Market Signal Briefing

eBay Inc. (EBAY) Q3 2025 Earnings Call October 29, 2025 5:30 PM EDT

Company Participants

John Egbert
Jamie Iannone - CEO, President & Director
Peggy Alford - Chief Financial Officer

Conference Call Participants

Scott Devitt - Wedbush Securities Inc., Research Division
Nikhil Devnani - Sanford C. Bernstein & Co., LLC., Research Division
Nathaniel Feather - Morgan Stanley, Research Division
Deepak Mathivanan - Cantor Fitzgerald & Co., Research Division
Andrew Northcutt - Wolfe Research, LLC
Michael Morton - MoffettNathanson LLC
Thomas Champion - Piper Sandler & Co., Research Division
Andrew Boone - Citizens JMP Securities, LLC, Research Division
Ygal Arounian - Citigroup Inc., Research Division

Presentation

Operator

Good day, everyone. My name is Leila, and I will be your conference operator today. At this time, I would like to welcome you to the eBay Third Quarter 2025 Earnings Call. [Operator Instructions]

At this time, I would like to turn the call over to John Egbert, Vice President of Investor Relations.

John Egbert

Good afternoon. Thank you all for joining us for eBay's Third Quarter 2025 Earnings Conference Call. Joining me today on the call are Jamie Iannone, our Chief Executive Officer; and Peggy Alford, our Chief Financial Officer.

We're providing a slide presentation to accompany our commentary during the call, which is available through the Investor Relations section of the eBay website at investors.ebayinc.com.

Before we begin, I'll remind you that during this conference call, we will discuss certain non-GAAP measures related to our performance. You can find a reconciliation of these measures to the nearest comparable GAAP measures in our accompanying slide presentation. Additionally, all growth rates noted in our prepared remarks will reflect FX-neutral year-over-year comparisons, and all earnings per share amounts reflect earnings per diluted share unless indicated otherwise.

During this conference call, management will make forward-looking statements, including, without limitation, statements regarding our future performance and expected financial

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Starbucks Corporation (SBUX) Q4 2025 Earnings Call October 29, 2025 4:15 PM EDT

Company Participants

Catherine Park
Brian Niccol - Chairman & CEO
Catherine Smith - Executive VP, CFO & Principal Accounting Officer

Conference Call Participants

David Palmer - Evercore ISI Institutional Equities, Research Division
Danilo Gargiulo - Sanford C. Bernstein & Co., LLC., Research Division
David Tarantino - Robert W. Baird & Co. Incorporated, Research Division
John Ivankoe - JPMorgan Chase & Co, Research Division
Lauren Silberman - Deutsche Bank AG, Research Division
Brian Harbour - Morgan Stanley, Research Division
Sara Senatore - BofA Securities, Research Division
Jeffrey Bernstein - Barclays Bank PLC, Research Division
Andrew Charles - TD Cowen, Research Division
Hyun Jin Cho - Goldman Sachs Group, Inc., Research Division
Andrew Barish - Jefferies LLC, Research Division
Christopher O'Cull - Stifel, Nicolaus & Company, Incorporated, Research Division

Presentation

Operator

Good afternoon. My name is Diego, and I will be your conference operator today. I would like to welcome everyone to Starbucks' Fourth Quarter Fiscal Year 2025 Conference Call. [Operator Instructions] I will now turn the call over to Catherine Park, Vice President of Investor Relations. Ms. Park, you may now begin your conference.

Catherine Park

Good afternoon and thank you for joining us today to discuss Starbucks' Fourth Quarter Fiscal Year 2025 results. Today's discussion will be led by Brian Niccol, Chairman and Chief Executive Officer; and Cathy Smith, Executive Vice President and Chief Financial Officer. This conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ from these statements.

Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factors discussed in our filings with the SEC, including our latest annual report on Form 10-K and quarterly report on Form 10-Q. Starbucks assumes no obligation to update any of

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NEW YORK--(BUSINESS WIRE)--Axonic Insurance, a global annuity and insurance platform, today announced a $210 million preferred equity investment led by LuminArx Capital Management ("LuminArx"), a global capital solutions provider, with participation from Deutsche Bank. Axonic Insurance is an innovative insurance platform that designs, distributes, issues, and manages annuity and related product offerings for individual consumers and institutions worldwide. Launched in 2024, Axonic Insurance is.

, /PRNewswire/ -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Baxter International, Inc. (NYSE: BAX) common stock between February 23, 2022 and July 30, 2025, inclusive (the "Class Period"), have until December 15, 2025 to seek appointment as lead plaintiff of the Baxter class action lawsuit.  Captioned Electrical Workers Pension Fund, Local 103, I.B.E.W. v. Baxter International, Inc., No. 25-cv-12672 (N.D. Ill.), the Baxter class action lawsuit charges Baxter as well as certain of Baxter's top current and former executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Baxter class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-baxter-international-class-action-lawsuit-bax.html  

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].

CASE ALLEGATIONS: Baxter, through its subsidiaries, provides a portfolio of healthcare products.

The Baxter class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Baxter's Novum IQ Large Volume Pump ("Novum LVP") suffered systemic defects that caused widespread malfunctions, including underinfusion, overinfusion, and complete non-delivery of fluids, which exposed patients to risks of serious injury or death; (ii) Baxter was notified of multiple device malfunctions, injuries, and deaths from these defects; (iii) Baxter's attempts to address these defects through customer alerts were inadequate remedial measures, when design flaws persisted and continued to cause serious harm to patients; and (iv) as a result, there was a heightened risk that customers would be instructed to take existing Novum LVPs out of service and that Baxter would completely pause all new sales of these pumps.

The Baxter class action lawsuit further alleges that on July 31, 2025, Baxter announced that it had decided to "voluntarily and temporarily pause shipments and planned installations of the Novum LVP" and that it was "unable to currently commit to an exact timing for resuming shipment and installation for Novum IQ LVPs."  Defendants further stated that they had offered "customers the option of our Spectrum infusion pump as an alternative" and that Baxter's low-end guidance assumes that Baxter does not resume shipments for Novum LVPs before the end of the year, according to the complaint.  The Baxter class action lawsuit alleges that on this news, the price of Baxter common stock fell more than 22%.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Baxter common stock during the Class Period to seek appointment as lead plaintiff in the Baxter class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Baxter class action lawsuit.  The lead plaintiff can select a firm of its choice to litigate the Baxter class action lawsuit.  An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Baxter class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading firms representing investors in securities fraud and shareholder litigation.  Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors.  In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five firms combined, according to ISS.  With 200 attorneys in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Past results do not guarantee future outcomes. 

Services may be performed by attorneys in any of our offices. 

Contact:

            Robbins Geller Rudman & Dowd LLP

            J.C. Sanchez, Jennifer N. Caringal

            655 W. Broadway, Suite 1900, San Diego, CA 92101

            800-449-4900

            [email protected] 

SOURCE Robbins Geller Rudman & Dowd LLP

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Stale inflows on debut day put a bitter flavour on this surprise listing, but a $1 price tag is still in play for Hedera.

In brief
President Trump's official meme coin has jumped 46% over the last week, rebounding after a steep drop earlier this month.
Jasper De Maere, desk strategist at Wintermute, told Decrypt the rise may be the result of a "relief rally" as trade war tensions ease.
Trump Media this week announced it'll create a prediction market, and World Liberty Financial has started an airdrop that may have "sparked a speculative rally."
President Trump’s official meme coin has rallied over the past week, climbing 46% to a $1.67 billion market capitalization. One analyst believes this could be the result of a “relief rally,” following Trump’s plethora of macro pressures appearing to ease.

The Solana token has been on a downward trend since the crypto dinner held for the top TRUMP holders in May, hitting an all-time low market cap of nearly $1 billion on October 10. The low came after Trump threatened massive tariffs against China, which led to a major downturn in the crypto markets and the biggest liquidation event in crypto history.

In the more than two weeks since then, TRUMP has risen by about 55%, according to CoinGecko. Trading volume has skyrocketed over the last couple days, too, from a typical daily tally of $200-$300 million to almost $2.4 billion over the last 24 hours, per CoinGecko.

While there is “no clear catalyst” to TRUMP’s recent surge, Jasper De Maere, desk strategist at Wintermute, told Decrypt that it's logical the token would pump now that these pressures are easing.

“As TRUMP remains central to the president's broader ‘PolitiFi’ narrative, it’s natural for the token to catch a bid, especially after a period of sustained pressure, triggering a relief rally that’s drawing renewed mind share, trading activity, and upward price momentum,” De Maere explained.

On Wednesday, for example, the U.S. secured a trade deal with South Korea, which will see both nations reduce reciprocal tariffs on each other. Similarly, on Sunday, the U.S. and China agreed on a framework for a potential trade deal.

This followed Trump’s threat of 100% tariffs on Chinese goods earlier this month, which prompted a $19 billion crypto liquidation cascade—the largest in crypto history.

Earlier this year, Trump reposted an article by Newsmax that claimed that his official meme coin worked as a way to track the president’s performance, as an alternative to polls and approval ratings. As such, the token’s recent dive may have been tied to investors growing tired of Trump’s trade wars, but it has since surged as those concerns have started to fade.

Similarly, on prediction market Myriad, Trump’s approval rating plummeted from 50.8% to a low of 35.6% following the record-breaking liquidation cascade. The President’s approval rating has been climbing ever since, now sitting at 49.2%��mirroring the rise of the TRUMP meme coin. (Disclosure: Myriad is developed by Decrypt’s parent company Dastan.)

Furthermore, there has been a spree of Trump-linked crypto news of late. On Tuesday, Trump Media announced that it will launch a prediction market called Truth Predict in collaboration with Crypto.com. The platform will allow users to wager money on sporting events, elections, and other events.

Furthermore, the Trump-backed World Liberty Financial announced on Wednesday that it would start distributing 8.4 million WLFI—worth approximately $1.2 million—to early adopters of its USD1 stablecoin. World Liberty Financial added that “this is only the beginning,” and that its “points program” will “continue expanding.”

De Maere from Wintermute suggested that the two announcements may have also “sparked a speculative rally,” as TRUMP has climbed 22.8% to $8.45 per token over the past 24 hours.

Still, TRUMP remains down 88.6% from its all-time high of $73.43, set just days after launch.

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

A high-stakes undercover investigation led by the Grant County Sheriff's Office has successfully recovered 1,000 stolen Bitcoin mining machines worth nearly $700,000. The same operation also thwarted a bizarre $75,000 frozen turkey heist, highlighting the strange intersection of high-tech crime and traditional theft.

Polygon and DeCard enable USDT and USDC payments at 150 million merchants worldwide.Integration lets users spend stablecoins directly through DeCard accounts.Partnership signals growing real-world adoption of stablecoin payment networks.Polygon Labs and DeCard have partnered to allow holders of USDT and USDC to spend their stablecoins across more than 150 million merchants globally. 

The integration, announced on October 29, 2025, marks one of the largest expansions of stablecoin usability to date.

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Addressing the Stablecoin Utility GapThrough this partnership, DeCard—formerly Diners Club Singapore—has added support for the Polygon network. It will allow instant deposits of Polygon-based stablecoins into DeCard and DeCard Luminaries accounts. 

Customers can now use these balances for real-world payments, effectively bridging on-chain assets with existing merchant networks.

What's the use in holding stablecoins if you can't pay with them?

We rolled out USDC and USDT0 payment integration with @DCS_DeCard so that you can spend instantly anywhere in the world.

We're doing everything we can to make spending your own money instant and inexpensive. https://t.co/S0azdqyibq

— Marc, the Degen CEO of Polygon Labs (💜,⚔️, ※) (@0xMarcB) October 29, 2025
Despite a global stablecoin supply exceeding $300 billion, most tokens remain confined to trading or DeFi applications. 

According to recent market data, less than 1% of global money flows currently involve stablecoins. The DeCard–Polygon collaboration is trying to change that by turning stablecoins into everyday payment instruments.

Polygon has become one of the fastest-growing stablecoin networks. The blockchain supports roughly $3 billion in assets and powers micro-USDC transactions at sub-$0.001 fees.

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Stablecoin Volume On the Polygon Network. Source: DefiLlamaIndustry Momentum Toward Stablecoin PaymentsOctober has seen several developments signaling stablecoins’ move into mainstream commerce. Western Union is reportedly testing stablecoins for international transfers and global remittances.

Meanwhile, Japan launched its first yen-backed stablecoin to support domestic payments. The global stablecoin transaction volume rose 70% this year. This shows accelerating adoption across sectors from e-commerce to luxury travel.

Joan Han, DeCard’s COO, said the initiative focuses on making stablecoin transactions “as intuitive as any other form of payment.” 

“The collaboration makes stablecoins truly usable in everyday life. It’s a step toward mainstream financial freedom through blockchain technology,” said Polygon Labs CEO Marc Boiron 

Overall, the move reflects a larger industry shift toward merging blockchain efficiency with regulated payment systems. 

As more merchants and financial institutions adopt stablecoin settlement, observers expect continued growth in cross-border and retail payment use cases.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

TLDR

21Shares has submitted an application to the SEC for a new Hyperliquid ETF.
The proposed ETF will track the HYPE token which powers the Hyperliquid decentralized exchange.
Coinbase and BitGo will serve as custodians for the digital assets held by the ETF.
The Hyperliquid ETF would be the second HYPE-focused ETF proposal after Bitwise’s filing in September.
Hyperliquid is a decentralized exchange that specializes in perpetual futures trading for digital assets.

21Shares has filed an application for a Hyperliquid ETF with the U.S. Securities and Exchange Commission. The proposed Hyperliquid ETF would track the HYPE token, the native asset of the Hyperliquid decentralized exchange.

Hyperliquid ETF Filing Confirms Custodians Chosen
21Shares submitted its Hyperliquid ETF proposal to the SEC on Wednesday. The ETF would give investors exposure to the HYPE token through regulated financial channels. The application confirms Coinbase and BitGo as custodians of the Hyperliquid ETF’s digital asset holdings. This approach aligns with industry trends favoring regulated custody services to reduce security risks.

The Hyperliquid ETF would become the second proposed ETF focused on HYPE. Bitwise filed a similar application in September, seeking SEC approval for its own HYPE ETF. According to the filing, “HYPE is a digital asset. Buying and selling it differs from traditional investments.” This language mirrors standard SEC ETF filing disclosures for crypto-based products.

Hyperliquid’s Growth Fuels Investor Interest
Hyperliquid operates as a decentralized exchange, or DEX, offering perpetual futures trading for digital assets. Users can access the platform directly to trade without intermediaries or traditional account setups.Its native token, HYPE, has become the 16th largest digital asset by market capitalization. CoinGlass data shows HYPE’s market cap at $12.7 billion as of the latest reporting period.

CoinGecko listed HYPE at $47.55 on Wednesday. The token rose 2.7% in 24 hours and 32% over the past seven days. This recent price surge has likely contributed to increased institutional interest in a Hyperliquid ETF. The fund would allow investors to trade shares without directly handling digital tokens.

Crypto ETF Market Expands With New Applications
21Shares joins over 90 applicants seeking approval for crypto ETFs across multiple digital assets. The SEC continues to review proposed ETFs involving coins such as Solana, Cardano, XRP, and Dogecoin.

Asset managers are leveraging a more open regulatory environment for crypto-focused investment products. This shift follows last year’s approvals of Bitcoin and Ethereum-based ETFs. Bitcoin ETFs now manage over $155 billion in assets. Ethereum ETFs have reached $23.4 billion in assets, most of it in the past four months.

Hyperliquid ETF’s entry highlights increasing demand for altcoin exposure through stock exchange-traded funds. The SEC has not yet provided a decision date for the 21Shares Hyperliquid ETF application.

Maxwell Mutuma

Maxwell is a crypto-economic analyst and blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

Tron (TRX) is consolidating this week as the broader crypto market braces for the upcoming US Federal Reserve decision on interest rates and quantitative tightening (QT). Investors are treading carefully, with uncertainty surrounding whether the Fed will maintain its restrictive stance or pivot toward easing—an outcome that could shift liquidity flows across digital assets. Despite the cautious market mood, on-chain data from CryptoQuant highlights a powerful surge in Tron’s network activity that stands out from the rest of the market.

On October 27, 2025, Tron flagged one of its most significant on-chain events to date. The number of daily active addresses skyrocketed from a steady baseline of roughly 3.5 million to an astonishing 6.23 million, marking the second-highest activity ever recorded in the network’s history. This massive uptick underscores a sharp increase in network demand and utility, suggesting that users are actively engaging with decentralized applications and stablecoin transfers within the Tron ecosystem.

While price action remains in a consolidation phase, this sudden burst in on-chain participation paints a different picture—a growing fundamental strength that could position Tron as one of the few networks expanding its real-world activity amid macroeconomic uncertainty.

Fundamentals Show Strength As Tron Price Corrects
According to a recent CryptoOnchain report published on CryptoQuant, Tron’s latest on-chain surge reveals an intriguing dynamic between network activity and market price. What makes this event particularly compelling is the clear bullish divergence it forms. While Tron’s fundamentals are strengthening, its price has been steadily declining—a pattern that often precedes a reversal.

Tron Active Addresses | Source: CryptoQuant
Specifically, the number of daily active addresses jumped from 3.5 million to 6.23 million on October 27, 2025, marking one of the network’s most active days ever. Meanwhile, TRX has been in a soft downtrend since August, slipping from a high near $0.36 to roughly $0.29. This divergence—rising on-chain engagement amid falling prices—suggests that market participants are underpricing Tron’s growing real-world utility.

Historically, such divergences between on-chain strength and price weakness have often acted as leading indicators for trend shifts. In Tron’s case, the data implies that network demand and user adoption are increasing faster than market sentiment reflects.

Analysts point to several possible catalysts behind this activity, including new decentralized application (dApp) launches, higher stablecoin transaction volumes, and effective user acquisition campaigns across the ecosystem.

The key factor now is sustainability. If this elevated level of activity holds through the coming weeks, it would confirm that Tron’s network growth is structural rather than temporary. Such validation could lay the groundwork for a significant bullish reversal, especially if macro conditions—like the Federal Reserve’s rate and QT decisions—shift toward easing, boosting liquidity across risk assets.

TRX Tests Key Moving Average As Bulls Defend Support
Tron’s (TRX) price is showing signs of consolidation around the $0.29–$0.30 range after an extended pullback from the August high of $0.36. The daily chart reveals that TRX has now reached the 200-day moving average (red line) — a key technical support that has historically served as a major inflection point for trend reversals. The asset briefly dipped below this level earlier in the week but has since recovered slightly, suggesting that buyers are attempting to stabilize momentum.

TRX consolidates below 200-day MA | Source: TRXUSDT chart on TradingView
The 50-day (blue) and 100-day (green) moving averages are trending lower, reflecting short-term weakness after months of bullish structure. However, holding above the 200-day MA could mark the beginning of a base formation before a potential rebound. A confirmed close below this level, by contrast, would open the door for a deeper retracement toward $0.27 or even $0.25, where previous accumulation zones exist.

Trading volume remains moderate, hinting that the market is in a wait-and-see mode ahead of the US Federal Reserve’s interest rate and QT decision. If broader market sentiment turns risk-on and on-chain activity remains elevated, TRX could soon attempt a recovery toward $0.32–$0.33, reclaiming its medium-term trend.

Featured image from ChatGPT, chart from TradingView.com

Journalist

Posted: October 30, 2025

Key Takeaways
How is the GENIUS Act influencing Tether’s growth?
It prompted Tether to launch USA₮, a compliant dollar-backed token tailored for U.S. regulations.

Is USDT still the dominant stablecoin? 
Yes, but USDC is gaining ground in transaction volume and institutional adoption.

The rise of stablecoins is increasingly being felt beyond the digital asset market.

Tether becomes the 17th largest U.S. debt holder
Tether’s USDT, the world’s largest stablecoin, now backs its token supply with approximately $135 billion in U.S. Treasury bills, according to recent disclosures.

That figure makes Tether the 17th largest U.S. debt holder globally, surpassing countries such as South Korea and nearing Brazil, as noted by Tether’s CEO Paolo Ardoino.

The development underscores how dollar-pegged crypto assets have evolved into meaningful participants in global liquidity flows, particularly in the short-term bond market.

This comes at a time when the stablecoin market is entering a new regulatory and competitive phase, especially after U.S. President Donald Trump signed the GENIUS Act, establishing a clearer regulatory path for compliant stablecoins in the U.S. market.

How is the GENIUS Act boosting Tether’s growth?
In response, Tether introduced USA₮, a dollar-backed token specifically designed to meet the new U.S. regulatory requirements.

Rival issuer Circle, meanwhile, has been expanding partnerships and infrastructure placements, and overseas players like Japan’s JPYC are also scaling operations to tap into rising global stablecoin demand.

At the transaction level, stablecoin usage remains massive.

Visa’s on-chain analytics further show that stablecoins facilitated $6.4 trillion in total transfers over the past 30 days.

While USDT typically leads market activity, October data illustrate a competitive shift.

This is because USDC recorded approximately $669.15 billion in monthly transaction volume, slightly ahead of USDT’s $607.98 billion during the same period.

The figures suggest that while USDT still dominates overall market share and circulation, USDC is gaining meaningful traction in payments and institutional pipelines.

Tether is stepping up its stablecoin game
At the same time, Tether is expanding beyond stablecoins altogether.

Tether Data, the company’s technology unit, recently announced the launch of QVAC Genesis I, a 41-billion-token synthetic dataset built to train science- and engineering-focused AI models.

Alongside it, the firm introduced QVAC Workbench, an application that allows users to run AI models directly on local devices.

USDT vs. USDC
However, AMBCrypto’s analysis shows USDT still leads the market with a 79% share in August 2025, but its dominance is slowly slipping as USDC gains ground.

While USDC offers stronger transparency and fully liquid reserves overseen by BlackRock, USDT’s mix of assets, ranging from Treasuries to Bitcoin and commodities, raises more debate.

However, the 10th October flash de-peg proved that stability isn’t just about reserve composition.

This is because USDT briefly traded above $1 while USDC dipped, highlighting that trust in stablecoins now depends as much on real-world performance as the assets backing them.

Summary

XRP price trades near $2.63 after the Fed’s 25 bps rate cut, consolidating below key resistance.
A breakout above $2.80–$3.00 could extend gains toward $3.20 if risk sentiment improves.
Failure to hold $2.50 may trigger downside toward $2.30–$2.40 as markets digest the Fed’s cautious tone.

The Federal Reserve’s latest rate cut has set off a mixed reaction across risk assets. XRP is hovering near $2.63, holding steady as traders weigh whether easier policy will reignite crypto inflows — or if cautious Fed guidance will blunt the impact.

XRP price following Fed rate cuts
XRP 1D price chart | site: crypto.news
XRP trades around $2.63, down slightly by 1.2% over the past 24 hours but still up nearly 10% on the week. The token remains in a tight $2.58–$2.68 range, consolidating just below resistance at $2.70–$2.80.

The Fed’s 25 bps cut to 3.75–4.00% delivered what markets expected, but Chair Powell’s comments about “data-dependent” future moves tempered enthusiasm. While Bitcoin and Solana briefly spiked post-announcement, most large-cap altcoins, including XRP, have paused as liquidity conditions and macro cues recalibrate.

Traders now view the rate cut as a potential medium-term tailwind — especially if risk appetite returns and stablecoin inflows pick up.

Bullish XRP price factors
A decisive close above $2.80 could confirm bullish continuation, opening room toward $3.00–$3.20. With the Fed signaling a potential easing cycle and global yields trending lower, XRP could benefit from renewed inflows into high-beta assets.

Technical structure remains constructive: XRP is trading above its 200-day moving average, and recent whale accumulation data shows strengthening long-term positioning.

Bearish price factors
If macro sentiment turns risk-off. For instance, if the Fed’s dovishness sparks fears of economic slowdown, speculative flows could dry up. A break below $2.50 risks pullback toward $2.30–$2.40.

Additionally, reduced volatility and falling trading volumes across altcoins could leave XRP struggling to attract short-term momentum.

XRP price prediction based on current levels
With XRP at $2.63, traders face a balanced setup: a dovish macro backdrop favors gradual upside, but near-term resistance around $2.80–$3.00 must clear for momentum to extend. The broader XRP outlook hinges on whether lower rates reignite crypto risk-taking, or if capital continues to consolidate in Bitcoin and major Layer-1 plays.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Anthropic's Claude AI has released an ambitious forecast for November, suggesting that Litecoin, Cardano, and XRP could all post substantial gains before Christmas.October's much-hyped “Uptober” rally ended soon after President Donald Trump unveiled sweeping 100% tariffs on Chinese imports.

Germany's AfD party submitted a motion to the Bundestag arguing BTC should not fall under the EU's MiCA framework and instead be treated as a strategic asset.

Bitcoin is charging toward a breakout as global liquidity floods markets, policy easing gains momentum, and investors rush into risk assets—positioning the crypto giant for potential record highs and an end-of-year rally. Bitcoin Eyes Record Highs as Fed Eases and Liquidity Surges Bitcoin may be approaching a breakout as the U.S.

Hedera’s much-anticipated debut on the New York Stock Exchange through the Canary Capital Hedera ETF (Ticker: HBR) marked a major milestone for the network, positioning it alongside Bitcoin and Ethereum as one of the few cryptocurrencies with a regulated U.S. spot ETF.

Related Reading: Dogecoin Whales Quietly Accumulate Over 320 Million Coins — What’s Coming Next?

The listing initially sparked optimism, sending HBAR soaring over 25% to $0.2191 as trading volume jumped 328% to $1.12 billion. However, the momentum proved short-lived. Within 24 hours, HBAR has slid nearly 6%, retreating below $0.20.

Analysts attribute the decline to profit-taking and broader market caution, as technical indicators flashed mixed signals. Despite this dip, market observers say institutional participation remains strong, fueled by the ETF’s potential to unlock new liquidity streams through regulated exposure.

HBAR's price trends to the upside on the daily chart. Source: HBARUSD on Tradingview
Hedera (HBAR) Analysts Split as “Death Cross” Looms
Data from TradingView shows that while HBAR broke above key resistance at $0.206 earlier this week, it struggled to sustain momentum.

Traders now eye support at $0.194–$0.200 and resistance between $0.210–$0.219. A decisive break above $0.21 could reignite bullish sentiment, but failure to hold current levels may lead to a correction toward $0.183.

Some analysts warn that a potential “death cross”, where the 50-day moving average crosses below the 200-day, could confirm ongoing weakness.

Historically, such formations have preceded deeper pullbacks. But others argue that the bearish pattern might already be priced in, as MACD and Aroon indicators suggest renewed upward momentum.

Technical analyst ZAYK Charts highlighted that HBAR’s current formation mirrors a bullish breakout setup seen earlier in 2025, projecting a possible 50–60% upside if buying pressure returns.

Institutional Adoption Narrative Remains Intact
Even as prices correct, institutional confidence in Hedera appears to be building. The NYSE’s multi-asset ETF launch, which also included Solana (SOL) and Litecoin (LTC) products, reflects growing regulatory clarity for alternative blockchains.

ETF strategist Eric Balchunas noted that the HBR ETF’s first-day volume hit $8 million, a promising start for a non-Bitcoin, non-Ethereum asset. Furthermore, 12 additional ETF filings from issuers like Grayscale, ProShares, and T. Rowe Price are pending, showing broader market interest.

Related Reading: Bitcoin Poised For New Run Beyond $125,000? Nasdaq’s Record Recalls 2021 BTC Pattern

While short-term volatility persists, analysts maintain that the HBAR ETF listing marks a pivotal moment for Hedera’s long-term narrative, expanding institutional access and setting the stage for potential recovery once macro conditions stabilize.

Cover image from ChatGPT, HBARUSD chart from Tradingview

In brief
Michael Saylor thinks Bitcoin will rise to around $150,000 by the end of the year, thanks to diminishing volatility.
The Strategy founder predicts BTC will hit $1 million per coin in the next four to eight years.
Saylor also said the last 12 months have been the best in the history of the crypto industry.
Bitcoin’s slump from its October all-time high above $126,000 hasn’t fazed Strategy Executive Chairman and co-founder Michael Saylor, who still expects the leading crypto asset to grind to a record price of $150,000 by the end of the year. 

Chatting with CNBC at the Money 20/20 fintech conference in Las Vegas, the Bitcoin bull highlighted diminishing volatility and a clearer market structure as reasons for optimism. 

“I think Bitcoin is going to continue to grind up,” Saylor said. “Volatility is coming off of it as the industry becomes more structured with more derivatives and ways to hedge it. Our expectation right now is [at the] end of the year it should be about $150,000.”

Bitcoin has jumped nearly 54% in the last year, stabilizing above $100,000 as it changes hands around $111,000 on Wednesday. 

In the future, Saylor is thinking even bigger.

“I don’t know why it won’t grind up to a million dollars a coin over the next four to eight years,” he added. “And of course, my long-term forecast is it goes up about 30% a year for the next 20 years, and we’re headed towards $20 million Bitcoin.” 

The Strategy frontman called the last 12 months the best in the crypto industry’s history, citing the White House’s endorsement of BTC as digital gold, the SEC’s expectation and support of tokenized equities, and the Secretary of the Treasury’s acceptance of stablecoins. 

Regardless of price, Saylor said he and his firm will be “buying the top forever,” or in other words, purchasing BTC regardless of how high the price goes. 

The Tysons Corner, Virginia-based firm has already amassed a treasury of more than $71 billion worth of Bitcoin, making it the largest publicly traded Bitcoin treasury in existence and a pioneer in the digital asset treasury market. 

That trend will only continue to grow according to Saylor, who added that he didn’t know why forward-thinking companies wouldn’t hold digital assets on their balance sheet. 

Shares in Strategy (MSTR) closed down 3.26% today, changing hands at $275.36. The Bitcoin-adjacent equity is up around 11% in the last year, compared to nearly 54% for BTC.

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Distribution Increase; Significant HBC Leasing Progress; Introduces 2026 Guidance

TORONTO--(BUSINESS WIRE)--Primaris Real Estate Investment Trust (“Primaris” or “the Trust”) (TSX: PMZ.UN) announced today financial and operating results for the third quarter ended September 30, 2025.

Quarterly Financial and Operating Results Highlights

$159.2 million total rental revenue (net of $2.0 million negative impact from HBC);

$794 per square foot total same store sales productivity;

+0.7% Same Properties Cash Net Operating Income** ("Cash NOI") growth, or +1.7% adjusting for a $0.6 million operating cost accrual adjustment, or +2.1% excluding the impact from disclaimed HBC locations;

92.8% committed occupancy, 91.8% in-place occupancy (including vacancy from HBC locations of 532,000 square feet, or approximately 3.7%,) and 85.1% long-term in-place occupancy;

+5.3% weighted average spread on renewing rents* across 335,000 square feet;

+5.7% Funds from Operations** ("FFO") per average diluted unit growth to $0.443; (net of $0.016 per unit negative impact from disclaimed HBC locations);

52.6% FFO Payout Ratio** (assuming exchange of all Exchangeable Preferred LP Units 48.5%;

$40.9 million in net income;

$4.9 billion total assets;

5.9x Average Net Debt** to Adjusted EBITDA**;

$617.6 million in liquidity*;

$4.4 billion in unencumbered assets; and

$21.58 Net Asset Value** ("NAV") per unit outstanding.

Business Update Highlights

Announces 2026 guidance with an anticipated Same Properties Cash NOI** growth of 1.0% to 3.0%, occupancy of 86% to 88%, Cash NOI** of $385 to $395 million, and FFO** per unit fully diluted of $1.83 to $1.88;

Reiterates 2025 guidance for Same Properties Cash NOI** growth of 4.0% to 5.0%, Cash NOI** of $352 to $357 million, FFO** per unit fully diluted to $1.78 to $1.82, and updates occupancy to 85% to 87%;

Entered into leases at three locations with disclaimed HBC spaces, including Promenades St-Bruno which was acquired on October 10, 2025, with anticipated tenant possession to occur in the first quarter of 2026;

Disposed of three strip plazas in Medicine Hat, Alberta and an open air plaza in Calgary, Alberta;

Purchased for cancellation 353,500 Trust Units under the Trust's NCIB program for proceeds of $5.3 million at an average price per unit of approximately $15.18, representing a discount to NAV** per unit of approximately 29.7%;

Developed 2026-2028 Sustainability strategic plan, following completion of the 2023-2025 plan;

Completed third annual GRESB submission achieving a score of 3 green stars, a 4 point improvement to 84;

Received Sector Leader status in the 2025 GRESB Real Estate Assessment Standing Investments Benchmark;

On October 10, 2025, Primaris acquired Promenades St-Bruno in Montreal, Quebec for aggregate cash consideration of $482.1 million and issued 11,448,599 Trust Units at a price of $14.75 per unit;

On October 9, 2025, Primaris issued $250 million aggregate principal amount of Series I senior unsecured green debentures maturing October 9, 2030, bearing interest at a fixed annual rate of 3.845% per annum;

On October 28, 2025, disclaimer notices for all remaining HBC leases were received, with a disclaimer date of November 27, 2025; and

On October 29, 2025, the Board of Trustees approved management's recommendation to increase the distribution rate from $0.86 to $0.88 per unit per annum, or 2.3%.

"Our shopping centre portfolio continues to perform well with strong rental revenue growth and robust leasing momentum," said Patrick Sullivan, President and Chief Operating Officer. "Tenant demand across our portfolio is very strong, including demand for our HBC boxes. We are in advanced discussions with strong covenant, high-quality national retailers, including large format tenants and anticipate tenants to take possession early in 2026."

“With the October acquisition of Promenade St-Bruno, Primaris’ high quality acquisitions now exceed $3.3 billion since 2021. All of these acquisitions offer strong NOI growth potential and significant excess land,” said Alex Avery, Chief Executive Officer. “We have materially expanded and enhanced the overall quality of our enclosed shopping centre portfolio, driving the portfolio’s proforma annual same store sales productivity to $800 per square foot. Disciplined capital allocation remains a core focus for us, while driving strong financial and operating results, delivering transformative changes to our portfolio."

“Primaris’ differentiated financial model combined with strong growth in same-property NOI, occupancy, leasing spreads and recovery ratios, and expected continued strong growth across these metrics, supports our fifth annual distribution increase,” said Rags Davloor, Chief Financial Officer. “REITs with track records of consistent annual distribution increases have historically delivered above average total returns and been included in exclusive indices that focus on dividend growers.”

2025 Financial Outlook

Disciplined capital allocation is a key pillar to Primaris' strategy. To this end, Primaris established certain targets for managing the Trust's financial condition and maintaining a conservative capital structure (see Section 3, "Business Overview and Strategy" of the management's discussion and analysis for the three and nine months ended September 30, 2025 (the "MD&A")).

Guidance: In addition to its established targets, Primaris has provided guidance for the full year of 2025 in the Annual MD&A. This guidance has been subsequently updated, most recently, in the press release dated October 6, 2025 relating to the Trust's acquisition of Promenades St-Bruno. The most recent previously published guidance for the full year of 2025 is reproduced below and has been updated to reflect management's current expectations based on the most recent information available to management.

2025 Guidance

(unaudited)

Previously Published

Updated

Additional Notes

MD&A Section Reference

Occupancy

Decrease of 6.0% to 7.0% (or 87.5% to 88.5% based on December 31, 2024 in-place occupancy)

85% to 87%

Assumes HBC disclaims all their leases, comprising 1,286.6 thousand square feet, during 2025 and the impact of acquisitions

Section 8.1, "Occupancy" and Section 8.6 "Top 30 Tenants"

Contractual rent steps in rental revenue

$3.4 to $3.8 million

$3.1 to $3.3 million

Section 9.1, "Components of Net Income (Loss)"

Straight-line rent adjustment in rental revenue

$6.0 to $7.2 million

$5.5 to $6.5 million

Updated to reflect actual results to September 30, 2025 and management's expectations for the balance of the 2025 year.

Section 9.1, "Components of Net Income (Loss)"

Same Properties Cash NOI** growth

4.0% to 5.0%

No change in guidance

Same Properties excludes Northland (under redevelopment) and the acquisitions of Les Galeries de la Capitale, Oshawa Centre, Southgate Centre (50%), Lime Ridge Mall and Professional Centre and Promenades St-Bruno

Section 9.1, "Components of Net Income (Loss)"

Cash NOI**

$352 to $357 million

No change in guidance

Includes the impact of the January 31, 2025 and

June 17, 2025 acquisitions and approximately $250 million of dispositions throughout the year. Updated to reflect actual results to September 30, 2025 and management's expectations for the balance of the 2025 year.

Section 9.1, "Components of Net Income (Loss)"

General and administrative expenses

$36 to $38 million

$38 to $40 million

Impacted by bonus accruals

Section 9.1, "Components of Net Income (Loss)"

Operating capital expenditures

Recoverable Capital $18 to $20 million

Leasing Capital $20 to

$24 million

No change in guidance

Section 8.7, "Operating Capital Expenditures"

Redevelopment capital expenditures

$48 to $50 million

$40 to $45 million

Primarily attributable to Devonshire Mall and Northland

Section 7.4, "Redevelopment and Development"

FFO** per unit1

$1.78 to $1.82 per unit

fully diluted

No change in guidance

Includes the impact of the January 31, 2025 and June 17, 2025 acquisitions and approximately $250 million of dispositions throughout the year. Updated to reflect actual results to September 30, 2025 and management's expectations for the balance of the 2025 year.

Section 9.2, "FFO** and AFFO**"

** Denotes a non-GAAP measure. See "Non-GAAP Measures". See also Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A.

1 Units outstanding and weighted average units outstanding assumes the exchange of exchangeable preferred units in subsidiary limited partnerships of the Trust that are exchangeable into Trust Units ("Exchangeable Preferred LP Units"). See Section 10.6, "Unit Equity and Distributions" of the MD&A.

Primaris has provided guidance for the full year of 2026 as follows:

2026 Guidance

(unaudited)

Additional Notes

MD&A Section

Reference

Occupancy

86% to 88%

Section 8.1, "Occupancy" and Section 8.6 "Top 30 Tenants"

Contractual rent steps in rental revenue

$3.5 to $4.0 million

Section 9.1, "Components of Net Income (Loss)"

Straight-line rent adjustment in rental revenue

$8.0 to $9.0 million

Section 9.1, "Components of Net Income (Loss)"

Same Properties Cash NOI** growth

1.0% to 3.0%

Excludes growth from

2025 Acquisition properties

Section 9.1, "Components of Net Income (Loss)"

Cash NOI**

$385 to $395 million

Section 9.1, "Components of Net Income (Loss)"

General and administrative expenses

$40 to $42 million

Section 9.1, "Components of Net Income (Loss)"

Operating capital expenditures

Recoverable Capital:

$28 to $30 million

Leasing Capital:

$25 to $30 million

Section 8.7, "Operating Capital Expenditures"

Redevelopment capital expenditures

$60 to $64 million

Section 7.4, "Redevelopment and Development"

FFO** per unit1 fully diluted

$1.83 to $1.88

Guidance includes the sale of Northland Village but no other acquisition or disposition activity

Section 9.2, "FFO** and AFFO**"

** Denotes a non-GAAP measure. See "Non-GAAP Measures". See also Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A.

1 Units outstanding and weighted average units outstanding assumes the exchange of exchangeable preferred units in subsidiary limited partnerships of the Trust that are exchangeable into Trust Units ("Exchangeable Preferred LP Units"). See Section 10.6, "Unit Equity and Distributions" of the MD&A.

On September 24, 2024, Primaris released a set of targets for the period ending December 31, 2027. These targets are not guidance, but are an outlook based on the execution of Primaris' strategic pillars.

(unaudited)

3 Year Targets

Progress to Date

Additional Notes

MD&A Section Reference

In-place Occupancy

New Target:

94% to 96%

Prior Target:

96%

Target reduced to reflect impact of HBC and acquisition activity which increase HBC exposure.

In-place occupancy was 92.4% at December 31, 2023

In-place occupancy was 94.5% at December 31, 2024

Section 8.1, "Occupancy"

Annual Same Properties Cash NOI** growth

3% to 4%

Growth for the year ended December 31, 2023 was 5.4%

Growth for the year ended December 31, 2024 was 4.5%

Section 9.1, "Components of Net Income (Loss)"

Acquisitions

> $1 billion

Achieved

$1,891 million

October 1, 2024 - Les Galeries de la Capitale

January 31, 2025 - Oshawa Centre and Southgate Centre

June 17, 2025 - Lime Ridge Mall and Professional Centre

October 10, 2025 - Promenades St-Bruno

Section 7.3, "Transactions"

Dispositions

> $500 million

$278.1 million

December 13, 2024 - Edinburgh Market Place

February 21, 2025 - excess land

February 28, 2025 - Sherwood Park Mall and

Professional Centre

March 31, 2025 - St. Albert Centre

May 30, 2025 - Lansdowne Industrial

July 21, 2025 - Carry Drive, Dunmore Plaza and Park Plaza

July 23, 2025 - Northpointe Town Centre

Section 7.3, "Transactions"

Annual FFO** per unit1 growth (fully diluted)

4% to 6%

Growth for the year ended December 31, 2023 was 0.5%

Growth for the year ended December 31, 2024 was 6.5%

Section 9.2, "FFO** and AFFO**"

Annual Distribution Growth

2% to 4%

In November 2022 announced a 2.5% increase

In November 2023 announced a 2.4% increase

In November 2024 announced a 2.4% increase

In November 2025 announced a 2.3% increase

Section 10.6, "Unit Equity and Distributions"

** Denotes a non-GAAP measure. See "Non-GAAP Measures". See also Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures". of the MD&A.

1 Per weighted average units outstanding calculated on a diluted basis, assuming the exchange of Exchangeable Preferred LP Units for Trust Units. See Section 10.6, "Unit Equity and Distributions" of the MD&A.

See Section 2, "Forward-Looking Statements and Financial Outlook" of the MD&A for a description of the material factors, assumptions, risks and uncertainties that could impact the financial outlook statements.

Select Financial and Operational Metrics

As at or for the three months ended September 30,

(in '000s of Canadian dollars unless otherwise indicated) (unaudited)

2025

2024

Change

Number of investment properties

33

37

(4

)

Gross leasable area (in millions of square feet) (at Primaris' share)

14.5

12.4

2.1

Long-term in-place occupancy

85.1

%

90.2

%

(5.1

)%

In-place occupancy

91.8

%

93.4

%

(1.6

)%

Committed occupancy

92.8

%

94.8

%

(2.0

)%

Weighted average net rent per occupied square foot*

$

29.16

$

25.38

$

3.78

Weighted average lease term (in years)

4.0

4.3

(0.3

)

Same stores sales productivity*,1

$

794

$

715

$

79

Same stores sales productivity growth3

11.0

%

4.9

%

n/a

Total assets

$

4,923,276

$

4,139,415

$

783,861

Total liabilities

$

2,577,860

$

2,052,539

$

525,321

Total rental revenue

$

159,190

$

119,536

$

39,654

Cash flow from (used in) operating activities

$

54,646

$

43,570

$

11,076

Distributions per Trust Unit

$

0.215

$

0.210

$

0.005

Cash Net Operating Income** ("Cash NOI")

$

89,393

$

70,024

$

19,369

Same Properties2 Cash NOI** growth3

0.7

%

4.6

%

n/a

Net income (loss)

$

40,880

$

(30,818

)

$

71,698

Net income (loss) per unit4

$

0.322

$

(0.294

)

$

0.616

Funds from Operations** ("FFO") per unit4- average diluted

$

0.443

$

0.419

$

0.024

FFO** per unit growth

5.7

%

(0.5

)%

n/a

FFO Payout Ratio**5

52.6

%

52.5

%

0.1

%

FFO Payout Ratio** - on a fully exchanged basis6

48.5

%

50.1

%

(1.6

)%

Adjusted Funds from Operations** ("AFFO") per unit4 - average diluted

$

0.303

$

0.304

$

(0.001

)

AFFO** per unit growth

(0.3

)%

2.7

%

n/a

AFFO Payout Ratio**5

76.9

%

72.4

%

4.5

%

Weighted average units outstanding4 - diluted (in thousands)

128,224

106,237

21,987

** Denotes a non-GAAP measure. See "Non-GAAP Measures". See also Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A.

* Supplementary financial measure. See "Use of Operating Metrics". See also Section 1, "Basis of Presentation" - "Use of Operating Metrics" of the MD&A.

1 For the rolling twelve-months ended August 31, 2025 and August 31, 2024, respectively.

2 Properties owned throughout the entire 21 months ended September 30, 2025, excluding properties under development or major redevelopment, are referred to as "Same Properties".

3 Prior period amounts not restated for current period property categories.

4 Per unit calculations, outstanding units and weighted average diluted units outstanding assumes the exchange of Exchangeable Preferred LP Units for Trust Units. See Section 10.6, "Unit Equity and Distributions" of the MD&A.

5 Distributions declared per unit used in calculating the FFO* and AFFO* Payout Ratios include distributions declared on Exchangeable Preferred LP Units. See Section 10.6, "Unit Equity and Distributions" of the MD&A.

6 Calculated as if all the Exchangeable Preferred LP Units were exchanged into Trust Units. See Section 9.2, "FFO** and AFFO**" of the MD&A.

Select Financial and Operational Metrics (continued)

As at or for the three months ended September 30,

(in '000s of Canadian dollars unless otherwise indicated) (unaudited)

2025

2024

Change

Net Asset Value** ("NAV") per unit outstanding1

$

21.58

$

21.82

$

(0.24

)

Average Net Debt** to Adjusted EBITDA**2

5.9

x

5.8

x

0.1

x

Interest Coverage**2,3

3.0

x

3.1

x

(0.1)

x

Liquidity *

$

617,556

$

701,595

$

(84,039

)

Unencumbered assets

$

4,382,604

$

3,325,797

$

1,056,807

Unencumbered assets to unsecured debt

2.4

x

2.2

x

0.2

x

Secured debt as a percent of Total Debt**

12.1

%

13.7

%

(1.6

)%

Total Debt** to Total Assets**3

41.6

%

42.1

%

(0.5

)%

Fixed rate debt as a percent of Total Debt**

97.6

%

96.0

%

1.6

%

Weighted average term to debt maturity - Total Debt** (in years)

4.1

4.2

(0.1

)

Weighted average interest rate of Total Debt**

5.17

%

5.30

%

(0.13

)%

** Denotes a non-GAAP measure. See "Non-GAAP Measures". See also Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A.

* Supplementary financial measure. See "Use of Operating Metrics". See also Section 1, "Basis of Presentation" - "Use of Operating Metrics" of the MD&A.

1 Units outstanding assumes the exchange of Exchangeable Preferred LP Units for Trust Units. See Section 10.6, "Unit Equity and Distributions" of the MD&A.

2 For the rolling four-quarters ended September 30, 2025 and 2024, respectively.

3 Calculated on the basis described in the trust indenture and supplemental indentures that govern the Trust's senior unsecured debentures (collectively, the "Trust Indentures"). See Section 10.4, "Capital Structure" of the MD&A.

Operating Results

For the three months ended

September 30,

(in '000s of Canadian dollars except per unit amounts) (unaudited)

2025

2024

Change

Contribution

per unit1

Contribution

per unit1

Contribution

per unit1

NOI** from:

Same Properties2

$

61,881

$

0.483

$

62,997

$

0.593

$

(1,116

)

$

(0.011

)

Acquisitions

26,001

0.203

340

0.003

25,661

0.242

Dispositions

444

0.003

6,699

0.063

(6,255

)

(0.059

)

Property under redevelopment

2,417

0.019

1,909

0.018

508

0.005

Interest and other income

2,251

0.017

3,583

0.034

(1,332

)

(0.013

)

Net interest and other financing charges (excluding distributions on Exchangeable Preferred LP Units)

(27,977

)

(0.218

)

(23,106

)

(0.218

)

(4,871

)

(0.046

)

General and administrative expenses (net of internal costs for leasing activity)

(8,004

)

(0.062

)

(5,973

)

(0.056

)

(2,031

)

(0.019

)

Unhedged portion of derivative fair value adjustment3

—

—

(1,700

)

(0.016

)

1,700

0.016

Amortization

(241

)

(0.002

)

(191

)

(0.002

)

(50

)

—

Impact from variance of units outstanding

—

—

—

—

—

(0.092

)

FFO** and FFO** per unit - average diluted1

$

56,772

$

0.443

$

44,558

$

0.419

$

12,214

$

0.024

FFO** per unit growth

5.7

%

** Denotes a non-GAAP measure. See "Non-GAAP Measures". See also Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A.

1 Per weighted average diluted unit. Weighted average units outstanding assumes the exchange of Exchangeable Preferred LP Units for Trust Units. See Section 10.6, "Unit Equity and Distributions" of the MD&A.

2 Properties owned throughout the entire 21 months ended September 30, 2025, excluding properties under development or major redevelopment, are referred to as "Same Properties". Per unit calculations separate the impact of change in contribution from the change in the weighted average diluted units outstanding.

3 The definition of FFO**, as provided by REALPAC, allows for the changes in fair value of financial instruments which are economically effective hedges to be excluded from the calculation of FFO**. The portion of the fair value change to derivatives which did not relate to an economically effective hedge negatively impacted fair value in the period ending September 30, 2024.

FFO** for the three months ended September 30, 2025 was $0.024 per unit, or 5.7%, higher than the same period of the prior year. The increase was driven by NOI** from Acquisitions of $0.242 per unit. These increases were partially offset by a decrease in NOI** of $0.059 per unit from the disposition activity, higher net interest and other financing charges of $0.046 per unit, a $0.011 per unit decrease in NOI** from Same Properties and a $0.092 per unit decrease due to the net change in the weighted average units diluted outstanding (unit issuances for the Acquisitions partially offset by NCIB activity).

FFO** per unit for the three months ended September 30, 2025 was negatively impacted $0.016 per unit by the disclaimed HBC leases. FFO** for the three months ended September 30, 2024 was negatively impacted $0.016 per unit due to the impact of settling an unhedged derivative.

The FFO Payout Ratio** for the three months ended September 30, 2025 of 52.6%. Calculating the ratio as if all of the Exchangeable Preferred LP Units were already exchanged into Trust Units would result in a FFO Payout Ratio of 48.5%, compared to the targeted range of 45% to 50%.

Same Properties Cash NOI** for the three month ended September 30, 2025 was $0.4 million, or 0.7%, higher than the same period of the prior year driven by the performance of the Same Properties shopping centres. The increase in the Same Properties shopping centres' Cash NOI** was primarily driven by higher revenues from base rent and specialty leasing revenue, partially offset by declines in percentage rent in lieu of base rent and net recoveries driven by higher expenses.

The Same Properties shopping centres Cash NOI** was negatively impacted by an adjustment to a prior quarter operating cost accrual for $0.6 million, or 1.0% change over the same period in 2024. The growth was also negatively impacted by $0.8 million from the disclaimed HBC locations. Same Properties growth would have been 1.7% adjusting for the operating cost accrual, and 3.1% adjusting for both the accrual and the impact from HBC.

Redevelopment projects contributed $0.8 million of incremental rent to the portfolio for the three months ended September 30, 2025 (see Section 7.4, "Redevelopment and Development" of the MD&A).

The table below illustrates the composition of AFFO** and the drivers of the change for the three months ended September 30, 2025 as compared to the same period in 2024.

For the three months ended

September 30,

(in '000s of Canadian dollars except per unit amounts) (unaudited)

2025

2024

Change

Contribution

per unit1

Contribution

per unit1

Contribution

per unit1

FFO**

$

56,772

$

0.443

$

44,558

$

0.419

$

12,214

$

0.115

Internal expenses for leases

(2,727

)

(0.021

)

(1,954

)

(0.018

)

(773

)

(0.007

)

Straight-line rent

(1,243

)

(0.010

)

(1,635

)

(0.015

)

392

0.004

Recoverable and non-recoverable costs

(7,916

)

(0.062

)

(3,691

)

(0.035

)

(4,225

)

(0.040

)

Tenant allowances and leasing costs

(5,990

)

(0.047

)

(4,994

)

(0.047

)

(996

)

(0.009

)

Impact from variance of units outstanding

—

—

—

—

—

(0.064

)

AFFO** and AFFO** per unit - average diluted1

$

38,896

$

0.303

$

32,284

$

0.304

$

6,612

$

(0.001

)

AFFO** per unit growth

(0.3

)%

** Denotes a non-GAAP measure. See "Non-GAAP Measures". See also Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A.

1 Per weighted average diluted unit. Weighted average units outstanding assumes the exchange of Exchangeable Preferred LP Units for Trust Units. See Section 10.6, "Unit Equity and Distributions" of the MD&A.

Occupancy and Leasing Results

Primaris’ leasing activities are focused on driving value by actively managing the tenant and merchandising mix at its investment properties.

In-place occupancy decreased 1.6% from September 30, 2024 to 91.8% at September 30, 2025. In-place occupancy for Same Properties decreased 1.1% from September 30, 2024 to 92.0% at September 30, 2025. The disclaimed HBC leases negatively impacted occupancy by approximately 3.7% compared to December 31, 2024 and September 30, 2024.

Average in-place occupancy is calculated by averaging the occupied square feet and total GLA for each month in the measurement period. Same Properties average in-place occupancy rate for the nine months ended September 30, 2025 was 92.3%, an increase of 0.2% from September 30, 2024. However, the Same Properties average in-place occupancy rate for the three months ended September 30, 2025 decreased 1.9% compared with September 30, 2024 due to the impact of the disclaimed HBC leases.

As at

2025 Count

In-place Occupancy

September 30, 2025

December 31, 2024

September 30, 2024

Shopping centres1

22

91.7

%

94.3

%

93.2

%

Other properties2

5

95.3

%

92.3

%

92.2

%

Same Properties in-place occupancy3

27

92.0

%

94.2

%

93.1

%

Acquisitions4

5

90.7

%

99.0

%

—

Property under redevelopment5

1

96.6

%

96.5

%

99.3

%

In-place occupancy excluding dispositions

33

91.8

%

94.6

%

93.3

%

Dispositions6

—

93.2

%

94.3

%

In-place occupancy

91.8

%

94.5

%

93.4

%

Same Properties average in-place occupancy

Three months ended

27

91.0

%

93.8

%

92.9

%

Year to date

27

92.3

%

92.6

%

92.1

%

1 Shopping centres classified as Same Properties include 21 enclosed malls and 1 open air centre, Highstreet Shopping Centre in Abbotsford, BC.

2 Other properties classified as Same Properties include 2 plazas, and 3 office buildings.

3 Properties owned throughout the entire 21 months ended September 30, 2025, excluding properties under development or major redevelopment, are referred to as "Same Properties".

4 Acquisitions includes 4 enclosed malls and one professional centre (see Section 7.3, "Transactions" of the MD&A).

5 Northland in Calgary, Alberta.

6 Dispositions represents the sales of properties in 2025 and 2024 (see Section 7.3, "Transactions" of the MD&A).

In the quarter, Primaris completed 190 leasing deals totaling 0.5 million square feet. The weighted average spread on renewing rents* (for the 121 leases renewed in the quarter) was 5.3% (5.6% for commercial retail unit renewals and 4.0% for large format renewals).

Robust Liquidity and Differentiated Financial Model

The following table summarizes key metrics relating to Primaris' unencumbered assets and unsecured debt.

($ thousands) (unaudited)

As at

Target Ratio

September 30, 2025

December 31, 2024

Change

Unencumbered assets - number

27

31

(4

)

Unencumbered assets - value

$

4,382,604

$

3,646,922

$

735,682

Unencumbered asset value as a percentage of the investment properties' value

91.0

%

89.7

%

1.3

%

Secured debt to Total Debt**

<40%

12.1

%

14.7

%

(2.5

)%

Unsecured Debt

$

1,800,000

$

1,468,120

$

331,880

Unencumbered assets to unsecured debt

2.4

x

2.5

x

(0.1

x)

Unencumbered assets in excess of unsecured debt

$

2,582,604

$

2,178,802

$

403,802

Percent of Cash NOI** generated by unencumbered assets

89.6

%

86.1

%

3.5

%

** Denotes a non-GAAP measure. See "Non-GAAP Measures". See also Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A.

Liquidity* at quarter end was $617.6 million, or 30% of Total Debt**.

Primaris' NAV** per unit outstanding at quarter end was $21.58.

Subsequent Events

On October 9, 2025, Primaris issued $250 million aggregate principal amount of Series I senior unsecured debentures maturing October 9, 2030, bearing interest at a fixed annual rate of 3.845% per annum.

On October 10, 2025, Primaris acquired Promenades St-Bruno in Montreal, Quebec for aggregate consideration of:

$320.0 million of cash;

$160.0 million of Trust Units at a price of $21.40 per unit (or 7,476,636 Trust Units); and

$85.0 million of 6.00% Exchangeable Preferred LP Units, which are exchangeable into Trust Units at an exchange price of $21.40 per unit (for 3,971,963 Trust Units).

In accordance with the terms of the acquisition, Primaris elected to satisfy the equity portion of the consideration by delivering to the vendor the net proceeds from its bought deal offering of 11,448,559 Trust Units, comprising an initial issuance of 10,000,000 Trust Units that closed on October 10, 2025, and an additional 1,448,599 Trust Units issued following the exercise of the over-allotment option, which closed on October 21, 2025, representing the aggregate number of Trust Units corresponding to the equity portion of the purchase price. As a result, $482.1 million cash consideration was paid to the vendor.

On October 10, 2025, Primaris issued 10,000,000 Trust Units at a price of $14.75 per unit and on October 21, 2025, the over-allotment of 1,448,599 Trust Units was exercised. Net proceeds of $162,112 formed partial consideration for the acquisition of Promenades St-Bruno.

Purchased for cancellation an additional 12,500 Units under the ASPP for consideration of $0.2 million as of October 29, 2025, for total NCIB purchases since inception of the Trust of 14,564,609 Units at an average price of $14.28, or a discount to NAV** per unit of approximately 33.8%.

On October 29, 2025, the Board of Trustees approved management's recommendation to increase the distribution rate from $0.86 to $0.88 per unit per annum, or 2.3%. The increase will be effective for the distribution declared December 31, 2025 and paid January 16, 2026.

Conference Call and Webcast:

Date:

Thursday, October 30, 2025, at 10:00 a.m. (ET)

Dial:

1-833-950-0062

Passcode:

071896

Link:

Please go to the Investor Relations section on Primaris’ website or click here.

The call will be accessible for replay until November 6, 2025, by dialing 1-866-813-9403 with access code 121909, or on the Investor Relations section of the website.

About Primaris Real Estate Investment Trust

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. The current portfolio totals 15.6 million square feet, valued at approximately $5.4 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

Forward-Looking Statements and Financial Outlook

Certain statements included in this news release constitute ‘‘forward-looking information’’ or “forward-looking statements” within the meaning of applicable securities laws. The words “will”, “expects”, “plans”, "estimates", “intends” and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements made or implied in this news release include but are not limited to statements regarding: growth opportunities, estimated annual growth of Same Properties Cash NOI**, expected future distributions, expected benefits from the Trust's normal course issuer bid activity, future acquisition and disposition activity, the Trust’s targets for managing its financial condition and the financing of eligible green projects. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on estimates and assumptions that are inherently subject to risks and uncertainties. Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, actual results, performance or achievements of Primaris may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in the Annual MD&A, as updated by the MD&A, which are each available on SEDAR+, and in Primaris’ other materials filed with the Canadian securities regulatory authorities from time to time. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates.

Certain forward-looking information included in this news release may also be considered “financial outlook” for purposes of applicable securities law, including statements under the heading "2025 Financial Outlook". Financial outlook about the Trust’s prospective results of operations including, without limitation, anticipated FFO** per unit, anticipated Cash NOI** and Same Properties Cash NOI** growth, impact on rental revenue of contractual rent-steps, anticipated general and administrative expenses, anticipated operating capital expenditures, anticipated redevelopment capital expenditures, anticipated straight-line rent adjustment to revenue, anticipated occupancy, and the Trust's December 2027 targets for a number of key metrics, including in-place occupancy, annual Same Properties Cash NOI** growth, acquisition and disposition activity, annual FFO** per unit growth and annual distribution growth, is subject to the same assumptions, risk factors, limitations and qualifications as set forth in the Annual MD&A, as updated by the MD&A, and the Trust's annual information form. The Trust and management believe that such financial outlook has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, this information is subjective and subject to numerous risks. Financial outlook contained in this news release was provided for the purpose of providing further information about the Trust’s prospective financial performance and readers are cautioned that it should not be used for other purposes.

Readers are also urged to examine the Trust’s materials filed with the Canadian securities regulatory authorities from time to time as they may contain discussions on risks and uncertainties which could cause the actual results and performance of Primaris to differ materially from the forward-looking statements and financial outlook contained in this news release. All forward-looking statements and financial outlook in this news release are qualified by these cautionary statements. These forward-looking statements and financial outlook are made as of October 29, 2025 ,and Primaris, except as required by applicable securities laws, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances.

Non-GAAP Measures

Information in this news release is a select summary of results. This news release should be read in conjunction with the MD&A and the Trust's unaudited interim consolidated financial statements and the accompanying notes for the three and nine months ended September 30, 2025 and 2024 (the “Financial Statements”).

The Financial Statements are prepared in accordance with IFRS accounting standards as issued by the IASB, however, in this news release, Primaris also uses a number of measures which do not have a standardized meaning prescribed under generally accepted accounting principles (“GAAP”) in accordance with IFRS. These non-GAAP measures, which are denoted in this news release by the suffix “**”, include non-GAAP financial measures and non-GAAP ratios, each as defined in National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure ("NI 52-112"). None of these non-GAAP measures should be construed as an alternative to financial measures calculated in accordance with GAAP. Furthermore, these non-GAAP measures may not be comparable to similar measures presented by other real estate entities and should not be construed as an alternative to financial measures determined in accordance with IFRS. A definition of each non-GAAP measure used herein and an explanation of management's reasons as to why it believes the measure is useful to investors can be found in the section entitled “Non-GAAP Measures” of the MD&A, which section is incorporated by reference into this news release, and a reconciliation to the most directly comparable financial measure in the Financial Statements, in each case, can be found below. The MD&A is available on the Trust’s profile on SEDAR+ at www.sedarplus.ca.

Use of Operating Metrics

Primaris uses certain operating metrics to monitor and measure the operational performance of its portfolio. Operating metrics in this news release include, among others, weighted average net rent per occupied square foot, weighted average spread on renewing rents, liquidity, same stores sales productivity and same stores sales productivity growth. These operating metrics, which may constitute supplementary financial measures as defined in NI 52-112, are not derived from directly comparable measures contained in the Financial Statements but may be used by management and disclosed on a periodic basis to depict the historical or future expected operating performance of the Trust's portfolio. For an explanation of the composition of weighted average net rent per occupied square foot, see Section 8.2, "Weighted Average Net Rent" of the MD&A. For an explanation of weighted average spread on renewing rents, see Section 8.3, "Leasing Activity" of the MD&A. For an explanation of liquidity, see Section 10.2, "Liquidity and Unencumbered Assets" of the MD&A. For an explanation of the composition of same store sales productivity, see Section 8.4, "Tenant Sales" of the MD&A. These supplementary financial measure are denoted in this news release by the suffix “*”

Primaris also uses certain non-financial operating metrics to describe its portfolio and portfolio operation performance. Non-financial operating metrics in this news release include, among others, number of investment properties, store count, GLA, in-place occupancy, committed occupancy, long-term in-place occupancy, and weighted average lease term. For the relationship of in-place occupancy to committed occupancy and to long-term in-place occupancy, see Section 8.1, "Occupancy" of the MD&A. For greater certainty, the portfolio operating metrics in the MD&A include only the Trust's proportionate ownership of the 8 properties held in co-ownerships (see Section 7.2, "Co-ownership Arrangements" of the MD&A).

Reconciliations of Non-GAAP Measures

The following table reconciles NOI** and Cash NOI** to rental revenue and property operating costs as presented in the Financial Statements.

($ thousands) (unaudited)

Three months

For the periods ended September 30,

2025

2024

Revenue

$

159,190

$

119,536

Operating costs

(68,447

)

(47,591

)

Net Operating Income**

90,743

71,945

Exclude:

Straight-line rent adjustment

(1,243

)

(1,635

)

Lease surrender revenue

(107

)

(286

)

Cash Net Operating Income**

$

89,393

$

70,024

Cash NOI** margin

56.6

%

59.5

%

** Denotes a non-GAAP measure. See "Non-GAAP Measures". See also Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A.

The following tables are a further analysis of Cash NOI** above.

($ thousands) (unaudited)

Three months

For the periods ended September 30,

Count

2025

2024

Cash Net Operating Income** from:

Shopping centres

22

$

59,293

$

58,939

Other properties

5

2,574

2,518

Same Properties Cash NOI**1

27

61,867

61,457

Same Properties Growth

0.7

%

Acquisitions

5

25,204

316

Dispositions

356

6,574

Property under redevelopment

1

1,966

1,677

Cash Net Operating Income**

33

$

89,393

$

70,024

For the periods ended September 30,

($ thousands) (unaudited)

Three months

2025

2024

Same Properties NOI**

$

61,881

$

62,997

Exclude:

Straight-line rent

39

(1,254

)

Lease surrender revenue

(53

)

(286

)

Same Properties1 Cash NOI**

61,867

61,457

Same Properties Growth

0.7

%

Cash NOI** from:

Acquisitions

25,204

316

Disposition

356

6,574

Property under redevelopment

1,966

1,677

Cash NOI**

$

89,393

$

70,024

** Denotes a non-GAAP measure. See "Non-GAAP Measures". Also see Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A.

1 Properties owned throughout the entire 21 months ended September 30, 2025, excluding properties under development or major redevelopment, are referred to as "Same Properties".

The following table illustrates the reconciliation of net income, as determined in accordance with GAAP, to FFO**.

For the periods ended September 30,

($ thousands except per unit amounts) (unaudited)

Three months

2025

2024

Net income (loss)

$

40,880

$

(30,818

)

Reverse:

Distribution on Exchangeable Preferred LP Units

6,590

3,075

Amortization of real estate assets

71

—

Adjustments to fair value of derivative instruments1

273

3,773

Adjustments to fair value of unit-based compensation

528

2,247

Adjustments to fair value of Exchangeable Preferred LP Units

1,386

23,108

Adjustments to fair value of income producing properties

7,089

41,219

Internal costs for leasing activity2

2,727

1,954

Funds from Operations**

$

56,772

$

44,558

FFO** per unit3 - average basic

$

0.447

$

0.424

FFO** per unit3 - average diluted

$

0.443

$

0.419

FFO Payout Ratio**4 - Target 45% - 50%

52.6

%

52.5

%

Total distributions declared per unit4

$

0.233

$

0.220

Weighted average units outstanding3 - basic (in thousands)

126,998

105,074

Weighted average units outstanding3 - diluted (in thousands)

128,224

106,237

Number of units outstanding3 - end of period (in thousands)

126,807

104,913

** Denotes a non-GAAP measure. See Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A.

1 The definition of FFO*, as provided by REALPAC, allows for the changes in fair value of financial instruments which are economically effective hedges to be excluded from the calculation of FFO*.

2 Costs relating to full-time leasing and legal staff, included in general and administrative expenses, that can be reasonable and directly attributed to signed leases, and the would otherwise be capitalized if incurred from external sources

3 Per unit calculations, units outstanding and weighted average units outstanding assumes the exchange of Exchangeable Preferred LP Units for Trust Units. See Section 10.6, "Unit Equity and Distributions" of the MD&A.

4 Distributions declared per unit used in calculating the FFO* and AFFO* Payout Ratios include distributions declared on Exchangeable Preferred LP Units. See Section 10.6, "Unit Equity and Distributions" of the MD&A.

FFO Payout Ratio**, calculated as if all the Exchangeable Preferred LP Units were exchanged into Trust Units.

(unaudited)

Three months

Nine months

For the periods ended September 30,

2025

2024

2025

2024

FFO** per unit1 - average diluted

$

0.443

$

0.419

$

1.328

$

1.229

Distributions declared per Trust Unit

$

0.215

$

0.210

$

0.645

$

0.630

FFO Payout Ratio**

48.5

%

50.1

%

48.6

%

51.3

%

** Denotes a non-GAAP measure. See Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures".

1 Per unit calculations, units outstanding and weighted average units outstanding assumes the exchange of Exchangeable Preferred LP Units for Trust Units. See Section 10.6, "Unit Equity and Distributions".

The following table illustrates the reconciliation of FFO** to AFFO**.

For the periods ended September 30,

($ thousands except per unit amounts) (unaudited)

Three months

2025

2024

Funds from Operations**

$

56,772

$

44,558

Reverse:

Internal costs for leasing activity

(2,727

)

(1,954

)

Straight-line rent

(1,243

)

(1,635

)

Deduct:

Recoverable and non-recoverable costs

(7,916

)

(3,691

)

Tenant allowances and external leasing costs

(5,990

)

(4,994

)

Adjusted Funds from Operations**

$

38,896

$

32,284

AFFO** per unit1 - average basic

$

0.306

$

0.307

AFFO** per unit1 - average diluted

$

0.303

$

0.304

AFFO Payout Ratio**2

76.9

%

72.4

%

Total distributions declared per unit2

$

0.233

$

0.220

Weighted average units outstanding1 - basic (in thousands)

126,998

105,074

Weighted average units outstanding1 - diluted (in thousands)

128,224

106,237

Number of units outstanding1 - end of period (in thousands)

126,807

104,913

** Denotes a non-GAAP measure. See :Non-GAAP Measures". See also Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A.

1 Per unit calculations, units outstanding and weighted average units outstanding assumes the exchange of Exchangeable Preferred LP Units to Trust Units. See Section 10.6, "Unit Equity and Distributions" of the MD&A.

2 Distributions declared per unit used in calculating the FFO* and AFFO* Payout Ratios include distributions declared on Exchangeable Preferred LP Units. See Section 10.6, "Unit Equity and Distributions" of the MD&A.

The following table illustrates the calculation of NAV** per unit outstanding and Total Debt** to Total Assets**.

($ thousands) (unaudited)

As at

September 30, 2025

December 31, 2024

Change

Investment properties

$

4,484,418

$

3,826,635

$

657,783

Investment properties classified as held for sale

330,857

239,933

90,924

Cash and cash equivalents

7,556

14,774

(7,218

)

Term deposit

—

100,000

(100,000

)

Other Assets

100,445

86,090

14,355

Total assets

$

4,923,276

$

4,267,432

$

655,844

Mortgages payable

$

248,508

$

252,023

$

(3,515

)

Senior unsecured debentures

1,700,000

1,433,120

266,880

Unsecured credit facilities

100,000

35,000

65,000

Total Debt**

$

2,048,508

$

1,720,143

$

328,365

Deferred financing costs and debt discounts (net of accumulated amortization) excluded from Total Debt**

(9,433

)

(9,269

)

(164

)

Exchangeable Preferred LP Units

390,662

239,622

151,040

Other liabilities

148,123

155,987

(7,864

)

Total liabilities

$

2,577,860

$

2,106,483

$

471,377

Unitholders' equity

$

2,345,416

$

2,160,949

$

184,467

Add: Exchangeable Preferred LP Units

390,662

239,622

151,040

Add: Obligation for purchase of Trust Units under automatic share purchase plan1

192

5,199

(5,007

)

Net Asset Value**

$

2,736,270

$

2,405,770

$

330,500

NAV** per unit outstanding

$

21.58

$

21.55

$

0.03

Number of units outstanding2- end of period (in thousands)

126,807

111,614

15,193

Total Debt** to Total Assets**3

41.6

%

40.3

%

1.3

%

** Denotes a non-GAAP measure. See "Non-GAAP Measures". See also Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A

1 Liability recorded for the obligation to purchase Trust Units during the blackout period after September 30, 2025 under the automatic share purchase plan, but respective Trust Units were not yet cancelled.

2 Number of, units outstanding assumes the exchange of Exchangeable Preferred LP Units to Trust Units. See Section 10.6, "Unit Equity and Distributions" of the MD&A.

3 This ratio is a non-GAAP ratio calculated on the basis described in the Trust Indentures.

The following table illustrates the calculation of Average Net Debt** to Adjusted EBITDA**, Interest Coverage** and Debt Service Coverage** ratios. The below ratios are calculated on a rolling four-quarters basis.

($ thousands) (unaudited)

For the rolling four-quarters ended September 30,

2025

2024

Change

Adjusted EBITDA**

$

305,454

$

242,456

$

62,998

Average Net Debt**

$

1,802,837

$

1,411,836

$

391,001

Average Net Debt** to Adjusted EBITDA**3 Target 4.0x - 6.0x

5.9

x

5.8

x

0.1

x

Interest expense1

$

100,611

$

78,803

$

21,808

Interest Coverage**2,3

3.0

x

3.1

x

(0.1)

x

Principal repayments

$

4,664

$

6,083

$

(1,419

)

Interest expense1

$

100,611

$

78,803

$

21,808

Debt Service Coverage**3

2.9

x

2.9

x

—

** Denotes a non-GAAP measure. See "Non-GAAP Measures". See also Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A.

1 Interest expense includes interest on senior unsecured debentures, mortgages, and unsecured credit facilities. See Section 9.1, "Components of Net Income (Loss)" of the MD&A.

2 Calculated on the basis described in the Trust Indentures.

3 For the rolling four-quarters ended September 30, 2025 and 2024, respectively.

The following table illustrates the reconciliation of net income (loss) to Adjusted EBITDA** for the three months ending September 30, 2025 and 2024.

($ thousands) (unaudited)

Three months

For the periods ended September 30,

2025

2024

Net income (loss)

$

40,880

$

(30,818

)

Interest income1

(250

)

(2,692

)

Net interest and other financing charges

34,567

26,181

Amortization of other assets

312

191

Adjustments to fair value of derivative instruments

273

5,473

Adjustments to fair value of unit-based compensation

528

2,247

Adjustments to fair value of Exchangeable Preferred LP Units

1,386

23,108

Adjustments to fair value of investment properties

7,089

41,219

Adjusted EBITDA**

$

82,013

$

64,909

** Denotes a non-GAAP measure. See "Non-GAAP Measures". See also Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A.

1 Interest income earned on cash balances.

The following tables illustrate Adjusted EBITDA** for the rolling four-quarters ended September 30, 2025 and 2024.

($ thousands) (unaudited)

Rolling 4-quarters

For the periods

September 30, 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Adjusted EBITDA**

$

305,454

82,013

77,422

74,258

71,761

 

($ thousands) (unaudited)

Rolling 4-quarters

For the periods

September 30, 2024

Q3 2024

Q2 2024

Q1 2024

Q4 2023

Adjusted EBITDA**

$

242,456

64,909

62,790

58,543

56,214

** Denotes a non-GAAP measure. See "Non-GAAP Measures". See also Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A.

The following tables illustrate Average Net Debt** for the periods ended September 30, 2025 and 2024 based on the average of the Net Debt** at the beginning of the period and each quarter end during the period included in the calculation of Adjusted EBITDA**.

($ thousands) (unaudited)

As at

September

30, 2025

June

30, 2025

March

31, 2025

December

31, 2024

September

30, 2024

Total Debt**

$

2,048,508

$

2,081,182

$

1,871,851

$

1,720,143

$

1,741,434

less: Cash and cash equivalents and term deposit

(7,556

)

(5,546

)

(59,462

)

(114,774

)

(261,595

)

Net Debt**

$

2,040,952

$

2,075,636

$

1,812,389

$

1,605,369

$

1,479,839

Average Net Debt**

$

1,802,837

 

($ thousands) (unaudited)

As at

September

30, 2024

June

30, 2024

March

31, 2024

December

31, 2023

September

30, 2023

Total Debt**

$

1,741,434

$

1,528,609

$

1,530,074

$

1,493,803

$

1,227,544

less: Cash and cash equivalents and term deposit

(261,595

)

(80,756

)

(74,328

)

(44,323

)

(1,282

)

Net Debt**

$

1,479,839

$

1,447,853

$

1,455,746

$

1,449,480

$

1,226,262

Average Net Debt**

$

1,411,836

** Denotes a non-GAAP measure. See "Non-GAAP Measures". See also Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A.

The following tables illustrate interest expense, for the calculation of the Interest Coverage** and Debt Service Coverage** ratios, for rolling-four quarters ended September 30, 2025 and 2024.

($ thousands) (unaudited)

Rolling 4-quarters

For the periods

September 30, 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Interest expense1

$

100,611

26,967

24,931

25,277

23,436

 

($ thousands) (unaudited)

Rolling 4-quarters

For the periods

September 30, 2024

Q3 2024

Q2 2024

Q1 2024

Q4 2023

Interest expense1

$

78,803

22,104

20,204

19,334

17,161

1 Interest expense includes interest on senior unsecured debentures, mortgages, and unsecured credit facilities. See Section 9.1, "Components of Net Income (Loss)" of the MD&A.

The following tables illustrate principal repayments, for the calculation of the Debt Service Coverage** ratio, for the rolling four-quarters ended September 30, 2025 and 2024.

($ thousands) (unaudited)

Rolling 4-quarters

For the periods

September 30, 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Principal repayments

$

4,664

1,177

1,166

1,172

1,149

 

($ thousands) (unaudited)

Rolling 4-quarters

For the periods

September 30, 2024

Q3 2024

Q2 2024

Q1 2024

Q4 2023

Principal repayments

$

6,083

1,399

1,465

1,478

1,741

Calgary, Alberta--(Newsfile Corp. - October 29, 2025) - Tuktu Resources Ltd. (TSXV: TUK) ("Tuktu" or the "Company"), a junior oil and gas producer based in Calgary, Alberta, is pleased to announce that after a comprehensive search by the Company's Board of Directors, Jeremy Hodder, P.

SAN DIEGO, CA, Oct. 29, 2025 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) ("RYVYL” or the "Company") today announced that it has rescheduled its 2025 Annual Meeting of Stockholders (the “2025 Annual Meeting”), previously scheduled to be held at 4:00 PM (Pacific Time) on Thursday, October 30, 2025, to a new date of Monday, December 15, 2025.

Alphabet stock gains in Wednesday's extended hours after the tech giant reported third quarter earnings that beat estimates on the top and bottom lines. Seaport Research Partners senior internet analyst Aaron Kessler joins Market Domination Overtime to discuss the earnings print and his outlook for Alphabet stock.

NEW YORK, Oct. 29, 2025 (GLOBE NEWSWIRE) -- AtlasClear Holdings, Inc. (NYSE American: ATCH) (“AtlasClear” or the “Company”), a technology-enabled financial services platform modernizing trading, clearing, settlement, and banking, today announced that it will present at the ThinkEquity Conference being held at the Mandarin Oriental, New York on Thursday, October 30, 2025, at 4:30 p.m. Eastern Time.

John Schaible, Executive Chairman of AtlasClear Holdings, and Craig Ridenhour, President of AtlasClear Holdings, will deliver the Company’s presentation. They will also be available for one-on-one meetings with investors throughout the conference. To request a meeting, please contact your ThinkEquity representative or the investor relations contacts listed below.

A live webcast of the presentation will be available at https://event.summitcast.com/view/NX3WagbdCmRzBGMxdc3ia6/Q9PAjaHqgNp9HfYSmo8J3V. A replay will be accessible using the same link for a limited time following the event.

“We look forward to updating investors on our progress and near-term priorities,” said John Schaible, Executive Chairman of AtlasClear. “The ThinkEquity Conference is a great forum to engage with both current and prospective shareholders.”

About AtlasClear Holdings, Inc.

AtlasClear Holdings, Inc. is building a cutting-edge, technology-enabled financial services platform to modernize trading, clearing, settlement, and banking for innovative financial products, with a focus on serving small- and middle-market financial institutions. Through its subsidiary, the Company combines industry expertise with longstanding infrastructure: Wilson-Davis & Co., Inc., a full-service correspondent securities broker-dealer registered with the SEC and FINRA and a member of DTCC and NSCC, which has been serving the investment community since 1968; and through its planned acquisition of Commercial Bancorp of Wyoming, the parent of Farmers State Bank, a Federal Reserve member bank that has provided private and corporate banking services to its community since 1915. Together, these businesses will position AtlasClear to deliver a vertically integrated suite of brokerage, clearing, risk management, regulatory reporting, and commercial banking solutions. The AtlasClear leadership team includes respected industry veterans who have founded and led companies such as ICE Clear, Legent Clearing, COR Clearing, Axos Clearing, NexTrade, StoneX, and Anderen Bank.

Cautionary Statements Regarding Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that reflect AtlasClear Holdings’ current views with respect to, among other things, the future operations and financial performance of AtlasClear Holdings. Forward-looking statements in this communication may be identified by the use of words such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "foreseeable," "future," "intend," "may," "outlook," "plan," "potential," "proposed," "predict," "project," "seek," "should," "target," "trends," "will," "would" and similar terms and phrases. Forward-looking statements contained in this communication include, but are not limited to, statements as to (i) the Company’s expectations regarding planned future growth and financial results, (ii) AtlasClear Holdings’ expectations regarding future financings, (iii) AtlasClear Holdings’ expectations as to future operational results, (v) AtlasClear Holdings’ anticipated growth strategy, including its planned acquisition of Commercial Bancorp of Wyoming and its planned release of a digital asset loan platform , and (v) the financial technology of AtlasClear Holdings.

The forward-looking statements contained in this communication are based on the current expectations of AtlasClear Holdings and its management and are subject to risks and uncertainties. No assurance can be given that future developments affecting AtlasClear Holdings will be those that are anticipated. Actual results may differ materially from current expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond the control of AtlasClear Holdings. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward- looking statements. Factors that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them.

Such factors include, but are not limited to: the Company’s need to raise additional capital; failure of the Company to realize the anticipated benefits of any additional investments of capital, such as achieving profitability, delivering the capital needed for its proposed bank acquisition upon approval, solidifying its capital foundation, reducing potential dilution, and positioning the Company to maximize long-term stockholder value; failure by AtlasClear Holdings to satisfy the closing conditions to any investments of capital, including receipt of stockholder approval; AtlasClear’s inability to successfully integrate, and/or realize the anticipated benefits of, the acquisition of Wilson-Davis and the technology acquired from Pacsquare Technologies LLC (the "Transaction"); failure to recognize the anticipated benefits of the Transaction, which may be affected by, among other things, competition, the ability of AtlasClear Holdings to maintain relationships with customers and suppliers and strategic alliance third parties, and to retain its management and key employees; AtlasClear Holdings’ inability to integrate, and to realize the benefits of, the Transaction and other potential acquisitions; changes in general economic or political conditions; changes in the markets that AtlasClear Holdings targets; slowdowns in securities or digital asset trading or shifting demand for trading, clearing and settling financial products; any change in laws applicable to AtlasClear Holdings or any regulatory or judicial interpretation thereof; factors that may cause a delay in timely filing the transition report described herein; the risk that additional or different information may become known prior to the expected filing of the transition report, and other factors, risks and uncertainties, including those that were included under the heading "Risk Factors" in AtlasClear Holdings’ Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 29 and in its subsequent filings with the SEC. AtlasClear Holdings cautions that the foregoing list of factors is not exhaustive. Any forward-looking statement made in this communication speaks only as of the date hereof. Plans, intentions or expectations disclosed in forward-looking statements may not be achieved and no one should place undue reliance on such forward-looking statements. AtlasClear Holdings does not undertake any obligation to update, revise or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Contacts

Company Contact
[email protected]

Investor Relations Contact
Jeff Ramson, CEO
PCG Advisory, Inc.
[email protected] 

Q3: 2025-10-29 Earnings SummaryEPS of $1.41 misses by $0.00

 |

Revenue of

$444.81M

(1.85% Y/Y)

beats by $8,000.00

Materion Corporation (MTRN) Q3 2025 Earnings Call October 29, 2025 10:00 AM EDT

Company Participants

Kyle Kelleher - Director of Investor Relations & Corporate FP&A
Jugal Vijayvargiya - CEO, President & Director
Shelly Chadwick - CFO & VP of Finance

Conference Call Participants

Philip Gibbs - KeyBanc Capital Markets Inc., Research Division
Michael Harrison - Seaport Research Partners
Dan Moore - CJS Securities, Inc.
David Silver
David Storms - Stonegate Capital Partners, Inc., Research Division

Presentation

Kyle Kelleher
Director of Investor Relations & Corporate FP&A

"

Jugal Vijayvargiya
CEO, President & Director

"

Shelly Chadwick
CFO & VP of Finance

"

Philip Gibbs
KeyBanc Capital Markets Inc., Research Division

" KeyBanc Capital Markets Inc., Research Division

Michael Harrison
Seaport Research Partners

" Seaport Research Partners

Dan Moore
CJS Securities, Inc.

" CJS Securities, Inc.

David Silver

" Freedom Capital Markets

David Storms
Stonegate Capital Partners, Inc., Research Division

" Stonegate Capital Partners, Inc., Research Division

Operator

Greetings, and welcome to the Materion Third Quarter 2025 Earnings Conference Call. [Operator Instructions] And please note, this conference is being recorded.

I will now turn the conference over to your host, Mr. Kyle Kelleher, Director, Investor Relations and Corporate FP&A. Sir, the floor is yours.

Kyle Kelleher
Director of Investor Relations & Corporate FP&A

Good morning, and thank you for joining us on our third quarter 2025 earnings conference call. This is Kyle Kelleher, Director, Investor Relations and Corporate FP&A. Before we begin our remarks this morning, I would like to point out that we have posted materials on the company's website that we will reference as part of today's review of the quarterly results. You can also access the materials through the download feature under earnings call webcast link.

With me today are Jugal Vijayvargiya, President and Chief Executive Officer, and Shelly Chadwick, Vice President

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LOUDON, Tenn., Oct. 29, 2025 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU), a leading designer, manufacturer, and marketer of a diverse portfolio of recreational powerboat brands, today announced that its brands Pursuit Boats, Cobalt Boats, and Maverick Boat Group, Inc. made up of Cobia Boats and Pathfinder Boats, will showcase the latest models in the Fort Lauderdale International Boat Show (FLIBS), the world’s premier boating event. The show runs from October 29 - November 2, 2025. in Fort Lauderdale, Florida.

Of special interest is the launch of Pathfinder Boats latest model, the all-new 2600 TRS, at the show. The 2600 TRS delivers both hardcore fishability and family-ready functionality, and is on display at Booth 2044.

“We are thrilled to bring our latest models and innovations to the Fort Lauderdale International Boat Show,” said Dave Cluka, Vice President of Sales & Marketing at Malibu Boats, Inc. “Each of our brands reflects our commitment to delivering exceptional experiences across all segments of recreational boating, and FLIBS provides the perfect opportunity to connect with boating enthusiasts, industry partners, and the media.”

Attendees of FLIBS are invited to visit Malibu Boats, Inc. brands at their booth locations to discover the latest models and experience the company’s commitment to innovation, quality, and exceptional customer experiences.

Pursuit Boats:
Pursuit Boats will showcase the new S 388 Sport, the latest addition to Pursuit’s award-winning Sport line-up of luxury fishing boats. Engineered to elevate every experience whether entertaining, cruising, or chasing gamefish offshore, the S 388 is a bold mix of performance, luxury and innovation.

The S 388 offers industry-leading fishability and versatility, coupled with upscale features that define the Pursuit experience, including:

Multiple social zones including a wraparound bow lounge with adjustable backrests, integrated adjustable chaise lounge feature and dedicated audio controlsA fully equipped entertainment center with grill, sink, fridge, and dedicated storageA spacious cabin with abundant natural light, comfortable overnight accommodations, mini galley and well-appointed headFishing amenities, including a 36-gallon livewell, in-floor fishboxes, tackle storage, premium outriggers, and a starboard dive door with removable ladder. Press Conference + Booth Location:

Attendees are invited to experience the unveiling of the all-new S 388 Sport Center Console on Thursday, October 30 at 10:30 a.m.

Reservations are required, please RSVP to Megan Morris at [email protected]

The Pursuit display at FLIBS is located at C Dock, Slips 301-313.

The Pursuit OS 405 Offshore will also be featured atop the arch at the show’s main entrance.

Cobalt Boats:
Cobalt Boats will show-off the new R31 Outboard at its booth, an outboard-powered luxury runabout that combines sophisticated design with exceptional performance for coastal waters.
The R31 Outboard is crafted for oceanside living and family boating, offering a thoughtful layout, a wealth of amenities, and ocean-ready construction. With its seamless blend of comfort, performance, and luxury, the R31 Outboard delivers an elevated boating experience, making it the perfect companion for a day on the water.

Standard features include dual touchscreen Garmin displays, digital switching and a joystick control for effortless maneuvering, along with a wealth of cupholders, a side-entry step, below-deck head and six-speaker audio system.

Upgrade options let owners personalize their experience with LED lighting, dual hardtop soundbars, a watersports closet, and a food-prep station.

Booth Location: The Cobalt Booth at FLIBS will be located at Booth 2034.

Maverick Boat Group

Pathfinder Boats

Pathfinder Boats, the leader in bay boats, proudly revealed its latest model, the all-new 2600 TRS, at the show. This model reaffirms Pathfinder’s commitment to serious anglers while delivering the comfort and versatility today’s boaters demand. Built on Pathfinder’s legacy of angler-driven innovation, the 2600 TRS delivers both hardcore fishability and family-ready functionality. Designed for those who expect more from their time on the water, this model features a range of enhancements that elevate both performance and experience.

At its core, the 2600 TRS is engineered for the serious angler, with multiple fishing-focused design elements and options to ensure that every angling need is met with precision and practicality.​ While performance remains at the forefront, versatility is where the 2600 TRS truly shines. Pathfinder has seamlessly integrated creature comforts throughout, allowing easy transitions between fishing-focused and family-oriented days on the water.​

Press Conference + Booth Location: On Wednesday, October 29, at 2 p.m., Pathfinder will unveil the new model at Booth 2044 at FLIBS. Attendees are encouraged to stop by and join the reveal.

Cobia Boats
Cobia Boats will display the all-new 245 Center Console (245 CC) and the larger 305 Center Console (305 CC), showcasing the brand’s ongoing commitment to innovation and quality in the center console category. These models highlight Cobia’s focus on performance and comfort for serious anglers and recreational boaters alike.

The Cobia 305 CC delivers an unbeatable blend of space, power, and performance in the 30-foot class. Rated for up to 800 horsepower, it offers one of the largest, most functional layouts in its category perfect for serious fishing or easy entertaining. Built with Cobia’s advanced VARIS (Vacuum-Assisted Resin Infusion System), the 305 CC’s hull is lighter, stronger, and more fuel-efficient, delivering a smoother, drier ride. It also offers the optional Seakeeper Ride system for enhanced control and comfort. Anglers will find dual livewells, in-floor fish boxes, and ample tackle storage, while families enjoy plush seating, a convertible bow lounge, and an oversized head compartment.

For boaters seeking versatility, the Cobia 245 CC shines in the 24-foot class with its refined layout and hallmark dry ride. Rated for up to 350 horsepower, it’s equally at home offshore or cruising the coast. Fishing features include a 30-gallon livewell, tuna door, and abundant storage, while comfort amenities like fold-down seating, a roomy bow area, and optional sunshade make it ideal for family adventures.

Press Conference + Booth Location:

Cobia Boats will host an exclusive media event at FLIBS on Wednesday, October 29, at 2:30 p.m., offering attendees the first major boat show preview of its newest models, the 305 CC and 245 CC.

Attendees can find Cobia at FLIBS in Booth 2045.

About Malibu Boats, Inc.

Based in Loudon, Tennessee, Malibu Boats, Inc. (MBUU) is a leading designer, manufacturer and marketer of a diverse range of recreational powerboats, including performance sport, sterndrive and outboard boats. Malibu Boats, Inc. is the market leader in the performance sport boat category through its Malibu and Axis boat brands, the leader in the 20’ - 40’ segment of the sterndrive boat category through its Cobalt brand, and in a leading position in the saltwater fishing boat market with its Pursuit and Cobia offshore boats and Pathfinder, Maverick, and Hewes flats and bay boat brands. A pre-eminent innovator in the powerboat industry, Malibu Boats, Inc. designs products that appeal to an expanding range of recreational boaters, fisherman and water sports enthusiasts whose passion for boating is a key component of their active lifestyles. For more information, visit www.malibuboats.com, www.axiswake.com, www.cobaltboats.com, www.pursuitboats.com, or www.maverickboatgroup.com.

Contacts

Press:
[email protected]

Investor Relations:
[email protected]