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Merck KGaA offered $73 a share in cash to buy Bio-Techne, representing a 24% premium to the U.S. lab-tools supplier's closing price Wednesday.

Purchase price of US$73 per share in cash represents an enterprise value of US$11.3 billion (EUR 9.9 billion) Proposed acquisition expected to be immediately accretive to sales growth and EBITDA pre margin post-closing, and EPS pre accretive by year 3 after closing U.S.-based Bio-Techne to bring portfolio with industry-leading multi-omics offering, analytical technologies and integrated workflow solutions across the scientific journey Would deliver on growth agenda of Merck KGaA, Darmstadt, Germany, by expanding presence in high-growth, next-generation life sciences markets and further strengthening the position as a leader along the full life science value chain Would add complementary strengths across research, bioprocessing and advanced therapeutics, bolstering the offering of Merck KGaA, Darmstadt, Germany, in next-generation biology Synergistic platform would broaden offerings, accelerate innovation pipeline of Merck KGaA, Darmstadt, Germany, and increase Bio-Techne's geographic and omnichannel access for customers Merck KGaA, Darmstadt, Germany, expects annual cost synergies of approximately EUR 140 million, which are anticipated to be fully realized by year 3 after closing , /PRNewswire/ -- Merck KGaA, Darmstadt, Germany, a leading science and technology company, and Bio-Techne Corporation (NASDAQ: TECH), a Minneapolis-based global provider of life science tools, analytical technologies, and consumables, today entered into a definitive agreement pursuant to which Merck KGaA, Darmstadt, Germany, will, subject to customary closing conditions, acquire Bio-Techne for US$73 per share in cash, representing a total enterprise value of approximately US$11.3 billion (EUR 9.9 billion), a 36% premium to Bio-Techne's one-month volume weighted average trading price.

The transaction would bring together two highly complementary and leading life sciences organizations, uniquely positioned to support customers across the full spectrum of life science workflows – from discovery and translational research through development, testing and commercial manufacturing. Additionally, it would directly deliver on the mid- to long-term strategic agenda of Merck KGaA, Darmstadt, Germany, which focuses on high-growth value drivers, integrated workflows, platformed capabilities and scaling and sourcing innovation through M&A.

"This transaction is an important milestone towards delivering on our mid- to long-term strategic agenda. Bio-Techne is an outstanding fit that directly supports our strategic direction focused on delivering cutting-edge products and solutions across the entire industry value chain – from lab customers to those manufacturing in the biotech and pharmaceutical industries," said Kai Beckmann, Chairman of the Executive Board and Group CEO of Merck KGaA, Darmstadt, Germany. "By combining Bio-Techne's scientific depth, innovation engine and differentiated portfolio with the global scale, manufacturing excellence and customer reach of Merck KGaA, Darmstadt, Germany, we are in a strong position to address some of the most important opportunities in life sciences and support our customers in accelerating the next generation of scientific discovery and therapeutic innovation. This positions us to deliver compelling strategic and financial benefits for shareholders, customers and employees."

"Building on our strong track record in the Life Science Business, this transaction strengthens our presence in some of the most exciting and fastest-growing areas of the life sciences, including multi-omics, spatial biology, precision diagnostics and cell and gene therapy," said Jean-Charles Wirth, Member of the Executive Board of Merck KGaA, Darmstadt, Germany, and CEO Life Science. "It adds capabilities across our Discovery Solutions, Advanced Solutions and Process Solutions offerings, to support customers across increasingly complex scientific workflows."

"For 50 years, Bio-Techne has enabled scientific breakthroughs across proteomics, spatial biology, and novel therapeutics," said Kim Kelderman, President and Chief Executive Officer of Bio-Techne. "This transaction is a testament to the remarkable company our team has built and to the enduring value we create for our customers and stakeholders. As part of Merck KGaA, Darmstadt, Germany, we will have greater scale and expanded capabilities to accelerate innovation and deepen our impact. Together, we will empower our customers to tackle the most important challenges in science and healthcare, helping to improve outcomes worldwide."

"Following a thorough review, Bio-Techne's Board of Directors determined that this transaction represents an excellent opportunity for Bio-Techne and delivers substantial, near-term cash value to shareholders," said Robert V. Baumgartner, Chairman of the Board of Directors of Bio-Techne. "We are confident that, as part of Merck KGaA, Darmstadt, Germany, Bio-Techne will be well positioned to leverage its strong foundation and expand its impact across life sciences."

Adding Differentiated Technologies Across the Life Science Value Chain 
Bio-Techne is a leader in recombinant proteins with 50 years of heritage in next-generation research and development and new modalities. Bio-Techne would bring to Merck KGaA, Darmstadt, Germany, a globally recognized portfolio of cytokines, growth factors, antibodies, and immunoassay kits.

The planned acquisition would also add ProteinSimple, a leader in automated protein detection and analysis instruments, strengthening the analytical and bioprocess solutions of Merck KGaA, Darmstadt, Germany. In addition, Bio-Techne's RNAscope and related in situ hybridization technologies would strengthen the capabilities of Merck KGaA, Darmstadt, Germany, in spatial biology and diagnostics.

Merck KGaA, Darmstadt, Germany, would also benefit from Bio-Techne's position as a leading provider of materials, analytics, and process technologies to cell therapy developers. In fiscal year 2023, Bio-Techne acquired 19.9% of Wilson Wolf Corporation ("Wilson Wolf"), a leading manufacturer of cell culture devices, including the G-Rex product line, and Bio-Techne expects to acquire the remaining ownership in Wilson Wolf immediately following the end of calendar year 2027 under the terms of a two-part forward contract between Wilson Wolf and Bio-Techne.

Bio-Techne is headquartered in Minneapolis, Minnesota and has more than 3,000 employees, with approximately 2,300 employees based in the U.S. It operates 34 global locations and 15 manufacturing facilities across the U.S., Canada, the UK, Switzerland and China and generated net sales of more than US$1.2 billion in fiscal year 2025.

Strengthening the Leading Life Science Capabilities and Global Reach of Merck KGaA, Darmstadt, Germany
The planned acquisition would strengthen the position of Merck KGaA, Darmstadt, Germany, in high-growth and accelerating areas, including multi-omics, spatial biology, cell and gene therapy, precision diagnostics and advanced research tools, while providing Bio-Techne with access to new channels and customer touchpoints as well as the global scale, manufacturing expertise and established Life Science infrastructure of Merck KGaA, Darmstadt, Germany.

It would also bolster and broaden the Process Solutions business unit of Merck KGaA, Darmstadt, Germany, by expanding its reach into higher-value reagents, analytics, and cell and gene therapy workflows, and strengthen discovery, development and manufacturing capabilities.

Together, Merck KGaA, Darmstadt, Germany, and Bio-Techne would bring enhanced scientific depth and the technical capabilities needed to support increasingly complex customer needs across next-generation biology workflows.

Organizational Opportunities
Merck KGaA, Darmstadt, Germany, has a strong global footprint and track record as a leading employer. Over the past two decades, the company has invested more than US$35 billion (EUR 30 billion) through inorganic growth, including in the U.S. with acquisitions such as Millipore in 2010, Sigma-Aldrich in 2015, Versum in 2019, and, most recently, SpringWorks Therapeutics in 2025. Today, Merck KGaA, Darmstadt, Germany, employs more than 14,000 people in the U.S. across over 70 company and customer sites.

The planned combination would unite teams across North America, Europe, Asia-Pacific and other key markets, creating a more connected global organization with enhanced opportunities for collaboration, mobility and professional growth. Merck KGaA, Darmstadt, Germany, intends to leverage the unique strengths and expertise of both organizations while continuing to invest in the capabilities, development and long-term success of its workforce worldwide.

As part of a larger global Life Science organization, Bio-Techne employees would have opportunities to contribute to a broader range of innovation, customer and growth priorities, while benefiting from greater access to international networks, advanced training and participation in larger-scale innovation programs. Together, these opportunities are expected to strengthen the company's ability to attract, retain and develop top talent globally, supporting continued scientific leadership and sustainable growth.

Financing & Transaction Details
Under the terms of the merger agreement, Bio-Techne shareholders will receive US$73 per share in cash, representing a total enterprise value of approximately US$11.3 billion (EUR 9.9 billion). The proposed transaction has been approved by Bio-Techne's Board of Directors and the relevant corporate bodies of Merck KGaA, Darmstadt, Germany, and is expected to close by late 2026 or early 2027, subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals and approval by Bio-Techne shareholders.

The planned acquisition will be funded through a combination of existing cash on hand and proceeds from new debt. Merck KGaA, Darmstadt, Germany, will preserve a strong investment-grade credit rating.

Financial Benefits & Disciplined Execution
The proposed transaction is expected to be immediately accretive to EBITDA pre margin of both Life Science and the Group post-closing and EPS pre accretive by year 3 after closing. Cost synergies of approximately EUR 140 million are expected to be fully realized by year 3 after closing.

Merck KGaA, Darmstadt, Germany, has a strong track record of successfully integrating acquisitions, including larger-scale and capability-expanding transactions, while delivering strategic, operational and financial value creation. Building on this experience, the company is committed to executing a thoughtful integration process focused on business continuity, critical talent retention, scientific capabilities and customer relationships. Value creation is expected to come from stronger growth, broader capabilities, improved customer reach and disciplined integration.

Advisors 
Guggenheim Securities and J.P. Morgan are acting as financial advisors to Merck KGaA, Darmstadt, Germany, and Sullivan & Cromwell LLP is acting as the legal counsel of Merck KGaA, Darmstadt, Germany. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Bio-Techne, and Sidley Austin LLP is acting as Bio-Techne's legal counsel.

Media & Investor Calls
Merck KGaA, Darmstadt, Germany, will host a media call today at 12:00 p.m. CEST, and a conference call with the financial community today at 2:00 p.m. CEST.

About Merck KGaA, Darmstadt, Germany
Merck KGaA, Darmstadt, Germany, a leading science and technology company, operates across life science, healthcare and electronics. More than 62,000 employees work to make a positive difference to millions of people's lives every day by creating more joyful and sustainable ways to live. From providing products and services that accelerate drug development and manufacturing as well as discovering unique ways to treat the most challenging diseases to enabling the intelligence of devices – the company is everywhere. In 2025, Merck KGaA, Darmstadt, Germany, generated sales of € 21.1 billion in 65 countries.

The company holds the global rights to the name and trademark "Merck" internationally. The only exceptions are the United States and Canada, where the business sectors of Merck KGaA, Darmstadt, Germany, operate as MilliporeSigma in life science, EMD Serono in healthcare and EMD Electronics in electronics. Since its founding in 1668, scientific exploration and responsible entrepreneurship have been key to the company's technological and scientific advances. To this day, the founding family remains the majority owner of the publicly listed company.

All Merck KGaA, Darmstadt, Germany, press releases are distributed by e-mail at the same time they become available on the EMD Group website. In case you are a resident of the USA or Canada, please go to www.emdgroup.com/subscribe to register for your online, change your selection or discontinue this service.

About Bio-Techne
Bio Techne Corporation (NASDAQ: TECH) is a global life sciences company headquartered in Minnesota, celebrating 50 years of empowering scientific and diagnostic communities to reach better answers. The company provides high quality reagents, analytical instruments, and precision diagnostics. Its portfolio is organized into three customer focused brands: R&D Systems™, Bio Techne Spatial™, and Bio Techne Diagnostics™, reflecting the scientific journey from discovery to translational research to clinical decision making. Bio Techne operates in 34 locations worldwide and employs more than 3,000 people. In fiscal year 2025, the company generated over $1.2 billion in net sales. Its more than 500,000 products are used globally by academic researchers, biopharmaceutical and biotechnology companies, and clinical diagnostic laboratories.

For more information on Bio‑Techne, please visit www.bio-techne.com or follow the company on LinkedIn, X, or YouTube.

Bio-Techne Contacts
David Clair, Vice President Investor Relations
[email protected]

Media contacts:
Corporate Communications
[email protected]

Joele Frank, Wilkinson Brimmer Katcher
Kelly Sullivan / Jamie Moser
+1 212-355-4449

Cautionary Statement Regarding Forward-Looking Statements
This communication may contain forward-looking statements based on current assumptions and forecasts made by Merck KGaA, Darmstadt, Germany or Bio-Techne Corporation ("Bio-Techne") management. Statements that include words such as "anticipate," "expect," "should," "would," "intend," "plan," "project," "seek," "believe," "will," and other words of similar meaning in connection with future events or future operating or financial performance are often used to identify forward-looking statements. All statements in this communication, other than those relating to historical information or current conditions, are forward-looking statements. Actual results could differ materially from those projected or forecasted in the forward-looking statements. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation or development and the estimates given here. These factors include the following: Merck KGaA, Darmstadt, Germany's ability to successfully complete the proposed acquisition of Bio-Techne or realize the anticipated benefits of the proposed transaction in the expected timeframes or at all; Merck KGaA, Darmstadt, Germany's ability to successfully integrate Bio-Techne's operations into those of Merck KGaA, Darmstadt, Germany, given such integration may be more difficult, time-consuming or costly than expected; the failure to obtain Bio-Techne's shareholders' approval of the proposed transaction; the failure of any of the conditions to the proposed transaction to be satisfied; the possibility that competing offers or acquisition proposals for Bio-Techne will be made; revenues following the proposed transaction may be lower than expected; operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the proposed transaction; the retention of certain key employees at Bio-Techne; risks associated with the disruption of management's attention from ongoing business operations due to the proposed transaction; certain restrictions during the pendency of the proposed transaction that may impact Bio-Techne's or Merck KGaA, Darmstadt, Germany's ability to pursue certain business opportunities or strategic transactions; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Bio-Techne's common stock, including if the proposed transaction is not consummated; the outcome of any legal proceedings related to the proposed transaction; the impact of the proposed transaction on Bio-Techne's credit rating; the parties' ability to meet expectations regarding the timing and completion of the proposed transaction; delays in obtaining any approvals required to complete the proposed transaction or an inability to obtain them on the terms proposed or on the anticipated schedule or regarding accounting and tax treatments of the proposed transaction; the impact of indebtedness to be incurred by Merck KGaA, Darmstadt, Germany in connection with the proposed transaction; the effects of the business combination of Bio-Techne and Merck KGaA, Darmstadt, Germany, including the combined company's future financial condition, operating results, strategy and plans; third parties may claim that Merck KGaA, Darmstadt, Germany's or Bio-Techne's products infringe their intellectual property rights; fluctuations in non-U.S. currencies could result in transaction losses; acts of war and terrorism may adversely affect Merck KGaA, Darmstadt, Germany's or Bio-Techne's business; the volatility of the international marketplace; and other factors discussed in Merck KGaA, Darmstadt, Germany's public reports which are available on Merck KGaA, Darmstadt, Germany's website at https://www.emdgroup.com/en or in Bio-Techne's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") for the fiscal year ended June 30, 2025 and Bio-Techne's other filings with the SEC, which are available at http://www.sec.gov and on Bio-Techne's website at https://www.bio-techne.com. Except as otherwise required by law, neither Merck KGaA, Darmstadt, Germany nor Bio-Techne assumes any liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

Additional Important Information and Where to Find It
This communication relates to the proposed transaction involving Bio-Techne and Merck KGaA, Darmstadt, Germany. In connection with the proposed transaction, Bio-Techne intends to file relevant materials with the SEC, including a proxy statement on Schedule 14A (the "Proxy Statement"). This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, and is not a substitute for the Proxy Statement or any other document that Bio-Techne files with the SEC or sends to Bio-Techne's shareholders in connection with the proposed transaction. SHAREHOLDERS OF BIO-TECHNE ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING ALL PROXY MATERIALS, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain the documents (when available) free of charge at the SEC's website, http://www.sec.gov, or on Bio-Techne's website at https://www.bio-techne.com.

Participants in Solicitation
Bio-Techne and its directors and executive officers, and Merck KGaA, Darmstadt, Germany and certain of its executive officers, may be deemed to be participants in the solicitation of proxies from the holders of Bio-Techne common stock in respect of the proposed transaction. Information about the directors and executive officers of Bio-Techne is set forth (i) in Bio-Techne's proxy statement for its 2025 annual meeting of shareholders, which was filed with the SEC on September 19, 2025, which is available here, including under the headings "Proposal 2: Election of Directors," "Corporate Governance," "Director Compensation," "Executive Compensation" and "Share Information", and (ii) under Item 5.02, "Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers" in the Current Report on Form 8-K filed by Bio-Techne with the SEC on February 11, 2026 (which is available here). To the extent holdings of Bio-Techne's securities by its directors or executive officers have changed since the amounts set forth in such documents, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC that are or will be available at the SEC's website, http://www.sec.gov. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC in respect of the proposed transaction when they become available.

Media Relations
[email protected]
Phone: +49 151 1454 9258

Investor Relations
[email protected]
Phone: +49 6151 72 3321

SOURCE Bio-Techne Corporation

Third quarter net earnings of $173.0 million, or $1.55 per diluted share and adjusted earnings of $193.0 million, or $1.73 per diluted share Consolidated core EBITDA increased 78.6% year-over-year to $353.6 million due to strong market conditions, increasing benefits from Transform, Advance, Grow ("TAG") initiatives, and the contribution of the recently acquired precast businesses Consolidated core EBITDA margin of 14.2% increased by 440 basis points compared to the prior year period  Reduced net leverage; clear visibility to <2x well ahead of the stated goal of mid-2027  , /PRNewswire/ -- CMC (NYSE: CMC) (the "Company") today announced financial results for its fiscal third quarter ended May 31, 2026.

CEO Commentary
"During our fiscal third quarter, we continued to make great progress on our strategic agenda across a number of fronts," said Peter Matt, President and Chief Executive Officer. "We substantially grew Core EBITDA, and made meaningful progress deleveraging our balance sheet. Our early-stage construction portfolio is benefiting from solid demand, along with strong booking and backlogs at attractive prices. The commercial and operating rigor that define CMC, together with the growing benefits of our TAG program, position the Company to deliver strong results in the fourth quarter and beyond."

Third Quarter Operational and Financial Highlights

Three Months Ended

(in thousands, except per share data)

5/31/2026

2/28/2026

5/31/2025

QoQ Change

YoY Change

Net sales

$    2,483,245

$    2,132,018

$    2,019,984

16.5 %

22.9 %

Net earnings

$       173,015

$         93,032

$         83,126

86.0 %

108.1 %

Core EBITDA

$       353,596

$       297,473

$       198,025

18.9 %

78.6 %

Core EBITDA margin

14.2 %

14.0 %

9.8 %

20bps

440bps

Net earnings per diluted share

$             1.55

$             0.83

$             0.73

86.7 %

112.3 %

Adjusted earnings

$       193,025

$       130,147

$         79,618

48.3 %

142.4 %

Adjusted earnings per diluted share

$             1.73

$             1.16

$             0.70

49.1 %

147.1 %

For the third quarter of fiscal 2026, the Company reported consolidated net earnings of $173.0 million or $1.55 per diluted share, adjusted earnings were $193.0 million, or $1.73 per diluted share, an increase of 147.1% on a per-share basis versus the comparable prior year period. Consolidated core EBITDA for the fiscal third quarter increased 78.6% year-over-year to $353.6 million with all segments delivering significant adjusted EBITDA growth relative to the prior year period. Consolidated core EBITDA margins expanded to 14.2%, up 440 basis points year-over-year due to metal margin expansion, a $52.9 million contribution from the recent precast acquisitions, as well as improved Europe Steel Group performance.

Relative to the fiscal second quarter, significant improvement from the Construction Solutions Group ("CSG") and Europe Steel Group, more than offset headwinds in the North America Steel Group adjusted EBITDA.  Core EBITDA margins expanded 20 basis points sequentially.1

Business Segments - Fiscal Third Quarter 2026 Review

North America Steel Group
Third quarter North America Steel Group adjusted EBITDA was $253.5 million, an increase of 41% year-over-year driven by higher margins over scrap costs and benefits from CMC's TAG program. Metal margins increased $111 per ton, with average selling price for steel products increasing $130 per ton, while scrap costs were up only $19 per ton over the same timeframe. As a result, adjusted EBITDA margin was 14.2%, up from 11.5% in the prior year period. Finished goods shipment volumes for the North America Steel Group decreased 1.7% versus the prior year due to temporary inventory constraints related to the planned downtime, several lost shipping days due to heavy rainfall, which curtailed construction activity in certain markets, and increased commercial discipline in focusing on value over volume. Despite these headwinds in the third quarter, underlying demand remains solid. The project pipeline continues to grow, supported by public infrastructure spending, as well as mega-projects investments across data centers, semiconductors, and ongoing energy-related build outs, all of which are contributing to a healthy backlog. Downstream backlog volumes remained elevated above historical averages, with third quarter booking pricing increasing 15.5% versus the prior year period.  

On a sequential basis, segment profitability moderated due to a combination of three factors. First, planned maintenance outages across a number of mill operations increased costs and impacted shipments. Second, construction activity in key markets, including Texas was curtailed by heavy rainfall. Finally, the timing of price increases temporarily lagged fuel-driven scrap cost increases. These factors impacting third quarter results have proven temporary. Margins on steel products compressed by $13 per ton sequentially, as the average selling price increase for steel products of $15 per ton was more than offset by a $28 per ton increase in scrap costs over the same time period.      

Construction Solutions Group
CSG third quarter net sales doubled year-over-year to $394.6 million, while adjusted EBITDA of $97.4 million was up 138.1% year-over-year. Sales and adjusted EBITDA growth was fueled by the inclusion of CMC's precast acquisitions, which contributed $175.7 million to segment revenue and $52.9 million to segment adjusted EBITDA during the quarter, as well as a strong quarter for Tensar. Adjusted EBITDA margin of 24.7% was up 400 basis points relative to the prior year period.

Precast shipments experienced some weakness in select southeast markets in part driven by unfavorable weather conditions that led to delays. These conditions have started to normalize in the fiscal fourth quarter. Moreover, robust precast bidding activity, recent bookings, and strong backlogs supports solid performance in the fourth quarter. Tensar profitability accelerated year-over-year due to the strong demand environment and cost control actions. Performance for the other businesses within the CSG was stable relative to the year-ago period.

Europe Steel Group
For the third quarter, Europe Steel Group generated adjusted EBITDA of $34.7 million, up from $3.6 million in the prior-year period, benefiting from the receipt of a $20.4 million CO₂ credit and improved market conditions. Metal margin expanded by $37 per ton year-over-year as average selling price increased $34 per ton and scrap costs decreased by $3 per ton.  Adjusted EBITDA margin expanded to 11.9%, up from 1.5% in the year-ago period.

More constructive trade policy is beginning to support market conditions in Europe. As expected, the EU Carbon Border Adjustment Mechanism ("CBAM"), implemented earlier this year, has strengthened domestic demand, with third quarter total steel shipments increasing 41.2% sequentially. Looking ahead, the combination of CBAM and improved EU trade measures effective July 1, 2026 and increased infrastructure spending in key markets is expected to support an improved operating and margin environment for the Europe Steel Group.

Balance Sheet & Capital Allocation
As of May 31, 2026, cash, cash equivalents and restricted cash totaled $563.2 million and available liquidity was nearly $1.8 billion. Net leverage adjusted for acquisitions2 ended the quarter at 2.1x reflecting strong cash generation and balance sheet discipline. 

During the quarter, CMC repurchased 283,335 shares of common stock valued at $18.9 million in the aggregate. As of May 31, 2026, $128.9 million remained available under the current share repurchase authorization.

On June 24, 2026, the board of directors declared a quarterly dividend of $0.20 per share of CMC common stock payable to stockholders of record on July 6, 2026. The dividend, to be paid on July 15, 2026, will mark the 247th consecutive quarterly payment by the Company.

Outlook
Mr. Matt added, "Looking to the fourth quarter, supported by favorable market conditions, robust backlogs, and our strategic initiatives currently underway, we are well positioned to finish fiscal 2026 on very strong footing. We look forward to providing additional updates on our long-term strategy, operations, and financial performance at our upcoming Investor Day in August." 

For the fourth quarter of fiscal 2026, core EBITDA is expected to increase sequentially driven primarily by the following factors:

Healthy domestic demand conditions and strong backlogs Stronger North America Steel Group adjusted EBITDA, reflecting the absence of the $20 million third quarter mill outage headwind, along with a similarly sized benefit expected from the combination of volume growth and margin expansion  Mid-teens adjusted EBITDA growth in the Construction Solutions Group driven by the contribution from the precast acquisitions and underlying momentum in the rest of the business Modestly higher adjusted EBITDA performance in the Europe Steel Group, excluding impacts from CO₂ credits Investor Day
CMC previously announced it will host an Investor Day on August 5, 2026 to provide updates on its strategy, operations, and long-term growth outlook. The event will be webcast live via the Investor Relations section of CMC's website at www.cmc.com. Investors and other interested parties are invited to join the virtual event by registering in advance at the Investor Day section of ir.cmc.com. A replay of the webcast and accompanying materials will be available following the event.

Conference Call
CMC invites you to listen to a live broadcast of its third quarter fiscal 2026 conference call today, Thursday, June 25, 2026 at 11:00 a.m. ET. Peter Matt, President and Chief Executive Officer, and Paul Lawrence, Senior Vice President and Chief Financial Officer, will host the call. The call is accessible via our website at www.cmc.com. In the event you are unable to listen to the live broadcast, the call will be archived and available for replay on our website on the next business day. Financial and statistical information presented in the broadcast are located on CMC's website under "Investors."

About CMC
CMC is a Fortune 500 company headquartered in Irving, Texas, and a leading provider of early-stage construction solutions that support the foundational phases of modern infrastructure and building projects. Founded in 1915, CMC has grown from a single-site recycling operation to one of the largest U.S. manufacturers of steel reinforcing bar ("rebar"), a leading producer of subgrade soil stabilization and foundation enhancement solutions and a major supplier of concrete pipe and precast products.

Through an extensive manufacturing network primarily located in the United States and Central Europe, with strategic operations in the United Kingdom, Europe and Asia, CMC serves infrastructure, non-residential, residential, industrial and energy markets. While often unseen, CMC's products are essential to highways, bridges, airports, commercial buildings and other critical structures that support everyday life.

Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws with respect to the expected performance of our recently acquired precast platform, general economic conditions, key macro-economic drivers that impact our business, the effects of ongoing trade actions, the effects of continued pressure on the liquidity of our customers, potential synergies and growth provided by acquisitions and strategic investments, demand for our products, shipment volumes, metal margins, backlog volumes, the ability to operate our steel mills at full capacity, particularly during periods of domestic mill start-ups, the future availability and cost of supplies of raw materials and energy for our operations, growth rates in certain reportable segments, product margins within our CSG segment, share repurchases, legal proceedings, construction activity, international trade, the impact of geopolitical conditions, the effects of CBAM and other EU trade measures on European demand and pricing, capital expenditures, tax credits, the timing, amount and recurrence of CO2 or emissions-related credits. our liquidity and our ability to satisfy future liquidity requirements, our ability to achieve our stated deleveraging target within the anticipated timeframe, estimated contractual obligations, the expected capabilities and benefits of new facilities, the anticipated benefits and timeline for execution of our growth plan and initiatives, including our TAG operational and commercial excellence program, and our expectations or beliefs concerning future events. The statements in this release that are not historical statements, are forward-looking statements. These forward-looking statements can generally be identified by phrases such as we or our management "expects," "anticipates," "believes," "estimates," "intends," "may," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook" or other similar words or phrases, as well as by discussions of strategy, plans or intentions.

The Company's forward-looking statements are based on management's expectations and beliefs as of the time this news release was prepared. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or any other changes. Important factors that could cause actual results to differ materially from our expectations include those described in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, in Part I, Item 1A, "Risk Factors" of our annual report on Form 10-K for the fiscal year ended August 31, 2025, as well as the following: changes in economic conditions which affect demand for our products or construction activity generally, and the impact of such changes on the highly cyclical steel industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices or reducing the profitability of downstream contracts within our vertically integrated steel operations due to rising commodity pricing; excess capacity in our industry, particularly in China, and product availability from competing steel mills and other steel suppliers including import quantities and pricing; the impact of additional steelmaking capacity expected to come online from a number of ongoing electric arc furnace projects in the U.S.; the impact of geopolitical conditions, including political turmoil and volatility, regional conflicts, terrorism and war on the global economy, inflation, energy supplies and raw materials; increased attention to environmental, social and governance ("ESG") matters, including any targets or other ESG, environmental justice or regulatory initiatives; operating and startup risks, as well as market risks associated with the commissioning of new projects could prevent us from realizing anticipated benefits and could result in a loss of all or a substantial part of our investments; impacts from global public health crises on the economy, demand for our products, global supply chain and on our operations; compliance with and changes in existing and future laws, regulations and other legal requirements and judicial decisions that govern our business, including increased environmental regulations associated with climate change and greenhouse gas emissions; involvement in various environmental matters that may result in fines, penalties or judgments; evolving remediation technology, changing regulations, possible third-party contributions, the inherent uncertainties of the estimation process and other factors that may impact amounts accrued for environmental liabilities; potential limitations in our or our customers' abilities to access credit and non-compliance with their contractual obligations, including payment obligations; activity in repurchasing shares of our common stock under our share repurchase program; financial and non-financial covenants and restrictions on the operation of our business contained in agreements governing our debt; our ability to successfully identify, consummate and integrate acquisitions and realize any or all of the anticipated synergies or other benefits of acquisitions; the effects that acquisitions may have on our financial leverage; risks associated with acquisitions generally, such as the inability to obtain, or delays in obtaining, required approvals under applicable antitrust legislation and other regulatory and third-party consents and approvals; lower than expected future levels of revenues and higher than expected future costs; failure or inability to implement growth strategies in a timely manner; the impact of goodwill or other indefinite-lived intangible asset impairment charges; the impact of long-lived asset impairment charges; currency fluctuations; global factors, such as trade measures, military conflicts and political uncertainties, including changes to current trade regulations, such as Section 232 trade tariffs and quotas, tax legislation and other regulations which might adversely impact our business; availability and pricing of electricity, electrodes and natural gas for mill operations; our ability to hire and retain key executives and other employees; competition from other materials or from competitors that have a lower cost structure or access to greater financial resources; information technology interruptions and breaches in security; our ability to make necessary capital expenditures; availability and pricing of raw materials and other items over which we exert little influence, including scrap metal, energy and insurance; unexpected equipment failures; losses or limited potential gains due to hedging transactions; litigation claims and settlements, court decisions, regulatory rulings and legal compliance risks, including those related to the Pacific Steel Group litigation and other legal proceedings; risk of injury or death to employees, customers or other visitors to our operations; and civil unrest, protests and riots.

____________________

1 "Adjusted EBITDA," "core EBITDA," "core EBITDA margin," "adjusted earnings" and "adjusted earnings per diluted share" are non-GAAP financial measures. Details, including a reconciliation of each such non-GAAP financial measure to the most directly comparable measure prepared and presented in accordance with GAAP, can be found in the financial tables that follow.

2 Net leverage adjusted for acquisitions represents net debt divided by trailing 12-month adjusted EBITDA. whereby trailing 12-month adjusted EBITDA has been further adjusted to (a) eliminate actual results from the precast business since the respective acquisition dates and instead include $245 million of expected annualized EBITDA contribution from the precast business, based on the midpoint of expectations and (b) eliminate the impact of approximately $36.5 million of acquisition and integration related costs. Net debt is a non-GAAP measure and is calculated as total debt minus cash, cash equivalents and restricted cash. A reconciliation to the most directly comparable measure prepared and presented in accordance with GAAP can be found in the financial tables that follow.

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

FINANCIAL & OPERATING STATISTICS (UNAUDITED)

Three Months Ended

Nine Months Ended

(in thousands, except per ton amounts)

5/31/2026

2/28/2026

11/30/2025

8/31/2025

5/31/2025

5/31/2026

5/31/2025

North America Steel Group

Net sales to external customers

$ 1,789,381

$ 1,608,321

$ 1,661,058

$ 1,616,078

$ 1,562,286

$            5,058,760

$            4,467,771

Adjusted EBITDA

253,487

269,674

293,906

239,416

179,936

817,067

503,069

Adjusted EBITDA margin

14.2 %

16.8 %

17.7 %

14.8 %

11.5 %

16.2 %

11.3 %

External tons shipped

Raw materials

482

358

384

374

385

1,224

1,036

Rebar

482

481

544

544

534

1,507

1,586

Merchant bar and other

268

235

251

244

264

754

748

Steel products

750

716

795

788

798

2,261

2,334

Downstream products

384

335

350

366

355

1,069

1,009

Average selling price per ton

Raw materials

$       873

$       985

$       900

$       881

$       809

$       919

$       875

Steel products

989

974

939

882

859

968

829

Downstream products

1,260

1,242

1,236

1,214

1,212

1,247

1,231

Cost of raw materials per ton

$       660

$       741

$       648

$       649

$       617

$       683

$       665

Cost of ferrous scrap utilized per ton

$       379

$       351

$       318

$       314

$       360

$       349

$       340

Steel products metal margin per ton

$       610

$       623

$       621

$       568

$       499

$       619

$       489

Construction Solutions Group

Net sales to external customers

$  394,574

$  314,425

$  198,277

$  221,753

$  197,454

$ 907,276

$ 525,733

Adjusted EBITDA

97,411

53,420

39,581

50,630

40,912

190,412

87,091

Adjusted EBITDA margin

24.7 %

17.0 %

20.0 %

22.8 %

20.7 %

21.0 %

16.6 %

Europe Steel Group

Net sales to external customers

$  291,235

$  200,014

$  247,650

$  263,294

$  247,590

$  738,899

$  655,026

Adjusted EBITDA

34,665

(1,428)

10,929

39,098

3,593

44,166

30,184

Adjusted EBITDA margin

11.9 %

(0.7) %

4.4 %

14.8 %

1.5 %

6.0 %

4.6 %

External tons shipped

Rebar

136

69

119

117

88

324

295

Merchant bar and other

265

215

243

257

271

723

687

Steel products

401

284

362

374

359

1,047

982

Average selling price per ton

Steel products

$       697

$       672

$       651

$       668

$       663

$      674

$       639

Cost of ferrous scrap utilized per ton

$       367

$       356

$       345

$       351

$       370

$      357

$       360

Steel products metal margin per ton

$       330

$       316

$       306

$       317

$       293

$      317

$       279

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

BUSINESS SEGMENTS (UNAUDITED)

Three Months Ended

Nine Months Ended

(in thousands)

5/31/2026

2/28/2026

11/30/2025

8/31/2025

5/31/2025

5/31/2026

5/31/2025

Net sales to external customers

North America Steel Group

$ 1,789,381

$ 1,608,321

$ 1,661,058

$ 1,616,078

$ 1,562,286

$ 5,058,760

$ 4,467,771

Construction Solutions Group

394,574

314,425

198,277

221,753

197,454

907,276

525,733

Europe Steel Group

291,235

200,014

247,650

263,294

247,590

738,899

655,026

Corporate and Other

8,055

9,258

13,322

13,393

12,654

30,635

35,432

Total net sales to external customers

$ 2,483,245

$ 2,132,018

$ 2,120,307

$ 2,114,518

$ 2,019,984

$ 6,735,570

$ 5,683,962

Adjusted EBITDA

North America Steel Group

$  253,487

$  269,674

$  293,906

$  239,416

$  179,936

$  817,067

$  503,069

Construction Solutions Group

97,411

53,420

39,581

50,630

40,912

190,412

87,091

Europe Steel Group

34,665

(1,428)

10,929

39,098

3,593

44,166

30,184

Corporate and Other

(49,654)

(70,410)

(55,848)

(50,716)

(36,952)

(175,912)

(458,049)

Total adjusted EBITDA

$  335,909

$  251,256

$  288,568

$  278,428

$  187,489

$  875,733

$  162,295

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (UNAUDITED)

Three Months Ended May 31,

Nine Months Ended May 31,

(in thousands, except share and per share data)

2026

2025

2026

2025

Net sales

$      2,483,245

$      2,019,984

$     6,735,570

$      5,683,962

Costs and operating expenses:

Cost of goods sold

2,028,109

1,720,063

5,485,391

4,856,614

Selling, general and administrative expenses

222,314

175,769

651,104

521,187

Interest expense

40,205

10,864

105,981

33,353

Litigation expense

3,778

3,776

11,580

358,496

Net costs and operating expenses

2,294,406

1,910,472

6,254,056

5,769,650

Earnings (loss) before income taxes

188,839

109,512

481,514

(85,688)

Income tax expense (benefit)

15,824

26,386

38,185

(18,569)

Net earnings (loss)

$        173,015

$         83,126

$       443,329

$        (67,119)

Earnings (loss) per share:

Basic

$            1.56

$            0.74

$           4.00

$           (0.59)

Diluted

1.55

0.73

3.96

(0.59)

Cash dividends per share

$            0.20

$            0.18

$           0.56

$            0.54

Average basic shares outstanding

110,845,841

112,700,136

110,955,940

113,437,950

Average diluted shares outstanding

111,714,880

113,559,456

111,979,490

113,437,950

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

 CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share and per share data)

May 31, 2026

August 31, 2025

Assets

Current assets:

Cash and cash equivalents

$        559,759

$     1,043,252

Restricted cash

3,458

2,652

Accounts receivable (less allowance for doubtful accounts of $4,422 and $3,186)

1,391,195

1,201,680

Inventories, net

1,172,564

934,310

Prepaid and other current assets

334,739

312,924

Total current assets

3,461,715

3,494,818

Property, plant and equipment, net

3,330,149

2,742,773

Intangible assets, net

463,872

210,815

Goodwill

2,136,509

386,846

Other noncurrent assets

404,110

336,582

Total assets

$     9,796,355

$     7,171,834

Liabilities and stockholders' equity

Current liabilities:

Accounts payable

$        458,482

$        358,373

Accrued contingent litigation-related loss

373,476

362,272

Other accrued expenses and payables

567,654

493,879

Current maturities of long-term debt

88,792

44,289

Total current liabilities

1,488,404

1,258,813

Deferred income taxes

190,672

184,645

Other noncurrent liabilities

273,445

225,044

Long-term debt

3,311,693

1,310,006

Total liabilities

5,264,214

2,978,508

Stockholders' equity:

Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued
129,060,664 shares; outstanding 110,695,456 and 111,189,136 shares

1,290

1,290

Additional paid-in capital

415,814

406,916

Accumulated other comprehensive loss

(23,164)

(25,251)

Retained earnings

4,888,315

4,507,114

Less treasury stock, 18,365,208 and 17,871,528 shares at cost

(750,388)

(697,003)

Stockholders' equity

4,531,867

4,193,066

Stockholders' equity attributable to non-controlling interests

274

260

Total stockholders' equity

4,532,141

4,193,326

Total liabilities and stockholders' equity

$     9,796,355

$     7,171,834

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Nine Months Ended May 31,

(in thousands)

2026

2025

Cash flows from (used by) operating activities:

Net earnings (loss)

$        443,329

$        (67,119)

Adjustments to reconcile net earnings (loss) to net cash flows from operating activities:

Depreciation and amortization

282,711

213,397

Write-off of committed financing fees

11,563

—

Stock-based compensation

37,426

27,816

Write-down of inventory

417

20,665

Unrealized loss on undesignated commodity hedges

5,527

62

Unrealized loss (gain) on undesignated foreign exchange hedges

3,763

(1,558)

Amortization of debt issuance costs

3,431

850

Deferred income taxes and other long-term taxes

(616)

(94,217)

Litigation expense

11,580

358,496

Settlement of New Markets Tax Credit transaction

—

(2,786)

Other

(1,010)

3,705

Changes in operating assets and liabilities

(195,098)

(59,446)

Net cash flows from operating activities

603,023

399,865

Cash flows from (used by) investing activities:

Acquisitions, net of cash acquired

(2,516,122)

—

Capital expenditures

(404,273)

(293,904)

Proceeds from government assistance related to property, plant and equipment

—

25,000

Proceeds from the sale of property, plant and equipment

5,045

5,439

Proceeds from insurance

9,602

2,237

Other

(1,328)

(1,393)

Net cash flows used by investing activities

(2,907,076)

(262,621)

Cash flows from (used by) financing activities:

Proceeds from issuance of long-term debt

1,985,000

147,724

Repayments of long-term debt

(34,211)

(30,403)

Debt issuance costs

(8,489)

(606)

Committed financing fees

(11,563)

—

Proceeds from accounts receivable facilities

109,013

29,758

Repayments under accounts receivable facilities

(76,465)

(29,758)

Treasury stock acquired

(76,106)

(148,854)

Tax withholdings related to share settlements, net of purchase plans

(4,333)

(9,551)

Dividends

(62,128)

(61,300)

Contribution from non-controlling interest

14

12

Net cash flows from (used by) financing activities

1,820,732

(102,978)

Effect of exchange rate changes on cash

634

1,307

Increase (decrease) in cash and cash equivalents

(482,687)

35,573

Cash, restricted cash and cash equivalents at beginning of period

1,045,904

859,555

Cash, restricted cash and cash equivalents at end of period

$        563,217

$        895,128

COMMERCIAL METALS COMPANY
NON-GAAP FINANCIAL MEASURES (UNAUDITED)

This press release contains financial measures not derived in accordance with U.S. generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measure are provided below.

Adjusted EBITDA, core EBITDA, core EBITDA margin and adjusted earnings are non-GAAP financial measures. Adjusted earnings per diluted share is defined as adjusted earnings on a diluted per share basis. Core EBITDA margin is defined as core EBITDA divided by net sales. The adjustment "Settlement of New Markets Tax Credit transactions" represents the recognition of deferred revenue from 2016 and 2017 resulting from the Company's participation in the New Markets Tax Credit program provided for in the Community Renewal Tax Relief Act of 2000 during the development of a micro mill, spooler and T-post shop located in eligible zones as determined by the Internal Revenue Service. The adjustment "Litigation expense" represents a provision recorded in the three months ended November 30, 2024 related to the judgment in the Pacific Steel Group litigation and, with respect to subsequent periods, primarily represents interest expense on the judgment amount. The adjustments "Acquisition and integration related costs" and "Acquisition, integration and financing related costs" represent nonrecurring fees associated with the Foley Products Company, LLC ("Foley") and Concrete Pipe and Precast, LLC ("CP&P") acquisitions. The adjustment "Purchase accounting effect on inventory" represents a one time fair value adjustment on inventory associated with the Foley and CP&P acquisitions. The adjustment "Amortization of acquired contract backlog" represents the amortization of the intangible contract backlog from the Foley and CP&P acquisitions.

Non-GAAP financial measures should be viewed in addition to, and not as alternatives to, the most directly comparable measures derived in accordance with GAAP and may not be comparable to similar measures presented by other companies. However, we believe that the non-GAAP financial measures provide relevant and useful information to management, investors, analysts, creditors and other interested parties in our industry as they allow: (i) comparison of our earnings to those of our competitors; (ii) a supplemental measure of our underlying business operational performance; and (iii) the assessment of period-to-period performance trends. Management uses non-GAAP financial measures to evaluate financial performance.  We have not reconciled the forward-looking estimates of TAG-related EBITDA benefits to comparable GAAP measures because applicable information for future periods, on which these reconciliations would be based, is not readily available due to uncertainty regarding, and the potential variability of metal margins, U.S. trade policy, cost levels of key production inputs, construction activity and related product demand, etc. Accordingly, reconciliations of the forward-looking estimates of TAG-related EBITDA benefits to net earnings are not available at this time without unreasonable effort.

A reconciliation of net earnings (loss) to adjusted EBITDA and core EBITDA is provided below:

Three Months Ended

Nine Months Ended

(in thousands)

5/31/2026

2/28/2026

11/30/2025

8/31/2025

5/31/2025

5/31/2026

5/31/2025

Net earnings (loss)

$ 173,015

$  93,032

$ 177,282

$ 151,781

$  83,126

$ 443,329

$ (67,119)

Interest expense

40,205

40,928

24,848

12,145

10,864

105,981

33,353

Income tax expense (benefit)

15,824

16,708

5,653

41,452

26,386

38,185

(18,569)

Depreciation and amortization

107,422

102,567

72,722

72,480

72,376

282,711

213,397

Asset impairments

—

—

—

3,436

785

—

1,171

Unrealized (gain) loss on
undesignated commodity hedges

(557)

(1,979)

8,063

(2,866)

(6,048)

5,527

62

Adjusted EBITDA

335,909

251,256

288,568

278,428

187,489

875,733

162,295

Non-cash equity compensation

11,384

14,806

11,236

9,237

9,546

37,426

27,816

Settlement of New Markets Tax
Credit transactions

—

—

—

—

(2,786)

—

(2,786)

Litigation expense

3,778

4,067

3,735

3,776

3,776

11,580

358,496

Acquisition and integration
related costs

2,525

20,605

13,379

—

—

36,509

—

Purchase accounting effect on
inventory

—

6,739

—

—

—

6,739

—

Core EBITDA

$ 353,596

$ 297,473

$ 316,918

$ 291,441

$ 198,025

$ 967,987

$ 545,821

Net sales

$            2,483,245

$            2,132,018

$            2,120,307

$            2,114,518

$            2,019,984

$            6,735,570

$            5,683,962

Core EBITDA margin

14.2 %

14.0 %

14.9 %

13.8 %

9.8 %

14.4 %

9.6 %

A reconciliation of net earnings (loss) to adjusted earnings is provided below:

Three Months Ended

Nine Months Ended

(in thousands, except per share data)

5/31/2026

2/28/2026

11/30/2025

8/31/2025

5/31/2025

5/31/2026

5/31/2025

Net earnings (loss)

$ 173,015

$  93,032

$ 177,282

$ 151,781

$  83,126

$ 443,329

$ (67,119)

Asset impairments

—

—

—

3,436

785

—

1,171

Settlement of New Markets Tax Credit transactions

—

—

—

—

(2,786)

—

(2,786)

Litigation expense

3,778

4,067

3,735

3,776

3,776

11,580

358,496

Unrealized (gain) loss on undesignated commodity hedges

(557)

(1,979)

8,063

(2,866)

(6,048)

5,527

62

Acquisition, integration and financing related costs

2,525

20,605

24,942

—

—

48,072

—

Amortization of acquired contract backlog

19,750

17,729

—

—

—

37,479

—

Purchase accounting effect on inventory

—

6,739

—

—

—

6,739

—

Total adjustments (pre-tax)

$  25,496

$  47,161

$  36,740

$   4,346

$  (4,273)

$ 109,397

$ 356,943

Related tax effects on adjustments

(5,486)

(10,046)

(7,846)

(1,162)

765

(23,378)

(87,506)

Adjusted earnings

$ 193,025

$ 130,147

$ 206,176

$ 154,965

$  79,618

$ 529,348

$ 202,318

Net earnings (loss) per diluted share

$     1.55

$     0.83

$     1.58

$     1.35

$     0.73

$     3.96

$   (0.59)

Adjusted earnings per diluted share

$     1.73

$     1.16

$     1.84

$     1.37

$     0.70

$     4.73

$     1.78

SOURCE CMC

Global Transformation Survey reveals executive misalignment is slowing AI value realization, operational performance and growth outcomes

, /PRNewswire/ -- A new Protiviti Global Transformation Survey, The Alignment Advantage in Transformation, finds a significant gap between CEOs and technology leaders on the business impact of artificial intelligence (AI) as well as broader modernization initiatives, highlighting executive misalignment as a critical barrier to transformation success.

As organizations increase investment in AI, data and modernization, the findings show that there is strong correlation between executive alignment and technological maturity, and that maturity delivers higher confidence in achieving transformational outcomes.  

The survey of 852 global C-suite executives, conducted in partnership with the University of Oxford, found that organizations with strong executive consensus report significantly higher confidence in AI value realization and transformation outcomes.

"Even the most purpose-driven technology transformation strategies can struggle to produce results if leadership teams aren't aligned on what success looks like," said Kim Bozzella, Global CIO & CISO Solutions Leader at Protiviti.

Key Findings: Executive Alignment and Transformation Outcomes

Executive alignment drives transformation success

Technology leaders and CEOs report significantly different views on transformation success:

CIO/CTOs report 61% confidence in transformation outcomes vs. 34% among CEOs and boards Confidence scores are below 20% in early-stage organizations and exceed 70% in organizations at advanced stages of transformation However, 40% of COOs selected AI as the capability with the greatest potential to drive revenue growth - standing out among the executive suite for their high AI enthusiasm. These findings indicate that closer alignment across the C-suite directly correlates with higher transformational maturity and higher confidence in performance outcomes..

CEOs and boards are more skeptical of AI's business value

Despite significant AI investment, many CEOs remain unconvinced of its impact:

CEOs' and boards' confidence that AI is driving revenue growth is only 30%  For CIO/CTOs, the confidence level doubles at 61% Technology leaders consistently report higher confidence than business leaders across AI value metrics The data suggests that while organizations are shifting from AI adoption to AI value realization, the ability to demonstrate AI's business impact across leadership teams remains uneven.

Data, cybersecurity and workforce readiness remain critical

In addition to consensus challenges, organizations continue to face foundational barriers:

Data platforms and governance are the top technology investment priority Workforce skill gaps are among the most cited barriers to transformation Perceptions about cyber threats vary greatly among C-suite roles These findings reinforce that transformation success depends on both leadership consensus and foundational capabilities in data, security and talent.

Closing the AI alignment gap

To improve AI and transformation outcomes, organizations should:

Define shared success metrics linking technology to business outcomes Strengthen communication about AI enhancements, risks, and their outcomes across the organization. AI investments will fall short if enterprises fail to align their workforce, operating model, and leadership around how work is changing. Align investment strategies with long-term transformation objectives Organizations that close alignment gaps will be better positioned to realize value from AI, accelerate transformation and drive sustainable growth.

Access the Full Report

Download the full Protiviti Global Transformation Survey here. For more information about the survey, contact Kim Bozzella at [email protected].

Methodology

The Protiviti Transformation Survey was conducted in the first quarter of 2026 and includes responses from 852 C-suite executives globally. It examines how executive alignment, AI adoption and modernization influence business outcomes and organizational maturity.

About Protiviti

Protiviti (www.protiviti.com) is a global consulting firm that helps clients transform and protect their businesses and respond to planned and unexpected events. Through a network of more than 90 offices in over 25 countries, Protiviti and its independent and locally owned member firms deliver deep expertise and tailored capabilities across technology, artificial intelligence, data, operations, finance, legal, compliance, HR, marketing, digital, risk, and internal audit – enabling organizations to accelerate innovation, navigate risks and safeguard what matters most.

Named to the Fortune 100 Best Companies to Work For® list since 2015, Protiviti Inc. has served more than 80 percent of Fortune 100 and nearly 80 percent of Fortune 500 companies. The firm also works with government agencies and smaller, growing companies, including those looking to go public. Protiviti Inc. is a wholly owned subsidiary of Robert Half (NYSE: RHI)

About Kellogg College at the University of Oxford

Kellogg College is Oxford's largest and most international graduate college, with over 1,400 full and part-time students from nearly 100 different countries.

Kellogg College is a lively and diverse academic community offering a distinctive University of Oxford experience. It welcomes graduate students and researchers from around the world, who can be found working across all four of the University's academic divisions and the Department for Continuing Education.

SOURCE Protiviti

Copart remains a compelling anti-AI diversification play with defensive qualities despite a 31% stock decline versus the benchmark's 9% gain. I appreciate CPRT's low-leverage capital structure and high-margin business model, supporting steady, if slower, bottom-line growth. The expanding auto salvage and dismantling market, projected to grow at a 6% CAGR to $118B by 2034, provides a durable tailwind for CPRT.

Subsea horizontal tree systems engineered to support reliable, optimized production in remote, ultra-deepwater environments Agreement expands Baker Hughes’ offshore operations in Angola, reinforcing its global subsea tree position HOUSTON and LONDON, June 25, 2026 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, announced Thursday a significant award from Azule Energy to provide subsea production systems to support safe, efficient operations in Angola’s Greater PAJ development.

Under the agreement, Baker Hughes will supply its deepwater horizontal tree systems to optimize production in the ultra-deepwater, greenfield development. In addition, the company will supply subsea control modules and intervention workover control systems, along with associated connection, distribution and topside equipment. Baker Hughes will also provide integrated tooling and services to support installation, commissioning and ongoing production performance from its facilities in Angola, leveraging its local supply chain to increase efficiencies.

“Ultra-deepwater developments demand unmatched reliability and performance to ensure that production is safe, efficient and sustained over the life of the field,” said Baker Hughes Executive Vice President of Oilfield Services & Equipment Amerino Gatti. “By combining Baker Hughes’ industry-leading offshore production technology with expertise honed through decades of experience of operating Angola’s deepwater fields, we can help Azule optimize production and deliver energy more effectively across Sub-Saharan Africa.”

The company’s deepwater horizontal tree systems are engineered for ultra-deepwater environments with an operating threshold of up to 10,000 psi and depths of 10,000 feet. The system’s modular, configurable design allows for fit-for-purpose configuration and short-cycle deliveries that help accelerate first production and support long-term field performance.

Baker Hughes has extensive experience in Angola’s offshore energy sector, and the country is home to its largest subsea installed base in Sub-Saharan Africa.

Delivery of subsea trees is expected to begin in 2027.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Media Relations

Brian Reynolds
+1 346-315-6663
[email protected] 

Investor Relations

Chase Mulvehill
+1 346-297-2561
[email protected]
   

ALISO VIEJO, Calif.--(BUSINESS WIRE)--Glaukos Corporation (NYSE: GKOS), an ophthalmic pharmaceutical and medical technology company focused on novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases, today announced completion of patient enrollment in its Phase 2 clinical study evaluating GLK-321 for the treatment of Demodex blepharitis. GLK-321 is an investigational drug candidate using Glaukos' proprietary iLution platform, a novel ophthalmic drug-delivery syste.

Collaboration with Fear Free and Zomedica reinforces Assisi Loop tPEMF™ therapy as a low-stress option for pets.

ANN ARBOR, MI / ACCESS Newswire / June 25, 2026 / Zomedica Corp. (OTCQB:ZOMDF) ("Zomedica" or the "Company"), an animal health company offering innovative point-of-care diagnostic and therapeutic products for equine and companion animals, today announced the renewal of the alliance between the Assisi® brand and Fear Free, the initiative dedicated to preventing and alleviating fear, anxiety, and stress (FAS) in pets.

The renewed agreement reinforces a shared commitment to improving the emotional and physical wellbeing of companion animals by integrating innovative therapies with Fear Free's science-based approach to low-stress handling and care.

"Renewing our partnership with Fear Free reflects our continued dedication to transforming the veterinary experience for pets, pet parents, and veterinary professionals," said Mialisa Gluckert, Senior Director of Product Commercialization at Zomedica. "With the Assisi devices, we are helping practices and pet owners adopt solutions that reduce stress while improving clinical outcomes."

Through this collaboration, Zomedica and Fear Free will continue to:

Educate veterinary professionals on incorporating stress-reducing protocols alongside therapeutic technologies

Expand awareness of non-invasive treatment options, including tPEMF therapy, for pain and inflammation management

Support pet parents with products that promote calmer, more positive care experiences for their animals

The Fear Free certification programs and educational resources have transformed how veterinary teams approach patient care by prioritizing emotional wellbeing. The Assisi therapeutic devices, including the Assisi Loop®,Assisi EquiLoop®, DentaLoop®, Loop Lounge®, and Calmer Canine® products complement these efforts by offering drug-free solutions that can be administered comfortably in low-stress environments.

"Fear Free is committed to reducing Fear, Anxiety, and Stress (FAS) and improving the wellbeing of pets through emotionally considerate care. We are excited to continue our alliance with Zomedica and support solutions that can be incorporated into a lower-stress care experience," said Natalie Gruchow, Corporate Programs & Product Specialists at Fear Free.

The renewal underscores both organizations' ongoing mission to raise the standard of care within veterinary medicine while strengthening the human-animal bond.

For more information about the Assisi line of products, visit: https://zomedica.com/our-brands/assisi/

About Zomedica

Zomedica is a leading equine and companion animal healthcare company dedicated to improving animal health by providing veterinarians with innovative therapeutic and diagnostic solutions. Our gold standard PulseVet® shock wave system, which accelerates healing in musculoskeletal conditions, has transformed veterinary therapeutics. Our suite of products also includes the Assisi Loop® line of therapeutic devices and the TRUFORMA® diagnostic platform, the TRUVIEW® digital cytology system, the VetGuardian PLUS™ Zero TouchTM monitoring system and VETIGEL® hemostatic gel, all designed to empower veterinarians to provide top-tier care. In the aggregate, their total addressable market in the U.S. exceeds $2 billion. Headquartered in Michigan, Zomedica employs approximately 150 people and manufactures and distributes its products from its world-class facilities in Georgia and Minnesota. Zomedica grew revenue 17% in 2025 to $32 million and maintains a strong balance sheet with approximately $48 million in liquidity as of March 31, 2026. Zomedica is advancing its product offerings, leveraging strategic acquisitions, and expanding internationally as we work to enhance the quality of care for pets, increase pet parent satisfaction, and improve the workflow, cash flow and profitability of veterinary practices. For more information visit www.zomedica.com.

About Fear Free

Founded in 2016, Fear Free is a recognized leader in improving the emotional wellbeing of animals by educating and empowering those who care for them to help prevent and alleviate Fear, Anxiety, and Stress (FAS). Through continuing education, certification programs, and practical tools, Fear Free supports veterinary teams, pet care providers, and pet caregivers worldwide in delivering compassionate care. With a growing global community, Fear Free continues to expand its impact on how care is delivered. Learn more at fearfree.com.

Follow Zomedica

Email Alerts: http://investors.zomedica.com

LinkedIn: https://www.linkedin.com/company/zomedica

Facebook: https://m.facebook.com/zomedica

X (formerly Twitter): https://twitter.com/zomedica

Instagram: https://www.instagram.com/zomedica_inc

Cautionary Note Regarding Forward-Looking Statements

Except for statements of historical fact, this news release contains certain "forward-looking information" or "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include statements relating to our expectations regarding future results. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, including assumptions with respect to economic growth, demand for the Company's products, the Company's ability to produce and sell its products, sufficiency of our budgeted capital and operating expenditures, the satisfaction by our strategic partners of their obligations under our commercial agreements and our ability to realize upon our business plans and cost control efforts.

Our forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether demand for development services will continue; the outcome of clinical studies; the application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments; uncertainty as to whether our strategies and business plans will yield the expected benefits; uncertainty as to the timing and results of development work and verification and validation studies; uncertainty as to the timing and results of commercialization efforts, including international efforts, as well as the cost of commercialization efforts, including the cost to develop an internal sales force and manage our growth; uncertainty as to our ability to realize the anticipated growth opportunities from our acquisitions; uncertainty as to our ability to supply products in response to customer demand; supply chain risks associated with tariff changes; uncertainty as to the likelihood and timing of any required regulatory approvals, and the availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; veterinary acceptance of our products and purchase of consumables following adoption of our capital equipment; competition from related products; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; our ability to secure and maintain strategic relationships; performance by our strategic partners of their obligations under our commercial agreements, including product manufacturing obligations; risks pertaining to permits and licensing, intellectual property infringement risks, risks relating to any required clinical trials and regulatory approvals, risks relating to the safety and efficacy of our products, the use of our products, intellectual property protection, and the other risk factors disclosed in our filings with the SEC and under our profile on SEDAR+ at www.sedarplus.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Investor Relations Contact:

Zomedica Investor Relations
[email protected]
1-734-369-2555

SOURCE: Zomedica Corp.

-- Motorhome RV Sales, Profit Dollars and Profit Margins Improved Meaningfully Year Over Year --

-- Winnebago Towables Improved Share Results Through Product Refreshes and Execution --

— Barletta Continues to Expand Share of U.S. Aluminum Pontoon Market --

-- Company Updates Fiscal 2026 Guidance --

EDEN PRAIRIE, Minn., June 25, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today reported financial results for the Fiscal 2026 third quarter ended May 30, 2026.

Third Quarter Fiscal 2026 Financial Summary

Net revenues of $698.7 million compared to $775.1 million in the third quarter of Fiscal 2025Gross profit of $94.9 million, representing 13.6% gross margin, compared to $106.0 million in the third quarter of Fiscal 2025Net income of $14.5 million, or $0.51 per diluted share; adjusted earnings per diluted share of $0.66 compared to adjusted earnings per diluted share of $0.81 in the third quarter of Fiscal 2025Adjusted EBITDA of $37.8 million, representing 5.4% adjusted EBITDA margin CEO Commentary
“Our teams continue to execute in a retail environment that remained challenging through the third quarter,” said President and Chief Executive Officer Michael Happe. “Industry retail demand was pressured by broader macro factors, including elevated fuel costs, geopolitical uncertainty, and weak consumer confidence which continued to drive cautious dealer ordering and tighter inventory management across the channel. In response, we stayed disciplined, aligning production closely with retail while continuing to advance our key product, operational and cost initiatives.

“We're seeing a mixed demand environment across the portfolio. In Motorhome RV, sales, profitability and market presence continue to improve, supported by sustained performance at Grand Design Motorized and solid execution at Newmar. New product introductions, expanding brand presence and improved profitability continue to strengthen our standing in the segment. In Towables RV, category demand remained muted during the quarter, particularly at higher price points where competitive and promotional activity remained elevated. At the same time, our newer, more accessible offerings such as Thrive and Access contributed to improved retail dollar share and stronger year-over-year financial performance within our Winnebago-branded portfolio. These results reflect both dealer commitment to our strategy and the positive reception to our refreshed product lineup.

In Marine, Barletta continues to perform well, maintaining consistent market share gains, reaching 9.3% on a trailing twelve-month basis through April, despite softer volumes in the quarter. This performance reflects continued consumer interest in its premium pontoons and an expanding product lineup, including the recent Sanza introduction.

“We delivered solid SG&A improvement year-over-year, while continuing to invest in Grand Design Motorized, and advancing footprint rationalization and capacity alignment actions within our RV businesses. While industry retail pressure in the quarter slowed the pace of improvement in field inventory turns, our focus remains on driving sustainable progress, which will require continued discipline around shipments and production.

"One of the most encouraging aspects of our performance this quarter was the stability of our gross margins despite a challenging retail environment, reflecting the strength of our product mix, pricing discipline and operational execution. We have remained focused on profitable market share, while our higher average selling prices continue to support a more resilient retail dollar share position. We are executing against the levers we control including product, brand, cost structure, and inventory discipline, positioning the business to deliver improved performance as conditions evolve.”

Third Quarter Fiscal 2026 Results

Net revenues were $698.7 million, a decrease of 9.9% compared to $775.1 million in the third quarter of Fiscal 2025, driven primarily by lower unit volume, partially offset by selective price adjustments and product mix. Unit volume trends reflected growth in the Motorhome RV segment, partially offset by declines in the Towable RV and Marine segments, as dealer ordering remained measured and production levels were closely aligned to retail demand.

Gross profit was $94.9 million, a decrease of 10.5% compared to $106.0 million in the third quarter of Fiscal 2025. Gross profit margin was consistent with prior year as higher input costs and deleverage were largely offset by selective price adjustments.

Selling, general and administrative expenses were $66.5 million, a decrease of 5.4% compared to $70.3 million in the third quarter of Fiscal 2025, primarily due to cost reduction initiatives.

Operating income was $23.0 million, a decrease of 23.9% compared to $30.2 million in the third quarter of Fiscal 2025.

Net income was $14.5 million, compared to $17.6 million in the third quarter of Fiscal 2025. Reported earnings per diluted share was $0.51, compared to $0.62 in the third quarter of Fiscal 2025. Adjusted earnings per diluted share was $0.66, a decrease of 18.5% compared to $0.81 in the third quarter of Fiscal 2025.

Consolidated Adjusted EBITDA was $37.8 million, a decrease of 18.7%, compared to $46.5 million in the third quarter of Fiscal 2025.

Third Quarter Fiscal 2026 Segments Summary

Towable RV

 Three Months Ended ($, in millions)May 30, 2026 May 31, 2025 Change(1) Net revenues$274.7   $371.7   (26.1)%Operating income$16.0   $29.7   (46.3)%Operating income margin 5.8 %  8.0 % (220)bps   (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments.Operating income margin decreased primarily due to higher input costs, volume deleverage, and product mix, partially offset by selective price adjustments and cost containment initiatives. Motorhome RV

 Three Months Ended($, in millions)May 30, 2026 May 31, 2025 Change(1)Net revenues$320.7   $291.2   10.1%Operating income (loss)$9.6   $(3.2)  NMOperating income margin 3.0 % (1.1)% 410bps  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

NM: Not meaningful.

Net revenues increased primarily due to higher unit volume and selective price adjustments.Operating income margin increased primarily due to higher unit volume driven by new products and selective price adjustments, partially offset by higher input costs. Marine

 Three Months Ended
($, in millions)May 30, 2026 May 31, 2025 Change(1)
Net revenues$92.4  $100.7  (8.3)%Operating income$5.3  $9.4  (43.4)%Operating income margin 5.8%  9.3% (350)bps   (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

Net revenues decreased primarily due to lower unit volume and product mix, partially offset by selective price adjustments.Operating income decreased primarily due to higher input costs and volume deleverage, partially offset by selective price adjustments. Balance Sheet and Cash Flow
As of May 30, 2026, cash and cash equivalents totaled $57.1 million. The Company had total outstanding debt of $442.9 million ($450.0 million of debt, net of debt issuance costs of $7.1 million) and working capital of $411.6 million. Cash flow provided by operating activities during the nine months ended May 30, 2026 was $26.2 million compared to cash flow used in operating activities of $52.5 million during the same period last year. Operating cash flow improved by $78.7 million year over year, shifting from a use of cash in the prior-year period to a source of cash in the current year.

Quarterly Cash Dividend
On May 15, 2026, the Company’s Board of Directors approved a quarterly cash dividend of $0.35 per share payable on June 24, 2026, to common stockholders of record at the close of business on June 10, 2026.

Outlook
For calendar year 2026, Winnebago Industries now expects North American RV wholesale shipments in the range of 290,000 to 310,000 units. Based on this outlook, the current business environment, and results through the first nine months of the fiscal year, Winnebago Industries is updating its Fiscal 2026 revenue and EPS guidance as follows:

Consolidated net revenues in the range of $2.65 billion to $2.75 billion;Reported earnings per diluted share in the range of $1.05 to $1.40 compared to the Company's prior expectations for reported earnings per diluted share in the range of $1.50 to $2.20; andAdjusted earnings per diluted share guidance in the range of $1.65 to $2.00(1) compared to a prior range of $2.10 to $2.80. The Company’s outlook takes into account prevailing trends in the RV sector, including the impacts from current policy and trade environment, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.

“Our outlook reflects a measured view of the environment,” Happe said. “We expect demand conditions to remain challenged in the near term, with continued variability across segments. The actions we are taking across our portfolio, cost structure and product roadmap position us to manage through the cycle and improve the earnings profile of the business over time, including further operational and capacity initiatives expected to begin benefiting performance as we move through fiscal 2027.”

Q3 FY 2026 Conference Call
Winnebago Industries, Inc. will discuss third quarter of Fiscal 2026 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company's website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.

About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2026. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.

Contacts
Investors: Joan Ondala
[email protected]
Media: Dan Sullivan
[email protected]

Winnebago Industries, Inc.
Footnotes to News Release  Footnotes:

(1) Fiscal 2026 adjusted EPS guidance primarily excludes the pretax impact of intangible amortization of approximately $22 million.

Winnebago Industries, Inc.
Condensed Consolidated Statements of Income
(Unaudited and subject to reclassification)
  Three Months Ended(in millions, except percent and per share data)May 30, 2026 May 31, 2025Net revenues$698.7  100.0% $775.1  100.0%Cost of goods sold 603.8  86.4%  669.1  86.3%Gross profit 94.9  13.6%  106.0  13.7%Selling, general, and administrative expenses 66.5  9.5%  70.3  9.1%Amortization 5.4  0.8%  5.5  0.7%Total operating expenses 71.9  10.3%  75.8  9.8%Operating income 23.0  3.3%  30.2  3.9%Interest expense, net 5.0  0.7%  6.7  0.9%Non-operating income —  —%  (0.4) (0.1)%Income before income taxes 18.0  2.6%  23.9  3.1%Income tax provision 3.5  0.5%  6.3  0.8%Net income$14.5  2.1% $17.6  2.3%        Earnings per common share:       Basic$0.51    $0.63   Diluted$0.51    $0.62   Weighted average common shares outstanding:       Basic 28.3     28.0   Diluted 28.4     28.4            Nine Months Ended(in millions, except percent and per share data)May 30, 2026 May 31, 2025Net revenues$2,058.8  100.0% $2,020.9  100.0%Cost of goods sold 1,789.3  86.9%  1,755.0  86.8%Gross profit 269.5  13.1%  265.9  13.2%Selling, general, and administrative expenses 204.7  9.9%  212.1  10.5%Amortization 16.2  0.8%  16.7  0.8%Total operating expenses 220.9  10.7%  228.8  11.3%Operating income 48.6  2.4%  37.1  1.8%Interest expense, net 16.3  0.8%  19.3  1.0%Loss on note repurchase 0.8  —%  2.0  0.1%Non-operating income (0.3) —%  (1.0) (0.1)%Income before income taxes 31.8  1.5%  16.8  0.8%Income tax provision 7.0  0.3%  4.8  0.2%Net income$24.8  1.2% $12.0  0.6%        Earnings per common share:       Basic$0.88    $0.43   Diluted$0.87    $0.42   Weighted average common shares outstanding:       Basic 28.2     28.3   Diluted 28.4     28.4     Amounts in tables are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
In addition, percentages may not add in total due to rounding.

Winnebago Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited and subject to reclassification)
 (in millions)May 30, 2026 August 30, 2025Assets   Current assets   Cash and cash equivalents$57.1 $174.0Receivables, net 186.1  192.0Inventories, net 435.2  396.4Prepaid expenses and other current assets 32.9  29.8Total current assets 711.3  792.2Property, plant, and equipment, net 319.9  333.0Goodwill 484.2  484.2Other intangible assets, net 440.7  456.9Investment in life insurance 27.9  27.1Operating lease assets 37.2  41.6Other long-term assets 17.3  19.4Total assets$2,038.5 $2,154.4    Liabilities and Shareholders' Equity   Current liabilities   Accounts payable$113.5 $129.3Accrued expenses 186.2  197.8Total current liabilities 299.7  327.1Long-term debt, net 442.9  540.5Deferred income tax liabilities, net 11.4  5.9Unrecognized tax benefits 5.7  4.8Long-term operating lease liabilities 34.1  39.3Deferred compensation benefits, net of current portion 4.4  5.1Other long-term liabilities 5.9  7.0Total liabilities 804.1  929.7Shareholders' equity 1,234.4  1,224.7Total liabilities and shareholders' equity$2,038.5 $2,154.4  Winnebago Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited and subject to reclassification)
  Nine Months Ended(in millions)May 30, 2026 May 31, 2025Operating activities   Net income$24.8  $12.0 Adjustments to reconcile net income to net cash provided by (used in) operating activities   Depreciation 28.8   28.7 Amortization 16.2   16.7 Amortization of debt issuance costs 1.9   2.3 Last in, first-out ("LIFO") expense (2.4)  (0.6)Stock-based compensation 15.8   12.2 Deferred income taxes 5.5   (0.7)Deferred compensation expense 0.5   — Loss on note repurchase 0.8   2.0 Asset impairment —   1.2 Restructuring and related costs 1.6   — Other, net (2.8)  (1.2)Change in operating assets and liabilities, net of assets and liabilities acquired   Receivables, net 6.0   (59.0)Inventories, net (36.3)  (38.5)Prepaid expenses and other assets 4.0   7.2 Accounts payable (16.9)  (15.8)Income taxes and unrecognized tax benefits (0.4)  4.3 Accrued expenses and other liabilities (20.9)  (23.3)Net cash provided by (used in) operating activities 26.2   (52.5)    Investing activities   Purchases of property, plant, and equipment (16.8)  (29.2)Proceeds from sale of property, plant, and equipment 5.4   2.1 Other, net 0.1   1.6 Net cash used in investing activities (11.3)  (25.5)    Financing activities   Borrowings on long-term debt 3.0   15.3 Repayments on long-term debt (103.0)  (175.2)Payments of cash dividends (30.1)  (29.3)Payments for repurchases of common stock (1.7)  (53.6)Other, net —   0.4 Net cash used in financing activities (131.8)  (242.4)    Net decrease in cash and cash equivalents (116.9)  (320.4)Cash and cash equivalents at beginning of period 174.0   330.9 Cash and cash equivalents at end of period$57.1  $10.5     Supplemental Disclosures   Income taxes paid, net$2.1  $2.3 Interest paid 13.3   17.3     Non-cash investing and financing activities   Capital expenditures in accounts payable$1.4  $3.9 Dividends declared not yet paid 11.4   10.5 Increase in lease assets in exchange for lease liabilities:   Operating leases 1.1   2.3 Finance leases —   0.2   Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Towable RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
  Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$274.7   $371.7   $(96.9) (26.1)%Operating income 16.0 5.8%  29.7 8.0%  (13.8) (46.3)%             Three Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 5,274 75.5%  6,569 69.2%  (1,295) (19.7)%Fifth wheel 1,709 24.5%  2,926 30.8%  (1,217) (41.6)%Total Towable RV 6,983 100.0%  9,495 100.0%  (2,512) (26.5)%             Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$830.5   $913.9   $(83.4) (9.1)%Operating income 38.2 4.6%  51.3 5.6%  (13.1) (25.6)%             Nine Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 15,350 73.0%  16,034 68.7%  (684) (4.3)%Fifth wheel 5,669 27.0%  7,302 31.3%  (1,633) (22.4)%Total Towable RV 21,019 100.0%  23,336 100.0%  (2,317) (9.9)%            Dealer Inventory(3)May 30, 2026   May 31, 2025   Unit Change % ChangeUnits 18,721    17,747    974  5.5%
  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.

Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Motorhome RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
  Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$320.7   $291.2    $29.5  10.1%Operating income (loss) 9.6 3.0%  (3.2) (1.1)%  12.7  NM             Three Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeClass A 219 14.3%  288  20.1%  (69) (24.0)%Class B 517 33.7%  406  28.4%  111  27.3%Class C 797 52.0%  737  51.5%  60  8.1%Total Motorhome RV 1,533 100.0%  1,431  100.0%  102  7.1%             Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$933.9   $798.5    $135.3  16.9%Operating income (loss) 25.3 2.7%  (7.0) (0.9)%  32.2  NM             Nine Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeClass A 705 16.2%  808  20.2%  (103) (12.7)%Class B 1,416 32.5%  1,158  29.0%  258  22.3%Class C 2,234 51.3%  2,031  50.8%  203  10.0%Total Motorhome RV 4,355 100.0%  3,997  100.0%  358  9.0%            Dealer Inventory(3)May 30, 2026   May 31, 2025   Unit Change % ChangeUnits 3,468    3,614     (146) (4.0)%  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.
NM: Not meaningful.

Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Marine
(in millions, except unit data)
(Unaudited and subject to reclassification)
  Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$92.4   $100.7   $(8.3) (8.3)%Operating income 5.3 5.8%  9.4 9.3%  (4.1) (43.4)%             Three Months EndedUnit deliveriesMay 30, 2026   May 31, 2025   Unit Change % ChangeBoats 1,155    1,254    (99) (7.9)%             Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$264.1   $272.9   $(8.8) (3.2)%Operating income 14.3 5.4%  21.0 7.7%  (6.6) (31.6)%             Nine Months EndedUnit deliveriesMay 30, 2026   May 31, 2025   Unit Change % ChangeBoats 3,282    3,471    (189) (5.4)%            Dealer Inventory(2,3)May 30, 2026   May 31, 2025   Unit Change % ChangeUnits 3,175    3,069    106  3.5%  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Due to the nature of the Marine industry, this amount includes a higher proportion of retail sold units than our other segments.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.

Winnebago Industries, Inc.
Non-GAAP Reconciliation
(Unaudited and subject to reclassification)  Non-GAAP financial measures, which are not calculated or presented in accordance with accounting principles generally accepted in the United States (“GAAP”), have been provided as information supplemental and in addition to the financial measures presented in the accompanying news release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the news release. The non-GAAP financial measures presented may differ from similar measures used by other companies.

The following table reconciles diluted earnings per share to Adjusted diluted earnings per share:

 Three Months Ended Nine Months Ended May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025Diluted earnings per share$0.51  $0.62  $0.87  $0.42 Amortization(1) 0.19   0.19   0.57   0.59 Loss on note repurchase(1) —   —   0.03   0.07 Asset impairment(1) —   0.04   —   0.04 Restructuring and related costs(1) —   —   0.06   — Gain on sale of property, plant and equipment(1) —   —   (0.10)  — Tax impact of adjustments(2) (0.04)  (0.05)  (0.12)  (0.16)Adjusted diluted earnings per share(3)$0.66  $0.81  $1.31  $0.96   (1) Represents a pre-tax adjustment.
(2) The company's non-GAAP income tax impact is calculated using an estimated tax rate for the U.S. of 22.0% for Fiscal 2026 and 23.0% for Fiscal 2025.
(3) Per share numbers may not foot due to rounding.

The following table reconciles net income to consolidated EBITDA and Adjusted EBITDA.

 Three Months Ended Nine Months Ended(in millions)May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025Net income$14.5 $17.6  $24.8  $12.0 Interest expense, net 5.0  6.7   16.3   19.3 Income tax provision 3.5  6.3   7.0   4.8 Depreciation 9.4  9.6   28.8   28.7 Amortization 5.4  5.5   16.2   16.7 EBITDA 37.8  45.7   93.1   81.5 Loss on note repurchase —  —   0.8   2.0 Asset impairment —  1.2   —   1.2 Restructuring and related costs —  —   1.6   — Gain on sale of property, plant and equipment —  —   (2.8)  — Non-operating income —  (0.4)  (0.3)  (1.0)Adjusted EBITDA$37.8 $46.5  $92.4  $83.7   Non-GAAP performance measures of Adjusted diluted earnings per share, EBITDA and Adjusted EBITDA have been provided as comparable measures to illustrate the effect of non-recurring transactions occurring during the reported periods and to improve comparability of our results from period to period. Adjusted diluted earnings per share is defined as diluted earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense and other pretax adjustments made in order to present comparable results from period to period. Management believes Adjusted diluted earnings per share and Adjusted EBITDA provide meaningful supplemental information about our operating performance because these measures exclude amounts that we do not consider part of our core operating results when assessing our performance.

Management uses these non-GAAP financial measures (a) to evaluate historical and prospective financial performance and trends as well as assess performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for the Company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with restricted activities under the terms of our asset-backed revolving credit facility and outstanding notes. Management believes these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry.

Calix, Inc. Sued for Securities Law Violations - Contact the DJS Law Group to Discuss Your Rights - CALX PR Newswire

Hannover, Germany, June 25, 2026 (GLOBE NEWSWIRE) -- EMBARC Announces Its Intention to Collaborate with Insmed on Landmark Interventional Study Evaluating Disease Modification Potential of Brensocatib in Bronchiectasis
—Long-Term, Open-Label Study to Enroll Approximately 3,000 Patients Across Europe—

Hannover, Germany, June 25, 2026 – The European Multicentre Bronchiectasis Audit and Research Collaboration (EMBARC), the leading pan-European research network dedicated to advancing the understanding and treatment of bronchiectasis, announced today at the World Bronchiectasis Conference (WBC 2026), its intention to collaborate with Insmed Incorporated to evaluate brensocatib 25 mg – an oral, reversible inhibitor of dipeptidyl peptidase-1 (DPP-1) – over three years in an open-label, single-arm, interventional study enrolling up to 3,000 patients with bronchiectasis across the United Kingdom, Spain, Germany, Belgium, France, and Italy.

The study will be designed to deepen understanding of the long-term use of brensocatib and whether it has the potential to modify the course of the disease. This research would expand upon the current evidence that demonstrated brensocatib slows lung function decline, a measure used to indicate slower disease progression. The intended study will also evaluate whether earlier, upstream use of the therapy is effective in further slowing the progression of bronchiectasis, with a plan to include well-validated endpoints, along with some novel composite endpoints.

"Building on ASPEN trial data showing that brensocatib 25 mg reduced exacerbation frequency, slowed lung function decline, and produced structural changes in the airways, this study through the EMBARC network will allow us to ask an even more ambitious question: whether intervening earlier in the disease course can do more than slow progression, but fundamentally alter its trajectory,” said lead study investigator James Chalmers, MBChB, Ph.D., Rhodes Chair of Experimental Therapeutics and Respiratory Physician, University of Oxford. “Over a three-year horizon, we have a real opportunity to understand whether earlier use of brensocatib can not only reduce the burden of exacerbations and slow disease progression, but even more profoundly, change the natural course of the disease. That is the question at the heart of this study, and the answer could help shape how we treat bronchiectasis in the future."

Bronchiectasis is a serious, chronic, and progressive inflammatory lung disease characterized by the permanent widening of the airways, leading to persistent bacterial infections, excessive mucus production, and recurrent pulmonary exacerbations. These exacerbations are associated with accelerated lung function decline and poor quality of life. Bronchiectasis affects approximately 600,000 people across Europe, and millions of people globally.

"EMBARC is one of the world's leading bronchiectasis research networks, and this collaboration reflects our commitment to understanding how brensocatib can make the greatest possible difference in patients' lives,” said Martina Flammer, M.D., MBA, Chief Medical Officer, Insmed. “As a recognized innovator in bronchiectasis, we are spearheading transformative research together with EMBARC and distinguished clinical experts. Together with the scientific and patient community, we are uniquely positioned to help shape clinical advancement – and by studying brensocatib earlier in the disease course and over the longer term in a large, heterogeneous population, we hope to give patients the best possible chance of preserving their lung health."

About EMBARC

The European Multicentre Bronchiectasis Audit and Research Collaboration (EMBARC) was established in 2012 as a collaborative group within the Respiratory Infections Assembly of the European Respiratory Society (ERS) with the objective of creating a European bronchiectasis registry, harmonizing existing databases, and identifying opportunities to raise the profile of bronchiectasis at an international level. EMBARC is a pan-European research network dedicated to improving the understanding, diagnosis, and treatment of bronchiectasis. It brings together leading clinicians and researchers from across Europe to conduct high-quality interventional research and clinical trials in bronchiectasis.

About Insmed

Insmed Incorporated is a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases. The Company is advancing a diverse portfolio of approved and mid- to late-stage investigational medicines—including two approved therapies to treat chronic, debilitating lung diseases—as well as cutting-edge drug discovery focused on serving patient communities where the need is greatest. Insmed's commercial portfolio and clinical pipeline are organized around three therapeutic areas: Respiratory, Immunology & Inflammation, and Neuro & Other Rare. The Company's research engine is advancing a wide range of technologies and modalities, including gene therapy, AI-driven protein engineering, RNA end-joining, and synthetic rescue, in the pursuit of future pipeline candidates.

Headquartered in Bridgewater, New Jersey, Insmed has offices and research locations throughout the United States, Europe, and Japan. Insmed is proud to be recognized as one of the best employers in the biopharmaceutical industry, including spending five consecutive years as the No. 1 Science Top Employer. Visit www.insmed.com to learn more or follow us on LinkedIn, Instagram, YouTube, and X.

Media Contact
MC Services AG
Eva Bauer, Alexander Sälzer
Email: [email protected]
Phone: +49 89 210 228 0

FSK Investors Have Opportunity to Lead FS KKR Capital Corp. Securities Fraud Lawsuit with the Schall Law Firm PR Newswire

Shares in Advanced Medical Solutions Group (AIM:AMS) rose 16% to 278.14p after the company agreed to a recommended cash takeover by H.B. Fuller, the US adhesives group, valuing it at about £659 million.

Under the terms, shareholders in AMS, the AIM-listed surgical adhesives and wound-care specialist, will receive 285 pence in cash for each share.

The offer represents a premium of 34.8% to the closing price of 212 pence on 20 May, the last trading day before the offer period began.

It implies an enterprise value of about £715 million.

H.B. Fuller, the world's largest pure-play adhesives maker and listed in New York, is buying AMS through a wholly owned subsidiary.

The US company said the deal would extend its reach across tissue bonding adhesives, tapes and dressings, and formulated biosurgicals, lifting its addressable market by $15 billion to $95 billion.

It expects to generate about $55 million, or roughly £41 million, in annual revenue and cost synergies by 2031, including the removal of public company costs and sourcing savings.

The transaction is expected to add about 100 basis points to the combined group's earnings margin within 24 months and increase annual revenue by around $300 million.

Founded in 1991 and based in Winsford, AMS employs more than 1,800 people across 22 locations and sells into more than 100 countries under brands including LiquiBand and RESORBA.

Chris Meredith, chief executive of AMS, said the deal underscored the strategic progress made over his 15 years leading the company and the strength of its product portfolio.

Celeste Mastin, chief executive of H.B. Fuller, described the acquisition as a rare opportunity to advance the evolution of its portfolio, with medical a core strategic growth market.

The AMS directors, advised by Evercore and Investec, intend to unanimously recommend the deal, which is to be effected through a scheme of arrangement.

The acquisition is subject to merger control and foreign investment approvals across several jurisdictions and is expected to complete by the end of 2026.

DALLAS--(BUSINESS WIRE)--Jacobs named a supplier on the UK Government Commercial Agency's Construction Professional Services 2 framework.

The category's sales are stagnant and its chains are faltering, but Domino's can emerge as a winner

CORAL GABLES, Fla.--(BUSINESS WIRE)--Del Monte Corporation (NYSE: FDP), a global leader in fresh and shelf-stable produce, today announced that it will ring the Opening Bell at the New York Stock Exchange at 9:30 a.m. ET on Monday, June 29, 2026, marking the company's first day of trading under its new ticker symbol, DMC. The bell-ringing ceremony follows the company's recent corporate name change from Fresh Del Monte Produce Inc. to Del Monte Corporation and represents a significant milestone.

, /PRNewswire/ -- The DJS Law Group reminds investors of a class action lawsuit against POET Technologies Inc. ("POET" or "the Company") (NASDAQ: POET) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Shareholders who purchased shares of POET during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.

CLASS PERIOD: April 1, 2026 to April 27, 2026

DEADLINE: June 29, 2026

CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. The likelihood of POET being declared a passive foreign investment company ("PFIC") led it to misrepresenting its tax status. Based on these facts, POET's public statements were false and materially misleading throughout the class period.

If you are a shareholder who suffered a loss, contact us to participate.

WHY DJS LAW GROUP? DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results.

Join the case to recover your losses.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:
David J. Schwartz
DJS Law Group
274 White Plains Road, Suite 1
Eastchester, NY 10709
Phone: 914-206-9742
Email: [email protected]

SOURCE DJS Law Group LLP

Space Exploration Technologies (SPCX 0.97%) hasn't even spent two weeks on public markets. And already, it has proven to be a highly volatile stock -- briefly surpassing Microsoft and Amazon in market cap before falling 32% from its all-time high at the time of this writing.

SpaceX is now up just 15% from its initial public offering (IPO) price of $135. Here's how the sell-off could affect the number of shares available and whether SpaceX is a good growth stock to buy now.

Image source: Getty Images.

SpaceX is dipping its toes into public markets SpaceX's float, which is the number of shares available for public trading, makes up roughly 5% of its outstanding shares. The vast majority of SpaceX stock is still held by insiders through restricted stock units and Early Release Eligible Shares. While insiders like Elon Musk have agreed not to sell their shares until after a 366-day lockup period, SpaceX has a tiered approach for allowing the sale of Early Release Eligible Shares held by employees and pre-IPO institutional investors.

SpaceX has been a private company for over two decades, and throughout its history, it has sold stock in several funding rounds. For now, those shares are locked up. And the fear is that once these early investors can sell at a price several times what they paid, SpaceX will come under intense selling pressure.

The first wave of unlocking Early Release Eligible Shares will come on or after the second full trading day following SpaceX's earnings release for the quarter ended June 30, 2026, when 20% of Early Release Eligible Shares may be sold. Even if a small portion of these shares is sold, it could drastically increase SpaceX's float.

SpaceX specifies in its Form S-1 filing with the Securities and Exchange Commission that an additional 10% of Early Release Eligible Shares may be sold on or after the second full trading day following its upcoming earnings report if SpaceX's stock price is at least 30% higher than its IPO price -- meaning $175.50 per share -- for at least 5 of the 10 trading days leading up to and including the earnings release date. SpaceX was well above that level a few sessions ago, but Monday's sell-off has pushed it below that critical threshold.

Today's Change

(

-0.97

%) $

-1.52

Current Price

$

154.59

Gradually unlocking Early Release Eligible Shares Even if SpaceX remains below $175.50 per share, its float could still significantly increase in the coming months.

An additional 7% of Early Release Eligible Shares can be sold 70, 90, 105, 120, and 135 days after the IPO, another 28% of shares in the second full trading day after the earnings release for the three months ended Sept. 30, 2026, and then all Early Release Eligible Shares may be sold 180 days after the IPO.

Date

Early Release Eligible Shares Available For Sale

2 days after the release of the quarter ended June 30 earnings

20% or 30%*

Aug. 31

7%

Sept. 10

7%

Sept. 25

7%

Oct. 10

7%

Oct. 25

7%

2 days after the release of the quarter ended Sept. 30 earnings

28%

Dec. 9

100%

*If SpaceX is above $175.50 per share for five of the 10 trading days leading up to and including the day of its earnings release for the quarter ended June 30, 2026. Date source: Securities and Exchange Commission.

The key takeaway is that, regardless of SpaceX's price, its float could significantly increase in August and September. However, even when 100% of Early Release Eligible Shares can be sold on Dec. 9, there's a chance that insiders could still hold more SpaceX shares than the public if insiders decide not to sell.

SpaceX's impact on ETFs SpaceX may have gone public on June 12, but investors have only caught a glimpse of the real demand for the stock, given that so much of its supply is still locked up. This summer marks the true test for SpaceX. With more shares hitting public markets, it remains to be seen whether selling pressure will outweigh buying demand. Whereas in the first few days after SpaceX went public, demand outweighed supply.

What's more, we have yet to see the full extent of SpaceX's impact on exchange-traded funds (ETFs) -- which could unlock a ton of demand. While SpaceX will have to wait until at least June 2027 to be added to the S&P 500 (^GSPC 0.10%), it could receive fast-track entry into the Nasdaq-100 in July. The Nasdaq-100 is the 100 largest non-financial stocks listed on the Nasdaq.

SpaceX's weight in the Nasdaq-100 will be based on a multiple of its float rather than its market cap. But even with a lower weighting than its value, SpaceX's addition to the Nasdaq-100 would prompt ETFs whose benchmarks are the Nasdaq-100 and growth-focused ETFs to automatically begin buying the stock. SpaceX could also become a top holding in ETFs that track the stock market sector it is added to.

With market dynamics driving SpaceX's price action rather than its underlying investment thesis, long-term investors may want to wait until public markets digest SpaceX before buying now, even after its latest sell-off.

Ark Invest CEO Cathie Wood has once again placed an aggressive bet on a company led by Elon Musk. On June 12, Wood's investment firm bought 3.3 million shares in the Space Exploration Technologies (SPCX 0.97%) IPO across several of the firm's exchange-traded funds (ETFs).

Just 10 days later, Ark added another 210,121 shares across the Ark Innovation (ARKK +0.05%), Ark Autonomous Technology & Robotics (ARKQ 1.69%), Ark Next Generation Internet (ARKW 1.58%), and Ark Space & Defense Innovation (ARKX 1.89%) funds as SpaceX stock lost some momentum. These purchases reflect Wood's signature style of doubling down on long-term technological disruption during periods of short-term weakness.

Let's see whether smart investors should follow Wood's lead and buy the dip in SpaceX stock right now.

Image source: Getty Images.

Breaking down Ark's SpaceX position SpaceX now appears across four of Ark's ETFs. On June 12, ARKK acquired 1,690,839 shares, ARKQ bought 736,442 shares, ARKW added 325,562 shares, and ARKX purchased 538,341 shares. On June 22, the buying continued across all four of these funds.

The consistent presence of SpaceX across ARKK, ARKQ, ARKW, and ARKX suggests that Wood is spreading exposure while still concentrating capital among her highest-conviction names.

Today's Change

(

-0.97

%) $

-1.52

Current Price

$

154.59

Wood's decision to purchase SpaceX stock both on its IPO day and after the sell-off likely stems from her long-standing admiration for Musk's ability to execute ambitious visions in capital-intensive industries. For years, Wood has repeatedly expressed an abnormally high conviction in Tesla (TSLA 1.61%) -- maintaining a large position in the electric vehicle (EV) stock through multiple drawdowns. Wood believes that Tesla will ultimately come to dominate autonomous transportation through its robotaxi program.

At its core, Tesla represents the kind of step-change technology Wood seeks in her portfolio. SpaceX fits the same pattern. Reusable rockets, low-orbit satellite constellations, and an aggressive expansion into artificial intelligence (AI) infrastructure could unlock trillions in economic value over the coming decades.

When SpaceX sold off after the initial IPO pop, Wood appears to have viewed the weakness as an opportunity to buy shares at a lower valuation, rather than as a signal to retreat. Ark's history shows that it's willing to tolerate volatility in growth stocks, as long as the underlying innovation thesis remains intact.

Should you buy the dip in SpaceX stock? Retail investors considering following Wood's lead must weigh both the pros and cons of investing in SpaceX stock right now. On the positive side, Wood's early and persistent Tesla position has delivered multibagger returns as she stayed the course for many years. Given SpaceX's competitive edge in launch and satellite services, buying shares after an IPO-related sell-off could capture value if the company's long-term narrative holds.

However, Ark funds themselves have experienced sharp drawdowns when sentiment around concentrated bets sours.

ARKK data by YCharts.

SpaceX carries unique risks related to the regulatory environment, competition from other launch providers, and execution challenges on ambitious AI-related timelines. Investors who lack Wood's research resources, multi-year time horizon, and tolerance for double-digit percentage swings may find it more prudent to gain indirect exposure through diversified space or technology-themed funds, rather than replicating the exact Ark playbook.

Ultimately, mirroring any single money manager's concentrated position requires matching both their conviction and their risk tolerance. In my eyes, the better play right now is to let SpaceX's volatility play out and watch from the sidelines. Investors will have many more opportunities to buy company shares, both directly and indirectly through passive funds, over time.

Investors initially liked Uber Technology's (UBER +5.71%) first-quarter results. After reporting earnings on May 6, the stock shot up 8.5%, to close at $79.17. However, the share price has subsequently fallen.

But long-term investors shouldn't concern themselves with day-to-day trading. However, you can look at quarterly results to determine the company's trend and whether it's heading in the right direction.

It's time to look closer at Uber's results and future prospects.

Image source: Getty Images.

Positive results Uber consists of mobility (connecting riders with drivers), delivery (picking up and delivering food), and freight (connecting shippers and carriers). Mobility remains the largest revenue source, accounting for 56% of the company's first-quarter top line. Delivery is also responsible for a significant share, including 33% of the period's revenue.

The company continued to grow key metrics. This includes gross bookings, which gained 25% year over year, to $53.7 billion. The growth was driven by the mobility and delivery divisions' 25% and 28% growth, respectively.

This helped push Uber's revenue 10% higher after removing foreign-currency translations, to $13.2 billion. It's also a very profitable company, with operating income under generally accepted accounting principles (GAAP) jumping 57% to $1.9 billion.

Is autonomous driving a game changer? The company continued its push into autonomous vehicles, launching Uber Autonomous Solutions, which it hopes will help partners over the top to build and commercialize fleets that Uber will use.

It has made significant investments in self-driving cars, including a significant equity stake in Lucid Motors. Clearly, Uber believes in the technology.

If it can eliminate drivers, Uber will save a lot of money, vastly improving profitability. Cost of revenue, which includes drivers' pay, is the company's largest expense.

Still, it's worth noting that there have been hurdles in implementing self-driving autos. For instance, Apple abandoned its years-long effort to build a self-driving car. Alphabet operates its self-driving cars in select markets, but it's working out the kinks. Tesla has also been pushing into the area.

The big commitment is likely a major reason why Uber's stock has underperformed the market. The shares have lost 14.7% over the last year, through June 21. During this period, the S&P 500 index returned 26.7%, including dividends.

Today's Change

(

5.71

%) $

3.98

Current Price

$

73.65

Still, with the company's core mobility and delivery businesses growing, I'd use the price dip as an opportunity to buy Uber's shares despite challenges in the autonomous vehicle arena.

Lawrence Rothman, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, Tesla, and Uber Technologies. The Motley Fool has a disclosure policy.

Noam Shazeer is leaving Google to join OpenAI. Winni Wintermeyer for The Washington Post via Getty Images If you want to see a person's eyes light up at a Silicon Valley party, just say the words "pre-IPO equity." It works.

Google's sudden AI talent losses may have less to do with dissatisfaction and more to do with a timeless Silicon Valley calculation: where the biggest equity upside lives.

Bloomberg reported Tuesday that two key Gemini researchers, Jonas Adler and Alexander Pritzel, are leaving Google for Anthropic, adding to a growing list of high-profile departures from the search giant. The moves follow recent exits by AI luminaries, including Noam Shazeer and Nobel Prize winner John Jumper.

It's tempting to frame these departures as a verdict on Google's AI strategy. That could be part of it — Google has many priorities, while Anthropic and OpenAI are razor-focused on the AI frontier. That's attractive to AI talent.

A simpler explanation may be financial, though.

For elite Silicon Valley talent, moving from a mature public company to a fast-growing startup has long been one of the most reliable paths to outsized wealth creation — especially if the startup is an IPO candidate.

At Google, compensation is mostly tied to RSUs at a company that already commands a market capitalization of over $4 trillion. The upside is substantial but relatively predictable.

At Anthropic or OpenAI, the equation could be very different. Researchers who join now can receive meaningful chunks of pre-IPO equity. If those companies eventually go public — perhaps in late 2026 or 2027 — those grants could appreciate dramatically once lockup periods expire.

Shazeer offers a case study of how lucrative it can be to jump around amid an AI boom.

He left Google in 2021 to cofound Character.AI. About three years later, Google paid roughly $2.7 billion through a licensing deal that brought him back. Because Shazeer owned a sizable stake in the startup, he made hundreds of millions of dollars by selling his stake as part of the deal, according to the Wall Street Journal.

About 20 months later, he's on the move again. This time he joined OpenAI, which recently filed confidentially for an IPO. Assuming he got fresh equity as part of the switch, Shazeer has once again positioned himself for another highly lucrative liquidity event.

Top AI researchers will likely tell you the talent war is about building the future. But it's also about owning a larger piece of it.

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Alistair Barr is the author of Business Insider's Tech Memo newsletter. Sign up here. Before that, he was BI's Global Tech Editor and the Big Tech team leader at Bloomberg, following a reporting career at The Wall Street Journal, USA Today, Reuters, and MarketWatch. Alistair won a Gerald Loeb Award in 2007 for coverage of short selling and was a finalist in 2013 for scoops on the Facebook IPO. More recently, he won a 2024 San Francisco Press Club award for commentary. Got a tip? Reach out using the secure messaging app Signal (+1 415-341-4927) or via email on [email protected] oversees all things Big Tech, along with startups and venture capital. He writes analysis and columns about topics including generative AI, large language models, cloud computing, semiconductors, online search, e-commerce, EVs, robotics, and autonomous vehicles.Popular StoriesArtificial Intelligence:It's getting harder to make big leaps at the frontier of AIOpenAI's AI-adjusted earnings numbers have echoes of Groupon and WeWorkDeath by LLM: Stack Overflow's decline, and its plan to survive, shows the future of free online data in an AI worldCloud computing:Amazon dominated the first cloud era. The AI boom has kicked off Cloud 2.0, and the company doesn't have a head start this time.In cloud, there's AI (which is hot) and everything else (which is not)Chips:Why Intel is still so important: Real countries have fabsApple's made-in-the-USA chips signal a turnaround for the US's big semiconductor betEVs and Tesla:Tesla's AI supercomputer has a Silicon Valley town rushing to meet surging electricity demandTesla's Cybertruck is outselling almost every other EV in the USOnline Search:Google is losing its status as a verbA simple way to fix search: Bright pink ads

Google OpenAI Anthropic More Silicon Valley Artificial Intelligence Generative AI Careers

An Amazon warehouse employee THOMAS SAMSON/AFP via Getty Images Amazon thinks one of its biggest warehouse efficiency opportunities lies in jobs that generate little operational data. A new wearable-device system could change that.

Internal documents reviewed by Business Insider show Amazon is testing a new program called Right Station Link that uses a wearable device to automatically capture check-in and labor-hours data for "indirect" support roles, such as equipment maintenance, safety coordination, and floor management, that have historically been harder to track.

Unlike warehouse workers at packing stations, employees in indirect roles frequently move between assignments throughout a shift. Amazon expects the new devices to "improve labor tracking accuracy" and "reduce non-productive labor hours," one of the documents stated.

According to one of the internal documents from March, these indirect roles account for roughly $2.8 billion worth of labor spending, or 85 million labor hours. At the time of the analysis, conducted last year, many of those roles lacked the "digital signals" needed to automatically confirm worker presence.

"Right Station Link brings automated labor hour measurement to $2.8B of manually tracked labor spend in one deployment, enabling labor automation for all sortation roles," one of the documents stated.

The initiative is part of Amazon's next warehouse efficiency push. The company spent years streamlining how packages move. Now it's applying the same playbook to people, betting that smarter worker assignments and better labor monitoring can unlock millions of dollars in savings.

Wearable scannersInternal documents show Amazon initially planned to rely on Zebra WS501 wearable scanners. Workers usually wear this scanner on the back of their hand. They get assignments and break notifications through the device, while missed check-ins automatically send alerts to managers, according to the documents.

Before Right Station Link, check-in and assignment data for many indirect roles was not automatically captured by Amazon. Managers instead documented station changes "manually on a digital platform," according to an Amazon spokesperson.

The internal documents show Amazon became concerned that some managers were assigning more workers to indirect roles than staffing models recommended and were relying on manual time edits that made labor allocation harder to track consistently.

Amazon later eliminated manual time editing and required labor hours to be coded through its internal staffing system, which internal analysis suggested improved productivity.

Right Station Link is intended to help indirect workers "adhere to staffing assignments," while reducing "idle time," one document stated.

The Amazon spokesperson told Business Insider that during a pilot test, some managers were more cautious around their staffing needs to ensure they had enough employees to process volume, and they were not trying to "game the system."

Delivery delaysAmazon wants to expand Right Station Link to all North American warehouses before the holiday peak season, according to one of the documents.

However, company leaders warned that Zebra device delivery delays could create "significant risk" to deployment timelines and reduce expected financial benefits, the internal documents show.

To address that, Amazon is making its software compatible with other devices and plans to use existing scanners already deployed throughout its facilities. The company spokesperson said Right Station Link is not dependent on any specific hardware model and expansion plans may change. It's been testing hand-held devices as well as wearables, although employees prefer wearables, according to the spokesperson.

"Right Station Link is being piloted at a small number of sites, and any potential future expansion plans are entirely speculative," Amazon said. "As we test, we're being deliberate about where this technology makes sense, and where it doesn't."

The company said the system does not measure individual productivity or track workers' real-time movements.

"A natural extension"Before publication, the spokesperson told Business Insider that the premise of this story was "inaccurate" because it drew overly broad conclusions from incomplete data.

This spokesperson described Right Station Link as a tool that lets employees check into stations and receive assignment updates, calling it a "natural extension" of existing workforce-management processes.

The $2.8 billion figure does not represent "excess or waste" spending, but a "theoretical modeled opportunity" of a specific category of data that had not yet been integrated into Amazon's staffing platform at the time of the analysis, the spokesperson added.

"Right Station wasn't developed to solve 'visibility' issues in our network — its intent is to streamline one element of our staffing processes through improving on our existing systems," the spokesperson said. "As is industry standard, we digitally track employee hours to ensure we're appropriately staffing our facilities to safely deliver on our customer promises."

Measurement challengesIndirect roles have been difficult for warehouse operators to measure.

Unlike pickers or packers, whose productivity can be tracked through units processed, support functions such as maintenance and training are harder to quantify, according to Steve Tracey, a supply chain management professor at Penn State University. As a result, companies often rely on labor tracking and outcome-based metrics, such as equipment uptime and safety performance, to evaluate those roles, he said.

The Amazon spokesperson disputed suggestions that the company had difficulty capturing this data, saying the information already exists in its systems.

Right Station Link simply gives employees a device for receiving assignments and sending updates throughout the day, the spokesperson added, comparing it to a hotel maintenance worker using a handheld device to receive service requests and notify management when work begins.

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Eugene is Business Insider’s Chief Tech Correspondent, where he leads coverage of Amazon. His reporting spans the company’s retail operations, AWS, Alexa, and its secretive internal work culture.Previously, he worked at CNBC, Fortune Magazine Korea, and Japan's Yomiuri Shimbun. He holds degrees from NYU and Columbia University’s Graduate School of Journalism.In 2022, Eugene broke a story uncovering Amazon’s practice of deceptively enrolling customers in Prime and deliberately making cancellation difficult. A year later, the Federal Trade Commission sued the company, citing his reporting. That case culminated in a record $2.5 billion settlement in 2025.His reporting has earned multiple honors, including the SF Press Club’s Bay Area Journalism Award and SPJ NorCal’s Excellence in Journalism Award.Eugene lives in the Bay Area. Contact him via email at [email protected], or Signal, Telegram, or WhatsApp at 650-942-3061. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely. ExpertiseAmazon, Jeff Bezos, Andy Jassy, e-commerce, and cloud computing.Popular ArticlesAmazon:Internal Amazon emails give an exclusive look at how CEO Andy Jassy has started to run the company, with obsessive attention to the retail business and what some employees feel is micromanagingAndy Jassy will be the next CEO of Amazon. Insiders dish on what it's like to work for Jeff Bezos' successor, who built AWS into a $40 billion business.Internal documents show Amazon has for years knowingly tricked people into signing up for Prime subscriptions. 'We have been deliberately confusing,' former employee says.Inside Amazon's flailing brick-and-mortar ambitions: missed projections, pressure to cut costs, and a war with Whole FoodsInside Amazon's complex employee-review system, where workers feel left in the dark and managers expect to give 5% of reports bad reviewsAfter 28 years, 'Day 2' finally arrives at AmazonAWS, Alexa, healthcare:Inside Amazon's struggle to break into the lucrative market for SaaS business applications, including an internal pitch to buy $38 billion HubSpotInside Amazon's struggle to crack Nvidia's AI-chip dominanceAmazon's AI data center dream runs into the reality of 'zombie' facilities, higher costs, and labor shortagesAmazon is gutting its voice assistant, Alexa. Employees describe a division in crisis and huge losses on 'a wasted opportunity.'Amazon is working on a new 'Remarkable Alexa,' but internal politics and technical issues plague the projectAmazon projected huge losses from its healthcare business in 2024, but strong sales growth, internal document reveals

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Amazon plans to invest an additional $13 billion to expand artificial intelligence and cloud infrastructure in India, taking its total investment in the country to $48 billion between 2026 and 2030.

These funds will be used to expand AWS data center capacity in Mumbai and Hyderabad, the company said in a statement on Thursday. In December last year, Amazon had pledged to invest $35 billion, as hyperscalers raced to get a foothold in the Indian market.

Amazon CEO Andy Jassy said the company is committed to being "a long-term partner in India's growth story" and wants to align with the country's "priorities of democratizing access to AI, digitizing small businesses, creating jobs, and enabling exports."

Jassy met Indian Prime Minister Narendra Modi on Thursday and highlighted the importance to Amazon of India, where the company operates several businesses spanning e-commerce, AI, cloud, and entertainment.

The company said its total investment in India between 2010 and 2030 stands at $88 billion.

Through its data centers, Amazon hopes to provide Indian startups, enterprises, and government organizations with access to custom AI chips, managed AI services, and secure and reliable cloud technologies.

Last December, India secured investment to the tune of $50 billion within 24 hours from U.S. big tech companies such as Amazon and Microsoft. Google, another major hyperscaler, is also investing $15 billion to build data center capacity for a new artificial intelligence hub in southern India.

India does not yet produce cutting-edge chips domestically, nor does it have a frontier-scale foundation model on a par with leading U.S. or Chinese models. However, the data center space in the country is growing rapidly.

To encourage the development of data centers in India, the Indian government has offered long‑term tax breaks to major global hyperscalers.

"India's DC industry is emerging as one of the fastest growing globally," global brokerage Nomura said in a report earlier this month. India's data center capacity has risen to around 1.6GW in 2025 from 350MW in 2019, implying a 29% compounded annual growth versus 20% globally.

June 25, 2026 05:05 ET  | Source: Nokia Oyj

Press Release
Nokia to provide intelligent connectivity for Finnish Border Guard counter-drone initiative nationwide

Nokia Defense joins Finnish-Nordic consortium to strengthen counter-UAS border securitySecure, scalable connectivity enables real-time threat detection and interoperable mission-critical operations across land and sea 25 June 2026
Espoo, Finland – Nokia today announced its participation in a new industrial consortium led by the Finnish Border Guard to develop the next-generation counter-drone capabilities for patrol vehicles and boats. Nokia’s Defense unit will help support border security duties, surveillance, protection of territorial integrity and the safeguarding of critical infrastructure by providing an intelligent network solution that enables secure, high-performance connectivity, real-time data exchange and interoperability across systems.

The initiative supports the Finnish Border Guard’s goal of building a sovereign, integrated counter-unmanned aerial systems (UAS) and threat detection capability to be deployed nationwide. By connecting platforms, sensors and command-and-control systems, the solution is designed to deliver enhanced real-time situational awareness and enable faster, more coordinated responses to evolving multi-domain threats.

Nokia’s role reflects the growing importance of trusted and intelligent connectivity as a foundation for modern defense and border security. As drones become more accessible and widely used, threat detection, sensing and connectivity must work seamlessly to protect personnel, infrastructure and mission effectiveness. Through the consortium, Nokia Defense will work with key partners to support a scalable, future-ready system aligned with national and allied requirements.

“Reliable, secure connectivity is becoming essential to how defense organizations detect, understand and respond to fast-moving threats. By contributing Nokia’s intelligent connectivity and sensing technology to this consortium, we are helping build an operational and interoperable solution that gives border authorities the real-time awareness and resilience they need in complex land and maritime environments,” said Mikko Hautala, Chief Geopolitical & Government Relations Officer, and Chairman, Nokia Defense.

The Finnish Border Guard initiative includes the procurement and deployment of evaluation platforms, connectivity and sensing capabilities, and system integration. The solutions will be evaluated during 2027 and early 2028.

Multimedia, technical information and related news
Web Page: Defense communications

About Nokia
Nokia is a global leader in connectivity for the AI era. With expertise across fixed, mobile, and transport networks, we’re advancing connectivity to secure a brighter world.

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Top Row from Left to Right: Yuji Yamano (Director, Content-Japan), Yuki Igarashi (Director, THE RIBBON HERO), Dan Casey (Art Director, Steps), Jason Figliozzi (Head of Character Animation, Steps), Jane Hartwell (Producer, Steps), Priscilla Bertin (Producer, In Waves), Ben Hibon (Executive Producer, Ghostbusters: Night Shift), Elliott Kalan (Executive Producer, Ghostbusters: Night Shift), Amie Karp (Executive Producer, Ghostbusters: Night Shift), Heather Tilert (Vice President, Animation Series, Kids + Preschool) Bottom Row from Left to Right: Hannah Minghella (Head of Netflix Animation Studio), Alyce Tzue (Director, Steps), Brad Bird (Director, Ray Gunn), Phuong Mai Nguyen (Director, In Waves), Jason Reitman (Executive Producer, Ghostbusters: Night Shift), Gil Kenan (Executive Producer, Ghostbusters: Night Shift)

GAEL TURPO 2026

On Wednesday, Netflix took the stage at the Annecy International Animation Film Festival, where it highlighted its new slate of upcoming animated projects.

The international streamer’s animation division is coming off of an impressive year. KPop Demon Hunters took home two Oscars and became the first non-Disney/Pixar animated film ever to win more than one. It was also Netflix’s second animated film to win the Oscar in 4 years.

KPop Demon Hunters was also Netflix’s most popular film of all time, spending over a year in Netflix’s Global Top 10. Netflix also won 13 animation industry Annie Awards, including three for Love, Death + Robots. Ultraman: Rising nabbed the Children and Family Emmys for Outstanding Animated Special and Sound Mixing & Sound Editing for an Animated Program.

The new lineup includes a new Ricky Gervais adult animated series called Alley Cats, the Brad Bird-directed film Ray Gunn, the new series Ghostbusters: Night Shift, and the series The One Piece.

Here is the lineup of Netflix animated projects highlighted at Annecy, including the official loglines and some first look images:

An image from the animated film "In Waves"

© Silex Films - France 3 Cinéma - Gao Shan Pictures - Charades productions - Panique! - 2026

IN WAVESRelease date: December 11, 2026

MORE FOR YOU

Logline: In Los Angeles, AJ, a shy teenager, meets Kristen. She lives for surfing; he loves skateboarding and drawing. They fall madly in love, and a happy future seems within reach. But everything changes when Kristen faces a sudden illness. Together, they face adversity, driven by the strength of their love, their friends, and their newly shared passion for surfing and the ocean.

Director: Phuong Mai Nguyen

Writers: Fanny Burdino, Samuel Doux (Based on the graphic novel by AJ Dungo)

Producers: Priscilla Bertin, Judith Nora

Cast: Will Sharpe, Stephanie Hsu

RAY GUNN - Raymond Gunn (Sam Rockwell) and Venus Nova (Scarlett Johansson).

Skydance Animation ©2026

RAY GUNNRelease date: December 18, 2026

Logline: In Metropia, a gigantic city in an alternate future as seen from 1939, private eye Raymond Gunn is drawn into a case involving aliens, murder and a multimedia star named Venus Nova.

Director: Brad Bird

Producers: John Lasseter, David Ellison, Dana Goldberg, and Lisa Beroud

Cast: Sam Rockwell, Scarlett Johansson, Tom Waits

Animation Studio: Skydance Animation

An image from the Netflix animated film "Ribbon Hero"

Netflix Animation Studios. ©2026

THE RIBBON HERORelease date: August 8, 2026

Director: Yuki Igarashi

Inspired By: “Princess Knight” by Osamu Tezuka

Original Character Design: Kei Mochizuki

Character Design Cooperation: Mai Yoneyama

Animation Character Design: Issei Arakaki

Art Director: Cedric Herole

Production Company: Twin Engine

Animation Studio: Outline

Logline: Yuki Igarashi, regarded as one of the industry’s most versatile animators, directs the film. He first drew wide attention for the sophisticated animation he handled alone as key animator on the ending sequence of Jujutsu Kaisen Season 1. His directorial debut, Star Wars: Visions - Lop & Ochō, received high praise in Japan and abroad for its delicate storytelling and dynamic action scenes. The Ribbon Hero marks Igarashi’s first time directing a feature-length film.

Bringing together a team of highly skilled creators, the film depicts the story of a lone hero who chooses to defy a harsh destiny, set in a delicately crafted world and brought to life through polished action.

STEPS - Priscilla (voiced by Nikki Glaser).

Netflix Animation Studios. ©2026

STEPS

Release date: November 20, 2026

Synopsis: Think you know Cinderella's “evil” stepsisters? Think again. Sick of living in Cinderella’s shadow, Lilith (Ali Wong) steals the Fairy Godmother (Bette Midler)’s magic wand and hijacks the Royal Ball with her sister Margot (Stephanie Hsu), breaking the Cinderella story as we know it and dooming the kingdom to the tyrannical rule of Priscilla (Nikki Glaser), a villainous schemer who swoops in and snatches the throne. Now, Lilith must team up with Cinderella (Amanda Seyfried) to fight biker trolls, outrun evil henchmen, and escape the Screaming Woods on an epic quest to save the kingdom, but most importantly, their relationship.

Produced by: Amy Poehler, Jane Hartwell, Kim Lessing. Poehler and Lessing producing for Paper Kite Productions.

Screenplay By: Ava Tramer, James Madejski, Jen Chuck, Dana Schwartz, Felicia Ho

Story By: Ava Tramer, James Madejski, Dana Schwartz, Felicia Ho, Riki Lindhome, Kate Micucci

Cast: Ali Wong, Amanda Seyfried, Stephanie Hsu, Nikki Glaser, Bette Midler

Animation Studio: Netflix Animation Studios

Alley Cats. (L to R) Ricky Gervias as Gus, Tom Basden as Ponce, David Earl as Puke, Andrew Brooke as Fang, Diane Morgan as Olive, in Alley Cats.

Courtesy of Netflix © 2025

ALLEY CATS

Release date: August 7, 2026

Synopsis: Alley Cats is a sitcom created by and starring the multi-award-winning Ricky Gervais. The adult animation follows the trials and tribulations of a group of feral British cats from all walks of society, who seek companionship while ruminating on everyday life. From the funny to the absurd, the series is packed with Gervais’ signature style of heart and social commentary that audiences have come to expect.

Creator and Director: Ricky Gervais

Co-director: Elliot Dear

Executive Producers: Ricky Gervais of Derek Productions, Steven Hamilton Shaw of Shush Creative. James Stevenson Bretton and Ben Lole for Blink Industries.

Producer: Hugo Donkin

Production Designer: Tang Heng

Cast: Ricky Gervais, Tom Basden, Andrew Brooke, David Earl, Kerry Godliman, Jo Hartley, Diane Morgan, and also featuring Natalie Cassidy and Tony Way

Animation Studio: Blink Industries

"Ghostbusters: Night Shift"

Sony Pictures Animation ©2026

GHOSTBUSTERS: NIGHT SHIFTRelease date: 2027

Logline: New York City, 1994 — Five years after the Ghostbusters took the Statue of Liberty for a walk, a new wave of supernatural terror hits the Big Apple, forcing a group of scrappy, young New Yorkers — untrained, underappreciated, and kinda sorta responsible for the problem — to put on proton packs, face their fears, and bust some ghosts.

Executive Producers: Ben Hibon, Elliott Kalan, Jason Reitman, Gil Kenan, Amie Karp, and Dan Aykroyd .

An image for the Netflix animated series "The One Piece"

Netflix, 2026

THE ONE PIECE

Release date: February 2027

Original manga by: Eiichiro Oda (Weekly Shonen Jump, Shueisha)

Synopsis: Produced by WIT Studio, The One Piece is a brand new anime adaptation starting from the very beginning of the original manga’s East Blue saga. Separate from the TV anime series that has charged full speed ahead over the course of more than 25 years, this series taps into the expressive potential of modern technology to offer a familiar yet fresh take on the adventures of Luffy.

Director: Masashi Koizuka

Assistant Director: Hideaki Abe

Series Composition: Taku Kishimoto

Character Design & Chief Animation Directors: Kyoji Asano, Takatoshi Honda

Creature Design & Image Boards: Yasuhiro Kajino

Prop Design: Eri Taguchi

Action Animators: Ken Imaizumi, Shuhei Fukuda

Art Director: Tomonori Kuroda

Animation Producer: Ryoma Kawamura

Animation Studio: WIT STUDIO

The announcements were made at the same time Netflix has been making some executive adjustments. Moving forward, the streamer’s adult animated projects will be under the oversight of Tracey Pakosta, Netflix’s VP, Comedy Original Series. And Hannah Minghella has been named the company’s new Head of Netflix Animation Studio, overseeing more than 1,000 employees across three studios in Burbank, Vancouver, Canada and Sydney, Australia.