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PITTSBURGH--(BUSINESS WIRE)--Alcoa Corporation (NYSE: AA; ASX: AAI) (Alcoa or the Company) today reported results for the second quarter 2026 that included record quarterly revenue, strong operational performance, and progress on multiple smelter capacity restarts, in addition to the announced acquisition of South32 Limited’s (South32) interests in its bauxite, alumina, and aluminum assets.

Financial Results and Highlights

M, except per share amounts

2Q26

1Q26

2Q25

Revenue

$

3,966

$

3,193

$

3,018

Net income attributable to Alcoa Corporation

$

407

$

425

$

164

Earnings per common share

$

1.53

$

1.60

$

0.62

Adjusted net income attributable to Alcoa Corporation

$

562

$

373

$

103

Adjusted earnings per common share

$

2.12

$

1.40

$

0.39

Adjusted EBITDA excluding special items

$

901

$

595

$

313

Revenue increased to a quarterly record of $4 billion, a 24 percent increase sequentially Recorded net income attributable to Alcoa Corporation of $407 million, or $1.53 per share Adjusted net income attributable to Alcoa Corporation increased 51 percent sequentially to $562 million, or $2.12 per share Adjusted EBITDA excluding special items increased 51 percent sequentially to $901 million Generated $608 million in cash from operations; free cash flow was $422 million Finished the second quarter 2026 with a cash balance of $1.4 billion, including the redemption of the remaining $219 million of outstanding 6.125% Senior Notes due 2028 (2028 Notes) Set year-to-date production records at four aluminum smelters and at one alumina refinery Completed negotiations for new collective bargaining agreements in Australia, the U.S., and Canada Executed on strategic initiatives, including: Entered into definitive agreement to acquire South32’s interests in its bauxite, alumina, and aluminum assets (referred to as AliGroup) Reached final investment decision for gallium production plant in Australia Announced $65 million capital investment at the Mosjøen smelter in Norway “During the second quarter, in addition to delivering strong financial results that captured favorable aluminum prices, our team executed on strategic initiatives, most notably the announced agreement with South32,” said Alcoa President and CEO William F. Oplinger. “We continue to demonstrate operational excellence and positive momentum in our disciplined approach to maximize value creation.”

Second Quarter 2026 Results

Production: Alumina production decreased 6 percent sequentially to 2.2 million metric tons primarily related to lower production at the Pinjarra, Australia refinery as instability that began in late March was further exacerbated by gas supply disruptions associated with Cyclone Narelle. In the Aluminum segment, production increased 5 percent sequentially to 636,000 metric tons primarily due the completion of the San Ciprián, Spain smelter restart on April 7, 2026, continued progress on the Alumar, Brazil smelter restart, and completion of capacity restarts at the Lista, Norway and Portland, Australia smelters. Shipments: In the Alumina segment, third-party shipments of alumina were flat sequentially at 1.6 million metric tons, as shipments in Australia delayed from March 2026 were completed in the second quarter 2026, partially offset by decreased trading activity and lower production at the Pinjarra refinery. In Aluminum, total shipments increased 18 percent sequentially primarily due to shipments of inventory repositioned within North America in the first quarter 2026 and increased production related to capacity restarts. Revenue: The Company’s total third-party revenue of $4.0 billion increased 24 percent sequentially. In the Alumina segment, third-party revenue decreased 3 percent on lower volumes and price from bauxite offtake and supply agreements, partially offset by favorable currency impacts. In the Aluminum segment, third-party revenue increased 31 percent on higher shipments, including higher value add product sales, and an increase in average realized third-party price, partially offset by impacts from certain energy contracts linked to metal pricing and lower third-party energy sales. Net income attributable to Alcoa Corporation was $407 million, or $1.53 per share. Sequentially, the results reflect unfavorable mark-to-market changes on the Saudi Arabian Mining Company (Ma’aden) shares and energy contracts; unfavorable currency impacts, primarily due to the non-recurrence of gains recognized in Other income in the first quarter 2026; unfavorable energy impacts; and higher production costs in the Alumina segment; partially offset by higher aluminum prices and shipments. Adjusted net income attributable to Alcoa Corporation was $562 million, or $2.12 per share, excluding the impact from net special items of $155 million. Notable special items include a mark-to-market loss on the Ma’aden shares of $123 million and mark-to-market losses on energy contracts of $45 million. Adjusted EBITDA excluding special items was $901 million, a sequential increase of $306 million primarily due to higher aluminum prices and shipments, partially offset by higher production costs in the Alumina segment primarily at the Pinjarra refinery; increased tariff costs on imported aluminum; higher energy prices, primarily fuel oil and diesel increases associated with the Middle East conflict; and lower third-party energy sales. Cash: Alcoa ended the quarter with a cash balance of $1.4 billion. Cash provided from operations was $608 million. Cash used for financing activities was $353 million, primarily related to the $219 million redemption of outstanding 2028 Notes, $109 million of payments on short-term borrowings primarily associated with inventory repositioning in the first quarter 2026, and $26 million of cash dividends on stock. Cash used for investing activities was $203 million, primarily related to capital expenditures of $186 million and equity investment contributions of $40 million. Free cash flow was $422 million. Working capital: For the second quarter, Receivables from customers of $1.5 billion, Inventories of $2.3 billion and Accounts payable, trade of $1.9 billion comprised DWC working capital. Alcoa reported 46 days working capital, a sequential decrease of 2 days primarily due to a decrease in inventory days, partially offset by a decrease in accounts payable days, both on higher sales. Key Actions

Strategic

AliGroup acquisition: On June 30, 2026, Alcoa entered into a definitive agreement to acquire South32’s interests in its bauxite, alumina, and aluminum assets in Australia, Brazil, and South Africa for upfront consideration of approximately $4.1 billion, plus a contingent value right of up to $750 million. The transaction reinforces Alcoa’s position as a leading pure-play upstream aluminum company, while strengthening its global portfolio, enhancing competitiveness, and creating long-term value for shareholders by unlocking synergies. Gallium joint venture: On July 14, 2026, Alcoa and the government and industry partners of Australia, Japan, and the United States announced a final investment decision for a gallium production plant to be co-located at the Wagerup refinery in Australia. Mosjøen casthouse: On May 11, 2026, Alcoa announced a $65 million investment to expand foundry production capabilities to include recycled content in the casting process at its Mosjøen smelter in Norway. The upgrade project is expected to be completed in phases, with commissioning and ramp-up scheduled to progress throughout 2028. Financial

Note redemption: On May 15, 2026, the Company redeemed the remaining $219 million aggregate principal amount of its outstanding 6.125% notes due in 2028 at a price equal to 100% of the principal amount, plus accrued and unpaid interest. The redemption was funded using cash on hand. Operational

Western Australia collective bargaining agreement: On July 2, 2026, a new four-year collective bargaining agreement was ratified with the Australian Workers Union (AWU), representing approximately 1,400 employees across the mining and refining operations in Western Australia. USW collective bargaining agreement: On June 15, 2026, Alcoa announced the ratification of a new four-year collective bargaining agreement with the United Steelworkers (USW) at the Company’s U.S. smelters, representing approximately 1,000 employees at Warrick, Indiana and Massena, New York. ABI collective bargaining agreements: On May 5, 2026, the Company announced that new five-year collective bargaining agreements were ratified with the United Steelworkers in Canada (Syndicat des Métallos) at the ABI smelter in Québec, Canada, representing approximately 1,000 employees. 2026 Outlook

The Company does not provide reconciliations of the forward-looking non-GAAP financial measures Adjusted EBITDA and Adjusted Net Income, including transformation, intersegment eliminations and other corporate Adjusted EBITDA; operational tax expense; and other expense; each excluding special items, to the most directly comparable forward-looking GAAP financial measures because it is impractical to forecast certain special items, such as restructuring charges and mark-to-market contracts, without unreasonable efforts due to the variability and complexity associated with predicting the occurrence and financial impact of such special items. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

The Company has decreased its 2026 projection for alumina production to range between 9.5 and 9.6 million metric tons, a reduction of between 0.2 and 0.3 million metric tons from the prior projection. The Company has also decreased its 2026 projection for alumina shipments to range between 11.5 and 11.6 million metric tons, a reduction of between 0.3 and 0.4 million metric tons from the prior projection. The reductions are primarily due to lower production at the Pinjarra refinery as instability that began in late March was further exacerbated by gas supply disruptions associated with Cyclone Narelle. The overall difference between production and shipments reflects trading volumes and externally sourced alumina to fulfill customer contracts.

Alcoa expects 2026 total Aluminum segment production and shipments to remain unchanged from its prior projection, ranging between 2.4 and 2.6 million metric tons, and between 2.6 and 2.8 million metric tons, respectively.

Within the third quarter 2026 Alumina Segment Adjusted EBITDA, the Company expects sequential favorable net impacts of approximately $10 million due to recovered stability at the Pinjarra refinery and lower energy prices, partially offset by planned maintenance at the Alumar refinery and Juruti mine in Brazil.

For the third quarter 2026 Aluminum Segment Adjusted EBITDA, Alcoa expects sequential favorable impacts from efficiencies at higher production rates to fully offset higher carbon prices and seasonally lower third-party energy sales in Brazil. Based on recent pricing and expected lower shipments, Section 232 tariff costs on U.S. imports of aluminum from Canada are expected to decrease by approximately $10 million sequentially. Alumina costs in the Aluminum segment are expected to be unfavorable by approximately $10 million sequentially.

Based on current alumina and aluminum market conditions, Alcoa expects third quarter 2026 operational tax expense to approximate $80 million to $90 million, which may vary with market conditions and jurisdictional profitability.

Conference Call

Alcoa will hold its quarterly conference call at 5:00 p.m. Eastern Daylight Time (EDT) / 7:00 a.m. Australian Eastern Standard Time (AEST) on Thursday, July 16, 2026 / Friday, July 17, 2026, to present second quarter 2026 financial results and discuss the business, developments, and market conditions.

The call will be webcast via the Company’s homepage on www.alcoa.com. Presentation materials for the call will be available for viewing on the same website at approximately 4:15 p.m. EDT on July 16, 2026 / 6:15 a.m. AEST on July 17, 2026. Call information and related details are available under the “Investors” section of www.alcoa.com.

Dissemination of Company Information

Alcoa intends to make future announcements regarding company developments and financial performance through its website, www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls, media broadcasts, and webcasts. Alcoa does not incorporate the information contained on, or accessible through, its corporate website or such other websites or platforms referenced herein into this press release.

About Alcoa Corporation

Alcoa Corporation is a global industry leader in bauxite, alumina and aluminum products with a vision to build a legacy of excellence for future generations. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater safety, efficiency, sustainability and stronger communities wherever we operate.

Discover more by visiting www.alcoa.com. Follow us on our social media channels: Facebook, Instagram, X, YouTube and LinkedIn.

Cautionary Statement on Forward-Looking Statements

This press release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding Alcoa’s proposed transaction to acquire South32 Limited’s interests in bauxite mine, alumina refinery, and aluminum smelter operations (the proposed transaction); the ability of the parties to complete the proposed transaction on the expected timeline or at all considering the closing conditions; the expected benefits of the proposed transaction, including the anticipated synergies and earnings per share and free cash flow accretion; the competitive ability and position following completion of the proposed transaction; the ability to complete any proposed debt financing in connection with the proposed transaction; forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects (including related to production and shipments); and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) the non-satisfaction or non-waiver, on a timely basis or otherwise, of one or more closing conditions to the proposed transaction; (b) the prohibition or delay of the consummation of the proposed transaction by a governmental entity; (c) the risk that the proposed transaction may not be completed in the expected time frame or at all; (d) unexpected costs, charges or expenses resulting from the proposed transaction; (e) uncertainty of the expected financial performance following completion of the proposed transaction; (f) uncertainty of any contingent payment required to be made in connection with the proposed transaction following completion; (g) failure to realize the anticipated benefits of the proposed transaction; (h) the occurrence of any event that could give rise to termination of the proposed transaction; (i) potential litigation in connection with the proposed transaction or other settlements or investigations that may affect the timing or occurrence of the contemplated transaction or result in significant costs of defense, indemnification and liability; (j) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (k) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to the London Metal Exchange (LME) or other commodities; (l) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (m) competitive and complex conditions in global markets; (n) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (o) rising energy costs and interruptions or uncertainty in energy supplies; (p) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (q) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (r) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (s) changes in tax laws or exposure to additional tax liabilities; (t) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (u) disruptions in the global economy caused by ongoing regional conflicts and wars; (v) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (w) global competition within and beyond the aluminum industry; (x) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (y) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (z) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (aa) dilution of the ownership position of the Company’s stockholders (including as a result of the proposed transaction), price volatility, and other impacts on the price of Alcoa common stock by the secondary listing of the Alcoa common stock on the Australian Securities Exchange; (bb) our ability to obtain or maintain adequate insurance coverage; (cc) our ability to execute on our strategy to reduce complexity and optimize our asset portfolio and to realize the anticipated benefits from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies; (dd) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (ee) significant declines in the market value of our marketable securities; (ff) our ability to fund capital expenditures; (gg) deterioration in our credit profile or increases in interest rates; (hh) impacts on our current and future operations due to our indebtedness and our ability to reduce indebtedness; (ii) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (jj) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (kk) labor market conditions, union disputes and other employee relations issues; and (ll) the other risk factors discussed in Alcoa’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other reports filed by Alcoa with the Securities and Exchange Commission (SEC).

Certain illustrative pro forma information included in certain investor materials may differ materially from pro forma information included in SEC filings, including the Registration Statement (as defined below). Alcoa cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. These risks, as well as other risks associated with the proposed transaction, will be more fully discussed in the Registration Statement. Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.

No Offer or Solicitation

This press release is for informational purposes and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Additional Information and Where to Find It

This press release relates to the proposed transaction. In connection with the proposed transaction, Alcoa plans to file with the SEC relevant materials, including a registration statement on Form S-4 that will include a prospectus of Alcoa (including documents incorporated by reference therein, the Registration Statement). This communication is not a substitute for the Registration Statement or any other document that Alcoa may file with the SEC in connection with the proposed transaction. Before making any investment decision, Alcoa’s investors and shareholders are urged to read the Registration Statement and all relevant documents filed or to be filed with the SEC, as well as any amendments or supplements to those documents, when they become available, because they will contain important information about Alcoa and the proposed transaction.

Alcoa’s investors and shareholders will be able to obtain a free copy of the Registration Statement, as well as other filings containing information about Alcoa, free of charge, at the SEC’s website (www.sec.gov). Copies of the Registration Statement and other documents filed by Alcoa with the SEC may be obtained, without charge, by contacting Alcoa through its website at https://investors.alcoa.com/.

Non-GAAP Financial Measures

This press release contains reference to certain financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Alcoa Corporation believes that the presentation of these non-GAAP financial measures is useful to investors because such measures provide both additional information about the operating performance of Alcoa Corporation and insight on the ability of Alcoa Corporation to meet its financial obligations by adjusting the most directly comparable GAAP financial measure for the impact of, among others, “special items” as defined by the Company, non-cash items in nature, and/or nonoperating expense or income items. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. Certain definitions, reconciliations to the most directly comparable GAAP financial measures and additional details regarding management’s rationale for the use of the non-GAAP financial measures can be found in the schedules to this release.

Alcoa Corporation and subsidiaries

Statement of Consolidated Operations (unaudited)

(dollars in millions, except per-share amounts)

Quarter Ended

June 30, 2026

March 31, 2026

June 30, 2025

Sales

$

3,966

$

3,193

$

3,018

Cost of goods sold (exclusive of expenses below)

2,967

2,512

2,652

Selling, general administrative, and other expenses

101

83

82

Research and development expenses

11

10

12

Provision for depreciation, depletion, and amortization

173

162

153

Restructuring and other charges, net

(4

)

18

14

Interest expense

36

35

56

Other expenses (income), net

200

(126

)

(112

)

Total costs and expenses

3,484

2,694

2,857

Income before income taxes

482

499

161

Provision for income taxes

73

82

10

Net income

409

417

151

Less: Net income (loss) attributable to noncontrolling interest

2

(8

)

(13

)

NET INCOME ATTRIBUTABLE TO ALCOA CORPORATION

$

407

$

425

$

164

EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA CORPORATION COMMON SHAREHOLDERS(1):

Basic:

Net income

$

1.54

$

1.61

$

0.63

Average number of common shares

263,888,206

263,650,023

258,900,166

Diluted:

Net income

$

1.53

$

1.60

$

0.62

Average number of common shares

265,957,129

265,689,699

260,344,776

Alcoa Corporation and subsidiaries

Statement of Consolidated Operations (unaudited)

(dollars in millions, except per-share amounts)

Six Months Ended

June 30, 2026

June 30, 2025

Sales

$

7,159

$

6,387

Cost of goods sold (exclusive of expenses below)

5,479

5,090

Selling, general administrative, and other expenses

184

153

Research and development expenses

21

24

Provision for depreciation, depletion, and amortization

335

301

Restructuring and other charges, net

14

19

Interest expense

71

109

Other expenses (income), net

74

(138

)

Total costs and expenses

6,178

5,558

Income before income taxes

981

829

Provision for income taxes

155

130

Net income

826

699

Less: Net loss attributable to noncontrolling interest

(6

)

(13

)

NET INCOME ATTRIBUTABLE TO ALCOA CORPORATION

$

832

$

712

EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA CORPORATION COMMON SHAREHOLDERS(1):

Basic:

Net income

$

3.15

$

2.71

Average number of common shares

263,769,772

258,824,453

Diluted:

Net income

$

3.13

$

2.69

Average number of common shares

265,781,941

260,283,168

Alcoa Corporation and subsidiaries

Consolidated Balance Sheet (unaudited)

(in millions)

June 30, 2026

December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents

$

1,352

$

1,597

Receivables from customers

1,538

1,064

Other receivables

176

204

Inventories

2,340

2,177

Fair value of derivative instruments

83

49

Prepaid expenses and other current assets(1)

396

378

Total current assets

5,885

5,469

Properties, plants, and equipment

21,102

20,537

Less: accumulated depreciation, depletion, and amortization

14,203

13,837

Properties, plants, and equipment, net

6,899

6,700

Investments

527

477

Noncurrent marketable securities

1,360

1,397

Deferred income taxes

677

687

Fair value of derivative instruments

25

34

Other noncurrent assets(2)

1,480

1,365

Total assets

$

16,853

$

16,129

LIABILITIES

Current liabilities:

Accounts payable, trade

$

1,860

$

1,938

Accrued compensation and retirement costs

370

383

Taxes, including income taxes

275

294

Fair value of derivative instruments

494

467

Other current liabilities

834

718

Long-term debt due within one year

1

1

Total current liabilities

3,834

3,801

Long-term debt, less amount due within one year

2,224

2,438

Accrued pension benefits

242

257

Accrued other postretirement benefits

408

427

Asset retirement obligations

1,025

1,120

Environmental remediation

209

206

Fair value of derivative instruments

880

1,134

Noncurrent income taxes

64

65

Other noncurrent liabilities and deferred credits

530

487

Total liabilities

9,416

9,935

MEZZANINE EQUITY

Noncontrolling interest

67

76

EQUITY

Common stock

3

3

Additional capital

11,594

11,575

Retained earnings (deficit)

508

(271

)

Accumulated other comprehensive loss

(4,735

)

(5,189

)

Total equity

7,370

6,118

Total liabilities, mezzanine equity, and equity

$

16,853

$

16,129

Alcoa Corporation and subsidiaries

Statement of Consolidated Cash Flows (unaudited)

(in millions)

Six Months Ended June 30,

2026

2025

CASH FROM OPERATIONS

Net income

$

826

$

699

Adjustments to reconcile net income to cash from operations:

Depreciation, depletion, and amortization

335

301

Deferred income taxes

(59

)

72

Equity loss (income), net of dividends

9

(4

)

Restructuring and other charges, net

14

19

Net loss from investing activities – asset and investment sales

—

2

Mark-to-market loss on noncurrent marketable securities

35

—

Net periodic pension benefit cost

13

9

Stock-based compensation

30

23

Loss (gain) on mark-to-market derivative financial contracts

58

(82

)

Other

31

49

Changes in assets and liabilities, excluding effects of divestitures and foreign currency translation adjustments:

(Increase) decrease in receivables

(440

)

149

Increase in inventories

(128

)

(111

)

Decrease in prepaid expenses and other current assets

53

127

Decrease in accounts payable, trade

(101

)

(233

)

Increase (decrease) in accrued expenses

34

(148

)

Increase (decrease) in taxes, including income taxes

11

(106

)

Pension contributions

(6

)

(14

)

Increase in noncurrent assets

(131

)

(97

)

Decrease in noncurrent liabilities

(155

)

(92

)

CASH PROVIDED FROM OPERATIONS

429

563

FINANCING ACTIVITIES

Additions to debt

104

1,040

Payments on debt

(332

)

(990

)

Dividends paid on Alcoa preferred stock

—

(1

)

Dividends paid on Alcoa common stock

(53

)

(52

)

Payments related to tax withholding on stock-based compensation awards

(11

)

(5

)

Financial contributions for the divestiture of businesses

—

(5

)

Contributions from noncontrolling interest

—

27

Other

(1

)

(4

)

CASH (USED FOR) PROVIDED FROM FINANCING ACTIVITIES

(293

)

10

INVESTING ACTIVITIES

Capital expenditures

(305

)

(224

)

Proceeds from the sale of assets

5

—

Additions to investments

(55

)

(29

)

Sale of investments

2

11

Other

21

2

CASH USED FOR INVESTING ACTIVITIES

(332

)

(240

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

(2

)

35

Net change in cash and cash equivalents and restricted cash

(198

)

368

Cash and cash equivalents and restricted cash at beginning of year

1,692

1,234

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

$

1,494

$

1,602

Alcoa Corporation and subsidiaries

Segment Information (unaudited)

(dollars in millions, except realized prices; dry metric tons in millions (mdmt); metric tons in thousands (kmt))

1Q25

2Q25

3Q25

4Q25

2025

1Q26

2Q26

Alumina:

Bauxite production (mdmt)

9.5

9.3

9.3

9.4

37.5

9.1

8.3

Third-party bauxite shipments (mdmt)

3.0

2.9

1.7

2.4

10.0

2.1

1.5

Alumina production (kmt)

2,355

2,351

2,453

2,481

9,640

2,355

2,218

Third-party alumina shipments (kmt)

2,105

2,195

2,205

2,324

8,829

1,611

1,618

Intersegment alumina shipments (kmt)

1,093

1,089

1,112

1,177

4,471

1,186

1,142

Produced alumina shipments (kmt)

2,316

2,384

2,448

2,514

9,662

2,206

2,288

Average realized third-party price per metric ton of alumina

$

575

$

378

$

377

$

341

$

415

$

324

$

334

Adjusted operating cost per metric ton of produced alumina shipped

$

312

$

323

$

318

$

314

$

317

$

334

$

368

Third-party bauxite sales

$

243

$

208

$

113

$

173

$

737

$

124

$

85

Third-party alumina sales

1,220

843

841

806

3,710

533

552

Intersegment alumina sales

712

467

474

457

2,110

445

453

Adjusted operating costs(1)

723

770

779

789

3,061

737

843

Other segment items(2)

788

609

582

635

2,614

405

343

Segment Adjusted EBITDA(3)

$

664

$

139

$

67

$

12

$

882

$

(40

)

$

(96

)

Depreciation and amortization

$

76

$

80

$

88

$

86

$

330

$

86

$

96

Equity income (loss)

$

15

$

(9

)

$

—

$

—

$

6

$

—

$

—

Aluminum:

Aluminum production (kmt)

564

572

579

604

2,319

607

636

Total aluminum shipments (kmt)

609

634

612

667

2,522

613

726

Produced aluminum shipments (kmt)

567

581

576

625

2,349

580

680

Average realized third-party price per metric ton of aluminum

$

3,213

$

3,143

$

3,374

$

3,749

$

3,376

$

4,209

$

4,752

Adjusted operating cost per metric ton of produced aluminum shipped

$

2,775

$

2,718

$

2,441

$

2,478

$

2,600

$

2,468

$

2,481

Third-party sales

$

1,901

$

1,956

$

2,040

$

2,462

$

8,359

$

2,536

$

3,330

Intersegment sales

4

5

5

6

20

5

5

Adjusted operating costs(1)

1,574

1,578

1,406

1,549

6,107

1,430

1,688

Other segment items(2)

197

286

332

399

1,214

417

574

Segment Adjusted EBITDA(3)

$

134

$

97

$

307

$

520

$

1,058

$

694

$

1,073

Depreciation and amortization

$

67

$

66

$

67

$

70

$

270

$

71

$

71

Equity (loss) income

$

(6

)

$

3

$

—

$

—

$

(3

)

$

—

$

—

Reconciliation of Total Segment Adjusted EBITDA to Consolidated net income attributable to Alcoa Corporation:

Total Segment Adjusted EBITDA(3)

$

798

$

236

$

374

$

532

$

1,940

$

654

$

977

Unallocated amounts:

Transformation(4)

(12

)

(21

)

(20

)

(27

)

(80

)

(27

)

(23

)

Intersegment eliminations

103

135

(39

)

53

252

7

2

Corporate expenses(5)

(37

)

(45

)

(42

)

(26

)

(150

)

(39

)

(60

)

Provision for depreciation, depletion, and amortization

(148

)

(153

)

(160

)

(162

)

(623

)

(162

)

(173

)

Impairment of goodwill

—

—

—

(144

)

(144

)

—

—

Restructuring and other charges, net

(5

)

(14

)

(885

)

(14

)

(918

)

(18

)

4

Interest expense

(53

)

(56

)

(33

)

(16

)

(158

)

(35

)

(36

)

Other income (expenses), net

26

112

1,034

(115

)

1,057

126

(200

)

Other(6)

(4

)

(33

)

(62

)

(13

)

(112

)

(7

)

(9

)

Consolidated income before income taxes

668

161

167

68

1,064

499

482

(Provision for) benefit from income taxes

(120

)

(10

)

51

134

55

(82

)

(73

)

Net loss (income) attributable to noncontrolling interest

—

13

14

11

38

8

(2

)

Consolidated net income attributable to Alcoa Corporation

$

548

$

164

$

232

$

213

$

1,157

$

425

$

407

The difference between segment totals and consolidated amounts is in Corporate.

(1) Adjusted operating costs include all production related costs for alumina or aluminum produced and shipped: raw materials consumed; conversion costs, such as labor, materials, and utilities; and plant administrative expenses.

(2) Other segment items include costs associated with trading activity, the Alumina segment’s purchase of bauxite from offtake or other supply agreements, the Alumina segment’s commercial shipping services, and the Aluminum segment’s energy assets; other direct and non-production related charges, including tariff costs; Selling, general administrative, and other expenses; and Research and development expenses.

(3) Alcoa Corporation’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.

(4) Transformation includes, among other items, the Adjusted EBITDA of previously closed operations.

(5) Corporate expenses are composed of general administrative and other expenses of operating the corporate headquarters and other global administrative facilities, as well as research and development expenses of the corporate technical center.

(6) Other includes certain items that are not included in the Adjusted EBITDA of the reportable segments.

Alcoa Corporation and subsidiaries

Calculation of Financial Measures (unaudited)

(in millions, except per-share amounts)

Adjusted Income

Quarter ended

June 30, 2026

March 31, 2026

June 30, 2025

Net income attributable to Alcoa Corporation

$

407

$

425

$

164

Special items:

Restructuring and other charges, net

(4

)

18

14

Other special items(1)

196

(104

)

(77

)

Discrete and other tax items impacts(2)

3

13

3

Tax impact on special items(3)

(40

)

22

1

Noncontrolling interest impact(3)

—

(1

)

(2

)

Subtotal

155

(52

)

(61

)

Net income attributable to Alcoa Corporation – as adjusted

$

562

$

373

$

103

Diluted EPS(4):

Net income attributable to Alcoa Corporation common shareholders

$

1.53

$

1.60

$

0.62

Net income attributable to Alcoa Corporation common shareholders – as adjusted

$

2.12

$

1.40

$

0.39

Net income attributable to Alcoa Corporation – as adjusted and Diluted EPS – as adjusted are non-GAAP financial measures. Management believes these measures are meaningful to investors because management reviews the operating results of Alcoa Corporation excluding the impacts of restructuring and other charges, various tax items, and other special items (collectively, “special items”). There can be no assurances that additional special items will not occur in future periods. To compensate for this limitation, management believes it is appropriate to consider Net income attributable to Alcoa Corporation and Diluted EPS determined under GAAP as well as Net income attributable to Alcoa Corporation – as adjusted and Diluted EPS – as adjusted.

(1)

Other special items include the following:

for the quarter ended June 30, 2026, an unfavorable mark-to-market change on the shares of Ma'aden ($123); a net unfavorable change in mark-to-market energy ($45) and foreign exchange ($14) derivative instruments; external costs related to portfolio actions ($12), primarily related to the announced agreement with South32; and, net charges for other special items ($2); for the quarter ended March 31, 2026, a favorable mark-to-market change on the shares of Ma'aden ($88), an insurance settlement for property damage incurred in 2024 ($22), a net unfavorable change in mark-to-market foreign exchange derivative instruments ($20), a net favorable change in mark-to-market energy derivative instruments ($19), costs related to the restart process at the San Ciprián, Spain smelter ($3), external costs related to portfolio actions ($3), and a net benefit for other special items ($1); and, for the quarter ended June 30, 2025, a net favorable change in mark-to-market foreign exchange ($72) and energy ($7) derivative instruments, external costs related to portfolio actions ($6), costs related to the restart process at the San Ciprián smelter ($3), a gain on sale of a non-core investment ($3), and a net benefit for other special items ($4). (2)

Discrete and other tax items are generally unusual or infrequently occurring items, changes in law, items associated with uncertain tax positions, or the effect of measurement-period adjustments and include the following:

for the quarter ended June 30, 2026, a net charge for discrete tax items ($3); for the quarter ended March 31, 2026, a net charge for discrete tax items ($13); and, for the quarter ended June 30, 2025, a net charge for discrete tax items ($3). (3)

The tax impact on special items is based on the applicable statutory rates in the jurisdictions where the special items occurred. The noncontrolling interest impact on special items represents Alcoa’s partner’s share of certain special items.

(4)

For the quarter ended June 30, 2025, dividends paid on preferred stock were $1 and undistributed earnings of $1 were allocated to preferred stock under the two-class method.

Alcoa Corporation and subsidiaries

Calculation of Financial Measures (unaudited), continued

(in millions)

Adjusted EBITDA

Quarter ended

June 30, 2026

March 31, 2026

June 30, 2025

Net income attributable to Alcoa Corporation

$

407

$

425

$

164

Add:

Net income (loss) attributable to noncontrolling interest

2

(8

)

(13

)

Provision for income taxes

73

82

10

Other expenses (income), net

200

(126

)

(112

)

Interest expense

36

35

56

Restructuring and other charges, net

(4

)

18

14

Provision for depreciation, depletion, and amortization

173

162

153

Adjusted EBITDA

887

588

272

Special items(1)

14

7

41

Adjusted EBITDA, excluding special items

$

901

$

595

$

313

Alcoa Corporation and subsidiaries

Calculation of Financial Measures (unaudited), continued

(in millions)

Free Cash Flow

Quarter ended

June 30, 2026

March 31, 2026

June 30, 2025

Cash provided from (used for) operations

$

608

$

(179

)

$

488

Capital expenditures

(186

)

(119

)

(131

)

Free cash flow

$

422

$

(298

)

$

357

Free cash flow is a non-GAAP financial measure. Management believes this measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures, which are necessary to maintain and expand Alcoa Corporation’s asset base and are expected to generate future cash flows from operations. It is important to note that Free cash flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.

Net Debt and Adjusted Net Debt

June 30, 2026

December 31, 2025

Short-term borrowings

$

—

$

9

Long-term debt due within one year

1

1

Long-term debt, less amount due within one year

2,224

2,438

Total debt

2,225

2,448

Less: Cash and cash equivalents

1,352

1,597

Net debt

873

851

Plus: Net pension / OPEB liability

573

613

Adjusted net debt

$

1,446

$

1,464

Net debt is a non-GAAP financial measure. Management believes this measure is meaningful to investors because management assesses Alcoa Corporation’s leverage position after considering available cash that could be used to repay outstanding debt.

Adjusted net debt is also a non-GAAP financial measure. Management believes this measure is meaningful to investors because management also assesses Alcoa Corporation’s leverage position after considering available cash that could be used to repay outstanding debt and net pension/OPEB liability.

Alcoa Corporation and subsidiaries

Calculation of Financial Measures (unaudited), continued

(in millions)

DWC Working Capital and Days Working Capital

Quarter ended

June 30, 2026

March 31, 2026

June 30, 2025

Receivables from customers

$

1,538

$

1,192

$

979

Add: Inventories

2,340

2,297

2,220

Less: Accounts payable, trade

(1,860

)

(1,771

)

(1,633

)

DWC working capital

$

2,018

$

1,718

$

1,566

Sales

$

3,966

$

3,193

$

3,018

Number of days in the quarter

91

90

91

Days working capital(1)

46

48

47

, /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended June 30, 2026. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Second Quarter 2026 and on the company's website at www.cohenandsteers.com under "Company—Investor Relations—Earnings Archive."

Conference Call and Webcast Information

The company will host a conference call tomorrow, Friday, July 17, 2026, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be Chief Executive Officer, Joseph Harvey, Chief Financial Officer, Amit Muni, and President and Chief Investment Officer, Jon Cheigh.

The earnings presentation will be displayed through the live webcast and referenced by management during the conference call.

Investors and analysts can access the live conference call by dialing 800-715-9871 (U.S.) or +1-646-307-1963 (international); passcode: 8494569. Participants should plan to register at least 10 minutes before the conference call begins. Internet access to the live, listen-only webcast will be available on the company's website at www.cohenandsteers.com under "Company—Investor Relations" under "Financials." The accompanying presentation that will be used during the conference call will be available prior to the call on the company's website at the same page.

A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 8494569. A replay of the webcast will be archived on the website for one month at www.cohenandsteers.com under "Company—Investor Relations" under "Financials."

About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

SOURCE Cohen & Steers, Inc.

SCOTTSDALE, Ariz., July 16, 2026 (GLOBE NEWSWIRE) -- onsemi (Nasdaq: ON) plans to announce its financial results for the second quarter, which ended July 3, 2026, after market close on Monday, August 3, 2026.

The company will host a conference call at 5 p.m. Eastern Time (ET) on August 3, 2026, following the release of its financial results. Investors and interested parties can access the conference call in the following manner:

Webcast: A live webcast of the conference call will be available via the “Investor Relations” section of the company’s website at http://www.onsemi.com. The re-broadcast of the call will be available at this site approximately one hour following the live broadcast and will remain available for 30 days.
 Teleconference: Investors and interested parties can also access the conference call by pre-registering here. About onsemi

onsemi (Nasdaq:

ON) delivers intelligent power and sensing technologies that enable electrification, energy efficiency, safety, and automation across automotive, industrial, and AI data center end markets. With a highly differentiated and innovative product portfolio, onsemi helps customers solve complex challenges to achieve higher efficiency, improved performance, and lower system cost, while supporting a safer, cleaner, and more energy-efficient world. onsemi is included in the S&P 500® index. Learn more about onsemi at www.onsemi.com.

onsemi and the onsemi logo are trademarks of Semiconductor Components Industries, LLC. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders.

Contacts
        
Krystal Heaton
Director, Head of Public Relations
onsemi
(480) 242-6943
[email protected]

Parag Agarwal
Vice President - Investor Relations & Corporate Development
onsemi
(602) 244-3437
[email protected]                                        

 Creates a Scaled Medical Laser Platform, Accelerating IPG’s Strategic Expansion in Advanced Solutions

Expected to Be Accretive to Gross Margin, EBITDA, and Adjusted EPS

MARLBOROUGH, Mass., July 16, 2026 (GLOBE NEWSWIRE) -- IPG Photonics Corporation (NASDAQ: IPGP) today announced that it has entered into a binding offer to acquire Lumibird Medical. The acquisition advances IPG’s strategy, further expanding the Advanced Solutions portfolio in attractive medical markets. The transaction is expected to deliver financial benefits by adding a high-margin business that is accretive to gross margin, EBITDA and adjusted EPS. IPG believes that the combined medical businesses will create a scaled medical laser platform for growth with complementary established leadership in ophthalmology and urology. The company expects that this also adds approximately $1 billion in addressable market for Advanced Solutions, expanding long-term value creation opportunities that leverage IPG’s capabilities.

IPG intends to acquire Lumibird Medical for a purchase price of €300 million on a cash-free, debt-free basis. The purchase price will be paid in cash at closing. A contingent earnout consideration of up to €50 million additional in cash is based on achieving certain 2026 and 2027 performance metrics. The acquisition will be funded with cash on hand.

“We expect that this acquisition will accelerate our strategic expansion in attractive medical markets in Advanced Solutions,” said Dr. Mark Gitin, IPG Photonics’ Chief Executive Officer. “Lumibird Medical’s leadership in ophthalmology complements our strength in urology, which will create a scaled medical platform with opportunities to accelerate innovation, broaden our commercial reach and deliver differentiated solutions for physicians and patients. We expect the transaction to strengthen our long-term growth profile and provide significant value creation. I am looking forward to welcoming the Lumibird Medical team to IPG.”

“I’m excited about the future of Lumibird Medical, which will benefit significantly from IPG’s scale and leadership in lasers, photonics and applications,” said Jean-Marc Gendre, CEO of Lumibird Medical. “I am convinced that becoming part of IPG will provide our teams, our technologies and our customers with outstanding opportunities to accelerate this remarkable journey while preserving the culture of innovation that has made our success.”

Lumibird Medical is a global leader in diagnostic and treatment systems for ophthalmology, a highly regulated medical laser market that is largely driven by non-discretionary spending. The company designs and produces diagnostic and therapeutic tools for conditions including cataracts, glaucoma, dry eye and age-related macular degeneration, and is a partner of choice for specialist and generalist patient care. Its proprietary laser technology delivers innovative solutions, from diagnosis to laser treatment, through market-leading brands including Quantel Medical, Ellex and Optotek Medical. Headquartered in France, the company has three major global facilities and more than 450 employees worldwide. Lumibird Medical has a track record of sales growth and EBITDA margin expansion. For the fiscal year ended December 31, 2025, Lumibird Medical reported revenue of €112.2 million and EBITDA of €24.1 million with EBITDA margin of 21.5%1.

1 Lumibird Medical's historical financials are prepared under IFRS. Please see the reconciliation from IFRS to U.S. GAAP in the appendix of the presentation furnished with the SEC on Form 8-K.

Transaction Timing

Following completion of the information and consultation process with Lumibird Medical's works council in accordance with French law, the parties expect to enter into a definitive purchase agreement. IPG Photonics expects the transaction to close during the fourth quarter of 2026, subject to customary closing conditions.

Conference Call Details

The Company will hold a conference call tomorrow, July 17, 2026, at 8:00 a.m. ET. To access the call, please dial 877-407-6184 in the US or 201-389-0877 internationally. A live webcast of the call will also be available and archived on the investor relations section of the Company’s website at investor.ipgphotonics.com.

Contact

Eugene Fedotoff
Senior Director, Investor Relations
IPG Photonics Corporation
508-597-4713
[email protected]

About IPG Photonics Corporation

Innovation is at the heart of IPG Photonics. As a global leader in laser technology, we apply light to transform the world. From manufacturing to medical and beyond, our breakthrough laser solutions power our customers’ success and expand what's possible. Discover more at www.ipgphotonics.com.

Safe Harbor Statement

Information and statements provided by IPG and its employees, including statements in this press release, that relate to future plans, events or performance are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These statements involve risks and uncertainties. Any statements in this press release that are not statements of historical fact are forward-looking statements, including those statements related to the proposed acquisition of Lumibird Medical (the "Proposed Transaction") and the timing and completion thereof, advancing IPG’s strategy , further expanding the Advanced Solutions portfolio in attractive medical markets, delivering financial benefits by adding a high-margin business, accretive to gross margin, EBITDA and adjusted EPS, the combination creating a scaled platform for growth, adding approximately $1 billion in addressable market, expanding long-term value creation opportunities that leverage IPG’s capabilities, expecting the transaction to provide opportunities to accelerate innovation, broaden commercial reach, deliver differentiated solutions, to strengthen long-term growth profile, provide value creation and to be accretive to margin, EBITDA and adjusted EPS, the ability to complete the information and consultation process with Lumibird Medical's works council, the execution of definitive agreements relating to the Proposed Transaction, the ability to obtain required regulatory approvals and to satisfy other customary closing conditions, the ability to successfully integrate Lumibird Medical's business and retain its employees, customers and distributors, and the realization of anticipated synergies and the expected closing date. Factors that could cause actual results to differ materially include risks and uncertainties, including risks associated with the strength or weakness of business conditions in industries and geographic markets that IPG serves, particularly the effect of downturns in the markets IPG serves; uncertainties and adverse changes in the general economic conditions of markets; inability to manage risks associated with international customers and operations; changes in trade controls and tariff policies; IPG's ability to penetrate new applications for fiber lasers and increase market share; the rate of acceptance and penetration of IPG's products; foreign currency fluctuations; high levels of fixed costs from IPG's vertical integration; the appropriateness of IPG's manufacturing capacity for the level of demand; competitive factors, including declining average selling prices; the effect of acquisitions and investments; inventory write-downs; asset impairment charges; intellectual property infringement claims and litigation; interruption in supply of key components; manufacturing risks; government regulations and trade sanctions; and other risks identified in IPG's SEC filings. There can be no assurance that the Proposed Transaction will be consummated on the anticipated timeline or at all. Readers are encouraged to refer to the risk factors described in IPG's Annual Report on Form 10-K (filed with the SEC on February 23, 2026) and IPG's reports filed with the SEC, as applicable. Actual results, events and performance may differ materially. Readers are cautioned not to rely on the forward-looking statements, which speak only as of the date hereof. IPG undertakes no obligation to update the forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Use of Non-GAAP Adjusted Financial Information

We refer to certain financial measures that are not recognized under United States generally accepted accounting principles (“GAAP”) and are provided as supplemental information to enhance understanding of the Company’s financial performance. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measure presented by the Company.

Record Revenue of $462.7 million Drove EPS Growth of 16.7% Year-Over-Year

, /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) reported earnings for the second quarter of 2026 with net income of $148.7 million, or $0.42 per diluted common share. Comparatively, second quarter 2025 net income totaled $130.7 million, or $0.36 per diluted common share, and first quarter 2026 net income totaled $137.0 million, or $0.38 per diluted common share.

"F.N.B. Corporation's second quarter results reflect the successful execution of our technology-focused strategic business model, highlighted by a 17% year-over-year increase in EPS to $0.42. Record revenue of $463 million drove a 9% year-over-year increase in pre-provision net revenue (non-GAAP) and another quarter of positive operating leverage. Tangible book value per common share (non-GAAP) increased 10% compared to June 30, 2025, and return on average tangible common equity (non-GAAP) equaled 14%," said F.N.B. Corporation Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr. "Average loans and leases grew 7% annualized linked-quarter while maintaining our strict credit discipline and originating high-quality assets in a volatile geopolitical and macroeconomic environment. Average non-interest-bearing deposit balances grew nearly 5% annualized from the prior quarter leading to a 26% mix of non-interest-bearing to total deposits for the seventh consecutive quarter. Our investments in digital capabilities, data analytics and artificial intelligence enable us to gain efficiency and deepen household penetration, expanding our position as the primary bank for our consumer, advisory and commercial customers."

Second Quarter 2026 Highlights
(All comparisons refer to the second quarter of 2025, except as noted)

Average loans and leases totaled $35.5 billion, an increase of $1.0 billion, or 2.9%, as the growth of $1.1 billion in consumer loans more than offset a slight decrease of $66.7 million in commercial loans and leases. On a linked-quarter basis, total average loans and leases increased $601.2 million, or 6.9% annualized, driven by growth in consumer loans and commercial loans and leases of $362.6 million and $238.6 million, respectively. Average deposits totaled $38.7 billion, an increase of $1.5 billion, or 4.1%, reflecting growth in average money market deposits of $727.3 million, average interest-bearing demand deposits of $541.0 million, average non-interest-bearing demand deposits of $129.8 million, average time deposits of $71.0 million and average savings deposits of $65.4 million. On a linked-quarter basis, total average deposits increased $293.3 million, or 3.1% annualized, driven by growth in average time deposits of $119.3 million, average non-interest-bearing demand deposits of $114.0 million and average interest-bearing demand deposits of $75.8 million. The loan-to-deposit ratio was 92.5% at June 30, 2026, compared to 90.3% at March 31, 2026, and 91.9% at June 30, 2025. Net interest income totaled $365.7 million, an increase of $6.4 million, or 1.8%, linked-quarter, primarily due to growth in earning assets, lower cost of funds and the impact of one more day in the current quarter. Net interest margin (FTE) (non-GAAP) equaled 3.25%, stable to the first quarter 2026 level. Strong non-interest income totaled $97.0 million, an increase of $6.0 million, or 6.6%, linked-quarter, benefiting from our diversified business model and related revenue generation. Pre-provision net revenue (non-GAAP) totaled $209.4 million, an 8.8% increase from the prior quarter, driven by continued strong non-interest income generation and growth in net interest income. Provision for credit losses was $21.4 million, an increase of $2.9 million from the prior quarter, with net charge-offs of $17.0 million, or 0.19% annualized of total average loans, compared to $15.9 million, or 0.18% annualized, in the prior quarter. The ratio of non-performing loans and other real estate owned (OREO) to total loans and leases and OREO decreased 3 basis points from the prior quarter to 0.31%, and total delinquency decreased 3 basis points from the prior quarter to 0.71%. The allowance for credit losses (ACL) to total loans and leases ratio decreased 1 basis point to 1.25%. Overall, asset quality metrics remain at solid levels, reflecting continued proactive management of the loan portfolio. The Common Equity Tier 1 (CET1) regulatory capital ratio ended the quarter at 11.4% (estimated), compared to 10.8% at June 30, 2025, and 11.4% at March 31, 2026. The tangible common equity to tangible assets ratio (non-GAAP) equaled 8.9%, compared to 8.5% at June 30, 2025, and 8.9% at March 31, 2026. Tangible book value per common share (non-GAAP) of $12.24 increased $1.10, or 9.9%, compared to June 30, 2025, and $0.18, or 1.5%, compared to March 31, 2026. During the second quarter of 2026, the Company repurchased $47 million, or 2.7 million shares, of common stock at a weighted average share price of $17.46. Non-GAAP financial measures referenced in this release are used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release. For more information regarding our use of non-GAAP measures, please refer to the discussion herein under the caption, "Use of Non-GAAP Financial Measures and Key Performance Indicators."

Quarterly Results Summary

2Q26

1Q26

2Q25

Reported results (b)

Net income available to common shareholders (millions)

$   148.7

$   137.0

$   130.7

Earnings per diluted common share

0.42

0.38

0.36

Book value per common share

19.34

19.12

18.17

Pre-provision net revenue (non-GAAP) (millions)

209.4

192.4

192.0

Average diluted common shares outstanding (thousands)

357,414

360,235

362,259

Capital measures

Common equity tier 1 (a)

11.4 %

11.4 %

10.8 %

Tangible common equity to tangible assets (non-GAAP)

8.93

8.91

8.47

Tangible book value per common share (non-GAAP)

$   12.24

$   12.06

$   11.14

(a) Estimated for 2Q26.

(b) Operating results equaled reported results as there were no significant items impacting earnings for the periods presented.

Second Quarter 2026 Results – Comparison to Prior-Year Quarter
(All comparisons refer to the second quarter of 2025, except as noted.)

Net interest income totaled $365.7 million, an increase of $18.5 million, or 5.3%, reflecting growth in average earning assets and lower interest-bearing deposit costs, partially offset by lower yields on earning assets. The net interest margin (FTE) (non-GAAP) increased 6 basis points to 3.25%. The yield on earning assets (non-GAAP) decreased 20 basis points to 5.13%, driven by a 27 basis point decline in yields on loans to 5.52%. Total cost of funds decreased 27 basis points to 1.99%, with a 50 basis point decrease in total borrowing costs to 4.21%, and a 30 basis point decrease in interest-bearing deposit costs to 2.36%. The Federal Open Market Committee FOMC has lowered the target federal funds rate by 175 basis points since August 2024.

Average loans and leases totaled $35.5 billion, an increase of $998.9 million, or 2.9%, including growth of $1.1 billion in consumer loans which more than offset a decrease of $66.7 million in commercial loans and leases. Average commercial and industrial loans increased $599.6 million, or 7.9%, and average commercial leases increased $20.8 million, or 2.7%, partially offsetting the decline in average commercial real estate loans of $668.1 million, or 5.2%. Solid commercial and industrial loan growth in the Charlotte and South Carolina markets was offset by expected commercial real estate loan payoffs. Equipment Finance also produced strong loan growth. Average consumer loans included an $858.4 million, or 10.3%, increase in residential mortgage loans largely due to the continued successful execution in key markets and long-standing strategy of serving the purchase market, partially offset by the sale of approximately $200 million of performing residential mortgage loans in February 2026. Average consumer lines of credit increased $181.5 million, or 12.9%, and indirect auto loans increased $43.1 million, or 5.5%, both reflecting solid organic growth in the respective portfolios.

Average deposits totaled $38.7 billion, an increase of $1.5 billion, or 4.1%, with growth in average money market deposits of $727.3 million, average interest-bearing demand deposits of $541.0 million, average non-interest-bearing demand deposits of $129.8 million, average time deposits of $71.0 million and average savings deposits of $65.4 million. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% at both June 30, 2026, and June 30, 2025. The loan-to-deposit ratio was 92.5% at June 30, 2026, compared to 91.9% at June 30, 2025.

Non-interest income totaled $97.0 million, an increase of $5.9 million, or 6.5%. Wealth management revenues increased $1.6 million, or 7.8%, as trust services income and securities commissions and fees increased 8.5% and 7.0%, respectively, through continued strong contributions across the geographic footprint. Capital markets income increased $1.1 million, or 16.2%, reflecting solid revenue from international banking income, customer interest rate derivatives and debt capital markets, and early contributions from investment banking and public finance. Bank-owned life insurance increased $1.5 million, reflecting higher life insurance claims. Other non-interest income increased $1.0 million, or 16.8%, primarily due to higher residual gains on equipment leases.

Non-interest expense totaled $253.2 million, increasing $7.0 million, or 2.9%. Salaries and employee benefits increased $5.8 million, or 4.4%, primarily reflecting normal annual merit increases and strategic hiring associated with our efforts to grow market share and support strategic technology initiatives. Outside services increased $2.9 million, or 11.6%, driven by higher third-party legal and consulting costs. Net occupancy and equipment increased $2.4 million, or 5.1%, primarily due to technology-related investments and higher occupancy costs.

The ratio of non-performing loans and OREO to total loans and OREO decreased 3 basis points to 0.31%. Total delinquency increased 9 basis points to 0.71%. Overall, asset quality metrics remain at solid levels.

The provision for credit losses was $21.4 million, compared to $25.6 million. The second quarter of 2026 reflected net charge-offs of $17.0 million, or 0.19% annualized of total average loans, compared to $21.8 million, or 0.25% annualized, reflecting continued proactive management of the loan portfolio. The ACL was $447.3 million, an increase of $15.3 million, with the ratio of the ACL to total loans and leases remaining stable at 1.25%.

The effective tax rate was 20.9%, compared to 21.5% in the second quarter of 2025.

The CET1 regulatory capital ratio was 11.4% (estimated) at June 30, 2026, and 10.8% at June 30, 2025. Tangible book value per common share (non-GAAP) was $12.24 at June 30, 2026, an increase of $1.10, or 9.9%, from $11.14 at June 30, 2025. AOCI reduced the current quarter's tangible book value per common share (non-GAAP) by $0.29, compared to a reduction of $0.26 at the end of the year-ago quarter.

Second Quarter 2026 Results – Comparison to Prior Quarter
(All comparisons refer to the first quarter of 2026, except as noted.)

Net interest income totaled $365.7 million, an increase of $6.4 million, or 1.8%, primarily due to growth in earning assets, lower cost of funds and the impact of one more day in the current quarter. The total yield on earning assets (non-GAAP) decreased 1 basis point to 5.13%, and the total cost of funds decreased 2 basis points to 1.99%, as the cost of interest-bearing deposits decreased 4 basis points to 2.36%. The resulting net interest margin (FTE) (non-GAAP) was 3.25%, stable to the prior quarter.

Average loans and leases totaled $35.5 billion, an increase of $601.2 million, or 6.9% annualized, as average consumer loans increased $362.6 million and average commercial loans and leases increased $238.6 million. For consumer lending, average residential mortgages increased $288.9 million driven by seasonal growth in mortgage originations. Average consumer lines of credit increased $55.3 million and indirect auto loans increased $35.9 million, both reflecting solid organic growth in the respective portfolios. Average commercial loans and leases growth reflected an increase of $336.5 million in average commercial and industrial loans and $9.8 million in average commercial leases, partially offset by a decline of $103.2 million in average commercial real estate loans due to continued expected payoff activity. Commercial and industrial loan growth was primarily driven by lower risk-rated, high-quality lending in the Mid-Atlantic, Pittsburgh and Charlotte markets.

Average deposits totaled $38.7 billion, an increase of $293.3 million, due to organic growth in new and existing customer relationships. The growth was primarily driven by average time deposits of $119.3 million, average non-interest-bearing demand deposits of $114.0 million, and average interest-bearing demand deposits of $75.8 million. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% for both June 30, 2026, and March 31, 2026. The loan-to-deposit ratio totaled 92.5% at June 30, 2026, compared to 90.3% at March 31, 2026, as loan growth exceeded deposit growth at quarter end.

Non-interest income totaled $97.0 million, an increase of $6.0 million, or 6.6%, from the prior quarter. Capital markets income increased $1.2 million, or 17.8%, with solid revenue from customer interest rate derivatives, international banking and debt capital markets, and early contributions from investment banking and public finance. Bank-owned life insurance increased $1.2 million, reflecting higher life insurance claims. Service charges increased $1.0 million, or 4.3%, and interchange and card transaction fees increased $0.8 million, or 6.5%, both driven by strong treasury management activity, as well as seasonally-higher consumer transactions. Mortgage banking operations income decreased $1.0 million, or 16.2%, driven by net fair value adjustments from pipeline hedging activity given the volatility of interest rates during the quarter. Other non-interest income increased $2.8 million, or 66.9%, primarily due to higher residual gains on equipment leases.

Non-interest expense totaled $253.2 million, a decrease of $4.6 million, or 1.8%, compared to the prior quarter. Salaries and employee benefits expense was flat as the declines from the seasonally-elevated long-term compensation and employer-paid payroll taxes expense in the first quarter were offset by increases in production-related compensation and merit-related increases in salaries in the current quarter. Net occupancy and equipment decreased $1.0 million, or 2.0%, primarily due to unusually high snow removal costs in the prior quarter. Outside services increased $1.8 million, or 6.7%, primarily due to higher third-party legal costs. The decline in linked-quarter other non-interest expense of $6.3 million, or 21.6%, reflected lower costs related to fraud losses, litigation, and the Community Uplift program. The efficiency ratio (non-GAAP) totaled 53.7%, compared to 56.1% in the prior quarter.

The ratio of non-performing loans and OREO to total loans and OREO decreased 3 basis points to 0.31%, and delinquency decreased 3 basis points to 0.71%. Overall, asset quality metrics remain at solid levels.

The provision for credit losses was $21.4 million, compared to $18.5 million. The second quarter of 2026 reflected net charge-offs of $17.0 million, or 0.19% annualized of total average loans, compared to $15.9 million, or 0.18% annualized, reflecting continued proactive management of the loan portfolio. The ACL was $447.3 million, an increase of $4.3 million, with the ratio of the ACL to total loans and leases decreasing 1 basis point to 1.25%.

The effective tax rate was 20.9%, compared to 21.2%.

The CET1 regulatory capital ratio was 11.4% (estimated), stable to 11.4% at March 31, 2026. Tangible book value per common share (non-GAAP) was $12.24 at June 30, 2026, an increase of $0.18 per share. AOCI reduced the current quarter-end tangible book value per common share (non-GAAP) by $0.29 as of June 30, 2026, compared to $0.24 at the end of the prior quarter.

Use of Non-GAAP Financial Measures and Key Performance Indicators
To supplement our Consolidated Financial Statements presented in accordance with GAAP, we use certain non-GAAP financial measures, such as return on average tangible common equity, return on average tangible assets, tangible book value per common share, the ratio of tangible common equity to tangible assets, pre-provision net revenue (reported), efficiency ratio, and net interest margin (FTE) to provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to assess their performance and trends.

These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included later in this release under the heading "Reconciliations of Non-GAAP Financial Measures and Key Performance Indicators to GAAP."

To facilitate peer comparisons of net interest margin and efficiency ratio, we use net interest income on a taxable-equivalent basis in calculating net interest margin by increasing the interest income earned on tax-exempt assets (loans and investments) to make it fully equivalent to interest income earned on taxable investments (this adjustment is not permitted under GAAP). Taxable-equivalent amounts for 2026 and 2025 were calculated using a federal statutory income tax rate of 21%.

Cautionary Statement Regarding Forward-Looking Information
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward‑looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements may relate to various matters, including our financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as "anticipates," "assumes," "believes," "can," "continues," "could," "enable," "estimates," "expects," "forecasts," "goal," "intends," "likely," "may," "might," "objective," "plans," "positioned," "potential," "projects," "remains," "should," "target," "trend," "will," "would," or similar words or expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to risks and uncertainties, including, but not limited to, those described below. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make.

There are various important factors that could cause future results to differ materially from historical performance and any forward-looking statements. Factors that might cause such differences, include, but are not limited to:

the credit risk associated with the substantial amount of commercial loans and leases in our loan portfolio; the volatility of the mortgage banking business; changes in market interest rates, U.S. federal government shutdowns and the unpredictability of monetary, tax and other policies of government agencies, including tariffs or the imposition and enforceability of tariffs, trade wars, barriers or restrictions, threats of such actions or related uncertainties; the impact of changes in interest rates on the value of our investment securities portfolios; changes in our ability to obtain liquidity as and when needed to fund our obligations as they come due, including as a result of adverse changes to our credit ratings; the risk associated with uninsured deposit account balances; regulatory limits on our ability to receive dividends from our subsidiaries and pay dividends to our shareholders; our ability to recruit and retain qualified banking professionals; the financial soundness of other financial institutions and the impact of volatility in the banking sector on us; changes and instability in economic conditions and financial markets, in the regions in which we operate or otherwise, including a contraction of economic activity, economic downturn or uncertainty and international conflict, including in the Middle East, disruption of supply chain and energy supply markets and capital markets, changes to inflation expectations and other related uncertainties; our ability to continue to invest in technological improvements as they become appropriate or necessary; any interruption in or breach in security of our information systems, or other cybersecurity risks; risks associated with reliance on third-party vendors and artificial intelligence; risks associated with the use of models, estimations and assumptions in our business; the effects of adverse weather events and public health emergencies; the risks associated with acquiring other banks and financial services businesses, including integration into our existing operations; the extensive federal and state regulations, supervision and examination governing almost every aspect of our operations, and potential expenses associated with complying with such regulations; our ability to comply with the consent orders entered into by First National Bank of Pennsylvania with the Department of Justice and the North Carolina State Department of Justice, and related costs and potential reputational harm; changes in federal, state or local tax rules and regulations or interpretations, or accounting policies, standards and interpretations; the effects of climate change and related legislative and regulatory initiatives; and any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above. FNB cautions that the risks identified here are not exhaustive of the types of risks that may adversely impact FNB and actual results may differ materially from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties described under Item 1A. Risk Factors and the Risk Management sections of our 2025 Annual Report on Form 10-K (including the MD&A section), our subsequent 2026 Quarterly Reports on Form 10-Q (including the risk factors and risk management discussions) and our other filings with the Securities and Exchange Commission (SEC), which are available on our corporate website at https://www.fnb-online.com/about-us/investor-information/reports-and-filings or the SEC's website at www.sec.gov. We have included our web address as an inactive textual reference only. Information on our website is not part of our SEC filings.

You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to FNB. FNB does not undertake, and specifically disclaims any obligation to update, or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

Conference Call
F.N.B. Corporation (NYSE: FNB) announced the financial results for the second quarter of 2026 after the market close on Thursday, July 16, 2026. Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr., Chief Financial Officer, Vincent J. Calabrese, Jr., and Chief Credit Officer, Gary L. Guerrieri, plan to host a conference call to discuss the Company's financial results on Friday, July 17, 2026, at 8:30 AM ET.

A live listen-only webcast of the conference call will be available under the Investor Relations section of the Corporation's website at www.fnbcorporation.com. Participants can access the link under the "About Us" tab and clicking on "Investor Relations" then "Investor Conference Calls." The live webcast will open approximately 30 minutes prior to the start of the call.

To participate in the Q&A portion of the call, dial 844-802-2440 (for domestic callers) or 412-317-5133 (for international callers). Pre-registration can be accessed at https://dpregister.com/sreg/10210232/1045fa3ff88. Callers who pre-register will be provided a conference passcode and unique PIN to bypass the live operator and gain immediate access to the call.

Presentation slides and the earnings release will also be available under the Investor Relations section of the Corporation's website at www.fnbcorporation.com.

Following the call, a replay of the conference call will be available via the webcast link under the Investor Relations section of the Corporation's website at www.fnbcorporation.com.

About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB's market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina. The Company has total assets of $51 billion and more than 355 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia.

FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management and advisory services include asset management, private banking and insurance.

The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.

F.N.B. CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

% Variance

2Q26

2Q26

For the Six Months Ended
June 30,

%

2Q26

1Q26

2Q25

1Q26

2Q25

2026

2025

Var.

Interest Income

Loans and leases, including fees

$ 493,541

$ 485,913

$ 500,767

1.6

(1.4)

$    979,454

$    981,341

(0.2)

Securities:

   Taxable

63,808

61,140

57,168

4.4

11.6

124,948

112,018

11.5

   Tax-exempt

6,685

6,903

6,918

(3.2)

(3.4)

13,588

13,858

(1.9)

Other

13,979

15,325

17,788

(8.8)

(21.4)

29,304

34,861

(15.9)

     Total Interest Income 

578,013

569,281

582,641

1.5

(0.8)

1,147,294

1,142,078

0.5

Interest Expense

Deposits

169,114

168,681

181,190

0.3

(6.7)

337,795

367,018

(8.0)

Short-term borrowings

19,522

17,934

20,132

8.9

(3.0)

37,456

34,235

9.4

Long-term borrowings

23,654

23,388

34,123

1.1

(30.7)

47,042

69,784

(32.6)

     Total Interest Expense

212,290

210,003

235,445

1.1

(9.8)

422,293

471,037

(10.3)

       Net Interest Income

365,723

359,278

347,196

1.8

5.3

725,001

671,041

8.0

Provision for credit losses

21,361

18,462

25,601

15.7

(16.6)

39,823

43,090

(7.6)

      Net Interest Income After

      Provision for Credit Losses

344,362

340,816

321,595

1.0

7.1

685,178

627,951

9.1

Non-Interest Income

Service charges

23,749

22,770

22,930

4.3

3.6

46,519

45,285

2.7

Interchange and card transaction fees

13,303

12,487

13,254

6.5

0.4

25,790

25,624

0.6

Trust services

12,574

12,831

11,591

(2.0)

8.5

25,405

23,991

5.9

Insurance commissions and fees

5,410

6,224

5,108

(13.1)

5.9

11,634

10,901

6.7

Securities commissions and fees

9,503

8,982

8,882

5.8

7.0

18,485

17,702

4.4

Capital markets income

8,014

6,801

6,897

17.8

16.2

14,815

12,220

21.2

Mortgage banking operations

5,319

6,345

6,306

(16.2)

(15.7)

11,664

13,299

(12.3)

Dividends on non-marketable equity
securities

6,733

6,245

6,168

7.8

9.2

12,978

11,728

10.7

Bank owned life insurance

5,331

4,110

3,838

29.7

38.9

9,441

9,188

2.8

Net securities gains (losses)

27

2

58

n/m

(53.4)

29

58

(50.0)

Other

6,988

4,188

5,983

66.9

16.8

11,176

8,785

27.2

     Total Non-Interest Income

96,951

90,985

91,015

6.6

6.5

187,936

178,781

5.1

Non-Interest Expense

Salaries and employee benefits

135,603

135,707

129,842

(0.1)

4.4

271,310

264,977

2.4

Net occupancy

20,755

22,637

19,299

(8.3)

7.5

43,392

39,057

11.1

Equipment

28,962

28,091

27,988

3.1

3.5

57,053

53,873

5.9

Outside services

28,246

26,461

25,317

6.7

11.6

54,707

51,658

5.9

Marketing

3,954

3,601

5,017

9.8

(21.2)

7,555

9,590

(21.2)

FDIC insurance

8,278

7,450

8,922

11.1

(7.2)

15,728

17,405

(9.6)

Bank shares tax

4,442

4,577

3,960

(2.9)

12.2

9,019

8,096

11.4

Other

23,009

29,341

25,880

(21.6)

(11.1)

52,350

48,380

8.2

     Total Non-Interest Expense

253,249

257,865

246,225

(1.8)

2.9

511,114

493,036

3.7

Income Before Income Taxes

188,064

173,936

166,385

8.1

13.0

362,000

313,696

15.4

Income tax expense (benefit)

39,343

36,890

35,715

6.6

10.2

76,233

66,511

14.6

Net Income

$ 148,721

$ 137,046

$ 130,670

8.5

13.8

$    285,767

$    247,185

15.6

Earnings per Common Share

Basic

$       0.42

$       0.38

$       0.36

10.5

16.7

$          0.80

$          0.68

17.6

Diluted

0.42

0.38

0.36

10.5

16.7

0.80

0.68

17.6

Cash Dividends per Common Share

0.13

0.12

0.12

8.3

8.3

0.25

0.24

4.2

n/m - not meaningful

F.N.B. CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

(Unaudited)

% Variance

2Q26

2Q26

2Q26

1Q26

2Q25

1Q26

2Q25

Assets

Cash and due from banks

$       426

$       452

$       535

(5.8)

(20.4)

Interest-bearing deposits with banks

1,949

2,207

1,892

(11.7)

3.0

Cash and Cash Equivalents

2,375

2,659

2,427

(10.7)

(2.1)

Securities available for sale

3,758

3,775

3,580

(0.5)

5.0

Securities held to maturity

4,251

4,183

4,115

1.6

3.3

Loans held for sale

290

321

296

(9.7)

(2.0)

Loans and leases, net of unearned income

35,769

35,112

34,679

1.9

3.1

Allowance for credit losses on loans and leases

(447)

(443)

(432)

0.9

3.5

Net Loans and Leases

35,322

34,669

34,247

1.9

3.1

Premises and equipment, net

564

566

557

(0.4)

1.3

Goodwill

2,480

2,480

2,480

—

—

Core deposit and other intangible assets, net

30

33

44

(9.1)

(31.8)

Bank owned life insurance

674

671

665

0.4

1.4

Other assets

1,255

1,271

1,314

(1.3)

(4.5)

Total Assets

$  50,999

$  50,628

$  49,725

0.7

2.6

Liabilities

Deposits:

Non-interest-bearing

$  10,056

$  10,003

$    9,872

0.5

1.9

Interest-bearing

28,623

28,898

27,876

(1.0)

2.7

  Total Deposits

38,679

38,901

37,748

(0.6)

2.5

Short-term borrowings

2,681

2,157

1,876

24.3

42.9

Long-term borrowings

2,002

2,001

2,692

—

(25.6)

Other liabilities

798

768

885

3.9

(9.8)

Total Liabilities

44,160

43,827

43,201

0.8

2.2

Shareholders' Equity

Common stock

4

4

4

—

—

Additional paid-in capital

4,691

4,698

4,691

(0.1)

—

Retained earnings

2,539

2,437

2,112

4.2

20.2

Accumulated other comprehensive loss

(103)

(86)

(92)

19.8

12.0

Treasury stock

(292)

(252)

(191)

15.9

52.9

Total Shareholders' Equity

6,839

6,801

6,524

0.6

4.8

Total Liabilities and Shareholders' Equity

$  50,999

$  50,628

$  49,725

0.7

2.6

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in thousands)

(Unaudited)

2Q26

1Q26

2Q25

Interest

Interest

Interest

Average

Income/

Yield/

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

Balance

Expense

Rate

Assets

Interest-bearing deposits with
banks

$              1,611,087

$           13,979

3.48 %

$              1,748,445

$           15,325

3.55 %

$              1,723,351

$           17,788

4.14 %

Taxable investment securities (1)

7,011,619

63,611

3.63

6,876,738

60,936

3.55

6,587,352

56,955

3.46

Tax-exempt investment
securities (1) (2)

958,948

8,460

3.53

991,913

8,735

3.52

1,004,672

8,737

3.48

Loans held for sale

327,705

5,974

7.29

437,086

7,572

6.93

225,509

4,156

7.37

Loans and leases (2) (3)

35,501,370

489,113

5.52

34,900,157

479,857

5.56

34,502,493

498,078

5.79

Total Interest Earning
Assets (2)

45,410,729

581,137

5.13

44,954,339

572,425

5.14

44,043,377

585,714

5.33

Cash and due from banks

377,777

373,240

395,418

Allowance for credit losses

(452,987)

(446,932)

(437,130)

Premises and equipment

567,661

567,938

555,889

Other assets

4,490,908

4,505,350

4,548,082

Total Assets

$            50,394,088

$            49,953,935

$            49,105,636

Liabilities

Deposits:

Interest-bearing demand

$ 6,617,287

18,393

1.11

$ 6,541,455

18,173

1.13

$ 6,076,305

16,373

1.08

Money market

11,691,192

84,878

2.91

11,700,669

85,030

2.95

10,963,843

92,276

3.38

Savings

3,096,095

6,421

0.83

3,102,399

6,787

0.89

3,030,706

6,831

0.90

Certificates and other time

7,312,462

59,422

3.26

7,193,173

58,690

3.31

7,241,453

65,710

3.64

Total interest-bearing deposits

28,717,036

169,114

2.36

28,537,696

168,680

2.40

27,312,307

181,190

2.66

Short-term borrowings

2,106,129

19,522

3.71

1,978,660

17,934

3.67

1,876,526

20,132

4.29

Long-term borrowings

2,001,579

23,654

4.74

1,984,936

23,388

4.78

2,741,561

34,123

4.99

Total Interest-Bearing
Liabilities  

32,824,744

212,290

2.59

32,501,292

210,002

2.62

31,930,394

235,445

2.96

Non-interest-bearing demand
deposits

9,942,298

9,828,293

9,812,486

Total Deposits and
Borrowings

42,767,042

1.99

42,329,585

2.01

41,742,880

2.26

Other liabilities

806,700

816,738

883,637

Total Liabilities

43,573,742

43,146,323

42,626,517

Shareholders' Equity

6,820,346

6,807,612

6,479,119

Total Liabilities and
Shareholders' Equity

$            50,394,088

$            49,953,935

$            49,105,636

Net Interest Earning Assets

$            12,585,985

$            12,453,047

$            12,112,983

Net Interest Income (FTE) (2)

368,847

362,423

350,269

Tax Equivalent Adjustment

(3,124)

(3,145)

(3,073)

Net Interest Income

$         365,723

$         359,278

$         347,196

Net Interest Spread

2.54 %

2.52 %

2.37 %

Net Interest Margin  (2)

3.25 %

3.25 %

3.19 %

(1)

The average balances and yields earned on securities are based on historical cost.

(2)

The interest income amounts are reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. The yield on earning assets and the net interest margin are presented on an FTE basis (non-GAAP).

(3)

Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in thousands)

(Unaudited)

Six Months Ended June 30,

2026

2025

Interest

Interest

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

Assets

Interest-bearing deposits with banks

$               1,679,386

$    29,304

3.52 %

$                1,732,129

$    34,861

4.06 %

Taxable investment securities (1)

6,944,551

124,547

3.59

6,512,930

111,590

3.43

Tax-exempt investment securities (1) (2)

975,340

17,195

3.52

1,007,379

17,501

3.47

Loans held for sale

382,093

13,546

7.09

214,605

8,040

7.49

Loans and leases (2) (3)

35,202,425

968,971

5.54

34,277,885

976,142

5.73

Total Interest Earning Assets (2)

45,183,795

1,153,563

5.13

43,744,928

1,148,134

5.28

Cash and due from banks

375,521

394,636

Allowance for credit losses

(449,976)

(433,039)

Premises and equipment

567,798

547,190

Other assets

4,498,089

4,541,924

Total Assets

$             50,175,227

$              48,795,639

Liabilities

Deposits:

Interest-bearing demand

$ 6,579,581

36,567

1.12

$ 6,187,745

35,199

1.15

Money market

11,695,904

169,908

2.93

10,809,047

182,300

3.40

Savings

3,099,230

13,208

0.86

3,087,255

14,941

0.98

Certificates and other time

7,253,147

118,112

3.28

7,232,714

134,578

3.75

Total interest-bearing deposits

28,627,862

337,795

2.38

27,316,761

367,018

2.71

Short-term borrowings

2,042,746

37,456

3.69

1,626,785

34,235

4.23

Long-term borrowings

1,993,303

47,042

4.76

2,784,543

69,784

5.05

Total Interest-Bearing Liabilities  

32,663,911

422,293

2.61

31,728,089

471,037

2.99

Non-interest-bearing demand deposits

9,885,610

9,730,677

Total Deposits and Borrowings

42,549,521

2.00

41,458,766

2.29

Other liabilities

811,692

910,946

Total Liabilities

43,361,213

42,369,712

Shareholders' Equity

6,814,014

6,425,927

Total Liabilities and Shareholders' Equity

$             50,175,227

$              48,795,639

Net Interest Earning Assets

$             12,519,884

$              12,016,839

Net Interest Income (FTE) (2)

731,270

677,097

Tax Equivalent Adjustment

(6,269)

(6,056)

Net Interest Income

$  725,001

$  671,041

Net Interest Spread

2.52 %

2.29 %

Net Interest Margin (2)

3.25 %

3.11 %

(1)

The average balances and yields earned on securities are based on historical cost.

(2)

The interest income amounts are reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. The yield on earning assets and the net interest margin are presented on an FTE basis (non-GAAP).

(3)

Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

For the Six Months Ended
June 30,

2Q26

1Q26

2Q25

2026

2025

Performance Ratios

Return on average equity

8.75 %

8.16 %

8.09 %

8.46 %

7.76 %

Return on average tangible

common equity (1) 

14.07

13.20

13.57

13.64

13.11

Return on average assets

1.18

1.11

1.07

1.15

1.02

Return on average tangible assets (1) 

1.27

1.19

1.15

1.23

1.10

Net interest margin (FTE) (2)

3.25

3.25

3.19

3.25

3.11

Yield on earning assets (FTE) (2)

5.13

5.14

5.33

5.13

5.28

Cost of interest-bearing deposits

2.36

2.40

2.66

2.38

2.71

Cost of interest-bearing liabilities 

2.59

2.62

2.96

2.61

2.99

Cost of funds 

1.99

2.01

2.26

2.00

2.29

Efficiency ratio (1)

53.68

56.08

54.83

54.86

56.61

Effective tax rate

20.92

21.21

21.47

21.06

21.20

Capital Ratios

Equity / assets

13.41

13.43

13.12

Common equity tier 1 (3)

11.4

11.4

10.8

Leverage

9.25

9.22

8.78

Tangible common equity / tangible assets (1)

8.93

8.91

8.47

Common Stock Data

Average diluted common shares outstanding

357,413,941

360,234,607

362,258,964

358,819,030

362,663,795

Period end common shares outstanding

353,560,084

355,670,905

359,123,010

Book value per common share

$         19.34

$         19.12

$         18.17

Tangible book value per common share (1)

12.24

12.06

11.14

Dividend payout ratio (common)

31.23 %

31.71 %

33.34 %

31.46 %

35.42 %

(1)

See non-GAAP financial measures section of this Press Release for additional information relating to the calculation of this item.

(2)

The net interest margin and yield on earning assets (all non-GAAP measures) are presented on a fully taxable equivalent (FTE) basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. 

(3)

June 30, 2026 Common Equity Tier 1 Capital ratio is an estimate.

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

(Unaudited)

% Variance

2Q26

2Q26

2Q26

1Q26

2Q25

1Q26

2Q25

Balances at period end

Loans and Leases:

Commercial real estate (1)

$  12,035

$  12,164

$  12,686

(1.1)

(5.1)

Commercial and industrial

8,194

8,032

7,556

2.0

8.4

Commercial leases

802

778

774

3.1

3.6

Other

140

87

182

60.9

(23.1)

Commercial loans and leases

21,171

21,061

21,198

0.5

(0.1)

Direct installment

2,654

2,655

2,671

—

(0.6)

Residential mortgages

9,471

9,038

8,595

4.8

10.2

Indirect installment

852

805

780

5.8

9.2

Consumer LOC

1,621

1,553

1,435

4.4

13.0

Consumer loans

14,598

14,051

13,481

3.9

8.3

Total loans and leases

$  35,769

$  35,112

$  34,679

1.9

3.1

Note: Loans held for sale were $290, $321 and $296 at 2Q26, 1Q26, and 2Q25, respectively.

(1) Commercial real estate is made up of 68% non-owner occupied and 32% owner-occupied at June 30, 2026.

% Variance

Average balances

2Q26

2Q26

For the Six Months
Ended
June 30,

%

Loans and Leases:

2Q26

1Q26

2Q25

1Q26

2Q25

2026

2025

Var.

Commercial real estate 

$  12,099

$  12,202

$  12,767

(0.8)

(5.2)

$  12,152

$  12,749

(4.7)

Commercial and industrial

8,192

7,855

7,592

4.3

7.9

8,022

7,578

5.9

Commercial leases

797

787

776

1.2

2.7

792

771

2.7

Other

140

144

159

(3.1)

(12.0)

142

154

(7.5)

Commercial loans and leases

21,227

20,988

21,294

1.1

(0.3)

21,108

21,251

(0.7)

Direct installment

2,649

2,667

2,667

(0.7)

(0.7)

2,658

2,665

(0.3)

Residential mortgages

9,210

8,921

8,352

3.2

10.3

9,066

8,200

10.6

Indirect installment

823

788

780

4.6

5.5

806

770

4.6

Consumer LOC

1,592

1,536

1,410

3.6

12.9

1,564

1,391

12.4

Consumer loans

14,274

13,912

13,209

2.6

8.1

14,094

13,027

8.2

Total loans and leases

$  35,501

$  34,900

$  34,502

1.7

2.9

$  35,202

$  34,278

2.7

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

(Unaudited)

% Variance

2Q26

2Q26

Asset Quality Data

2Q26

1Q26

2Q25

1Q26

2Q25

Non-Performing Assets

Non-performing loans

$  110

$   118

$   117

(6.8)

(6.0)

Other real estate owned (OREO)

2

3

2

(33.3)

—

Non-performing assets

$  112

$   121

$   119

(7.4)

(5.9)

Non-performing loans / total loans and leases

0.31 %

0.33 %

0.34 %

Non-performing assets plus 90+ days past due / total loans and leases
plus OREO

0.46

0.49

0.38

Non-performing loans plus OREO / total loans and leases plus OREO

0.31

0.34

0.34

Delinquency

Loans 30-89 days past due

$    92

$     93

$     86

(1.1)

7.0

Loans 90+ days past due

51

50

13

2.0

292.3

Non-accrual loans

110

118

117

(6.8)

(6.0)

Past due and non-accrual loans

$  253

$   261

$   216

(3.1)

17.1

Past due and non-accrual loans / total loans and leases

0.71 %

0.74 %

0.62 %

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

% Variance

(Unaudited)

2Q26

2Q26

For the Six Months
Ended
June 30,

%

Allowance on Loans and Leases and Allowance for Unfunded Loan
Commitments Rollforward

2Q26

1Q26

2Q25

1Q26

2Q25

2026

2025

Var.

Allowance for Credit Losses on Loans and Leases

Balance at beginning of period

$ 443.0

$ 439.5

$ 428.9

0.8

3.3

$ 439.5

$ 422.8

4.0

Provision for credit losses 

21.3

19.4

25.0

10.1

(14.7)

40.6

43.6

(6.7)

Net loan (charge-offs) / recoveries

(17.0)

(15.9)

(21.8)

7.2

(22.0)

(32.8)

(34.3)

(4.3)

Allowance for credit losses on loans and leases

$ 447.3

$ 443.0

$ 432.1

1.0

3.5

$ 447.3

$ 432.1

3.5

Allowance for Unfunded Loan Commitments

Allowance for unfunded loan commitments balance at beginning of period

$   19.2

$   20.1

$   20.3

(4.6)

(5.3)

$   20.1

$   21.4

(5.9)

Provision (reduction in allowance) for unfunded loan commitments / other
adjustments

(0.1)

(0.9)

0.7

91.2

(111.8)

(1.0)

(0.4)

(135.0)

Allowance for unfunded loan commitments

$   19.1

$   19.2

$   21.0

(0.4)

(8.9)

$   19.1

$   21.0

(8.9)

Total allowance for credit losses on loans and leases and allowance for
unfunded loan commitments

$ 466.4

$ 462.2

$ 453.0

0.9

3.0

$ 466.4

$ 453.0

3.0

Allowance for credit losses on loans and leases / total loans and leases

1.25 %

1.26 %

1.25 %

Allowance for credit losses on loans and leases / total non-performing loans

404.3

376.8

370.7

Net loan charge-offs (annualized) / total average loans and leases

0.19

0.18

0.25

0.19 %

0.20 %

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS TO GAAP

We believe the following non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and facilitate
comparisons with the performance of our peers. The non-GAAP financial measures we use may differ from the non-GAAP financial measures other financial institutions 
use to measure their results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in 
accordance with U.S. GAAP. The following tables summarize the non-GAAP financial measures included in this press release and derived from amounts reported in our
financial statements.

For the Six Months Ended
June 30,

2Q26

1Q26

2Q25

2026

2025

Return on average tangible common equity

(dollars in thousands)

Net income available to common shareholders
(annualized)

$     596,518

$     555,798

$     524,116

$     576,271

$     498,467

Amortization of intangibles, net of tax (annualized)

9,761

10,733

12,607

10,245

12,614

Tangible net income available to common
shareholders (annualized) (non-GAAP)

$     606,279

$     566,531

$     536,723

$     586,516

$     511,081

Average total shareholders' equity

$  6,820,346

$  6,807,612

$  6,479,119

$  6,814,014

$  6,425,927

Less: Average intangible assets (1)

(2,511,122)

(2,514,310)

(2,525,338)

(2,512,707)

(2,526,481)

Average tangible common equity (non-GAAP)

$  4,309,224

$  4,293,302

$  3,953,781

$  4,301,307

$  3,899,446

Return on average tangible common equity
(non-GAAP)

14.07 %

13.20 %

13.57 %

13.64 %

13.11 %

Return on average tangible assets

(dollars in thousands)

Net income (annualized)

$      596,518

$      555,798

$      524,116

$      576,271

$      498,467

Amortization of intangibles, net of tax
(annualized)

9,761

10,733

12,607

10,245

12,614

Tangible net income (annualized) (non-GAAP)

$      606,279

$      566,531

$      536,723

$      586,516

$      511,081

Average total assets

$ 50,394,088

$ 49,953,935

$ 49,105,636

$ 50,175,227

$ 48,795,639

Less: Average intangible assets (1)

(2,511,122)

(2,514,310)

(2,525,338)

(2,512,707)

(2,526,481)

Average tangible assets (non-GAAP)

$ 47,882,966

$ 47,439,625

$ 46,580,298

$ 47,662,520

$ 46,269,158

Return on average tangible assets (non-GAAP)

1.27 %

1.19 %

1.15 %

1.23 %

1.10 %

(1) Excludes loan servicing rights.

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

2Q26

1Q26

2Q25

Tangible book value per common share

(dollars in thousands, except per share data)

Total shareholders' equity

$   6,838,456

$   6,800,671

$   6,523,791

Less:  Intangible assets (1)

(2,509,651)

(2,512,732)

(2,524,005)

Tangible common equity (non-GAAP)

$   4,328,805

$   4,287,939

$   3,999,786

Common shares outstanding

353,560,084

355,670,905

359,123,010

Tangible book value per common share (non-GAAP)

$          12.24

$          12.06

$          11.14

Tangible common equity to tangible assets

(dollars in thousands)

Total shareholders' equity

$   6,838,456

$   6,800,671

$   6,523,791

Less:  Intangible assets (1)

(2,509,651)

(2,512,732)

(2,524,005)

Tangible common equity (non-GAAP)

$   4,328,805

$   4,287,939

$   3,999,786

Total assets

$ 50,998,603

$ 50,628,037

$ 49,724,837

Less:  Intangible assets (1)

(2,509,651)

(2,512,732)

(2,524,005)

Tangible assets (non-GAAP)

$ 48,488,952

$ 48,115,305

$ 47,200,832

Tangible common equity to tangible assets (non-GAAP)

8.93 %

8.91 %

8.47 %

(1) Excludes loan servicing rights.

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

For the Six Months Ended
June 30,

2Q26

1Q26

2Q25

2026

2025

Pre-provision net revenue

(in thousands)

Net interest income

$  365,723

$  359,278

$  347,196

$  725,001

$  671,041

Non-interest income

96,951

90,985

91,015

187,936

178,781

Less: Non-interest expense

(253,249)

(257,865)

(246,225)

(511,114)

(493,036)

Pre-provision net revenue (reported) (non-GAAP)

$  209,425

$  192,398

$  191,986

$  401,823

$  356,786

Pre-provision net revenue (reported) (annualized)
(non-GAAP)

$  840,000

$  780,281

$  770,055

$  810,305

$  719,485

Efficiency ratio (FTE)

(dollars in thousands)

Total non-interest expense

$  253,249

$  257,865

$  246,225

$  511,114

$  493,036

Less: Amortization of intangibles

(3,081)

(3,350)

(3,979)

(6,431)

(7,918)

Less: OREO expense

(147)

(236)

(316)

(383)

(631)

Adjusted non-interest expense

$  250,021

$  254,279

$  241,930

$  504,300

$  484,487

Net interest income

$  365,723

$  359,278

$  347,196

$  725,001

$  671,041

Taxable equivalent adjustment

3,124

3,145

3,073

6,269

6,056

Non-interest income

96,951

90,985

91,015

187,936

178,781

Less:  Net securities losses (gains)

(27)

(2)

(58)

(29)

(58)

Adjusted net interest income (FTE) + non-interest
income

$  465,771

$  453,406

$  441,226

$  919,177

$  855,820

Efficiency ratio (FTE) (non-GAAP)

53.68 %

56.08 %

54.83 %

54.86 %

56.61 %

SOURCE F.N.B. Corporation

💡

What's Important This Week
⚙️ Robinhood Chain Mainnet is Now Live on the Arbitrum Platform
💳 ZeroDev Launches a New Wallet
🇬🇧 Founder House London Concludes with $300K Awarded

📣 Announcements Key updates from the Arbitrum ecosystem and Foundation.

Robinhood Chain Mainnet is Live

The launch of Robinhood Chain enables a more customized infrastructure designed to satisfy precise performance, security, and regulatory requirements. This environment establishes a robust foundation for the integration and development of decentralized financial primitives.

Introducing ZeroDev Wallet 0:00

/0:56

ZeroDev Wallet is an embedded wallet built on ZeroDev’s programmable account infrastructure. It gives teams one stack for wallet creation, signing, smart account execution, gas sponsorship, session keys, policies, recovery options, and transaction orchestration.

Meet the Winners of Founder House London

From more than 490 registrations, 140 founders were selected to join Founder House London for three days of targeted sessions and iteration on product-market fit and go-to-market alongside mentors from across the Arbitrum ecosystem. By the end of the program, teams had submitted 64 projects competing for a share of $300,000 in prizes and grants.

📚 Learn & Build New learning drops and hands-on resources from across the Arbitrum ecosystem.

Predictable Fees for Onchain Agents

As agentic commerce grows, predictable fees become increasingly important.
This article breaks down why predictable fees matter for agentic commerce, how gas pricing works, and how Arbitrum’s dynamic pricing is evolving to support this next wave of onchain demand.

Build Your First Robinhood Chain App

Want to get started in building on the Robinhood Chain? This article from @hummusonrails features a full walkthrough from code design to final deployment of your first dApp on Robinhood!

Arbitrum Supports x402 and MPP For Agentic Finance

Developers now have two new pathways for building agentic payment and settlement flows on Arbitrum. Arbitrum is supported by Coinbase’s hosted x402 facilitator, and Offchain has published arbitrum-mpp, an open-source implementation for making payments over MPP on Arbitrum.

How Smart Accounts Give Onchain AI Agents Safe Permissions

Agents need the ability to act. They also need boundaries. Smart accounts make that possible by moving permissions, policy, and enforcement to the account layer.

🔦 Ecosystem Highlights Fresh launches and standout threads from around the Arbitrum ecosystem.

$800K in Revenue in the Last 7 Days

Robinhood Chain generated more than $800K in revenue in the last 7 days, annualizing to $42M at this rate.

Introducing Swaps by Variational

Variational just launched Swaps, bringing Wall Street's widely used trading infra onchain with institutional liquidity for tokenized markets. A big step for @variational_io toward bringing TradFi into the programmable economy.

Rialto Goes Live on Robinhood Chain

We’re excited to welcome @rialto_xyz, an onchain exchange for trading and borrowing against tokenized equities, crypto and real-world assets, launched on the Robinhood Chain.

Prism is Live on Arbitrum 0:00

/0:16

Arbitrum is building the finance-native platform for the programmable economy. Prism is where the pieces of Arbitrum’s financial stack start coming together.

🛠️ Dev Tooling & Infra Updates to SDKs, CLIs, and developer workflows across the stack.

ZeroDev Wallet SDK

What does a smart-account-first embedded wallet SDK actually unlock?
ZeroDev breaks down 5 product flows to build with the ZeroDev Wallet SDK.

🗓️ Events Workshops, builder and founder programs, and ecosystem meetups to watch.

Recap: Founder House London If you’re a founder who missed the ultimate in-person mentorship experience, here’s a look at what went down at Arbitrum Founder House London 🇬🇧

We've brought teams together under one roof for a 3-day founder residency where they:

Built new financial products across tokenized capital markets, collateral and risk infrastructure, payments, tokenized equity, agentic finance and yield bringing products onchain via Arbitrum One and the Robinhood Chain Refined their product & GTM strategies Received mentorship from our ecosystem partners Competed for $300k in prizes Catch the highlights. 👇🏻

0:00

/0:58

To keep up with upcoming builder programs, funding opportunities, and ecosystem updates, subscribe to the Builder Newsletter.

What builders are debating and proposing this week.

[Constitutional] AIP: Ratification of Security Council Election Process Improvements In September 2025, the ArbitrumDAO showed varying degrees of support for five Security Council Election process improvements via a temperature check. This updated temperature check aims to ratify the DAO’s support for the inclusion of four and omission of one of the originally proposed improvements, ahead of an on-chain vote.

ArbitrumDAO Factsheet: Robinhood Chain Mainnet Launch Robinhood Chain went live on public mainnet on 1 July 2026, a dedicated Arbitrum chain settling to Ethereum, after a testnet that processed more than 200 million transactions.

Table of contents

Let me tell you what happens today on the highway we wrote about two days ago. Around 92 million new ARB tokens leave their vault, right as the token trades within sight of the all-time low it printed in late June. Unlock is the scariest word in a falling token’s vocabulary. But read the shipping label on this particular delivery, because where the tokens go matters more than how many there are.

ARB traded at $0.08989 on July 14 per this site’s tracking, and holds near the $0.09 area as the unlock lands on July 16, 2026, per CoinGecko. The token sits just above the all-time low set in late June, after our coverage this week flagged its 13.8% bounce as the rotation reaching the layer-2 shelf.

The Unique Angle: read the label, not the headline Here is the detail the word “unlock” hides. Today’s release of roughly 92 million ARB, about 1.65% of released supply, is directed to the Arbitrum DAO treasury, according to the project’s published vesting schedule. Not to team wallets. Not to early investors.

Why that distinction is the whole story: unlock damage comes from tokens that want to be sold. When vesting cliffs release coins to insiders and venture funds, history is unambiguous. Arbitrum’s own May 2024 unlock is the textbook case: 92.65 million ARB went to team, advisors and investors, portions flowed straight to exchanges, and the price slid on schedule. Those tokens had sellers attached.

Treasury tokens are different animals. They land in the DAO’s vault and sit there until governance votes to spend them on grants, incentives or operations. No fund manager is waiting to market-dump them this afternoon. The mechanical sell pressure from today’s event is close to zero on day one.

Now the honest other half, because unlocks earn their reputation two slower ways. First, treasury tokens are deferred supply, not cancelled supply: every grant and incentive program eventually turns some of them into sell flow, drip by drip, and that drip has run for years. Second, unlock headlines move prices all by themselves. Plenty of traders sell the word without reading the label, and in a token this beaten down, sentiment is the thinnest layer of all. Today can still print red for no mechanical reason whatsoever.

The One Number That Matters Roughly $8 million. That is the dollar value of today’s unlock at current prices, 92 million tokens times about nine cents.

Hold that against history. The May 2024 unlock of nearly identical token count was worth $92 million, because ARB traded above a dollar. Same event, one-tenth the dollar weight, and aimed at a vault instead of an exit. The number is small enough to say something bigger: after two years of decline, ARB’s unlocks have deflated from market-moving events into rounding errors. That is what capitulation pricing looks like from the supply side. Whether it also marks a bottom is a question the chart, not the calendar, will answer.

Key Levels The map from our prediction page stands. Support: $0.08, the line the whole recovery attempt rests on, now doubling as the post-unlock stress test. Resistance: the dime, $0.10, unchanged as the level where attention becomes conviction. Recent trading has also respected a tighter shelf near $0.078 on the downside. If unlock-headline selling appears, $0.08 is where it either exhausts or matters.

Supporting Context The paradox we built the ARB prediction page around got louder this month, not quieter. Robinhood launched the public mainnet of Robinhood Chain, a tokenized-stocks network built on Arbitrum’s own Orbit technology, with Uniswap integrated from day one. LG Electronics selected Arbitrum tech for a custom layer-2 aimed at advertising infrastructure. The network reports more than $18 billion in value secured. And the token that governs all of it trades within sight of its all-time low, at a $572 million cap as of this week’s reading.

Usage up, price down: the value-capture question in its purest form. Days like today feed both sides of it. Bulls point at institutions building on the highway; bears point at 92 million more tokens on a road where the toll still goes uncollected.

Bottom Line Today’s unlock is the mildest version of a scary event: small in dollars, aimed at a treasury, mechanically near-harmless on day one. The risks are the slow drip and the reflexive headline sellers, and $0.08 is the level that measures both. The story that actually matters is unchanged from our prediction page: the highway keeps winning tenants while the token waits to matter. Watch the dime above, the eight-cent line below, and let the post-unlock tape speak for itself.

This article is for information only and is not investment advice. Crypto assets are extremely volatile and you can lose your entire stake. Always do your own research.

Frequently Asked Questions What is the Arbitrum unlock today? Roughly 92 million ARB, about 1.65% of released supply, unlocks on July 16, 2026, directed to the Arbitrum DAO treasury under the published vesting schedule.

Will the ARB unlock crash the price? ARB trades near $0.09 as of July 16, 2026, just above the all-time low it set in late June, after a 13.8% bounce earlier this week.

Why is ARB so cheap if Arbitrum is widely used? The network secures over $18 billion and keeps winning institutional deployments like Robinhood Chain, but the market doubts how much of that value the governance token captures. That gap is the central ARB debate.

What are the key ARB levels to watch? Support at $0.08, with a tighter shelf near $0.078; resistance at the round $0.10. Holding $0.08 through the unlock would be the constructive outcome.

When is the next Arbitrum unlock? Arbitrum runs recurring monthly unlocks through 2027 under its vesting schedule. Check the official Arbitrum Foundation documentation for the next scheduled date and allocation.

AUTHOR

Simeon is a detail-driven editor who sharpens every piece with clarity and precision, ensuring clean, consistent, and professional content throughout.

The Euro to Dollar exchange rate is trading around 1.1440 after remaining relatively resilient through July, but HSBC expects renewed US Dollar strength to weigh on EUR/USD over the coming months.

HSBC argues that the recent Dollar recovery reflects a combination of resilient US growth, interest-rate expectations and the relative attractiveness of US assets.

The bank expects the Federal Reserve to remain cautious on easing policy, while the Eurozone faces weaker growth prospects and ongoing uncertainty linked to energy prices.

HSBC’s outlook is based on a view that the Dollar’s recent weakness will prove temporary as markets refocus on rate differentials and the strength of the US economy.

The bank highlights that geopolitical risks and higher energy prices remain particularly challenging for Europe, with renewed pressure on gas supplies posing a threat to Eurozone growth and inflation.

According to HSBC, the Euro’s recent resilience does not change the broader outlook, with the currency still vulnerable if investors return to favouring US assets.

The bank sees EUR/USD falling towards 1.10 as the Dollar gradually regains ground, with the widening contrast between US economic performance and European challenges expected to remain a key driver.

However, HSBC acknowledges that the path lower may not be straightforward, with periods of Dollar consolidation possible as markets continue to assess Federal Reserve policy and global risk conditions.

Item 1 of 2 Google logo is displayed at Google's headquarters in New York City, U.S., July 1, 2026. REUTERS/Aleksandra Michalska/File Photo

[1/2]Google logo is displayed at Google's headquarters in New York City, U.S., July 1, 2026. REUTERS/Aleksandra Michalska/File Photo Purchase Licensing Rights, opens new tab

July 16 (Reuters) - Alphabet's (GOOGL.O), opens new tab Google is months behind schedule on the release of Gemini 3.5 Pro, its most powerful flagship AI model, as ​the tech giant works to improve its capabilities, particularly in ‌coding, Bloomberg News reported on Thursday.

The delay comes amid fierce competition among AI developers to boost model performance, cut costs and expand enterprise capabilities, fueling ​a steady, industrywide stream of new systems and reasoning models.

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Here are ​some details:

The model was due to be released in June, ⁠Alphabet CEO Sundar Pichai had said during Google's annual I/O developer ​conference in May.

The setback has some Google engineers, AI researchers and ​managers worried as rivals OpenAI and Anthropic release models outperforming Gemini, the report said, citing 10 current and former employees.

Google late last month updated the data ​used to train Gemini to improve those capabilities, but the results ​fell short of expectations, Bloomberg News reported.

Shares of Alphabet slipped nearly 3% following ‌the ⁠report.

"We're currently testing 3.5 Pro, an upgraded Flash model, and other models with partners, and we're productively engaged with the U.S. government," a company spokesperson told Reuters in a statement.

"We're shipping quickly across ​a wide range of ​models while ⁠keeping them highly cost-effective for customers," the spokesperson said.

OpenAI launched GPT-5.6, its most advanced model, last week ​after a delay prompted by the U.S. government's requests ​over national ⁠security concerns about the potential misuse of powerful AI tech.

Anthropic had disabled its most advanced AI models, Mythos 5 and Fable 5, for ⁠all ​users after a June 12 U.S. export ​control order citing national security concerns.

The curbs were lifted in late June after Anthropic ​added safeguards.

Reporting by Juby Babu in Mexico City; Editing by Pooja Desai

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

Item 1 of 2 A drone view shows Netflix logos on buildings in the Hollywood neighborhood in Los Angeles, California, U.S., January 20, 2026. REUTERS/Daniel Cole

[1/2]A drone view shows Netflix logos on buildings in the Hollywood neighborhood in Los Angeles, California, U.S., January 20, 2026. REUTERS/Daniel Cole Purchase Licensing Rights, opens new tab

SummaryCompaniesNetflix forecast third-quarter revenue of $12.86 billion and diluted EPS of 82 centsShares drop nearly 8% in after-hours tradingIt will cut viewing-hours reports to once yearly starting in ​January 2027LOS ANGELES, July 16 (Reuters) - Netflix (NFLX.O), opens new tab offered third-quarter revenue and earnings projections on Thursday that hovered below Wall ‌Street targets and said it would reduce the amount of information it discloses on viewing hours as the streaming video pioneer seeks new avenues of growth in a competitive media landscape.

Shares of Netflix fell nearly 8% in after-hours trading to $68.45.

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The company said it expected $12.86 billion in revenue from July through September ​and diluted earnings per share of 82 cents. Analysts had forecast $13 billion in revenue and diluted EPS of 84 cents, ​according to LSEG.

Third-quarter projections "appear to reflect a combination of management caution and a naturally maturing growth profile, ⁠rather than any sudden deterioration in the business," PP Foresight analyst Paolo Pescatore said. He added that they would "reinforce the view ​that Netflix remains strong but is entering a steadier phase of growth with considerably less room for error given the always-high expectations."

Netflix said ​it would cut its biannual release of a viewing-hours report to once a year starting in January 2027 "to keep the focus on our primary financial metrics — revenue and operating profit." It stopped publishing quarterly subscriber numbers in 2025.

For the just-ended quarter, Netflix revenue and EPS were roughly in line with analyst ​estimates. Earnings per share came in at 80 cents for the three-month period, which featured hits including crime drama "I Will Find You" ​and animated feature "Swapped." Revenue totaled $12.56 billion.

"Our financial performance remains solid and we're on track to meet our objectives for the year," the company said ‌in its ⁠quarterly letter to shareholders.

COMPETITION INTENSIFIESNetflix is facing competition from all corners of the entertainment industry, from traditional media companies such as Walt Disney (DIS.N), opens new tab to YouTube, a growing presence in living rooms, and mobile viewing on apps such as TikTok.

Prior to the earnings report, the streaming giant had shed over a fifth of its value as investors worried about how the company would boost revenue and gain new customers. ​In April, Netflix said it ​had more than 325 million ⁠paying members and still had room to increase that number.

The company is building an advertising business and offering video games, two initiatives still in the early stages. It repeated an earlier forecast that ​ad revenue would reach $3 billion by the end of the year. The company is counting on ​its growing number of ⁠live events, including an expanded NFL slate, to draw more advertising dollars.

Netflix said engagement, or the amount of time people spend watching the service, was "healthy." Viewing hours grew by 2% in the first half of the year, compared with 1.5% a year ago.

It said it aimed to ⁠stay ​ahead of the competition in part by using technology to improve all aspects of ​its business. Use of generative artificial intelligence by producers is "scaling quickly" and has been used in about 300 titles, mostly in post-production, the company said.

Reporting by Lisa Richwine in Los Angeles and Ed Lee in New York; Editing by Sayantani Ghosh and Matthew Lewis

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

By PYMNTS  |  July 16, 2026

 | 

United Airlines saw strong demand from travelers in the second quarter despite higher ticket prices caused by surges in the price of fuel, executives said Thursday (July 16) during an earnings call.

“In the quarter, United carried 10 of our highest passenger days in company history, with the highest being over 640,000 customers carried on June 18,” United Airlines President Brett J. Hart said during the call.

Mike Leskinen, executive vice president and chief financial officer at United, said during the call: “United has not seen a measurable demand impact based on the higher fares. In fact, if you zoom out to consider price inflation for travel over the last 10 and 20 years, airfare stands out as a tremendous value. Our customers increasingly desire a better travel experience, and we believe they will continue to pay reasonable prices for it.”

The airline saw growing demand across categories. The total revenue per available seat mile (TRASM) was up 12.1% year over year, indicating strong demand for its products, Andrew Nocella, executive vice president and chief commercial officer at United Airlines, said during the call.

“We observed minimal to no impact on demand from higher price points, a trend we see continuing,” Nocella said.

In terms of passenger revenue per available seat mile (PRASM), domestic was up 12.2% year over year and international was up 12.0%, according to a Thursday news release.

PRASM was up 11.6% year over year in the premium category and 11.5% in the main cabin, Nocella said during the call.

“This is the second quarter in a row where we’ve seen main cabin PRASMs positive after years of below-average performance at an industry level.”

Contracted business revenues were up 27% year over year, with the technology, financial services and professional services sectors leading the way, Nocella said.

“These same positive business demand trends continued into early July and we expect to continue for the remainder of the year,” Nocella said.

Overall, United Airlines CEO Scott Kirby said during the call, “Demand remains robust as we expect both 3Q and 4Q TRASM to grow faster than 2Q’s 12%.”