Market Signal Briefing

After an earlier attempt failed, Florida lawmakers are reviving a proposal that would allow the state to hold digital assets as part of its finances. The plan would create a state-run cryptocurrency reserve. Introduced on Jan. 7 for the 2026 legislative session by Republican Representative John Snyder, House Bill 1039 would set up a Strategic Cryptocurrency Reserve Fund outside the state treasury.

Florida to Establish Strategic Crypto ReserveFlorida lawmakers are moving forward with a revised plan to set up a state cryptocurrency reserve, focusing more narrowly on Bitcoin than earlier proposals.

The proposal seeks requirements for independent audits and the creation of an advisory committee, bringing back ideas from a 2025 bill that was later called off. That earlier version would have allowed up to 10% of certain state funds to be invested in Bitcoin.

However, the current bill does not require the state to invest any set amount. Instead, it leaves the decision of whether-and-when to put money into Bitcoin up to the chief financial officer.

Also read: Florida Bitcoin Reserve Bill 2026: Aiming to Invest 10% of State Funds in Crypto

According to state records, Senate Bill 1038 was introduced on Dec. 30 by Republican Senator Joe Gruters and has been sent to a Senate appropriations committee. The bill will need to go through committee hearings and votes before the full Senate can consider it.

If approved, the proposal would create a Florida Strategic Cryptocurrency Reserve overseen by the state’s chief financial officer. The CFO would be allowed to buy, hold, manage, and sell cryptocurrency, using standards similar to those that apply to other public trust investments.

Florida’s Chief Financial Officer, Jimmy Patronis, showed support for the proposal. He also called bitcoin the “digital gold” and said that a small amount of exposure could help diversify the state’s investment portfolio amid rising inflation.

If the measure becomes law, Florida would be among a rising number of states moving ahead with crypto-related legislation, including New Hampshire and Texas. Wyoming has already passed many crypto friendly laws, and New Hampshire recently made history by becoming the first state to formally allow public funds to be invested in cryptocurrencies, an example Florida lawmakers have pointed to.

New Proposal Follows Significant DivergenceFlorida’s new Senate proposal takes a very different path from earlier attempts to let the state invest in crypto.

Previous bills would have allowed the state to put up to 10% of public funds into a wide range of digital assets, including bitcoin, NFTs, and other crypto products. Those ideas faced criticism, mainly because they involved pension and retirement funds, and they were eventually dropped.

The latest plan, Senate Bill 1038, narrows the focus to bitcoin and removes pension funds entirely. A matching House bill, House Bill 1039, was also filed, showing support for the idea in both chambers.

If approved, the CFO would be required to start reporting on the reserve’s holdings and management by the end of 2026. Lawmakers will now weigh whether this more limited, bitcoin-focused strategy is different enough from past proposals to get approved.

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

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Bitcoin has fallen below $90,000 as of writing with stock futures also suggesting red for the day while US ETFs have turned to outflows.

Bank of America has advised its clients to allocate up to 4% of their investment portfolios into Bitcoin and other digital assets. This recommendation comes as Bitcoin’s price climbs above $92,000. The bank’s suggestion is seen as a move to lower the entry barriers for institutional and retail investors seeking exposure to cryptocurrencies.

Bitcoin, the largest cryptocurrency by market capitalization, has experienced substantial growth, prompting traditional financial institutions to consider digital assets as viable investment options. Bitcoin’s increasing acceptance is attributed to its potential for high returns and its role as a hedge against inflation. Bank of America’s endorsement may further legitimize Bitcoin in the eyes of conservative investors.

Cryptocurrencies have been increasingly integrated into mainstream finance. Large financial services firms are recognizing the potential of digital currencies and blockchain technology. The rise of Bitcoin and other digital assets has been driven by both retail and institutional investors seeking diversification and potential gains in an evolving market landscape.

Bank of America’s suggestion aligns with a broader trend among banks and asset managers exploring cryptocurrency-related products. This trend is fueled by client demand, as investors look for alternative ways to enhance their portfolios. Cryptocurrency offers a potential avenue for fee-based products and new investment strategies.

Approval processes for cryptocurrency products often involve regulatory scrutiny. Regulators focus on aspects such as custody, market integrity, and investor protection. The approval of new financial products, including those involving digital assets, typically requires compliance with regulations that ensure transparency and security for investors.

Exchange-traded funds (ETFs) are one of the common financial products being pursued by institutions looking to provide crypto exposure. An ETF is a type of investment fund that holds a collection of assets, such as stocks or bonds, and is traded on a stock exchange. In the context of digital assets, ‘spot’ refers to the actual buying and selling of the physical cryptocurrency rather than derivative contracts. Issuers often file for ETFs to offer investors a more accessible way to invest in cryptocurrencies without direct purchase and storage.

Despite the potential benefits, investing in digital assets carries risks. These include price volatility, liquidity challenges, regulatory uncertainties, and operational risks. Bitcoin and other cryptocurrencies can experience rapid price swings, which may lead to substantial gains or losses. Moreover, tracking errors and fees associated with cryptocurrency products can affect investment returns.

The asset management landscape is competitive, with several firms seeking to offer similar cryptocurrency products. The timelines for approvals can be uncertain, and issuers frequently amend their proposals in response to regulatory feedback. Stakeholders closely watch developments in this space, as any regulatory approval or denial can significantly impact the market and investor sentiment.

As the market for digital assets continues to evolve, investors and institutions remain attentive to regulatory developments and market dynamics. Bank of America’s recommendation to allocate a portion of investment portfolios to Bitcoin reflects the growing acceptance of cryptocurrencies within the traditional financial system. The bank’s stance may influence other financial institutions to further explore the integration of digital assets into their offerings.

In the coming months, the focus will likely remain on regulatory reviews and the potential introduction of new cryptocurrency investment vehicles. Investors and market participants will continue to monitor these developments, as the integration of digital assets into mainstream finance progresses.

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Zcash price has confirmed a bearish setup after it broke down below a descending broadening wedge formed on the chart.

Summary

Zcash price is down 15% over the past day. Market sentiment weakened after the ECC team exited Bootstrap over governance concerns. Technicals indicators were largely bearish for the privacy token. According to data from crypto.news, Zcash (ZEC) fell sharply on Thursday, Jan. 8, dropping to an intraday low of $412 at press time. The privacy coin has fallen 15.4% in the past 24 hours and lies 23% below its December high last year.

Zcash’s steep fall today comes after Josh Swihart, the CEO of Electric Coin Company (ECC), which developed Zcash, disclosed that he, along with the entire ECC team, has split from Bootstrap, the nonprofit supporting the Zcash ecosystem.

Swihart said they took the decision as the Bootstrap board’s direction no longer aligned with Zcash’s mission, and working under the new terms had become impossible.

“This decision is simply about protecting our team’s work from malicious governance actions that have made it impossible to honor ECC’s original mission,” Swihart said.

Following the departure, the former ECC staff have teamed up to form a new company with plans to continue building private digital money, but outside the Bootstrap structure.

While the incident should not affect the Zcash protocol, which is open source and decentralized, investors have likely turned cautious as they await further clarity.

Withering demand from derivative traders has also weakened Zcash price. Data from CoinGlass shows that Zcash Futures open interest has fallen below the $1 billion mark, down from $1.33 billion recorded in late December. 

Additionally, the long/short ratio has dropped to 0.85, suggesting that more traders are starting to lean toward bearish bets rather than going long.

The broader market sell-off has not helped either, with most cryptocurrencies experiencing a pullback after rallying higher earlier this week. The drawdown began after Bitcoin (BTC) failed to breach the resistance around $94,500, a level it failed to break multiple times through December.

Zcash price analysis On the daily chart, Zcash has broken below the lower trendline of a descending broadening wedge that has been in place since late December. While this pattern is typically viewed as a bullish reversal signal, a break to the downside effectively invalidates the setup and suggests a continuation of the current bearish momentum.

Zcash price has invalidated a descending broadening wedge pattern on the daily chart — Jan. 8 | Source: crypto.news The bear case is further supported by several key indicators:

MACD divergence: The MACD lines are trending downward alongside growing red histograms, a telltale sign that selling pressure is accelerating. Capital outflows: The Chaikin Money Flow has plummeted to -0.37, indicating that significant capital is exiting the token. If Zcash fails to hold the $391–$404 support range, which provided a strong floor throughout December, it risks a drop toward its Dec. 3 low of $300. Such a move would represent a roughly 27% decline from current levels, potentially resetting the market to levels not seen since early last quarter.

At the time of writing, ZEC price was hovering a little over $400.

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

Journalist

Posted: January 8, 2026

After hiking from a low of $0.19, Ethena got rejected at $0.26 and has since declined for two consecutive days. As such, ENA dropped to a low of $0.22 before slightly rebounding.

At press time, ENA traded at $0.23, down 7.27% on the daily charts, indicating sharp downward pressure. 

Interestingly, after the market retracement, the Ethena team jumped into the market and attempted to pump the altcoin through accumulation.

Team wallet scoops up $12 million ENA According to Arkham data, the ENA team wallet scooped up 25 million ENA worth $5.93 million from Bybit.

The team’s move was a buildup to another purchase executed a day earlier, in which the team withdrew 25 million ENA for $6.25 million. In total, they withdrew 50 million ENA worth $12.18 million over a 24-hour period. 

Even more importantly, these two activities were a return to an old pattern after offloading a significant amount of tokens a week ago.

Source: Arkham

A week ago, the team deposited 40 million ENA worth $8.16 million. Now, after closing the gap created with the sale, the wallet’s total holdings rose to 789.8 million ENA, worth $185 million. 

Significantly, this team’s move was not an isolated case, as top holders jumped into the market after ENA retraced.

Over the past 24 hours, top holders increased their holdings by 171.65 million ENA, while they offloaded only 83.29 million. 

In doing so, Holder’s Balance Change remained positive and settled at 88.36 million ENA, a clear sign of aggressive spot accumulation.

Source: Nansen

With the team accumulating, backed by other top holders, it signals strong conviction with the market, as they anticipate a market recovery from the current slip.

Historically, increased accumulation from major players has followed price appreciation as demand absorbs the arising selling pressure.

Why did ENA slip? Despite the team’s continued effort, ENA recorded a sharp drop as other market participants, especially retail, rushed to cash out.

According to Coinalyze, sellers overpowered buyers on the 8th of January, with sell volume at 22.59 million compared to 15.75 million in buy volume.

Source: Coinalyze

As a result, the altcoin recorded a negative Buy Sell Delta of -6.85 million, a clear sign of aggressive spot selling. Often, seller dominance has accelerated an asset’s downward pressure, a prelude to lower

Can these purchases prop up ENA? Ethena’s team to boost ENA’s price movement by absorbing the arising sell pressure failed for now. In fact, ENA fell below EMA50, signaling strengthening bearish pressure.

At the same time, its Stochastic Momentum Index (SMI) made a bearish crossover and dropped deeper into the bearish zone to 42.

Source: TradingView

This downward spiral suggested strengthened bearish momentum backed by strong seller pressure. Thus, sellers took control of the market, rendering recent purchases inadequate for a trend reversal.

Therefore, prevailing market conditions point to further losses for ENA. Thus, the altcoin could drop towards the $0.20 support level.

However, if the team’s effort is finally positively felt, ENA could reclaim EMA50 at $0.25 and target $0.30. For this outlook to hold, the altcoin must hold above $0.23.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

XRP’s strong start to the year 2026 has pushed it back into the spotlight, with CNBC referring to it this week as the "new cryptocurrency darling" after it outperformed Bitcoin and Ether in the first week of the year.

XRP is drawing attention as a relatively under-owned major cryptocurrency alternative as Bitcoin and Ethereum fail to gain massive momentum.

The implication of this is that the activity of whales, or large holders, is increasing, with large transactions referring to those above $100,000 surging on the XRP Ledger network.

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According to on-chain analytics platform Santiment, XRP whale activity has exploded this week, hitting three-month high levels.

XRP hits three-month high in whale activitySantiment noted that XRP Ledger has seen a major increase in whale transactions, which are valued at $100,000 or more on the XRPL network.

🐳 XRP Ledger has seen a major increase in whale transactions (moved valued at $100K or more on the network). Monday saw 2,170 of them, and yesterday shot all the way up to 2,802 (a 3-month high).

🔗 Volatility should be higher than usual. Follow along: https://t.co/6vgr6o1T6F pic.twitter.com/sgSIeLhzvu

— Santiment (@santimentfeed) January 7, 2026 Monday, Jan. 5, saw 2,170 large transactions, and on Jan. 6, large transactions rose to 2,802, hitting a three-month high. The implication of this is that volatility might be higher than usual, Santiment said, urging traders to follow along.

Whales, or large holders, can increase price volatility, especially when they move a large quantity of cryptocurrency in a single transaction.

An increase in large transactions might suggest whales buying or selling in large quantities, which might increase volatility and thereby move prices.

Implications for price?The timing of the surge coincided with XRP's 15% surge on Jan. 5, when the price rose from $2.06 to $2.368.

On Jan. 6 as well, XRP saw similar volatility, rising to $2.41 before dropping to $2.20. At press time, XRP was down 6.26% in the last 24 hours to $2.08. This comes as traders take profits and is in line with the broader crypto market drop.

XRP is entering its third day of drop from Jan. 6 high of $2.41. The drop also coincided with the first set of outflows from XRP ETFs. The group of XRP spot ETFs launched since Nov. 13 recorded net outflows of $40.80 million on Jan. 7, after seeing their largest single-day volumes this week.

Bitcoin trading around $90,000 as crypto sentiment remains neutral and ETFs see heavy outflows; liquidations stand at $465.67 million over the past 24 hours.   

Bitcoin ETFs saw $486 million in net outflows on Wednesday, while Ethereum ETFs reported $98.5 million in net outflows.

CryptocurrencyTickerPriceBitcoin(CRYPTO: BTC)$89,783Ethereum(CRYPTO: ETH)$3,099Solana(CRYPTO: SOL)$134.99              XRP(CRYPTO: XRP)$2.10Time For Bitcoin To Push Higher Again?

Michael van de Poppe said Bitcoin is at a key inflection point after testing the 21-day moving average. Holding this level keeps a move toward $94,000 next week in play, while losing it could trigger a liquidity sweep of recent lows before continuation.

Crypto trader Jelle noted the Federal Reserve expanded its balance sheet for the first time in nearly three years, a development that has historically preceded major Bitcoin rallies and could act as a bullish catalyst.

Crypto chart analyst Ali Martinez said Ethereum is breaking out of a triangle pattern, with a technical target near $3,730.

Martinez also noted the TD Sequential indicator is flashing a buy signal for XRP as it rebounds again.

Crypto Tony said Solana may still need a pullback into a strong support zone before a sustainable bounce.

The broader meme coin market fell 6.8% over the past day, slipping below a $50 billion market cap.

LongTerm said Dogecoin continues to show resilience by holding its 200-day SMA, offering upside potential of roughly 2x to the last local high and more than 3x to its 2024 peak.

Image: Shutterstock

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Zcash project’s core developers have resigned from the Electric Coin Company, following a governance dispute. Following this internal struggle, ZEC dropped over 8% in 24 hours. The privacy-focused altcoin Zcash’s primary development team resigned from the Electric Coin Company (ECC). The CEO, Josh Swihart, announced that the departures are the result of a disagreement with the company’s Bootstrap board and were announced earlier today in a post on X.

Over the past few weeks, it's become clear that the majority of Bootstrap board members (a 501(c)(3) nonprofit created to support Zcash by governing the Electric Coin Company), specifically Zaki Manian, Christina Garman, Alan Fairless, and Michelle Lai (ZCAM), have moved into…

— Josh Swihart 🛡 (@jswihart) January 7, 2026 As stated by Swihart,  numerous board members, specifically Zaki Manian, Christina Garman, Alan Fairless, and Michelle Lai (ZCAM), had come into disagreement with the firm’s founding goal. He argued that recent governance moves had altered ECC’s employment terms in a manner that the team could barely tolerate.

Swihart claimed the resignations were not completely voluntary; rather, he called it a “constructive discharge.” Where the departed developers are launching a new company with the same purpose. With that, he declares that the Zcash protocol is still operating and unmodified, but development leadership is making the switch.

As Zcash’s code is transparent and open-source, with no particular company managing the protocol. So, any individual can run a node, manage a fork, or contribute code changes. The miners, validators, and users are required for the network to function.

Internal Changes Impact ZEC Price This internal struggle led the ZEC price down in the last 24 hours, as it slipped more than 8% and is currently trading at $454.87. After this news, from this morning, the price has been continuously declining from $490. Meanwhile, the daily trading volume surged by 12%, reaching $780 million. 

In spite of this price decline and internal challenges,  there was a positive statement given by Grayscale. Their  Q4 report was released in late 2025, which mentioned that privacy-centred altcoins performed well enough, particularly Zcash, because it integrates privacy options, shielding for users’ activities, indicating the demand for privacy-based blockchain solutions.

Highlighted Crypto News Today:

US President Trump’s Tariff Threat on Russian Oil Purchase Puts Crypto Market on Edge

As the old saying goes, all good things must come to an end.

The longest green streak in terms of daily net flows for spot cryptocurrency ETFs has come to an end after almost two months of consecutive positive numbers.

The spot XRP exchange-traded funds have seen their first red day on January 7, as the underlying asset’s price has tumbled by 13% since its local peak earlier this week.

XRP ETF Streak Broken The first spot XRP ETF was released by Canary Capital on November 13, 2025, and it set the record for the highest daily trading volume throughout the year. Four more such financial vehicles followed suit, launched by Grayscale, Bitwise, Franklin Templeton, and 21Shares.

The products attracted roughly $1 billion in just over a month. Moreover, they continuously outperformed all other crypto ETFs within this timeframe as they were consistently in the green. while the BTC and ETH funds were losing billions of dollars.

More specifically, the spot Ripple ETFs hadn’t seen a single day with more net outflows than inflows since November 13, but this impressive streak came to an end yesterday. Data from SoSoValue shows that investors pulled out $40.80 million from the funds, reducing the cumulative net inflows to $1.20 billion.

This was the longest such streak for ETFs tracking the performance of digital assets. Solana’s ETFs are next, as they were in the green for just under a month after the first one debuted in late October. In contrast, both the BTC and ETH funds saw numerous red days after launch, especially those tracking the largest altcoins.

XRP Rejected The consistent ETF net inflows were among the reasons that drove the underlying asset to a new multi-week peak a few days ago. XRP went on the run at the start of the new year, skyrocketing by 30% from under $1.90 to $2.41. However, it faced a violent rejection at that point and has lost over 13% of value. It now struggles to remain above $2.10.

You may also like: XRP Sees Surge in $100K+ Transactions: What Does it Mean for Ripple’s Price? Flare Launches Spot XRP Market on Hyperliquid, Allowing FXRP to Move Across Chains Ripple (XRP) Looks ‘Coiled’ as Whales and Institutions Quietly Move In While one of the reasons for this substantial nosedive could be related to the overall market retracement in the past day, another one could be attributed to the broken streak above. Investor sell-offs not only impact the asset’s price, but they can also serve as an example for others to follow suit.

Nevertheless, analysts such as Steph Is Crypto continue to be bullish on XRP in the long run, indicating that the RSI has just “flashed a powerful signal” for its future price performance.

🚨 On the weekly chart, $XRP just flashed a powerful signal.

The weekly RSI has broken back above its moving average. This is important because it usually only happens when momentum starts to shift decisively in favor of buyers.

Since 2024, every previous RSI break above its… pic.twitter.com/pV2sT0w65Z

— STEPH IS CRYPTO (@Steph_iscrypto) January 8, 2026

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Binance launched new perpetual futures contracts tied to gold and silver, expanding the crypto exchange’s derivatives offering beyond digital assets as demand grows for exposure to traditional safe-haven markets.

Binance said Thursday it had introduced gold and silver perpetual futures that allow investors to trade the metals around the clock without an expiration date.

The contracts are settled in Tether’s USDt (USDT) stablecoin, giving traders onchain access to price movements in precious metals rather than direct ownership of the underlying assets.

The new products, listed as XAUUSDT and XAGUSDT, are designed to track the price of gold and silver and are aimed at bridging traditional financial markets with crypto trading infrastructure, Binance said in a statement. The exchange added that more traditional asset-linked contracts are planned.

Binance’s perpetual contracts are regulated by the Financial Services Regulatory Authority (FSRA) with licenses obtained under the Abu Dhabi Global Market (ADGM) framework, through Next Exchange Limited, a Binance entity.

The new contracts are a “key step in bridging traditional finance and crypto innovation,” backed by “strong regulatory compliance and trust,” said Jeff Li, vice president of product at Binance.

Other exchanges offering precious metals-tied perpetual contracts include Coinbase, MEXC, BTCC, BingX and Bybit, with the latter only offering perpetual gold contracts.

Gold and silver rise to new all-time highs on growing safe-haven demandBinance’s offering follows a period of strong demand for the world’s leading precious metals, which both logged new all-time highs.

Geopolitical tensions and a weakening US dollar drove gold and silver to new all-time highs in December as gold’s price peaked above $4,549 per ounce on Dec. 26, while silver reached $83 per ounce on Dec. 28, according to data from goldprice.org. 

Both precious metals outperformed Bitcoin over the past year, which declined by about 5%. Gold rose 67% while silver rallied 152% during 2025. Gold traded at $4,424 per ounce while silver changed hands above $75.60 at the time of writing.

BTC, Gold, Silver, one-year chart. Source: goldprice.orgTokenized commodities also surged to new all-time highs in December, following the wider rally in precious metals.

Binance’s decision to settle the contracts in USDT comes as Tether continues to expand its presence. The company has opted not to seek authorization under the European Union’s Markets in Crypto-Assets framework, citing concerns over how the rules apply to stablecoins. At the same time, USDT has gained regulatory recognition in some jurisdictions, including Abu Dhabi, where it has been approved for use by regulated companies.

Cointelegraph reached out to Binance to clarify the jurisdictional availability of the contracts, including whether they will be offered to users in the European Economic Area or the United Kingdom, but had not received a response by publication time.

Magazine: Will Robinhood’s tokenized stocks REALLY take over the world? Pros and cons 

The Electric Coin Company (ECC), one of the primary development firms behind the privacy-focused cryptocurrency network Zcash (ZEC), has confirmed that its entire team has resigned following a major governance dispute with Bootstrap, a nonprofit organization established to support the Zcash ecosystem. The announcement has sent shockwaves through the crypto community and contributed to a sharp decline in ZEC’s market price.

ECC CEO Josh Swihart shared details of the situation in a series of posts on X, stating that a majority of Bootstrap’s board members had become “clearly misaligned” with Zcash’s long-standing mission of enabling private, censorship-resistant digital money. Swihart specifically named Zaki Manian, Christina Garman, Alan Fairless, and Michelle Lai of ZCAM as part of the board faction he believes drove the conflict.

According to Swihart, ECC employees were “constructively discharged,” meaning their working conditions were altered so significantly that continuing their roles became untenable. He argued that changes imposed under the current governance structure made it impossible for the team to perform their duties effectively or ethically, even though they were not formally terminated.

Despite the mass departure, Swihart emphasized that the Zcash protocol itself remains operational and unaffected. He described the team’s exit as a response to what he characterized as “malicious governance actions” rather than a technical or financial failure of the network. The former ECC team is now in the process of forming a new company and reiterated its commitment to Zcash’s core objective of “building unstoppable private money.”

Bootstrap, a 501(c)(3) public-benefit nonprofit that provides governance oversight for ECC, released its own statement framing the dispute as a legal and fiduciary issue. The board explained that it had been exploring outside investment opportunities and alternative structures related to Zashi, a Zcash wallet project, but stressed that any deal must comply with nonprofit law and protect mission-owned assets. Bootstrap warned that improperly structured transactions could expose the organization to lawsuits, regulatory scrutiny, or forced reversals of asset transfers.

Following the news, ZEC price dropped sharply, falling approximately 16% between midnight and 11:00 AM UTC, reflecting investor uncertainty around the future governance of the Zcash ecosystem.

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The Ethereum price is approaching a decisive moment on the weekly timeframe, where long-term structure matters more than short-term volatility. After spending years building higher lows inside a rising channel, ETH recently attempted a breakout above resistance—only to be rejected. That rejection has not broken the structure, but it has raised the stakes. The market is now compressing again, and traders are watching closely for confirmation rather than anticipation.

Ethereum’s Weekly Market Structure Shows Compression, Not WeaknessOn the weekly chart, Ethereum continues to respect a multi-year rising channel that has been intact since the 2022 cycle low. Each major correction has produced a higher low, signaling sustained demand at progressively higher prices. At the same time, ETH has struggled to clear a long-term resistance trendline, creating a tightening range.

Source: XThis combination—rising support and capped upside—is a classic volatility compression structure. Markets do not stay compressed indefinitely. They eventually expand, often sharply, once one side gives way. Importantly, ETH has not broken below its rising support. As long as this higher-low structure holds, the broader bullish bias on the weekly timeframe remains intact.

The Fakeout Above Resistance: Why It Matters More Than It HurtsThe recent move above resistance, followed by rejection, may look bearish at first glance. In reality, fakeouts are common near major turning points.

Such moves tend to:

Flush late long positionsReset funding and leverageShift sentiment from confidence to cautionThese conditions often prepare the ground for the real move, rather than invalidate the setup. What matters is not the failed breakout itself, but how the price behaves afterwards. So far, Ethereum has absorbed the rejection without collapsing through key support—a sign of resilience rather than weakness.

Key Weekly Levels, Scenarios, and What Traders Should Watch NextEthereum remains compressed between rising support and long-term resistance. The most important signal traders are watching is a clean weekly close above the upper trendline, not just a brief wick. Such a close would confirm a structural breakout and could unlock a measured move toward the $6,500–$7,000 region, in line with long-term projections shown on the chart.

On the other hand, repeated rejection near resistance or a decisive loss of the rising channel support would weaken the bullish structure. That scenario would likely result in extended consolidation or a deeper corrective phase, delaying any upside expansion.

Until one of these outcomes is confirmed, traders should expect volatility without clear direction. Weekly closes will carry far more weight than intraday moves, and patience remains critical at this stage of the structure.

ConclusionEthereum’s weekly chart is approaching resolution after years of compression. The recent fakeout has not invalidated the long-term setup, but it has made confirmation essential. A decisive weekly breakout would mark a major shift in market structure, while failure would keep the ETH price range-bound. Until that confirmation arrives, volatility is likely—and discipline matters more than prediction.

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

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

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

Bitcoin price fell sharply below the $90,000 level, signaling renewed weakness in the crypto market after failing once again to break above key resistance. BTC dropped from an intraday high of $91,570 around 01:15 UTC to as low as $89,882, marking its weakest level in five days. This pullback represents Bitcoin’s third failed attempt to clear the $94,500 resistance zone, following similar rejections earlier in December. The current price action closely resembles patterns observed over the past six weeks, reinforcing the view that Bitcoin remains locked in a defined trading range.

Bitcoin is now consolidating between $85,000 and $94,500, a range that has provided relative stability since prices collapsed in early October. At that time, BTC plunged from a record high near $126,220 to a low of $80,600 by late November. Despite short-term volatility, some traders appear to be buying the dip, as evidenced by a modest increase in Bitcoin futures open interest alongside positive funding rates.

Altcoins, however, significantly underperformed. Privacy-focused cryptocurrency Zcash plunged more than 16% in a matter of hours, exacerbated by thin liquidity and the forced liquidation of a $12 million leveraged long position. Tokens such as PUMP and DASH also recorded double-digit losses, highlighting ongoing fragility in the altcoin market. Broader uncertainty around Zcash intensified after reports emerged of key developers leaving the project following internal disputes.

Market-wide, more than $400 million in leveraged crypto futures positions were liquidated over the past 24 hours, with bullish bets accounting for the majority. While total crypto futures open interest declined slightly, Ethereum, Solana, XRP, ZEC, and SUI all saw notable capital outflows. Options markets continue to reflect downside caution, with Bitcoin and Ethereum put options trading at a premium, though bearish sentiment has softened compared to last month.

Traditional markets added further pressure, as U.S. equity futures declined and the dollar index extended its rally. With liquidity still thin across altcoins and CoinMarketCap’s altcoin season index stuck deep in bearish territory, the crypto market remains vulnerable to sharp moves and liquidation-driven volatility.

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The token's performance is likely impacted by a civil war within a major BNB treasury firm, where a shareholder is challenging the company's leadership.

Vancouver, British Columbia--(Newsfile Corp. - January 8, 2026) - Dryden Gold Corp. (TSXV: DRY) (OTCQB: DRYGF) ("Dryden Gold" or the "Company") announces that, further to the investor rights agreement dated December 17, 2024, (the "Centerra IRA") between the Company and Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) ("Centerra"), to retain its 9.99% interest in the Company, Centerra has issued to the Company notice of their intention to exercise their 'top-up right', subject to the approval of the TSX Venture Exchange, as it relates to certain share issuances completed by the Company through December 31, 2025. The share issuances were related to warrant and option exercises in 2025 (see press release dated December 30, 2025).

A copy of the Centerra IRA is available on the Company's SEDAR+ profile.

The Company also announces a non-brokered private placement (the "Offering") through the issuance of 2,350,000 charity flow-through common shares (the "CFT Shares") at a price of $0.425 per CFT Share for aggregate gross proceeds of $998,985. The CFT Shares will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act") and "Ontario focused flow-through shares" as defined in the Taxation Act, 2007 (Ontario) ("Ontario Tax Act"). No finders' fees were paid in connection with the Offering.

An amount equal to the gross proceeds from the issuance of the CFT Shares will be used to incur eligible resource exploration expenses which will qualify as (i) "Canadian exploration expenses" (as defined in the Tax Act), (ii) as "flow-through mining expenditures" (as defined in subsection 127(9) of the Tax Act); and as "eligible Ontario exploration expenditures" within the meaning of the Ontario Tax Act ("Qualifying Expenditures"). All Qualifying Expenditures will be renounced in favor of the subscribers for the CFT Shares effective on or before December 31, 2026.

Trey Wasser, CEO of Dryden Gold commented, "The proceeds from the Offering and from the warrant and option exercises will be used to significantly expand Dryden Gold's 2026 exploration program on its district-scale property in northwest Ontario. We will also be increasing our marketing efforts, focused on the strong US investor base. I am very excited about the gold business and Dryden Gold in 2026."

The Company's goals for 2026 were outlined in a press release dated December 17, 2025 and our video here. To summarize, these goals are:

Continue to grow the Gold Rock target area testing strike length and hanging wall structures from Elora to Big Master.Test for periodicity or repetition on strike in the Gold Rock Camp with follow up drilling at the Mud Lake target area and a newly identified anomaly to the south.Drill-test the Hyndman regional discovery.Follow-up drilling at the Sherridon regional target and to continue the development of the deposit model. Interpret the property-wide soil-till program to identify new regional targets to add to the exploration pipeline.These goals remain unchanged, but the intensity will certainly increase. Drilling for 2026 was estimated at 23-25,000 meters. The drill budget will be increased by 75-100%. The budget for regional exploration and field work will also be increased as the Company endeavors to expand the district-scale potential of its 70,000-hectare land package.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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

ABOUT DRYDEN GOLD CORP.
Dryden Gold Corp. is an exploration company focused on the discovery of high-grade gold mineralization listed on the TSX Venture Exchange ("DRY"), on the OTCQB marketplace ("DRYGF") and on the FSE: ("X7W "). The Company has a strong management team and Board of Directors comprised of experienced individuals with a track record of building shareholder value through property acquisition and consolidation, exploration success, and mergers and acquisitions. Dryden Gold controls a 100% interest in a dominant strategic land position in the Dryden District of Northwestern Ontario. Dryden Gold's property package includes historic gold mines but has seen limited modern exploration. The property hosts high-grade gold mineralization over 50km of potential strike length along the Manitou-Dinorwic deformation zone. The property has excellent infrastructure, enjoys collaborative relationships with First Nations communities and benefits from proximity to an experienced mining workforce.

For more information, go to our website www.drydengold.com.

Cautionary Note Regarding Forward-Looking Statements
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: receipt of corporate and regulatory approvals, issuance of common shares; future development plans; and the business and operations of Dryden Gold. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings including receipt of TSX Venture Exchange approval for the offering; risks related to environmental regulation and liability; the potential for delays in exploration or development activities; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in Dryden Gold's and the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and Dryden Gold and the Company do not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from Dryden Gold's and the Company's expectations or projections.

UNITED STATES ADVISORY. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), have been offered and sold outside the United States to eligible investors pursuant to Regulation S promulgated under the U.S. Securities Act, and may not be offered, sold, or resold in the United States or to, or for the account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the United States Securities Act) unless the securities are registered under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available. Hedging transactions involving the securities must not be conducted unless in accordance with the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in the state in the United States in which such offer, solicitation or sale would be unlawful.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279783

Source: Dryden Gold Corp.

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VANCOUVER, British Columbia, Jan. 08, 2026 (GLOBE NEWSWIRE) -- NervGen Pharma Corp. (“NervGen” or the “Company") (TSXV: NGEN) (NASDAQ: NGEN), a clinical-stage biopharmaceutical company developing first-in-class neuroreparative therapeutics for spinal cord injury (SCI) and other neurotraumatic and neurologic conditions, today announced the Company's common shares have been approved for listing on Nasdaq. NervGen’s common shares will begin trading on Nasdaq today, under the symbol “NGEN.”

"A listing on Nasdaq marks a defining moment in NervGen’s evolution as a leading biopharmaceutical company developing neuroreparative therapeutics," said Adam Rogers, MD, Interim Chief Executive Officer of NervGen Pharma. "With unprecedented Phase 1b/2a CONNECT SCI data demonstrating durable improvements in function, independence, and quality of life in chronic SCI, we are entering late-stage development from a position of clinical and organizational strength. We believe this listing will enhance visibility in the marketplace, improve liquidity, broaden and diversify our shareholder base, and ultimately drive long-term shareholder value as we advance NVG-291 toward potentially becoming the first approved pharmacologic therapy for SCI and transforming the treatment paradigm for neurotraumatic and neurologic conditions with significant unmet medical need.”

NervGen's listing on Nasdaq follows the Company's announcement of expanded Phase 1b/2a CONNECT SCI Study data on November 24th, 2025, in which NVG-291 demonstrated unprecedented durable improvement in function, independence, and quality of life in individuals with chronic SCI between 1 to 10 years post-injury. NVG-291’s ability to enable the nervous system to repair itself is supported by statistically significant improvements in upper-limb corticospinal signaling, as well as statistically significant reductions in hyperactive upper and lower-limb reticulospinal signaling. NervGen will conduct a U.S. Food and Drug Administration (FDA) End-of-Phase 2 meeting in early 2026 to align on the development and registration pathway for NVG-291. In September 2025, the Company completed an FDA Type C meeting, during which the FDA confirmed that multiple regulatory pathways are available to support approval.

About NervGen Pharma
NervGen Pharma Corp. (TSXV: NGEN) (NASDAQ: NGEN) is a clinical-stage biopharmaceutical company developing first-in-class neuroreparative therapeutics for spinal cord injury (SCI) and other neurotraumatic and neurologic conditions. The Company’s mission is to transform the lives of individuals living with SCI by enabling the nervous system to repair itself. NervGen’s lead therapeutic candidate, NVG-291, is a subcutaneously administered, neuroreparative peptide. NVG-291 was evaluated in the Phase 1b/2a CONNECT SCI Study in individuals with chronic SCI between 1 to 10 years post-injury and is the first pharmacologic candidate to demonstrate durable improvement in function, independence, and quality of life. Enrollment of individuals with subacute SCI in the Phase 1b/2a CONNECT SCI Study is ongoing, alongside preparation for a Phase 3 clinical trial in chronic SCI. NVG-291 has received Fast Track designation from the FDA and Orphan Drug designation from the European Medicines Agency (EMA) for the treatment of SCI. Through NVG-291 and the Company’s next-generation candidate, NVG-300, NervGen is pursuing a pharmacologic approach to transform the treatment paradigm for neurotraumatic and neurologic conditions with significant unmet medical need. For more information, visit www.nervgen.com and follow NervGen on X and LinkedIn.

Contacts
Huitt Tracey, Investors
[email protected]
604.537.2094

David Schull or Ignacio Guerrero-Ros, Ph.D., Media
Russo Partners
[email protected]
[email protected]
858.717.2310

Bill Adams, Chief Financial Officer
[email protected]
778.731.1711

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

Cautionary Note and Forward Looking-Statements
This news release may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws (collectively, “forward-looking statements”). Such forward-looking statements herein include but are not limited to, the Company’s current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements, or any other future events or developments constitute forward-looking statements, and the words “may”, “will”, “would”, “should”, “could”, “expect”, “plan”, “intend”, “trend”, “indication”, “anticipate”, “believe”, “estimate”, “predict”, “likely” or “potential”, or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. Forward-looking statements include, without limitation, statements relating to: the expected enhanced visibility in the market place, improved liquidity, broadened and diversified shareholder base, and long-term shareholder value from the Nasdaq listing; NVG-291’s potential to become the first approved pharmacologic therapy for SCI; the Company’s plans for future regulatory meetings; the Company’s potentially best-in-class candidate, NVG-291; the potential broad therapeutic applications of NVG-291; the future growth of the Company; the Company’s mission to transform the lives of individuals living with spinal cord injury; the Company’s pursuit to revolutionize the treatment paradigm for neurotraumatic conditions with significant unmet medical need; the objectives, planned clinical endpoints, timing, expected rate of enrollment, and final results from our clinical trials of NVG-291 in individuals with spinal cord injury; and the creation of neuroreparative therapeutics to enable the nervous system to repair itself in settings of neurotrauma and neurologic disease. Forward-looking statements are based on estimates and assumptions made by the company in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. In making forward-looking statements, the Company has relied on various assumptions, including, but not limited to: its ability to obtain future funding on favorable terms, if at all; the accuracy of its financial projections; obtaining positive results in its clinical trials; its ability to obtain necessary regulatory approvals; its ability to arrange for the manufacturing of its product candidates and technologies; and general business, market and economic conditions. Many factors could cause the Company’s actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including without limitation, a lack of revenue, insufficient funding, reliance upon key personnel, the uncertainty of the clinical development process, competition, and other factors set forth in the "Risk Factors" section of the Company’s most recently filed prospectus supplement, short form base shelf prospectus, annual information form, financial statements and management discussion and analysis all of which can be found on NervGen’s profile on SEDAR+ at www.sedarplus.ca and in NervGen’s Form F-10/A filed on EDGAR at www.edgar.com. All clinical development plans are subject to additional funding. Readers should not place undue reliance on forward-looking statements made in this news release. Furthermore, unless otherwise stated, the forward-looking statements contained in this news release are made as of the date of this news release, and the Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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, /PRNewswire/ - CGI (TSX: GIB.A) (NYSE: GIB), one of the largest independent  IT and business consulting services firms in the world, has been named a Major Contender in the Everest Group's PEAK Matrix® Assessment 2025 for both Global Capability Center (GCC) set-up and transformation capabilities in India.

These recognitions highlight CGI's end-to-end GCC support aligned to clients' strategic priorities. Through flexible frameworks, skilled talent, and specialized Centers of Excellence, CGI helps clients establish, scale, and modernize GCCs, transforming them into agile, innovation-driven hubs that accelerate digital transformation, enable AI-integrated operations, and drive global agility at scale.

"In India, we are uniquely positioned to help clients unlock the full potential of their GCCs—from operational excellence to large-scale transformation. This recognition by Everest Group reflects our skilled talent and world-class delivery capabilities in India, helping organizations accelerate digital transformation, scale AI-powered operations and strengthen resilience at scale," said Rakesh Aerath, President, Asia Pacific Global Delivery Centers of Excellence, CGI.

Insights from CGI's annual global proprietary research reveal that organizations are pursuing a dual agenda of balancing innovation and growth with efficiency and cost control. In line with this, many organizations plan to invest in establishing and expanding their technology operations centers as part of digital transformation priorities.

"This recognition highlights CGI's two decades of helping clients build outcome-driven, AI-enabled GCCs. By combining our proximity model with managed services, we help clients treat the GCC as an extension of their enterprise, aligned to business priorities and delivering measurable outcomes from the outset," said Amar Aswatha, Senior Vice-President, Global Business Engineering, CGI.

Everest Group's PEAK Matrix® Assessments benchmark service providers on capability and market impact, drawing on provider inputs, client feedback, and industry data. For GCCs, the framework evaluates a provider's ability to support the full lifecycle, from setup to operational excellence and strategic transformation.

About Everest Group PEAK Matrix® Assessment
The Everest Group PEAK Matrix® Assessment is a trusted, fact-based framework that evaluates service providers, technology vendors, and solutions across global markets. Each assessment measures two key dimensions: market impact, which reflects adoption, portfolio mix, and value delivered, and vision and capability, which gauges innovation, delivery footprint, and strategic direction. Providers are categorized as Leaders, Major Contenders, or Aspirants, with Star Performers recognized for year-over-year improvement. These insights help enterprises make confident sourcing decisions and enable providers to benchmark their strengths against industry peers. For more information, visit www.everestgrp.com.

About CGI
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 94,000 consultants and professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. CGI Fiscal 2025 reported revenue is CA$15.91 billion and CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.

SOURCE CGI Inc.

Vancouver, British Columbia / January 8, 2026 ‑ TheNewswire - Harvest Gold Corporation (TSXV: HVG) (“Harvest Gold” or the “Company”) is pleased to announce the second series of assay results from its maiden drill program at its Mosseau property in the Urban Barry Belt in Quebec’s Abitibi region.

Rick Mark, President and CEO of Harvest Gold, stated: “As we finish reporting on our 11-hole Northern area program, we are excited to have found new, complex and sizable mineralization in our previously identified ‘dilation zone’, which our geo team interprets to have the types  of fluids and traps that can hide deposits.  The thick intervals and widespread Au-Ag-Cu mineralization southeast of the Morono deposit, within this structural dilation zone, indicate a regionally extensive and significant gold system. Elevated background values and consistent mineralogical associations support this interpretation. The gold-rich mineralization, accompanied by precious and base metals, shares key similarities with several well-known, gold-rich base metal deposits in the Abitibi.”

Drill Program Highlights: Second Batch of Drill Holes

Drilling focused on a major structural feature interpreted as a large dilation zone, based on Harvest Gold’s 2024 high-resolution magnetic survey. (see Figure 1)  

The most southerly hole to date, located 330 m to the SE of the Morono deposit, intersected multiple intervals with anomalous and coincidental Au-Ag-Cu mineralization over the length of the hole (MO-25-24). 

A hole testing the down-dip extension of the Morono deposit intersected several wide zones of anomalous Au and Cu mineralization over core lengths of 10 to 19 metres (MO-25-22). 

Highest grade assays from the second batch of 5 drill holes include 2.40 g/t Au over 1.4 m (MO-25-21) and 1.26 g/t Au over 1.5 m (MO-25-20)  

This brecciated gold-rich base metal mineralization provides new and compelling exploration targets.

Click Image To View Full Size

Figure 1: Recent Drill Holes completed in the Dilation Zone (Magnetics VG2) - Northern Area

Drilling Program Summary and Significant Assay Results

The Mosseau drill program was completed in December and included twenty-one (21) drill holes, totalling 4,692 metres (Figure 1). Assay results have now been reported for the first eleven (11) holes of the planned drill program (Figure 2). This press release includes the second and final batch of assay results from the northern part of the property.

These five holes targeted the structural or dilation zone interpreted from the high-resolution magnetic survey completed by Harvest Gold in 2024 The 5 holes being reported tested the historical Morono S & P Trench target area, the historical, non 43-101 Morono deposit at depth and the SE extension of that Morono deposit where previous prospecting had identified Au-Cu mineralization in boulders.

The highest assays from the second batch of drill holes included 2.40 g/t Au over 1.4 m (MO-25-21) and 1.26 g/t Au over 1.5 m (MO-25-20). Both of these intersections were hosted in sheared volcanic rocks with disseminated to small veinlets of sulphides and local quartz veining in the area of Morono S&P showings.

Hole MO-25-22 tested the down-dip extension of the Morono deposit at a vertical depth of 325 m. Several substantially wide intersections of anomalous gold or copper were intersected over widths of 10 to 19 m.  The most notable intersections included 0.14% Cu over 10.0 m (165.0-175.0m), 0.13 g/t Au over 19.0 m (188.0-199.0m) and 0.12% Cu over 10.0 m (305.0-315.0m). Much of this mineralization contains both shear and brecciated style mineralization (Figure 4).  

Hole MO-25-24 was the most southeasterly of the holes drilled in the northern part of the property and tested the area over 300 m to the SE of the Morono deposit. This target area was highlighted by previous prospecting work by Vior Inc. that identified Au-Cu rich boulders on surface. Hole MO-25-24 intersected multiple anomalous Au-Ag-Cu intervals over much of the length of the drill hole. The results of this hole highlight a slightly different style of mineralogy than that previously seen on the property, with a good correlation of Au-Ag-Cu assays over multiple intersections throughout the hole. This style of Au-Ag-Cu mineralization is similar to a recent sulphide zone reported from drilling in the northern part of the property, which included 8.67 g/t Au, 203.0 g/t Ag and 2.26% Cu over 0.6 m in hole MO-25-15 (refer to the Company’s press release date November 25, 2025). The host rocks in MO-25-24 are more typically sheared mafic volcanics with sulphides along the fractures and associated with quartz veins. The drill hole indicates excellent potential for a larger deposit and the possibility of expanding the mineralization towards the east within the dilation zone, in an area that remains largely untested.

The collar details for Holes MD-25-20 to MD-25-34 are shown in Table 1. Significant assay results from the additional five holes reported are presented in Table 2. True widths of the mineralized zones are not known at this time. The Qualified Person (QP) is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the assay data disclosed in this news release.  

Diamond drill results for the final ten holes in the Central Area of the Mosseau property, where the company had identified several coincidental soil geochemical anomalies associated with airborne magnetic features (July 24, 2025), are pending

About Harvest Gold Corporation

Harvest Gold is focused on exploring for near-surface gold deposits and copper-gold porphyry deposits in politically stable mining jurisdictions. Harvest Gold’s board of directors, management team and technical advisors have collective geological and financing experience exceeding 400 years.

Harvest Gold has three active gold projects focused in the Urban Barry area, totalling 377 claims covering 20,016.87 ha, located approximately 45-70 km west of Gold Fields Limited’s - Windfall Deposit (Figure 3).

Harvest Gold acknowledges that the Mosseau Gold Project straddles the Eeyou Istchee-James Bay and Abitibi territories.  Harvest Gold is committed to developing positive and mutually beneficial relationships based on respect and transparency with local Indigenous communities.

Harvest Gold’s three properties, Mosseau, Urban-Barry and LaBelle, together cover over 50 km of favorable strike along mineralized shear zones.

Click Image To View Full Size 

Figure 2: Mosseau drill holes completed by Harvest Gold – Northern and Central Target Areas

  
Click Image To View Full Size

Figure 3: Recent completed drill holes - 2025 (Northern Area)

    
Click Image To View Full Size

Figure 4: Style of Mineralization – Broad Zones (MO-25-22)

   Table 1: Drill Collar Locations (holes completed to date)

Hole-ID

Azimuth

Dip

Length (m)

Easting (m)

Northing (m)

MO-25-20

225

-50

156

377065

5430272

MO-25-21

225

-50

318

377134

5430364

MO-25-22

47

-53

531

377718

5430158

MO-25-23

45

-50

147

378173

5430008

MO-25-24

45

-50

210

378307

5429848

MO-25-25

225

-50

183

381103

5427713

MO-25-26

225

-50

213

381237

5427659

MO-25-27

225

-50

258

381425

5427584

MO-25-28

225

-50

282

382597

5426970

MO-25-29

225

-50

273

383098

5428033

MO-25-30

225

-50

258

383197

5426662

MO-25-31

225

-50.

252

381531

5428067

MO-25-32

225

-50

252

381202

5428189

MO-25-33

225

-50

75

381209

5429024

MO-25-34

225

-50

300

382268

5428449

Drill collar coordinates in UTM NAD83, Zone 18

  Table 2: Significant assay results table from holes Md-25-20 to MD-25-24 at Mosseau

Hole-ID

From (m)

To (m)

Length

Au (gpt)

Ag (g/t)

Cu (%)

MO-25-20

124.5

138

13.5

0.21

    Incl.

135.0

136.5

1.5

1.26

                  MO-25-21

151.5

153.0

1.5

0.10

2.0

0.20

MO-25-21

258.2

259.6

1.4

2.40

1.3

  MO-25-21

292.0

293.5

1.5

0.10

    MO-25-21

302.2

303.0

0.85

0.22

    MO-25-21

315.0

316.4

1.4

0.21

                  MO-25-22

58.5

60.0

1.5

0.14

  0.20

MO-25-22

79.5

83.1

3.6

0.13

  0.13

MO-25-22

107

108

1.0

0.29

1.8

  MO-25-22

135

136.5

1.5

0.17

    MO-25-22

165

175

10.0

0.03

  0.14

MO-25-22

180

199.0

19.0

0.13

    MO-25-22

305

315

10.0

0.02

  0.12

MO-25-22

385.5

387

1.5

0.14

    MO-25-22

409.5

411

1.5

0.11

    MO-25-22

424.5

426

1.5

0.10

  0.14

MO-25-22

471

474

3

0.42

                  MO-25-23

      NSA

                  MO-25-24

16.5

18

1.5

0.14

1.4

0.12

MO-25-24

27

30

3

0.24

2.6

0.12

MO-25-24

51

54

3

0.25

5.2

0.68

MO-25-24

86.5

87.1

0.6

0.26

4.4

0.13

MO-25-24

115.5

117

1.5

0.15

2.2

  MO-25-24

146

147

1

0.14

2.4

0.19

MO-25-24

148.5

150

1.5

0.15

2.7

0.20

MO-25-24

152

153

1

0.11

3.1

0.16

MO-25-24

190.5

192

1.5

0.28

5.5

0.36

MO-25-24

197

198.05

1.05

0.39

1.8

0.18

MO-25-24

201

202

1

0.17

1.3

0.10

MO-25-24

204

205.5

1.5

0.02

1.9

0.37

Reported intervals are drilled core lengths (true widths have not yet been determined)

   
Click Image To View Full Size 

Figure 5: Project Location: Urban-Barry Greenstone Belt

  Sampling, QAQC, and Laboratory Analysis Summary

All core logging and sampling completed by Harvest Gold as part of its diamond drilling program is subject to a strict standard for Quality Control and Quality Assurance (QAQC), which include the insertion of certified reference materials (standards), blank materials, and field duplicate analysis. NQ-diameter sawed half-core samples from the drilling program at Mosseau were securely sent by Company geologists to AGAT Laboratories Ltd. (AGAT), with sample preparation in Val-d’Or, Québec and analysis in Thunder Bay, Ontario, where samples were processed for gold analysis by 50-gram fire assay with an atomic absorption finish. Samples from selected holes were securely sent to AGAT in Calgary, Alberta, for multi-element analysis (including silver) by inductively coupled plasma (ICP) method with a four-acid digestion. AGAT sample preparation and laboratory analysis procedures conform to requirements of ISO/IEC Standard 17025 guidelines and meet the requirements under NI 43-101 and CIM best practice guidelines. AGAT is independent of Harvest Gold.

  Qualified Person Statement

All scientific and technical information in this news release has been prepared and approved by Louis Martin, P.Geo., Technical Advisor to the Company and considered a Qualified Person for the purposes of NI 43-101.

  ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark
President and CEO
Harvest Gold Corporation

For more information please contact:

Rick Mark or Jan Urata
@ 604.737.2303 or [email protected]

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

Forward Looking Information

This news release includes certain statements that may be deemed "forward looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that Harvest Gold expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

The online retailer said the closure of its Erfurt center is part of a plan to reshape its pan-European logistics network and strengthen its market position.

HomeStock IdeasLong IdeasBasic Materials

SummaryAya Gold & Silver offers nearly pure silver exposure, poised for an extraordinary quarter and 2026 amid record silver prices.Despite a 50% price run-up, AYA remains undervalued, with a margin of safety if silver stays above $40/oz and gold above $3500/oz.Q3 delivered strong operational results: 23% production growth $22M operating cash flow, but cash costs remain elevated at ~$21/oz.Boumadine's recent PEA results envision a 6x increase in silver equivalent production and add hundreds of millions of dollars in value. emicristea/iStock via Getty Images

Intro I hadn’t planned on writing an update on Aya Gold and Silver (AYA:CA) (AYASF) so soon. Q3 did well but was largely in line with what I expected. Zgounder got an update. The Boumadine PEA was released, which showed

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

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

MEDINA, Ohio--(BUSINESS WIRE)--RPM International Inc. (NYSE: RPM), a world leader in specialty coatings, sealants and building materials, today reported financial results for its fiscal 2026 second quarter ended November 30, 2025.

Frank C. Sullivan, RPM chairman and CEO commented, “In the second quarter, sales came in at the lower end of our expectations. The prolonged government shutdown contributed to the trend of longer lead times on construction projects and further pressured already negative consumer sentiment. As a result, sales growth turned negative as the quarter progressed, and earnings declined as we were unable to fully leverage growth investments and overcome temporary margin headwinds from plant and warehouse facility consolidations. Given the slower demand environment, we have moved quickly to put in place SG&A-focused optimization actions that will save approximately $100 million annually once fully implemented, while continuing focused growth investments in our highest potential opportunities.”

SG&A-Focused Optimization Actions

In response to current market conditions, the company is implementing actions that, once fully in place, will generate annual benefits of approximately $100 million. Approximately $5 million of the benefits are expected to be realized in the third quarter of fiscal 2026, an incremental $20 million in the fourth quarter of fiscal 2026 and an incremental $75 million in fiscal 2027. Additional details on the cost to implement these initiatives will be available in April 2026.

Second-Quarter 2026 Consolidated Results

Consolidated Three Months Ended

$ in 000s except per share data November 30,

November 30,

2025

2024

$ Change

% Change

Net Sales $

1,909,895

$

1,845,318

$

64,577

3.5

%

Net Income Attributable to RPM Stockholders 161,207

183,204

(21,997

)

(12.0

%)

Diluted Earnings Per Share (EPS) 1.26

1.42

(0.16

)

(11.3

%)

Income Before Income Taxes (IBT) 210,995

212,982

(1,987

)

(0.9

%)

Earnings Before Interest and Taxes (EBIT) 228,974

227,633

1,341

0.6

%

Adjusted EBIT(1) 226,632

255,076

(28,444

)

(11.2

%)

Adjusted Diluted EPS(1) 1.20

1.39

(0.19

)

(13.7

%)

  (1) Excludes certain items that are not indicative of RPM's ongoing operations. See tables below titled Supplemental Segment Information and Reconciliation of Reported to Adjusted Amounts for details. Record second-quarter sales were driven by acquisitions and engineered solutions for high-performance buildings, which were partially offset by soft DIY demand. Growth in several construction businesses slowed as the quarter progressed, as project lead times became longer, due in part to the extended government shutdown.

Geographically, Europe led sales growth with an increase of 13.9%, driven by acquisitions and favorable foreign exchange. North America sales increased 1.9%, driven by acquisitions and high-performance building solutions in the U.S., partially offset by softness in Canada. Emerging markets were led by Africa / Middle East, with growth driven by high-performance building and infrastructure projects.

Sales included a 0.5% organic decline, 3.4% growth from acquisitions, and a 0.6% benefit from foreign currency translation.

Adjusted EBIT declined as growth investments, reduced fixed-cost absorption from lower volumes and temporary inefficiencies from plant and warehouse facility consolidations more than offset MAP 2025 operational improvements. Increased healthcare and acquisition expenses also contributed to the adjusted EBIT decline.

The adjusted diluted EPS decline was primarily driven by lower adjusted EBIT, along with higher interest expense resulting from debt being used to finance acquisitions.

Second-Quarter 2026 Segment Sales and Earnings

Construction Products Group Three Months Ended

$ in 000s November 30,

November 30,

2025

2024

$ Change

% Change

Net Sales $

737,439

$

720,467

$

16,972

2.4

%

Income Before Income Taxes 94,565

107,848

(13,283

)

(12.3

%)

EBIT 95,531

108,748

(13,217

)

(12.2

%)

Adjusted EBIT(1) 98,631

110,758

(12,127

)

(10.9

%)

  (1) Excludes certain items that are not indicative of RPM's ongoing operations. See table below titled Supplemental Segment Information for details. Record CPG sales were driven by roofing solutions serving high-performance buildings, partially offset by weaker sales in the disaster restoration business due to reduced storm activity compared to the prior year.

Sales included 0.8% organic growth, 0.5% growth from acquisitions net of divestitures, and a 1.1% benefit from foreign currency translation.

Adjusted EBIT declined as SG&A growth investments, temporary inefficiencies from plant consolidations and lower fixed-cost absorption at businesses with volume declines more than offset MAP 2025 operational improvement benefits.

Performance Coatings Group Three Months Ended

$ in 000s November 30,

November 30,

2025

2024

$ Change

% Change

Net Sales $

533,806

$

511,231

$

22,575

4.4

%

Income Before Income Taxes 81,699

80,326

1,373

1.7

%

EBIT 80,766

79,693

1,073

1.3

%

Adjusted EBIT(1) 82,829

83,085

(256

)

(0.3

%)

  (1) Excludes certain items that are not indicative of RPM's ongoing operations. See table below titled Supplemental Segment Information for details. Record PCG sales were driven by broad-based growth across its businesses. Acquisitions also contributed to the sales increase.

Sales included 2.7% organic growth, a 1.1% increase from acquisitions, and a 0.6% benefit from foreign currency translation.

Adjusted EBIT growth was approximately flat as the higher sales and MAP 2025 operational improvement benefits were offset by growth investments and unfavorable mix.

Consumer Group Three Months Ended

$ in 000s November 30,

November 30,

2025

2024

$ Change

% Change

Net Sales $

638,650

$

613,620

$

25,030

4.1

%

Income Before Income Taxes 100,669

86,256

14,413

16.7

%

EBIT 100,710

86,593

14,117

16.3

%

Adjusted EBIT(1) 89,995

95,940

(5,945

)

(6.2

%)

  (1) Excludes certain items that are not indicative of RPM's ongoing operations. See table below titled Supplemental Segment Information for details. The Consumer Group’s record sales were driven by acquisitions and pricing to recover inflation. This growth was partially offset by softness in DIY markets, product rationalization, and delayed sales related to software system implementations and a shared distribution center integration. This softness became more pronounced toward the end of the quarter.

Sales included a 4.7% organic decline, 8.7% growth from acquisitions, and a 0.1% benefit from foreign currency translation.

Adjusted EBIT declined as lower volumes, a plant consolidation, and the startup of a shared distribution center all reduced earnings, which more than offset MAP 2025 operational improvement benefits. Lower demand at the Color Group also pressured profitability.

Adjusted EBIT excludes a $12.7 million gain on a fair value adjustment associated with the Star Brands Group acquisition, as aggressive targets needed to achieve the earnout are unlikely to be met.

Cash Flow and Financial Position

During the first six months of fiscal 2026:

Cash provided by operating activities was $583.2 million, the second-highest amount in the company’s history, compared to $527.5 million in the prior-year period with the increase driven by improved working capital efficiency. Capital expenditures were $111.8 million compared to $100.7 million during the first six months of fiscal 2025, with the increase driven by growth investments, including the purchase of RPM’s new Malaysian plant. The company returned $168.7 million to stockholders through cash dividends and share repurchases, an increase of 5.8% compared to the prior year. The company had multiple small divestitures as part of MAP 2025 initiatives to rationalize production lines, with proceeds from these transactions totaling $3.9 million in the second fiscal quarter. As of November 30, 2025:

Total debt was $2.52 billion compared to $2.03 billion a year ago, with the $494.0 million increase driven by debt used to finance acquisitions. Total liquidity, including cash and committed revolving credit facilities, was $1.10 billion, compared to $1.50 billion a year ago, with the decrease driven by the use of credit facilities to finance acquisitions. Business Outlook

Sullivan said, “Driven by our targeted growth investments, we expect to outgrow underlying markets in the third quarter. However, market demand is expected to remain sluggish as consumer confidence is low and uncertainty in construction markets, including weather-related factors, persists.”

He continued, “While visibility for the fourth quarter remains limited, we are controlling what we can and expect to benefit from activity related to previously deferred construction projects and are encouraged that our construction pipeline remains solid. We will also benefit from the implementation of optimization actions, which will serve as a tailwind to margins.”

The company expects the following in the fiscal 2026 third quarter:

Consolidated sales to increase in the mid-single-digit percentage range compared to prior-year results. Consolidated adjusted EBIT to increase in the mid- to high-single digit percentage range compared to prior-year results Consumer sales growth to be moderately higher than the other two segments due to acquisitions. The company expects the following in the fiscal 2026 fourth quarter:

Consolidated sales to increase in the mid-single-digit range compared to prior-year record results. Consolidated adjusted EBIT to be up low- to high-single-digits compared to prior-year record results. Earnings Webcast and Conference Call Information

Management will host a conference call to discuss these results beginning at 10:00 a.m. ET today. The call can be accessed via webcast at www.RPMinc.com/Investors/Presentations-Webcasts or by dialing 1-844-481-2915 or 1-412-317-0708 for international callers and asking to join the RPM International call. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. The call, which will last approximately one hour, will be open to the public, but only financial analysts will be permitted to ask questions. The media and all other participants will be in a listen-only mode.

For those unable to listen to the live call, a replay will be available from January 8, 2026, until January 15, 2026. The replay can be accessed by dialing 1-855-669-9658 or 1-412-317-0088 for international callers. The access code is 1320592. The call also will be available for replay and as a written transcript via the RPM website at www.RPMinc.com.

About RPM

RPM International Inc. owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services. The company operates across three reportable segments: consumer, construction products and performance coatings. RPM has a diverse portfolio of market-leading brands, including Rust-Oleum, DAP, Zinsser, Varathane, The Pink Stuff, Legend Brands, Stonhard, Carboline, Tremco, Dryvit and Nudura. From homes and workplaces to infrastructure and precious landmarks, RPM’s brands are trusted by consumers and professionals alike to help build a better world. The company employs approximately 17,800 individuals worldwide. Visit www.RPMinc.com to learn more.

Use of Non-GAAP Financial Information

To supplement the financial information presented in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”) in this earnings release, we use EBIT, adjusted EBIT and adjusted earnings per share, which are all non-GAAP financial measures. EBIT is defined as earnings (loss) before interest and taxes, with adjusted EBIT and adjusted earnings per share provided for the purpose of adjusting for one-off items impacting revenues and/or expenses that are not considered by management to be indicative of ongoing operations. We evaluate the profit performance of our segments based on income before income taxes, but also look to EBIT as a performance evaluation measure because interest income (expense), net is essentially related to corporate functions, as opposed to segment operations. For that reason, we believe EBIT is also useful to investors as a metric in their investment decisions. EBIT should not be considered an alternative to, or more meaningful than, income before income taxes as determined in accordance with GAAP, since EBIT omits the impact of interest and investment income or expense in determining operating performance, which represent items necessary to our continued operations, given our level of indebtedness. Nonetheless, EBIT is a key measure expected by and useful to our fixed income investors, rating agencies and the banking community all of whom believe, and we concur, that this measure is critical to the capital markets’ analysis of our segments’ core operating performance. We also evaluate EBIT because it is clear that movements in EBIT impact our ability to attract financing. Our underwriters and bankers consistently require inclusion of this measure in offering memoranda in conjunction with any debt underwriting or bank financing. EBIT may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See the financial statement section of this earnings release for a reconciliation of EBIT and adjusted EBIT to income before income taxes, and adjusted earnings per share to earnings per share. We have not provided a reconciliation of our third-quarter fiscal 2026 or fourth-quarter fiscal 2026 adjusted EBIT guidance because material terms that impact such measure are not in our control and/or cannot be reasonably predicted, and therefore a reconciliation of such measure is not available without unreasonable effort.

Forward-Looking Statements

This press release includes forward-looking statements relating to our business. These forward-looking statements, or other statements made by us, are made based on our expectations and beliefs concerning future events impacting us and are subject to uncertainties and factors (including those specified below), which are difficult to predict and, in many instances, are beyond our control. As a result, our actual results could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) global and regional markets and general economic conditions, including uncertainties surrounding the volatility in financial markets, the availability of capital and the viability of banks and other financial institutions; (b) the prices, supply and availability of raw materials, including assorted pigments, resins, solvents, and other natural gas- and oil-based materials; packaging, including plastic and metal containers; and transportation services, including fuel surcharges; (c) continued growth in demand for our products; (d) legal, environmental and litigation risks inherent in our businesses and risks related to the adequacy of our insurance coverage for such matters; (e) the effect of changes in interest rates; (f) the effect of fluctuations in currency exchange rates upon our foreign operations; (g) changes in global trade policies, including the adoption or expansion of tariffs and trade barriers; (h) the effect of non-currency risks of investing in and conducting operations in foreign countries, including those relating to domestic and international political, social, economic and regulatory factors; (i) risks and uncertainties associated with our ongoing acquisition and divestiture activities; (j) the timing of and the realization of anticipated cost savings from restructuring initiatives, the ability to identify additional cost savings opportunities, and the risks of failing to meet any other objectives of our improvement plans; (k) risks related to the adequacy of our contingent liability reserves; (l) risks relating to a public health crisis similar to the Covid pandemic; (m) risks related to acts of war similar to the Russian invasion of Ukraine; (n) risks related to the transition or physical impacts of climate change and other natural disasters or meeting sustainability-related voluntary goals or regulatory requirements; (o) risks related to our or our third parties' use of technology including artificial intelligence, data breaches and data privacy violations; (p) the shift to remote work and online purchasing and the impact that has on residential and commercial real estate construction; and (q) other risks detailed in our filings with the Securities and Exchange Commission, including the risk factors set forth in our Form 10-K for the year ended May 31, 2025, as the same may be updated from time to time. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the filing date of this press release.

CONSOLIDATED STATEMENTS OF INCOME IN THOUSANDS, EXCEPT PER SHARE DATA (Unaudited)   Three Months Ended

Six Months Ended

November 30,

November 30,

November 30,

November 30,

2025

2024

2025

2024

  Net Sales $

1,909,895

$

1,845,318

$

4,023,638

$

3,814,107

Cost of Sales 1,129,728

1,080,774

2,350,255

2,212,890

Gross Profit 780,167

764,544

1,673,383

1,601,217

Selling, General & Administrative Expenses 549,465

529,836

1,122,999

1,055,982

Restructuring Expense 4,531

7,557

13,345

14,759

Interest Expense 28,005

23,177

57,331

47,611

Investment (Income), Net (10,026

)

(8,526

)

(23,430

)

(19,552

)

Other (Income), Net (2,803

)

(482

)

(5,904

)

(1,016

)

Income Before Income Taxes 210,995

212,982

509,042

503,433

Provision for Income Taxes 49,521

29,532

119,728

91,429

Net Income 161,474

183,450

389,314

412,004

Less: Net Income Attributable to Noncontrolling Interests 267

246

502

1,108

Net Income Attributable to RPM International Inc. Stockholders $

161,207

$

183,204

$

388,812

$

410,896

  Earnings per share of common stock attributable to RPM International Inc. Stockholders: Basic $

1.26

$

1.43

$

3.04

$

3.21

Diluted $

1.26

$

1.42

$

3.03

$

3.19

  Average shares of common stock outstanding - basic 127,129

127,658

127,206

127,675

Average shares of common stock outstanding - diluted 127,649

128,344

127,799

128,392

SUPPLEMENTAL SEGMENT INFORMATION IN THOUSANDS (Unaudited)   Three Months Ended

Six Months Ended

November 30,

November 30,

November 30,

November 30,

2025

2024

2025

2024

Net Sales: CPG Segment $

737,439

$

720,467

$

1,618,885

$

1,548,473

PCG Segment 533,806

511,231

1,072,284

1,001,191

Consumer Segment 638,650

613,620

1,332,469

1,264,443

Total $

1,909,895

$

1,845,318

$

4,023,638

$

3,814,107

  Income Before Income Taxes: CPG Segment Income Before Income Taxes (a) $

94,565

$

107,848

$

257,941

$

268,943

Interest (Expense), Net (b) (966

)

(900

)

(1,531

)

(1,368

)

EBIT (c) 95,531

108,748

259,472

270,311

MAP initiatives (d) 3,500

2,010

8,680

4,450

(Gain) on sale of assets and businesses, net (f) (400

)

-

(400

)

-

Adjusted EBIT $

98,631

$

110,758

$

267,752

$

274,761

PCG Segment Income Before Income Taxes (a) $

81,699

$

80,326

$

164,378

$

157,445

Interest Income, Net (b) 933

633

1,548

1,241

EBIT (c) 80,766

79,693

162,830

156,204

MAP initiatives (d) 2,022

3,392

6,953

5,459

Inventory step-up costs (e) 41

-

41

-

(Gain) on sale of assets and businesses, net (f) -

-

-

(237

)

Adjusted EBIT $

82,829

$

83,085

$

169,824

$

161,426

Consumer Segment Income Before Income Taxes (a) $

100,669

$

86,256

$

209,430

$

192,685

Interest (Expense), Net (b) (41

)

(337

)

(256

)

(814

)

EBIT (c) 100,710

86,593

209,686

193,499

MAP initiatives (d) 1,206

9,347

4,964

18,919

Inventory step-up costs (e) 786

-

7,903

-

(Gain) on acquisition earn-out fair value adjustment (g) (12,707

)

-

(12,707

)

-

Adjusted EBIT $

89,995

$

95,940

$

209,846

$

212,418

Corporate/Other (Loss) Before Income Taxes (a) $

(65,938

)

$

(61,448

)

$

(122,707

)

$

(115,640

)

Interest (Expense), Net (b) (17,905

)

(14,047

)

(33,662

)

(27,118

)

EBIT (c) (48,033

)

(47,401

)

(89,045

)

(88,522

)

MAP initiatives (d) 3,210

12,694

6,047

23,335

Adjusted EBIT $

(44,823

)

$

(34,707

)

$

(82,998

)

$

(65,187

)

TOTAL CONSOLIDATED Income Before Income Taxes (a) $

210,995

$

212,982

$

509,042

$

503,433

Interest (Expense) (28,005

)

(23,177

)

(57,331

)

(47,611

)

Investment Income, Net 10,026

8,526

23,430

19,552

EBIT (c) 228,974

227,633

542,943

531,492

MAP initiatives (d) 9,938

27,443

26,644

52,163

Inventory step-up costs (e) 827

-

7,944

-

(Gain) on sale of assets and businesses, net (f) (400

)

-

(400

)

(237

)

(Gain) on acquisition earn-out fair value adjustment (g) (12,707

)

-

(12,707

)

-

Adjusted EBIT $

226,632

$

255,076

$

564,424

$

583,418

Three Months Ended

Six Months Ended

November 30,

November 30,

November 30,

November 30,

2025

2024

2025

2024

Restructuring and other related expense, net $

6,637

$

11,299

$

17,236

$

22,053

ERP consolidation plan 4,440

4,005

7,406

8,949

Professional fees 3,201

12,139

6,342

21,161

(Gain) on sale of closed facilities (4,340

)

-

(4,340

)

-

MAP initiatives $

9,938

$

27,443

$

26,644

$

52,163

SUPPLEMENTAL INFORMATION RECONCILIATION OF "REPORTED" TO "ADJUSTED" AMOUNTS (Unaudited)   Three Months Ended

Six Months Ended

November 30,

November 30,

November 30,

November 30,

2025

2024

2025

2024

  Reconciliation of Reported Earnings per Diluted Share to Adjusted Earnings per Diluted Share (All amounts presented after-tax): Reported Earnings per Diluted Share $

1.26

$

1.42

$

3.03

$

3.19

MAP initiatives (d) 0.05

0.16

0.15

0.31

Inventory step-up costs (e) 0.01

-

0.05

-

(Gain) on acquisition earn-out fair value adjustment (f) (0.10

)

-

(0.10

)

-

Investment returns (g) (0.02

)

(0.02

)

(0.05

)

(0.05

)

Income tax adjustment (h) -

(0.17

)

-

(0.22

)

Adjusted Earnings per Diluted Share (i) $

1.20

$

1.39

$

3.08

$

3.23

(d)

Reflects restructuring and other charges, which have been incurred in relation to our Margin Achievement Plan ("MAP 2025") as follows:- Restructuring and other related expense, net: Includes charges incurred related to headcount reductions and facility closures recorded in "Restructuring Expense" on the Consolidated Statements of Income. Restructuring Expense totaled $4.5 million and $7.6 million for the quarters ended November 30, 2025 and November 30, 2024 respectively and $13.3 million and $14.8 million for the six months ended November 30, 2025 and November 30, 2024 respectively. Other related expenses include inventory write-offs in connection with restructuring activities recorded in "Cost of Sales" and accelerated depreciation and amortization recorded within "Cost of Sales" or "Selling, General, & Administrative Expenses ("SG&A")" depending on the nature of the expense.

- ERP consolidation plan: Includes expenses incurred as a result of our stated goals to consolidate over 75 ERP systems across the organization to one ERP platform per segment, as part of our overall MAP strategy as well as costs incurred for other decision support tools to facilitate our commercial initiatives related to MAP 2025 which have been incurred in all segments, as well as Corporate/Other, and have been recorded within "SG&A".

- Professional fees: Includes expenses incurred to consolidate accounting locations, costs incurred to implement technologies and processes to drive improved data analytics/decision making and cost incurred to implement new global manufacturing methodologies with the goal of improving operating efficiency incurred within all of our segments as well as Corporate/Other and recorded within "SG&A". All of this spend is in support of stated MAP goals with the most significant expense incurred within Corporate/Other.

- (Gain) on the sale of closed facilities: Net gain related to the sale of three properties that were closed as part of the MAP 2025 program, partially offset by losses in preparing two other facilities for sale.

(e)

Amortization of inventory fair value adjustments related to acquisitions recorded in “Cost of Sales”. (f)

A fair value adjustment of the earn-out liability associated with the Star Brands Group acquisition which resulted in a gain recorded in "SG&A" (g)

Investment returns include realized net gains and losses on sales of investments and unrealized net gains and losses on equity securities, which are adjusted due to their inherent volatility. Management does not consider these gains and losses, which cannot be predicted with any level of certainty, to be reflective of the Company's core business operations. (h)

U.S. foreign tax credits recognized as a result of global cash redeployment and debt optimization projects, as well as other adjustments to our net deferred tax asset related to U.S. foreign tax credit carryforwards resulting from our reassessment of income tax positions following recent developments in U.S. income tax case law. (i)

Adjusted Diluted EPS is provided for the purpose of adjusting diluted earnings per share for items impacting earnings that are not considered by management to be indicative of ongoing operations. CONSOLIDATED BALANCE SHEETS IN THOUSANDS (Unaudited)   November 30, 2025

November 30, 2024

May 31, 2025

Assets Current Assets Cash and cash equivalents $

316,592

$

268,683

$

302,137

Trade accounts receivable 1,370,136

1,343,207

1,551,953

Allowance for doubtful accounts (39,612

)

(52,671

)

(42,844

)

Net trade accounts receivable 1,330,524

1,290,536

1,509,109

Inventories 1,083,420

995,262

1,036,475

Prepaid expenses and other current assets 390,636

326,155

322,577

Total current assets 3,121,172

2,880,636

3,170,298

Property, Plant and Equipment, at Cost 2,826,384

2,615,862

2,738,373

Allowance for depreciation (1,328,094

)

(1,238,798

)

(1,264,974

)

Property, plant and equipment, net 1,498,290

1,377,064

1,473,399

Other Assets Goodwill 1,664,720

1,341,129

1,617,626

Other intangible assets, net of amortization 825,801

512,568

780,826

Operating lease right-of-use assets 404,650

353,706

370,399

Deferred income taxes 152,794

35,945

147,436

Other 202,813

182,022

215,965

Total other assets 3,250,778

2,425,370

3,132,252

Total Assets $

7,870,240

$

6,683,070

$

7,775,949

Liabilities and Stockholders' Equity Current Liabilities Accounts payable $

741,172

$

672,921

$

755,889

Current portion of long-term debt 8,287

6,060

7,691

Accrued compensation and benefits 230,480

213,999

287,398

Accrued losses 32,517

35,126

36,701

Other accrued liabilities 393,870

365,781

379,768

Total current liabilities 1,406,326

1,293,887

1,467,447

Long-Term Liabilities Long-term debt, less current maturities 2,511,588

2,019,846

2,638,922

Operating lease liabilities 348,248

304,517

317,334

Other long-term liabilities 242,297

244,891

241,117

Deferred income taxes 230,968

102,279

224,347

Total long-term liabilities 3,333,101

2,671,533

3,421,720

Total liabilities 4,739,427

3,965,420

4,889,167

Stockholders' Equity Preferred stock; none issued -

-

-

Common stock (outstanding 128,076; 128,568; 128,269) 1,281

1,286

1,283

Paid-in capital 1,192,372

1,164,301

1,177,796

Treasury stock, at cost (991,176

)

(915,818

)

(953,856

)

Accumulated other comprehensive (loss) (521,915

)

(580,763

)

(533,631

)

Retained earnings 3,448,857

3,047,021

3,193,764

Total RPM International Inc. stockholders' equity 3,129,419

2,716,027

2,885,356

Noncontrolling interest 1,394

1,623

1,426

Total equity 3,130,813

2,717,650

2,886,782

Total Liabilities and Stockholders' Equity $

7,870,240

$

6,683,070

$

7,775,949

CONSOLIDATED STATEMENTS OF CASH FLOWS IN THOUSANDS (Unaudited) Six Months Ended

November 30,

November 30,

2025

2024

  Cash Flows From Operating Activities: Net income $

389,314

$

412,004

Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 103,507

92,743

Fair value adjustments to contingent earnout obligations (12,707

)

-

Deferred income taxes (2,429

)

(31,252

)

Stock-based compensation expense 14,574

13,549

Net (gain) on marketable securities (14,222

)

(10,684

)

Net (gain) on sales of assets and businesses (4,730

)

-

Other (290

)

(335

)

Changes in assets and liabilities, net of effect from purchases and sales of businesses: Decrease in receivables 190,741

122,603

(Increase) in inventory (26,414

)

(42,981

)

Decrease (Increase) in prepaid expenses and other 14,894

(11,193

)

current and long-term assets (Decrease) Increase in accounts payable (13,555

)

34,364

(Decrease) in accrued compensation and benefits (58,267

)

(84,929

)

(Decrease) Increase in accrued losses (4,248

)

2,827

Increase in other accrued liabilities 7,041

30,792

Cash Provided By Operating Activities 583,209

527,508

Cash Flows From Investing Activities: Capital expenditures (111,797

)

(100,732

)

Acquisition of businesses, net of cash acquired (161,633

)

(85,649

)

Purchase of marketable securities (20,473

)

(23,533

)

Proceeds from sales of marketable securities 12,958

12,802

Proceeds from sales of assets and businesses, net 3,866

-

Other -

(1,424

)

Cash (Used For) Investing Activities (277,079

)

(198,536

)

Cash Flows From Financing Activities: Additions to long-term and short-term debt 110,000

25,086

Reductions of long-term and short-term debt (236,509

)

(134,022

)

Cash dividends (133,719

)

(124,514

)

Repurchases of common stock (35,000

)

(35,000

)

Shares of common stock returned for taxes (2,167

)

(16,150

)

Payment of acquisition-related contingent consideration -

(1,122

)

Other (438

)

(689

)

Cash (Used For) Financing Activities (297,833

)

(286,411

)

  Effect of Exchange Rate Changes on Cash and Cash Equivalents 6,158

(11,257

)

  Net Change in Cash and Cash Equivalents 14,455

31,304

  Cash and Cash Equivalents at Beginning of Period 302,137

237,379

  Cash and Cash Equivalents at End of Period $

316,592

$

268,683

More News From RPM International Inc.

EL PASO, Texas--(BUSINESS WIRE)--Helen of Troy Limited (NASDAQ: HELE), designer, developer, and worldwide marketer of branded consumer home, outdoor, beauty, and wellness products, today reported results for the three-month period ended November 30, 2025.

Executive Summary - Third Quarter of Fiscal 2026 Compared to Fiscal 2025

Consolidated net sales revenue of $512.8 million compared to $530.7 million Gross profit margin of 46.9% compared to 48.9% Operating margin of (1.6)%, which includes pre-tax non-cash asset impairment charges(2) of $65.9 million, compared to 14.2% Non-GAAP adjusted operating margin of 12.9% compared to 16.6% GAAP diluted loss per share of $3.65, which includes after-tax non-cash asset impairment charges of $3.11, compared to diluted earnings per share of $2.17 Non-GAAP adjusted diluted EPS of $1.71 compared to $2.67 Net cash provided by operating activities of $11.9 million compared to $8.3 million Non-GAAP adjusted EBITDA margin of 14.7% compared to 18.2% Mr. G. Scott Uzzell, Chief Executive Officer, stated: “We delivered third quarter results in line with our outlook and are making progress toward stabilizing the business despite the challenging external environment. We grew revenue in key brands – OXO, Osprey, and Olive & June – expanded Organic DTC sales and generated positive free cash flow despite tariff-related headwinds.

We are sharpening our priorities and placing the consumer at the center of everything we do – investing in innovation, strengthening brand loyalty, and advancing commercial excellence. I am confident that we are taking the right steps to position us to deliver sustained revenue and profit growth and create long-term value for all stakeholders.”

Three Months Ended November 30,

(in thousands) (unaudited)

Home & Outdoor

Beauty & Wellness

Total

Fiscal 2025 sales revenue, net

$

246,109

$

284,597

$

530,706

Organic business (3)

(17,468

)

(39,673

)

(57,141

)

Impact of foreign currency

996

596

1,592

Acquisition (4)

—

37,672

37,672

Change in sales revenue, net

(16,472

)

(1,405

)

(17,877

)

Fiscal 2026 sales revenue, net

$

229,637

$

283,192

$

512,829

Total net sales revenue growth (decline)

(6.7

)%

(0.5

)%

(3.4

)%

Organic business

(7.1

)%

(13.9

)%

(10.8

)%

Impact of foreign currency

0.4

%

0.2

%

0.3

%

Acquisition

—

%

13.2

%

7.1

%

Operating margin (GAAP)

Fiscal 2026

—

%

(2.9

)%

(1.6

)%

Fiscal 2025

16.4

%

12.2

%

14.2

%

Adjusted operating margin (non-GAAP) (1)

Fiscal 2026

11.9

%

13.8

%

12.9

%

Fiscal 2025

18.4

%

15.0

%

16.6

%

Consolidated Results - Third Quarter Fiscal 2026 Compared to Third Quarter Fiscal 2025

Consolidated net sales revenue decreased $17.9 million, or 3.4%, to $512.8 million, driven by a decrease from Organic business of $57.1 million, or 10.8%. The Organic business decrease was primarily driven by a decline in insulated beverageware, hair appliances, prestige hair care products, thermometers, humidifiers, and water filtration. The Organic business decline was partially offset by the contribution from the acquisition of Olive & June, LLC (“Olive & June”) of $37.7 million, or 7.1%, to consolidated net sales revenue and strong demand for travel, technical and lifestyle packs in Home & Outdoor. International sales declined $10.6 million, or 8.1%, to $119.6 million driven by evolving dynamics in the China market. Consolidated gross profit margin decreased 200 basis points to 46.9% primarily due to the net unfavorable impact of higher tariffs and a less favorable inventory obsolescence impact year-over-year. These factors were partially offset by the favorable impact of the acquisition of Olive & June and lower commodity and product costs. Consolidated selling, general and administrative expense (“SG&A”) ratio increased 160 basis points to 35.6% primarily due to the impact of the Olive & June acquisition, higher outbound freight costs, an increase in annual incentive compensation expense year-over-year and the impact of unfavorable operating leverage due to the decrease in net sales. The Company recognized non-cash asset impairment charges of $65.9 million ($72.1 million after tax) primarily due to the sustained decline in the Company’s stock price, to reduce goodwill by $39.0 million and other intangible assets by $26.9 million, which impacted both the Beauty & Wellness and Home & Outdoor segments. Consolidated operating loss was $8.4 million, or (1.6)% of net sales revenue, compared to consolidated operating income of $75.1 million, or 14.2% of net sales revenue. The decrease in consolidated operating margin was primarily due to pre-tax non-cash asset impairment charges of $65.9 million, an increase in the SG&A ratio and a decrease in consolidated gross profit margin, primarily due to the net unfavorable impact of higher tariffs. Interest expense was $15.9 million, compared to $12.2 million. The increase in interest expense was primarily due to higher average borrowings outstanding to fund the acquisition of Olive & June and increased inventory and capital expenditures primarily due to the impact of higher tariffs. Income tax expense was $60.0 million on a pre-tax loss of $24.0 million, compared to income tax expense of $13.5 million on pre-tax income of $63.2 million for the same period last year. The increase in tax expense relative to pre-tax income (loss) is primarily due to the tax effects of non-deductible impairment charges and valuation allowances on deferred tax assets recorded in the third quarter of fiscal 2026. Net loss was $84.1 million, compared to net income of $49.6 million. Diluted loss per share was $3.65, compared to diluted earnings per share of $2.17. The decrease is primarily due to the recognition of an after-tax asset impairment charge of $72.1 million during the third quarter of fiscal 2026, higher income tax expense primarily from the recognition of a valuation allowance on a deferred tax asset related to the Company’s intangible asset reorganization(5) in fiscal 2025, lower operating income exclusive of the asset impairment charges, and an increase in interest expense. Non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $75.6 million, compared to $96.8 million. Non-GAAP adjusted EBITDA margin was 14.7% compared to 18.2%. On an adjusted basis (non-GAAP) for the third quarters of fiscal 2026 and 2025, excluding asset impairment charges(2), intangible asset reorganization(5), restructuring charges, amortization of intangible assets and non-cash share-based compensation, as applicable:

Adjusted operating income decreased $21.6 million, or 24.6%, to $66.3 million, or 12.9% of net sales revenue, a decline of 370 basis points. The decrease was primarily driven by the net unfavorable impact of higher tariffs on gross profit, higher outbound freight costs, a less favorable inventory obsolescence impact year-over-year, an increase in annual incentive compensation expense and the impact of unfavorable operating leverage. These factors were partially offset by the favorable impact of the acquisition of Olive & June and lower commodity and product costs. Adjusted income decreased $21.4 million, or 35.0%, to $39.7 million and adjusted diluted EPS decreased 36.0% to $1.71. The decrease in adjusted diluted EPS was primarily due to lower adjusted operating income and higher interest expense, partially offset by a decrease in adjusted income tax expense. Segment Results - Third Quarter Fiscal 2026 Compared to Third Quarter Fiscal 2025

Home & Outdoor net sales revenue decreased $16.5 million, or 6.7%, to $229.6 million. The decrease was primarily driven by:

continued competition, lower replenishment orders from retail customers partially due to retailer inventory rebalancing in response to softer demand trends, and a decrease in club channel sales in the insulated beverageware category; a decrease in online channel sales in the home category; and lower closeout channel sales. These factors were partially offset by the benefit of tariff related price increases, strong demand for travel, technical and lifestyle packs, higher brick and mortar sales in the home category primarily due to strong holiday season orders, and incremental sales from new product launches in the insulated beverageware category.

Home & Outdoor operating loss was $0.1 million, or 0.0% of segment net sales revenue, compared to operating income of $40.3 million, or 16.4% of segment net sales revenue. Operating loss in the third quarter of fiscal 2026 included $24.0 million of pre-tax asset impairment charges. The remaining 590 basis point decrease in segment operating margin was primarily due to:

the net unfavorable impact of higher tariffs on gross profit; higher retail trade and promotional expense; less favorable inventory obsolescence impact year-over-year; higher outbound freight costs; an increase in annual incentive compensation expense year-over-year; and the impact of unfavorable operating leverage. These factors were partially offset by reduced marketing expense and lower commodity and product costs. Adjusted operating income decreased 39.7% to $27.3 million, or 11.9% of segment net sales revenue.

Beauty & Wellness net sales revenue decreased $1.4 million, or 0.5%, to $283.2 million. The decrease was primarily driven by a decrease from Organic business of $39.7 million, or 13.9%, primarily due to:

a decline in Beauty primarily due to softer consumer demand, increased competition, the cancellation of direct import orders from China in response to higher tariffs and lower closeout channel sales; a decline in thermometry primarily due to evolving dynamics in the China market, including a shift away from cross-border ecommerce toward localized fulfillment models, heightened competition from domestic sellers benefiting from government subsidies, and lower replenishment due to a weaker illness season last year in Asia; a decline in Wellness as a result of stop shipment actions in support of consistent adoption of price increases by our retail partners; and the impact of a below average illness season on the humidification category. The Organic business decline was partially offset by the contribution from the acquisition of Olive & June of $37.7 million, or 13.2%, to segment net sales revenue.

Beauty & Wellness operating loss was $8.3 million, or (2.9)% of segment net sales revenue, compared to operating income of $34.8 million, or 12.2% of segment net sales revenue. Operating loss in the third quarter of fiscal 2026 included $41.9 million of pre-tax asset impairment charges. The remaining 30 basis point decrease in segment operating margin was primarily due to:

the net unfavorable impact of higher tariffs on gross profit; a less favorable inventory obsolescence impact year-over-year; higher outbound freight costs; an increase in annual incentive compensation expense; and the impact of unfavorable operating leverage. These factors were partially offset by lower retail trade and promotional expense, the favorable comparative impact of restructuring costs of $2.7 million recognized in the prior year period, the favorable impact of the acquisition of Olive & June and lower commodity and product costs. Adjusted operating income decreased 8.5% to $39.0 million, or 13.8% of segment net sales revenue.

Balance Sheet and Cash Flow - Third Quarter Fiscal 2026 Compared to Third Quarter Fiscal 2025

Cash and cash equivalents totaled $27.1 million, compared to $40.8 million. Accounts receivable turnover(6) was 75.4 days, compared to 72.3 days. Inventory was $505.3 million, which includes $35 million of higher tariff costs, compared to $450.7 million. Total short- and long-term debt was $892.4 million, compared to $733.9 million. Net cash provided by operating activities for the first nine months of the fiscal year was $59.8 million, compared to $78.2 million for the same period last year, with free cash flow(1)(7) of $28.8 million, compared to $56.1 million. Fiscal 2026 year-to-date cash flow includes $58 million of cash outflows related to higher tariff payments. Fiscal 2026 Annual Outlook

The Company expects fiscal year 2026 consolidated net sales revenue in the range of $1.758 billion to $1.773 billion. The consolidated net sales outlook reflects the following expectations by segment:

Home & Outdoor net sales in the range of $812 million to $819 million; and Beauty & Wellness net sales in the range of $946 million to $954 million, which includes an expected incremental net sales contribution in the range of $106 million to $109 million from the Olive & June acquisition. The sales outlook reflects the Company’s view of continued consumer spending softness, especially in certain discretionary categories, as well as its view of increased macro uncertainty, a more promotional environment, and an increasingly stretched consumer, including the impact from:

lower direct import orders following tariff-related pullbacks, with continuing improvement and select programs shifting to warehouse replenishment; ongoing impact from the shift from cross border ecommerce to localized distribution and sustained competitive pressure from government-subsidized domestic sellers in China; lapping prior-year tariff-related order pull-forward, resulting in a sales headwind in the fourth quarter; strategic price increases that were largely implemented by the end of September, with price realization impacted by market dynamics and stop-shipments to support consistent price adoption by our retail partners; a below average cough, cold, and flu season compared to our previous expectation of an average season; continued soft consumer demand and increased competition; consumer trade-down behavior, expected to persist, reflected in heightened deal-seeking and a greater emphasis on essential categories; and conservative retailer inventory management in response to demand trends. The Company is continuing to assess the incremental tariff cost exposure in light of continuing changes to global tariff policies and the full extent of its potential mitigation plans, as well as the associated timing to implement such plans and realize the anticipated benefits. The Company is also continuing to assess the disruptive impact that tariffs are having on the Company’s markets and retailer adaptation to tariff costs and uncertainty. To mitigate the Company’s risk of ongoing exposure to tariffs, it has initiated significant efforts to diversify its production outside of China into regions where it expects tariffs or overall costs to be lower and to source the same product in more than one region, to the extent it is possible and not cost-prohibitive. The Company continues to expect to reduce its cost of goods sold exposed to China tariffs to between 25% and 30% by the end of fiscal 2026. The Company continues to implement other mitigation actions, which include cost reductions from suppliers and strategic customer pricing adjustments to mitigate tariff headwinds. In addition to the uncertainty from evolving global tariff policies, the Company expects unfavorable cascading impacts on inflation, consumer confidence, employment, and overall macroeconomic conditions, all of which are impossible to predict at this time and outside of the Company’s control.

In the first quarter of fiscal 2026, the Company adjusted its measures to reduce costs and preserve cash flow, outlined in its fourth quarter fiscal 2025 earnings release, as the environment continued to evolve. While the Company resumed targeted growth investments during the second and third quarters of fiscal 2026, the Company remains disciplined in its approach given continued tariff volatility. The measures in place continue to include the following:

Suspension of projects and capital expenditures that are not critical or in support of supplier diversification or dual sourcing initiatives; Actions to reduce overall personnel costs and pause most project and travel expenses remain in place; A resumption of optimized marketing, promotional, and new product development investments focused on opportunities with the highest returns; A measured approach to inventory purchases in expectation of softer consumer demand in the short to intermediate term; and Actions to optimize working capital and balance sheet productivity. Through the combination of tariff mitigation actions and these additional cost reduction measures, the Company now believes it can reduce the net tariff impact on operating income to less than $30 million, compared to the prior expectation of less than $20 million, based on tariffs currently in place.

The Company expects fiscal 2026 GAAP diluted loss per share in the range of $36.07 to $35.57 and non-GAAP adjusted diluted earnings per share in the range of $3.25 to $3.75.

The Company’s adjusted diluted EPS outlook reflects:

pressures from a more promotional environment and consumer trade-down behavior; lower gross profit margin driven by higher tariffs, lower than expected retail pricing realization and unfavorable product mix in response to selective pricing actions; preservation of key growth investments to support our people, future revenue expansion and new product development; higher incentive compensation expense year-over-year; and the impact of unfavorable operating leverage due to the decline in revenue. The Company continues to expect these factors to be partially offset by cost reduction measures implemented in the first nine months and continuing throughout the year. The Company’s consolidated net sales and EPS outlook also reflects the following assumptions:

December 2025 foreign currency exchange rates will remain constant; expected interest expense in the range of $58 million to $59 million; a reported GAAP effective tax rate range of (8.9)% to (8.7)% and adjusted effective tax rate range of 13.4% to 14.7%; and estimated weighted average diluted shares outstanding of 23.0 million. The likelihood, timing and potential impact of a significant or prolonged recession, any fiscal 2026 acquisitions and divestitures, future asset impairment charges, future foreign currency fluctuations, additional interest rate changes, or share repurchases are unknown and cannot be reasonably estimated; therefore, they are not included in the Company’s outlook.

Credit Agreement Amendment

On November 25, 2025, the Company entered into an amendment (the “Amendment”) to its existing credit agreement dated February 15, 2024 (“the Credit Agreement”), which provides for the following:

Reduces the commitment under the revolving credit facility from $1.0 billion to $750.0 million; Adds a maximum tier level pursuant to which, if the Net Leverage Ratio is greater than or equal to 4.00 to 1.00, then borrowings under the Credit Agreement bear floating interest at either the Base Rate or Term SOFR, plus a margin of 1.375% and 2.375% for Base Rate and Term SOFR borrowings, respectively, plus a credit spread of 0.10% for Term SOFR borrowings (as those terms are defined in the Credit Agreement); Amends the minimum Interest Coverage Ratio financial covenant to replace the numerator with a Consolidated EBITDA measure instead of a Consolidated EBIT measure (as those terms are defined in the Credit Agreement); Amends the maximum Leverage Ratio (as defined in the Credit Agreement) financial covenant so that it is not permitted to be greater than as set forth below as of the end of the fiscal quarter: Fiscal Quarter Ending

Maximum

Leverage Ratio

November 30, 2025

4.50 to 1.00

February 28, 2026 through August 31, 2026

4.50 to 1.00

November 30, 2026

4.00 to 1.00

February 28, 2027 through May 31, 2027

3.75 to 1.00

August 31, 2027 and each fiscal quarter thereafter

3.50 to 1.00

Conference Call and Webcast

The Company will conduct a teleconference in conjunction with today’s earnings release. The teleconference begins at 9:00 a.m. Eastern Time today, Thursday, January 8, 2026. Institutional investors and analysts interested in participating in the call are invited to dial (877) 407-3982 approximately ten minutes prior to the start of the call. The conference call will also be webcast live on the Events & Presentations page at: http://investor.helenoftroy.com/. A telephone replay of this call will be available at 1:00 p.m. Eastern Time on January 8, 2026, until 11:59 p.m. Eastern Time on January 22, 2026, and can be accessed by dialing (844) 512-2921 and entering replay pin number 13757693. A replay of the webcast will remain available on the website for one year.

Non-GAAP Financial Measures

The Company reports and discusses its operating results using financial measures consistent with accounting principles generally accepted in the United States of America (“GAAP”). To supplement its presentation, the Company discloses certain financial measures that may be considered non-GAAP such as Adjusted Operating Income, Adjusted Operating Margin, Adjusted Effective Tax Rate, Adjusted Income, Adjusted Diluted Earnings per Share (“EPS”), EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Net Leverage Ratio, which are presented in accompanying tables to this press release along with a reconciliation of these financial measures to their corresponding GAAP-based financial measures presented in the Company’s condensed consolidated statements of income and cash flows. For additional information, see Note 1 to the accompanying tables to this press release.

About Helen of Troy Limited

Helen of Troy Limited (NASDAQ: HELE) is a leading global consumer products company offering creative products and solutions for its customers through a diversified portfolio of well-recognized and widely-trusted brands, including OXO, Hydro Flask, Osprey, Vicks, Braun, Honeywell, PUR, Hot Tools, Drybar, Curlsmith, Revlon and Olive & June. All trademarks herein belong to Helen of Troy Limited (or its subsidiaries) and/or are used under license from their respective licensors.

For more information about Helen of Troy, please visit http://investor.helenoftroy.com

Forward-Looking Statements

Certain written and oral statements made by the Company and subsidiaries of the Company may constitute “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. This includes statements made in this press release, in other filings with the SEC, and in certain other oral and written presentations. Generally, the words “anticipates”, “assumes”, “believes”, “expects”, “plans”, “may”, “will”, “might”, “would”, “should”, “seeks”, “estimates”, “project”, “predict”, “potential”, “currently”, “continue”, “intends”, “outlook”, “forecasts”, “targets”, “reflects”, “could”, and other similar words identify forward-looking statements. All statements that address operating results, events or developments that the Company expects or anticipates may occur in the future, including statements related to sales, expenses, including cost reduction measures, earnings per share results, and statements expressing general expectations about future operating results, are forward-looking statements and are based upon its current expectations and various assumptions. The Company currently believes there is a reasonable basis for these expectations and assumptions, but there can be no assurance that the Company will realize these expectations or that these assumptions will prove correct. Forward-looking statements are only as of the date they are made and are subject to risks, many of which are beyond the Company’s control, that could cause them to differ materially from actual results. Accordingly, the Company cautions readers not to place undue reliance on forward-looking statements. The forward-looking statements contained in this press release should be read in conjunction with, and are subject to and qualified by, the risks described in the Company’s Form 10-K for the year ended February 28, 2025, and in the Company’s other filings with the SEC. Investors are urged to refer to the risk factors referred to above for a description of these risks. Such risks include, among others, the geographic concentration of certain United States (“U.S.”) distribution facilities which increases its risk to disruptions that could affect the Company’s ability to deliver products in a timely manner, the occurrence of cyber incidents or failure by the Company or its third-party service providers to maintain cybersecurity and the integrity of confidential internal or customer data, a cybersecurity breach, obsolescence or interruptions in the operation of the Company’s central global Enterprise Resource Planning systems and other peripheral information systems, the Company’s ability to develop and introduce a continuing stream of innovative new products to meet changing consumer preferences, actions taken by large customers that may adversely affect the Company’s gross profit and operating results, the Company’s dependence on sales to several large customers and the risks associated with any loss of, or substantial decline in, sales to top customers, the Company’s dependence on third-party manufacturers, most of which are located in Asia, and any inability to obtain products from such manufacturers or diversify production to other regions or source the same product in multiple regions or implement potential tariff mitigation plans, the Company’s ability to deliver products to its customers in a timely manner and according to their fulfillment standards, the risks associated with trade barriers, exchange controls, expropriations, and other risks associated with domestic and foreign operations including uncertainty and business interruptions resulting from political changes and events in the U.S. and abroad, and volatility in the global credit and financial markets and economy, the Company’s dependence on the strength of retail economies and vulnerabilities to any prolonged economic downturn, including a downturn from the effects of macroeconomic conditions, any public health crises or similar conditions, risks associated with weather conditions, the duration and severity of the cold and flu season and other related factors, the Company’s reliance on its Chief Executive Officer and a limited number of other key senior officers to operate its business, risks associated with the use of licensed trademarks from or to third parties, the Company’s ability to execute and realize expected synergies from strategic business initiatives such as acquisitions, including Olive & June, divestitures and global restructuring plans, including Project Pegasus, the risks of significant tariffs or other restrictions continuing to be placed on imports from China, Mexico or Vietnam, including by the current U.S. presidential administration which has promoted and implemented plans to raise tariffs and pursue other trade policies intended to restrict imports, or any retaliatory trade measures taken by China, Mexico or Vietnam, the risks of potential changes in laws and regulations, including environmental, employment and health and safety and tax laws, and the costs and complexities of compliance with such laws, the risks associated with increased focus and expectations on climate change and other sustainability matters, the risks associated with significant changes in or the Company’s compliance with regulations, interpretations or product certification requirements, the risks associated with global legal developments regarding privacy and data security that could result in changes to its business practices, penalties, increased cost of operations, or otherwise harm the business, the Company’s dependence on whether it is classified as a “controlled foreign corporation” for U.S. federal income tax purposes which impacts the tax treatment of its non-U.S. income, the risks associated with legislation enacted in Bermuda and Barbados in response to the European Union’s review of harmful tax competition and additional focus on compliance with economic substance requirements by Bermuda and Barbados, the risks associated with accounting for tax positions and the resolution of tax disputes, the risks associated with product recalls, product liability and other claims against the Company, and associated financial risks including but not limited to, increased costs of raw materials, energy and transportation, significant additional impairment of the Company’s goodwill, indefinite-lived and definite-lived intangible assets or other long-lived assets, risks associated with foreign currency exchange rate fluctuations, the risks to the Company’s liquidity or cost of capital which may be materially adversely affected by constraints or changes in the capital and credit markets, interest rates and limitations under its financing arrangements, and projections of product demand, sales and net income, which are highly subjective in nature, and from which future sales and net income could vary by a material amount. The Company undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise.

HELEN OF TROY LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of (Loss) Income (4)

(Unaudited) (in thousands, except per share data)

  Three Months Ended November 30,

2025

2024

Sales revenue, net

$

512,829

100.0

%

$

530,706

100.0

%

Cost of goods sold

272,485

53.1

%

271,378

51.1

%

Gross profit

240,344

46.9

%

259,328

48.9

%

Selling, general and administrative expense (“SG&A”)

182,808

35.6

%

180,692

34.0

%

Asset impairment charges

65,906

12.9

%

—

—

%

Restructuring charges

—

—

%

3,518

0.7

%

Operating (loss) income

(8,370

)

(1.6

)%

75,118

14.2

%

Non-operating income, net

211

—

%

198

—

%

Interest expense

15,855

3.1

%

12,164

2.3

%

(Loss) income before income tax

(24,014

)

(4.7

)%

63,152

11.9

%

Income tax expense

60,042

11.7

%

13,536

2.6

%

Net (loss) income

$

(84,056

)

(16.4

)%

$

49,616

9.3

%

Diluted (loss) earnings per share

$

(3.65

)

$

2.17

Weighted average shares of common stock used in computing diluted (loss) earnings per share

23,035

22,882

Nine Months Ended November 30,

2025

2024

Sales revenue, net

$

1,316,265

100.0

%

$

1,421,774

100.0

%

Cost of goods sold

710,229

54.0

%

743,297

52.3

%

Gross profit

606,036

46.0

%

678,477

47.7

%

SG&A

527,471

40.1

%

530,865

37.3

%

Asset impairment charges

806,685

61.3

%

—

—

%

Restructuring charges

3,005

0.2

%

6,879

0.5

%

Operating (loss) income

(731,125

)

(55.5

)%

140,733

9.9

%

Non-operating income, net

768

0.1

%

468

—

%

Interest expense

43,884

3.3

%

37,923

2.7

%

(Loss) income before income tax

(774,241

)

(58.8

)%

103,278

7.3

%

Income tax expense

69,176

5.3

%

30,444

2.1

%

Net (loss) income

$

(843,417

)

(64.1

)%

$

72,834

5.1

%

Diluted (loss) earnings per share

$

(36.70

)

$

3.15

Weighted average shares of common stock used in computing diluted (loss) earnings per share

22,979

23,118

  Consolidated Net Sales by Geographic Region (8)

(Unaudited) (in thousands)

  Three Months Ended November 30,

2025

2024

Domestic sales revenue, net

$

393,267

76.7

%

$

400,539

75.5

%

International sales revenue, net

119,562

23.3

%

130,167

24.5

%

Total sales revenue, net

$

512,829

100.0

%

$

530,706

100.0

%

Nine Months Ended November 30,

2025

2024

Domestic sales revenue, net

$

1,001,723

76.1

%

$

1,066,969

75.0

%

International sales revenue, net

314,542

23.9

%

354,805

25.0

%

Total sales revenue, net

$

1,316,265

100.0

%

$

1,421,774

100.0

%

  Reconciliation of Non-GAAP Financial Measures – GAAP Operating (Loss) Income and Operating Margin to Adjusted Operating Income and Adjusted Operating Margin (Non-GAAP) (1)

(Unaudited) (in thousands)

  Three Months Ended November 30, 2025

Home &

Outdoor

Beauty &

Wellness (4)

Total

Operating loss, as reported (GAAP)

$

(72

)

—

%

$

(8,298

)

(2.9

)%

$

(8,370

)

(1.6

)%

Asset impairment charges (2)

24,000

10.5

%

41,906

14.8

%

65,906

12.9

%

Subtotal

23,928

10.4

%

33,608

11.9

%

57,536

11.2

%

Amortization of intangible assets

1,377

0.6

%

2,331

0.8

%

3,708

0.7

%

Non-cash share-based compensation

2,013

0.9

%

3,017

1.1

%

5,030

1.0

%

Adjusted operating income (non-GAAP)

$

27,318

11.9

%

$

38,956

13.8

%

$

66,274

12.9

%

Three Months Ended November 30, 2024

Home &

Outdoor

Beauty &

Wellness

Total

Operating income, as reported (GAAP)

$

40,313

16.4

%

$

34,805

12.2

%

$

75,118

14.2

%

Restructuring charges

770

0.3

%

2,748

1.0

%

3,518

0.7

%

Subtotal

41,083

16.7

%

37,553

13.2

%

78,636

14.8

%

Amortization of intangible assets

1,770

0.7

%

2,777

1.0

%

4,547

0.9

%

Non-cash share-based compensation

2,476

1.0

%

2,254

0.8

%

4,730

0.9

%

Adjusted operating income (non-GAAP)

$

45,329

18.4

%

$

42,584

15.0

%

$

87,913

16.6

%

Nine Months Ended November 30, 2025

Home &

Outdoor

Beauty &

Wellness (4)

Total

Operating loss, as reported (GAAP)

$

(286,443

)

(46.5

)%

$

(444,682

)

(63.5

)%

$

(731,125

)

(55.5

)%

Asset impairment charges

328,632

53.3

%

478,053

68.3

%

806,685

61.3

%

CEO succession costs (9)

1,742

0.3

%

1,742

0.2

%

3,484

0.3

%

Restructuring charges

1,501

0.2

%

1,504

0.2

%

3,005

0.2

%

Subtotal

45,432

7.4

%

36,617

5.2

%

82,049

6.2

%

Amortization of intangible assets

4,532

0.7

%

8,050

1.2

%

12,582

1.0

%

Non-cash share-based compensation

6,295

1.0

%

8,403

1.2

%

14,698

1.1

%

Adjusted operating income (non-GAAP)

$

56,259

9.1

%

$

53,070

7.6

%

$

109,329

8.3

%

Nine Months Ended November 30, 2024

Home &

Outdoor

Beauty &

Wellness

Total

Operating income, as reported (GAAP)

$

87,315

12.7

%

$

53,418

7.3

%

$

140,733

9.9

%

Restructuring charges

1,728

0.3

%

5,151

0.7

%

6,879

0.5

%

Subtotal

89,043

13.0

%

58,569

8.0

%

147,612

10.4

%

Amortization of intangible assets

5,303

0.8

%

8,303

1.1

%

13,606

1.0

%

Non-cash share-based compensation

8,303

1.2

%

7,747

1.1

%

16,050

1.1

%

Adjusted operating income (non-GAAP)

$

102,649

15.0

%

$

74,619

10.1

%

$

177,268

12.5

%

  Reconciliation of Non-GAAP Financial Measures – GAAP Operating (Loss) Income to EBITDA

(Earnings (Loss) Before Interest, Taxes, Depreciation and Amortization), Adjusted EBITDA and Adjusted EBITDA Margin (Non-GAAP) (1)

(Unaudited) (in thousands)

  Three Months Ended November 30, 2025

Home &

Outdoor

Beauty &

Wellness (4)

Total

Operating loss, as reported (GAAP)

$

(72

)

—

%

$

(8,298

)

(2.9

)%

$

(8,370

)

(1.6

)%

Depreciation and amortization

6,075

2.6

%

6,762

2.4

%

12,837

2.5

%

Non-operating income, net

—

—

%

211

0.1

%

211

—

%

EBITDA (non-GAAP)

6,003

2.6

%

(1,325

)

(0.5

)%

4,678

0.9

%

Add: Asset impairment charges

24,000

10.5

%

41,906

14.8

%

65,906

12.9

%

Non-cash share-based compensation

2,013

0.9

%

3,017

1.1

%

5,030

1.0

%

Adjusted EBITDA (non-GAAP)

$

32,016

13.9

%

$

43,598

15.4

%

$

75,614

14.7

%

Three Months Ended November 30, 2024

Home &

Outdoor

Beauty &

Wellness

Total

Operating income, as reported (GAAP)

$

40,313

16.4

%

$

34,805

12.2

%

$

75,118

14.2

%

Depreciation and amortization

6,336

2.6

%

6,886

2.4

%

13,222

2.5

%

Non-operating income, net

—

—

%

198

0.1

%

198

—

%

EBITDA (non-GAAP)

46,649

19.0

%

41,889

14.7

%

88,538

16.7

%

Add: Restructuring charges

770

0.3

%

2,748

1.0

%

3,518

0.7

%

Non-cash share-based compensation

2,476

1.0

%

2,254

0.8

%

4,730

0.9

%

Adjusted EBITDA (non-GAAP)

$

49,895

20.3

%

$

46,891

16.5

%

$

96,786

18.2

%

Nine Months Ended November 30, 2025

Home &

Outdoor

Beauty &

Wellness (4)

Total

Operating loss, as reported (GAAP)

$

(286,443

)

(46.5

)%

$

(444,682

)

(63.5

)%

$

(731,125

)

(55.5

)%

Depreciation and amortization

18,674

3.0

%

21,107

3.0

%

39,781

3.0

%

Non-operating income, net

—

—

%

768

0.1

%

768

0.1

%

EBITDA (non-GAAP)

(267,769

)

(43.4

)%

(422,807

)

(60.4

)%

(690,576

)

(52.5

)%

Add: Asset impairment charges

328,632

53.3

%

478,053

68.3

%

806,685

61.3

%

CEO succession costs

1,742

0.3

%

1,742

0.2

%

3,484

0.3

%

Restructuring charges

1,501

0.2

%

1,504

0.2

%

3,005

0.2

%

Non-cash share-based compensation

6,295

1.0

%

8,403

1.2

%

14,698

1.1

%

Adjusted EBITDA (non-GAAP)

$

70,401

11.4

%

$

66,895

9.6

%

$

137,296

10.4

%

Nine Months Ended November 30, 2024

Home &

Outdoor

Beauty &

Wellness

Total

Operating income, as reported (GAAP)

$

87,315

12.7

%

$

53,418

7.3

%

$

140,733

9.9

%

Depreciation and amortization

19,573

2.9

%

21,277

2.9

%

40,850

2.9

%

Non-operating income, net

—

—

%

468

0.1

%

468

—

%

EBITDA (non-GAAP)

106,888

15.6

%

75,163

10.2

%

182,051

12.8

%

Add: Restructuring charges

1,728

0.3

%

5,151

0.7

%

6,879

0.5

%

Non-cash share-based compensation

8,303

1.2

%

7,747

1.1

%

16,050

1.1

%

Adjusted EBITDA (non-GAAP)

$

116,919

17.0

%

$

88,061

12.0

%

$

204,980

14.4

%

  Reconciliation of Non-GAAP Financial Measures – GAAP Net (Loss) Income to EBITDA

(Earnings (Loss) Before Interest, Taxes, Depreciation and Amortization), Adjusted EBITDA and Adjusted EBITDA Margin (Non-GAAP) (1)

(Unaudited) (in thousands)

  Three Months Ended November 30,

2025

2024

Net (loss) income, as reported (GAAP)

$

(84,056

)

(16.4

)%

$

49,616

9.3

%

Interest expense

15,855

3.1

%

12,164

2.3

%

Income tax expense

60,042

11.7

%

13,536

2.6

%

Depreciation and amortization

12,837

2.5

%

13,222

2.5

%

EBITDA (non-GAAP)

4,678

0.9

%

88,538

16.7

%

Add: Asset impairment charges

65,906

12.9

%

—

—

%

Restructuring charges

—

—

%

3,518

0.7

%

Non-cash share-based compensation

5,030

1.0

%

4,730

0.9

%

Adjusted EBITDA (non-GAAP)

$

75,614

14.7

%

$

96,786

18.2

%

Nine Months Ended November 30,

2025

2024

Net (loss) income, as reported (GAAP)

$

(843,417

)

(64.1

)%

$

72,834

5.1

%

Interest expense

43,884

3.3

%

37,923

2.7

%

Income tax expense

69,176

5.3

%

30,444

2.1

%

Depreciation and amortization

39,781

3.0

%

40,850

2.9

%

EBITDA (non-GAAP)

(690,576

)

(52.5

)%

182,051

12.8

%

Add: Asset impairment charges

806,685

61.3

%

—

—

%

CEO succession costs

3,484

0.3

%

—

—

%

Restructuring charges

3,005

0.2

%

6,879

0.5

%

Non-cash share-based compensation

14,698

1.1

%

16,050

1.1

%

Adjusted EBITDA (non-GAAP)

$

137,296

10.4

%

$

204,980

14.4

%

Quarterly Period Ended

Twelve Months Ended

November 30, 2025

February

May

August

November

Net income (loss), as reported (GAAP)

$

50,917

$

(450,718

)

$

(308,643

)

$

(84,056

)

$

(792,500

)

Interest expense

13,999

13,808

14,221

15,855

57,883

Income tax (benefit) expense

(62,531

)

30,180

(21,046

)

60,042

6,645

Depreciation and amortization

14,198

14,084

12,860

12,837

53,979

EBITDA (non-GAAP)

16,583

(392,646

)

(302,608

)

4,678

(673,993

)

Add: Acquisition-related expenses

3,035

—

—

—

3,035

Asset impairment charges

51,455

414,385

326,394

65,906

858,140

CEO succession costs

—

3,484

—

—

3,484

Restructuring charges

7,943

—

3,005

—

10,948

Non-cash share-based compensation

5,326

296

9,372

5,030

20,024

Adjusted EBITDA (non-GAAP)

$

84,342

$

25,519

$

36,163

$

75,614

$

221,638

  Reconciliation of Non-GAAP Financial Measures – GAAP (Loss) Income and Diluted (Loss) Earnings Per Share to Adjusted Income and Adjusted Diluted Earnings Per Share (Non-GAAP) (1)

(Unaudited) (in thousands, except per share data)

  Three Months Ended November 30, 2025

(Loss) Income

Diluted (Loss) Earnings Per Share

Before Tax

Tax

Net of Tax

Before Tax

Tax

Net of Tax

As reported (GAAP)

$

(24,014

)

$

60,042

$

(84,056

)

$

(1.04

)

$

2.61

$

(3.65

)

Asset impairment charges

65,906

(6,232

)

72,138

2.84

(0.27

)

3.11

Intangible asset reorganization (5)

—

(44,056

)

44,056

—

(1.90

)

1.90

Subtotal

41,892

9,754

32,138

1.81

0.42

1.39

Amortization of intangible assets

3,708

638

3,070

0.16

0.03

0.13

Non-cash share-based compensation

5,030

521

4,509

0.22

0.02

0.19

Adjusted (non-GAAP)

$

50,630

$

10,913

$

39,717

$

2.18

$

0.47

$

1.71

Weighted average shares of common stock used in computing:

Diluted loss per share, as reported

23,035

Adjusted diluted earnings per share (non-GAAP)

23,180

Three Months Ended November 30, 2024

Income

Diluted Earnings Per Share

Before Tax

Tax

Net of Tax

Before Tax

Tax

Net of Tax

As reported (GAAP)

$

63,152

$

13,536

$

49,616

$

2.76

$

0.59

$

2.17

Restructuring charges

3,518

316

3,202

0.15

0.01

0.14

Subtotal

66,670

13,852

52,818

2.91

0.61

2.31

Amortization of intangible assets

4,547

664

3,883

0.20

0.03

0.17

Non-cash share-based compensation

4,730

354

4,376

0.21

0.02

0.19

Adjusted (non-GAAP)

$

75,947

$

14,870

$

61,077

$

3.32

$

0.65

$

2.67

Weighted average shares of common stock used in computing reported and non-GAAP diluted earnings per share

22,882

Nine Months Ended November 30, 2025

(Loss) Income

Diluted (Loss) Earnings Per Share

Before Tax

Tax

Net of Tax

Before Tax

Tax

Net of Tax

As reported (GAAP)

$

(774,241

)

$

69,176

$

(843,417

)

$

(33.69

)

$

3.01

$

(36.70

)

Asset impairment charges

806,685

4,418

802,267

34.99

0.19

34.80

CEO succession costs

3,484

153

3,331

0.15

0.01

0.14

Intangible asset reorganization

—

(74,015

)

74,015

—

(3.21

)

3.21

Restructuring charges

3,005

421

2,584

0.13

0.02

0.11

Subtotal

38,933

153

38,780

1.69

0.01

1.68

Amortization of intangible assets

12,582

2,189

10,393

0.55

0.09

0.45

Non-cash share-based compensation

14,698

1,123

13,575

0.64

0.05

0.59

Adjusted (non-GAAP)

$

66,213

$

3,465

$

62,748

$

2.87

$

0.15

$

2.72

Weighted average shares of common stock used in computing:

Diluted loss per share, as reported

22,979

Adjusted diluted earnings per share (non-GAAP)

23,054

  Reconciliation of Non-GAAP Financial Measures – GAAP (Loss) Income and Diluted (Loss) Earnings Per Share to Adjusted Income and Adjusted Diluted Earnings Per Share (Non-GAAP) (1)

(Unaudited) (in thousands, except per share data)

  Nine Months Ended November 30, 2024

Income

Diluted Earnings Per Share

Before Tax

Tax

Net of Tax

Before Tax

Tax

Net of Tax

As reported (GAAP)

$

103,278

$

30,444

$

72,834

$

4.47

$

1.32

$

3.15

Barbados tax reform (10)

—

(6,045

)

6,045

—

(0.26

)

0.26

Restructuring charges

6,879

619

6,260

0.30

0.03

0.27

Subtotal

110,157

25,018

85,139

4.76

1.08

3.68

Amortization of intangible assets

13,606

1,986

11,620

0.59

0.09

0.50

Non-cash share-based compensation

16,050

839

15,211

0.69

0.04

0.66

Adjusted (non-GAAP)

$

139,813

$

27,843

$

111,970

$

6.05

$

1.20

$

4.84

Weighted average shares of common stock used in computing reported and non-GAAP diluted earnings per share

23,118

  Selected Consolidated Balance Sheet and Cash Flow Information

(Unaudited) (in thousands)

  November 30,

2025

2024

Balance Sheet:

Cash and cash equivalents

$

27,137

$

40,804

Receivables, net

435,977

456,170

Inventory

505,265

450,740

Total assets, current

1,004,112

996,308

Total assets

2,340,809

2,973,131

Total liabilities, current

554,063

517,772

Total long-term liabilities

934,488

827,183

Total debt

892,393

733,891

Stockholders’ equity

852,258

1,628,176

Nine Months Ended November 30,

2025

2024

Cash Flow:

Depreciation and amortization

$

39,781

$

40,850

Net cash provided by operating activities

59,813

78,236

Capital and intangible asset expenditures

31,006

22,155

Net debt (repayments) proceeds

(24,319

)

67,263

Payments for repurchases of common stock

1,706

103,174

  Reconciliation of Non-GAAP Financial Measures – GAAP Net Cash Provided by Operating Activities to Free Cash Flow (Non-GAAP) (1) (7)

(Unaudited) (in thousands)

  Nine Months Ended November 30,

2025

2024

Net cash provided by operating activities (GAAP)

$

59,813

$

78,236

Less: Capital and intangible asset expenditures

(31,006

)

(22,155

)

Free cash flow (non-GAAP)

$

28,807

$

56,081

  Reconciliation of Non-GAAP Financial Measures – Net Leverage Ratio (Non-GAAP) (1) (11)

(Unaudited) (in thousands)

  Quarterly Period Ended

Twelve Months Ended

November 30, 2025

February

May

August

November

Adjusted EBITDA (non-GAAP) (12)

$

84,342

$

25,519

$

36,163

$

75,614

$

221,638

Permitted adjustments per the credit agreement (11)

—

—

—

—

6,946

Pro forma effect of the Olive & June acquisition (11)

—

—

—

—

1,010

Adjusted EBITDA per the credit agreement

$

84,342

$

25,519

$

36,163

$

75,614

$

229,594

Total borrowings under the credit agreement, as reported (GAAP)

$

897,531

Less: Unrestricted cash and cash equivalents

(32,001

)

Net debt

$

865,530

Net leverage ratio (non-GAAP) (11)

3.77

  Fiscal 2026 Outlook for Net Sales Revenue

(Unaudited) (in thousands)

  Consolidated:

Fiscal 2025

Fiscal 2026 Outlook

Net sales revenue

$

1,907,665

$

1,758,000

—

$

1,773,000

Net sales revenue decline

(7.8

)%

—

(7.1

)%

  Reconciliation of Non-GAAP Financial Measures – Fiscal 2026 Outlook for GAAP Diluted (Loss) Earnings Per Share to Adjusted Diluted Earnings Per Share

(Non-GAAP) and GAAP Effective Tax Rate to Adjusted Effective Tax Rate (Non-GAAP) (1)

(Unaudited)

  Nine Months Ended

November 30, 2025

Outlook for the

Balance of the

Fiscal Year

(Three Months)

Fiscal

2026 Outlook

Tax Rate

Fiscal 2026 Outlook

Diluted (loss) earnings per share, as reported (GAAP)

$

(36.70

)

$

0.63

-

$

1.13

$

(36.07

)

-

$

(35.57

)

(8.7

)%

-

(8.9

)%

Asset impairment charges

34.99

—

-

—

34.99

-

34.99

CEO succession costs

0.15

—

-

—

0.15

-

0.15

Restructuring charges

0.13

—

-

—

0.13

-

0.13

Amortization of intangible assets

0.55

0.20

-

0.20

0.75

-

0.75

Non-cash share-based compensation

0.64

0.22

-

0.22

0.86

-

0.86

Income tax effect of adjustments (13)

2.86

(0.42

)

-

(0.42

)

2.44

-

2.44

23.4

%

-

22.3

%

Adjusted diluted earnings per share (non-GAAP)

$

2.72

$

0.53

-

$

1.03

$

3.25

-

$

3.75

14.7

%

-

13.4

%

HELEN OF TROY LIMITED AND SUBSIDIARIES

  Notes to Press Release

  (1)

This press release contains non-GAAP financial measures. Adjusted Operating Income, Adjusted Operating Margin, Adjusted Effective Tax Rate, Adjusted Income, Adjusted Diluted Earnings Per Share, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Net Leverage Ratio (“Non-GAAP Financial Measures”) that are discussed in the accompanying press release or in the preceding tables may be considered non-GAAP financial measures as defined by SEC Regulation G, Rule 100. Accordingly, the Company is providing the preceding tables that reconcile these measures to their corresponding GAAP-based financial measures. The Company believes that these Non-GAAP Financial Measures provide useful information to management and investors regarding financial and business trends relating to its financial condition and results of operations. The Company believes that these Non-GAAP Financial Measures, in combination with the Company’s financial results calculated in accordance with GAAP, provide investors with additional perspective regarding the impact of certain charges and benefits on applicable income, margin and earnings per share measures. The Company also believes that these Non-GAAP Financial Measures reflect the operating performance of its business and facilitate a more direct comparison of the Company’s performance with its competitors. The material limitation associated with the use of the Non-GAAP Financial Measures is that the Non-GAAP Financial Measures do not reflect the full economic impact of the Company’s activities. These Non-GAAP Financial Measures are not prepared in accordance with GAAP, are not an alternative to GAAP financial measures and may be calculated differently than non-GAAP financial measures disclosed by other companies. Accordingly, undue reliance should not be placed on non-GAAP financial measures.

(2)

Non-cash asset impairment charges were recognized, during the three and nine months ended November 30, 2025, to reduce goodwill and other intangible assets, which impacted both the Beauty & Wellness and Home & Outdoor segments.

(3)

Organic business refers to net sales revenue associated with product lines or brands after the first twelve months from the date the product line or brand is acquired, excluding the impact that foreign currency remeasurement had on reported net sales revenue. Net sales revenue from internally developed brands or product lines is considered Organic business activity.

(4)

The three and nine months ended November 30, 2025 includes a full quarter of operating results from Olive & June, acquired on December 16, 2024. Olive & June sales are reported in Acquisition.

(5)

Represents income tax expense from the recognition of valuation allowances on a deferred tax asset related to the Company’s intangible asset reorganization in fiscal 2025 (“intangible asset reorganization”).

(6)

Accounts receivable turnover uses 12 month trailing net sales revenue. The current and four prior quarters’ ending balances of trade accounts receivable are used for the purposes of computing the average balance component as required by the particular measure.

(7)

Free cash flow represents net cash provided by operating activities less capital and intangible asset expenditures.

(8)

Domestic net sales revenue includes net sales revenue from the U.S. and Canada.

(9)

Represents costs incurred in connection with the departure of the Company’s former CEO primarily related to severance and recruitment costs (“CEO succession costs”).

(10)

Represents a discrete tax charge to revalue existing deferred tax liabilities as a result of Barbados enacting a domestic corporate income tax rate of 9%, effective beginning with the Company’s fiscal year 2025 (“Barbados tax reform”).

(11)

Net leverage ratio is calculated as (a) total borrowings under the Company’s credit agreement, net of unrestricted cash and cash equivalents, including readily marketable obligations issued, guaranteed or insured by the U.S. with maturities of two years or less, at the end of the current period, divided by (b) Adjusted EBITDA per the Company’s credit agreement (calculated as EBITDA plus non-cash charges and certain allowed addbacks, less certain non-cash income, plus the pro forma effect of acquisitions and certain pro forma run-rate cost savings for acquisitions and dispositions, as applicable for the trailing twelve months ended as of the current period).

(12)

See reconciliation of Adjusted EBITDA to the most directly comparable GAAP-based financial measure (net income (loss)) in the accompanying tables to this press release.

(13)

Income tax effect of adjustments for the fiscal 2026 outlook is inclusive of the estimated income tax impact of the asset impairment charges recognized during the first nine months ended November 30, 2025 and the intangible asset reorganization income tax adjustment recognized during the first nine months ended November 30, 2025.