Market Signal Briefing

Tether, the world's largest stablecoin issuer, has once again shattered expectations with a record-breaking $3.3 billion profit in Q3 2025, pushing its year-to-date earnings past $10 billion. The report cements Tether's status as not just a digital finance leader but also one of the most profitable privately held companies globally.

Alibaba AI predicts stronger prospects for XRP, Solana, and Zcash into year-end. Rate cuts and recent ETF approvals have supported risk appetite, while prior corrections have cleared excess leverage, and onchain activity has indicated conditions for altcoin leadership.

Ethereum (ETH) traders have quickly pivoted to extreme bullishness after the recent crypto market crash. According to market data analysis from Santiment, Ethereum traders have been expecting a strong rebound in the coming days following a series of deleveraging.

Source: Santiment

However, Santiment cautioned Ethereum traders for turning extremely bullish as history has proven that the market often moves in the opposite direction of the crowd’s expectations.

Why are Ethereum Traders Getting Extremely Bullish?Renewed Demand from Whale Investors amid Supportive Macro BackdropEthereum traders have turned extremely bullish in the recent past following the notable deleveraging and renewed demand from whale investors. For instance, on-chain data analysis shows  Tom Lee-led BitMine has been buying the recent market dip, whereby it withdrew ETH valued at about $70 million on Thursday.

The Ethereum traders have been expecting a bullish rebound as Wall Street gradually turns to altcoins. Ahead of the anticipated Fed’s Quantitative Easing (QE), institutional investors have been building on Ethereum via Digital Assets Treasuries (DATs), spot Exchange-Traded Funds (ETF), and tokenization of real-world assets (RWA).

Technical Tailwind ahead of the anticipated altseason 2025From a technical analysis standpoint, ETH price has been retesting a crucial support level, which previously acted as a resistance level for long. 

Source: X

With the ETH’s daily Relative Strength Index (RSI) hovering around oversold levels, a potential rebound towards a new all-time high is highly likely. However, if Ether price consistently dips below the support level above $3000, a full-blown bear market will be inevitable in the subsequent months.

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

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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The cryptocurrency sank to $100K for the second time in less than a week as fears of an impending artificial intelligence (AI) stock crash gripped Wall Street. Bitcoin and Stock Markets Tumble as AI Fears Spark Selloff The romance between AI and Wall Street is quickly turning sour and bitcoin is paying the price.

Both price action and on-chain activity seem to be entering a stagnant phase – Shiba Inu price predictions now depend on fresh catalysts to regain momentum

In brief
Tenerife's Technological and Renewable Energy Institute (ITER) bought 97 Bitcoin for €10,000 in 2012.
The firm is now seeking to sell its Bitcoin, which has appreciated by nearly 1,000x.
Originally purchased as part of an experiment, the proceeds are expected to go towards funding additional research.
The Council of Tenerife, which oversees the Technological and Renewable Energy Institute (ITER) for the Spanish island, is attempting to sell 97 Bitcoin it acquired for €10,000 in 2012, according to a report from Tenerife's local outlet, El Dia. 

The Bitcoin, which was purchased as part of a technological experiment to investigate blockchains, has grown in value by about 1,000x and is now valued around $9.8 million.

"It was one of the many investigations carried out by ITER to understand the different technological systems and experiment with them," Tenerife Minister of Innovation Juan José Martínez said of the original purchase, according to a translation of El Dia’s report.

The Council has attempted to sell the Bitcoin in the past, but has run into complications. Now Martínez is hopeful to complete the sale in the coming months by working with an unnamed organization that is regulated by the Bank of Spain and the National Securities Market Commission—Spain’s version of the SEC. 

Though it wasn’t purchased as a financial investment, the sale would create quite a haul for ITER, and the proceeds are expected to fund additional research projects.

The Institute is currently investigating quantum technology, but also participates in the research of renewable energies and genomics, according to its website. 

Interestingly, Bitcoin and quantum technology are becoming increasingly intertwined, due to the prospect of future, higher-powered quantum computers potentially breaking Bitcoin's cryptography. While the threat still appears to be years away, developers are already working to find solutions to the problem.

In March, Spain’s second-largest bank, BBVA, announced it would offer the trading of Bitcoin and Ethereum to customers that met necessary wealth requirements. In June, struggling Spanish coffee brand Vanadi Coffee created a strategic Bitcoin reserve in an attempt to turn around its fortunes. 

Bitcoin was recently changing hands around $101,000, down by almost 20% after reaching a new all-time high above $126,000 in August. 

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Bitcoin fell to a five-month low before staging a modest recovery, testing a crucial support line that traders say could decide the short-term fate of the bull market.

According to Crypto Onchain, Bitcoin hit an intraday low of $98,900 before buyers pushed the price back above $101,000 and later to $103,400 at the time of writing.

The top coin’s year-to-date gain sits at close to 10% after peaking at an all-time high of $126,300 in October.

Bears Break $107,000 Fortress
Based on analysis from Crypto Onchain and on-chain data provider CryptoQuant, Bitcoin lost the $107,000 support after roughly 130 days of trading in a band between that level and $123,000.

The move sparked heavy liquidations in the futures market. About $640 million in long positions were wiped out over a 24-hour stretch.

That figure, market watchers say, is the second-largest daily long liquidation event since June 2021. The October 10 event remains the largest on record for comparison.

The $101,000 level has taken on extra meaning. Traders point out that bulls stepped in near $98,000 and pushed the market back toward the lower trendline of a long-term ascending channel that has held since October 2023.

Reports have disclosed that defending this channel bottom would be read as a bullish sign, while a close below it could signal deeper losses and a break in the market structure that has supported the rally.

BTCUSD now trading at $103,196. Chart: TradingView
CME Gap Could Pull Price Lower
A nearby gap on the CME futures chart sits between $92,000 and $93,000, roughly 10% from current prices, and some analysts are watching that area closely.

Historically, Bitcoin has often filled such gaps before resuming its next leg up, and the gap is now a possible target if bearish pressure continues.

At the same time, strong buying interest around the $101,000 zone could halt any slide and force prices back up.

Liquidations And Market Mood
The cascade of liquidations amplified selling pressure, particularly among highly leveraged traders. Futures positions were forcefully closed, and this intensified the intraday drop.

Yet buyers were quick to take advantage of the lower levels, and the rebound to $103,000 level showed a degree of demand at current prices. Volume and near-term momentum will be key in determining whether that demand is durable.

Market participants say the most important signal will be a daily close relative to the ascending channel’s lower trendline around $101,000.

A sustained close above that mark would likely be read as a buying chance, while a decisive break and continued selling could open the path toward the CME gap near $92,000–$93,000.

Broader moves in US equities and large trader activity are also being monitored, since they helped trigger the recent pullback.

Featured image from Unsplash, chart from TradingView

TLDR

South Korea’s ruling PPP pushes regulators to approve Bitcoin spot ETFs without further delay.
Lawmakers plan to propose legal amendments if regulators continue to stall ETF authorization.
PPP claims Bitcoin ETFs will improve market transparency and strengthen investor safeguards.
Officials expect ETF approval to boost Korean won–based assets and attract global investors.
Bipartisan political backing signals growing momentum for digital asset reform in parliament.

South Korea’s ruling People Power Party (PPP) has intensified its call for financial regulators to approve Bitcoin spot exchange-traded funds (ETFs) without further delay. The party emphasized that allowing domestic Bitcoin ETFs would align South Korea with global market standards and provide safer, regulated access for local investors. This renewed pressure follows ongoing discussions within the National Assembly and the PPP’s stated commitment to advancing digital asset reforms.

Regulators Face Renewed Pressure from Lawmakers
During the third meeting of the Special Committee on Stock and Digital Asset Value-Up, PPP officials reaffirmed that ETF authorization remains a key policy goal. Committee Chair Kim Sang-hoon stated that the market environment now favors institutional involvement in digital assets, adding that Korean investors should not be excluded from these opportunities. Lawmakers stressed that if financial authorities fail to act promptly, the party will introduce legislative changes during the current session to ensure progress.

According to the PPP, domestic Bitcoin spot ETFs could allow investors to trade through regulated securities accounts, improving transparency across the sector. The party said this framework would strengthen investor protection and support employment within South Korea’s growing digital finance sector. Officials also noted that legalizing such instruments could enhance the international profile of Korean won–denominated assets, positioning the country’s markets for broader global participation.

Political Commitments Continue to Shape the Reform Agenda
The current push follows earlier pledges from both the PPP and the opposition Democratic Party to lift the ban on spot crypto ETFs. In April, the PPP released a seven-point proposal aimed at expanding the nation’s digital asset framework ahead of elections. Among those measures was the removal of the “one exchange, one bank” rule and the introduction of spot ETF trading within this year.

Lawmaker Park Soo-min referenced the success of U.S. Bitcoin ETFs, noting their high investor demand and liquidity. Park said South Korea’s financial sector must keep pace with these developments to remain competitive. With bipartisan agreement on ETF approval, political momentum for digital asset reform continues to build within the National Assembly.

Samourai Wallet developer Keonne Rodriguez has been sentenced to five years in prison for operating an unlicensed bitcoin mixing service accused of laundering over $237 million in illicit funds. The sentencing, delivered by District Judge Denise Cote of the Southern District of New York, marked the maximum penalty for Rodriguez’s guilty plea to conspiracy to operate an unlicensed money transmitting business.

Judge Cote emphasized the need for deterrence, expressing concern over Rodriguez’s lack of remorse in his pre-sentencing letter. She noted that while financial privacy is important, Rodriguez’s actions facilitated criminal enterprises rather than protecting legitimate users. Prosecutors supported this view, highlighting Rodriguez’s detailed escape plan and evidence that Samourai Wallet knowingly enabled hackers, sanctions violators, and darknet criminals.

According to the October 31 sentencing memo, the platform laundered proceeds from activities including drug trafficking, cyber fraud, and child exploitation. Despite Rodriguez’s apology and his attorney Michael Kim Krouseciting his cooperation and forfeiture of $6.3 million, Judge Cote remained unmoved, calling his outlook “morally blinded.”

In addition to prison time, Rodriguez faces three years of probation and a $250,000 fine. The court also ruled that half of his prison earnings and a quarter of his post-release income would go toward repaying the fine.

Rodriguez and co-developer William Lonergan Hill were arrested in April 2024 on charges of money laundering and operating an unlicensed business. They later struck a plea deal reducing the charges. Hill’s sentencing is scheduled for November 19, 2025.

The case underscores the U.S. government’s tightening stance on crypto privacy tools like Samourai Wallet and Tornado Cash, signaling increased regulatory scrutiny over technologies used to obscure digital transactions.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Record Net Income, Earnings Per Share, Cash and Working Capital VANCOUVER, BC / ACCESS Newswire / November 6, 2025 / Avino Silver & Gold Mines Ltd. (TSX:ASM)(NYSE American:ASM)(FSE:GV6) a long-standing silver producer in Mexico, announces its unaudited consolidated interim financial results for the third quarter of 2025.

-

DALLAS--(BUSINESS WIRE)--Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting its results of operations for the three months ended September 30, 2025. For the three months ended September 30, 2025, we reported net income attributable to common shares of $0.7 million or $0.08 per diluted share, compared to $1.7 million or $0.20 per diluted share for the same period in 2024.

Financial Highlights

Total occupancy was 82% at September 30, 2025, which includes 94% at our multifamily properties and 58% at our commercial properties.

During the three months ended September 30, 2025, we received our initial tranche of completed units from Alera, Bandera Ridge and Merano, which allows us to start the lease-up process.

On October 10, 2025, we sold Villas at Bon Secour, a 200 unit multifamily property in Gulf Shores, Alabama, for $28,000. We used the proceeds from the sale to pay off the $18,767 loan on the property and for general corporate purposes.

Financial Results

Revenues increased $1.2 million from $11.6 million for the three months ended September 30, 2024 to $12.8 million for the three months ended September 30, 2025. The increase in revenue is primarily due to an increase of $0.3 million from our multifamily properties and $1.0 million from our commercial properties. The increase in revenue from our commercial properties is primarily due to an increase in occupancy at Stanford Center.

Net operating loss decreased $0.3 million from $1.7 million for the three months ended September 30, 2024 to $1.4 million for the three months ended September 30, 2025. Our decrease in net operating loss was due to a $1.2 million increase in revenue, offset in part by a $1.0 million increase in operating expenses. The increase in operating expenses is primarily due to an increase in the cost of the lease-up properties and general and administrative expenses for the three months ended September 30, 2025.

Net income attributable to the Company decreased $1.0 million from $1.7 million for the three months ended September 30, 2024 to $0.7 million for the three months ended September 30, 2025. The decrease in net income is primarily attributed to a decrease in interest income and an increase in tax provision for the three months ended September 30, 2025 offset in part by an increase in gain on real estate transactions.

About Transcontinental Realty Investors, Inc.

Transcontinental Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. The Company also holds mortgage receivables.

TRANSCONTINENTAL REALTY INVESTORS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share amounts)

(Unaudited)

 

 

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

 

Revenues:

Rental revenues

$

11,919

$

11,074

$

34,856

$

33,541

Other income

916

533

2,147

1,738

Total revenue

12,835

11,607

37,003

35,279

Expenses:

Property operating expenses

7,550

6,989

20,062

20,247

Depreciation and amortization

2,936

3,120

8,881

9,429

General and administrative

1,594

1,223

4,329

3,898

Advisory fee to related party

2,151

1,944

6,587

5,789

Total operating expenses

14,231

13,276

39,859

39,363

Net operating loss

(1,396

)

(1,669

)

(2,856

)

(4,084

)

Interest income

4,748

5,917

13,358

17,244

Interest expense

(1,651

)

(2,075

)

(5,170

)

(5,806

)

Equity in income from unconsolidated joint venture

-

283

-

827

Gain on sale or write-down of assets, net

755

-

5,593

-

Income tax provision

(1,572

)

(546

)

(4,936

)

(1,818

)

Net income

884

1,910

5,989

6,363

Net income attributable to noncontrolling interest

(160

)

(203

)

(478

)

(609

)

Net income attributable to the Company

$

724

$

1,707

$

5,511

$

5,754

Earnings per share

Basic and diluted

$

0.08

$

0.20

$

0.64

$

0.67

Weighted average common shares used in computing earnings per share

Basic and diluted

8,639,316

8,639,316

8,639,316

8,639,316

More News From Transcontinental Realty Investors, Inc.

Back to Newsroom

Barrick Mining remains a "Buy" as gold consolidates after a historic rally, with shares up 55% since July and valuation still attractive. B's Q2 results showed strong free cash flow and a dividend hike, despite mixed earnings and a $1 billion loss from its Mali mine. EPS growth outlook is robust, with consensus rising to $3.05 for FY 2026 and a new price target of $37 based on a conservative 12x P/E.

Neil Herbert

Hello, and welcome to the Extraordinary General Meeting of Atlantic Lithium Limited. My name is Neil Herbert, and I am the Chair of Atlantic Lithium. I confirm for the record that this is a properly constituted meeting and that a quorum is present. I therefore declare the meeting open.

This meeting is being held as a virtual meeting with shareholders attending online via the Computershare meeting platform, where you can listen to our live webcast and watch our presentation, ask questions and submit votes online.

I would like to introduce to you my fellow directors who are in attendance, Keith Muller, who is our CEO; and Amanda Harsas, who is the Finance Director and Company Secretary. I am advised that Jonathan Henry, Kieran Daly and Christelle Van Der Merwe are unable to join us today and have sent their apologies.

Given this is a virtual meeting, online attendees can submit questions at any time by selecting the Q&A icon on your device. [Operator Instructions] Although online shareholders can submit questions at any time, I will address those questions only at the relevant time during the meeting.

If we receive multiple similar questions on any topic, we will try to group them together. And I will ask Belinda, who is acting as the moderator for this meeting to read out the questions at the appropriate time. Voting today will be conducted by a poll on all items of business.

I will open voting shortly. Shareholders, a polling icon will appear on your device when voting opens. Clicking on the icon will bring up a list of the motions and present you with voting options. You simply select one of the options for the relevant motion

Banco BPM S.p.A. (OTCPK:BNCZF) Q3 2025 Earnings Call November 6, 2025 12:00 PM EST

Company Participants

Arne Riscassi - Investor Relations Manager
Giuseppe Castagna - CEO & Director
Edoardo Ginevra - Co-GM & CFO

Conference Call Participants

Giovanni Razzoli - Deutsche Bank AG, Research Division
Manuela Meroni - Intesa Sanpaolo Equity Research
Sofie Caroline Peterzens - Goldman Sachs Group, Inc., Research Division
Luis Pratas - Bernstein Autonomous LLP
Hugo Moniz Marques Da Cruz - Keefe, Bruyette, & Woods, Inc., Research Division
Ignacio Ulargui - BNP Paribas, Research Division
Delphine Lee - JPMorgan Chase & Co, Research Division
Adele Palama - UBS Investment Bank, Research Division
Matteo Panchetti - Mediobanca - Banca di credito finanziario S.p.A., Research Division

Presentation

Operator

Good evening. This is the Chorus Call conference operator. Welcome, and thank you for joining the Banco BPM Group 9 Months 2025 Results Presentation. [Operator Instructions]

At this time, I would like to turn the conference over to Mr. Arne Riscassi, IR Manager of Banco BPM. Please go ahead, sir.

Arne Riscassi
Investor Relations Manager

Good afternoon, and welcome to Banco BPM 9-month Results Conference Call. We have here Giuseppe Castagna, our CEO; and Edoardo Ginevra, Joint General Manager and CFO, which will take you through the presentation. This will be, as you know, followed by a Q&A session, and I kindly ask you to limit yourself to 2 questions.

Now I hand over to Giuseppe.

Giuseppe Castagna
CEO & Director

Thank you, Arne. Thank you, everybody, for being with us for this Q3 presentation. Let's start immediately on Page 6 of our presentation. We wanted to show you just a full picture of what we are doing and how we are delivering our vision that we announced with our business plan in February this year.

We think we have completed almost the product factory activity that we started

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Q3: 2025-11-05 Earnings SummaryEPS of $0.09 beats by $0.01

 |

Revenue of

$277.10M

(14.69% Y/Y)

beats by $15.66M

Borr Drilling Limited (BORR) Q3 2025 Earnings Call November 6, 2025 10:00 AM EST

Company Participants

Bruno Morand - Chief Executive Officer
Magnus Vaaler - Chief Financial Officer

Conference Call Participants

Scott Gruber - Citigroup Inc., Research Division
Eddie Kim
Fredrik Stene - Clarksons Platou Securities, Inc., Research Division
Doug Becker - Capital One Securities, Inc., Research Division
Benjamin Sommers
Greg Brody
Joshua Jain

Presentation

Operator

Good day and thank you for standing by. Welcome to the Borr Drilling Limited Q3 2025 Results Presentation Webcast and Conference Call.

[Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Mr. Bruno Morand, CEO. Please go ahead.

Bruno Morand
Chief Executive Officer

Good morning, and thank you for participating in Borr Drilling third quarter earnings call. I'm Bruno Morand, and with me here today in Bermuda is Magnus Vaaler, our Chief Financial Officer.

First, covering the required disclaimers, I would like to remind all participants that some of the statements will be forward-looking. These matters involve risks and uncertainties that could cause actual results to differ materially from those projected in these statements. I, therefore, refer you to our latest public filings.

For today's call, I'll start with a review of Q3 and highlight key developments since quarter end. Magnus will then review our quarterly financial results. I'll follow with a deeper look in the market and our commercial execution, and we'll conclude with your questions.

Let's get started. Our third quarter results were strong, extending the rebound delivery in the second quarter. With 23 of our 24 rigs active, our commercial team continues to execute at the highest levels, delivering strategically and timely contract despite a volatile and dynamic market. Revenue increased by $9.4 million quarter-over-quarter and adjusted EBITDA rose 2% to $135.6 million with a margin of 48.9%, confirming the

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NEW YORK--(BUSINESS WIRE)--Goldman Sachs BDC, Inc. (“GSBD”, the “Company”, “we”, “us”, or “our”) (NYSE: GSBD) today reported financial results for the third quarter ended September 30, 2025 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.

QUARTERLY HIGHLIGHTS

Net investment income and adjusted net investment income per share for the quarter ended September 30, 2025 was $0.40, equating to an annualized net investment income yield on book value of 12.5%.1 Earnings per share for the quarter ended September 30, 2025 was $0.22.

Net asset value ("NAV") per share as of September 30, 2025 decreased 2.1% to $12.75 from $13.02 as of June 30, 2025.

As of September 30, 2025, the Company’s total investments at fair value and commitments were $3,833.2 million, comprised of investments in 171 portfolio companies across 40 industries. The investment portfolio was comprised of 98.2% senior secured debt, including 96.7% in first lien investments.2

During the quarter, the Company had new investment commitments of approximately $470.6 million of which $266.9 million were funded. Fundings of previously unfunded commitments for the quarter were $47.7 million and sales and repayments activity totaled $374.4 million, resulting in net funded investment activity of $(59.8) million.

During the quarter, the Company's 1st Lien/Senior Secured Debt position in Vardiman Black Holdings, LLC (dba Specialty Dental Brands) was placed on non-accrual status due to financial underperformance. As of September 30, 2025, the Company had certain investments held in eight portfolio companies on non-accrual status. As of September 30, 2025, investments on non-accrual status amounted to 1.5% and 2.5% of the total investment portfolio at fair value and amortized cost, respectively.

The Company’s ending net debt-to-equity ratio was 1.17x as of September 30, 2025 compared to 1.12x as of June 30, 2025.

As of September 30, 2025, 70.2% of the Company’s approximately $1,853.0 million aggregate principal amount of debt outstanding was comprised of unsecured debt and 29.8% was comprised of secured debt.3

On February 26, 2025, the Company’s Board of Directors approved a reduction of the base quarterly dividend to $0.32 per share (the “Base Dividend”) with upside potential through quarterly supplemental variable distributions (the “Supplemental Dividend”) in the amount of at least 50% of the Company’s net investment income in excess of the amount of the Base Dividend to the extent there is sufficient net investment income.

The Company’s Board of Directors declared a fourth quarter 2025 Base Dividend of $0.32 per share payable to shareholders of record as of December 31, 2025.4

The Company’s Board of Directors also declared a third quarter 2025 Supplemental Dividend of $0.04 per share payable on or about December 15, 2025 to shareholders of record as of November 28, 2025. Adjusted for the impact of the Supplemental Dividend related to the third quarter’s earnings, the Company’s third quarter adjusted NAV per share was $12.71.5

On June 13, 2025, the Company entered into a 10b5-1 stock repurchase plan, which allows the Company to repurchase up to $75.0 million of shares of the Company’s common stock if the common stock trades below the most recently announced quarter-end NAV per share, subject to certain limitations. During the three months ended September 30, 2025, the Company repurchased 2,136,943 shares for $25.1 million, inclusive of commission and direct acquisition costs.

SELECTED FINANCIAL HIGHLIGHTS

(in $ millions, except per share data)

As of

September 30, 2025

As of

June 30, 2025

Investment portfolio, at fair value2

$

3,196.9

$

3,264.5

Total debt outstanding3

$

1,853.0

$

1,803.1

Net assets

$

1,454.8

$

1,513.4

Ending net debt to equity11

1.17x

1.12x

Net asset value per share

$

12.75

$

13.02

Less: Supplemental Dividend per share declared post-quarter

$

0.04

$

0.03

Adjusted net asset value per share5

$

12.71

$

12.99

(in $ millions, except per share data)

Three Months Ended

September 30, 2025

Three Months Ended

June 30, 2025

Total investment income

$

91.6

$

91.0

Net investment income after taxes

$

45.3

$

44.5

Less: Purchase discount amortization

$

0.5

1.0

Adjusted net investment income after taxes1

$

44.8

$

43.5

Net realized and unrealized gains (losses)

$

(20.6

)

$

(5.2

)

Add: Realized/Unrealized depreciation from the purchase discount

0.5

1.0

Adjusted net realized and unrealized gains (losses)1

$

(20.1

)

$

(4.2

)

Net investment income per share (basic and diluted)

$

0.40

$

0.38

Less: Purchase discount amortization per share

$

—

0.01

Adjusted net investment income per share1

$

0.40

$

0.37

Weighted average shares outstanding

114.4

117.2

Total Quarterly Distributions per share

$

0.51

$

0.53

INVESTMENT ACTIVITY2

The following table summarizes investment activity for the three months ended September 30, 2025:

New Investment

Commitments

Sales and

Repayments

Investment Type

$ Millions

% of Total

$ Millions

% of Total

1st Lien/Senior Secured Debt

$

447.1

95.0

%

$

249.2

66.6

%

1st Lien/Last-Out Unitranche

23.5

5.0

%

107.2

28.6

%

2nd Lien/Senior Secured Debt

—

—

—

—

Unsecured Debt

—

—

—

—

Preferred Stock

—

—

15.8

4.2

%

Common Stock

—

—

2.2

0.6

%

Total

$

470.6

100.0

%

$

374.4

100.0

%

During the three months ended September 30, 2025, new investment commitments were across 13 new portfolio companies and 14 existing portfolio companies. Sales and repayments were primarily driven by the repayment of 4 portfolio companies and the refinance of 4 portfolio companies.

PORTFOLIO SUMMARY2

As of September 30, 2025, the Company’s investments consisted of the following:

Investments at Fair Value

Investment Type

$ Millions

% of Total

1st Lien/Senior Secured Debt

$

2,998.3

93.8

%

1st Lien/Last-Out Unitranche

93.8

2.9

2nd Lien/Senior Secured Debt

48.0

1.5

Unsecured Debt

8.4

0.3

Preferred Stock

26.2

0.8

Common Stock

22.0

0.7

Warrants

0.2

—

(6)

Total

$

3,196.9

100.0

%

The following table presents certain selected information regarding the Company’s investments:

As of

September 30, 2025

December 31, 2024

Number of portfolio companies

171

164

Percentage of performing debt bearing a floating rate7

99.4

%

99.4

%

Percentage of performing debt bearing a fixed rate7

0.6

%

0.6

%

Weighted average yield on debt and income producing investments, at amortized cost8

10.3

%

11.2

%

Weighted average yield on debt and income producing investments, at fair value8

11.2

%

14.1

%

Weighted average leverage (net debt/EBITDA)9

5.8x

6.2x

Weighted average interest coverage9

1.9x

1.8x

Median EBITDA9

$

70.85 million

$

66.14 million

During the quarter, one investment was placed on non-accrual status due to financial underperformance. As of September 30, 2025, investments on non-accrual status amounted to 1.5% and 2.5% of the total investment portfolio at fair value and amortized cost, respectively.

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2025, the Company had $1,853.0 million aggregate principal amount of debt outstanding, comprised of $553.0 million of outstanding borrowings under its senior secured revolving credit facility (“Revolving Credit Facility”), with Truist Bank, as administrative agent, and Bank of America, N.A., as syndication agent, $500.0 million of unsecured notes due 2026, $400.0 million of unsecured notes due 2027 and $400.0 million of unsecured notes due 2030. The combined weighted average interest rate on debt outstanding was 5.37% for the three months ended September 30, 2025. As of September 30, 2025, the Company had $1,142.6 million of availability under its Revolving Credit Facility and $147.9 million in cash and cash equivalents.3,10

The Company’s ending net debt-to-equity leverage ratio was 1.17x for the three months ended September 30, 2025, as compared to 1.12x for the three months ended June 30, 2025.11

CONFERENCE CALL

The Company will host an earnings conference call on Friday, November 7, 2025 at 9:00 am Eastern Time. All interested parties are invited to participate in the conference call by dialing (800) 289-0459; international callers should dial +1 (929) 477-0443; conference ID 427709. All participants are asked to dial in approximately 10-15 minutes prior to the call, and reference “Goldman Sachs BDC, Inc.” when prompted. For a slide presentation that the Company may refer to on the earnings conference call, please visit the Investor Resources section of the Company’s website at www.goldmansachsbdc.com. An archived replay will be available on the Company’s webcast link located on the Investor Resources section of the Company’s website.

Please direct any questions regarding the conference call to Goldman Sachs BDC, Inc. Investor Relations, via e-mail, at [email protected].

ENDNOTES

(1)

On October 12, 2020, we completed our merger (the “Merger”) with Goldman Sachs Middle Market Lending Corp. (“MMLC”). The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to MMLC’s shareholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The purchase discount was allocated to the cost of MMLC investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Merger with MMLC, we marked the investments to their respective fair values and, as a result, the purchase discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on our Consolidated Statement of Operations. The purchase discount allocated to the loan investments acquired will amortize over the life of each respective loan through interest income, with a corresponding adjustment recorded as unrealized appreciation on such loan acquired through its ultimate disposition. The purchase discount allocated to equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

As a supplement to our financial results reported in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we have provided, as detailed below, certain non-GAAP financial measures to our operating results that exclude the aforementioned purchase discount and the ongoing amortization thereof, as determined in accordance with GAAP. The non-GAAP financial measures include i) Adjusted net investment income per share; ii) Adjusted net investment income after taxes; and iii) Adjusted net realized and unrealized gains (losses). We believe that the adjustment to exclude the full effect of the purchase discount is meaningful because it is a measure that we and investors use to assess our financial condition and results of operations. Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.

(2)

The discussion of the investment portfolio excludes the investment, if any, in a money market fund managed by an affiliate of Goldman Sachs Group, Inc. (the “Money Market Fund”). As of September 30, 2025, the Company had an investment of $32.7 million in the Money Market Fund.

(3)

Total debt outstanding excludes netting of debt issuance costs of $9.6 million and cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship of $(2.6) million as of September 30, 2025. In the third quarter of 2025, the Company entered into interest rate swaps to more closely align the interest rates of some of the Company’s fixed rate liabilities with its investment portfolio, which consists of predominately floating rate loans. The Company designated these interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship.

(4)

The $0.32 per share Base Dividend is payable on or about January 27, 2026 to shareholders of record as of December 31, 2025.

(5)

On February 26, 2025, we announced a distribution framework that is comprised of a quarterly base distribution declared in the relevant quarter and a variable supplemental distribution declared in the following quarter, subject to satisfaction of certain measurement tests and the approval of our Board.

As a supplement, we have provided a non-GAAP financial measure of our financial condition that adjusts the net asset value per share for the declared and unpaid supplemental distribution per share. We believe that the adjustment to the net asset value per share for the supplemental dividend is meaningful because it aligns the supplemental distribution to its relevant quarter earnings.

Although this non-GAAP financial measure is intended to enhance investors’ understanding of our business and performance, this non-GAAP financial measure should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measure may not be comparable to similar non-GAAP financial measures used by other companies.

(6)

Amount rounds to less than 0.1%.

(7)

The fixed versus floating composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, placed on non-accrual status.

(8)

Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual) at amortized cost or fair value, respectively. This calculation excludes exit fees that are receivable upon repayment of the investment. Excludes the purchase discount and amortization related to the Merger.

(9)

For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) for the trailing twelve month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments and excludes investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

For a particular portfolio company, we also compare that amount of EBITDA to the portfolio company’s contractual interest expense (“interest coverage ratio”). We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments and excludes investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Median EBITDA is based on our debt investments and excludes investments where net debt-to-EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Portfolio company statistics are derived from the financial statements most recently provided to us of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount. As of September 30, 2025 and June 30, 2025, investments where net debt-to-EBITDA may not be the appropriate measure of credit risk represented 14.7% and 17.7%, respectively, of total debt investments at fair value.

(10)

The Company’s Revolving Credit Facility has debt outstanding denominated in currencies other than U.S. Dollars (“USD”). These balances have been converted to USD using applicable foreign currency exchange rates as of September 30, 2025. As a result, the Revolving Credit Facility’s outstanding borrowings and the available debt amounts may not sum to the total debt commitment amount.

(11)

The ending net debt-to-equity leverage ratio is calculated by using the total borrowings net of cash and cash equivalents divided by equity as of September 30, 2025 and excludes unfunded commitments.

Goldman Sachs BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

 

September 30, 2025

(Unaudited)

December 31, 2024

Assets

Investments, at fair value

Non-controlled/non-affiliated investments (cost of $3,204,888 and $3,533,627)

$

3,100,060

$

3,368,503

Non-controlled affiliated investments (cost of $110,611 and $139,955)

96,873

106,755

Total investments, at fair value (cost of $3,315,499 and $3,673,582)

$

3,196,933

$

3,475,258

Investments in affiliated money market fund (cost of $32,693 and $25,238)

32,693

25,238

Cash

115,183

61,795

Interest and dividends receivable

25,499

28,092

Deferred financing costs

14,050

11,897

Other assets

643

1,103

Total assets

$

3,385,001

$

3,603,383

Liabilities

Debt (net of debt issuance costs of $9,602 and $8,176)

$

1,840,781

$

1,926,452

Interest and other debt expenses payable

8,099

21,289

Management fees payable

8,179

8,780

Incentive fees payable

7,051

6,330

Distribution payable

54,774

52,784

Unrealized depreciation on derivatives

477

38

Secured borrowings

3,209

2,920

Accrued expenses and other liabilities

7,602

12,090

Total liabilities

$

1,930,172

$

2,030,683

Commitments and contingencies (Note 8)

Net assets

Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding)

$

—

$

—

Common stock, par value $0.001 per share (200,000,000 shares authorized, 114,113,096 and 117,297,222 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)

114

117

Paid-in capital in excess of par

1,909,063

1,946,253

Distributable earnings (loss)

(454,348

)

(373,670

)

Total net assets

$

1,454,829

$

1,572,700

Total liabilities and net assets

$

3,385,001

$

3,603,383

Net asset value per share

$

12.75

$

13.41

Goldman Sachs BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

 

For the Three Months Ended

For the Nine Months Ended

September 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Investment income:

From non-controlled/non-affiliated investments:

Interest income

$

81,197

$

97,917

$

246,461

$

289,185

Payment-in-kind income

6,854

9,961

23,287

34,452

Other income

1,247

794

3,097

2,427

Dividend income

—

1

—

1

From non-controlled affiliated investments:

Interest income

1,387

1,218

4,017

2,708

Dividend income

225

468

606

1,650

Payment-in-kind income

643

20

1,910

85

Other income

43

34

128

65

Total investment income

$

91,596

$

110,413

$

279,506

$

330,573

Expenses:

Interest and other debt expenses

$

28,079

$

29,298

$

82,800

$

86,015

Management fees

8,179

8,855

25,268

26,452

Incentive fees

7,051

—

22,381

10,882

Professional fees

698

1,335

2,443

3,651

Directors’ fees

206

207

620

621

Other general and administrative expenses

1,166

1,046

3,482

3,143

Total expenses

$

45,379

$

40,741

$

136,994

$

130,764

Net investment income before taxes

$

46,217

$

69,672

$

142,512

$

199,809

Income tax expense, including excise tax

$

907

$

1,490

$

3,135

$

3,809

Net investment income after taxes

$

45,310

$

68,182

$

139,377

$

196,000

Net realized and unrealized gains (losses) on investment transactions:

Net realized gain (loss) from:

Non-controlled/non-affiliated investments

$

5,418

$

(83,796

)

$

(86,449

)

$

(131,446

)

Non-controlled affiliated investments

—

—

(33,824

)

(2,015

)

Foreign currency and other transactions

19

60

483

4,504

Net change in unrealized appreciation (depreciation) from:

Non-controlled/non-affiliated investments

(20,690

)

56,413

60,170

(34,705

)

Non-controlled affiliated investments

(6,587

)

(352

)

19,462

(1,814

)

Foreign currency forward contracts

63

(377

)

(207

)

(191

)

Foreign currency translations and other transactions

1,221

(2,813

)

(3,344

)

(4,968

)

Net realized and unrealized gains (losses)

$

(20,556

)

$

(30,865

)

$

(43,709

)

$

(170,635

)

(Provision) benefit for taxes on realized gain/loss on investments

$

(49

)

$

(189

)

$

(121

)

$

(333

)

(Provision) benefit for taxes on unrealized appreciation/depreciation on investments

—

(47

)

—

288

Net increase (decrease) in net assets from operations

$

24,705

$

37,081

$

95,547

$

25,320

Weighted average shares outstanding

114,398,468

116,942,390

116,289,596

113,805,819

Basic and diluted net investment income per share

$

0.40

$

0.58

$

1.20

$

1.72

Basic and diluted earnings (loss) per share

$

0.22

$

0.32

$

0.82

$

0.22

ABOUT GOLDMAN SACHS BDC, INC.

Goldman Sachs BDC, Inc. is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940. GSBD was formed by The Goldman Sachs Group, Inc. (“Goldman Sachs”) to invest primarily in middle-market companies in the United States, and is externally managed by Goldman Sachs Asset Management, L.P., an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs. GSBD seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. For more information, visit www.goldmansachsbdc.com. Information on the website is not incorporated by reference into this press release and is provided merely for convenience.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent the Company’s belief regarding future events that, by their nature, are uncertain and outside of the Company’s control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

More News From Goldman Sachs BDC, Inc.

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, /PRNewswire/ -- Kuehn Law, PLLC, a shareholder litigation law firm, is investigating whether certain officers and directors of Ultra Clean Holdings, Inc. (NASDAQ: UCTT) breached their fiduciary duties to shareholders. 

According to a federal securities lawsuit, Insiders at Ultra Clean caused the company to misrepresent or fail to disclose material information concerning the elevated demand from Chinese original equipment manufacturers (OEMs) and in the general Chinese domestic market for Ultra Clean's products throughout the fiscal year 2024.

If you currently own UCTT and purchased prior to May 6, 2024 please contact Justin Kuehn, Esq. here, by email at [email protected] or call (833) 672-0814. Kuehn Law pays all case costs and does not charge its investor clients.Shareholders should contact the firm immediately as there may be limited time to enforce your rights. 

Why Your Participation Matters:

As a shareholder your voice matters, and by getting involved, you contribute to the integrity and fairness of the financial markets. Your investment. Your voice. Your future.™ 

For additional information, please visit Shareholder Derivative Litigation - Kuehn Law.

Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts:
Kuehn Law, PLLC
Justin Kuehn, Esq.
53 Hill Street, Suite 605
Southampton, NY 11968
[email protected]
(833) 672-0814

SOURCE Kuehn Law, PLLC

VANCOUVER, BC / ACCESS Newswire / November 6, 2025 / CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec" or the "Company") is pleased to announce that the Company's CEO, Julian Treger, will host an investor update on Wednesday, November 19, 2025, at 7:00am PST / 10:00am EST. The investor update presentation will highlight progress and strategic updates across CoTec's portfolio, including the HyProMag USA project as well as its purchase of Inserma pre-processing units for Texas, Nevada and South Carolina rare earth magnet recycling hubs, the advancement of CoTec Québec Inc. and the Lac Jeannine Iron Tailings Project, the engagement of BBA Inc. to complete the Lac Jeannine Iron Tailings Project Feasibility Study, and the Company's outlook for its North American growth strategy.

, /PRNewswire/ -- Allison Transmission Holdings, Inc. (NYSE: ALSN) ("Allison" or the "Company") today announced that its wholly owned subsidiary, Allison Transmission, Inc. (the "Issuer"), priced its offering of $500 million in aggregate principal amount of 5.875% Senior Notes due 2033 (the "Notes") on November 6, 2025 in a private placement (the "Notes Offering") exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). The Company also announced that it priced its new senior secured incremental term loan facility in an aggregate principal amount of $1,200 million (the "Incremental Term Loan Facility"), which will bear interest at a rate of Term SOFR plus 1.75%. As previously disclosed by the Company, the Issuer is seeking to enter into an amendment to its credit agreement, which, among other things, will provide for the Incremental Term Loan Facility. The Issuer intends to use the net proceeds from the Notes Offering and borrowings under the Incremental Term Loan Facility and its senior secured revolving credit facility, together with cash on hand and anticipated future cash flow, to finance the consummation of the Company's acquisition of the off-highway business of Dana Incorporated (the "Dana Business Acquisition") and to pay related fees, costs and expenses. The consummation of the Notes Offering is expected to occur on or about November 21, 2025, subject to customary conditions and the Incremental Term Loan Facility is expected to close concurrently with the closing of the Dana Business Acquisition. If the Dana Business Acquisition does not close, the Notes will be subject to a special mandatory redemption provision requiring the redemption of the Notes at par.

The Notes will be guaranteed by each of the Issuer's existing and subsequently acquired or organized domestic subsidiaries that is a borrower under or that guarantees obligations under the Issuer's senior secured credit facilities, subject to certain exceptions.  On the issue date, it is expected that none of the Issuer's domestic subsidiaries will guarantee its obligations under the senior secured credit facilities, and therefore none of the Issuer's domestic subsidiaries will initially guarantee the Notes.

The Notes are being offered in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act, and to certain non-U.S. persons in transactions outside of the United States in reliance on Regulation S under the Securities Act. The Notes will not be registered under the Securities Act or the securities laws of any state or jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to purchase the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Allison Transmission

Allison Transmission (NYSE: ALSN) is a leading designer and manufacturer of propulsion solutions for commercial and defense vehicles and the largest global manufacturer of medium- and heavy-duty fully automatic transmissions that Improve the Way the World Works. Allison products are used in a wide variety of applications, including on-highway vehicles (distribution, refuse, construction, fire and emergency), buses (school, transit and coach), motorhomes, off-highway vehicles and equipment (energy, mining, construction and agriculture) and defense vehicles (tactical wheeled and tracked). Founded in 1915, the company is headquartered in Indianapolis, Indiana, USA. With a presence in more than 150 countries, Allison has regional headquarters in the Netherlands, China and Brazil, manufacturing facilities in the USA, Hungary and India, as well as global engineering resources, including electrification engineering centers in Indianapolis, Indiana, Auburn Hills, Michigan and London in the United Kingdom. Allison also has approximately 1,600 independent distributor and dealer locations worldwide. For more information, visit allisontransmission.com.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are forward-looking statements, including all statements regarding the Notes Offering and the Dana Business Acquisition. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plans," "project," "anticipate," "believe," "estimate," "predict," "intend," "forecast," "could," "potential," "continue" or the negative of these terms or other similar terms or phrases. Forward-looking statements are not guarantees of future performance and involve known and unknown risks. Factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made include, but are not limited to: the Dana Business Acquisition may not be completed in a timely manner or at all; the Company may experience delays, unanticipated costs or restrictions resulting from regulatory review of the Dana Business Acquisition, including the risk that the Company may be unable to obtain governmental and regulatory approvals required for the Dana Business Acquisition or that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Dana Business Acquisition; the full amount of the financing intended to fund the Dana Business Acquisition may not be obtained; uncertainties associated with the Dana Business Acquisition may cause a loss of both companies' management personnel and other key employees, and cause disruptions to both companies' business relationships; the purchase agreement for the Dana Business Acquisition subjects the Company and Dana Incorporated to restrictions on business activities prior to the effective time of the Dana Business Acquisition; the Company is expected to incur significant costs in connection with the Dana Business Acquisition and integration; litigation risks relating to the Dana Business Acquisition; the Dana Business and its operations may not be integrated successfully in the expected time frame; the Dana Business Acquisition may result in a loss of customers, vendors, and other business counterparties; the combined company may fail to realize all of the anticipated benefits of the Dana Business Acquisition or fail to effectively manage its expanded operations; our participation in markets that are competitive; our ability to prepare for, respond to and successfully achieve our objectives relating to technological and market developments, competitive threats and changing customer needs, including with respect to electric hybrid and fully electric commercial vehicles; increases in cost, disruption of supply or shortage of labor, freight, raw materials, energy or components used to manufacture or transport our products or those of our customers or suppliers, including as a result of geopolitical risks, natural disasters, extreme weather events, wars and public health crises such as pandemics; global economic volatility; general economic and industry conditions, including the risk of prolonged inflation and recession; labor strikes, work stoppages or similar labor disputes, which could significantly disrupt our operations or those of our principal customers or suppliers; the highly cyclical industries in which certain of our end users operate; uncertainty in the global regulatory and business environments in which the Company operates; the concentration of our net sales in our top five customers and the loss of any one of these; cybersecurity risks to our operational systems, security systems or infrastructure owned by us or our third-party vendors and suppliers; the failure of markets outside North America to increase adoption of fully automatic transmissions; the success of our research and development efforts, the outcome of which is uncertain; U.S. and foreign defense spending; risks associated with our international operations, including acts of war and increased trade protectionism and tariffs; the discovery of defects in our products, resulting in delays in new model launches, recall campaigns and/or increased warranty costs and reduction in future sales or damage to our brand and reputation; our ability to identify, consummate and effectively integrate acquisitions and collaborations; risks related to our indebtedness;  other factors disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, which it filed with the SEC on February 13, 2025, Holdings' Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which it filed with the SEC on May 2, 2025, Holdings' Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which it filed with the SEC on August 5, 2025, Holdings' Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which it filed with the SEC on October 30, 2025, or in any other document the Company filed or files with the SEC; and other factors beyond our control. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Company can give no assurance that the expectations will be attained or that any deviation will not be material. All information is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in expectations.

SOURCE Allison Transmission Holdings Inc.

DoorDash (DASH) shares tumbled Thursday after the food delivery firm missed profit estimates and gave a weak outlook.

November 06, 2025 5:26 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 6, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Fluor Corporation (NYSE: FLR) between February 18, 2025 and July 31, 2025, both dates inclusive (the "Class Period"), of the important November 14, 2025 lead plaintiff deadline.

SO WHAT: If you purchased Fluor securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Fluor class action, go to https://rosenlegal.com/submit-form/?case_id=44868 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 14, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) costs associated with the Gordie Howe International Bridge ("Gordie Howe"), the Interstate 365 Lyndon B. Johnson ("I-635/LBJ") and Interstate 35E ("I-35") highways in Texas projects were growing because of, inter alia, subcontractor design errors, price increases, and scheduling delays; (2) the foregoing, as well as customer reduction in capital spending and client hesitation around economic uncertainty, was having, or was likely to have, a significant negative impact on Fluor's business and financial results; (3) accordingly, Fluor's financial guidance for the full year 2025 was unreliable and/or unrealistic, the effectiveness of Fluor's risk mitigation strategy was overstated, and the impact of economic uncertainty on Fluor's business and financial results was understated; and (4) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Fluor class action, go to https://rosenlegal.com/submit-form/?case_id=44868 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273470

Q3: 2025-11-05 Earnings SummaryEPS of $0.04 misses by $0.01

Genworth Financial, Inc. (GNW) Q3 2025 Earnings Call November 6, 2025 10:00 AM EST

Company Participants

Christine Jewell
Thomas McInerney - President, CEO & Director
Jerome Upton - Executive VP & CFO

Conference Call Participants

Peter Enderlin - MAZ Capital Advisors, LLC
Ross Levin - Arbiter Partners Capital Management, LLC

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to Genworth Financial's Third Quarter 2025 Earnings Conference Call. My name is Lisa, and I'll be your coordinator today. [Operator Instructions] As a reminder, the conference is being recorded for replay purposes. [Operator Instructions] I would now like to turn the presentation over to Christine Jewell, Head of Investor Relations. Please go ahead.

Christine Jewell

Thank you, and good morning. Welcome to Genworth's Third Quarter 2025 Earnings Call. The slide presentation that accompanies this call is available on the Investor Relations section of the Genworth website investors.genworth.com. Our earnings release and financial supplement can also be found there, and we encourage you to review these materials. Speaking today will be Tom McInerney, President and Chief Executive Officer; and Jerome Upton, Chief Financial Officer. Following our prepared remarks, we will open the call up for a question-and-answer period. In addition to our speakers, Jamala Arland, President and CEO of our U.S. Life Insurance business; Greg Karawan, General Counsel; Kelly Saltzgaber, Chief Investment Officer; and Samir Shah, CEO of CareScout Services, will also be available to take your questions.

During the call this morning, we may make various forward-looking statements. Our actual results may differ materially from such statements. We advise you to read the cautionary notes regarding forward-looking statements in our earnings release and related presentation as well as the risk factors of our most recent annual report on Form 10-K as filed with the SEC. This morning's discussion also includes non-GAAP financial measures that we

Recommended For You

Third Quarter Highlights

Third quarter 2025 net loss attributable to Huntsman of $25 million compared to a net loss of $33 million in the prior year period; third quarter 2025 diluted loss per share of $0.14 compared to diluted loss per share $0.19 in the prior year period.
Third quarter 2025 adjusted net loss attributable to Huntsman of $5 million compared to adjusted net income of $17 million in the prior year period; third quarter 2025 adjusted diluted loss per share of $0.03 compared to adjusted diluted income per share of $0.10 in the prior year period.
Third quarter 2025 adjusted EBITDA of $94 million compared to $131 million in the prior year period.
Third quarter 2025 net cash provided by operating activities from continuing operations was $200 million. Free cash flow from continuing operations was $157 million for the third quarter 2025 compared to free cash flow of $93 million in the prior year period.
Regular quarterly dividend reset to $0.0875 per share, a decrease of 65% versus the prior dividend. This represents an annual dividend payout of $0.35 per share.

Three months ended

Nine months ended

September 30, 

September 30, 

In millions, except per share amounts

2025

2024

2025

2024

Revenues

$     1,460

$     1,540

$     4,328

$     4,584

Net loss attributable to Huntsman Corporation

$        (25)

$        (33)

$       (188)

$        (48)

Adjusted net (loss) income(1)

$          (5)

$          17

$        (58)

$          30

Diluted loss per share

$      (0.14)

$      (0.19)

$      (1.09)

$      (0.28)

Adjusted diluted (loss) income per share(1)

$      (0.03)

$       0.10

$      (0.34)

$       0.17

Adjusted EBITDA(1)

$          94

$        131

$        240

$        343

Net cash provided by operating activities from continuing operations

$        200

$        134

$        221

$        126

Free cash flow from continuing operations(2)

$        157

$          93

$        105

$          (7)

See end of press release for footnote explanations and reconciliations of non-GAAP measures.

, /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported third quarter 2025 results with revenues of $1,460 million, net loss attributable to Huntsman of $25 million, adjusted net loss attributable to Huntsman of $5 million and adjusted EBITDA of $94 million. 

Peter R. Huntsman, Chairman, President, and CEO, commented:

"As we expected, third quarter fundamentals remained consistent with the first half of the year. Volumes improved compared to the prior year while pricing in some parts of the portfolio remained under pressure. Cash generation and cost control remain top priorities for our Company. Our current restructuring programs, that will likely exceed $100 million in savings, remain on track and are expected to be completed in 2026. Additionally, our cash generation over the past year has been strong despite lower levels of profitability, reflecting quick actions taken on working capital and capital expenditure control in an ever-challenging environment. After thorough deliberation, and reflecting the global economic conditions of our industry, our Board decided to reset the regular dividend to 35 cents a share annually, a reduction of 65%. The adjusted dividend payout will allow us to preserve our financial flexibility as we continue to navigate this extended cyclical trough, while also allowing the Company to keep a balanced capital allocation program including a competitive regular dividend. We would anticipate returning to a higher dividend payout as soon as conditions warrant."

Segment Analysis for 3Q25 Compared to 3Q24

Polyurethanes

The decrease in revenues in our Polyurethanes segment for the three months ended September 30, 2025 compared to the same period of 2024 was primarily due to lower average selling prices, partially offset by higher sales volumes. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. Sales volumes increased primarily in the Americas and Asia regions. The decrease in segment adjusted EBITDA was primarily due to the impacts of lower average selling prices, inventory reductions and lower equity earnings from our minority-owned joint venture in China, partially offset by higher sales volumes, lower raw material costs and cost savings achieved from our cost optimization program.

Performance Products

The decrease in revenues in our Performance Products segment for the three months ended September 30, 2025 compared to the same period of 2024 was primarily due to lower sales volumes and lower average selling prices. Sales volumes decreased primarily due to the closure of our Moers, Germany maleic anhydride facility and overall softening market conditions. Average selling prices decreased primarily due to competitive pressures. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes and margins.

Advanced Materials

The increase in revenues in our Advanced Materials segment for the three months ended September 30, 2025 compared to the same period of 2024 was primarily due to higher average selling prices. Average selling prices increased primarily due to the positive impact of major foreign currency exchange rate movements against the U.S. dollar. Sales volumes were essentially unchanged from the same period in 2024. Segment adjusted EBITDA was slightly lower primarily due to an unfavorable impact from inventory reductions.

Liquidity and Capital Resources

During the three months ended September 30, 2025, our free cash flow from continuing operations was $157 million as compared to $93 million in the same period of 2024. As of September 30, 2025, we had approximately $1.4 billion of combined cash and unused borrowing capacity.

During the three months ended September 30, 2025, we spent $43 million on capital expenditures from continuing operations as compared to $41 million in the same period of 2024. During 2025, we expect to spend between approximately $170 million to $180 million on capital expenditures.

Income Taxes

In the third quarter of 2025, our effective tax rate was -43% and our adjusted effective tax rate was 40%.

Earnings Conference Call Information

We will hold a conference call to discuss our third quarter 2025 financial results on Friday, November 7, 2025, at 10:00 a.m. ET.

Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=FbX1HK73

Participant dial-in numbers:
Domestic callers:                    (877) 402-8037
International callers:               (201) 378-4913

The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.

Upcoming Conferences
During the fourth quarter 2025, a member of management is expected to present at:
Seaport's Chemical Cornucopia Conference, November 19, 2025
Citi's 2025 Basic Materials Conference, December 2, 2025
Bank of America High Yield Conference, December 3, 2025

A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.

Table 1 – Results of Operations

Three months ended

Nine months ended

September 30, 

September 30, 

In millions, except per share amounts

2025

2024

2025

2024

Revenues

$     1,460

$     1,540

$     4,328

$     4,584

Cost of goods sold

1,256

1,306

3,741

3,906

Gross profit

204

234

587

678

Operating expenses:

Selling, general and administrative

163

153

489

505

Research and development

29

27

94

91

Restructuring, impairment and plant closing costs

12

5

137

20

Gain on acquisition of assets, net

-

-

(5)

(51)

Prepaid asset write-off

-

-

-

71

Income associated with litigation matter, net

-

-

(33)

-

Other operating (income) expense, net

(6)

7

(23)

4

Total operating expenses

198

192

659

640

Operating income (loss)

6

42

(72)

38

Interest expense, net

(20)

(21)

(60)

(60)

Equity in income of investment in unconsolidated affiliates

1

5

-

42

Other income, net

6

8

13

22

(Loss) income from continuing operations before income taxes

(7)

34

(119)

42

Income tax expense

(3)

(39)

(25)

(32)

(Loss) income from continuing operations

(10)

(5)

(144)

10

Income from discontinued operations, net of tax

(1)

(12)

(1)

(12)

Net loss

(11)

(17)

(145)

(2)

Net income attributable to noncontrolling interests

(14)

(16)

(43)

(46)

Net loss attributable to Huntsman Corporation

$        (25)

$        (33)

$       (188)

$        (48)

Adjusted EBITDA (1)

$          94

$        131

$        240

$        343

Adjusted net (loss) income (1)

$          (5)

$          17

$        (58)

$          30

Basic loss per share

$      (0.14)

$      (0.19)

$      (1.09)

$      (0.28)

Diluted loss per share

$      (0.14)

$      (0.19)

$      (1.09)

$      (0.28)

Adjusted diluted (loss) income per share (1)

$      (0.03)

$       0.10

$      (0.34)

$       0.17

Common share information:

Basic weighted average shares

173

172

173

172

Diluted weighted average shares

173

172

173

172

Diluted shares for adjusted diluted (loss) income per share

173

173

173

173

See end of press release for footnote explanations.

Table 2 – Results of Operations by Segment

Three months ended

Nine months ended

September 30, 

(Worse) /

September 30, 

(Worse) /

In millions

2025

2024

better

2025

2024

better

Segment revenues:

Polyurethanes

$        956

$     1,003

(5 %)

$     2,800

$     2,930

(4 %)

Performance Products

246

280

(12 %)

773

870

(11 %)

Advanced Materials

265

261

2 %

778

801

(3 %)

Total reportable segments' revenues

1,467

1,544

(5 %)

4,351

4,601

(5 %)

Intersegment eliminations

(7)

(4)

n/m

(23)

(17)

n/m

Total revenues

$     1,460

$     1,540

(5 %)

$     4,328

$     4,584

(6 %)

Segment adjusted EBITDA (1) :

Polyurethanes

$          48

$          76

(37 %)

$        121

$        195

(38 %)

Performance Products

29

42

(31 %)

91

130

(30 %)

Advanced Materials

44

47

(6 %)

125

142

(12 %)

n/m = not meaningful

See end of press release for footnote explanations.

Table 3 – Factors Impacting Sales Revenue

Three months ended

September 30, 2025 vs. 2024

Average selling price (a)

Local

Exchange

Sales

currency & mix

rate

volume (b)

Total

Polyurethanes

(10 %)

1 %

4 %

(5 %)

Performance Products

(2 %)

0 %

(10 %)

(12 %)

Advanced Materials

(1 %)

2 %

1 %

2 %

Combined segments

(7 %)

1 %

1 %

(5 %)

Nine months ended

September 30, 2025 vs. 2024

Average selling price (a)

Local

Exchange

Sales

currency & mix

rate

volume (b)

Total

Polyurethanes

(5 %)

0 %

1 %

(4 %)

Performance Products

1 %

0 %

(12 %)

(11 %)

Advanced Materials

(3 %)

0 %

0 %

(3 %)

Combined segments

(4 %)

0 %

(2 %)

(6 %)

(a) Excludes sales from tolling arrangements, by-products and raw materials.

(b) Excludes sales from by-products and raw materials.

Table 4 – Reconciliation of U.S. GAAP to Non-GAAP Measures

 Income tax 

 Net (loss) 

 Diluted (loss) income 

 EBITDA 

and other expense

 income 

 per share 

Three months ended

Three months ended

Three months ended

Three months ended

September 30, 

September 30, 

September 30, 

September 30, 

In millions, except per share amounts

2025

2024

2025

2024

2025

2024

2025

2024

Net loss

$         (11)

$         (17)

$         (11)

$         (17)

$      (0.06)

$      (0.10)

Net income attributable to noncontrolling interests

(14)

(16)

(14)

(16)

(0.08)

(0.09)

Net loss attributable to Huntsman Corporation

(25)

(33)

(25)

(33)

(0.14)

(0.19)

Interest expense, net from continuing operations

20

21

Income tax expense from continuing operations

3

39

$           (3)

$         (39)

Depreciation and amortization from continuing operations

73

70

Business acquisition and integration expenses and purchase accounting inventory adjustments

-

-

-

1

-

1

-

0.01

Income tax settlement related to U.S. Tax Reform Act

-

-

-

5

-

5

-

0.03

EBITDA / Loss from discontinued operations

1

12

 N/A 

 N/A 

1

12

0.01

0.07

Loss on sale of business/assets

2

1

-

3

2

4

0.01

0.02

Fair value adjustments to Venator investment, net and other tax matter adjustments

-

(5)

-

-

-

(5)

-

(0.03)

Certain legal and other settlements and related expenses, net

-

11

-

2

-

13

-

0.08

Amortization of pension and postretirement actuarial losses

8

9

(2)

2

6

11

0.03

0.06

Restructuring, impairment and plant closing and transition costs

12

6

(1)

3

11

9

0.06

0.05

Adjusted (1)

$          94

$        131

$           (6)

$         (23)

(5)

17

$      (0.03)

$       0.10

Adjusted income tax expense(1)

6

23

Net income attributable to noncontrolling interests

14

16

Adjusted pre-tax income (1)

$          15

$          56

Adjusted effective tax rate (3)

40 %

41 %

Effective tax rate

(43 %)

115 %

 Income tax 

 Net (loss) 

 Diluted (loss) income 

 EBITDA 

and other expense

 income 

 per share 

Nine months ended

Nine months ended

Nine months ended

Nine months ended

September 30, 

September 30, 

September 30, 

September 30, 

In millions, except per share amounts

2025

2024

2025

2024

2025

2024

2025

2024

Net loss

$       (145)

$           (2)

$       (145)

$           (2)

$      (0.84)

$      (0.01)

Net income attributable to noncontrolling interests

(43)

(46)

(43)

(46)

(0.25)

(0.27)

Net loss attributable to Huntsman Corporation

(188)

(48)

(188)

(48)

(1.09)

(0.28)

Interest expense, net from continuing operations

60

60

Income tax expense from continuing operations

25

32

$         (25)

$         (32)

Income tax expense (benefit) from discontinued operations(3)

1

(8)

Depreciation and amortization from continuing operations

214

214

Business acquisition and integration (gain) expenses and purchase accounting inventory adjustments

(5)

21

-

(16)

(5)

5

(0.03)

0.03

Income tax settlement related to U.S. Tax Reform Act

-

-

-

5

-

5

-

0.03

EBITDA / Loss from discontinued operations(3)

-

20

N/A

N/A

1

12

0.01

0.07

Establishment of significant deferred tax asset valuation allowances, net

-

-

1

-

1

-

0.01

-

Loss on sale of business/assets

2

1

-

3

2

4

0.01

0.02

Fair value adjustments to Venator investment, net and other tax matter adjustments

-

(12)

-

2

-

(10)

-

(0.06)

Certain legal and other settlements and related (income) expenses, net

(32)

13

7

1

(25)

14

(0.14)

0.08

Amortization of pension and postretirement actuarial losses

22

25

(4)

1

18

26

0.10

0.15

Restructuring, impairment and plant closing and transition costs

141

25

(3)

(3)

138

22

0.80

0.13

Adjusted (1)

$        240

$        343

$         (24)

$         (39)

(58)

30

$      (0.34)

$       0.17

Adjusted income tax expense(1)

24

39

Net income attributable to noncontrolling interests

43

46

Adjusted pre-tax income (1)

$            9

$        115

Adjusted effective tax rate (4)

267 %

34 %

Effective tax rate

(21 %)

76 %

N/M = not meaningful

N/A = not applicable

See end of press release for footnote explanations.

Table 5 – Balance Sheets

September 30, 

December 31,

In millions

2025

2024

Cash

$               468

$               340

Accounts and notes receivable, net

768

725

Inventories

836

917

Prepaid expenses

57

114

Other current assets

53

29

Property, plant and equipment, net

2,475

2,493

Other noncurrent assets

2,425

2,496

Total assets

$            7,082

$            7,114

Accounts payable

$               688

$               770

Other current liabilities

535

470

Current portion of debt

378

325

Long-term debt

1,630

1,510

Other noncurrent liabilities

850

876

Huntsman Corporation stockholders' equity

2,766

2,959

Noncontrolling interests in subsidiaries

235

204

Total liabilities and equity

$            7,082

$            7,114

Table 6 – Outstanding Debt 

September 30, 

December 31,

In millions

2025

2024

Debt:

Revolving credit facility

$               366

$                  -

Senior notes

1,488

1,799

Accounts receivable programs

124

-

Variable interest entities

9

16

Other debt

21

20

Total debt - excluding affiliates

2,008

1,835

Total cash

468

340

Net debt - excluding affiliates (4)

$            1,540

$            1,495

See end of press release for footnote explanations.

Table 7 – Summarized Statements of Cash Flows

Three months ended

Nine months ended

September 30, 

September 30, 

In millions

2025

2024

2025

2024

Total cash at beginning of period

$            399

$            335

$            340

$            540

Net cash provided by operating activities from continuing operations

200

134

221

126

Net cash used in operating activities from discontinued operations

(4)

(5)

(8)

(16)

Net cash used in investing activities

(42)

(7)

(74)

(87)

Net cash used in financing activities

(83)

(129)

(14)

(231)

Effect of exchange rate changes on cash

(2)

2

3

(2)

Total cash at end of period

$            468

$            330

$            468

$            330

Free cash flow from continuing operations (2) :

Net cash provided by operating activities from continuing operations

$            200

$            134

$            221

$            126

Capital expenditures

(43)

(41)

(116)

(133)

Free cash flow from continuing operations (2)

$            157

$              93

$            105

$              (7)

Supplemental cash flow information:

Cash paid for interest

$              (5)

$             (14)

$             (49)

$             (55)

Cash paid for income taxes

(18)

(16)

(79)

(60)

Cash paid for restructuring and integration

(7)

(3)

(18)

(26)

Cash paid for pensions

(9)

(9)

(25)

(26)

Depreciation and amortization from continuing operations

73

70

214

214

Change in primary working capital:

Accounts and notes receivable

$              37

$              58

$             (26)

$             (72)

Inventories

55

(66)

114

(137)

Accounts payable

(9)

(1)

(103)

21

Total change in primary working capital

$              83

$              (9)

$             (15)

$           (188)

See end of press release for footnote explanations.

Footnotes

(1)

We use adjusted EBITDA to measure the operating performance of our business and for planning and evaluating the performance of our business segments.  We provide adjusted net income (loss) because we feel it provides meaningful insight for the investment community into the performance of our business.  We believe that net income (loss) is the performance measure calculated and presented in accordance with generally accepted accounting principles in the U.S. ("GAAP") that is most directly comparable to adjusted EBITDA and adjusted net income (loss).  Additional information with respect to our use of each of these financial measures follows:

Adjusted EBITDA, adjusted net income (loss) and adjusted diluted income (loss) per share, as used herein, are not necessarily comparable to other similarly titled measures of other companies.

Adjusted EBITDA is computed by eliminating the following from net income (loss):  (a) net income attributable to noncontrolling interests; (b) interest expense, net; (c) income taxes; (d) depreciation and amortization; (e) amortization of pension and postretirement actuarial losses; (f) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted EBITDA in Table 4 above. 

Adjusted net income (loss) and adjusted diluted income (loss) per share are computed by eliminating the after tax impact of the following items from net income (loss): (a) net income attributable to noncontrolling interests; (b) amortization of pension and postretirement actuarial losses; (c) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted net income (loss) in Table 4 above.  The income tax impacts, if any, of each adjusting item represent a ratable allocation of the total difference between the unadjusted tax expense and the total adjusted tax expense, computed without consideration of any adjusting items using a with and without approach.

We may disclose forward-looking adjusted EBITDA because we cannot adequately forecast certain items and events that may or may not impact us in the near future, such as business acquisition and integration expenses and purchase accounting inventory adjustments, net, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted. Each of such adjustment has not yet occurred, is out of our control and/or cannot be reasonably predicted. In our view, our forward-looking adjusted EBITDA represents the forecast net income on our underlying business operations but does not reflect any adjustments related to the items noted above that may occur and can cause our adjusted EBITDA to differ.

(2)

We believe free cash flow is an important indicator of our liquidity as it measures the amount of cash we generate. Management internally uses free cash flow measure to: (a) evaluate our liquidity, (b) evaluate strategic investments, (c) plan stock buyback and dividend levels and (d) evaluate our ability to incur and service debt. Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures. Free cash flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures.

(3)

We believe the adjusted effective tax rate provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses' operational profitability and that may obscure underlying business results and trends. In our view, effective tax rate is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted effective tax rate. The reconciliation of historical adjusted effective tax rate and effective tax rate is set forth in Table 4 above. Please see the reconciliation of our net income to adjusted net income in Table 4 for details regarding the tax impacts of our non-GAAP adjustments.

(4)

Net debt is a measure we use to monitor how much debt we have after taking into account our total cash. We use it as an indicator of our overall financial position, and calculate it by taking our total debt, including the current portion, and subtracting total cash.

About Huntsman:

Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2024 revenues of approximately $6 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 60 manufacturing, R&D and operations facilities in approximately 25 countries and employ approximately 6,300 associates within our continuing operations. For more information about Huntsman, please visit the company's website at  www.huntsman.com . 

Social Media:

X : http://www.x.com/Huntsman_Corp
Facebook : www.facebook.com/huntsmancorp
LinkedIn : www.linkedin.com/company/huntsman

Forward-Looking Statements: 

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic transactions, business trends and any other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans," "intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should," "could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products, prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant risks and uncertainties may relate to, but are not limited to, high energy costs in Europe, inflation and high capital costs, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

SOURCE Huntsman Corporation

HomeIndustriesHotels/Restaurants/CasinosVacation-rental platform says it expects to keep spending on new services and lobbying efforts, as cities place restrictions on bookingsPublished: Nov. 6, 2025 at 4:18 p.m. ET

Vacation-rental platform Airbnb Inc. on Thursday said demand held up through October and forecast fourth-quarter sales that were above expectations, but the company said spending on new services and political battles would cut into profits.

Shares were up 4% after hours on Thursday.

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NEW YORK, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in Savara Inc. ("Savara Inc." or the "Company") (NASDAQ: SVRA) of a class action securities lawsuit.

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Savara Inc. investors who were adversely affected by alleged securities fraud between March 4, 2024 and May 23, 2025. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/savara-inc-lawsuit-submission-form?prid=175630&wire=3 

SVRA investors may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.

CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) MOLBREEVI BLA, the treatment of pulmonary alveolar proteinosis, lacked sufficient information regarding MOLBREEVI’s chemistry, manufacturing, and/or controls; (ii) accordingly, FDA was unlikely to approve the MOLBREEVI BLA in its current form; (iii) foregoing made it unlikely that Savara would complete its submission of the MOLBREEVI BLA within the timeframe it had represented to investors; (iv) delay in MOLBREEVI’s regulatory approval increased the likelihood that the Company would need to raise additional capital; and (v) as a result, defendants’ public statements were materially false and misleading at all relevant times.

WHAT'S NEXT? If you suffered a loss in Savara Inc. during the relevant time frame, you have until November 7, 2025 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
[email protected] 
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com