged in preliminary discussions for future nodes (2028 and beyond), suggesting a lack of immediate high-volume commitments (Digitimes Report, Feb 2026)Risk 2: Declining Server Market Share and Competitive Mismanagement

Details: Ongoing loss of high-margin data center CPU market share to rivals, Difficulty in fully seizing the AI server opportunity due to supply limitations and a less competitive product lineupSegment Affected: Data Center and AI (DCAI)Potential Timeline: Immediate and continuing through 2026Evidence: AMD’s server market share reached 27.2% in Q1 2025, the highest ever recorded, showcasing sustained momentum against Intel (Mercury Research, May 2025). Intel acknowledged supply constraints in their Q4 2025 earnings call, which hampered their ability to meet demand in the rapidly growing data center and AI divisions (Q4 2025 Earnings Call, Jan 2026)Risk 3: Deteriorating Core Business Financials and Weak Forward Guidance

Details: Projected Q1 2026 non-GAAP EPS of $0.00, a significant shortfall from analyst expectations and a stark drop from the previous year (Q1 2026 Guidance, Jan 2026), Negative full-year 2025 free cash flow of -$1.6 billion, indicating cash outflow from operations and elevated capital expenditures (Q4 2025 Earnings Report, Jan 2026)Segment Affected: Client Computing Group (CCG)Potential Timeline: Q1 2026Evidence: Client Computing Group (CCG) revenue fell by 7% year-over-year in Q4 2025, reflecting weakness in the core PC segment (Q4 2025 Earnings Report, Jan 2026). Q1 2026 revenue guidance of $11.7 billion to $12.7 billion is significantly lower than the $13.7 billion recorded in Q4 2025, suggesting a sharp near-term decline (Q1 2026 Guidance, Jan 2026)What Is The Worst That Could Happen?

Analyzing Intel’s risks in challenging markets reveals evident vulnerability. It plummeted approximately 74% during the Dot-Com crash, 55% during the Global Financial Crisis, and 62% amid the inflation crisis. Even smaller disturbances, such as in 2018 and the Covid pandemic, resulted in decreases of around 25% to 35%. This represents a significant risk of downside.

Moreover, stocks can decline even in favorable markets—consider events such as earnings reports, business updates, and changes in outlook. Review INTC Dip Buyer Analyses to understand how the stock has bounced back from steep dips in the past.

MORE FOR YOU

Is Risk Showing Up In Financials Yet?

Revenue Growth: -0.5% LTM and -5.5% last 3-year average.Cash Generation: Nearly -9.4% free cash flow margin and -0.04% operating margin LTM.Valuation: Intel stock is currently trading at a P/E multiple of -875.9Summary

Trefis

For more information, read Buy or Sell INTC Stock.

Stock Picking Falls Short Against Multi-Asset Portfolios

Stocks can increase or decrease sharply, but various assets operate on different cycles. A multi-asset portfolio enables you to remain invested while softening the fluctuations in equities.

The asset allocation strategy of Trefis’ Boston-based wealth management partner achieved positive returns during the 2008-09 phase when the S&P dropped more than 40%. Our partner’s approach now incorporates the Trefis High Quality Portfolio, which has consistently outperformed its benchmark that includes all three—the S&P 500, S&P mid-cap, and Russell 2000 indices.

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BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities (NYSE: WTRG) expects to report earnings for the full year 2025 following market close on February 25, 2026.

The company’s conference call with financial analysts will take place on February 26, 2026, at 11 a.m. Eastern Time. The call and presentation will be webcast live, so interested parties may listen over the internet by logging on to Essential.co and following the link for Investors. The conference call will be archived in the Investor Relations section of the company’s website following the call. Additionally, the call will be recorded and made available for replay for seven days following the call. To access the audio replay in the U.S., dial (800) 770-2030 toll-free or (609) 800-9909 (pass code 3342867 followed by the # key).

Chris Franklin, Chief Executive Officer, and Dan Schuller, Chief Financial Officer, will host the conference call. There will be a question & answer session as part of the call.

About Essential
Essential Utilities, Inc. (NYSE: WTRG) delivers safe, clean, reliable services that improve quality of life for individuals, families, and entire communities. With a focus on water, wastewater and natural gas, Essential is committed to sustainable growth, operational excellence, a superior customer experience, and premier employer status. We are advocates for the communities we serve and are dedicated stewards of natural lands, protecting thousands of acres of forests and other habitats throughout our footprint.

Operating as the Aqua and Peoples brands, Essential serves approximately 5.5 million people across nine states. Essential is one of the most significant publicly traded water, wastewater service and natural gas providers in the U.S. Learn more at www.essential.co.

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LOS ANGELES, Feb. 06, 2026 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Picard Medical, Inc. (“Picard” or “the Company”) (NYSE American: PMI) 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.

Investors who purchased the Company’s securities between September 2, 2025 and October 31, 2025, inclusive (the “Class Period”), are encouraged to contact the firm before April 3, 2026.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Picard was the subject of a manipulation scheme designed to fraudulently boost its share price. The Company and insiders dumped shared at artificially inflated prices. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Picard, investors suffered damages.

Join the case to recover your losses

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

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

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

SOURCE:

The Schall Law Firm

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Fermi To Contact Him Directly To Discuss Their Options

If you purchased or otherwise acquired securities in Fermi (a) common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with the Company's October 2025 initial public offering ("IPO" or the "Offering"); and/or (b) securities between October 1, 2025 and December 11, 2025, inclusive (the "Class Period") and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

, /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Fermi Inc. ("Fermi" or the "Company") (NASDAQ: FRMI) and reminds investors of the March 6, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

James (Josh) Wilson, Faruqi & Faruqi Senior Partner (PRNewsfoto/Faruqi & Faruqi, LLP) Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company overstated its tenant demand for its Project Matador campus; (2) the extent to which Project Matador would rely on a single tenant's funding commitment to finance the construction of Project Matador; (3) there was a significant risk that that tenant would terminate its funding commitment; and (4) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Fermi's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Fermi class action, go to www.faruqilaw.com/FRMI or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

Follow us for updates on LinkedIn, on X, or on Facebook.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE Faruqi & Faruqi, LLP

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Investors in Levi Strauss & Co. (LEVI - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Feb. 20, 2026 $6 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Levi Strauss & Co. shares, but what is the fundamental picture for the company? Currently, Levi Strauss & Co. is a Zacks Rank #4 (Sell) in the Retail - Apparel and Shoes industry that ranks in the Top 16% of our Zacks Industry Rank. Over the last 30 days, no analyst increased the earnings estimates for the current quarter, while two have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from 39 cents per share to 37 cents in that period.

Given the way analysts feel about Levi Strauss & Co. right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

Bit Digital Inc (NASDAQ:BTBT) has reported its January Ethereum treasury and staking metrics, including details on its crypto holdings and its equity stake in WhiteFiber.

As of January 31, 2026, the company held approximately 155,239.4 ether.

Based on a closing Ethereum price of about $2,449, Bit Digital said the market value of its ETH holdings was roughly $380.2 million, with an average acquisition price of approximately $3,045 per ETH.

The company reported that about 138,266 ETH, or roughly 89% of its total holdings, was staked at the end of the month.

Staking operations generated approximately 344 ETH in rewards during January, representing an annualized yield of about 2.9%.

Bit Digital said it had approximately 324.2 million shares outstanding as of the month-end.

The company also disclosed ownership of about 27 million shares of WhiteFiber, with a market value of approximately $527.6 million as of the same date.

Bit Digital reiterated that it will not sell any of its WhiteFiber shares in secondary offerings or other discretionary dispositions during 2026.

RXO (RXO - Free Report) came out with a quarterly loss of $0.07 per share versus the Zacks Consensus Estimate of a loss of $0.04. This compares to earnings of $0.06 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -80.88%. A quarter ago, it was expected that this transportation services provider would post earnings of $0.03 per share when it actually produced earnings of $0.01, delivering a surprise of -66.67%.

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

RXO, which belongs to the Zacks Transportation - Services industry, posted revenues of $1.47 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 0.85%. This compares to year-ago revenues of $1.67 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.

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

RXO shares have added about 31.2% since the beginning of the year versus the S&P 500's decline of 0.7%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for RXO was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.07 on $1.38 billion in revenues for the coming quarter and $0.14 on $5.95 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Services is currently in the top 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Hertz Global Holdings, Inc. (HTZ - Free Report) , has yet to report results for the quarter ended December 2025. The results are expected to be released on February 26.

This company is expected to post quarterly loss of $0.53 per share in its upcoming report, which represents a year-over-year change of +55.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Hertz Global Holdings, Inc.'s revenues are expected to be $2.01 billion, down 1.6% from the year-ago quarter.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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.

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Smart Digital To Contact Him Directly To Discuss Their Options

If you purchased or acquired securities in Smart Digital between May 5, 2025 and September 26, 2025 at 9:34 AM EST and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

, /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Smart Digital Group Limited ("Smart Digital" or the "Company") (NASDAQ: SDM) and reminds investors of the March 16, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

James (Josh) Wilson, Faruqi & Faruqi Senior Partner (PRNewsfoto/Faruqi & Faruqi, LLP) Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) SDM was the subject of a market manipulation and fraudulent promotion scheme involving social-media based misinformation and impersonators posing as financial professionals; (2) insiders and/or affiliates used and/or intended to use offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign; (3) SDM's public statements and risk disclosures omitted any mention of realized risk of fraudulent trading or market manipulation used to drive the Company's stock price; (4) as a result, SDM securities were at unique risk of a sustained suspension in trading by either or both of the SEC and NASDAQ; and (5) as a result of the foregoing, Defendants' positive statements about the Company's business, operations and prospects were materially misleading and/or lacked a reasonable basis.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Smart Digital's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Smart Digital class action, go to www.faruqilaw.com/SDM or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

Follow us for updates on LinkedIn, on X, or on Facebook.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE Faruqi & Faruqi, LLP

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Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Johnson Controls International plc (NYSE: JCI), a global technology leader in energy efficiency, decarbonization, thermal management and mission-critical performance, today announced that EVP and Chief Financial Officer, Marc Vandiepenbeeck, will present at the following investor conferences:

Citi's 2026 Global Industrial Tech and Mobility Conference; Thursday, Feb. 19, 2026, at 8:00 a.m. EST. Barclays 43rd Annual Industrial Select Conference; Thursday, Feb. 19, 2026, at 11:00 a.m. EST. A live webcast of the presentations will be available on the company's website at: http://investors.johnsoncontrols.com/news-and-events/events-and-presentations.

About Johnson Controls: 

Johnson Controls, a global technology leader in energy efficiency, decarbonization, thermal management and mission-critical performance, helps customers use energy more productively, reduce carbon emissions, and operate with the precision and resilience required in rapidly expanding industries such as data centers, healthcare, pharmaceuticals, advanced manufacturing, and higher education.

For more than 140 years, Johnson Controls has delivered performance where it really matters. Backed by advanced technology, lifecycle services and an industry-leading field organization, we elevate customer performance, turn goals into real-world results and help move society forward.

 Visit johnsoncontrols.com for more information and follow @Johnsoncontrols on social platforms. 

SOURCE Johnson Controls International plc

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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In agilon health To Contact Him Directly To Discuss Their Options

If you purchased or acquired securities in agilon health between February 26, 2025 and August 4, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

, /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against agilon health, inc. ("agilon" or the "Company") (NYSE: AGL) and reminds investors of the March 2, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

James (Josh) Wilson, Faruqi & Faruqi Senior Partner (PRNewsfoto/Faruqi & Faruqi, LLP) Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Defendants recklessly issued guidance for 2025 that they knew or should have known was not going to be achieved, given material industry headwinds of which they were aware; (2) Defendants materially overstated the immediate positive financial impact from "strategic actions" taken by agilon to reduce risk; and (3) as a result, defendants' statements about agilon's business, operations, and prospects were materially false and/or misleading at all times.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding agilon health's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the agilon health class action, go to www.faruqilaw.com/AGL or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

Follow us for updates on LinkedIn, on X, or on Facebook.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE Faruqi & Faruqi, LLP

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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Plug Power To Contact Him Directly To Discuss Their Options

If you purchased or acquired securities in Plug Power between January 17, 2025 and November 13, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

, /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Plug Power Inc. ("Plug Power" or the "Company") (NASDAQ: PLUG) and reminds investors of the April 3, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

James (Josh) Wilson, Faruqi & Faruqi Senior Partner (PRNewsfoto/Faruqi & Faruqi, LLP) Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) Defendants had materially overstated the likelihood that funds attributed to the DOE Loan would ultimately become available to Plug Power, and/or that Plug Power would ultimately construct the hydrogen production facilities necessary to receive those funds; (ii) as such, Plug Power was likely to pivot toward more modest projects with less commercial upside; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Plug Power's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Plug Power Inc. class action, go to www.faruqilaw.com/PLUG or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

Follow us for updates on LinkedIn, on X, or on Facebook.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered In Vistagen To Contact Him Directly To Discuss Their Options

If you purchased or acquired securities in Vistagen between April 1, 2024 and December 16, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

, /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Vistagen Therapeutics, Inc. ("Vistagen" or the "Company") (NASDAQ: VTGN) and reminds investors of the March 16, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

James (Josh) Wilson, Faruqi & Faruqi Senior Partner (PRNewsfoto/Faruqi & Faruqi, LLP) Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose material adverse facts concerning its Phase 3 PALISADE-3 trial study of fasedienol, an investigational pherine candidate in development for the acute treatment of social anxiety disorder.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Vistagen's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Vistagen Therapeutics class action, go to www.faruqilaw.com/VTGN or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

Follow us for updates on LinkedIn, on X, or on Facebook.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

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GrafTech International (EAF - Free Report) came out with a quarterly loss of $2.45 per share versus the Zacks Consensus Estimate of a loss of $1.27. This compares to a loss of $1.3 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -93.68%. A quarter ago, it was expected that this maker of graphite products would post a loss of $1.22 per share when it actually produced a loss of $1.03, delivering a surprise of +15.57%.

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

GrafTech, which belongs to the Zacks Metal Products - Procurement and Fabrication industry, posted revenues of $116.46 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 17.92%. This compares to year-ago revenues of $134.22 million. The company has topped consensus revenue estimates two times over the last four quarters.

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

GrafTech shares have added about 1.2% since the beginning of the year versus the S&P 500's decline of 0.7%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for GrafTech was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$1.10 on $137.65 million in revenues for the coming quarter and -$4.20 on $578.55 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Metal Products - Procurement and Fabrication is currently in the top 6% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Esab (ESAB - Free Report) , another stock in the same industry, has yet to report results for the quarter ended December 2025.

This maker of welding and cutting equipment is expected to post quarterly earnings of $1.34 per share in its upcoming report, which represents a year-over-year change of +4.7%. The consensus EPS estimate for the quarter has been revised 2.3% lower over the last 30 days to the current level.

Esab's revenues are expected to be $687.72 million, up 8.6% from the year-ago quarter.

Key Takeaways FXG reaches a new 52-week high as defensive sectors gain traction in volatile markets.Investor rotation from tech into consumer staples boosts demand for safe-haven ETFs. First Trust Consumer Staples AlphaDEX ETF (FXG - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 12.2% from its 52-week low price of $59.67/share.

Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.

FXG in FocusThe underlying StrataQuant Consumer Staples Index is a modified equal-dollar weighted index designed by the AMEX to objectively identify and select stocks from the Russell 1000 Index that may generate positive alpha relative to traditional passive style indices through the use of the AlphaDEX screening methodology. The product charges 63 bps in annual fees and yields 2.56% annually (see: all Consumer Staples ETFs).

Why the Move?The consumer staples sector of the market has been an area to watch lately, given the rising volatility. An uncertain U.S. trade policy, coupled with a downturn in tech stocks, is leading investors to shift their focus toward defensive funds. Consumer Staples funds act as a safe-haven amid political and economic turmoil.

More Gains Ahead?Currently, FXG has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. It might continue its strong performance in the near term, with a positive weighted alpha of 7.79 (per Barchart.com), which gives cues of a modest rally ahead.

Stock futures are rising this morning as the market looks to end a volatile week of trading on a high note; bitcoin is rebounding after sinking yesterday to its lowest level since October 2024; Shares of Amazon are sharply lower after the tech giant reported disappointing quarterly earnings and announced big AI spending plans; Stellantis shares are tumbling after the automaker said it would take about $26 billion in charges related to an overhaul of its EV business; and shares of Roblox, Reddit and Coty are all making big moves after their latest earnings reports. Here's what you need to know today.

Stocks Point Higher After 3 Days of Big Losses Major indexes are poised to open higher after three consecutive days of big losses fueled in large part by declines for tech sector stocks amid AI-related concerns. Futures tied to the Dow Jones Industrial Average and the S&P 500 were recently up 0.6%, while those linked to the tech-heavy Nasdaq added 0.7%. All three indexes fell by more than 1% on Thursday, leaving the S&P 500 and the Nasdaq on pace to post losses for the week. The Dow is up slightly for the week and on track to snap a three-week losing streak. Bitcoin was trading at $67,300 recently, up from an overnight low of $60,000. (more on that below) Gold futures were up nearly 1% to $4,935 an ounce, while oil futures ticked lower to around $63 per barrel. The yield on the 10-year Treasury yield, which fell sharply yesterday amid the broader market volatility, was holding steady around 4.20%.

Bitcoin, Crypto Stocks Rebound After Rout Bitcoin is surging this morning after sinking to its lowest level since October 2024 amid a broader move by investors away from risky assets. The cryptocurrency was recently at $67,300 after falling as low as $60,000 overnight. The digital asset hasn't traded at these levels since before the election of President Donald Trump, which propelled bitcoin to a series of record highs amid optimism about a pro-crypto environment in Washington, DC. Bitcoin has lost nearly half of its value since hitting a record high above $126,000 just three months ago. Crypto-related stocks are also rebounding this morning after several suffered steep declines on Thursday. Shares of Strategy (MSTR), the largest single corporate holder of bitcoin, were up more than 7% in premarket trading, while trading platforms Robinhood (HOOD) and Coinbase (COIN), and bitcoin miner Mara Holdings (MARA), were also solidly higher. Each of the stocks had posted double-digit declines on Thursday.

Amazon Sinks on Weak Earnings, Spending Plans Amazon (AMZN) shares are tumbling this morning after the tech giant fell short of profit estimates in its quarterly results last night, and outlined big new spending plans. Shares of the e-commerce and cloud computing giant were recently down 8% and on track to open at their lowest level since May. Amazon's fourth-quarter revenue topped estimates at a record $213.4 billion while earnings per share fell just short, but investors are focused on the company's spending outlook. The company projected up to $200 billion in capital expenditures this year as it finances some projects in retail, but largely boosts spending on its AI infrastructure buildout. Amazon became the latest Magnificent Seven member to reveal giant spending plans for 2026, and the announcements have drawn mixed reactions from investors who look to be growing concerned over the plans.

Stellantis Stock Plummets on Business 'Reset' Shares of Stellantis (STLA) plunged in premarket trading after the automaker made several announcements as part of a "reset" of its business to better meet consumer demand. The maker of Jeep, Chrysler, Dodge and several European car brands said it is taking a charge of about 22 billion euros ($26 billion) for the second half of 2025. The charge is largely due to an overhaul of its electric vehicle strategy, making Stellantis the latest automaker to adjust its EV expectations in the U.S. Stellantis said its EV strategy will continue "at a pace that needs to be governed by demand rather than command." Stellantis said that it expects to record a net loss for 2025, which led the company to suspend its dividend for 2026 and approve the sale of up to 5 billion euros in hybrid bonds. Along with the realigning of its EV strategy, Stellantis said that it will sell its 49% stake in NextStar Energy, a battery manufacturing joint venture in Canada, to its 51% partner, LG Energy Solution. Stellantis shares were down 26% recently, trading at their lowest levels in six years.

Busy Week of Earnings Closes With More Big Moves A week filled with earnings reports is coming to a close on Friday with several well-known stocks making more big moves. Reddit (RDDT) shares were recently up 8%, recovering from a tumble that hit tech stocks broadly in recent weeks, after the social media company forecast solid revenue growth and announced a $1 billion stock buyback plan. Roblox (RBLX) shares jumped 10% after the video game maker outlined its own solid revenue and bookings forecast. Meanwhile, shares of Coty (COTY) were down 13% after the Covergirl parent withdrew its full-year outlook in its fiscal second quarter earnings report, citing a "complex beauty market backdrop" and the transition to its new CEO announced in December.

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Under Armour Inc (NYSE:UA) beat third-quarter profit expectations and raised its full-year outlook on Thursday, benefiting from aggressive cost controls even as sales continued to slide and tariff pressures weighed on margins.

The sportswear maker posted adjusted earnings of $0.09 per share for the quarter, compared with analysts’ expectations for a loss of $0.02, as restructuring efforts under founder and CEO Kevin Plank helped offset declining demand in its core North American market.

Revenue fell 5% to $1.33 billion, slightly ahead of estimates, reflecting a 10% drop in North America, which remains Under Armour’s largest market. International revenue rose 3% to $577 million, providing a partial offset.

Footwear sales declined 12%, while apparel revenue fell 3%, underscoring continued pressure across key product categories. Wholesale revenue slipped 6%, while direct-to-consumer sales fell 4%, with e-commerce revenue down 7%.

Gross margin declined 310 basis points to 44.4%, largely due to higher tariffs, which the company said remain a significant headwind.

Despite the sales contraction, Under Armour doubled its adjusted earnings guidance for the year to between $0.10 and $0.11 per share and reiterated expectations for a roughly 4% decline in full-year revenue. The company forecast a full-year operating loss of about $154 million, but adjusted operating income of approximately $110 million.

For the quarter, Under Armour reported an operating loss of $150 million and a net loss of $431 million, which included a $247 million valuation allowance. On an adjusted basis, net income was $37 million.

Inventory fell 2% from a year earlier to $1.1 billion. The company ended the quarter with $465 million in cash and equivalents and said it had no borrowings under its $1.1 billion revolving credit facility.

Under Armour said its turnaround plan continues to prioritize profitability over growth, as it works through restructuring costs and persistent weakness in North America.

Shares of Under Armour added 2.4% in premarket trading Friday.

HOUSTON, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported fourth-quarter and full-year 2025 results, announced 2026 guidance and provided the following highlights:

Fourth Quarter and Full-Year 2025 Results

Fourth-quarter and full-year 2025 Net income attributable to PAA of $342 million and $1.435 billion, respectively, and 2025 Net cash provided by operating activities of $785 million and $2.94 billion, respectivelyDelivered fourth-quarter and full-year 2025 Adjusted EBITDA attributable to PAA of $738 million and $2.833 billion, respectivelyPro forma leverage ratio of 3.9x at year-end 2025; expect to return toward the midpoint of the target range of 3.25 to 3.75x following anticipated closing of the NGL divestiture toward the end of the first quarter 2026In November, Plains successfully raised $750 million in aggregate senior unsecured notes with proceeds allocated toward the reduction of commercial paper and funding the EPIC acquisition (now Cactus III)In November, Plains also paid off a $1.1 billion EPIC term loan assumed as part of the EPIC acquisition by issuing a $1.1 billion senior unsecured term loan at PAA 2026 Outlook and Key Highlights

Expect full-year 2026 Adjusted EBITDA attributable to PAA midpoint of $2.75 billion +/- $75 million (assumes one quarter of NGL contribution of $100 million)Capture efficiency initiatives of approximately $100 million of cost savings through 2027 (with approximately half realized in 2026); coupled with $50 million of synergies expected on Cactus III, these initiatives create self-help growth opportunities despite expectation of a relatively flat Permian production profile for 2026Announced annualized distribution increase of $0.15 per unit payable February 13, 2026, representing a 10% aggregate increase in the annualized distribution rate versus 2025 levels (new annualized distribution rate of $1.67 per unit)Distribution Coverage ratio threshold lowered from 160% to 150% reflecting more predictable cash flow and providing multi-year runway for targeted annual distribution growth of $0.15 per unitExpect strong Adjusted Free Cash flow generation of approximately $1.80 billion (excluding changes in Assets & Liabilities and anticipated cash proceeds from the NGL divestiture)Remain focused on disciplined capital investments, anticipating full-year 2026 Growth Capital of +/- $350 million and Maintenance Capital of +/- $165 million net to Plains “Last year we took significant steps to transition the company toward becoming the premier North American pure play crude oil midstream provider, including the announced sale of our Canadian NGL business and the acquisition of Cactus III. For 2026, the team is focused on closing the pending NGL sale, realizing synergies on the Cactus III acquisition and driving efficiency initiatives throughout the organization. These self-help actions provide levers for efficient growth in an otherwise volatile near-term oil macro environment. We also remain committed to our multi-year capital allocation framework and returning cash to unitholders as evidenced by the recent $0.15 per unit increase in our annualized distribution rate, bringing the distribution yield to ~8.5%. In addition, we have elected to lower our Distribution Coverage ratio threshold from 160% to 150%, thereby paving the way for additional return of capital to unitholders. I’m pleased with the progress being made as we transition into a more focused, streamlined organization that should be well positioned for improving oil market fundamentals into the future,” said Willie Chiang, Chairman, CEO and President.

Financial Reporting Considerations for Pending Sale of Canadian NGL Business

On June 17, 2025, we entered into a definitive agreement to sell substantially all of our NGL business in Canada (the “Canadian NGL Business”) to Keyera Corp. This transaction is expected to close toward the end of the first quarter of 2026 and is subject to the satisfaction or waiver of customary closing conditions, including receipt of regulatory approvals. While we will divest the Canadian NGL Business as part of the transaction, we will retain substantially all NGL assets in the United States and will also retain all crude oil assets in Canada.

We have determined that the operations of the Canadian NGL Business meet the criteria for classification as held for sale and for discontinued operations reporting and have applied these changes retrospectively to all periods presented. Results throughout this release specify if they are presented from continuing operations (which exclude the results of the Canadian NGL Business) and/or discontinued operations.

Plains All American Pipeline
Summary Financial Information (unaudited)
(in millions, except per unit data)

  Three Months Ended
December 31, %   Twelve Months Ended
December 31,
 % GAAP Results (1)  2025   2024  Change   2025   2024  ChangeNet income attributable to PAA (2) $342  $36  **  $1,435  $772  86%Diluted net income/(loss) per common unit $0.41  $(0.04) **  $1.66  $0.73  127%Diluted weighted average common units outstanding  706   704  —%   704   702  —%Net cash provided by operating activities $785  $726  8%  $2,936  $2,490  18%Distribution per common unit declared for the period $0.4175  $0.3800  10%  $1.5575  $1.3325  17%   Three Months Ended
December 31, %  Twelve Months Ended
December 31,
 %Non-GAAP Results (1) (3)  2025   2024  Change   2025   2024  ChangeAdjusted net income attributable to PAA (2) $334  $357  (6) %  $1,352  $1,318  3%Diluted adjusted net income per common unit $0.40  $0.42  (5) %  $1.54  $1.51  2%Adjusted EBITDA $875  $867  1%  $3,374  $3,326  1%Adjusted EBITDA attributable to PAA (2) $738  $729  1%  $2,833  $2,779  2%Implied DCF per common unit and common unit equivalent $0.68  $0.64  6%  $2.61  $2.49  5%Adjusted Free Cash Flow (4) $(1,219) $365  **  $(875) $1,247  **Adjusted Free Cash Flow after Distributions (4) $(1,541) $79  **  $(2,170) $102  **Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (4) $(1,222) $134  **  $(821) $1,173  **Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) (4) $(1,544) $(152) **  $(2,116) $28  ** ________________________

** Indicates that variance as a percentage is not meaningful.

(1)  Includes results from continuing operations and discontinued operations for all periods presented. See the tables attached hereto for additional information.
(2)  Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC (the “Permian JV”), Cactus II Pipeline LLC and Red River Pipeline LLC joint ventures.
(3)  See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.
(4)  Fourth-quarter and full-year 2025 includes the impact of a net cash outflow of $1.786 billion and $2.651 billion, respectively, for acquisitions, including our Cactus III acquisition completed during the fourth quarter of 2025.

Disaggregation of Adjusted EBITDA by Product (1) (2) (unaudited)
(in millions)

 Adjusted EBITDA
from Crude Oil Adjusted EBITDA
from NGL
Three Months Ended December 31, 2025$611  $122 Three Months Ended December 31, 2024$569  $154 Percentage change versus 2024 period 7% (21)%
      Adjusted EBITDA
from Crude Oil Adjusted EBITDA
from NGL
Twelve Months Ended December 31, 2025$2,344  $469 Twelve Months Ended December 31, 2024$2,276  $480 Percentage change versus 2024 period 3% (2)%
________________________

(1)  Includes results from continuing operations and discontinued operations for all periods presented.
(2)  See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.

Fourth-quarter 2025 Adjusted EBITDA from Crude Oil increased 7% versus comparable 2024 results. Favorable results in the 2025 period from (i) contributions from recently completed bolt-on acquisitions, including our Cactus III pipeline acquisition, (ii) higher volumes on our pipelines and (iii) tariff escalations were offset by the impact of (iv) certain Permian long-haul pipeline contract rate resets and (v) lower commodity prices.

Fourth-quarter 2025 Adjusted EBITDA from NGL decreased 21% versus comparable 2024 results primarily due to lower sales volumes and lower weighted average frac spreads.

Plains GP Holdings

PAGP owns an indirect non-economic controlling interest in PAA’s general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA’s results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables attached hereto.

Conference Call and Webcast Instructions

PAA and PAGP will hold a joint conference call at 9:00 a.m. CT on Friday, February 6, 2026 to discuss fourth-quarter performance and related items.

To access the internet webcast, please go to https://edge.media-server.com/mmc/p/3ksb2gmv/.

Alternatively, the webcast can be accessed on our website at https://ir.plains.com/news-events/events-presentations. Following the live webcast, an audio replay will be available on our website and will be accessible for a period of 365 days. Slides will be posted prior to the call at the above referenced website.

Non-GAAP Financial Measures and Selected Items Impacting Comparability

To supplement our financial information presented in accordance with GAAP, management uses additional measures known as “non-GAAP financial measures” in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow (“DCF”), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions.

Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income, and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Consolidated Financial Statements and accompanying notes. In addition, we encourage you to visit the Investor Relations section of our website at www.plains.com (navigate to the “Financials” tab, then click on “Quarterly Results”), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.

Non-GAAP Financial Performance Measures

Adjusted EBITDA is defined as earnings from continuing operations and discontinued operations before (i) interest expense, (ii) income tax (expense)/benefit from continuing operations and discontinued operations, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities) from continuing operations and discontinued operations, (iv) gains and losses on asset sales, asset impairments and other, net from continuing operations and discontinued operations, (v) gains on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests. Adjusted EBITDA disaggregated by product (e.g., Adjusted EBITDA from Crude Oil and Adjusted EBITDA from NGL) excludes amounts related to Other income/(expense).

Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our operating results and/or (v) other items that we believe should be excluded in understanding our operating performance. These measures may be further adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in “Other current liabilities” in our Consolidated Financial Statements. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as “selected items impacting comparability.” Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.

Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Annual Report on Form 10-K.

Non-GAAP Financial Liquidity Measures

Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/(Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and related party notes and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests and proceeds from the issuance of related party notes. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions.

We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of “Changes in assets and liabilities, net of acquisitions” on our Condensed Consolidated Statements of Cash Flows. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities).

Non-GAAP Financial Measures and Discontinued Operations

Management believes that the presentation of certain Non-GAAP financial performance measures, such as Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF, Adjusted Net Income attributable to PAA, Adjusted Net Income per Common Unit, Adjusted EBITDA from Crude Oil and Adjusted EBITDA from NGL, and certain Non-GAAP financial liquidity measures, such as Adjusted Free Cash Flow and Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities), on a consolidated basis (e.g., the aggregate of continuing operations and discontinued operations) provides more relevant and useful information regarding our performance and results of operations than presenting such metrics only on a continuing operations or discontinued operations basis. In addition, as the potential sale of the Canadian NGL Business is not anticipated to close until the end of the first quarter of 2026, management continues to view the Canadian NGL Business as a component of our overall company performance and ability to fund distributions to our unitholders in the near term.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per unit data)

 Three Months Ended
December 31, Twelve Months Ended
December 31,  2025   2024   2025   2024 REVENUES$10,565  $12,035  $44,262  $48,889         COSTS AND EXPENSES       Purchases and related costs 9,571   11,076   40,433   45,162 Field operating costs (1) 281   510   1,154   1,471 General and administrative expenses 92   81   342   328 Depreciation and amortization 257   227   953   901 (Gains)/losses on asset sales, asset impairments and other, net 9   157   (54)  159 Total costs and expenses 10,210   12,051   42,828   48,021         OPERATING INCOME 355   (16)  1,434   868         OTHER INCOME/(EXPENSE)       Equity earnings in unconsolidated entities 89   154   382   452 Gain on investments in unconsolidated entities, net —   15   31   15 Interest expense, net (2) (159)  (112)  (554)  (430)Other income, net (2) 38   20   108   64         INCOME FROM CONTINUING OPERATIONS BEFORE TAX 323   61   1,401   969 Current income tax benefit/(expense) from continuing operations 10   (10)  (1)  (82)Deferred income tax expense from continuing operations (8)  (6)  (14)  (5)INCOME FROM CONTINUING OPERATIONS, NET OF TAX 325   45   1,386   882         INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX 102   74   383   231         NET INCOME 427   119   1,769   1,113 Net income attributable to noncontrolling interests (85)  (83)  (334)  (341)NET INCOME ATTRIBUTABLE TO PAA$342  $36  $1,435  $772         NET INCOME/(LOSS) PER COMMON UNIT:       Net income/(loss) allocated to common unitholders — Basic and Diluted       Continuing operations$187  $(101) $786  $283 Discontinued operations 102   74   383   231 Net income/(loss) allocated to common unitholders — Basic and Diluted$289  $(27) $1,169  $514         Basic and diluted weighted average common units outstanding 706   704   704   702         Basic and diluted net income/(loss) per common unit:       Continuing operations$0.26  $(0.15) $1.12  $0.40 Discontinued operations$0.15  $0.11  $0.54  $0.33 Basic and diluted net income/(loss) per common unit$0.41  $(0.04) $1.66  $0.73  ________________________

(1)  For the three and twelve months ended December 31, 2024, Field operating costs include $225 million and $345 million, respectively, resulting from adjustments related to the Line 901 incident that occurred in May 2015, including the write-off of a receivable for Line 901 insurance proceeds in the fourth quarter of 2024 and settlements in the third quarter of 2024.
(2)  Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Interest expense, net” and “Other income, net” each include $22 million and $87 million for the three and twelve months ended December 31, 2025, respectively, and $17 million and $48 million for the three and twelve months ended December 31, 2024, respectively, related to interest on such related party promissory notes. These amounts offset and do not impact Net Income or Non-GAAP metrics such as Adjusted EBITDA, Implied DCF and Adjusted Free Cash Flow.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in millions)

 December 31,
2025
 December 31,
2024
ASSETS     Current assets (including Cash and cash equivalents of $328 and $348, respectively) (1)$4,733  $4,802 Property and equipment, net 16,860   13,446 Investments in unconsolidated entities 2,846   2,811 Intangible assets, net 1,754   1,677 Linefill 900   904 Long-term operating lease right-of-use assets, net 198   189 Long-term inventory 214   242 Long-term assets of discontinued operations 2,557   2,349 Other long-term assets, net 107   142 Total assets$30,169  $26,562       LIABILITIES AND PARTNERS’ CAPITAL     Current liabilities (2)$4,931  $4,950 Senior notes, net 9,118   7,141 Other long-term debt, net 1,578   70 Long-term operating lease liabilities 202   192 Long-term liabilities of discontinued operations 606   576 Other long-term liabilities and deferred credits 654   537 Total liabilities 17,089   13,466       Partners’ capital excluding noncontrolling interests 9,836   9,813 Noncontrolling interests 3,244   3,283 Total partners’ capital 13,080   13,096 Total liabilities and partners’ capital$30,169  $26,562  ________________________

(1)  Includes current assets of discontinued operations of $479 million and $415 million as of December 31, 2025 and December 31, 2024, respectively.

(2)  Includes current liabilities of discontinued operations of $382 million and $350 million as of December 31, 2025 and December 31, 2024, respectively.

DEBT CAPITALIZATION RATIOS (1)
(in millions, except percentages)

 December 31,
2025 December 31,
2024Short-term debt$564  $408 Long-term debt 10,698   7,213 Total debt$11,262  $7,621     Long-term debt$10,698  $7,213 Partners’ capital excluding noncontrolling interests 9,836   9,813 Total book capitalization excluding noncontrolling interests (“Total book capitalization”)$20,534  $17,026 Total book capitalization, including short-term debt$21,098  $17,434     Long-term debt-to-total book capitalization 52%  42%Total debt-to-total book capitalization, including short-term debt 53%  44% ________________________

(1)  Includes results from continuing operations and discontinued operations for all periods presented.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

COMPUTATION OF BASIC AND DILUTED NET INCOME/(LOSS) PER COMMON UNIT
(in millions, except per unit data)

 Three Months Ended
December 31, Twelve Months Ended
December 31,  2025   2024   2025   2024 Basic and Diluted Net Income/(Loss) per Common Unit               Continuing Operations:       Income from continuing operations, net of tax$325  $45  $1,386  $882 Net income attributable to noncontrolling interests (85)  (83)  (334)  (341)Net income from continuing operations attributable to PAA$240  $(38) $1,052  $541 Distributions to Series A preferred unitholders (36)  (44)  (146)  (175)Distributions to Series B preferred unitholders (17)  (19)  (70)  (78)Amounts allocated to participating securities (1)  (1)  (11)  (10)Impact from repurchase of Series A preferred units (1) —   —   (43)  — Other 1   1   4   5 Net income/(loss) from continuing operations allocated to common unitholders - Basic and Diluted (2)$187  $(101) $786  $283         Discontinued Operations:       Net income from discontinued operations allocated to common unitholders - Basic and Diluted (3)$102  $74  $383  $231         Net income/(loss) allocated to common unitholders - Basic and Diluted$289  $(27) $1,169  $514         Basic and diluted weighted average common units outstanding (4) (5) 706   704   704   702         Basic and diluted net income/(loss) per common unit       Continuing operations$0.26  $(0.15) $1.12  $0.40 Discontinued operations$0.15  $0.11  $0.54  $0.33 Basic and diluted net income/(loss) per common unit$0.41  $(0.04) $1.66  $0.73  ________________________

(1)  We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of net income from continuing operations allocated to common unitholders.
(2)  We calculate net income/(loss) from continuing operations allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
(3)  Net income from discontinued operations allocated to common unitholders is Income from discontinued operations, net of tax as presented on our Condensed Consolidated Statements of Operations.
(4)  The possible conversion of our Series A preferred units was excluded from the calculation of diluted net income/(loss) per common unit from continuing operations for each of the three and twelve months ended December 31, 2025 and 2024 as the effect was antidilutive.
(5)  Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATED CASH FLOW DATA
(in millions)

 Twelve Months Ended
December 31,  2025   2024 CASH FLOWS FROM OPERATING ACTIVITIES   Net income$1,769  $1,113 Reconciliation of net income to net cash provided by operating activities:   Income from discontinued operations, net of tax (383)  (231)Depreciation and amortization 953   901 (Gains)/losses on asset sales, asset impairments and other, net (54)  159 Equity-indexed compensation expense 49   50 Deferred income tax expense 14   5 (Gain)/loss on foreign currency revaluation 13   (12)Settlement of terminated interest rate hedging instruments 37   57 Equity earnings in unconsolidated entities (382)  (452)Distributions on earnings from unconsolidated entities 486   505 Gain on investments in unconsolidated entities, net (31)  (15)Other 15   17 Changes in assets and liabilities, net of acquisitions (34)  139 Cash provided by operating activities - continuing operations 2,452   2,236 Cash provided by operating activities - discontinued operations 484   254 Net cash provided by operating activities 2,936   2,490     CASH FLOWS FROM INVESTING ACTIVITIES   Cash used in investing activities - continuing operations (3,572)  (1,334)Cash used in investing activities - discontinued operations (197)  (170)Net cash used in investing activities (1) (2) (3,769)  (1,504)    CASH FLOWS FROM FINANCING ACTIVITIES   Net cash provided by/(used in) financing activities (1) 799   (1,077)    Effect of translation adjustment - continuing operations 14   (13)Effect of translation adjustment - discontinued operations —   2     Net decrease in cash and cash equivalents and restricted cash (20)  (102)    Cash and cash equivalents and restricted cash, beginning of period 348   450 Cash and cash equivalents and restricted cash, end of period$328  $348  ________________________

(1)  Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. For the twelve months ended December 31, 2025 and 2024, “Net cash used in investing activities” includes a cash outflow of approximately $330 million and $629 million, respectively, associated with our investment in related party notes. An equal and offsetting cash inflow associated with our issuance of related party notes is included in “Net cash provided by/(used in) financing activities.”
(2)  The 2025 period includes a net cash outflow of $2.651 billion for acquisitions, including our Cactus III acquisition completed during the fourth quarter of 2025.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CAPITAL EXPENDITURES (1)
(in millions)

 Net to PAA(2)
 Consolidated
 Three Months
Ended December 31,
 Twelve Months
Ended December 31,
 Three Months
Ended December 31,
 Twelve Months
Ended December 31,
 2025
 2024
 2025
 2024
 2025
 2024
 2025
 2024
Investment capital expenditures:                       Crude Oil$96  $55  $409  $214  $115  $80  $520  $300 NGL(3) 11   41   99   115   11   41   99   115 Total Investment capital expenditures 107   96   508   329   126   121   619   415 Total Maintenance capital expenditures(4) 62   68   211   242   65   73   226   261 Total Investment and Maintenance capital expenditures$169  $164  $719  $571  $191  $194  $845  $676  ________________________

(1)  Includes results from continuing operations and discontinued operations for all periods presented.
(2)  Excludes expenditures attributable to noncontrolling interests.
(3)  See the “Discontinued Operations Detail” section for amounts attributable to discontinued operations.
(4)  See the “Selected Financial Data by NGL” section for amounts attributable to discontinued operations.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

NON-GAAP RECONCILIATIONS

(in millions, except per unit and ratio data)

Computation of Basic and Diluted Adjusted Net Income Per Common Unit (1) (2):

 Three Months Ended
December 31, Twelve Months Ended
December 31,  2025   2024   2025   2024 Basic and Diluted Adjusted Net Income per Common Unit       Net income attributable to PAA$342  $36  $1,435  $772 Selected items impacting comparability - Adjusted net income attributable to PAA (3) (8)  321   (83)  546 Adjusted net income attributable to PAA$334  $357  $1,352  $1,318 Distributions to Series A preferred unitholders (36)  (44)  (146)  (175)Distributions to Series B preferred unitholders (17)  (19)  (70)  (78)Amounts allocated to participating securities (1)  (1)  (11)  (11)Impact from repurchase of Series A preferred units (4) —   —   (43)  — Other 1   1   4   5 Adjusted net income allocated to common unitholders$281  $294  $1,086  $1,059         Basic and diluted weighted average common units outstanding (5) (6) 706   704   704   702         Basic and diluted adjusted net income per common unit$0.40  $0.42  $1.54  $1.51  ________________________

(1)  We calculate adjusted net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method. 
(2)  Includes results from continuing operations and discontinued operations for all periods presented.
(3)  See the “Selected Items Impacting Comparability” table for additional information.
(4)  We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of adjusted net income allocated to common unitholders.
(5)  The possible conversion of our Series A preferred units was excluded from the calculation of diluted adjusted net income per common unit for each of the three and twelve months ended December 31, 2025 and 2024 as the effect was antidilutive.
(6)  Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

Net Income/(Loss) Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation (1):

 Three Months Ended
December 31, Twelve Months Ended
December 31,
  2025   2024   2025   2024 Basic and diluted net income/(loss) per common unit$0.41  $(0.04) $1.66  $0.73 Selected items impacting comparability per common unit (2) (0.01)  0.46   (0.12)  0.78 Basic and diluted adjusted net income per common unit$0.40  $0.42  $1.54  $1.51  ________________________

(1)  Includes results from continuing operations and discontinued operations for all periods presented.
(2)  See the “Selected Items Impacting Comparability” and the “Computation of Basic and Diluted Adjusted Net Income/(Loss) Per Common Unit” tables for additional information.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation:

 Three Months Ended
December 31, Twelve Months Ended
December 31,  2025   2024   2025   2024 Net Income (1)$427  $119  $1,769  $1,113 Interest expense, net of certain items (2) 137   95   467   382 Income tax (benefit)/expense from continuing operations (2)  16   15   87 Income tax expense from discontinued operations 43   29   139   80 Depreciation and amortization from continuing operations 257   227   953   901 Depreciation and amortization from discontinued operations —   31   57   125 (Gains)/losses on asset sales, asset impairments and other, net from continuing operations 9   157   (54)  159 Losses on asset sales, asset impairments and other, net from discontinued operations 6   2   21   1 Gain on investments in unconsolidated entities, net —   (15)  (31)  (15)Depreciation and amortization of unconsolidated entities (3) 22   26   84   84 Selected items impacting comparability - Adjusted EBITDA (1) (4) (24)  180   (46)  409 Adjusted EBITDA (1)$875  $867  $3,374  $3,326 Adjusted EBITDA attributable to noncontrolling interests (137)  (138)  (541)  (547)Adjusted EBITDA attributable to PAA (1)$738  $729  $2,833  $2,779         Adjusted EBITDA (1)$875  $867  $3,374  $3,326 Interest expense, net of certain non-cash and other items (5) (132)  (92)  (452)  (365)Maintenance capital from continuing operations (45)  (48)  (156)  (187)Maintenance capital from discontinued operations (20)  (25)  (70)  (74)Investment capital of noncontrolling interests (6) (19)  (24)  (108)  (86)Current income tax expense from continuing operations 10   (10)  (1)  (82)Current income tax expense from discontinued operations (38)  (42)  (99)  (113)Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings (7) 12   —   22   11 Distributions to noncontrolling interests (8) (108)  (114)  (447)  (425)Implied DCF (1)$535  $512  $2,063  $2,005 Preferred unit cash distributions paid (8) (54)  (63)  (225)  (254)Implied DCF Available to Common Unitholders (1)$481  $449  $1,838  $1,751         Weighted Average Common Units Outstanding 706   704   704   702 Weighted Average Common Units and Common Unit Equivalents 764   775   763   773 Implied DCF per Common Unit (1) (9)$0.68  $0.64  $2.61  $2.49 Implied DCF per Common Unit and Common Unit Equivalent (1) (10)$0.68  $0.64  $2.61  $2.49 Cash Distribution Paid per Common Unit$0.3800  $0.3175  $1.5200  $1.2700 Common Unit Cash Distributions (8)$268  $223  $1,070  $891 Common Unit Distribution Coverage Ratio (1)1.79x 2.01x 1.72x 1.97xImplied DCF Excess (1)$213  $226  $768  $860  ________________________

(1)  Includes results from continuing operations and discontinued operations for all periods presented.
(2)  Represents “Interest expense, net” as reported on our Condensed Consolidated Statements of Operations, net of interest income associated with promissory notes by and among certain Plains entities.
(3)  Adjustment to exclude our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities.
(4)  See the “Selected Items Impacting Comparability” table for additional information.
(5)  Amount excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps and is net of interest income associated with promissory notes by and among certain Plains entities.
(6)  Investment capital expenditures attributable to noncontrolling interests that reduce Implied DCF available to PAA common unitholders.
(7)  Comprised of cash distributions received from unconsolidated entities less equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, and selected items impacting comparability of unconsolidated entities)
(8)  Cash distributions paid during the period presented.
(9)  Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period.
(10)  Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, in whole or in part, subject to certain minimum conversion amounts.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

Net Income/(Loss) Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation (1):

 Three Months Ended
December 31, Twelve Months Ended
December 31,
  2025   2024   2025   2024 Basic net income/(loss) per common unit$0.41  $(0.04) $1.66  $0.73 Reconciling items per common unit (2) (3) 0.27   0.68   0.95   1.76 Implied DCF per common unit$0.68  $0.64  $2.61  $2.49            Basic net income/(loss) per common unit$0.41  $(0.04) $1.66  $0.73 Reconciling items per common unit and common unit equivalent (2) (4) 0.27   0.68   0.95   1.76 Implied DCF per common unit and common unit equivalent$0.68  $0.64  $2.61  $2.49  ________________________

(1)  Includes results from continuing operations and discontinued operations for all periods presented.
(2)  Represents adjustments to Net Income to calculate Implied DCF Available to Common Unitholders. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for additional information.
(3)  Based on weighted average common units outstanding for the periods of 706 million, 704 million, 704 million and 702 million, respectively.
(4)  Based on weighted average common units outstanding for the periods, as well as weighted average Series A preferred units outstanding of 58 million, 71 million, 59 million and 71 million, for the periods presented, respectively.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation:

 Three Months Ended
December 31, Twelve Months Ended
December 31,  2025   2024   2025   2024 Net cash provided by operating activities (1)$785  $726  $2,936  $2,490 Adjustments to reconcile Net cash provided by operating activities to Adjusted Free Cash Flow:       Net cash used in investing activities (1) (2) (3) (1,937)  (264)  (3,769)  (1,504)Cash contributions from noncontrolling interests 41   17   75   57 Cash distributions paid to noncontrolling interests (4) (108)  (114)  (447)  (425)Proceeds from the issuance of related party notes (2) —   —   330   629 Adjusted Free Cash Flow (1) (5)$(1,219) $365  $(875) $1,247 Cash distributions (6) (322)  (286)  (1,295)  (1,145)Adjusted Free Cash Flow after Distributions (1) (5) (7)$(1,541) $79  $(2,170) $102          Three Months Ended
December 31, Twelve Months Ended
December 31,  2025   2024   2025   2024 Adjusted Free Cash Flow (1) (5)$(1,219) $365  $(875) $1,247 Changes in assets and liabilities, net of acquisitions (1) (8) (3)  (231)  54   (74)Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (1) (9) (10)$(1,222) $134  $(821) $1,173 Cash distributions (6) (322)  (286)  (1,295)  (1,145)Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) (1) (9) (10)$(1,544) $(152) $(2,116) $28  ________________________

(1)  Includes results from continuing operations and discontinued operations for all periods presented.
(2)  Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Proceeds from the issuance of related party notes” has an equal and offsetting cash outflow associated with our investment in related party notes, which is included as a component of “Net cash used in investing activities.”
(3)  The three and twelve months ended December 31, 2025 includes a net cash outflow of $1.786 billion and $2.651 billion, respectively, for acquisitions, including our Cactus III acquisition completed during the fourth quarter of 2025.
(4)  Cash distributions paid during the period presented.
(5)  Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow after Distributions shortages, if any, may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
(6)  Cash distributions paid to preferred and common unitholders during the period.
(7)  Excess Adjusted Free Cash Flow after Distributions is retained to establish reserves for future distributions, capital expenditures, debt reduction and other partnership purposes. Adjusted Free Cash Flow after Distributions shortages may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
(8)  See the “Condensed Consolidated Cash Flow Data” table.
(9)  Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) and Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) to assess the underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period.
(10)  Fourth-quarter and full-year 2024 Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) includes the negative impact of a $225 million charge resulting from the write-off of a receivable for Line 901 insurance proceeds.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SELECTED ITEMS IMPACTING COMPARABILITY
(in millions)

 Three Months Ended
December 31, Twelve Months Ended
December 31,  2025   2024   2025   2024 Selected Items Impacting Comparability: (1) (2)       Derivative activities and inventory valuation adjustments (3)$33  $(6) $108  $(85)Long-term inventory costing adjustments (4) (18)  17   (48)  9 Deficiencies under minimum volume commitments, net (5) 17   41   38   31 Rail fleet amortization expense related to discontinued operations (6) 8   —   18   — Equity-indexed compensation expense (7) (9)  (8)  (37)  (36)Foreign currency revaluation (8) 3   1   (16)  17 Line 901 incident (9) —   (225)  —   (345)Transaction-related expenses (10) (10)  —   (17)  — Selected items impacting comparability - Adjusted EBITDA$24  $(180) $46  $(409)Gain on investments in unconsolidated entities, net —   15   31   15 Gains/(losses) on asset sales, asset impairments and other, net (11) (15)  (159)  33   (160)Tax effect on selected items impacting comparability (1)  3   (21)  13 Aggregate selected items impacting noncontrolling interests —   —   (6)  (5)Selected items impacting comparability - Adjusted net income attributable to PAA$8  $(321) $83  $(546) ________________________

(1)  Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” and “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional details on how these selected items impacting comparability affect such measures.
(2)  Includes results from continuing operations and discontinued operations for all periods presented.
(3)  We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results, we identify differences in the timing of earnings from the derivative instruments and the underlying transactions and exclude the related gains and losses in determining adjusted results such that the earnings from the derivative instruments and the underlying transactions impact adjusted results in the same period. In addition, we exclude gains and losses on derivatives that are related to (i) investing activities, such as the purchase of linefill, and (ii) purchases of long-term inventory. We also exclude the impact of corresponding inventory valuation adjustments, as applicable.
(4)  We carry crude oil and NGL inventory that is comprised of minimum working inventory requirements in third-party assets and other working inventory that is needed for our commercial operations. We consider this inventory necessary to conduct our operations and we intend to carry this inventory for the foreseeable future. Therefore, we classify this inventory as long-term on our balance sheet and do not hedge the inventory with derivative instruments (similar to linefill in our own assets). We treat the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and write-downs of such inventory that result from price declines as a selected item impacting comparability.
(5)  We, and certain of our equity method investees, have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty’s make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty’s ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue or equity earnings, as a selected item impacting comparability. We believe the inclusion of the contractually committed revenues associated with that period is meaningful to investors as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results.
(6)  Depreciation and amortization on the long-lived assets of the Canadian NGL Business disposal group ceased upon meeting the criteria to be classified as assets held for sale. Management believes that the presentation of Adjusted EBITDA and Implied DCF on a consolidated basis (e.g., the aggregate of continuing operations and discontinued operations) provides more relevant and useful information regarding our performance and results of operations than presenting such metrics only on a continuing operations or discontinued operations basis. We therefore include an adjustment for the impact of amortization of the rail fleet associated with the Canadian NGL Business.
(7)  Our total equity-indexed compensation expense includes expense associated with awards that will be settled in units and awards that will be settled in cash. The awards that will be settled in units are included in our diluted net income per unit calculation when the applicable performance criteria have been met. We consider the compensation expense associated with these awards as a selected item impacting comparability as the dilutive impact of the outstanding awards is included in our diluted net income per unit calculation, as applicable. The portion of compensation expense associated with awards that will be settled in cash is not considered a selected item impacting comparability.
(8)  During the periods presented, there were fluctuations in the value of the Canadian dollar to the U.S. dollar, resulting in the realization of foreign exchange gains and losses on the settlement of foreign currency transactions as well as the revaluation of monetary assets and liabilities denominated in a foreign currency. The associated gains and losses are not integral to our results and were thus classified as a selected item impacting comparability.
(9)  Includes costs recognized during the period related to the Line 901 incident that occurred in May 2015, net of amounts we believe are probable of recovery from insurance. For the 2024 periods, includes the write-off of a receivable for Line 901 insurance proceeds in the fourth quarter of 2024 and the impact of settlements in the third quarter of 2024.
(10)  Primarily related to deal-specific costs incurred during the period.
(11)  For the 2024 periods, primarily includes non-cash charges related to the write-down of two U.S. NGL terminals.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SELECTED FINANCIAL DATA BY CRUDE OIL
(in millions)

 Three Months Ended
December 31,  Twelve Months Ended
December 31,  2025   2024    2025   2024 Revenues (1)$10,512  $11,959   $44,131  $48,720 Purchases and related costs (1) (9,521)  (11,019)   (40,323)  (45,033)Field operating costs (2) (3) (275)  (503)   (1,127)  (1,440)Segment general and administrative expenses (2) (4) (86)  (74)   (314)  (298)Equity earnings in unconsolidated entities 89   154    382   452          Adjustments: (5)        Depreciation and amortization of unconsolidated entities 22   26    84   84 Derivative activities and inventory valuation adjustments (20)  (16)   (23)  5 Long-term inventory costing adjustments 18   (9)   45   1 Deficiencies under minimum volume commitments, net (17)  (41)   (38)  (31)Equity-indexed compensation expense 9   8    37   36 Foreign currency revaluation 6   (4)   12   (22)Line 901 incident —   225    —   345 Transaction-related expenses 10   —    17   — Segment amounts attributable to noncontrolling interests (6) (136)  (137)   (539)  (543)Crude Oil Segment Adjusted EBITDA / Adjusted EBITDA from Crude Oil$611  $569   $2,344  $2,276          Crude Oil maintenance capital expenditures$44  $48   $153  $183  ________________________

(1)  Includes intersegment amounts.
(2)  Field operating costs and Segment general and administrative expenses include equity-indexed compensation expense.
(3)  Field operating costs for the three and twelve months ended December 31, 2024 include higher expenses related to (i) $225 million resulting from the write-off of a receivable for Line 901 insurance proceeds and (ii) an increase in estimated costs for long-term environmental remediation obligations. The twelve months ended December 31, 2024 also includes the impact of $120 million associated with settlements in the third quarter of 2024 related to the Line 901 incident that occurred in May 2015.
(4)  Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period.
(5)  Represents adjustments utilized by our CODM in the evaluation of segment results. Many of these adjustments are also considered selected items impacting comparability when calculating consolidated non-GAAP financial measures such as Adjusted EBITDA. See the “Selected Items Impacting Comparability” table for additional discussion.
(6)  Reflects amounts attributable to noncontrolling interests in the Permian JV, Cactus II Pipeline LLC and Red River Pipeline LLC.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SELECTED FINANCIAL DATA BY NGL
(in millions)

 Three Months Ended
December 31,  Twelve Months Ended
December 31,  2025   2024    2025   2024 Revenues (1)$59  $81   $151  $187 Purchases and related costs (1) (56)  (62)   (130)  (147)Field operating costs (2) (6)  (7)   (27)  (31)Segment general and administrative expenses (2) (3) (6)  (7)   (28)  (30)NGL Segment Adjusted EBITDA (4)$(9) $5   $(34) $(21)Adjusted EBITDA from NGL Discontinued Operations (5) 131   149    503   501 Adjusted EBITDA from NGL$122  $154   $469  $480          Maintenance capital expenditures from NGL continuing operations$1  $—   $3  $4 Maintenance capital expenditures from NGL discontinued operations 20   25    70   74 NGL maintenance capital expenditures$21  $25   $73  $78  ________________________

(1)  Includes intersegment amounts.
(2)  Field operating costs and Segment general and administrative expenses include certain costs that are part of the overhead of continuing operations, including information technology, insurance and other shared services costs.
(3)  Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period.
(4)  Includes results from continuing operations and excludes amounts related to discontinued operations for all periods presented.
(5)  See the “Reconciliation of Adjusted EBITDA from NGL Discontinued Operations” table for a reconciliation to the most directly comparable measure as reported in accordance with GAAP.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

DISCONTINUED OPERATIONS DETAIL
(in millions)

Components of Income from Discontinued Operations, Net of Tax:

 Three Months Ended
December 31, Twelve Months Ended
December 31,  2025   2024   2025   2024 Revenues$397  $367  $1,317  $1,184 Cost and Expenses:       Purchases and related costs 166   151   411   398 Field operating costs 69   68   259   297 General and administrative expenses 11   12   47   53 Depreciation and amortization —   31   57   125 Losses on asset sales, net 6   2   21   1 Total costs and expenses 252   264   795   874 Other income, net —   —   —   1 Income from discontinued operations before tax 145   103   522   311 Current income tax expense (38)  (42)  (99)  (113)Deferred income tax (expense)/benefit (5)  13   (40)  33 Income from discontinued operations, net of tax$102  $74  $383  $231 
Reconciliation of Adjusted EBITDA from NGL Discontinued Operations:

 Three Months Ended
December 31, Twelve Months Ended
December 31,  2025   2024   2025   2024 Income from discontinued operations, net of tax$102  $74  $383  $231 Income tax expense from discontinued operations 43   29   139   80 Depreciation and amortization from discontinued operations —   31   57   125 Other income, net from discontinued operations —   —   —   (1)Losses on asset sales, net from discontinued operations 6   2   21   1 Adjustments attributable to discontinued operations (1):       Derivative activities and inventory valuation adjustments (13)  22   (85)  80 Long-term inventory costing adjustments —   (8)  3   (10)Rail fleet amortization expense related to discontinued operations (8)  —   (18)  — Foreign currency revaluation 1   (1)  3   (5)Adjusted EBITDA from NGL Discontinued Operations$131  $149  $503  $501  ________________________

(1)  See the “Selected Items Impacting Comparability” table for additional information.

Investment Capital from NGL Discontinued Operations:

  Three Months Ended
December 31,
 Twelve Months Ended
December 31,
   2025   2024   2025   2024 NGL investment capital expenditures from discontinued operations $11  $41  $99  $115 
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

OPERATING DATA (1)

 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
 2025
 2024
 2025
 2024
Crude Oil Volumes           Crude oil pipeline tariff (by region)           Permian Basin (2)7,738  6,846  7,333  6,731 South Texas / Eagle Ford (2)510  421  521  403 Mid-Continent (2)555  478  518  506 Gulf Coast (2)220  214  220  218 Rocky Mountain (2)450  461  475  474 Western248  259  267  256 Canada358  349  346  346 Total crude oil pipeline tariff (2)10,079  9,028  9,680  8,934             NGL Volumes (3)           NGL fractionation150  138  147  132 NGL pipeline tariff241  224  228  213 Propane and butane sales126  127  94  92  ________________________

(1)  Average volumes in thousands of barrels per day calculated as the total volumes (attributable to our interest for assets owned by unconsolidated entities or through undivided joint interests) for the period divided by the number of days in the period. Volumes associated with assets acquired during the period represent total volumes for the number of days we actually owned the assets divided by the number of days in the period.
(2)  Includes volumes (attributable to our interest) from assets owned by unconsolidated entities.
(3)  Includes volumes from assets associated with continuing operations and discontinued operations.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SUPPLEMENTAL NON-GAAP RECONCILIATIONS
(in millions)

Supplemental Adjusted EBITDA attributable to PAA Reconciliation:

 Three Months Ended
December 31,
 Twelve Months Ended
December 31,  2025   2024   2025   2024 Crude Oil Segment Adjusted EBITDA$611  $569  $2,344  $2,276 NGL Segment Adjusted EBITDA (9)  5   (34)  (21)Adjusted EBITDA from NGL Discontinued Operations (1) 131   149   503   501 Adjusted other income, net (2) 5   6   20   23 Adjusted EBITDA attributable to PAA (3)$738  $729  $2,833  $2,779  ________________________

(1)  See the “Reconciliation of Adjusted EBITDA from NGL Discontinued Operations” table for a reconciliation to the most directly comparable measure as reported in accordance with GAAP.
(2)  Represents “Other income, net” as reported on our Condensed Consolidated Statements of Operations, excluding interest income on promissory notes by and among certain Plains entities, as well as other income, net attributable to noncontrolling interests, adjusted for selected items impacting comparability. See the “Selected Items Impacting Comparability” table for additional information.
(3)  See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for reconciliation to Net Income.

PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(in millions, except per share data)

 Three Months Ended
December 31, 2025  Three Months Ended
December 31, 2024   Consolidating      Consolidating   PAA Adjustments (1) PAGP  PAA Adjustments (1) PAGPREVENUES$10,565  $—  $10,565   $12,035  $—  $12,035 COSTS AND EXPENSES            Purchases and related costs 9,571   —   9,571    11,076   —   11,076 Field operating costs 281   —   281    510   —   510 General and administrative expenses 92   1   93    81   1   82 Depreciation and amortization 257   —   257    227   —   227 Losses on asset sales, asset impairments and other, net 9   —   9    157   —   157 Total costs and expenses 10,210   1   10,211    12,051   1   12,052              OPERATING INCOME/(LOSS) 355   (1)  354    (16)  (1)  (17)             OTHER INCOME/(EXPENSE)            Equity earnings in unconsolidated entities 89   —   89    154   —   154 Gain on investments in unconsolidated entities, net —   —   —    15   —   15 Interest expense, net (159)  22   (137)   (112)  17   (95)Other income, net 38   (22)  16    20   (17)  3 INCOME FROM CONTINUING OPERATIONS BEFORE TAX 323   (1)  322    61   (1)  60 Current income tax benefit/(expense) from continuing operations 10   —   10    (10)  —   (10)Deferred income tax expense from continuing operations (8)  (18)  (26)   (6)  (2)  (8)INCOME FROM CONTINUING OPERATIONS, NET OF TAX 325   (19)  306    45   (3)  42 INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX 102   —   102    74   —   74 NET INCOME 427   (19)  408    119   (3)  116 Net income attributable to noncontrolling interests (85)  (261)  (346)   (83)  (44)  (127)NET INCOME/(LOSS) ATTRIBUTABLE TO PAGP$342  $(280) $62   $36  $(47) $(11)             Basic and diluted net income/(loss) per Class A share (2):           Continuing operations    $0.17       $(0.16)Discontinued operations    $0.14       $0.11 Basic net income/(loss) per Class A share $0.31       $(0.05) ________________________

(1)  Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.
(2)  See the “Computation of Basic and Diluted Net Income/(Loss) Per Class A Share” table for additional information.

PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(in millions, except per share data)

 Twelve Months Ended
December 31, 2025  Twelve Months Ended
December 31, 2024   Consolidating      Consolidating   PAA Adjustments (1) PAGP  PAA Adjustments (1) PAGPREVENUES$44,262  $—  $44,262   $48,889  $—  $48,889 COSTS AND EXPENSES            Purchases and related costs 40,433   —   40,433    45,162   —   45,162 Field operating costs 1,154   —   1,154    1,471   —   1,471 General and administrative expenses 342   6   348    328   6   334 Depreciation and amortization 953   —   953    901   —   901 (Gains)/losses on asset sales, asset impairments and other, net (54)  —   (54)   159   —   159 Total costs and expenses 42,828   6   42,834    48,021   6   48,027              OPERATING INCOME 1,434   (6)  1,428    868   (6)  862              OTHER INCOME/(EXPENSE)            Equity earnings in unconsolidated entities 382   —   382    452   —   452 Gain on investments in unconsolidated entities, net 31   —   31    15   —   15 Interest expense, net (554)  87   (467)   (430)  48   (382)Other income, net 108   (87)  21    64   (48)  16 INCOME FROM CONTINUING OPERATIONS BEFORE TAX 1,401   (6)  1,395    969   (6)  963 Current income tax expense from continuing operations (1)  —   (1)   (82)  —   (82)Deferred income tax expense from continuing operations (14)  (77)  (91)   (5)  (37)  (42)INCOME FROM CONTINUING OPERATIONS, NET OF TAX 1,386   (83)  1,303    882   (43)  839 INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX 383   —   383    231   —   231 NET INCOME 1,769   (83)  1,686    1,113   (43)  1,070 Net income attributable to noncontrolling interests (334)  (1,092)  (1,426)   (341)  (626)  (967)NET INCOME ATTRIBUTABLE TO PAGP$1,435  $(1,175) $260   $772  $(669) $103              Basic net income per Class A share (2):           Continuing operations   $0.77       $0.19 Discontinued operations   $0.54       $0.33 Basic net income per Class A share $1.31       $0.52             Diluted net income per Class A share (2):           Continuing operations   $0.77       $0.19 Discontinued operations   $0.53       $0.32 Diluted net income per Class A share $1.30       $0.51  ________________________

(1)  Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.
(2)  See the “Computation of Basic and Diluted Net Income/(Loss) Per Class A Share” table for additional information.

PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATING BALANCE SHEET DATA
(in millions)

 December 31, 2025
  December 31, 2024
    Consolidating        Consolidating    PAA  Adjustments (1) PAGP   PAA  Adjustments (1) PAGP ASSETS                Current assets (2)$4,733  $(29) $4,704   $4,802  $(26) $4,776 Property and equipment, net 16,860   —   16,860    13,446   —   13,446 Investments in unconsolidated entities 2,846   —   2,846    2,811   —   2,811 Intangible assets, net 1,754   —   1,754    1,677   —   1,677 Deferred tax asset —   1,136   1,136    —   1,220   1,220 Linefill 900   —   900    904   —   904 Long-term operating lease right-of-use assets, net 198   —   198    189   —   189 Long-term inventory 214   —   214    242   —   242 Long-term assets of discontinued operations 2,557   —   2,557    2,349   —   2,349 Other long-term assets, net 107   —   107    142   —   142 Total assets$30,169  $1,107  $31,276   $26,562  $1,194  $27,756                  LIABILITIES AND PARTNERS’ CAPITAL                Current liabilities (3)$4,931  $(29) $4,902   $4,950  $(26) $4,924 Senior notes, net 9,118   —   9,118    7,141   —   7,141 Other long-term debt, net 1,578   —   1,578    70   —   70 Long-term operating lease liabilities 202   —   202    192   —   192 Long-term liabilities of discontinued operations 606   —   606    576   —   576 Other long-term liabilities and deferred credits 654   —   654    537   —   537 Total liabilities 17,089   (29)  17,060    13,466   (26)  13,440                  Partners’ capital excluding noncontrolling interests 9,836   (8,491)  1,345    9,813   (8,462)  1,351 Noncontrolling interests 3,244   9,627   12,871    3,283   9,682   12,965 Total partners’ capital 13,080   1,136   14,216    13,096   1,220   14,316 Total liabilities and partners’ capital$30,169  $1,107  $31,276   $26,562  $1,194  $27,756  ________________________

(1)  Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.
(2)  Includes current assets of discontinued operations of $479 million and $415 million as of December 31, 2025 and December 31, 2024, respectively.
(3)  Includes current liabilities of discontinued operations of $382 million and $350 million as of December 31, 2025 and December 31, 2024, respectively.

PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

COMPUTATION OF BASIC AND DILUTED NET INCOME/(LOSS) PER CLASS A SHARE
(in millions, except per share data)

 Three Months Ended
December 31, Twelve Months Ended
December 31,
  2025   2024   2025   2024 Basic Net Income/(Loss) per Class A Share          Net income/(loss) attributable to PAGP from continuing operations$33  $(31) $152  $39            Net income attributable to PAGP from discontinued operations$29  $20  $108  $64            Basic weighted average Class A shares outstanding 198   197   198   197            Basic Net Income/(Loss) per Class A Share:          Continuing operations$0.17  $(0.16) $0.77  $0.19 Discontinued operations 0.14   0.11   0.54   0.33 Basic net income/(loss) per Class A share$0.31  $(0.05) $1.31  $0.52            Diluted Net Income/(Loss) per Class A Share          Net income/(loss) attributable to PAGP from continuing operations$33  $(31) $152  $39            Net income attributable to PAGP from discontinued operations$29  $20  $108  $64 Incremental net income attributable to PAGP resulting from assumed exchange of AAP Management Units —   —   15   9 Net income attributable to PAGP from discontinued operations including incremental net income from assumed exchange of AAP Management Units$29  $20  $123  $73            Basic weighted average Class A shares outstanding 198   197   198   197 Dilutive shares resulting from assumed exchange of AAP Management Units —   —   35   35 Diluted weighted average Class A shares outstanding 198   197   233   232            Diluted Net Income/(Loss) per Class A Share:          Continuing operations$0.17  $(0.16) $0.77  $0.19 Discontinued operations 0.14   0.11   0.53   0.32 Diluted net income/(loss) per Class A share$0.31  $(0.05) $1.30  $0.51            
Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, the following:

risks related to the Canadian NGL Business divestiture (as defined herein), including the risk that the Canadian NGL Business divestiture is not consummated on the terms expected or on the anticipated schedule, or at all, and the effect of the announcement or pendency of the Canadian NGL Business divestiture on our business relationships, operating results, employees, stakeholders and business generally;general economic, market or business conditions in the United States and elsewhere (including the potential for a recession or significant slowdown in economic activity levels, the risk of persistently high inflation and supply chain issues, the impact of global public health events, such as pandemics, on demand and growth, and the timing, pace and extent of economic recovery) that impact (i) demand for crude oil, drilling and production activities and therefore the demand for the midstream services we provide and (ii) commercial opportunities available to us;declines in global crude oil demand and/or crude oil prices or other factors that correspondingly lead to a significant reduction of North American crude oil and NGL production (whether due to reduced producer cash flow to fund drilling activities or the inability of producers to access capital, or both, the unavailability of pipeline and/or storage capacity, the shutting-in of production by producers, government-mandated pro-ration orders, or other factors), which in turn could result in significant declines in the actual or expected volume of crude oil and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets and/or the reduction of the margins we can earn or the commercial opportunities that might otherwise be available to us;fluctuations in refinery capacity and other factors affecting demand for various grades of crude oil and NGL and resulting changes in pricing conditions or transportation throughput requirements;unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof);the effects of competition and capacity overbuild in areas where we operate, including downward pressure on rates, volumes and margins, contract renewal risk and the risk of loss of business to other midstream operators who are willing or under pressure to aggressively reduce transportation rates in order to capture or preserve customers;the availability of, and our ability to consummate, acquisitions, divestitures, joint ventures or other strategic opportunities and realize benefits therefrom, including the Canadian NGL Business divestiture (as defined herein);the successful operation of joint ventures and joint operating arrangements we enter into from time to time, whether relating to assets operated by us or by third parties, and the successful integration and future performance of acquired assets or businesses;environmental liabilities, litigation or other events that are not covered by an indemnity, insurance or existing reserves;negative societal sentiment regarding the hydrocarbon energy industry and the continued development and consumption of hydrocarbons, which could influence consumer preferences and governmental or regulatory actions that adversely impact our business;the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event that materially impacts our operations, including cyber or other attacks on our or our service providers’ electronic and computer systems;weather interference with business operations or project construction, including the impact of extreme weather events or conditions (including hurricanes, floods, wildfires and drought);the impact of current and future laws, rulings, legislation, governmental regulations, executive orders, trade policies, trade tariffs, accounting standards and statements, and related interpretations that (i) prohibit, restrict or regulate the development of oil and gas resources and the related infrastructure on lands dedicated to or served by our pipelines or (ii) negatively impact our ability to develop, operate or repair midstream assets, or (iii) otherwise negatively impact our business or increase our exposure to risk;negative impacts on production levels in the Permian Basin or elsewhere due to issues associated with (or laws, rules or regulations relating to) hydraulic fracturing and related activities (including wastewater injection or disposal), including earthquakes, subsidence, expansion or other issues;the pace of development of natural gas or other infrastructure and its impact on expected crude oil production growth in the Permian Basin;the refusal or inability of our customers or counterparties to perform their obligations under their contracts with us (including commercial contracts, asset sale agreements and other agreements), whether justified or not and whether due to financial constraints (such as reduced creditworthiness, liquidity issues or insolvency), market constraints, legal constraints (including governmental orders or guidance), the exercise of contractual or common law rights that allegedly excuse their performance (such as force majeure or similar claims) or other factors;loss of key personnel and inability to attract and retain new talent;disruptions to futures markets for crude oil, NGL and other petroleum products, which may impair our ability to execute our commercial or hedging strategies;the effectiveness of our risk management activities;shortages or cost increases of supplies, materials or labor;maintenance of our credit ratings and ability to receive open credit from our suppliers and trade counterparties;our inability to perform our obligations under our contracts, whether due to non-performance by third parties, including our customers or counterparties, market constraints, third-party constraints, supply chain issues, legal constraints (including governmental orders or guidance), or other factors or events;the incurrence of costs and expenses related to unexpected or unplanned capital or maintenance expenditures, third-party claims or other factors;failure to implement or capitalize, or delays in implementing or capitalizing, on investment capital projects, whether due to permitting delays, permitting withdrawals or other factors;tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, investment capital projects, working capital requirements and the repayment or refinancing of indebtedness;the amplification of other risks caused by volatile or closed financial markets, capital constraints, liquidity concerns and inflation;the use or availability of third-party assets upon which our operations depend and over which we have little or no control;the currency exchange rate of the Canadian dollar to the United States dollar;the deferral of current revenue recognition attributable to deficiency payments received from customers who fail to ship or move their minimum contracted volumes;significant under-utilization of our assets and facilities;increased costs, or lack of availability, of insurance;fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans;risks related to the development and operation of our assets; andother factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, as well as in the processing, transportation, fractionation, storage and marketing of NGL as discussed in the Partnerships’ filings with the Securities and Exchange Commission.
  About Plains:

PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (“NGL”). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles over 9 million barrels per day of crude oil and NGL.

PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

PAA and PAGP are headquartered in Houston, Texas. For more information, please visit www.plains.com.

Contacts:

Blake Fernandez
Vice President, Investor Relations
(866) 809-1291

Ross Hovde
Director, Investor Relations
(866) 809-1291

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Net Lease Office Properties (NYSE: NLOP) announced the income tax treatment of distributions reported on Form 1099-DIV for 2025. Shareholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of Net Lease Office Properties distributions. 

CUSIP 64110Y108 

FORM 1099-DIV 

Box 1a

Box 2a

Box 3

Box 1b

Box 2b

Box 2f

Box 5

Record 

Date

Payment
Date

Distribution
Per Share

Ordinary
Dividends

Capital Gain
Distributions

Nondividend
Distributions

Qualified
Dividends(1)

Unrecaptured
Section 1250 Gain(2)

Section 897
Capital Gain(3)

Section 199A
Dividends(4)

Section 1061 One-Year
Amounts Disclosure(5)

Section 1061 Three-Year
Amounts Disclosure(5)

8/18/2025

9/3/2025

$3.1000000

$0.0000000

$0.0000000

$3.1000000

$0.0000000

$0.0000000

$0.0000000

$0.0000000

$0.0000000

$0.0000000

12/4/2025

12/19/2025

$4.1000000

$0.0000000

$0.0000000

$4.1000000

$0.0000000

$0.0000000

$0.0000000

$0.0000000

$0.0000000

$0.0000000

Qualified Dividends is a subset of, and included in, the Taxable Ordinary Dividends amount. Unrecaptured Section 1250 Gain is a subset of, and included in, the Taxable Capital Gain Distributions amount. Section 897 Capital Gain is a subset of, and included in, the Taxable Capital Gain Distributions amount. Section 199A Dividends is a subset of, and included in, the Taxable Ordinary Dividends amount. For the purposes of Section 1061 of the Internal Revenue Code, the "one-year amounts disclosure" and "three-year amounts disclosure" related to the capital gain distributions reported in box 2a are generally applicable to direct and indirect holders of "applicable partnership interests". Net Lease Office Properties

Net Lease Office Properties (NYSE: NLOP) is a publicly traded real estate investment trust that owns a portfolio of high-quality, primarily single-tenant office properties located in the U.S. and net leased to corporate tenants operating across a variety of industries.

www.nloproperties.com 

Institutional Investors:
1-212-492-1140
[email protected]

Individual Investors:
1-844-NLO REIT (656-7348)
[email protected]

Press Contact:
Anna McGrath
1-212-492-1166

SOURCE Net Lease Office Properties

Also from this source

February 06, 2026 07:30 ET  | Source: AGF Management Ltd.

TORONTO, Feb. 06, 2026 (GLOBE NEWSWIRE) -- AGF Management Limited (“AGF”) announced today that the Toronto Stock Exchange (“TSX”) has approved AGF’s notice of intention to renew its normal course issuer bid in respect of its Class B Non-Voting Shares (AGF.B).

As at January 26, 2026, there were 64,472,5331 Class B Non-Voting Shares issued and outstanding and the public float consisted of 46,938,306 Class B Non-Voting Shares.

Under the announced normal course issuer bid, AGF is permitted to purchase up to 4,693,830 Class B Non-Voting Shares, representing approximately 10% of the public float for such shares as of January 26, 2026. Purchases under the normal course issuer bid may commence on February 10, 2026 and continue until February 9, 2027, when the bid expires. Pursuant to the Articles of AGF, the Class B Non-Voting Shares may not be purchased by AGF at a price which exceeds more than 15% of the weighted average price at which the Class B Shares traded on the TSX during the ten trading days immediately preceding the date of any such purchase.

AGF announced that it will be entering into an automatic purchase plan (the “Plan”) with a broker during the normal course issuer bid. The Plan is effective as of February 10, 2026 and should terminate together with the normal course issuer bid. The Plan allows for purchases by AGF of its Class B Non-Voting Shares, subject to certain parameters.

Under the announced normal course issuer bid, purchases may be made through the facilities of TSX, alternative Canadian trading systems /other designated exchanges, or as otherwise permitted by the Canadian Securities Administrators or Ontario Securities Commission. The average daily trading volume (“ADTV”) of the Class B Non-Voting Shares (for the six-month period ended January 31, 2026) on the TSX was 107,502. Under the rules of the TSX, AGF is entitled to repurchase during the same trading day on the TSX up to 25% of the ADTV of its Class B Non-Voting Shares, being 26,875 except where reliance is placed on the TSX’s block purchase exemption.

Class B Non-Voting Shares purchased under the NCIB will be canceled or purchased and held by the AGF Employee Benefit Trust for the settlement of equity settled incentive plans by AGF. The directors believe that the purchase for cancellation of Class B Non-Voting Shares represents a desirable use of capital when, if in the opinion of management, the value of the Class B Non-Voting shares is attractive relative to the trading price of said shares.  Purchase for cancellation by AGF of outstanding Class B Non-Voting Shares may also be used to offset the dilutive effect of treasury stock released for the employee benefit trust and of shares issued through AGF’s stock option plans and dividend reinvestment plan.

Under its existing normal course issuer bid, which expires on February 9, 2026, AGF sought and received approval from the TSX to purchase 4,750,792 Class B Non-Voting Shares. During the period from February 10, 2025, to February 4, 2026, AGF acquired 2,757,313 Class B Non-Voting Shares at a weighted average price of $13.30.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $59 billion in total assets under management and fee-earning assets, AGF serves more than 820,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

Media Contact

Amanda Marchment
Director, Corporate Communications
416-865-4160
[email protected]  

1 Includes treasury stock in the amount of 403,336

February 06, 2026 07:30 ET  | Source: Intellia Therapeutics, Inc.

CAMBRIDGE, Mass., Feb. 06, 2026 (GLOBE NEWSWIRE) -- Intellia Therapeutics, Inc. (Nasdaq: NTLA), a leading clinical-stage gene editing company focused on revolutionizing medicine with CRISPR-based therapies, today announced that on February 1, 2026, it awarded inducement grants to six new employees under Intellia’s 2024 Inducement Plan as a material inducement to employment.

The inducement grants consisted of time-based restricted stock units (“RSUs”) for an aggregate of 30,600 shares of Intellia’s common stock, with one-third of such RSUs vesting annually over three years. All equity vesting is subject to each employee’s continued service as an employee of, or other service provider to, Intellia through the applicable vesting dates.

All of the above-described awards were granted outside of Intellia’s stockholder-approved equity incentive plans pursuant to Intellia’s 2024 Inducement Plan, which was adopted by the board of directors in June 2024. These awards were approved by Intellia’s compensation committee as a material inducement to entering into employment with Intellia in accordance with Nasdaq Listing Rule 5635(c)(4).

About Intellia Therapeutics

Intellia Therapeutics, Inc. (Nasdaq: NTLA) is a leading clinical-stage gene editing company focused on revolutionizing medicine with CRISPR-based therapies. Since its inception, Intellia has focused on leveraging gene editing technology to develop novel, first-in-class medicines that address important unmet medical needs and advance the treatment paradigm for patients. Intellia’s deep scientific, technical and clinical development experience, along with its people, is helping set the standard for a new class of medicine. To harness the full potential of gene editing, Intellia continues to expand the capabilities of its CRISPR-based platform with novel editing and delivery technologies. Learn more at intelliatx.com and follow us @intelliatx.

Intellia Contact:

Jason Fredette
Vice President, Investor Relations and Corporate Communications
[email protected]

NEW YORK, Feb. 06, 2026 (GLOBE NEWSWIRE) -- TG Therapeutics, Inc. (NASDAQ: TGTX), today announced the presentation of data highlighting BRIUMVI® (ublituximab-xiiy), to be presented at the Americas Committee for Treatment and Research in Multiple Sclerosis (ACTRIMS) annual forum, being held in San Diego, California. Links to each presentation are included below.

Michael S. Weiss, Chief Executive Officer and Chairman of TG Therapeutics stated, “We are pleased to share data at this year’s ACTRIMS annual meeting, including updates from the ENABLE real world study evaluating patients with RMS on BRIUMVI. Our presentations reflect our continued focus on advancing the clinical understanding of BRIUMVI and supporting the MS community with meaningful data.”

TG PRESENTATIONS:

Poster Presentation Title: Real-World Infusion Experience with Ublituximab in ENABLE: the First Phase 4 Observational Study for Patients with Relapsing Multiple Sclerosis Initiating Ublituximab

Lead Author: Carrie Hersh, DO, MSc, FAAN - Cleveland Clinic Lou Ruvo Center for Brain Health (CCLRCBH) (MS) & Neuroimmunology Specialist – Assoc. Professor of Neurology at Cleveland Clinic Lerner College of Medicine of Case Western Reserve University
Poster Presentation Title: Study Design of a Phase 2 Ublituximab Dose Confirmation Study in Children and Adolescents with Relapsing Multiple Sclerosis: ULTIMATE KIDS I

Lead Author: K. Mok, PhD – VP Clinical Development, Global Operations TG Therapeutics
Poster Presentation Title: Study Design of a Phase 3, Randomized, Double-Blind Study of Ublituximab Versus Fingolimod in Children and Adolescents with Relapsing Multiple Sclerosis: ULTIMATE KIDS II

Lead Author: K. Mok, PhD – VP Clinical Development, Global Operations TG Therapeutics
The above TG presentations are available on the Publications page, located within the Pipeline section, of the Company’s website at www.tgtherapeutics.com/publications.cfm.

OTHER PRESENTATIONS OF BRIUMVI DATA: 

Poster Presentation Title: Multi-protein Biomarker Test Results for Participants Treated with Ublituximab from the Study to Evaluate Safety, Efficacy and Pharmacokinetics (PK) of a Modified Regimen of Ublituximab (ENHANCE)

Lead Author: S. McCurdy - Octave Bioscience, Menlo Park, CA
All presentations are available via the ACTRIMS ePoster gallery available at www.forum.actrims.org.

ABOUT THE ULTIMATE I & II PHASE 3 TRIALS
ULTIMATE I & II are two randomized, double-blind, double-dummy, parallel group, active comparator-controlled clinical trials of identical design, in patients with RMS treated for 96 weeks. Patients were randomized to receive either BRIUMVI, given as an IV infusion of 150 mg administered in four hours, 450 mg two weeks after the first infusion administered in one hour, and 450 mg every 24 weeks administered in one hour, with oral placebo administered daily; or teriflunomide, the active comparator, given orally as a 14 mg daily dose with IV placebo administered on the same schedule as BRIUMVI. Both studies enrolled patients who had experienced at least one relapse in the previous year, two relapses in the previous two years, or had the presence of a T1 gadolinium (Gd)-enhancing lesion in the previous year. Patients were also required to have an Expanded Disability Status Scale (EDSS) score from 0 to 5.5 at baseline. The ULTIMATE I & II trials enrolled a total of 1,094 patients with RMS across 10 countries. These trials were led by Lawrence Steinman, MD, Zimmermann Professor of Neurology & Neurological Sciences, and Pediatrics at Stanford University. Additional information on these clinical trials can be found at www.clinicaltrials.gov (NCT03277261; NCT03277248).

ABOUT BRIUMVI® (ublituximab-xiiy) 150 mg/6 mL Injection for IV
BRIUMVI is a novel monoclonal antibody that targets a unique epitope on CD20-expressing B-cells. Targeting CD20 using monoclonal antibodies has proven to be an important therapeutic approach for the management of autoimmune disorders, such as RMS. BRIUMVI is uniquely designed to lack certain sugar molecules normally expressed on the antibody. Removal of these sugar molecules, a process called glycoengineering, allows for efficient B-cell depletion at low doses.

BRIUMVI is indicated in the U.S. for the treatment of adults with RMS, including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease and in several countries outside of the U.S. for the treatment of adult patients with RMS with active disease defined by clinical or imaging features.

A list of authorized specialty distributors can be found at www.briumvi.com.

IMPORTANT SAFETY INFORMATION
Contraindications: BRIUMVI is contraindicated in patients with:

Active Hepatitis B Virus infectionA history of life-threatening infusion reaction to BRIUMVI WARNINGS AND PRECAUTIONS

Infusion Reactions: BRIUMVI can cause infusion reactions, which can include pyrexia, chills, headache, influenza-like illness, tachycardia, nausea, throat irritation, erythema, and an anaphylactic reaction. In MS clinical trials, the incidence of infusion reactions in BRIUMVI-treated patients who received infusion reaction-limiting premedication prior to each infusion was 48%, with the highest incidence within 24 hours of the first infusion. 0.6% of BRIUMVI-treated patients experienced infusion reactions that were serious, some requiring hospitalization.

Observe treated patients for infusion reactions during the infusion and for at least one hour after the completion of the first two infusions unless infusion reaction and/or hypersensitivity has been observed in association with the current or any prior infusion. Inform patients that infusion reactions can occur up to 24 hours after the infusion. Administer the recommended pre-medication to reduce the frequency and severity of infusion reactions. If life-threatening, stop the infusion immediately, permanently discontinue BRIUMVI, and administer appropriate supportive treatment. Less severe infusion reactions may involve temporarily stopping the infusion, reducing the infusion rate, and/or administering symptomatic treatment.

Infections: Serious, life-threatening or fatal, bacterial and viral infections have been reported in BRIUMVI-treated patients. In MS clinical trials, the overall rate of infections in BRIUMVI-treated patients was 56% compared to 54% in teriflunomide-treated patients. The rate of serious infections was 5% compared to 3% respectively. There were 3 infection-related deaths in BRIUMVI-treated patients. The most common infections in BRIUMVI-treated patients included upper respiratory tract infection (45%) and urinary tract infection (10%). Delay BRIUMVI administration in patients with an active infection until the infection is resolved.

Consider the potential for increased immunosuppressive effects when initiating BRIUMVI after immunosuppressive therapy or initiating an immunosuppressive therapy after BRIUMVI.

Hepatitis B Virus (HBV) Reactivation: HBV reactivation occurred in an MS patient treated with BRIUMVI in clinical trials. Fulminant hepatitis, hepatic failure, and death caused by HBV reactivation have occurred in patients treated with anti-CD20 antibodies. Perform HBV screening in all patients before initiation of treatment with BRIUMVI. Do not start treatment with BRIUMVI in patients with active HBV confirmed by positive results for HB surface antigen (HBsAg) and anti-HB tests. For patients who are negative for HBsAg and positive for HB core antibody [HBcAb+] or are carriers of HBV [HBsAg+], consult a liver disease expert before starting and during treatment.

Progressive Multifocal Leukoencephalopathy (PML): PML is an opportunistic viral infection of the brain caused by the JC virus (JCV) that typically only occurs in patients who are immunocompromised, and that usually leads to death or severe disability. JCV infection resulting in PML has been observed in patients treated with anti-CD20 antibodies, including BRIUMVI, and other MS therapies.

If PML is suspected, withhold BRIUMVI and perform an appropriate diagnostic evaluation. Typical symptoms associated with PML are diverse, progress over days to weeks, and include progressive weakness on one side of the body or clumsiness of limbs, disturbance of vision, and changes in thinking, memory, and orientation leading to confusion and personality changes.

MRI findings may be apparent before clinical signs or symptoms; monitoring for signs consistent with PML may be useful. Further investigate suspicious findings to allow for an early diagnosis of PML, if present. Following discontinuation of another MS medication associated with PML, lower PML-related mortality and morbidity have been reported in patients who were initially asymptomatic at diagnosis compared to patients who had characteristic clinical signs and symptoms at diagnosis.

If PML is confirmed, treatment with BRIUMVI should be discontinued.

Vaccinations: Administer all immunizations according to immunization guidelines: for live or live-attenuated vaccines, at least 4 weeks and, whenever possible, at least 2 weeks prior to initiation of BRIUMVI for non-live vaccines. BRIUMVI may interfere with the effectiveness of non-live vaccines. The safety of immunization with live or live-attenuated vaccines during or following administration of BRIUMVI has not been studied. Vaccination with live virus vaccines is not recommended during treatment and until B-cell repletion.

Vaccination of Infants Born to Mothers Treated with BRIUMVI During Pregnancy: In infants of mothers exposed to BRIUMVI during pregnancy, assess B-cell counts prior to administration of live or live-attenuated vaccines as measured by CD19+ B-cells. Depletion of B-cells in these infants may increase the risks from live or live-attenuated vaccines. Inactivated or non-live vaccines may be administered prior to B-cell recovery. Assessment of vaccine immune responses, including consultation with a qualified specialist, should be considered to determine whether a protective immune response was mounted.

Fetal Risk: Based on data from animal studies, BRIUMVI may cause fetal harm when administered to a pregnant woman. Transient peripheral B-cell depletion and lymphocytopenia have been reported in infants born to mothers exposed to other anti-CD20 B-cell depleting antibodies during pregnancy. Advise females of reproductive potential to use effective contraception during BRIUMVI treatment and for 6 months after the last dose.

Reduction in Immunoglobulins: As expected with any B-cell depleting therapy, decreased immunoglobulin levels were observed. Decrease in immunoglobulin M (IgM) was reported in 0.6% of BRIUMVI-treated patients compared to none of the patients treated with teriflunomide in RMS clinical trials. Monitor the levels of quantitative serum immunoglobulins during treatment, especially in patients with opportunistic or recurrent infections, and after discontinuation of therapy, until B-cell repletion. Consider discontinuing BRIUMVI therapy if a patient with low immunoglobulins develops a serious opportunistic infection or recurrent infections, or if prolonged hypogammaglobulinemia requires treatment with intravenous immunoglobulins.

Liver Injury: Clinically significant liver injury, without findings of viral hepatitis, has been reported in the postmarketing setting in patients treated with anti-CD20 B-cell depleting therapies approved for the treatment of MS, including BRIUMVI. Signs of liver injury, including markedly elevated serum hepatic enzymes with elevated total bilirubin, have occurred from weeks to months after administration.

Patients treated with BRIUMVI found to have an alanine aminotransaminase (ALT) or aspartate aminotransferase (AST) greater than 3x the upper limit of normal (ULN) with serum total bilirubin greater than 2x ULN are potentially at risk for severe drug-induced liver injury.

Obtain liver function tests prior to initiating treatment with BRIUMVI, and monitor for signs and symptoms of any hepatic injury during treatment. Measure serum aminotransferases, alkaline phosphatase, and bilirubin levels promptly in patients who report symptoms that may indicate liver injury, including new or worsening fatigue, anorexia, nausea, vomiting, right upper abdominal discomfort, dark urine, or jaundice. If liver injury is present and an alternative etiology is not identified, discontinue BRIUMVI.

Most Common Adverse Reactions: The most common adverse reactions in RMS trials (incidence of at least 10%) were infusion reactions and upper respiratory tract infections.

Physicians, pharmacists, or other healthcare professionals with questions about BRIUMVI should visit www.briumvi.com.

ABOUT BRIUMVI PATIENT SUPPORT in the U.S.
BRIUMVI Patient Support is a flexible program designed by TG Therapeutics to support U.S. patients through their treatment journey in a way that works best for them. More information about the BRIUMVI Patient Support program can be accessed at www.briumvipatientsupport.com.

ABOUT MULTIPLE SCLEROSIS
Relapsing multiple sclerosis (RMS) is a chronic demyelinating disease of the central nervous system (CNS) and includes people with relapsing-remitting multiple sclerosis (RRMS) and people with secondary progressive multiple sclerosis (SPMS) who continue to experience relapses. RRMS is the most common form of multiple sclerosis (MS) and is characterized by episodes of new or worsening signs or symptoms (relapses) followed by periods of recovery. It is estimated that nearly 1 million people are living with MS in the United States and approximately 85% are initially diagnosed with RRMS.1,2 The majority of people who are diagnosed with RRMS will eventually transition to SPMS, in which they experience steadily worsening disability over time. Worldwide, more than 2.3 million people have a diagnosis of MS.1

ABOUT TG THERAPEUTICS
TG Therapeutics is a fully integrated, commercial stage, biopharmaceutical company focused on the acquisition, development and commercialization of novel treatments for B-cell diseases. In addition to a research pipeline including several investigational medicines, TG Therapeutics has received approval from the U.S. Food and Drug Administration (FDA) for BRIUMVI® (ublituximab-xiiy) for the treatment of adult patients with relapsing forms of multiple sclerosis, including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, as well as approval from several regulatory agencies outside of the U.S. for BRIUMVI to treat adult patients with RMS who have active disease defined by clinical or imaging features. For more information, visit

www.tgtherapeutics.com, and follow us on X (formerly Twitter)

@TGTherapeutics and on

LinkedIn.

BRIUMVI® is a registered trademark of TG Therapeutics, Inc.

Cautionary Statement
This press release contains forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward- looking statements contained in this press release. In addition to the risk factors identified from time to time in our reports filed with the U.S. Securities and Exchange Commission (SEC), factors that could cause our actual results to differ materially include the below.

Such forward looking statements include but are not limited to statements regarding the ULTIMATE I & II Phase 3 studies, the ULTIMATE KIDS I & II studies, the ENHANCE study, the ENABLE study and BRIUMVI as a treatment for relapsing forms of multiple sclerosis (RMS). Additional factors that could cause our actual results to differ materially include the following: the risk that the data from any studies evaluating BRIUMVI that we announce or publish may change, or the product profile of BRIUMVI may be impacted, as more data or additional endpoints are analyzed; the risk that data may emerge from future clinical studies or from adverse event reporting that may affect the safety and tolerability profile and commercial potential of BRIUMVI; the risk that any individual patient’s clinical experience in the post-marketing setting, or the aggregate patient experience in the post-marketing setting, may differ from that demonstrated in controlled clinical trials such as ULTIMATE I and II; the risk that BRIUMVI will not be commercially successful; our ability to expand our commercial infrastructure, and successfully market and sell BRIUMVI in RMS; the Company’s reliance on third parties for manufacturing, distribution and supply, and a range of other support functions for our commercial and clinical products, including BRIUMVI, and the ability of the Company and its manufacturers and suppliers to produce and deliver BRIUMVI to meet the market demand for BRIUMVI; the failure to obtain and maintain requisite regulatory approvals, including the risk that the Company fails to satisfy post-approval regulatory requirements; the uncertainties inherent in research and development and general political, economic and business conditions. Further discussion about these and other risks and uncertainties can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our other filings with the U.S. Securities and Exchange Commission.

Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. This press release and prior releases are available at www.tgtherapeutics.com. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only.

CONTACT:
Investor Relations
Email:[email protected]
Telephone: 1.877.575.TGTX (8489), Option 4

Media Relations
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1. MS Prevalence. National Multiple Sclerosis Society website. https://www.nationalmssociety.org/About-the-Society/MS-Prevalence. Accessed October 26, 2020. 2. Multiple Sclerosis International Federation, 2013 via Data monitor p. 236.

VANCOUVER, British Columbia, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce the results from its regional prospecting soil and rock sampling program and the remaining drill results from its 2025 field season at the wholly owned Thorn Project, located in northwest British Columbia, Canada. The company provides a corporate and project update.

Highlights

Soil and rock geochemical sampling conducted within the Camp Creek Corridor has resulted in the identification of multiple new exploration targets. Notably, at the Cirque East Target, porphyry-style mineralization was identified hosted in a monzonite intrusive unit, with assays returning up to 2.16% copper and 39 g/t silver.At the 95th South Target, high-grade silver mineralization was found in veins, yielding up to 642 g/t silver, 1.47% copper, 3.56% lead, and 1.97% zinc.At Brixton’s Annual General and Special Meeting held on February 4th, 2026, shareholders have approved, among other items, a ten for one share consolidation, subject to the approval of the TSX Venture Exchange, which will result in a new post consolidation share count of 71.3 million shares outstanding. The Company believes the current strong metals market, a tight float, and with all four of its gold, silver and copper projects being drilled this year will provide a greater opportunity for share price appreciation.
Chairman, CEO, Gary R. Thompson stated, “The definition of new exploration targets through geochemical sampling with boots on the ground has been an effective approach at the Thorn Project as we continue to identify new areas of mineralization. 2026 is shaping up to be an exciting year for Brixton as we unlock potential at Thorn by drilling this year. Meanwhile current drilling at the Langis Silver Project is progressing well. Ivanhoe Electric is drilling at Brixton’s Hog Heaven copper-gold porphyry Project under the Earn-in Agreement and Eldorado Gold plans to drill Brixton’s Atlin Goldfields Project under the Option Agreement. This year will be the first time ever that all four of our projects will be drilled in the same year, so it’s super exciting. Assays from Langis are anticipated in the coming weeks and months.”

Figure 1. Brixton Metals Project Locations.

Figure 2. Location of Targets at the Thorn Project.

Discussion

During the 2025 exploration season at the Thorn Project, Brixton Metals conducted an extensive regional prospecting program, collecting 770 soil samples and 195 rock samples across multiple target zones. Geochemical analysis of these samples identified several new porphyry exploration targets within the Camp Creek Corridor, including the Cirque East target. In addition, high-grade silver veins at the 95th South Target were mapped and sampled. Drilling activities for the season comprised 3,223 meters at Camp Creek, 6,272 meters at Trapper, 2,670 meters at Catalyst, and 601 meters at Tempest. This news release presents the remaining drillhole results for the Thorn Project at the Camp Creek and Trapper Targets.

Camp Creek Corridor Overview

The Camp Creek Corridor is a northwest-trending zone hosting multiple centers of porphyry-style mineralization. This corridor is interpreted to be perpendicular to the Camp Creek Fault, which may have served as a conduit for porphyry intrusions into both the Stuhini volcanic rocks and the granitic units of the Thorn Stock. Key mineralized systems within the corridor include the Camp Creek Cu-Mo-Au porphyry, along with the recently identified Catalyst Cu-Au (see News Release, dated October 30, 2025) and Tempest Cu-Au (see News Release, dated December 1, 2025) porphyries (Figure 3).

In 2025, soil and rock sampling expanded the surface footprint of the Catalyst and Tempest Targets and delineated additional porphyry-style prospects. Of particular note is the Cirque Target, drilled in 2024, which revealed copper mineralization associated with intrusive breccias (see News Release, dated September 17, 2024). Recent mapping and sampling east of the drilled area have confirmed porphyry-style alteration and outlined a footprint coincident with a one-kilometre-long leach cap. Rock-chip samples from this area returned up to 2.16% copper and 39 g/t silver (sample B137847; see Table 1). Intrusive rocks at Cirque-East are characterized by fine-grained monzonites hosting chalcopyrite and molybdenite within quartz veins. The observed Cu-Ag-Mo mineralization, together with granitic intrusive phases and the development of a leach cap, is typical of porphyry deposits. Ongoing work will focus on refining these field results and evaluating the area for potential drilling in the 2026 campaign.

Figure 3. Map illustrating exploration targets within the Camp Creek Corridor, including locations of historical and 2025 drill holes, copper distribution in soils from both recent and past geochemical surveys, and IP-chargeability polygons delineated during the 2025 field season.

About the 95th South Target

The 95th South Target (see Figure 2 for general location of this target) consists of a series of nearly parallel veins ranging from 30 cm to 2 meters in width, striking ENE-WSE (see Figure 4). These veins are composed of quartz-feldspar with variable amounts of galena, sphalerite, chalcopyrite, bornite and pyrite. Sampling has returned notable values, including up to 642 g/t silver, 1.47% copper, 3.56% lead, and 1.97% zinc (sample B137851), as well as 414 g/t silver (sample B137859). These polymetallic veins intrude a Triassic quartz-diorite, and in some instances, are accompanied by meter-wide alteration halos characterized by quartz-carbonate and localized sulphide mineralization. Further fieldwork in this area will focus on continuous sampling of these mineralized veins and on testing similar structures.

Figure 4. Map illustrating the principal mapped polymetallic veins and locations of rock samples collected from the 95th South Target.

Table 1. Selected rock samples from the 2025 field campaign at the Cirque East and 95th South Targets.

SampleTargetSample TypeAg
(g/t)Cu (ppm)Mo (ppm)Pb (ppm)Zn (ppm)B137827Cirque EastChip1.671020481769B137837Cirque EastChip2.961530212073B137838Cirque EastGrab2.436225642759B137843Cirque EastChip2.42164072686B137847Cirque EastChip39.3021600124136B13785195th SouthGrab642.0014700103560019700B13785695th SouthGrab172.001480016218016350B13785795th SouthChip21.60209042431188B13785895th SouthChip31.80505056217409B13785995th SouthChip414.0074191154076 The collected rocks are selected chip or grab samples of mineralized outcrops within each target area and do not represent the entire target.

Trapper Gold Target

Gold mineralization at Trapper is structurally controlled, trending northwest-southeast and dipping moderately to the north within the main drilling area. Mineralization is preferentially developed along the contact between Cretaceous (85.2 ± 1.2 Ma) quartz diorite and Triassic lapilli tuffs, with broad gold intervals largely hosted along these faulted contacts. Gold is associated with silver and base metal veins containing pyrite, galena, sphalerite, and locally chalcopyrite and bornite. During the 2025 field season, drilling at Trapper comprised 6,272 meters across 30 holes. Notably, drillhole THN25-348 was collared from the same pad as previously reported holes THN25-358 and THN25-359 (see News Release, dated December 16, 2025), with mineralized intervals detailed in Table 2.

Drilling at the Camp Creek High Sulfidation Target

The final drillholes completed in 2025 at the Camp Creek high-sulfidation target include THN25-367, THN25-368, THN25-369, and THN25-370 (see Table 2). These holes intersected mineralized sections ranging from meters to tens of meters, associated with polymetallic veins interpreted as the shallow, high-sulfidation expression of the deeper Camp Creek porphyry system. Drilling at Camp Creek covered 3,223 meters across 19 holes and successfully identified high-sulfidation polymetallic veins. Future drilling in this area will focus on further testing the extent and grade of these high-sulfidation veins and on evaluating similar interpreted structures.

Table 2. Select Assay Intervals in Holes THN25-348 at Trapper and holes THN25-367, THN25-368, THN25-369 and THN25-370 at Camp Creek.

Hole IDFromToIntervalGoldSilverCoppermetermetermeterg/tg/t%THN25-348111.00115.304.301.392.01- 288.00292.004.002.588.07- 313.50314.000.505.3027.60-       THN25-36798.00108.0010.000.90102.210.86including100.35105.805.451.42159.501.38THN25-368128.00137.709.700.3312.520.15including134.50135.601.100.8264.900.90THN25-369174.60175.200.600.5457.400.88 209.00213.924.920.5914.110.03THN25-370263.60264.641.040.2019.95- Assay values are weighted averages. Reported intervals are drilling length, and the true width of the mineralized intervals has not yet been determined

Table 3. Collar location for reported drillholes

Hole IDLocationEasting
(m)Northing
(m)Elevation
(m)AzimuthDipDepth
(m)  THN25-348Trapper630519648540012262-45324 THN25-367Camp Creek6281666491808773140-70143 THN25-368Camp Creek6282576492382859340-60194 THN25-369Camp Creek628257649238285960-60251 THN25-370Camp Creek628257649238285990-60299  Quality Assurance & Quality Control

Brixton Metals has established rigorous quality assurance and quality control procedures for both drill core and surface sampling. Core samples were typically collected at 1.5-meter intervals, with high-grade intervals sampled at 0.5 meters. Blank, duplicate (lab pulp), and certified reference materials were inserted at a combined rate of up to 15 percent. Core samples were split, bagged, secured, and sent directly to ALS Minerals preparation facilities in Whitehorse, Yukon or Langley, British Columbia, depending on laboratory availability. Rock samples, collected as grab or chip samples, followed similar protocols prior to laboratory analysis. ALS Minerals Laboratories is accredited to ISO 9001:2008 and ISO 17025 standards for laboratory procedures. Gold analyses were performed at ALS Laboratory Facilities in North Vancouver, British Columbia, using fire assay with atomic absorption finish, while silver, lead, copper, zinc, and 48 additional elements were analyzed by four acid digestion with ICP-MS finish. Overlimit gold values were determined by fire assay and gravimetric finish. Certified reference materials were sourced from CDN Resource Laboratories Ltd. in Langley, British Columbia, with standards inserted based on the type and abundance of mineralization observed. Non-mineralized siliceous landscaping rock was used as blank material. The Company’s QAQC protocols are available on its website.

Update on Thorn Project

Drilling at Brixton’s Thorn Project is expected to commence in May 2026. Drill results will be released as they become available.

Update on Drilling at Langis Silver Project

Brixton Metals is actively drilling its wholly owned high-grade Langis Silver Project, situated in the renowned, silver-rich Cobalt Camp of Ontario, roughly 500 kilometers north of Toronto. Thus far, in 2026, the Company has completed 3,000 meters of drilling across eight holes, with assay results pending. Results will be released as they are made available.

Update on Hog Heaven and Atlin Projects 

Brixton's Hog Heaven Project, in Montana, is under an Earn-in Option to Ivanhoe Electric and as the operator, Ivanhoe Electric has commenced drilling, in search of the causative copper-gold porphyry system. Brixton's Atlin Goldfields Project in British Columbia is under Option to Eldorado Gold where they plan to start drilling orogenic gold targets in May 2026. Drill results will be released as they become available. 

Qualified Person (QP)

Ms. Madeline Berry, P.Geo., is a Project Geologist for the Company who is a Qualified Person as defined by National Instrument 43-101. Ms. Berry has verified the referenced data and analytical results disclosed in this press release and has approved the technical information presented herein.

Corporate Update

The Company held its Annual General and Special Meeting February 4, 2026. All matters were approved at the Meeting by shareholders. New directors, Ryan Goodman and Kevin Chen, were elected to the Board of Directors and incumbent directors, Ian Ball, Cale Moodie and Gary Thompson, were re-elected to the Board of Directors. A share consolidation was approved by shareholders resulting in a ten for one share consolidation, subject to the approval of the TSX Venture Exchange, which will result in a new share count of 71,323,542 post consolidation. An amendment of the Company’s articles was approved to provide directors with more flexibility regarding amending the Company’s authorized share capital. Shareholders also re-approved the Company’s Stock Option Plan for the ensuing year.

The exercise price and the number of shares issuable under the Company's outstanding warrants and stock options will be proportionately adjusted to reflect the consolidation in accordance with the respective terms thereof. Fractional common shares will not be issued, and no cash will be paid in lieu of fractional post-consolidation common shares. The number of post-consolidation common shares to be received by a shareholder will be rounded down to the nearest whole common share. This proposed consolidation does not change a shareholder’s proportionate ownership interest in the Company.

The proposed consolidation has been approved and authorized by the Company’s board of directors. The consolidation is subject to approval by the TSX Venture Exchange. In particular, the Company will be required to meet the Exchange’s continued listing requirements upon completion of a consolidation. There is no guarantee that Exchange acceptance of a consolidation will be given or that the Company will meet the Exchange’s continued listing requirements upon completion.

A further news release will be issued announcing the effective date for the consolidation and a letter of transmittal will be mailed to the Company’s registered shareholders, which shareholders can use to exchange their current share certificates for certificates representing the consolidated number of shares. No action will be required to effect consolidation of beneficially held securities by non-registered shareholders, who hold securities of the Company through an intermediary.

The Company does not intend to change its name or current trading symbol in connection with the proposed consolidation.

About Brixton Metals Corporation

Brixton Metals is a Canadian exploration company focused on the advancement of its mining projects. Brixton wholly owns four exploration projects: Brixton’s flagship Thorn copper-gold-silver-molybdenum Project, the Hog Heaven copper-silver-gold Project in NW Montana, USA, which is optioned to Ivanhoe Electric Inc., the Langis and HudBay silver Projects in Ontario and the Atlin Goldfields Project located in northwest BC, which is optioned to Eldorado Gold Corporation. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB, and on the OTCQB under the ticker symbol BBBXF. For more information about Brixton, please visit our website at www.brixtonmetals.com.

On Behalf of the Board of Directors

Mr. Gary R. Thompson, Chairman and CEO
[email protected]

For Investor Relations inquiries please contact: Mr. Michael Rapsch, Vice President Investor Relations. email: [email protected] or call Tel: 604-630-9707

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

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, statements regarding the use of proceeds. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements. 

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