Market Signal Briefing

Selection is the result of a disciplined succession process to ensure a seamless transition focused on continued profitable growth, disciplined capital allocation and financial excellence

, /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) announced today that its Board of Directors has elected Benjamin E. Meisenzahl to serve as the Company's next Chief Financial Officer (CFO), effective January 1, 2026. Mr. Meisenzahl, 44, has served as Senior Vice President – Finance for the last two and a half years and brings 22 years of overall Sherwin-Williams experience to his new role. He will assume the CFO duties currently held by Allen J. Mistysyn, 57, who will assume a short-term transition role before retiring after 35 years of dedicated service to the Company. 

"Ben is a dedicated, highly capable and globally experienced Sherwin-Williams executive who is extremely well-prepared to be the next CFO of Sherwin-Williams," said Sherwin-Williams Chair, President and Chief Executive Officer, Heidi G. Petz. "He is well-deserving of this promotion and brings a deep understanding of our people, culture, businesses, customers and investors to his new role. In his current position as Senior Vice President – Finance, Ben has led several crucial corporate functions while driving accountability and execution of our enterprise priorities, and of equal importance, serving as an outstanding business partner to me and our entire global leadership team. Ben and I are highly aligned on executing our strategy and outperforming the market, which we expect will continue to create sustained value for our customers, shareholders and employees for years to come."

"I also want to congratulate Al on his outstanding 35-year career at Sherwin-Williams as he leaves us with an incredibly strong foundation that is well-positioned for the future," continued Ms. Petz. "We are grateful for Al's steady leadership as CFO during one of the most challenging periods in the Company's history, including the purchase and integration of Valspar, the Company's largest ever acquisition, a global pandemic, an industry-wide supply chain crisis, and the construction of our new global headquarters and R&D facilities, among many others. Sherwin-Williams market capitalization more than tripled during Al's time as CFO, and his relentless focus on delivering results for all our stakeholders will continue to inspire us for years to come. We wish him a long and healthy retirement with his family." 

Mr. Meisenzahl has held multiple roles of increasing responsibility over his 22-year career with Sherwin-Williams, including his current role as Senior Vice President – Finance where he leads the Company's Treasury, Tax, Finance Transformation and Global Business Services functions. His experience also includes global finance and operational roles in the Company's Paint Stores Group, Performance Coatings Group and Global Supply Chain. He began his career at Sherwin-Williams as an internal auditor.

"The selection of Ben as CFO is the result of a deliberate and thoughtful process to ensure a seamless transition that focuses on continued profitable growth, disciplined capital allocation and financial excellence," commented Jeff M. Fettig, Sherwin-Williams Lead Director. "On behalf of the entire Board, we thank Al for his leadership, commitment and dedication to Sherwin-Williams, and we wish him the very best in his retirement."

Mr. Meisenzahl will report to Ms. Petz and will join a highly experienced senior leadership team which averages 26 years of Sherwin-Williams experience. Justin T. Binns, Karl J. Jorgenrud and Todd D. Rea will continue as leaders of the Company's reportable segments, and Colin M. Davie will continue to lead the global supply chain organization.

Mr. Meisenzahl holds a bachelor's degree in finance from Miami University (of Ohio) and serves on the Board of Directors of Cleveland-based non-profit organizations Team NEO and GiGi's Playhouse. 

The Company will conduct a conference call to discuss this announcement at 10:00 a.m. EST on Tuesday, November 4, 2025. To listen to the webcast on the Sherwin-Williams website, click on https://investors.sherwin-williams.com/events-and-presentations/default.aspx, then click on the webcast icon following the reference to the Leadership Webcast. An archived replay of the webcast will be available at this link https://investors.sherwin-williams.com/events-and-presentations/default.aspx beginning approximately two hours after the call ends.

ABOUT THE SHERWIN-WILLIAMS COMPANY
Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution, and sale of paint, coatings and related products to professional, industrial, commercial, and retail customers. The Company manufactures products under well-known brands such as Sherwin-Williams®, Valspar®, HGTV HOME® by Sherwin-Williams, Dutch Boy®, Krylon®, Minwax®, Thompson's® WaterSeal®, Cabot® and many more. With global headquarters in Cleveland, Ohio, Sherwin-Williams® branded products are sold exclusively through a chain of more than 5,400 Company-operated stores and branches, while the Company's other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers, and industrial distributors. The Sherwin-Williams Performance Coatings Group supplies a broad range of highly-engineered solutions for the construction, industrial, packaging and transportation markets in more than 120 countries around the world. Sherwin-Williams shares are traded on the New York Stock Exchange (symbol: SHW). For more information, visit www.sherwin.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of federal securities laws. These forward-looking statements are based upon management's current expectations, predictions, estimates, assumptions and beliefs concerning future events and conditions with respect to Sherwin-Williams. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside our control, that could cause actual results to differ materially from such statements and from our historical results, performance and experience. Please refer to the risk factors discussed in Part 1, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other reports filed with the SEC. Readers are cautioned that it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.

Investor Relations Contacts:
Jim Jaye
Senior Vice President, Investor Relations & Corporate Communications
Sherwin-Williams
Direct: 216.515.8682
[email protected] 

Eric Swanson
Vice President, Investor Relations
Sherwin-Williams
Direct: 216.566.2766
[email protected]

Media Contact:
Julie Young
Vice President, Global Corporate Communications
Sherwin-Williams
Direct: 216.515.8849
[email protected] 

SOURCE The Sherwin-Williams Company

Robust Cash Flow Generation Driven by Increased Scale, Operational Synergies, and Asset Optimization Strategy

Improved Leverage Year-to-Date by Approximately 20% and Within Target Range

Returned a Record ~$146 million to Shareholders Through Dividends and Repurchases Year to Date, Further Validating Cash Generative Business Model

Diversified Energy Company PLC (“Diversified”, "DEC" or the “Company”) (LSE: DEC, NYSE: DEC) is pleased to announce the following operational and financial results for the quarter ended September 30, 2025.

Third Quarter 2025 Results

Production exit rate(a): 1,144 MMcfepd (191 Mboepd) Average production: 1,127 MMcfepd (188 Mboepd)Production volume mix (natural gas, NGLs, oil): 74% / 13% / 13% Total Revenue (including settled hedges)(d): $500 millionOperating Cash Flow: ~$166 millionAdjusted EBITDA(b): ~$286 million; Record quarterly resultAdjusted Free Cash Flow(c): ~$144 million after ~$9 million of nonrecurring costsRevenue per unit(d): $4.82/Mcfe ($28.92/Boe)Adjusted cost per unit(e): $2.08/Mcfe ($12.48/Boe)2025 Guidance: Raised Adjusted EBITDA ~7% and Adjusted Free Cash Flow ~5% Strong Financial and Operational Metrics

 3Q253Q24YoY %
Change9mo Ended
Sep. 30, '259mo Ended
Sep. 30, '24YoY %
ChangeProduction (Mmcfe/d)1,12782936%1,04877435%Production volume mix      Natural gas74%84% 76%84% NLGs13%12% 13%12% Oil13%3% 11%3% Total Revenue(d) (millions)$500$244105%$1,304$69288%Adj. EBITDA(b) (millions)$286$115149%$704$333111%Adj. FCF(c) (millions)$144$56157%$296$15887%        Financial Strength and Shareholder Returns

3Q25 dividend: $0.29 per share declaredShareholder returns: Over $146 million returned YTD via dividends and repurchases(f) Share repurchases: ~5.1 million shares repurchased YTD (~7% of current outstanding shares), totaling ~$61 million(f)Liquidity: ~$440 million consisting of undrawn credit facility capacity and unrestricted cashLeverage ratio: 2.4x Net Debt to Adjusted EBITDA; ~20% improvement from YE2024 Consolidated debt consists of ~70% in non-recourse, amortizing ABS notes ABS debt reduction: retired ~$203 million in principal during first three quarters of 2025 Strategic Execution and Transformational Growth

Mountain State Plugging Fund & Next LVL Energy

Groundbreaking partnership to establish the nation’s FIRST financial assurance fund dedicated to retirement of DEC owned wells (~21,000) in the state of West Virginia. Since establishment of DEC's well service company, Next Level Energy in 2022, Diversified has retired ~1,200 wells Canvas Energy Acquisition

Highly synergistic with significant operational overlap in DEC’s core Oklahoma operating areaTangible opportunity for portfolio optimization potential from undeveloped acreage and added highly valuable, multi-decade cash generating reserves Utilizing Carlyle strategic funding partnership and on track to close in 4Q 2025 Oil & Gas Methane Partnership (OGMP) Achievement

Gold Standard Reporting and marks fourth consecutive year of recognition for protocol based on a comprehensive, measurement-based framework for methane detection and mitigation Unlocking Value Through Portfolio Optimization

Portfolio Optimization Program ("POP") Realized an additional ~$74 million from non-core asset and leasehold divestitures in 3Q, bringing year-to-date proceeds up to ~$144 million Appalachian Compressor Station $500,000 margin-enhancing acquisition, which was identified and integrated by our field team, has lead to over $3 million per year in run-rate cost savings including incremental CMM credits Rusty Hutson, Jr., CEO of Diversified, commented:

“I am very pleased to report that our year-to-date results have exceeded our plans and our teams have continued to perform with operational focus and excellence. Our growing portfolio of high-quality assets continued to deliver exceptional results this quarter, generating a year-over-year increase of approximately 105% in revenue(d) and 157% in free cash flow(c), demonstrating Diversified’s ability to generate substantial value in volatile markets. This performance reflects the strength of our business model, the disciplined approach to acquire assets, the commitment to our optimization strategy, the consistency of our operational execution, and our ability quickly and efficiently integrate acquisitions to capture synergies and enhance margins.

Importantly, we also delivered on our leverage target goal ahead of schedule, ending the quarter with a net debt-to-adjusted EBITDA leverage ratio of approximately 2.4x. Significant strategic work over the last few years has built us into a company with higher growth prospects, a robust cash flow profile, and solid footing to deliver on our capital allocation framework. This progress has enabled us to strengthen our commitment to shareholders with a record year-to-date return of capital through dividends and share repurchases of approximately seven percent of our current shares outstanding.

The strength of our underlying business, our strategy, and our capabilities, coupled with our strategic partnership with the Carlyle Group, has allowed us to execute our disciplined inorganic growth through an accretive acquisition strategy with the recently announced agreement to purchase Canvas Energy. We believe the strong fit with our existing Oklahoma assets, our differentiated scale, and vertical integration will drive attractive financial returns. Our established acquisition integration playbook, the execution of which allowed us to complete both field-level and corporate-level integration of Maverick ahead of schedule, creates high confidence in our ability to execute the integration of Canvas. We remain well-positioned with strong liquidity and further balance sheet optionality for a robust funnel of potential high-quality opportunities.

Looking ahead, given our momentum on synergy capture, numerous portfolio optimization opportunities, and strong third-quarter performance, we are raising our financial guidance ranges for fiscal year 2025 for both adjusted EBITDA and Free Cash Flow. In addition, we continued to believe that our proposed redomestication to the United States and the change in our primary listing to the New York Stock Exchange, which includes full SEC reporting for domestic issuers beginning with year-end 2025 results, will offer several potential benefits that are in the best interest of all shareholders.

With outstanding performance across our platform, Diversified is well-positioned to thrive as a proven portfolio manager of cash generating energy assets in today’s evolving corporate landscape. We are proud to be the Right Company at the Right Time, delivering essential energy while creating long-term value for all stakeholders.”

Operations and Finance Update

Production

The Company recorded exit rate production in September 2025 of 1,144 MMcfepd (191 Mboepd)(b) and delivered 3Q25 average net daily production of 1,127 MMcfepd (188 Mboepd). Net daily production for the quarter continued to benefit from Diversified’s peer-leading, shallow decline profile.

Margin and Total Cash Expenses per Unit

Diversified delivered 3Q25 per unit revenues of $$4.82/Mcfe ($28.92/Boe) and Adjusted EBITDA Margin(a) of 66% (74% unhedged). The Company’s per unit expenses are anticipated to improve as the Company implements its playbook to achieve sustainable synergies and cost savings.

 3Q253Q24 $/Mcfe$/Boe$/Mcfe$/BoeAverage Realized Price$3.98$23.88$2.94$17.64Other Revenue$0.13$0.78$0.14$0.84Total Revenue & Divestitures(d)$4.82$28.92$3.20$19.20     Lease Operating Expense$1.18$7.08$0.77$4.62Production taxes$0.22$1.32$0.10$0.60Midstream operating expense$0.20$1.20$0.23$1.38Transportation expense$0.26$1.56$0.32$1.92Total Operating Expense$1.86$11.16$1.42$8.52Employees, Administrative Costs and Professional Fees(g)$0.22$1.32$0.28$1.68Adjusted Operating Cost per Unit(e)$2.08$12.48$1.70$10.20Adjusted EBITDA Margin(b)66% 48%       Full Year 2025 Outlook

The Company is increasing its previously announced Full Year 2025 guidance following the recently completed quarter. Specifically, Diversified has raised its range on Adjusted EBITDA and increased its target for Adjusted Free Cash Flow. The table below outlines these adjustments. 

 2025 Guidance (Original)2025 Guidance (Updated)Total Production (Mmcfe/d)1,050 to 1,1001,050 to 1,100% Liquids~25%~25%% Natural Gas~75%~75%Total Capital Expenditures (millions)$165 to $185$175 to $185Adj. EBITDA(1)(millions)$825 to $875$900 to $925Adj. Free Cash Flow(1)(millions)~$420~$440Leverage Target2.0x to 2.5x2.0x to 2.5xCombined Company Synergies (millions)~$60~$60    (1) Includes the value of completed and anticipated cash proceeds for 2025 land sales.

The Company includes Adjusted EBITDA and Adjusted Free Cash Flow in the Company’s Full Year 2025 Outlook. Adjusted EBITDA and Adjusted Free Cash Flow are non-IFRS financial measures and have not been reconciled to the most comparable IFRS financial measures because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide an outlook for the comparable IFRS measures.

Conference Call Details

The Company will host a conference call tomorrow, Tuesday, November 4, 2025, at 8:30 AM EST 1:30 PM GMT to discuss the 3Q25 Results and will make an audio replay of the event available shortly thereafter.

Conference Details

For further information, please contact:

Diversified Energy Company PLC +1 973 856 2757 Doug Kris [email protected] Senior Vice President, Investor Relations & Corporate Communications    FTI Consulting [email protected] U.S. & UK Financial Public Relations     About Diversified Energy Company PLC

Diversified is a leading publicly traded energy company focused on acquiring, operating, and optimizing cash generating energy assets. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

Footnotes:

(a) Exit rate includes full month of September 2025 production.

(b) Adjusted EBITDA represents earnings before interest, taxes, depletion, and amortization, and includes proceeds from divestitures and adjustments for items that are not comparable period-over-period; Adjusted EBITDA Margin represents Adjusted EBITDA as a percent of Total Revenue, Inclusive of Settled Hedges.

(c) Adjusted Free Cash Flow represents net cash provided by operating activities less expenditures on natural gas and oil properties and equipment and cash paid for interest, and includes proceeds from divestitures; For more information, please refer to the Non-IFRS reconciliations as set out below.

(d) Includes the impact of derivatives settled in cash and proceeds from divestitures; For purposes of comparability, excludes Other Revenue of $4 million in 3Q25, $4 million in 3Q24, and Lease Operating Expense of $4 million in 3Q25, $5 million in 3Q24 associated with Diversified’s wholly owned plugging subsidiary, Next LVL Energy.

(e) Adjusted Operating Cost represent total lease operating costs plus recurring administrative costs. Total lease operating costs include base lease operating expense, owned gathering and compression (midstream) expense, third-party gathering and transportation expense, and production taxes. Recurring administrative expenses (Adjusted G&A) is a Non-IFRS financial measure defined as total administrative expenses excluding non-recurring acquisition & integration costs and non-cash equity compensation; For purposes of comparability, excludes certain amounts related to Diversified’s wholly owned plugging subsidiary, Next LVL Energy.

(f) Includes the total value of dividends paid and declared, and share repurchases (including Employee Benefit Trust) year-to-date, through August 11, 2025.

(g) As used herein, employees, administrative costs and professional services represent total administrative expenses excluding cost associated with acquisitions, other adjusting costs and non-cash expenses. We use employees, administrative costs and professional services because this measure excludes items that affect the comparability of results or that are not indicative of trends in the ongoing business.

Forward-Looking Statements

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations, business and outlook of the Company and its wholly owned subsidiaries (the “Group”). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. These forward-looking statements, which contain the words "anticipate", "believe", "intend", "estimate", "expect", "may", "will", "seek", "continue", "aim", "target", "projected", "plan", "goal", "achieve", “guidance” and words of similar meaning, reflect the Company's beliefs and expectations and are based on numerous assumptions regarding the Company's present and future business strategies and the environment the Company and the Group will operate in and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company or the Group to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's or the Group's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors such as the Company's or the Group's ability to continue to obtain financing to meet its liquidity needs, the Company’s ability to successfully integrate acquisitions, including the acquired Maverick assets, changes in the political, social and regulatory framework, including inflation and changes resulting from actual or anticipated tariffs and trade policies, in which the Company or the Group operate or in economic or technological trends or conditions. The list above is not exhaustive and there are other factors that may cause the Company's or the Group's actual results to differ materially from the forward-looking statements contained in this announcement, Including the risk factors described in the “Risk Factors” section in the Company’s Annual Report and Form 20-F for the year ended December 31, 2024, filed with the United States Securities and Exchange Commission.

Forward-looking statements speak only as of their date and neither the Company nor the Group nor any of its respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements in this announcement, may not occur. As a result, you are cautioned not to place undue reliance on such forward-looking statements. Past performance of the Company cannot be relied on as a guide to future performance. No statement in this announcement is intended as a profit forecast or a profit estimate and no statement in this announcement should be interpreted to mean that the financial performance of the Company for the current or future financial years would necessarily match or exceed the historical published for the Company.

Use of Non-IFRS Measures

Certain key operating metrics that are not defined under IFRS (alternative performance measures) are included in this announcement. These non-IFRS measures are used by us to monitor the underlying business performance of the Company from period to period and to facilitate comparison with our peers. Since not all companies calculate these or other non-IFRS metrics in the same way, the manner in which we have chosen to calculate the non-IFRS metrics presented herein may not be compatible with similarly defined terms used by other companies. The non-IFRS metrics should not be considered in isolation of, or viewed as substitutes for, the financial information prepared in accordance with IFRS. Certain of the key operating metrics are based on information derived from our regularly maintained records and accounting and operating systems. 

Adjusted EBITDA

As used herein, EBITDA represents earnings before interest, taxes, depletion, depreciation and amortization. Adjusted EBITDA includes adjusting for items that are not comparable period-over-period, namely, finance costs, accretion of asset retirement obligation, other (income) expense, loss on joint and working interest owners receivable, gain on bargain purchases, (gain) loss on fair value adjustments of unsettled financial instruments, (gain) loss on natural gas and oil property and equipment, costs associated with acquisitions, other adjusting costs, loss on early retirement of debt, non-cash equity compensation, (gain) loss on foreign currency hedge, net (gain) loss on interest rate swaps and items of a similar nature.

Adjusted EBITDA should not be considered in isolation or as a substitute for operating profit or loss, net income or loss, or cash flows provided by operating, investing, and financing activities. However, we believe such a measure is useful to an investor in evaluating our financial performance because it (1) is widely used by investors in the natural gas and oil industry as an indicator of underlying business performance; (2) helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement; (3) is used in the calculation of a key metric in one of the financial covenants under our revolving credit facility; and (4) is used by us as a performance measure in determining executive compensation. When evaluating this measure, we believe investors also commonly find it useful to evaluate this metric as a percentage of our total revenue, inclusive of settled hedges, producing what we refer to as our adjusted EBITDA margin.

The following table presents a reconciliation of the IFRS Financial measure of Net Income (Loss) to Adjusted EBITDA for each of the periods listed:

 Three Months Ended(In thousands)September 30, 2025September 30, 2024Income (loss) available to ordinary shareholders after taxation$165,856 $(713)Finance costs 55,261  39,609 Accretion of asset retirement obligation 13,241  7,878 Other (income) expense(1) (519) (207)Income tax (benefit) expense (43,987) 86,098 Depreciation, depletion and amortization 95,587  63,304 (Gain) loss on fair value adjustments of unsettled financial instruments (69,509) (93,211)(Gain) loss on oil and gas programme and equipment(2) 58,089  729 Costs associated with acquisitions 4,129  3,317 Other adjusting costs(3) 4,969  4,280 Loss on early retirement of debt —  1,635 Non-cash equity compensation 2,984  2,359 (Gain) loss on interest rate swap (35) (49)Total adjustments$120,210 $115,742 Adjusted EBITDA$286,066 $115,029 Pro forma TTM adjusted EBITDA(4)$1,021,507 $555,456         (1) Excludes $0.4 million and $0.2 million in dividend distributions received for our investment in DP Lion Equity Holdco during the three months ended September 30, 2025 and 2024, respectively.

(2) Excludes $74 million and $11 million in cash proceeds received for leasehold sales during the three months ended September 30, 2025 and 2024, respectively, less $54 million of basis in leasehold sales for the three months ended September 30, 2025.

(3) Other adjusting costs for the three months ended September 30, 2025 and 2024 were primarily associated with one-time personnel-related expenses and legal fees from certain litigation.

(4) Includes adjustments for the trailing twelve months ended September 30, 2025 for the Maverick, Summit, Crescent Pass, and East Texas II acquisitions as well as for the trailing twelve months ended September 30, 2024 for the Oaktree acquisition.

Net Debt and Net Debt-to-Adjusted EBITDA

As used herein, net debt represents total debt as recognized on the balance sheet less cash and restricted cash. Total debt includes our borrowings under our revolving credit facility and our borrowings under or issuances of, as applicable, our subsidiaries’ securitization facilities, excluding original issuance discounts and deferred finance costs. We believe net debt is a useful indicator of our leverage and capital structure.

As used herein, net debt-to-adjusted EBITDA, or “leverage” or “leverage ratio,” is measured as net debt divided by adjusted trailing twelve-month EBITDA. We believe that this metric is a key measure of our financial liquidity and flexibility and is used in the calculation of a key metric in one of the financial covenants under our revolving credit facility.

The following table presents a reconciliation of the IFRS Financial measure of Total Non-Current Borrowings to the Non-IFRS measure of Net Debt and a calculation of Net Debt-to-Adjusted EBITDA and Net Debt-to-Pro Forma Adjusted EBITDA for each of the periods listed:

  As of (In thousands)September 30, 2025September 30, 2024December 31, 2024Total debt$2,600,393$1,697,210$1,693,242LESS: Cash and cash equivalents 43,102 9,013 5,990LESS: Restricted cash(1)(2) 103,673 49,678 46,269Net debt$2,453,618$1,638,519$1,640,983    Pro forma TTM adjusted EBITDA(3)$1,021,507$555,456$548,570Net debt-to-pro forma TTM adjusted EBITDA(4)2.4x2.9x3.0x     (1) Includes adjustments for deferred financing costs and original issue discounts, consistent with presentation on the Statement of Financial Position.

(2) The increase of restricted cash as of September 30, 2025 and 2024, is due to the addition of $19 million and $31 million in restricted cash for the ABS X Notes and ABS Maverick Notes, respectively, offset by $4 million for the retirement of the ABS I & II notes.

(3) Includes adjustments the trailing twelve months ended September 30, 2025 for the Maverick, Summit, Crescent Pass, and East Texas II acquisitions as well as for the trailing twelve months ended September 30, 2024 for the Oaktree acquisition.

(4)Does not include adjustments for working capital which are often customary in the market.

Free Cash Flow

As used herein, free cash flow represents net cash provided by operating activities less expenditures on natural gas and oil properties and equipment and cash paid for interest. We believe that free cash flow is a useful indicator of our ability to generate cash that is available for activities other than capital expenditures. The Directors believe that free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments, and pay dividends.

The following table presents a reconciliation of the IFRS Financial measure of Net Cash from Operating Activities to the Non-IFRS measure of Free Cash Flow for each of the periods listed:

 Three Months Ended(In thousands)September 30, 2025September 30, 2024Net cash provided by operating activities$165,672 $102,008 LESS: Expenditures on natural gas and oil properties and equipment (48,231) (16,854)LESS: Cash paid for interest (47,877) (38,431)Free cash flow$69,564 $46,723 ADD: Proceeds from divestitures 74,006  8,780 Adjusted FCF$143,570 $55,503         Total Revenue, Inclusive of Settled Hedges and Adjusted EBITDA Margin

As used herein, total revenue, inclusive of settled hedges, includes the impact of derivatives settled in cash. We believe that total revenue, inclusive of settled hedges, is a useful measure because it enables investors to discern our realized revenue after adjusting for the settlement of derivative contracts.

The following table presents a reconciliation of the IFRS Financial measure of Total Revenue to the Non-IFRS measure of Total Revenue, Inclusive of Settled Hedges and a calculation of Adjusted EBITDA Margin for each of the periods listed:

 Three Months Ended(In thousands)September 30, 2025September 30, 2024Total revenue$388,722 $186,297 Net gain (loss) on commodity derivative instruments(1) 41,505  52,749 Total revenue, inclusive of settled hedges$430,227 $239,046 Adjusted EBITDA$286,066 $115,029 Adjusted EBITDA Margin 66% 48%Adjusted EBITDA Margin, Exclusive Next Level Energy  66 %  49 %        (1) Net gain (loss) on commodity derivative settlements represents cash paid or received on commodity derivative contracts. This excludes settlements on foreign currency and interest rate derivatives, as well as the gain (loss) on fair value adjustments for unsettled financial instruments for each of the periods presented.

CHICAGO, Nov. 03, 2025 (GLOBE NEWSWIRE) -- XAI Madison Equity Premium Income Fund (the “Fund”) has declared its regular monthly distribution of $0.060 per share on the Fund’s common shares (NYSE: MCN), payable on December 1, 2025, to common shareholders of record as of November 17, 2025, as noted below. The amount of the distribution represents no change from the previous month’s distribution amount of $0.060 per share.

As mentioned in previous distribution declarations, the Fund has changed its distribution frequency from quarterly to monthly, which went into effect with the April 1, 2025 declaration. XA Investments believes this change enables investors to better manage their cash flow needs.

The following dates apply to the declaration:

  Ex-Dividend DateNovember 17, 2025  Record DateNovember 17, 2025  Payable DateDecember 1, 2025  Amount$0.060 per share  Change from Previous MonthNo Change   Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Fund’s common shareholders on Form 1099 after the end of the 2025 calendar year. Shareholders should not assume that the source of a distribution from the Fund is net income or profit. For further information regarding the Fund’s distributions, please visit www.xainvestments.com.

The Fund’s net investment income and capital gain can vary significantly over time; however, the Fund seeks to maintain more stable common share quarterly distributions over time. The Fund’s final taxable income for the current fiscal year will not be known until the Fund’s tax returns are filed.

As a registered investment company, the Fund is subject to a 4% excise tax that is imposed if the Fund does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on December 31 of the calendar year (unless an election is made to use the Fund’s fiscal year). In certain circumstances, the Fund may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Fund management, determines it to be in the interest of shareholders to do so.

The common share distributions paid by the Fund for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Fund, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

Future common share distributions will be made if and when declared by the Fund’s Board of Trustees, after the evaluation of several factors, including the Fund’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

The Fund’s objective is to achieve a high level of current income and current capital gains, with long-term capital appreciation as a secondary objective. The Fund intends to pursue its objective by investing in a portfolio of common stocks and utilizing an option strategy, primarily by writing (selling) covered call options on a substantial portion of the common stocks in the portfolio in order to generate current income and gains from option writing premiums and, to a lesser extent, from dividends. Market action can impact dividend issuance as the Fund’s total assets affect the Fund’s future dividend prospects. The Fund provides additional information on its website at www.xainvestments.com.

About XA Investments

XA Investments LLC (“XAI”) serves as the Fund’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust and XAI Madison Equity Premium Income Fund both trade on the New York Stock Exchange and the interval fund, Octagon XAI CLO Income Fund is available via direct subscription and through select broker/dealers and wealth management platforms.

In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, and fund management.

XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

About XMS Capital Partners

XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

About Madison Investments

Madison Investments is an independent investment management firm based in Madison, WI. The firm was founded in 1974, has approximately $29.6 billion in assets under management as of September 30, 2025, and is recognized as one of the nation’s top investment firms. Madison offers domestic fixed income, U.S. and international equity, covered call, multi-asset, insurance and credit union investment management strategies. For more information, please visit www.madisoninvestments.com.

Madison and/or Madison Investments is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC, and Madison Investment Advisors, LLC. Madison Funds are distributed by MFD Distributor, LLC. Madison is registered as an investment adviser with the U.S. Securities and Exchange Commission. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority www.finra.org.

XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before investing. For more information on the Fund, please visit the Fund’s webpage at www.xainvestments.com.

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

     NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE      Media Contact: 

Kimberly Flynn, President
XA Investments LLC
Phone: 888-903-3358
Email: [email protected]
www.xainvestments.com

November 03, 2025 16:15 ET

 | Source:

Greenlight Capital Re

Achieves Record Quarterly Underwriting Income,
Leading to a Combined Ratio of 86.6%

GRAND CAYMAN, Cayman Islands, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the third quarter and nine months ended September 30, 2025.

Third Quarter 2025 Highlights (all comparisons are to third quarter 2024 unless noted otherwise):

Gross premiums written increased 9.5% to $184.4 million;Net premiums earned increased 8.9% to $165.4 million;Net underwriting income of $22.3 million, compared to $6.1 million;Combined ratio of 86.6%, compared to 95.9%;Total investment loss of $17.4 million, compared to total investment income of $30.3 million;Net loss of $4.4 million, or -$0.13 per diluted ordinary share, compared to $35.2 million, or $1.01 per diluted ordinary share;Repurchased $2.0 million of shares at an average cost of $12.88 per share; andFully diluted book value per share decreased 0.4% to $18.90, from $18.97 at June 30, 2025. Nine Months Ended September 30, 2025 Highlights (all comparisons are to the same period in 2024):

Gross premiums written increased 10.3% to $612.0 million;Net premiums earned increased 5.0% to $495.5 million;Net underwriting income of $22.6 million compared to $9.8 million;Combined ratio of 95.4%, compared to 97.9%;Total investment income of $15.3 million, compared to $77.0 million;Net income of $25.6 million, or $0.74 per diluted ordinary share, compared to $70.2 million, or $2.02 per diluted ordinary share; andFully diluted book value per share increased 5.3% to $18.90, from $18.72 at December 31, 2024. Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We are pleased with our third quarter 2025 underwriting results, which resulted in a combined ratio of 86.6%, the lowest in the Company’s history. We demonstrated our ability to achieve strong margins, supported by robust performance in our underwriting book and favorable catastrophe loss activity. These results underscore the effectiveness of our strategy, the quality of our risk selection, and our performance-driven culture.”

David Einhorn, Chairman of the Board of Directors, said, “The investment environment remains difficult for our style and the Solasglas investment portfolio lost 3.2% during the third quarter. Our long positions did not keep up with a strong equity market, while our short positions hurt our overall results. The Company’s best-ever underwriting result helped offset the weak investment results and we continued to buy back our stock at an attractive price.”

Greenlight Capital Re, Ltd. Third Quarter 2025 Earnings Call

Greenlight Re will host a live conference call to discuss its financial results on Tuesday, November 4, 2025, at 9:00 a.m. Eastern Time. Dial-in details:

        U.S. toll free: 1-877-407-9753 
International: 1-201-493-6739

The conference call can also be accessed via webcast at:

https://event.webcasts.com/starthere.jsp?ei=1727624&tp_key=9fa8b9073f

A telephone replay will be available following the call through November 9, 2025. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13754962. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

Non-GAAP Financial Measures
In presenting the Company’s results, management has included fully diluted book value per share as a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). This measure is referred to as a non-GAAP measure. The non-GAAP measure may be defined or calculated differently by other companies. Management believes the measure allows for a more thorough understanding of the Company’s performance. The non-GAAP measure may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliation of the measure to the most comparable GAAP figures is included in the attached financial information in accordance with Regulation G.

Forward-Looking Statements
This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include a downgrade or withdrawal of our A.M. Best ratings; any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; the carry values of our investments made under our Greenlight Re Innovations segment may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.

About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

Investor Relations Contact
Karin Daly
Vice President, The Equity Group Inc.
(212) 836-9623
[email protected]

    GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(expressed in thousands of U.S. dollars, except per share and share amounts)
     September 30,
2025 December 31,
2024 (Unaudited)  Assets   Investments   Investment in related party investment fund, at fair value$456,861 $387,144Other investments 63,182  73,160Total investments 520,043  460,304Cash and cash equivalents 68,789  64,685Restricted cash and cash equivalents 586,444  584,402Reinsurance balances receivable (net of allowance for expected credit losses) 731,707  704,483Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses) 82,783  85,790Deferred acquisition costs 98,476  82,249Unearned premiums ceded 36,123  29,545Other assets 9,690  4,765Total assets$2,134,055 $2,016,223Liabilities and equity   Liabilities   Loss and loss adjustment expense reserves$938,308 $860,969Unearned premium reserves 379,274  324,551Reinsurance balances payable 97,980  105,892Funds withheld 15,139  21,878Other liabilities 9,720  6,305Debt 34,745  60,749Total liabilities 1,475,166  1,380,344Shareholders' equity   Ordinary share capital (par value $0.10; issued and outstanding, 34,099,226) (2024: par value $0.10; issued and outstanding, 34,831,324)$3,394 $3,483Additional paid-in capital 479,099  481,551Retained earnings 176,396  150,845Total shareholders' equity 658,889  635,879Total liabilities and equity$2,134,055 $2,016,223       GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (Unaudited)
(expressed in thousands of U.S. dollars, except percentages and per share amounts)
     Three months ended
September 30 Nine months ended
September 30  2025   2024   2025   2024 Underwriting results:       Gross premiums written$184,377  $168,346  $611,950  $554,579 Gross premiums ceded (21,695)  (26,598)  (65,344)  (64,611)Net premiums written 162,682   141,748   546,606   489,968 Change in net unearned premium reserves 2,737   10,136   (51,083)  (18,150)Net premiums earned$165,419  $151,884  $495,523  $471,818 Net loss and LAE incurred:       Current year$(87,776) $(98,820) $(303,474) $(305,467)Prior year (817)  5,655   (8,082)  943 Net loss and LAE incurred (88,593)  (93,165)  (311,556)  (304,524)Acquisition costs (46,962)  (46,162)  (140,676)  (138,226)Underwriting expenses (7,472)  (6,073)  (20,311)  (18,223)Deposit interest expense (94)  (377)  (367)  (1,020)Net underwriting income$22,298  $6,107  $22,613  $9,825         Income (loss) from investment in Solasglas$(14,404) $19,844  $(483) $42,422 Net investment income (loss) (2,950)  10,454   15,807   34,580 Total investment income (loss)$(17,354) $30,298  $15,324  $77,002         Corporate and other expenses$(5,399) $(4,253) $(14,826) $(13,334)Foreign exchange gains (losses) (1,994)  5,826   8,632   3,245 Interest expense (1,430)  (2,018)  (4,038)  (4,827)Income (loss) before income tax (3,879)  35,960   27,705   71,911 Income tax expense (526)  (723)  (2,154)  (1,677)Net income (loss)$(4,405) $35,237  $25,551  $70,234         Earnings per share       Basic$(0.13) $1.03  $0.75  $2.05 Diluted$(0.13) $1.01  $0.74  $2.02         Underwriting ratios:       Current year loss ratio 53.1%  65.0%  61.2%  64.7%Prior year reserve development ratio 0.5% (3.7)        %  1.6% (0.2)        %Loss ratio 53.6%  61.3%  62.8%  64.5%Acquisition cost ratio 28.4%  30.4%  28.4%  29.3%Composite ratio 82.0%  91.7%  91.2%  93.8%Underwriting expense ratio 4.6%  4.2%  4.2%  4.1%Combined ratio 86.6%  95.9%  95.4%  97.9%                                 The following tables present the Company’s results by segment and on a consolidated basis:

GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Three months ended September 30, 2025
         Open Market Innovations Corporate Total ConsolidatedGross premiums written$154,994  $29,393  $(10) $184,377 Net premiums written$140,372  $22,318  $(8) $162,682 Net premiums earned$144,427  $21,000  $(8) $165,419 Net loss and LAE incurred (76,590)  (11,412)  (591)  (88,593)Acquisition costs (40,069)  (6,894)  1   (46,962)Other underwriting expenses (5,446)  (2,026)  —   (7,472)Deposit interest expense, net (94)  —   —   (94)Underwriting income (loss) 22,228   668   (598)  22,298 Net investment income (loss) 5,623   (11,270)  2,697   (2,950)Corporate and other expenses —   (724)  (4,675)  (5,399)Income (loss) from investment in Solasglas     (14,404)  (14,404)Foreign exchange gains (losses)     (1,994)  (1,994)Interest expense     (1,430)  (1,430)Income (loss) before income taxes$27,851  $(11,326) $(20,404) $(3,879)        Underwriting ratios:       Loss ratio 53.0%  54.3% NM*  53.6%Acquisition cost ratio 27.7%  32.8% NM*  28.4%Composite ratio 80.7%  87.1% NM*  82.0%Underwriting expenses ratio 3.8%  9.6% NM*  4.6%Combined ratio 84.5%  96.7% NM*  86.6%*Not Meaningful
               GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Three months ended September 30, 2024
         Open Market Innovations Corporate Total ConsolidatedGross premiums written$150,331  $18,675  $(660) $168,346 Net premiums written$128,238  $14,170  $(660) $141,748 Net premiums earned$126,577  $21,793  $3,514  $151,884 Net loss and LAE incurred (76,177)  (12,223)  (4,765)  (93,165)Acquisition costs (38,223)  (6,963)  (976)  (46,162)Other underwriting expenses (4,871)  (1,202)  —   (6,073)Deposit interest income, net (377)  —   —   (377)Underwriting income (loss) 6,929   1,405   (2,227)  6,107 Net investment income 9,360   253   841   10,454 Corporate and other expenses —   (608)  (3,645)  (4,253)Income from investment in Solasglas     19,844   19,844 Foreign exchange gains (losses)     5,826   5,826 Interest expense     (2,018)  (2,018)Income (loss) before income taxes$16,289  $1,050  $18,621  $35,960         Underwriting ratios:       Loss ratio 60.2%  56.1%  135.6%  61.3%Acquisition cost ratio 30.2%  32.0%  27.8%  30.4%Composite ratio 90.4%  88.1%  163.4%  91.7%Underwriting expenses ratio 4.1%  5.5%  —%  4.2%Combined ratio 94.5%  93.6%  163.4%  95.9%                 GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Nine months ended September 30, 2025
         Open Market Innovations Corporate Total ConsolidatedGross premiums written$528,036  $84,455  $(541) $611,950 Net premiums written$478,092  $69,005  $(491) $546,606 Net premiums earned$434,622  $61,391  $(490) $495,523 Net loss and LAE incurred (272,828)  (37,002)  (1,726)  (311,556)Acquisition costs (121,850)  (18,939)  113   (140,676)Other underwriting expenses (15,104)  (5,207)  —   (20,311)Deposit interest expense, net (367)  —   —   (367)Underwriting income (loss) 24,473   243   (2,103)  22,613 Net investment income (loss) 17,023   (10,391)  9,175   15,807 Corporate and other expenses —   (1,898)  (12,928)  (14,826)Income (loss) from investment in Solasglas     (483)  (483)Foreign exchange gains (losses)     8,632   8,632 Interest expense     (4,038)  (4,038)Income (loss) before income taxes$41,496  $(12,046) $(1,745) $27,705         Underwriting ratios:       Loss ratio 62.8%  60.3%  -352.2%  62.8%Acquisition cost ratio 28.0%  30.8%  23.1%  28.4%Composite ratio 90.8%  91.1%  -329.1%  91.2%Underwriting expenses ratio 3.6%  8.5%  —%  4.2%Combined ratio 94.4%  99.6%  -329.1%  95.4%         GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Nine months ended September 30, 2024
         Open Market Innovations Corporate Total ConsolidatedGross premiums written$480,703  $74,062  $(186) $554,579 Net premiums written$427,539  $62,626  $(197) $489,968 Net premiums earned$384,052  $67,338  $20,428  $471,818 Net loss and LAE incurred (236,280)  (38,984)  (29,260)  (304,524)Acquisition costs (112,313)  (21,422)  (4,491)  (138,226)Other underwriting expenses (15,165)  (3,058)  —   (18,223)Deposit interest expense, net (1,020)  —   —   (1,020)Underwriting income (loss) 19,274   3,874   (13,323)  9,825 Net investment income 31,758   436   2,386   34,580 Corporate and other expenses —   (2,008)  (11,326)  (13,334)Income from investment in Solasglas     42,422   42,422 Foreign exchange gains (losses)     3,245   3,245 Interest expense     (4,827)  (4,827)Income (loss) before income taxes$51,032  $2,302  $18,577  $71,911         Underwriting ratios:       Loss ratio 61.5%  57.9%  143.2%  64.5%Acquisition cost ratio 29.2%  31.8%  22.0%  29.3%Composite ratio 90.7%  89.7%  165.2%  93.8%Underwriting expenses ratio 4.2%  4.5%  —%  4.1%Combined ratio 94.9%  94.2%  165.2%  97.9%                                 GREENLIGHT CAPITAL RE, LTD.
KEY FINANCIAL MEASURES AND NON-GAAP MEASURES

Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.

The key non-GAAP financial measure used in this news release is:

Fully diluted book value per share This non-GAAP financial measure is described below.

Fully Diluted Book Value Per Share

Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.

We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.

We calculate basic book value per share as (a) ending shareholders' equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements. Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options (assuming net exercise) and all outstanding restricted stock units, “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.

The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):

 September 30,
2025 June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024Numerator for basic and fully diluted book value per share:         Total equity as reported under U.S. GAAP$658,889 $663,318 $666,804 $635,879 $663,418Denominator for basic and fully diluted book value per share:         Ordinary shares issued and outstanding as reported and denominator for basic book value per share 34,099,226  34,198,153  34,557,449  34,831,324  34,832,493Add: In-the-money stock options(1)and all outstanding RSUs 757,505  775,124  773,938  590,001  602,013Denominator for fully diluted book value per share 34,856,731  34,973,277  35,331,387  35,421,325  35,434,506          Basic book value per share$19.32 $19.40 $19.30 $18.26 $19.05Fully diluted book value per share$18.90 $18.97 $18.87 $17.95 $18.72(1) Assuming net exercise by the grantee.

NASHVILLE, Tenn., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three and nine months ended September 30, 2025.

Third Quarter 2025 Highlights and Recent Developments:

The Company reported consolidated revenue of $592.5 million, driven by Hospitality segment revenue of $500.9 million and Entertainment segment revenue of $91.6 million. Generated consolidated net income of $34.0 million and consolidated Adjusted EBITDAre of $173.1 million.Booked over 667,000 same-store Hospitality(1) Gross Definite Room Nights for all future periods, at an all-time quarterly record estimated average daily rate (ADR) of $291. The JW Marriott Desert Ridge booked nearly 50,000 Gross Definite Rooms Nights for all future periods, at an estimated ADR of $372.Subsequent to quarter-end, Opry Entertainment Group (OEG) and Luke Combs jointly announced the planned development of a second Category 10 location in the Flamingo Las Vegas Hotel & Casino complex, with frontage on the Las Vegas Strip, expected to open in late 2026. The Company is narrowing the ranges of its full year 2025 outlook, which results in slightly lower midpoints for operating income, Adjusted EBITDAre and Adjusted FFO available to common stockholders and unitholders per diluted share/unit.
Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We were pleased to deliver third quarter results largely in line with our expectations. As anticipated, the uncertainty associated with the new U.S. tariff announcements earlier in the year and the pause in meeting planner decision-making that followed marginally impacted our group business in the third quarter. However, estimated same-store group rooms revenue on the books for the fourth quarter is comparable to the same time last year, and for 2026 it is pacing up nearly 8 percent as compared to estimated group rooms revenue on the books at the same time last year for 2025. Recently completed major capital projects, particularly at Gaylord Rockies, are delivering returns above our underwriting expectations, and meeting planners continue to be enthusiastic about the transformational investments currently underway.”

________________________________

(1)Same-store Hospitality includes the JW Marriott Hill Country for all periods presented and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025.   Third Quarter 2025 Results (as compared to Third Quarter 2024):

  Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except per share amounts)         %         %     2025 2024 Change    2025 2024 ChangeTotal revenue $592,458  $549,958  7.7)% $1,839,253  $1,691,593  8.7%                       Operating income $88,612  $105,880  (16.3)% $344,158  $370,332  (7.1)%Operating income margin  15.0%    19.3%   (4.3)pts  18.7%    21.9%   (3.2)pts                       Net income $33,959  $60,398  (43.8)% $172,848  $207,899  (16.9)%Net income margin  5.7%    11.0%   (5.3)pts  9.4%    12.3%   (2.9)pts                       Net income available to common stockholders $34,886  $59,011  (40.9)% $169,600  $202,872  (16.4)%Net income available to common stockholders margin  5.9%    10.7%   (4.8)pts  9.2%    12.0%   (2.8)ptsNet income available to common stockholders per diluted share (1) $0.53  $0.94  (43.6)% $2.65  $3.25  (18.5)%                       Adjusted EBITDAre $173,073  $174,803  (1.0)% $570,431  $569,063  0.2%Adjusted EBITDAre margin  29.2%    31.8%   (2.6)pts  31.0%    33.6%   (2.6)ptsAdjusted EBITDAre, excluding noncontrolling interest $166,368  $168,068  (1.0)% $546,805  $546,944  (0.0)%Adjusted EBITDAre, excluding noncontrolling interest margin  28.1%    30.6%   (2.5)pts  29.7%    32.3%   (2.6)pts                       Funds From Operations (FFO) available to common stockholders and unit holders $105,138  $116,205  (9.5)% $365,185  $372,325  (1.9)%FFO available to common stockholders and unit holders per diluted share/unit (1) $1.60  $1.86  (14.0)% $5.72  $5.98  (4.3)%                       Adjusted FFO available to common stockholders and unit holders $106,352  $120,235  (11.5)% $385,020  $396,361  (2.9)%Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $1.63  $1.93  (15.5)% $6.06  $6.39  (5.2)% ________________________________

(1)Diluted weighted average common shares for the three and nine months ended September 30, 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended September 30, 2025 and 2024 include 4.2 million and 3.8 million, respectively, and for the nine months ended September 30, 2025 and 2024 include 3.8 million and 3.4 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.   Note: Consolidated results for the nine months ended September 30, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $9.1 million.

Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition” and “Supplemental Financial Results” below.

Hospitality Segment

  Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %     2025 2024 Change    2025 2024 ChangeHospitality revenue $500,869  $467,043  7.2% $1,514,810  $1,447,600  4.6%Same-store Hospitality revenue (1) $464,751  $467,043  (0.5)% $1,473,343  $1,447,600  1.8%                       Hospitality operating income $87,078  $102,781  (15.3)% $330,807  $356,851  (7.3)%Hospitality operating income margin  17.4%  22.0% (4.6)pts  21.8%  24.7% (2.9)ptsHospitality Adjusted EBITDAre $156,315  $159,569  (2.0)% $515,724  $518,777  (0.6)%Hospitality Adjusted EBITDAre margin  31.2%  34.2% (3.0)pts  34.0%  35.8% (1.8)pts                       Same-store Hospitality operating income (1) $90,754  $102,781  (11.7)% $337,066  $356,851  (5.5)%Same-store Hospitality operating income margin (1)  19.5%  22.0% (2.5)pts  22.9%  24.7% (1.8)ptsSame-store Hospitality Adjusted EBITDAre (1) $151,358  $159,569  (5.1)% $511,349  $518,777  (1.4)%Same-store Hospitality Adjusted EBITDAre margin (1)  32.6%  34.2% (1.6)pts  34.7%  35.8% (1.1)pts                       Hospitality performance metrics:                          Occupancy  66.6%  69.5% (2.9)pts  69.8%  70.0% (0.2)ptsAverage Daily Rate (ADR) $257.74  $252.42  2.1% $260.25  $254.72  2.2%RevPAR $171.63  $175.37  (2.1)% $181.60  $178.19  1.9%Total RevPAR $440.33  $444.77  (1.0)% $469.95  $462.87  1.5%                       Same-store Hospitality performance metrics: (1)                         Occupancy  67.3%  69.5% (2.2)pts  70.3%  70.0% 0.3ptsADR $258.04  $252.42  2.2% $260.52  $254.72  2.3%RevPAR $173.71  $175.37  (0.9)% $183.17  $178.19  2.8%Total RevPAR $442.58  $444.77  (0.5% $472.83  $462.87  2.2%                       Gross definite room nights booked  667,645   611,513  9.2%  1,752,193   1,785,378  (1.9)%Net definite room nights booked  459,897   477,121  (3.6)%  1,204,951   1,315,138  (8.4)%Group attrition (as % of contracted block)  16.3%  16.0% 0.3pts  15.7%  15.3% 0.4ptsCancellations ITYFTY (2)  22,920   11,615  97.3%  62,986   38,652  63.0% ________________________________

(1)Same-store Hospitality includes the JW Marriott Hill Country for all periods presented and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025.(2)“ITYFTY” represents In The Year For The Year.   Note: Hospitality and same-store Hospitality results for the nine months ended September 30. 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $5.6 million.

Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR and Total RevPAR” below. Property-level results and operating metrics for third quarter 2025 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.

Third Quarter 2025 Hospitality Segment Highlights

The same-store Hospitality portfolio generated third quarter operating income of $90.8 million and Adjusted EBITDAre of $151.4 million; strong corporate group mix in the third quarter of 2024 contributed to challenging year-over-year comparisons. Same-store Hospitality corporate group room nights traveled in the quarter were approximately 20,000 room nights lower than the prior-year quarter. As a result, same-store banquet and AV revenue declined approximately $13.6 million, driven primarily by the group mix shift.As anticipated, macroeconomic uncertainty has resulted in higher group cancellation trends compared to the prior year quarter, particularly for government and government-related groups. Same-store attrition and cancellation fee revenue was approximately $11.6 million, an increase of $3.7 million compared to the prior year quarter. In July 2025, the Company started a rooms renovation at the Gaylord Texan, and in September 2025, the Company completed meeting space renovations at the JW Marriott Desert Ridge.
Gaylord Opryland

  Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %     2025 2024 Change    2025 2024 ChangeRevenue $110,078  $122,659  (10.3)%   $336,721  $356,846  (5.6)%                         Operating income $30,683  $36,622  (16.2)%   $95,925  $112,089  (14.4)%  Operating income margin  27.9%    29.9%   (2.0)pts  28.5%    31.4%   (2.9)ptsAdjusted EBITDAre $38,805  $44,815  (13.4)%   $120,663  $136,592  (11.7)%  Adjusted EBITDAre margin  35.3%    36.5%   (1.2)pts  35.8%    38.3%   (2.5)pts                       Performance metrics:                          Occupancy  64.0%    71.8%   (7.8)pts  68.1%    70.8%   (2.7)ptsADR $268.20  $254.05  5.6%   $258.31  $235.83  9.5%  RevPAR $171.68  $182.49  (5.9)%   $175.79  $179.66  (2.2)%  Total RevPAR $414.30  $461.65  (10.3)%   $427.08  $450.95  (5.3)%   Note: Gaylord Opryland results for the nine months ended September 30, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $5.4 million.

Gaylord Palms

  Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %     2025 2024 Change    2025 2024 ChangeRevenue $66,745  $68,242  (2.2)%   $228,251  $222,504  2.6%                         Operating income $7,997  $12,323  (35.1)%   $45,450  $50,808  (10.5)%  Operating income margin  12.0%    18.1%   (6.1)pts  19.9%    22.8%   (2.9)ptsAdjusted EBITDAre $17,803  $19,635  (9.3)%   $73,986  $71,867  2.9%  Adjusted EBITDAre margin  26.7%    28.8%   (2.1)pts  32.4%    32.3%   0.1pts                       Performance metrics:                          Occupancy  64.2%    61.0%   3.2pts  73.0%    66.0%   7.0ptsADR $230.01  $223.10  3.1%   $250.64  $243.86  2.8%  RevPAR $147.75  $136.09  8.6%   $182.92  $160.98  13.6%  Total RevPAR $422.29  $431.76  (2.2)%   $486.66  $472.68  3.0%                          Gaylord Texan

  Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %     2025 2024 Change    2025 2024 ChangeRevenue $74,082  $73,096  1.3%   $242,953  $241,895  0.4%                         Operating income $16,480  $18,697  (11.9)%   $69,177  $71,043  (2.6)%  Operating income margin  22.2%    25.6%   (3.4)pts  28.5%    29.4%   (0.9)ptsAdjusted EBITDAre $22,701  $24,417  (7.0)%   $87,484  $88,398  (1.0)%  Adjusted EBITDAre margin  30.6%    33.4%   (2.8)pts  36.0%    36.5%   (0.5)pts                       Performance metrics:                          Occupancy  67.0%    71.8%   (4.8)pts  70.7%    74.6%   (3.9)ptsADR $248.99  $247.51  0.6%   $253.19  $246.78  2.6%  RevPAR $166.86  $177.82  (6.2)%   $178.91  $184.16  (2.9)%  Total RevPAR $443.90  $437.99  1.3%   $490.59  $486.68  0.8%                          Gaylord National

  Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %     2025 2024 Change    2025 2024 ChangeRevenue $78,098  $69,751  12.0%   $242,340  $226,394  7.0%                         Operating income $11,340  $8,493  33.5%   $36,632  $36,037  1.7%  Operating income margin  14.5%    12.2%   2.3pts  15.1%    15.9%   (0.8)ptsAdjusted EBITDAre $24,130  $21,260  13.5%   $68,581  $68,000  0.9%  Adjusted EBITDAre margin  30.9%    30.5%   0.4pts  28.3%    30.0%   (1.7)pts                       Performance metrics:                          Occupancy  65.7%    63.5%   2.2pts  68.6%    66.3%   2.3ptsADR $241.65  $240.73  0.4%   $251.56  $247.47  1.7%  RevPAR $158.79  $152.98  3.8%   $172.58  $163.98  5.2%  Total RevPAR $425.30  $379.84  12.0%   $444.74  $413.96  7.4%                          Gaylord Rockies

  Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %     2025 2024 Change    2025 2024 ChangeRevenue $77,951  $72,658  7.3%   $230,621  $213,316  8.1%                         Operating income $17,156  $16,045  6.9%   $53,777  $49,478  8.7%  Operating income margin  22.0%    22.1%   (0.1)pts  23.3%    23.2%   0.1ptsAdjusted EBITDAre $32,069  $30,520  5.1%   $98,439  $91,932  7.1%  Adjusted EBITDAre margin  41.1%    42.0%   (0.9)pts  42.7%    43.1%   (0.4)pts                       Performance metrics:                          Occupancy  83.6%    80.8%   2.8pts  78.7%    75.2%   3.5ptsADR $266.03  $259.76  2.4%   $261.20  $253.23  3.1%  RevPAR $222.36  $209.86  6.0%   $205.69  $190.54  8.0%  Total RevPAR $564.49  $526.16  7.3%   $562.80  $518.67  8.5%                          JW Marriott Hill Country

  Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)         %         %     2025 2024 Change    2025 2024 ChangeRevenue $51,615  $54,273  (4.9)%   $173,464  $167,064  3.8%                         Operating income $6,849  $9,976  (31.3)%   $34,948  $34,548  1.2%  Operating income margin  13.3%    18.4%   (5.1)pts  20.1%    20.7%   (0.6)ptsAdjusted EBITDAre $14,786  $17,549  (15.7)%   $58,635  $56,989  2.9%  Adjusted EBITDAre margin  28.6%    32.3%   (3.7)pts  33.8%    34.1%   (0.3)pts                       Performance metrics:                          Occupancy  66.7%    73.8%   (7.1)pts  70.1%    72.2%   (2.1)ptsADR $337.63  $327.27  3.2%   $334.35  $321.73  3.9%  RevPAR $225.31  $241.68  (6.8)%   $234.36  $232.14  1.0%  Total RevPAR $559.92  $588.74  (4.9)%   $634.13  $608.50  4.2%                          JW Marriott Desert Ridge(2)

  Three Months Ended  Period Ended  September 30,  September 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR)             2025    2025Revenue $36,118  $41,467          Operating loss $(3,676) $(6,259)Operating loss margin  (10.2)%    (15.1)%  Adjusted EBITDAre $4,957  $4,375 Adjusted EBITDAre margin  13.7%    10.6%           Performance metrics:          Occupancy  57.9%    54.4%  ADR $253.43  $250.08 RevPAR $146.63  $136.07 Total RevPAR $413.25  $386.27  ________________________________

(1)The JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore there are no comparison figures.   Entertainment Segment

  Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands)         %         %     2025 2024 Change    2025 2024 ChangeRevenue $91,589  $82,915  10.5%   $324,443  $243,993  33.0%                         Operating income $11,827  $13,050  (9.4)%   $45,638  $44,984  1.5%  Operating income margin  12.9%    15.7%   (2.8)pts  14.1%    18.4%   (4.3)ptsAdjusted EBITDAre $24,738  $22,451  10.2%   $79,585  $73,734  7.9%  Adjusted EBITDAre margin  27.0%    27.1%   (0.1)pts  24.5%    30.2%   (5.7)pts                        Note: Entertainment results for the nine months ended September 30, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $3.4 million.

Fioravanti continued, “In our Entertainment business, we remain focused on expanding the reach of the Grand Ole Opry brand in connection with its 100-year celebration. In September, the Opry traveled to the Royal Albert Hall in London for the first international performance in its history. International engagement with the Opry brand has exceeded our expectations, which we believe bodes well for future demand for the Opry and Nashville more broadly. In addition, we recently announced the expansion of the Category 10 brand with a second location on the Las Vegas Strip, expected to open in late 2026. Despite increased competitive supply of live entertainment options in downtown Nashville, we continue to see healthy demand and consumer enthusiasm for our iconic brands and venues, underscoring the unique nature of our portfolio.”

Corporate and Other Segment

  Three Months Ended  Nine Months Ended   September 30,  September 30, ($ in thousands)       %       %     2025 2024 Change    2025 2024 ChangeOperating loss $(10,293) $(9,951) (3.4)%   $(32,287) $(31,503) (2.5)%  Adjusted EBITDAre $(7,980) $(7,217) (10.6)%   $(24,878) $(23,448) (6.1)%                          Note: Corporate and Other results for the nine months ended September 30, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $0.1 million.

Capital Expenditures

In 2025, the Company expects to spend approximately $375 to $425 million on capital expenditures, primarily related to its Hospitality business, which includes approximately $252 million spent through September 30, 2025.

Major ongoing Hospitality projects include:

Continuation of the sports bar, pavilion and event lawn development at Gaylord Opryland, which is expected to be completed in April 2026;Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed in 2027; andRenovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed by mid-year 2026.
Included in the Company’s capital expenditure estimates are modest investments at the JW Marriott Desert Ridge; accelerated materials purchasing for the anticipated 2026 rooms renovation at the JW Marriott Hill Country; and initial project costs for the development of Category 10 Las Vegas. The Company estimates the total project cost for Category 10 Las Vegas will be approximately $35 million, with the majority of cash spending occurring in 2026.

Disruption

For 2025, the Company affirms its previously stated expectation that the full year impact of construction-related disruption to its same-store Hospitality segment will be 250 to 350 basis points to RevPAR; 200 to 300 basis points to Total RevPAR; and $30 to $35 million to operating income and Adjusted EBITDAre. For the remainder of 2025, construction-related disruption is expected to impact results at Gaylord Texan.

2025 Guidance

The Company is updating its 2025 business performance outlook based on current information as of November 3, 2025. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update or withdraw its full business outlook or any portion thereof at any time for any reason, including due to economic uncertainty and volatility.

Fioravanti concluded, “With much of the year behind us, we are narrowing the range of expectations for our full year 2025 outlook, including modestly lowering the midpoint for the Entertainment segment due to the impact of new supply of live entertainment venues in downtown Nashville. Demand for country music and Nashville-based tourism remains robust, and our iconic brands and experiences continue to resonate with consumers in the United States and abroad.”

  Guidance Range Prior Guidance Range     (in millions, except per share figures) For Full Year 2025 (1) Full Year 2025 (1)   Change to   Low High Midpoint Low High Midpoint  MidpointSame-store Hospitality RevPAR growth(2)  1.50%  3.50%  2.50%  1.25%  3.75%  2.50%   -%Same-store Hospitality Total RevPAR growth(2)  1.00%  3.00%  2.00%  0.75%  3.25%  2.00%   -%                              Operating income:                             Hospitality (same-store) (2) $446.0  $456.0  $451.0  $444.0  $458.0  $451.0   $- JW Marriott Desert Ridge  –   2.0   1.0   –   2.0   1.0    - Entertainment  64.3   65.3   64.8   65.8   69.8   67.8    (3.0)Corporate and Other  (48.0)  (47.5)  (47.8)  (48.0)  (47.5)  (47.8)   - Consolidated operating income $ 462.3  $ 475.8  $ 469.0  $ 461.8  $ 482.3  $ 472.0   $ (3.0)                              Adjusted EBITDAre:                             Hospitality (same-store) (2) $680.0  $700.0  $690.0  $675.0  $705.0  $690.0   $- JW Marriott Desert Ridge  18.0   22.0   20.0   18.0   22.0   20.0    - Entertainment  110.0   114.0   112.0   110.0   120.0   115.0    (3.0)Corporate and Other  (36.0)  (34.0)  (35.0)  (36.0)  (34.0)  (35.0)   - Consolidated Adjusted EBITDAre $ 772.0  $ 802.0  $ 787.0  $ 767.0  $ 813.0  $ 790.0   $ (3.0)                              Net income $227.0  $235.5  $231.3  $225.8  $236.8  $231.3   $- Net income available to common stockholders $218.0  $227.5  $222.8  $216.8  $228.8  $222.8   $-                               FFO available to common stockholders and unit holders $490.1  $512.0  $501.1  $485.9  $520.3  $503.1   $(2.0)Adjusted FFO available to common stockholders and unit holders $509.5  $538.0  $523.8  $505.0  $546.5  $525.8   $(2.0)                              Net income available to common stockholders per diluted share (3) $3.41  $3.53  $3.47  $3.40  $3.55  $3.47   $- Adjusted FFO available to common stockholders and unit holders                             per diluted share/unit (3) $8.00  $8.38  $8.19  $7.93  $8.49  $8.21   $(0.02)                              Weighted average shares outstanding - diluted (3)  66.2   66.2   66.2   66.2   66.2   66.2    - Weighted average shares and OP units outstanding - diluted (3)  66.6   66.6   66.6   66.6   66.6   66.6    -  ________________________________

(1)Includes the JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.(2)Same-store Hospitality includes the JW Marriott Hill Country and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025.(3)Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option, and the impact of approximately 3.0 million additional shares issued on May 21, 2025.   Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unitholders to Net Income available to common stockholders, see “Reconciliation of Forward-Looking Statements.”

Dividend Update

On October 15, 2025, the Company paid the previously announced quarterly cash dividend of $1.15 per common share, which was paid to stockholders of record as of September 30, 2025.

The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. Future dividends are subject to the Board’s future determinations as to amount and timing.

Balance Sheet/Liquidity Update

As of September 30, 2025, the Company had unrestricted cash of $483.3 million and total debt outstanding of $3,976.0 million, net of unamortized deferred financing costs. As of September 30, 2025, there were no amounts drawn under the Company’s revolving credit facility or OEG’s revolving credit facility, which left $780.0 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.

Earnings Call Information

Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, November 4, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas; and a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effects of inflation and changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, changes in interest rates, the Company’s integration of the JW Marriott Desert Ridge, the Company’s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Desert Ridge and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Desert Ridge. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Additional Information

This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov. 

Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.

Calculation of GAAP Margin Figures
We calculate net income available to common stockholders margin by dividing GAAP consolidated net income available to common stockholders by GAAP consolidated total revenue. We calculate consolidated, segment or property-level operating income margin by dividing consolidated, segment or property-level GAAP operating income by consolidated, segment or property-level GAAP revenue.

Non-GAAP Financial Measures
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition
We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.

Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:

preopening costs;non-cash lease expense;equity-based compensation expense;impairment charges that do not meet the NAREIT definition above;credit losses on held-to-maturity securities;transaction costs of acquisitions;interest income on bonds;loss on extinguishment of debt;pension settlement charges;pro rata Adjusted EBITDAre from unconsolidated joint ventures; andany other adjustments we have identified herein.
We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest.

We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of net income or operating income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest provides useful information to investors regarding our operating performance and debt leverage metrics.

Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition
We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest by GAAP consolidated total revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest and GAAP consolidated total revenue or segment or property-level GAAP revenue, as applicable.

FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition
We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as net income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments from unconsolidated joint ventures.

To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:

right-of-use asset amortization;impairment charges that do not meet the NAREIT definition above;write-offs of deferred financing costs;amortization of debt discounts or premiums and amortization of deferred financing costs;loss on extinguishment of debt;non-cash lease expense;credit loss on held-to-maturity securities;pension settlement charges;additional pro rata adjustments from unconsolidated joint ventures;(gains) losses on other assets;transaction costs of acquisitions;deferred income tax expense (benefit); andany other adjustments we have identified herein.
FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders exclude the ownership portion of the joint ventures not controlled or owned by the Company.

We present Adjusted FFO available to common stockholders and unit holders per diluted share/unit as a non-GAAP measure of our performance in addition to net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share/unit as Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.

We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.

We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our net income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income, operating income, or cash flow from operations.

Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
(In thousands, except per share data)               Three Months Ended  Nine Months Ended   September 30,  September 30,      2025     2024     2025     2024 Revenues:                Rooms $195,227  $184,154  $585,359  $557,284 Food and beverage  233,674   224,835   737,328   719,304 Other hotel revenue  71,968   58,054   192,123   171,012 Entertainment  91,589   82,915   324,443   243,993 Total revenues  592,458   549,958   1,839,253   1,691,593              Operating expenses:              Rooms  48,668   45,129   142,195   134,292 Food and beverage  139,961   127,040   414,252   387,588 Other hotel expenses  144,882   123,716   399,394   360,298 Management fees, net  16,551   16,889   52,930   56,300 Total hotel operating expenses  350,062   312,774   1,008,771   938,478 Entertainment  67,935   61,659   248,081   173,806 Corporate  10,062   9,724   31,591   31,080 Preopening costs  1,289   870   1,474   3,361 (Gain) loss on sale of assets  1,296   –   1,296   (270)Depreciation and amortization  73,202   59,051   203,882   174,806 Total operating expenses  503,846   444,078   1,495,095   1,321,261              Operating income  88,612   105,880   344,158   370,332              Interest expense, net of amounts capitalized  (64,873)  (54,546)  (177,690)  (171,566)Interest income  4,836   7,219   15,878   21,805 Loss on extinguishment of debt  (380)  –   (2,922)  (2,319)Income (loss) from unconsolidated joint ventures  (37)  9   (66)  224 Other gains and (losses), net  2,168   2,758   1,864   3,075 Income before income taxes  30,326   61,320   181,222   221,551 (Provision) benefit for income taxes  3,633   (922)  (8,374)  (13,652)Net income  33,959   60,398   172,848   207,899              Net income attributable to noncontrolling interest in OEG  (987)  (997)  (3,792)  (3,688)Net (income) loss attributable to other noncontrolling interests  1,914   (390)  544   (1,339)Net income available to common stockholders $34,886  $59,011  $169,600  $202,872              Basic income per share available to common stockholders(1) $0.55  $0.99  $2.76  $3.39 Diluted income per share available to common stockholders(1) $0.53  $0.94  $2.65  $3.25              Weighted average common shares for the period:            Basic(1)  63,000   59,900   61,435   59,845 Diluted(1)  67,335   63,901   65,463   63,535  ________________________________

(1)Basic and diluted weighted average common shares for the three and nine months ended September 30, 2025 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended September 30, 2025 and 2024 include 4.2 million and 3.8 million, respectively, and the nine months ended September 30, 2025 and 2024 include 3.8 million and 3.4 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.   Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Unaudited
(In thousands)            September 30,     December 31,   2025 2024ASSETS:        Property and equipment, net of accumulated depreciation $4,932,998 $4,124,382Cash and cash equivalents - unrestricted  483,330  477,694Cash and cash equivalents - restricted  33,225  98,534Notes receivable, net  52,425  57,801Trade receivables, net  111,147  94,184Deferred income tax assets, net  65,019  70,511Prepaid expenses and other assets  227,733  178,091Intangible assets and goodwill, net  290,768  116,376Total assets $6,196,645 $5,217,573       LIABILITIES AND EQUITY:       Debt and finance lease obligations $3,976,019 $3,378,396Accounts payable and accrued liabilities  540,790  466,571Dividends payable  75,045  71,444Deferred management rights proceeds  164,203  164,658Operating lease liabilities  157,912  135,117Other liabilities  72,546  66,805Noncontrolling interest in OEG  411,989  381,945Total equity  798,141  552,637Total liabilities and equity $6,196,645 $5,217,573        Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Adjusted EBITDAre Reconciliation
Unaudited
(In thousands)                           Three Months Ended  Nine Months Ended   September 30,  September 30,   2025    2024 2025    2024  $ Margin $ Margin $ Margin $ MarginConsolidated:                        Revenue $592,458     $549,958     $1,839,253     $1,691,593    Net income $33,959  5.7% $60,398  11.0% $172,848  9.4% $207,899  12.3%Interest expense, net  60,037      47,327      161,812      149,761    Provision (benefit) for income taxes  (3,633)     922      8,374      13,652    Depreciation and amortization  73,202      59,051      203,882      174,806    (Gain) loss on sale of assets  1,296      –      1,296      (270)   Pro rata EBITDAre from unconsolidated joint ventures  (1)     1      1      5    EBITDAre  164,860  27.8%  167,699  30.5%  548,213  29.8%  545,853  32.3%Preopening costs  1,289      870      1,474      3,361    Non-cash lease expense  1,219      1,046      3,053      2,904    Equity-based compensation expense  3,660      3,479      10,777      10,724    Pension settlement charge  640      597      640      597    Interest income on Gaylord National bonds  1,025      1,113      3,252      3,503    Loss on extinguishment of debt  380      –      2,922      2,319    Transaction costs of acquisitions  –      –      100      –    Pro rata adjusted EBITDAre from unconsolidated joint ventures  –      (1)     –      (198)   Adjusted EBITDAre  173,073  29.2%  174,803  31.8%  570,431  31.0%  569,063  33.6%Adjusted EBITDAre of noncontrolling interest  (6,705)     (6,735)     (23,626)     (22,119)   Adjusted EBITDAre, excluding noncontrolling interest $166,368  28.1% $168,068  30.6% $546,805  29.7% $546,944  32.3%                         Hospitality segment:                        Revenue $500,869     $467,043     $1,514,810     $1,447,600    Operating income $87,078  17.4% $102,781  22.0% $330,807  21.8% $356,851  24.7%Depreciation and amortization  63,729      51,488      175,232      152,271    Non-cash lease expense  1,184      984      3,134      2,949    Interest income on Gaylord National bonds  1,025      1,113      3,252      3,503    Other gains and (losses), net  3,299      3,203      3,299      3,203    Adjusted EBITDAre $156,315  31.2% $159,569  34.2% $515,724  34.0% $518,777  35.8%                         Same-store Hospitality segment: (1)                        Revenue $464,751     $467,043     $1,473,343     $1,447,600    Operating income $90,754  19.5% $102,781  22.0% $337,066  22.9% $356,851  24.7%Depreciation and amortization  55,335      51,488      164,895      152,271    Non-cash lease expense  945      984      2,837      2,949    Interest income on Gaylord National bonds  1,025      1,113      3,252      3,503    Other gains and (losses), net  3,299      3,203      3,299      3,203    Adjusted EBITDAre $151,358  32.6% $159,569  34.2% $511,349  34.7% $518,777  35.8%                         Entertainment segment:                        Revenue $91,589     $82,915     $324,443     $243,993    Operating income $11,827  12.9% $13,050  15.7% $45,638  14.1% $44,984  18.4%Depreciation and amortization  9,242      7,336      27,954      21,842    Preopening costs  1,289      870      1,474      3,361    Non-cash lease (revenue) expense  35      62      (81)     (45)   Equity-based compensation  1,087      989      3,135      2,882    Loss on sale of assets  1,296      –      1,296      –    Other gains and (losses), net  –      135      136      680    Transaction costs of acquisitions  –      –      100      –    Pro rata adjusted EBITDAre from unconsolidated joint ventures  (38)     9      (67)     30    Adjusted EBITDAre $24,738  27.0% $22,451  27.1% $79,585  24.5% $73,734  30.2%                         Corporate and Other segment:                        Operating loss $(10,293)    $(9,951)    $(32,287)    $(31,503)   Depreciation and amortization  231      227      696      693    Other gains and (losses), net  (1,131)     (580)     (1,569)     (807)   Equity-based compensation  2,573      2,490      7,642      7,842    Gain on sale of assets  –      –      –      (270)   Pension settlement charge  640      597      640      597    Adjusted EBITDAre $(7,980)    $(7,217)    $(24,878)    $(23,448)    ________________________________

(1)Same-store Hospitality includes the JW Marriott Hill Country for all periods presented and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025.   Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Funds From Operations (“FFO”) and Adjusted FFO Reconciliation
Unaudited
(In thousands, except per share data)               Three Months Ended  Nine Months Ended   September 30,  September 30,   2025     2024  2025     2024 Net income available to common stockholders $34,886  $59,011  $169,600  $202,872 Noncontrolling interest in OP Units  218   390   1,092   1,339 Net income available to common stockholders and unit holders  35,104   59,401   170,692   204,211 Depreciation and amortization  73,053   59,004   203,635   174,664 Adjustments for noncontrolling interest  (3,019)  (2,201)  (9,142)  (6,553)Pro rata adjustments from joint ventures  –   1   –   3 FFO available to common stockholders and unit holders  105,138   116,205   365,185   372,325              Right-of-use asset amortization  149   47   247   142 Non-cash lease expense  1,219   1,046   3,053   2,904 Pension settlement charge  640   597   640   597 Pro rata adjustments from joint ventures  –   (1)  –   (198)(Gain) loss on other assets  1,296   –   1,296   (270)Amortization of deferred financing costs  3,155   2,647   8,762   7,995 Amortization of debt discounts and premiums  387   545   1,375   1,852 Loss on extinguishment of debt  380   –   2,922   2,319 Adjustments for noncontrolling interest  (1,621)  (902)  (3,639)  (2,020)Transaction costs of acquisitions  –   –   100   – Deferred tax provision (benefit)  (4,391)  51   5,079   10,715 Adjusted FFO available to common stockholders and unit holders $106,352  $120,235  $385,020  $396,361              Basic net income per share(1) $0.55  $0.99  $2.76  $3.39 Diluted net income per share(1) $0.53  $0.94  $2.65  $3.25              FFO available to common stockholders and unit holders per basic share/unit(1) $1.66  $1.93  $5.91  $6.18 Adjusted FFO available to common stockholders and unit holders per basic share/unit(1) $1.68  $1.99  $6.23  $6.58              FFO available to common stockholders and unit holders per diluted share/unit (1) $1.60  $1.86  $5.72  $5.98 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $1.63  $1.93  $6.06  $6.39              Weighted average common shares and OP units for the period:            Basic(1)  63,395   60,295   61,830   60,240 Diluted (1)  67,730   64,296   65,858   63,930  ________________________________

(1)Basic and diluted weighted average common shares for the three and nine months ended September 30, 2025 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended September 30, 2025 and 2024 include 4.2 million and 3.8 million, respectively, and for the nine months ended September 30, 2025 and 2024 include 3.8 million and 3.4 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.   Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
(In thousands)                           Three Months Ended  Nine Months Ended   September 30,  September 30,   2025    2024 2025    2024  $ Margin $ Margin $ Margin $ MarginHospitality segment:                        Revenue $500,869     $467,043     $1,514,810     $1,447,600    Operating income $87,078  17.4% $102,781  22.0% $330,807  21.8% $356,851  24.7%Depreciation and amortization  63,729      51,488      175,232      152,271    Non-cash lease expense  1,184      984      3,134      2,949    Interest income on Gaylord National bonds  1,025      1,113      3,252      3,503    Other gains and (losses), net  3,299      3,203      3,299      3,203    Adjusted EBITDAre $156,315  31.2% $159,569  34.2% $515,724  34.0% $518,777  35.8%                         Performance metrics:                        Occupancy  66.6 %    69.5 %    69.8 %    70.0 %  ADR $257.74     $252.42     $260.25     $254.72    RevPAR $171.63     $175.37     $181.60     $178.19    OtherPAR $268.70     $269.40     $288.35     $284.68    Total RevPAR $440.33     $444.77     $469.95     $462.87                             Same-store Hospitality segment: (1)                        Revenue $464,751     $467,043     $1,473,343     $1,447,600    Operating income $90,754  19.5% $102,781  22.0% $337,066  22.9% $356,851  24.7%Depreciation and amortization  55,335      51,488      164,895      152,271    Non-cash lease expense  945      984      2,837      2,949    Interest income on Gaylord National bonds  1,025      1,113      3,252      3,503    Other gains and (losses), net  3,299      3,203      3,299      3,203    Adjusted EBITDAre $151,358  32.6% $159,569  34.2% $511,349  34.7% $518,777  35.8%                         Performance metrics:                        Occupancy  67.3 %    69.5 %    70.3 %    70.0 %  ADR $258.04     $252.42     $260.52     $254.72    RevPAR $173.71     $175.37     $183.17     $178.19    OtherPAR $268.87     $269.40     $289.66     $284.68    Total RevPAR $442.58     $444.77     $472.83     $462.87                             Gaylord Opryland:                        Revenue $110,078     $122,659     $336,721     $356,846    Operating income $30,683  27.9% $36,622  29.9% $95,925  28.5% $112,089  31.4%Depreciation and amortization  8,132      8,203      24,767      24,535    Non-cash lease revenue  (10)     (10)     (29)     (32)   Adjusted EBITDAre $38,805  35.3% $44,815  36.5% $120,663  35.8% $136,592  38.3%                         Performance metrics:                        Occupancy  64.0 %    71.8 %    68.1 %    70.8 %  ADR $268.20     $254.05     $258.31     $235.83    RevPAR $171.68     $182.49     $175.79     $179.66    OtherPAR $242.62     $279.16     $251.29     $271.29    Total RevPAR $414.30     $461.65     $427.08     $450.95                             Gaylord Palms:                        Revenue $66,745     $68,242     $228,251     $222,504    Operating income $7,997  12.0% $12,323  18.1% $45,450  19.9% $50,808  22.8%Depreciation and amortization  8,851      6,318      25,670      18,078    Non-cash lease expense  955      994      2,866      2,981    Adjusted EBITDAre $17,803  26.7% $19,635  28.8% $73,986  32.4% $71,867  32.3%                         Performance metrics:                        Occupancy  64.2 %    61.0 %    73.0 %    66.0 %  ADR $230.01     $223.10     $250.64     $243.86    RevPAR $147.75     $136.09     $182.92     $160.98    OtherPAR $274.54     $295.67     $303.74     $311.70    Total RevPAR $422.29     $431.76     $486.66     $472.68     ________________________________

(1)Same-store Hospitality includes the JW Marriott Hill Country for all periods presented and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025.   Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
(In thousands)                           Three Months Ended  Nine Months Ended   September 30,  September 30,   2025    2024 2025    2024  $ Margin $ Margin $ Margin $ MarginGaylord Texan:                        Revenue $74,082    $73,096    $242,953    $241,895   Operating income $16,480 22.2% $18,697 25.6% $69,177 28.5% $71,043 29.4%Depreciation and amortization  6,221     5,720     18,307     17,355   Adjusted EBITDAre $22,701 30.6% $24,417 33.4% $87,484 36.0% $88,398 36.5%                         Performance metrics:                        Occupancy  67.0%    71.8%    70.7%    74.6%  ADR $248.99    $247.51    $253.19    $246.78   RevPAR $166.86    $177.82    $178.91    $184.16   OtherPAR $277.04    $260.17    $311.68    $302.52   Total RevPAR $443.90    $437.99    $490.59    $486.68                            Gaylord National:                        Revenue $78,098    $69,751    $242,340    $226,394   Operating income $11,340 14.5% $8,493 12.2% $36,632 15.1% $36,037 15.9%Depreciation and amortization  8,466     8,451     25,398     25,257   Interest income on Gaylord National bonds  1,025     1,113     3,252     3,503   Other gains and (losses), net  3,299     3,203     3,299     3,203   Adjusted EBITDAre $24,130 30.9% $21,260 30.5% $68,581 28.3% $68,000 30.0%                         Performance metrics:                        Occupancy  65.7%    63.5%    68.6%    66.3%  ADR $241.65    $240.73    $251.56    $247.47   RevPAR $158.79    $152.98    $172.58    $163.98   OtherPAR $266.51    $226.86    $272.16    $249.98   Total RevPAR $425.30    $379.84    $444.74    $413.96                            Gaylord Rockies:                        Revenue $77,951    $72,658    $230,621    $213,316   Operating income $17,156 22.0% $16,045 22.1% $53,777 23.3% $49,478 23.2%Depreciation and amortization  14,913     14,475     44,662     42,454   Adjusted EBITDAre $32,069 41.1% $30,520 42.0% $98,439 42.7% $91,932 43.1%                         Performance metrics:                        Occupancy  83.6%    80.8%    78.7%    75.2%  ADR $266.03    $259.76    $261.20    $253.23   RevPAR $222.36    $209.86    $205.69    $190.54   OtherPAR $342.13    $316.30    $357.11    $328.13   Total RevPAR $564.49    $526.16    $562.80    $518.67                            JW Marriott Hill Country:                        Revenue $51,615    $54,273    $173,464    $167,064   Operating income $6,849 13.3% $9,976 18.4% $34,948 20.1% $34,548 20.7%Depreciation and amortization  7,937     7,573     23,687     22,441   Adjusted EBITDAre $14,786 28.6% $17,549 32.3% $58,635 33.8% $56,989 34.1%                         Performance metrics:                        Occupancy  66.7%    73.8%    70.1%    72.2%  ADR $337.63    $327.27    $334.35    $321.73   RevPAR $225.31    $241.68    $234.36    $232.14   OtherPAR $334.61    $347.06    $399.77    $376.36   Total RevPAR $559.92    $588.74    $634.13    $608.50                             Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
(In thousands)                            Three Months Ended  Nine Months Ended   September 30,  September 30,   2025    2024 2025    2024  $ Margin $  Margin $ Margin $  MarginJW Marriott Desert Ridge:                         Revenue $36,118    $–     $41,467     $–    Operating loss $(3,676) (10.2)% $–  N/A% $(6,259) (15.1)%  $–  N/A%Depreciation and amortization  8,394     –      10,337      –    Non-cash lease expense  239     –      297      –    Adjusted EBITDAre $4,957  13.7% $–  N/A% $4,375  10.6%  $–  N/A%                          Performance metrics:                         Occupancy  57.9%    N/A%     54.4%     N/A%   ADR $253.43    $N/A     $250.08     $N/A    RevPAR $146.63    $N/A     $136.07     $N/A    OtherPAR $266.62    $N/A     $250.20     $N/A    Total RevPAR $413.25    $N/A     $386.27     $N/A                              The AC Hotel at National Harbor:                         Revenue $2,880    $2,686     $9,140     $9,615    Operating income $253  8.8% $133  5.0% $1,124  12.3%  $1,864  19.4%Depreciation and amortization  224     235      669      703    Adjusted EBITDAre $477  16.6% $368  13.7% $1,793  19.6%  $2,567  26.7%                          Performance metrics:                         Occupancy  61.7%    54.9%     58.8%     59.6%   ADR $233.22    $234.78     $258.12     $263.77    RevPAR $143.95    $129.01     $151.75     $157.11    OtherPAR $19.07    $23.04     $22.62     $25.65    Total RevPAR $163.02    $152.05     $174.37     $182.76                              The Inn at Opryland: (1)                         Revenue $3,302    $3,678     $9,853     $9,966    Operating income (loss) $(4) (0.1)% $492  13.4% $33  0.3%  $984  9.9%Depreciation and amortization  591     513      1,735      1,448    Adjusted EBITDAre $587  17.8% $1,005  27.3% $1,768  17.9%  $2,432  24.4%                          Performance metrics:                         Occupancy  53.6%    58.7%     51.9%     54.0%   ADR $161.88    $174.34     $171.75     $173.35    RevPAR $86.81    $102.30     $89.12     $93.57    OtherPAR $31.61    $29.72     $29.98     $26.49    Total RevPAR $118.42    $132.02     $119.10     $120.06     ________________________________

(1)Includes other hospitality revenue and expense.   Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Earnings Per Share, FFO Per Share and Adjusted FFO Per Share Calculations
Unaudited
(In thousands, except per share data)               Three Months Ended  Nine Months Ended   September 30,  September 30,      2025    2024    2025    2024Earnings per share:                         Numerator:            Net income available to common stockholders $34,886 $59,011 $169,600 $202,872Net income attributable to noncontrolling interest in OEG  987  997  3,792  3,688Net income available to common stockholders - if-converted method $35,873 $60,008 $173,392 $206,560             Denominator:            Weighted average shares outstanding - basic  63,000  59,900  61,435  59,845Effect of dilutive stock-based compensation  166  223  184  287Effect of dilutive put rights (1)  4,169  3,778  3,844  3,403Weighted average shares outstanding - diluted  67,335  63,901  65,463  63,535             Basic income per share available to common stockholders $0.55 $0.99 $2.76 $3.39Diluted income per share available to common stockholders (1) $0.53 $0.94 $2.65 $3.25             FFO per share/unit:                         Numerator:            FFO available to common stockholders and unit holders $105,138 $116,205 $365,185 $372,325Net income attributable to noncontrolling interest in OEG  987  997  3,792  3,688FFO adjustments for noncontrolling interest in OEG  2,574  2,201  7,808  6,553FFO available to common stockholders and unit holders - if-converted method $108,699 $119,403 $376,785 $382,566             Denominator:            Weighted average shares and OP units outstanding - basic  63,395  60,295  61,830  60,240Effect of dilutive stock-based compensation  166  223  184  287Effect of dilutive put rights (1)  4,169  3,778  3,844  3,403Weighted average shares and OP units outstanding - diluted  67,730  64,296  65,858  63,930             FFO available to common stockholders and unit holders per basic share/unit $1.66 $1.93 $5.91 $6.18FFO available to common stockholders and unit holders per diluted share/unit (1) $1.60 $1.86 $5.72 $5.98             Adjusted FFO per share/unit:                         Numerator:            Adjusted FFO available to common stockholders and unit holders $106,352 $120,235 $385,020 $396,361Net income attributable to noncontrolling interest in OEG  987  997  3,792  3,688FFO adjustments for noncontrolling interest in OEG  2,574  2,201  7,808  6,553Adjusted FFO adjustments for noncontrolling interest in OEG  661  902  2,679  2,020Adjusted FFO available to common stockholders and unit holders - if-converted method $110,574 $124,335 $399,299 $408,622             Denominator:            Weighted average shares and OP units outstanding - basic  63,395  60,295  61,830  60,240Effect of dilutive stock-based compensation  166  223  184  287Effect of dilutive put rights (1)  4,169  3,778  3,844  3,403Weighted average shares and OP units outstanding - diluted  67,730  64,296  65,858  63,930             Adjusted FFO available to common stockholders and unit holders per basic share/unit $1.68 $1.99 $6.23 $6.58Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $1.63 $1.93 $6.06 $6.39 ________________________________

(1)Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.   Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
Unaudited
($ in thousands, except per share data)             Guidance Range  For Full Year 2025(1)  Low High MidpointConsolidated:         Net income $ 227,000  $ 235,500  $ 231,250 Provision for income taxes  9,000   9,250   9,125 Interest expense, net  224,250   230,000   227,125 Depreciation and amortization  283,625   294,000   288,813 (Gain) loss on sale of assets  1,250   1,500   1,375 EBITDAre $ 745,125  $ 770,250  $ 757,688 Non-cash lease expense  3,000   4,750   3,875 Preopening costs  1,000   1,500   1,250 Equity-based compensation expense  14,875   15,750   15,313 Pension settlement charge  1,250   1,500   1,375 Interest income on Gaylord National bonds  3,750   4,750   4,250 Loss on extinguishment of debt  3,000   3,250   3,125 Transaction costs of acquisitions  –   250   125 Adjusted EBITDAre $ 772,000  $ 802,000  $ 787,000           Hospitality segment:         Operating income $ 446,000  $ 458,000  $ 452,000 Depreciation and amortization  242,000   250,500   246,250 Non-cash lease expense  3,250   4,750   4,000 Interest income on Gaylord National bonds  3,750   4,750   4,250 Other gains and (losses), net  3,000   4,000   3,500 Adjusted EBITDAre $ 698,000  $ 722,000  $ 710,000           Hospitality segment (same-store)(2)         Operating income $ 446,000  $ 456,000  $ 451,000 Depreciation and amortization  224,000   231,000   227,500 Non-cash lease expense  3,250   4,250   3,750 Interest income on Gaylord National bonds  3,750   4,750   4,250 Other gains and (losses), net  3,000   4,000   3,500 Adjusted EBITDAre $ 680,000  $ 700,000  $ 690,000           JW Marriott Desert Ridge         Operating income $ –  $ 2,000  $ 1,000 Depreciation and amortization  18,000   19,500   18,750 Non-cash lease expense  –   500   250 Adjusted EBITDAre $ 18,000  $ 22,000  $ 20,000           Entertainment segment:         Operating income $ 64,250  $ 65,250  $ 64,750 Depreciation and amortization  39,500   41,000   40,250 Non-cash lease expense (revenue)  (250)  –   (125)Preopening costs  1,000   1,500   1,250 Equity-based compensation  4,500   4,750   4,625 Other gains and (losses), net  1,000   1,500   1,250 Adjusted EBITDAre $ 110,000  $ 114,000  $ 112,000           Corporate and Other segment:         Operating loss $ (48,000) $ (47,500) $ (47,750)Depreciation and amortization  2,125   2,500   2,313 Equity-based compensation  10,375   11,000   10,688 Pension settlement charge  1,250   1,500   1,375 Other gains and (losses), net  (1,750)  (1,500)  (1,625)Adjusted EBITDAre $ (36,000) $ (34,000) $ (35,000) ________________________________

(1)Includes the JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.(2)Same-store Hospitality includes the JW Marriott Hill Country and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025.   Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Funds From Operations (“FFO”) and Adjusted FFO
Unaudited
($ in thousands, except per share data)            Guidance Range  For Full Year 2025(1)  Low High MidpointConsolidated:         Net income available to common stockholders $ 218,000  $ 227,500  $ 222,750 Noncontrolling interest in OP units  1,000   2,000   1,500 Net income available to common stockholders and unit holders $ 219,000  $ 229,500  $ 224,250 Depreciation and amortization  283,625   294,000   288,813 Adjustments for noncontrolling interest  (12,500)  (11,500)  (12,000)FFO available to common stockholders and unit holders $ 490,125  $ 512,000  $ 501,063 Right-of-use asset amortization  –   500   250 (Gain) loss on sale of assets  1,250   1,500   1,375 Non-cash lease expense  3,000   4,750   3,875 Pension settlement charge  1,250   1,500   1,375 Loss on extinguishment of debt  3,000   3,250   3,125 Adjustments for noncontrolling interest  (4,375)  (3,750)  (4,063)Amortization of deferred financing costs  11,500   12,500   12,000 Amortization of debt discounts and premiums  1,500   2,250   1,875 Transaction costs of acquisitions  -   250   125 Deferred tax provision  2,250   3,250   2,750 Adjusted FFO available to common stockholders and unit holders $ 509,500  $ 538,000  $ 523,750           Net income available to common stockholders per diluted share (2) $ 3.41  $ 3.53  $ 3.47 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2) $ 8.00  $ 8.38  $ 8.19           Estimated weighted average shares outstanding - diluted (in millions) (2)   66.2    66.2    66.2 Estimated weighted average shares and OP units outstanding - diluted (in millions) (2)   66.6    66.6    66.6  ________________________________

(1)Includes the JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.(2)Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. Also includes the impact of approximately 3.0 million additional shares issued on May 21, 2025.   Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
(dollars in thousands, except per share data)            Guidance Range  For Full Year 2025  Low High MidpointEarnings per share:         Numerator:         Net income available to common stockholders $218,000 $227,500 $222,750Net income attributable to noncontrolling interest in OEG  8,000  6,000  7,000Net income available to common stockholders - if-converted method $226,000 $233,500 $229,750          Denominator:         Estimated weighted average shares outstanding - diluted (in millions) (1)  66.2  66.2  66.2          Diluted income per share available to common stockholders $ 3.41 $ 3.53 $ 3.47                    Adjusted FFO per share:         Numerator:         Adjusted FFO available to common stockholders and unit holders $509,500 $538,000 $523,750Net income attributable to noncontrolling interest in OEG  8,000  6,000  7,000FFO adjustments for noncontrolling interest in OEG  11,000  10,000  10,500Adjusted FFO Adjustments for noncontrolling interest in OEG  4,375  3,750  4,063Adjusted FFO available to common stockholders and unit holders - if-converted method $532,875 $557,750 $545,313          Denominator:         Estimated weighted average shares and OP units outstanding - diluted (in millions) (1)  66.6  66.6  66.6          Adjusted FFO available to common stockholders and unit holders per diluted share/unit $ 8.00 $ 8.38 $ 8.19 ________________________________

(1) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. Also includes the impact of approximately 3.0 million additional shares issued on May 21, 2025.   Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
Unaudited
($ in thousands, except per share data)            Prior Guidance Range  For Full Year 2025  Low High MidpointConsolidated:         Net income $ 225,750  $ 236,750  $ 231,250 Provision for income taxes  9,000   10,500   9,750 Interest expense, net  226,000   235,000   230,500 Depreciation and amortization  280,625   300,000   290,313 EBITDAre $ 741,375  $ 782,250  $ 761,813 Non-cash lease expense  3,000   4,250   3,625 Preopening costs  500   1,000   750 Equity-based compensation expense  14,875   16,500   15,688 Pension settlement charge  1,250   1,500   1,375 Interest income on Gaylord National bonds  3,750   4,750   4,250 Loss on extinguishment of debt  2,250   2,750   2,500 Adjusted EBITDAre $ 767,000  $ 813,000  $ 790,000           Hospitality segment:         Operating income $ 444,000  $ 460,000  $ 452,000 Depreciation and amortization  239,000   254,000   246,500 Non-cash lease expense  3,250   4,250   3,750 Interest income on Gaylord National bonds  3,750   4,750   4,250 Other gains and (losses), net  3,000   4,000   3,500 Adjusted EBITDAre $ 693,000  $ 727,000  $ 710,000           Hospitality segment (same-store)         Operating income $ 444,000  $ 458,000  $ 451,000 Depreciation and amortization  221,000   234,000   227,500 Non-cash lease expense  3,250   4,250   3,750 Interest income on Gaylord National bonds  3,750   4,750   4,250 Other gains and (losses), net  3,000   4,000   3,500 Adjusted EBITDAre $ 675,000  $ 705,000  $ 690,000           JW Marriott Desert Ridge         Operating income $ –  $ 2,000  $ 1,000 Depreciation and amortization  18,000   20,000   19,000 Adjusted EBITDAre $ 18,000  $ 22,000  $ 20,000           Entertainment segment:         Operating income $ 65,750  $ 69,750  $ 67,750 Depreciation and amortization  39,500   43,500   41,500 Non-cash lease expense (revenue)  (250)  –   (125)Preopening costs  500   1,000   750 Equity-based compensation  4,500   5,500   5,000 Other gains and (losses), net  –   250   125 Adjusted EBITDAre $ 110,000  $ 120,000  $ 115,000           Corporate and Other segment:         Operating loss $ (48,000) $ (47,500) $ (47,750)Depreciation and amortization  2,125   2,500   2,313 Equity-based compensation  10,375   11,000   10,688 Pension settlement charge  1,250   1,500   1,375 Other gains and (losses), net  (1,750)  (1,500)  (1,625)Adjusted EBITDAre $ (36,000) $ (34,000) $ (35,000)              Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
(dollars in thousands, except per share data)            Prior Guidance Range  For Full Year 2025  Low High MidpointConsolidated:         Net income available to common stockholders $ 216,750  $ 228,750  $ 222,750 Noncontrolling interest in OP units  1,000   2,000   1,500 Net income available to common stockholders and unit holders $ 217,750  $ 230,750  $ 224,250 Depreciation and amortization  280,625   300,000   290,313 Adjustments for noncontrolling interest  (12,500)  (10,500)  (11,500)FFO available to common stockholders and unit holders $ 485,875  $ 520,250  $ 503,063 Right-of-use asset amortization  –   500   250 Non-cash lease expense  3,000   4,250   3,625 Pension settlement charge  1,250   1,500   1,375 Loss on extinguishment of debt  2,250   2,750   2,500 Adjustments for noncontrolling interest  (4,375)  (3,750)  (4,063)Amortization of deferred financing costs  11,500   12,500   12,000 Amortization of debt discounts and premiums  1,500   2,500   2,000 Deferred tax provision  4,000   6,000   5,000 Adjusted FFO available to common stockholders and unit holders $ 505,000  $ 546,500  $ 525,750           Net income available to common stockholders per diluted share (1) $ 3.40  $ 3.55  $ 3.47 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $ 7.93  $ 8.49  $ 8.21           Estimated weighted average shares outstanding - diluted (in millions) (1)   66.2    66.2    66.2 Estimated weighted average shares and OP units outstanding - diluted (in millions) (1)   66.6    66.6    66.6  ________________________________

(1) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.   Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Funds From Operations (“FFO”) and Adjusted FFO
Unaudited
($ in thousands, except per share data)            Prior Guidance Range  For Full Year 2025  Low High MidpointEarnings per share:         Numerator:         Net income available to common stockholders $216,750 $228,750 $222,750Net income attributable to noncontrolling interest in OEG  8,000  6,000  7,000Net income available to common stockholders - if-converted method $224,750 $234,750 $229,750          Denominator:         Estimated weighted average shares outstanding - diluted (in millions) (1)  66.2  66.2  66.2          Diluted income per share available to common stockholders $ 3.40 $ 3.55 $ 3.47                    Adjusted FFO per share:         Numerator:         Adjusted FFO available to common stockholders and unit holders $505,000 $546,500 $525,750Net income attributable to noncontrolling interest in OEG  8,000  6,000  7,000FFO adjustments for noncontrolling interest in OEG  11,000  9,000  10,000Adjusted FFO Adjustments for noncontrolling interest in OEG  4,375  3,750  4,063Adjusted FFO available to common stockholders and unit holders - if-converted method $528,375 $565,250 $546,813          Denominator:         Estimated weighted average shares and OP units outstanding - diluted (in millions) (1)  66.6  66.6  66.6          Adjusted FFO available to common stockholders and unit holders per diluted share/unit $ 7.93 $ 8.49 $ 8.21 ________________________________

(1)Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.  

SummaryRayonier is the only pure-play timberland REIT listed on North American exchanges.RYN's portfolio includes 2.0 million acres of timberland in prime locations, mostly in the southern United States, the bright spot within the North American forest industry.Canadian imports of lumber and timber are currently subject to duties and tariffs totalling 45%. If nothing changes, this is set to increase to 65% on January 1st.Rayonier is well-positioned to benefit from the current tariff trend, but also from the structural urbanization trend surrounding large metropolitan areas.I view the ongoing merger with PotlatchDeltic as a net positive, mostly due to the optimized capital structure and improved access to capital of the combined entity. Kerrick/iStock via Getty Images

Where Is The Opportunity? With elevated mortgage rates and relatively low consumer confidence, activity levels in the U.S. housing market have cooled off quite a bit since the pandemic highs of 2021. The impact on wood product demand

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

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

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DENVER, Nov. 3, 2025 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today that it plans to report 2025 third quarter results on Monday, November 10, 2025, after the market closes. Aimco's earnings release will be available in the Investor Relations section of its website at investors.aimco.com.

About Aimco
Aimco is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.S. multifamily sector. Aimco's mission is to make real estate investments where outcomes are enhanced through its human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit its website www.aimco.com.

SOURCE Apartment Investment and Management Company (Aimco)

Analyst’s Disclosure:I/we have a beneficial long position in the shares of IREN, MSFT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Synopsys To Contact Him Directly To Discuss Their Options

If you suffered losses exceeding $100,000 in Synopsys between December 4, 2024 and September 9, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Synopsys, Inc. (“Synopsys” or the “Company”) (NASDAQ: SNPS) and reminds investors of the December 30, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the extent to which the Company’s increased focus on artificial intelligence customers, which require additional customization, was deteriorating the economics of its Design IP business; (2) that, as a result, “certain road map and resource decisions” were unlikely to “yield their intended results;” (3) that the foregoing had a material negative impact on financial results; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On September 9, 2025, after market hours, Synopsys released its third quarter 2025 financial results, revealing the Company’s “IP business underperformed expectations.” The Company reported quarterly revenue of $1.740 billion, missing its prior guidance of between $1.755 billion and $1.785 billion, and reported net income of $242.5 million, a 43% year-over-year decline from $425.9 million reported for third quarter 2024. Moreover, the Company reported its Design IP segment accounted for approximately 25% of revenue and came in at $426.6 million, a 7.7% decline year-over-year. Finally, management provided guidance which implied that Design IP revenues will decline by at least 5% on a full-year basis in fiscal 2025.

On this news, Synopsys’s stock price fell $216.59, or 35.8%, to close at $387.78 per share on September 10, 2025, on unusually heavy trading volume.

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

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

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

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

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

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COFACE SA (OTCPK:CFACY) Q3 2025 Earnings Call November 3, 2025 12:00 PM EST

Company Participants

Xavier Durand - CEO & Chairman of Management Board
Phalla Gervais - Member of Management Board and Chief Financial & Risk Officer
Thomas Jacquet - Head of Investor Relations & Rating Agencies

Conference Call Participants

Michael Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division
Benoit Valleaux - ODDO BHF Corporate & Markets, Research Division
Amalie Zdravkovic - Deutsche Bank AG, Research Division
Pierre Chedeville - CIC Market Solutions, Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to the Coface SA 9 Months' 2025 Results Presentation. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Xavier Durand, CEO. Please go ahead, sir.

Xavier Durand
CEO & Chairman of Management Board

Thank you very much, and good evening to all. Thank you for logging in this call. We'd like to start on time. Well, I mean, as you will have seen by the announcement, we're recording another very solid quarter in the third quarter at Coface. The number is EUR 52 million for Q3 2025 of net income, which brings the total year-to-date to EUR 176.3 million. A lot of the discussions and points that I'm going to make are actually very much in line with the trends we discussed in the prior quarter. So really no big surprise.

You see total revenue for the first 9 months up 1.8%, that same FX and the parameter with the premiums for insurance growing 1.1%. You see revenues from other activities that are up almost 11% in the third quarter, which continues to validate the strategy we've put in place to develop an ecosystem around the credit management space.

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Lear Corporation (NYSE:LEA) reported upbeat earnings for the third quarter on Friday.

The company posted quarterly earnings of $2.79 per share which beat the analyst consensus estimate of $2.73 per share. The company reported quarterly sales of $5.680 billion which beat the analyst consensus estimate of $5.600 billion.

Lear raised its FY2025 sales guidance from $22.470 billion-$23.070 billion to $22.850 billion-$23.150 billion.

“Lear continued its solid momentum in the third quarter, delivering one of the highest third quarter operating cash flows in our history and solid operating performance across both business segments despite disruptions at key customers,” said Ray Scott, Lear’s President and CEO.

Lear shares rose 3.7% to trade at $108.55 on Monday.

These analysts made changes to their price targets on Lear following earnings announcement.

Wells Fargo analyst Colin Langan maintained Lear with an Equal-Weight rating and raised the price target from $108 to $112.
JP Morgan analyst Ryan Brinkman maintained the stock with an Overweight rating and raised the price target from $133 to $138.
TD Cowen analyst Itay Michaeli maintained the stock with a Hold and raised the price target from $115 to $117.
Considering buying LEA stock? Here’s what analysts think:

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LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP, a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Avantor, Inc. (“Avantor” or the “Company”) (NYSE: AVTR) investors concerning the Company's possible violations of the federal securities laws. IF YOU ARE AN INVESTOR WHO LOST MONEY ON AVANTOR, INC. (AVTR), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS. What Happened? On April 25, 2025, Av.

The STORM-PE RCT data presented at the VIVA 2025 Conference showed PE patients treated with CAVT in combination with anticoagulation demonstrated significantly greater improvements in thrombus burden reduction, heart rate, oxygen requirement, and functional outcomes compared to those who received only anticoagulation
Results of STORM-PE demonstrating superior efficacy of CAVT with anticoagulation versus anticoagulation alone were also published in Circulation today
, /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN) announced additional results of the ground-breaking STORM-PE randomized controlled trial (RCT), which found that the use of computer assisted vacuum thrombectomy (CAVT™) with anticoagulation achieved significantly greater improvements in thrombus burden reduction, heart rate, oxygen requirement, and functional outcomes compared to anticoagulation alone in patients with acute intermediate-high risk pulmonary embolism (PE). The data were presented at this week's Vascular Interventional Advances (VIVA) 2025 Conference. The primary results were also published today in American Heart Association's journal Circulation.

STORM-PE is a pivotal, prospective, multi-center randomized controlled trial that enrolled 100 patients across 22 international sites to evaluate computer assisted vacuum thrombectomy (CAVT) using Penumbra’s Lightning Flash™ plus anticoagulation, versus anticoagulation alone, for the treatment of acute intermediate-high risk pulmonary embolism (PE).

"The latest STORM-PE findings demonstrate substantial improvements in both clinical and functional outcomes, with a significantly higher proportion of patients treated with CAVT plus anticoagulation returning to normalization within 48 hours compared to anticoagulation alone—a remarkable result," Rachel Rosovsky, MD, MPH, co-global principal investigator of STORM-PE RCT, hematologist at Massachusetts General Hospital and Associate Professor of Medicine at Harvard Medical School. "STORM-PE highlights the critical importance of early intervention in patients with intermediate-high risk PE and provides the strongest evidence to date that advanced therapy with CAVT offers superior efficacy compared to the current standard treatment of anticoagulation alone. These breakthrough results not only advance the field but also have the potential to meaningfully improve patient care and recovery."

In the trial, patients treated with CAVT plus anticoagulation experienced:

Significantly lowered thrombus burden at 48 hours, with a 2.7 times larger reduction in refined modified Miller score (42.1% vs. 15.6% relative reduction; P < 0.001)
Early physiological recovery with significantly lower heart rate (80.0 bpm vs 86.4 bpm; P = 0.022) and less tachycardia (heart rate > 100, 2.2% vs 20%; P = 0.008), reduced supplemental oxygen requirements (0.5 L/min vs 1.4 L/min; P = 0.027), and a lower NEWS2 risk of clinical deterioration (1.8 vs. 2.7; P = 0.034) at 48 hours
2.2 times greater likelihood of progressing towards recovery of functional status, based on post-venous thromboembolism functional status (PVFS) from pre-PE event to discharge (P = 0.032)
Significantly longer distance walked during the 90-day six-minute walk test (472m vs 376m; P = 0.019). Additionally, CAVT patients near normalized by 90-days, walking 94% of their predicted walk distance vs 75% in the anticoagulation only arm (P = 0.022)
Safety rates through 90 days were comparable, with no device-related mortality, no additional PE-related mortality > 7 days, and no difference in symptomatic PE-recurrence, confirming the safety profile of CAVT.
"These impressive functional outcomes combined with superior reduction in right heart strain add to the growing body of evidence demonstrating the significant impact CAVT can have on acute PE patients," said Robert Lookstein, MD, MSc; co-global principal investigator of the STORM-PE RCT and professor of radiology and surgery at Icahn School of Medicine at Mount Sinai. "This is a foundational trial that will significantly advance PE care, allowing these advanced therapies to be offered to more patients, improving patient outcomes, and potentially leading to the inclusion in future treatment guidelines."

As published today in Circulation, STORM-PE primary outcomes show that patients treated with CAVT in addition to anticoagulation achieved superior reduction in right heart strain with a comparable safety profile versus anticoagulation alone in patients with acute intermediate-high risk PE. These findings were also presented at the Transcatheter Cardiovascular Therapeutics® (TCT®), the annual scientific symposium of the Cardiovascular Research Foundation® (CRF®), last week.

"STORM-PE confirms that mechanical thrombectomy with CAVT has a significant impact on clinical and functional outcomes," said James F. Benenati, MD, FSIR, chief medical officer at Penumbra. "The STORM-PE results demonstrate that CAVT can rapidly and safely improve patient outcomes and should be considered as a therapeutic option for patients with acute intermediate-high risk PE."

In the U.S., an estimated 900,000 cases of venous thromboembolism, which includes PE, occur annuallyi. PE can be life-threatening, representing the third leading cause of cardiovascular death after heart attack and stroke. i,ii. Penumbra's Lightning Flash portfolio is the most advanced mechanical thrombectomy system on the market to address venous and pulmonary thrombus. It features Penumbra's Lightning CAVT technology with the latest dual clot detection algorithms, using both pressure and flow-based processes to detect blood clot and blood flow. The portfolio is designed to help remove blood clots with speed, safety, and simplicity, allowing physicians to better navigate the body's complex anatomy and deliver high power aspiration for clot removal.

About STORM-PE
STORM-PE is a pivotal, prospective, multi-center randomized controlled trial that enrolled 100 patients across 22 international sites to evaluate computer assisted vacuum thrombectomy (CAVT) using Penumbra's Lightning Flash™ plus anticoagulation, versus anticoagulation alone, for the treatment of acute intermediate-high risk pulmonary embolism (PE). Conducted in partnership with The PERT Consortium®, the trial's primary efficacy endpoint — reduction in RV/LV ratio at 48 hours — was assessed by a blinded independent core laboratory. All safety events were independently adjudicated by an external clinical events committee.

About Penumbra
Penumbra, Inc., the world's leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT™), centers on removing blood clots from head-to-toe with speed, safety, and simplicity. By pioneering these innovations, we support healthcare providers, hospitals and clinics in more than 100 countries, working to improve patient outcomes and quality of life. For more information, visit www.penumbrainc.com and connect on Instagram, LinkedIn and X.

Important Safety Information
Additional information about Penumbra's products can be located on Penumbra's website at https://www.penumbrainc.com/providers. Caution: Federal (USA) law restricts these devices to sale by or on the order of a physician. Prior to use, please refer to the Instructions for Use (IFU) for complete product indications, contraindications, warnings, precautions, potential adverse events, and detailed instructions for use. Please visit www.peninc.info/risk for the complete IFU Summary Statements. The clinical results presented herein are for informational purposes only and may not be predictive for all patients. Individual results may vary depending on patient-specific attributes and other factors.

Forward-Looking Statements
Except for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: failure to sustain or grow profitability or generate positive cash flows; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base, expand our user base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; permanent write-downs or write-offs of our inventory or other assets; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; potential adverse regulatory actions; and the potential impact of any acquisitions, mergers, dispositions, joint ventures or investments we may make. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 18, 2025. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.

Contact

Jennifer Heth

Parinaz Farzin 

Penumbra, Inc

Merryman Communications

[email protected]   

[email protected]

510-995-9791

310.600.6746

i "Learn about Pulmonary Embolism," American Lung Association. Accessed on Oct. 7, 2025. https://www.lung.org/lung-health-diseases/lung-disease-lookup/pulmonary-embolism/learn-about-pulmonary-embolism

ii "Pulmonary Embolism: A Clinical Approach," American College of Cardiology. Accessed on Oct. 9, 2025. https://www.acc.org/Latest-in-Cardiology/Articles/2025/02/01/42/Cover-Story-Pulmonary-Embolism#:~:text=Pulmonary%20embolism%20(PE)%20continues%20to,venous%20thromboembolism%20in%20the%20country.

SOURCE Penumbra, Inc.

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

CompaniesLIMA, Nov 3 (Reuters) - Peruvian oil firm Upland Oil and Gas said on Monday it would ask the South American nation's regulator to review its application to operate in Block 192, once Peru's largest Amazon oilfield, after it was disqualified days earlier.

State agency Perupetro disqualified Upland, which operates other reserves in the country's Amazon region, on grounds it did not demonstrate financial capacity, but Upland said it did have sufficient capital to invest and resume exploitation.

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The now dormant block has been the site of protests by local Indigenous communities demanding remediation for extensive damage to the surrounding forest, soil and waterways.

But Block 192, which is located near the border with Ecuador, is considered key to supplying the Talara refinery of state-oil firm Petroperu

(PETROBC1.LM), opens new tab, which is battling a debt crisis following its expensive modernization of the plant.

A Perupetro commission determined late last week that the financial solvency presented by Upland was "insufficient to prove its economic and financial capacity to assume 79% of the license contract for Block 192."

"Upland Oil and Gas reiterates that it has sufficient capital and financing to comply with the investment program indicated by Perupetro - despite considering it excessive," Upland responded in a statement.

It added that it was willing to provide a credit line to the embattled state oil firm.

Petroperu, which would be a minority partner in the block, has previously said it expects to produce up to 12,000 barrels per day of crude oil from the reserve.

"This important asset for the country has been paralyzed for more than five years, causing the Peruvian government to lose more than $1 billion in taxes and royalties," Upland said.

Once Peru's largest - and leakiest - field, Block 192's production was put on hold largely as a result of a number of oil spills permeating the tropical topsoil, native plants and streams that flow to the Amazon River.

Reporting by Marco Aquino; Writing by Sarah Morland; Editing Natalia Siniawski

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

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

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

By

Bill McColl

Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

Published November 03, 2025

Shares of IREN have soared nearly 600% in 2025 so far.
IREN

Key Takeaways
Shares of IREN surged to a record high Monday after the Australian Bitcoin miner and data center company said it inked a $9.7 billion deal with Microsoft. IREN is also spending $5.8 billion to purchase Nvidia chips from Dell Technologies.

IREN (IREN) shares jumped to an all-time high Monday after the Australian Bitcoin miner and data center company said it inked a $9.7 billion deal with Microsoft (MSFT).

Shares of IREN were up over 8% near $66 in recent trading after reaching an intraday high of $75.73 earlier in the session. Shares of Microsoft were little changed.

The company said the deal would give Microsoft access to Nvidia (NVDA) chips in its data centers over five years. IREN also said it struck a deal to purchase related Nvidia chips and ancillary equipment from Dell Technologies (DELL) for about $5.8 billion.

IREN said it plans to pay for all the capital expenditures involved by “a combination of existing cash, customer prepayments, operating cashflows and additional financing initiatives.”

Why This Is Significant
IREN, like some other Bitcoin miners, has pivoted to focus more of its business on providing AI infrastructure to capitalize on the boom in demand for computing.

Co-founder and CEO Daniel Roberts said that the Microsoft agreement represents “another major step forward for IREN as we continue to expand large-scale GPU deployments across our 3GW secured power portfolio in North America.”

With Monday's gains, IREN shares are up close to 600% for 2025.

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Fintech giant Affirm Holdings Inc (NASDAQ:AFRM) is trading a modest 0.6% higher at $72.31 at last check, still stuck beneath familiar pressure at the $80 level. The shares' most recent pullback was captured by the the $70 level, which now happens to be the site of another historically bullish trendline for the shares.

Specifically, AFRM has pulled back to the 126-day trendline. Per Schaeffer's Senior Quantitative Analyst Rocky White, the stock is within 0.75 of the moving average's average true range (ATR) after remaining above it 80% of the time in the past two months. This signal has occurred seven other times in the past 10 years, after which the stock was higher one month later 50% of the time with an average 12.5% gain. A move of similar magnitude would put AFRM above $81 for the first time since September.

Puts have been swarming the equity. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), AFRM sports a 50-day put/call volume ratio of 1.38 that ranks in the 99th annual percentile. Plus, the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.08 sits in the 96th percentile of annual readings. Should this bearish sentiment begin to unwind, it could add another layer of support for the shares.

Though short interest is down 18.8% in the past two reporting periods, it still accounts for 5% of the stock's total available float. At the stock's average pace of trading, it would take short sellers almost two days to buy back these bearish bets.

Affirm is also one of the next fintech names to announce earnings, with the report due out after the close on Thursday, November, 6. AFRM has a split history of post-earnings performances, with four of the last eight reports producing impressive next-day pops, including a 10.6% lift in August. The stock averaged an earnings swing of 14.8% over the two years, while this quarter, analysts are expecting a larger-than-usual 19% move, regardless of direction. 

American Airlines Group Inc (NASDAQ:AAL) climbed for most of October, particularly the couple days after its mixed third-quarter earnings report on Oct. 23. However, the stock quickly ran into pressure at the $14 level, which also capped a rally in early September. At last glance today, AAL was up 1.7% at $13.35, sporting a 22.9% year-to-date deficit. 

Options traders targeted the airliner after its report, and it made an appearance on Schaeffer's Senior Quantitative Analyst Rocky White's list of S&P 400 stocks that attracted the highest options volume over the past two weeks. In the last 10 days, 825,527 calls and 616,866 puts exchanged hands. The November 14 call was the most popular contract during this time, followed by the March 12 put. 

These options are reasonably priced at the moment. AAL's Schaeffer's Volatility Index (SVI) of 50% ranks in the low 18th percentile of its annual range. What's more, the stock tends to outperform these expectations, per its Schaeffer's Volatility Scorecard (SVS) of 94 out of 100. 

On Monday, onchain analyst Emmett Gallic spotted a heavyweight bitcoin whale making waves after dropping 2,300 BTC into a Paxos-tagged deposit address. Despite that hefty move, the whale is still swimming in deep crypto waters—holding 32,490.38 BTC worth a cool $3.44 billion.

Liquid, a crypto perp DEX aggregator, has raised $7.6 million in seed funding from investors including Paradigm and General Catalyst.

TL;DR

Digital asset investment products experienced $360 million in outflows after Federal Reserve Chair Jerome Powell signaled uncertainty on future interest rate cuts.
Bitcoin ETFs were the hardest hit, losing $946 million, while Solana ETFs drew record inflows of $421 million.
Institutional demand for Solana reached $3.3 billion in 2025, highlighting strong investor interest in differentiated blockchain assets despite broader market caution.

Crypto investment products saw significant withdrawals last week, totaling $360 million, after Federal Reserve Chair Jerome Powell indicated that future interest rate cuts are not guaranteed. Investors interpreted Powell’s comments as cautious, creating headwinds for digital assets, particularly in the United States. Bitcoin-focused products suffered the most, with ETFs losing $946 million, reflecting sensitivity to monetary policy signals and a broader risk-off environment. Market participants also noted that investor sentiment was influenced by geopolitical developments and lingering uncertainty in traditional equities, amplifying outflows from riskier digital assets.

Powell’s Hawkish Comments Shake Investor Confidence
Powell’s remarks emphasized the need to avoid easing policy too quickly, warning that premature rate cuts could undermine inflation progress. These statements prompted US investors to pull $439 million from crypto products. Meanwhile, Germany and Switzerland recorded inflows of $32 million and $30.8 million, showing that regional confidence in digital assets remains intact despite global market uncertainty. The absence of major US economic data also contributed to cautious sentiment throughout the week, while rising treasury yields further weighed on investor appetite.

Solana Stands Out With Record Institutional Demand
Contrary to the overall trend, Solana attracted $421 million in inflows, marking one of the largest weekly gains for the blockchain. Institutional interest has been fueled by new US Solana ETFs, including Bitwise’s BSOL, which drew significant investment in its first trading week. Data from SoSoValue shows Solana ETFs saw four consecutive days of inflows totaling $200 million after launch, while Bitcoin and Ethereum products continued to experience outflows.

Grayscale’s GSOL, launched on NYSE Arca on October 29, offers direct SOL exposure with potential staking rewards, differentiating it from traditional Bitcoin products. Solana’s proof-of-stake design, transaction speed, and low fees have contributed to its growing institutional appeal. Year-to-date inflows into Solana ETFs have reached $3.3 billion, demonstrating strong confidence in the network’s technology and ecosystem growth, even amid broader market pressure.

The contrast between Bitcoin outflows and Solana inflows highlights a shift in investor focus toward platforms offering both yield potential and scalable infrastructure.  

Toncoin (TON) has pulled back from its bullish momentum after Nasdaq reprimanded TON Strategy, a major holder of TON, for failing to obtain shareholder approval before issuing stock to finance a $272.7 million purchase. The price of Toncoin has dropped, with a market cap of $5.16 billion, marking an 8.07% 24-hour decline.

In brief
Balancer, a multi-chain automated market maker, suffered a major exploit that has resulted in an estimated $128 million in losses.
Liquidity pools across Ethereum, Arbitrum, Base, and other chains have been affected by the attack.
Berachain has halted its blockchain and is preparing for a hard fork to recover the lost funds.
Crypto automated market maker Balancer suffered a major exploit early Monday that resulted in an estimated $128 million worth of digital assets being stolen across multiple blockchains. As a result, emerging network Berachain has forcefully halted its blockchain and is attempting a hard fork to resolve the issue.

Balancer was offering its services across multiple chains—including Ethereum, Arbitrum, and Base—and all of those that used Balancer V2 were vulnerable to the attack. On top of this, many protocols have used its codebase to build their own products, which also suffer from the same vulnerability.

The exploit likely came as the result of a “tiny precision/rounding error” found in Balancer V2 liquidity pools, on-chain analytics firm Nansen told Decrypt. The attacker pushed the pools towards that rounding error via multiple swaps within a single transaction. That led to the Balancer Pool Token, which represents ownership in Balancer liquidity pools, being undervalued by the liquidity pool.

“With the BPT price depressed, the attacker swapped into or minted BPT at that deflated value. They immediately converted those (underpriced) BPT back into underlying assets and then into ETH, pocketing the difference,” Nansen Research Analyst Nicolai Sondergaard told Decrypt. 

Security experts Cyvers and PeckShield both estimate the total losses to be worth approximately $128 million. Nansen estimated the figure to be closer to $100 million, a figure that is dropping as token prices decline amid a broader market plunge. The stolen funds were then sent through several different addresses and swapped on decentralized exchanges.

Balancer has acknowledged the exploit and confirmed that the issue is isolated to Balancer V2 Composable Stable Pools specifically—meaning V3 pools remain unaffected. The project is now working with “leading security researchers” to create a full postmortem on the incident. Balancer’s BAL token has dropped more than 11% on the day to a $56 million market capitalization, according to CoinGecko.

“[It’s] likely the worst is behind at this point, as it does not seem like the exploiter is withdrawing any more funds,” Sondergaard said.

Today, around 7:48 AM UTC, an exploit affected Balancer V2 Composable Stable Pools.

Our team is working with leading security researchers to understand the issue and will share additional findings and a full post-mortem as soon as possible.

Because these pools have been live… pic.twitter.com/LRLNNXogt3

— Balancer (@Balancer) November 3, 2025

Bera stopped in its tracksAs a result of the attack, Berachain validators coordinated to halt the blockchain, with plans to perform an emergency hard fork to roll back the chain to its state before the exploit.

This is because Berachain’s native decentralized exchange is built upon the same vulnerable codebase as Balancer V2, Cyvers told Decrypt. That explains why Berachain was hit so hard, with an estimated $12.86 million in losses.

“Given that it affected non-native assets (not just BERA), the rollback/rollforward involves more than a simple hard fork,” the Berachain Foundation announcement said, explaining why the blockchain was halted in the meantime.

The Berachain validators have coordinated to purposefully halt the Berachain network as the core team performs an emergency hard fork to address Balancer V2 related exploits on the BEX.

This halt has been executed purposefully, and the network will be operational shortly upon…

— Berachain Foundation 🐻⛓ (@berachain) November 3, 2025

This move is highly contentious among crypto-natives who believe in the immutability of blockchains. For many die-hard crypto believers, forking a chain and undoing transactions goes against everything that crypto stands for. 

Ethereum famously rolled back its blockchain via a hard fork after the famous 2016 hack of The DAO, which led to $50 million in ETH being stolen—an amount that represented a significant amount of the total supply at the time. The controversial hard fork divided the community, with those against the split staying with the original chain in what is now called Ethereum Classic.

“I'm sure that some won't be happy about this, and we recognize that this could be seen as a contentious decision,” pseudonymous Berachain founder and CSO Smokey the Bera, wrote on X. “Users and LPs on the network are always our priority and when approximately $12 million of user funds are at risk from a malicious attacker, we attempted to coordinate the validator set to protect those users.” 

“The goal is to recover funds ASAP and ensure that all LPs are safe,” Smokey added.

Berachain’s token has similarly dropped almost 10% on the day to a $211 million market cap, according to CoinGecko.

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XRP, one of the leading altcoins, has approached a horizontal support level, according to the most recent data. 

Horizontal support is a pivotal concept in technical analysis. It is a price level where a majority of traders are expected to buy a certain asset (whether it's a cryptocurrency or a stock). Essentially, it acts as the price floor. 

HOT Stories

The price is currently approaching this critical floor (as shown by the red candlestick dipping into the gray box).

Failed price reversal XRP experienced a rather strong uptrend from around October 23, with the price of XRP/USDT rising from the low $2.30s to a peak near $2.70 around October 27.

Following the peak, the price entered a downtrend and then consolidated before another sharp fall at the end of the chart.

The previous lows on October 23 and the low of the first major dip appear to have touched or come close to this level, which is why it has been flagged as a significant support zone.

The final red candlestick on the chart is shown aggressively breaking into the top of this support zone. This, of course, shows strong selling pressure.

If the support somehow manages to hold, strong buying pressure in this gray zone will likely cause the price to "bounce" back up.

However, if the selling pressure is too strong, and the price breaks clearly below the bottom of the gray box (below ~$2.30), the support would be considered broken.