Ravi Shankar – Page 287

StorageVault Grows YTD Revenue 9.0%, Increases NOI 8.7% and AFFO is up 7.8% in Q3 2026 and Increases Dividend

Posted on October 21, 2026 by Ravi Shankar

TORONTO, Oct. 21, 2026 (GLOBE NEWSWIRE) —

STORAGEVAULT CANADA INC. (“StorageVault” or the “Corporation”) (SVI-TSX) reports the Corporation’s Q3 2026 results. Iqbal Khan, Chief Financial Officer, commented:

“StorageVault delivered positive third quarter results, with year to date revenue up 9.0%, NOI up 8.7%, and AFFO per share up 7.8%. Customer demand remained strong, and our disciplined revenue management drove growth despite a more challenging economic and competitive environment. Supported by strong lead volumes and a healthy acquisition pipeline, we remain focused on driving performance through the balance of the year.”

2026 Third Quarter Results
For the third quarter of 2026, revenue increased to $94.2 million from $88.5 million in Q3 2025 and NOI, a non-IFRS measure, grew to $64.5 million from $60.2 million. Our cash flow from operations increased year over year and when combined with our financing and investing activities resulted in a cash balance of $19.0 million at the end of the quarter. The Q3 2026 net loss of $6.4 million (net income of $20.5 million for Q3 2025) is impacted by the following non-cash and non-recurring items – $30.9 million of depreciation and amortization, $2.0 million of interest accretion and amortization of financing costs, $1.8 million of realized and unrealized loss on derivative financial instruments, and deferred tax recovery of $1.2 million.

Revenue and NOI from Existing Self Storage stores increased by 2.1% and 3.1%, compared to the same period last year. Funds from operations (“FFO”), a non-IFRS measure, were $27.2 million for Q3 2026 compared to $25.3 million in Q3 2025, a 7.7% increase year over year. Adjusted funds from operations (“AFFO”), a non-IFRS measure, were $28.9 million for Q3 2026 compared to $27.2 million in Q3 2025, a 6.3% increase. On a per basic common share basis, FFO increased by 7.4% and AFFO increased by 6.1%.

For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see “Non-IFRS Financial Measures” and the reconciliation tables below, and the Corporation’s Management’s Discussion & Analysis for the three and nine months ended September 30, 2026 filed on SEDAR+ at www.sedarplus.ca.

2026 Nine Months Year to Date Results
Revenue for the nine months ended September 30, 2026 increased to $270.5 million from $248.3 million, for the comparative period, a 9.0% increase, and NOI, a non-IFRS measure, grew to $177.3 million from $163.1 million, for the comparative period, an 8.7% increase. For the nine months ended September 30, 2026, cash flow from operations was $83.8 million and when combined with our financing and investing activities resulted in a cash balance of $19.0 million. The net loss of $26.5 million for the nine months ended September 30, 2026 is impacted by the following non-cash and non-recurring items – $88.8 million in depreciation and amortization, $5.7 million of interest accretion and amortization of financing costs, $3.2 million of realized and unrealized loss on derivative financial instruments and deferred tax recovery of $3.7 million.

Our Revenue and NOI from Existing Self Storage, a non-IFRS measure, increased by 4.1% and 4.4%, compared to the same period last year. FFO, a non-IFRS measure, were $67.9 million compared to $62.2 million for the same period in 2025, a 9.1% increase year over year. AFFO, a non-IFRS measure, were $73.7 million compared to $68.4 million for the same period in 2025, a 7.8% increase year over year. On a per basic common share basis, FFO and AFFO increased by 9.0% and 7.8%.

Increased Dividend
StorageVault is increasing its Q4 2026 dividend by 0.5% to $0.003051 per common share.

Our Strategy
StorageVault is focused on owning and operating storage in the top markets in Canada. Our goal is to have multiple stores in each market, with complementary portable storage units, integrated storage and logistics, and records management storage services. This multi-platform approach enables us to leverage scale, brand recognition and operational efficiencies to maximize the value potential of our spaces. Growth is driven by acquisitions, organic performance improvements, targeted expansions to meet pent up demand and continued development of portable storage, records management and FlexSpace Logistics.

Further Information
For comprehensive disclosure of StorageVault’s performance for the three and nine months ended September 30, 2026 and its financial position as at such date, please see StorageVault’s Unaudited Interim Consolidated Financial Statements and Management’s Discussion and Analysis for the three and nine months ended September 30, 2026 filed on SEDAR+ at www.sedarplus.ca.

Non-IFRS Financial Measures
Management uses both IFRS and non-IFRS Measures to assess the financial and operating performance of the Corporation’s operations. These non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The non-IFRS Measures referenced in this news release include the following:

Net Operating Income (“NOI”) – NOI is defined as storage and related services revenue less operating costs. NOI does not include interest expense or income, depreciation and amortization, selling, general and administrative costs, acquisition and integration costs, stock based compensation costs, realized and unrealized gains or losses on real estate, realized and unrealized gains or losses on derivative financial instruments or taxes. NOI assists management in assessing profitability and valuation from principal business activities.
Funds from Operations (“FFO”) – FFO is defined as net income or loss plus depreciation and amortization, realized gains or losses on real estate, realized and unrealized gains or losses on interest rate swaps, interest accretion and amortization of financing costs, realized and unrealized gains or losses on derivative financial instruments, stock based compensation expenses, and deferred income taxes; and after adjustments for equity accounted entities and non-controlling interests. FFO should not be viewed as an alternative to cash from operating activities, net income, or other measures calculated in accordance with IFRS. The Corporation believes that FFO can be a beneficial measure, when combined with primary IFRS measures, to assist in the evaluation of the Corporation’s ability to generate cash and evaluate its return on investments as it excludes the effects of real estate amortization and gains and losses from the sale of real estate, all of which are based on historical cost accounting and which may be of limited significance in evaluating current performance.
Adjusted Funds from Operations (“AFFO”) – AFFO is defined as FFO plus acquisition and integration costs. Acquisition and integration costs are one time in nature to the specific assets purchased in the current period or pending and are expensed under IFRS.
Existing Self Storage – means stabilized, both physically and economically, stores that StorageVault has owned or leased at least since the beginning of the previous fiscal year. Existing Self Storage is also referred to as “same store”, and commencing in fiscal 2026, Existing Self Storage represents 11,545,239 square feet or 210 stores.

NOI, FFO, AFFO and Existing Self Storage should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from StorageVault’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. NOI, FFO and AFFO should not be interpreted as an indicator of cash generated from operating activities and are not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. Existing Self Storage should not be considered a measure of StorageVault’s comprehensive operations. NOI, FFO, AFFO and Existing Self Storage are simply additional measures of operating performance which highlight trends in StorageVault’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. StorageVault’s management also uses these non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, the Corporation’s definitions of NOI, FFO, AFFO and Existing Self Storage may differ from that of other issuers.

Non-IFRS Financial Measures Reconciliation

The following table reconciles Net Income (Loss) and Net Operating Income:

		(unaudited)											(unaudited)
		Three Months Ended September 30											Nine Months Ended September 30
								Change											Change
			2026			2025		$			%			2026			2025		$			%

Storage revenue and related services		$	93,664,818		$	88,007,701		$	5,657,117		6.4	%	$	268,831,000		$	246,807,867		$	22,023,133		8.9	%
Management fees			570,670			512,685			57,985		11.3	%		1,715,513			1,504,770			210,743		14.0	%
			94,235,488			88,520,386			5,715,102		6.5	%		270,546,513			248,312,637			22,233,876		9.0	%
Operating costs			29,768,816			28,343,102			1,425,714		5.0	%		93,251,132			85,257,833			7,993,299		9.4	%
Net operating income ¹			64,466,672			60,177,284			4,289,388		7.1	%		177,295,381			163,054,804			14,240,577		8.7	%

Less:
	Acquisition and integration costs		1,687,362			1,907,051			(219,689	)	-11.5	%		5,821,474			6,121,351			(299,877	)	-4.9	%
	Selling, general and administrative		7,586,705			6,655,722			930,983		14.0	%		21,891,600			19,091,699			2,799,901		14.7	%
	Interest		27,948,535			26,306,668			1,641,867		6.2	%		81,708,846			75,601,624			6,107,222		8.1	%
	Stock based compensation		174,711			83,959			90,752		108.1	%		532,422			251,877			280,545		111.4	%
	Realized (gain) loss on real estate		(12,042	)		(15,705,784	)		15,693,742		-99.9	%		(79,983	)		(15,696,568	)		15,616,585		-99.5	%
	Realized and unrealized (gain) loss on derivative financial instruments		1,770,639			(8,902,167	)		10,672,806		-119.9	%		3,158,405			(7,924,664	)		11,083,069		-139.9	%
	Interest accretion and amortization of financing costs		1,978,592			1,808,077			170,515		9.4	%		5,723,965			5,315,003			408,962		7.7	%
	Depreciation and amortization		30,877,997			29,517,048			1,360,949		4.6	%		88,820,403			83,452,242			5,368,161		6.4	%

			72,012,499			41,670,574			30,341,925		72.8	%		207,577,132			166,212,564			41,364,568		24.9	%
Net income (loss) before tax			(7,545,827	)		18,506,710			(26,052,537	)	-140.8	%		(30,281,751	)		(3,157,760	)		(27,123,991	)	859.0	%
	Deferred tax (expense) recovery		1,163,892			1,985,682			(821,790	)	-41.4	%		3,737,688			6,115,519			(2,377,831	)	-38.9	%
Net income (loss) after tax		$	(6,381,935	)	$	20,492,392		$	(26,874,327	)	-131.1	%	$	(26,544,063	)	$	2,957,759		$	(29,501,822	)	-997.4	%
¹	Non-IFRS Measure.

The following table reconciles Net Income (Loss), and Funds from Operations and Adjusted Funds from Operations:

		(unaudited)											(unaudited)
		Three Months Ended September 30											Nine Months Ended September 30
			2026			2025		Change						2026			2025		Change
								$			%								$			%

Net income (loss)		$	(6,381,935	)	$	20,492,392		$	(26,874,327	)	-131.1	%	$	(26,544,063	)	$	2,957,759		$	(29,501,822	)	-997.4	%
Adjustments:
	Stock based compensation		174,711			83,959			90,752		108.1	%		532,422			251,877			280,545		111.4	%
	Interest accretion and amortization of financing costs ¹		1,978,592			1,808,077			170,515		9.4	%		5,723,965			5,315,003			408,962		7.7	%
	Realized (gain) loss on real estate		(12,042	)		(15,705,784	)		15,693,742		-99.9	%		(79,983	)		(15,696,568	)		15,616,585		-99.5	%
	Realized and unrealized (gain) loss on derivative financial instruments		1,770,639			(8,902,167	)		10,672,806		-119.9	%		3,158,405			(7,924,664	)		11,083,069		-139.9	%
	Deferred tax expense (recovery)		(1,163,892	)		(1,985,682	)		821,790		-41.4	%		(3,737,688	)		(6,115,519	)		2,377,831		-38.9	%
	Depreciation and amortization		30,877,997			29,517,048			1,360,949		4.6	%		88,820,403			83,452,242			5,368,161		6.4	%
			33,626,005			4,815,451			28,810,554		598.3	%		94,417,524			59,282,371			35,135,153		59.3	%
FFO ²		$	27,244,070		$	25,307,843		$	1,936,227		7.7	%	$	67,873,461		$	62,240,130		$	5,633,331		9.1	%
Adjustments:
	Acquisition and integration costs		1,687,362			1,907,051			(219,689	)	-11.5	%		5,821,474			6,121,351			(299,877	)	-4.9	%
AFFO ²		$	28,931,432		$	27,214,894		$	1,716,538		6.3	%	$	73,694,935		$	68,361,481		$	5,333,454		7.8	%

	¹ Commencing in the third quarter of fiscal 2026, FFO and AFFO have been revised to add back the amortization of financing costs, with comparative figures restated accordingly.
	² Non-IFRS Measure.
	FFO and AFFO Per Basic Common Share Outstanding
	FFO	$	0.074		$	0.069		$	0.005		7.4	%	$	0.186		$	0.170		$	0.015		9.0	%
	AFFO	$	0.079		$	0.075		$	0.005		6.1	%	$	0.202		$	0.187		$	0.015		7.8	%

The following table reconciles Existing Self Storage Revenue, Operating Costs and Net Operating Income:

	(unaudited)									(unaudited)
	Three Months Ended September 30									Nine Months Ended September 30
		2026		2025	Change						2026		2025	Change
					$			%						$			%
Revenue
Existing Self Storage ¹	$	76,809,937	$	75,217,241	$	1,592,696		2.1	%	$	222,867,303	$	214,003,849	$	8,863,454		4.1	%
New Self Storage ¹		13,837,780		9,886,705		3,951,075		40.0	%		38,513,342		25,363,947		13,149,395		51.8	%
Total Self Storage		90,647,717		85,103,946		5,543,771		6.5	%		261,380,645		239,367,796		22,012,849		9.2	%

Portable Storage		3,017,101		2,903,755		113,346		3.9	%		7,450,355		7,440,071		10,284		0.1	%
Management Fees		570,670		512,685		57,985		11.3	%		1,715,513		1,504,770		210,743		14.0	%
Combined		94,235,488		88,520,386		5,715,102		6.5	%		270,546,513		248,312,637		22,233,876		9.0	%

Operating Costs
Existing Self Storage		21,271,900		21,326,437		(54,537	)	-0.3	%		69,185,464		66,851,086		2,334,378		3.5	%
New Self Storage		6,577,601		5,200,595		1,377,006		26.5	%		19,131,632		13,616,565		5,515,067		40.5	%
Total Self Storage		27,849,501		26,527,032		1,322,469		5.0	%		88,317,096		80,467,651		7,849,445		9.8	%

Portable Storage		1,919,315		1,816,070		103,245		5.7	%		4,934,036		4,790,182		143,854		3.0	%
Combined		29,768,816		28,343,102		1,425,714		5.0	%		93,251,132		85,257,833		7,993,299		9.4	%

Net Operating Income ¹
Existing Self Storage		55,538,037		53,890,804		1,647,233		3.1	%		153,681,839		147,152,763		6,529,076		4.4	%
New Self Storage		7,260,179		4,686,110		2,574,069		54.9	%		19,381,710		11,747,382		7,634,328		65.0	%
Total Self Storage		62,798,216		58,576,914		4,221,302		7.2	%		173,063,549		158,900,145		14,163,404		8.9	%

Portable Storage		1,097,786		1,087,685		10,101		0.9	%		2,516,319		2,649,889		(133,570	)	-5.0	%
Management Fees		570,670		512,685		57,985		11.3	%		1,715,513		1,504,770		210,743		14.0	%
Combined	$	64,466,672	$	60,177,284	$	4,289,388		7.1	%	$	177,295,381	$	163,054,804	$	14,240,577		8.7	%

¹ Non -IFRS Measure.

About StorageVault Canada Inc.
StorageVault currently owns and operates 275 storage locations across Canada. StorageVault owns 243 of these locations plus over 5,000 portable storage units representing over 13.8 million rentable square feet on 802 acres of land. StorageVault also provides last mile storage and logistics solutions and professional records management services, ‎such as document and media storage, imaging and shredding services‎‎‎.

For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:

Tel: 1-877-622-0205
ir@storagevaultcanada.com

Follow us:
Instagram: @accessstorageca @depotiumminientrepot @sentinelstorageca @cubeitportablestorage
Facebook: /AccessStorageCA /Depotium /SentinelStorageCanada /Cubeit /FlexSpaceLogistics

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: StorageVault remaining focused on driving performance through the balance of the year as supported by strong lead volumes and a healthy acquisition pipeline; StorageVault’s acquisition pipeline; the increase in StorageVault’s Q4 2026 dividend; StorageVault’s strategy including StorageVault’s focus on owning and operating storage in the top markets in Canada, StorageVault’s goal to have multiple stores in each market, with complementary portable storage units, integrated storage and logistics, and records management storage services, StorageVault’s multi-platform approach with the goal to leverage scale, brand recognition and operational efficiencies to maximize the value potential of its spaces; and StorageVault’s anticipated growth being driven by acquisitions, organic performance improvements, targeted expansions to meet pent up demand and continued development of portable storage, records management and FlexSpace Logistics. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects StorageVault’s current beliefs and is based on information currently available to StorageVault and on assumptions StorageVault believes are reasonable. These assumptions include, but are not limited to: the level of activity in the storage business and the economy generally; consumer interest in the Corporation’s services and products; competition and StorageVault’s competitive advantages; trends in the storage industry, including, increased growth and growth in the portable storage business; the availability of attractive and financially competitive asset acquisitions in the future; the closing of previously announced acquisitions; the revenue and costs from acquisitions and operations conducted in fiscal 2025 being extrapolated to the entire period for 2026 and being consistent with, and reproducible as, costs and revenue in future periods; and anticipated and unanticipated costs. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of StorageVault to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual results of StorageVault’s future operations; competition; changes in legislation, including environmental legislation, affecting StorageVault; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; and the impact that the imposition of trade tariffs, particularly from the United States, may have on the global economy, and the economy in Canada in particular. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in StorageVault’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although StorageVault has attempted to identify important risks and factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of StorageVault as of the date of this news release and, accordingly, is subject to change after such date. However, StorageVault expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Posted in UncategorizedTagged GlobeNewswire

Sonoco Reports Third Quarter 2026 Results

Posted on October 21, 2026 by Ravi Shankar

HARTSVILLE, S.C., Oct. 21, 2026 (GLOBE NEWSWIRE) — Sonoco Products Company (“Sonoco” or the “Company”) (NYSE: SON), a Mid-cap Value global packaging company, today reported financial results for the third quarter ended September 27, 2026.

Summary:

Net sales in the third quarter were $2.0 billion. Excluding divestitures, net sales were essentially flat
Reported GAAP net loss of $(732) million, or $(7.36) diluted earnings per share, reflecting a non-cash goodwill impairment charge of $(829) million attributable to the Consumer EMEA/APAC and Industrial APAC businesses, compared to GAAP net income of $123 million, or $1.23 diluted earnings per share, in the same period in 2025
Third quarter adjusted net income was $167 million or $1.67 per adjusted diluted share, compared to $191 million or $1.92 per adjusted diluted share in the same period in 2025
Generated operating cash flow of $285 million in the third quarter, and provided $218 million of operating cash flow year-to-date, which was net of approximately $103 million in one-time taxes paid in 2026 on gains from the sales of the divested TFP and ThermoSafe businesses in 2025

Third Quarter 2026 Consolidated Results
(Dollars in millions except per share data)

		Three Months Ended						Nine Months Ended
	GAAP Results	September 27, 2026			September 28, 2025		Change	September 27, 2026			September 28, 2025		Change
	Net sales¹	$	2,042		$	2,131	(4.2)%	$	5,604		$	5,751	(2.6)%
	Net sales related to discontinued operations		—			—			—			321
	Operating (loss)/profit¹		(638	)		195	(427.2)%		(318	)		497	(163.9)%
	Operating profit related to discontinued operations		—			—			—			664
	Net (loss)/income attributable to Sonoco		(732	)		123	(695.6)%		(560	)		671	(183.4)%
	EPS (diluted)		(7.36	)		1.23	(698.4)%		(5.63	)		6.74	(183.5)%


	Three Months Ended					Nine Months Ended
Non-GAAP Results²	September 27, 2026		September 28, 2025		Change	September 27, 2026		September 28, 2025		Change
Adjusted operating profit¹	$	268	$	308	(13.1)%	$	711	$	768	(7.4)%
Adjusted EBITDA		352		386	(9.0)%		952		1,052	(9.5)%
Adjusted net income attributable to Sonoco		167		191	(12.5)%		437		464	(5.8)%
Adjusted EPS (diluted)		1.67		1.92	(13.0)%		4.38		4.66	(6.0)%
¹Excludes results of discontinued operations.
²See the Company’s definitions of non-GAAP financial measures, explanations as to why they are used, and reconciliations to the most directly comparable GAAP financial measures later in this release.

Third quarter 2026 net sales of $2.0 billion were down (4.2)% compared to the corresponding prior-year quarter, driven primarily by the November 3, 2025 divestiture of the ThermoSafe business. Net sales benefited from higher selling prices implemented to offset the effects of inflation and tariffs, which was partially offset by lower volume/mix.
GAAP operating loss for the third quarter was $(638) million, which includes non-cash goodwill impairment charges of $(802) million and $(27) million, attributable to the Consumer Packaging segment’s EMEA/APAC businesses and the Industrial Paper Packaging segment’s APAC business, respectively, for a total non-cash goodwill impairment charge of $(829) million. In addition to this charge, solid productivity savings stemming from fixed cost reduction initiatives and procurement savings were more than offset by significant price/cost headwinds and lower volume/mix.
Effective tax rates on GAAP income from continuing operations before income taxes and adjusted income from continuing operations before income taxes, were (6.4)% and 24.6%, respectively, in the third quarter, compared to 6.0% and 22.9%, respectively, in the same period in 2025.

“During the third quarter, our businesses faced a combination of external challenges. Drought conditions across parts of Europe and the U.S. impacted crop yields and pressured food can demand, while the impact of inflation on raw materials, freight, energy, and other operating costs exceeded our expectations. Through strong productivity initiatives and rigorous cost control, our teams were able to mitigate a significant portion of this impact and deliver resilient operating results,” said Howard Coker, President and Chief Executive Officer.

“Our Industrial Paper Packaging segment delivered another strong quarter, with results essentially in line with the second quarter despite a challenging operating environment. Productivity improvements remained a key driver of performance, while North America URB trade ton sales increased 10% year over year and mill utilization remained strong at 94%. Segment volume/mix was modestly positive, and additional URB pricing realized in September positions us to further offset inflationary pressures.”

“Results in Consumer Packaging fell short of expectations, as volume/mix declined 3% year over year due primarily to adverse weather conditions and unfavorable price/cost dynamics. Encouragingly, international paper can operations performed well, with double-digit volume growth year over year driven by sustained demand for snack products across emerging markets.”

Paul Joachimczyk, Sonoco’s Chief Financial Officer, added, “Our businesses once again generated strong operating cash flow in the third quarter, delivering $285 million despite seasonal working capital headwinds. Year-to-date operating cash flow includes $103 million of one-time tax payments related to gains on our 2025 divestitures. We continued to strengthen our balance sheet during the quarter, reducing total debt and net debt by $162 million and $176 million, respectively, while successfully refinancing an $800 million term loan. The refinancing extends our maturity profile and enhances our financial flexibility, positioning us well to continue executing our capital allocation priorities while maintaining our investment grade credit ratings.”

Third Quarter 2026 Segment Results
(Dollars in millions except per share data)

Sonoco reports its financial results in two reportable segments: Consumer Packaging (“Consumer”) and Industrial Paper Packaging (“Industrial”).

As previously announced, effective January 1, 2026, results of the Company’s industrial and specialty plastics business (“Industrial Plastics”), the only business remaining in the All Other group of businesses following the November 2025 divestiture of ThermoSafe, are now included in the Industrial segment. Therefore, the Company no longer provides results of the All Other group of businesses.

	Three Months Ended							Nine Months Ended
Consumer	September 27, 2026			September 28, 2025			Change	September 27, 2026			September 28, 2025			Change

Net sales¹	$	1,396		$	1,438		(2.9)%	$	3,735		$	3,732		0.1	%
Segment operating profit¹	$	179		$	209		(14.6)%	$	456		$	510		(10.6)%
Segment operating profit margin¹		12.8	%		14.5	%			12.2	%		13.7	%
Segment Adjusted EBITDA^{1, 2}	$	237		$	260		(8.8)%	$	620		$	663		(6.4)%
Segment Adjusted EBITDA margin^{1, 2}		17.0	%		18.0	%			16.6	%		17.8	%

Consumer segment net sales were down (2.9)%, as adverse weather conditions impacted seasonal vegetable harvests in EMEA and Americas reducing metal cans volumes. This headwind more than offset pricing actions implemented to recover inflation and tariff-related costs, along with the negative impact of foreign exchange.
Segment operating profit and adjusted EBITDA declined as strong productivity savings and cost containment actions were more than offset by inflation-driven price/cost headwinds and the previously described negative volume/mix.

	Three Months Ended								Nine Months Ended
Industrial	September 27, 2026			September 28, 2025			Change		September 27, 2026			September 28, 2025			Change

Net sales³	$	646		$	614		5.2	%	$	1,869		$	1,819		2.7	%
Segment operating profit³	$	88		$	94		(6.2)%		$	247		$	256		(3.7)%
Segment operating profit margin		13.6	%		15.3	%				13.2	%		14.1	%
Segment Adjusted EBITDA^{2, 3}	$	122		$	127		(4.6)%		$	344		$	354		(2.9)%
Segment Adjusted EBITDA margin²		18.8	%		20.8	%				18.4	%		19.4	%

Industrial segment net sales increased 5.2% to $646 million, primarily due to successful pricing actions implemented to help offset rising costs.
Segment operating profit and adjusted EBITDA declined as pricing actions and productivity initiatives were more than offset by rising raw material, freight and energy costs. Operating margin remained resilient at 13.6%, compared with the second quarter but down from a record 2025 third quarter, while adjusted EBITDA margin was 18.8%.

¹Excludes results of discontinued operations.
²Segment adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. See the Company’s reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures later in this release.
³Net sales, segment operating profit, and segment adjusted EBITDA for the three months ended September 28, 2025 include results from Industrial Plastics of $29 million, $4 million, and $5 million, respectively, previously included in All Other, to provide clearer year-over-year comparisons.

Balance Sheet and Cash Flow Highlights

The Company maintained strong liquidity of $1.3 billion at September 27, 2026, consisting of $1.1 billion of available borrowing capacity under its revolving credit facility and cash on hand.
Cash and cash equivalents were $183 million as of September 27, 2026, compared to $378 million, as of December 31, 2025.
Total debt and net debt were $4.3 billion and $4.1 billion, respectively, as of September 27, 2026, primarily reflecting seasonal working capital requirements within the Company’s metal packaging business.
Year-to-date cash flow from operating activities for the period ended September 27, 2026 provided $218 million, compared to $277 million in the same period of 2025. The main drivers of the year-over-year change in operating cash flow were a one-time payment of taxes in 2026 on the gains from the 2025 divestitures of the TFP and ThermoSafe businesses and the seasonal need for working capital for the Company’s metal packaging business.
Capital expenditures, net of proceeds from sales of fixed assets, for 2026 were $175 million, compared to $248 million last year.
Free Cash Flow for the period ended September 27, 2026 improved to $43 million compared to $29 million in the same period in 2025, reflecting the factors impacting operating cash flow discussed above.
The Company returned $159 million to shareholders through dividends during the first nine months of 2026, compared to $156 million in the prior year period.
On September 25, 2026, Sonoco amended a credit agreement, resulting in the addition of $800 million in new term loan facilities. The Company drew $500 million from the new facilities to refinance an existing $500 million term loan which was to mature in 2028. The Company retained $300 million in delayed-draw term loan capacity, which it can use within 12 months.

Guidance⁽¹⁾

Revised Full-Year 2026

Net Sales: $7.20 billion to $7.40 billion
Adjusted EPS⁽²⁾: Targeting diluted earnings per share between $5.30 to $5.50
Adjusted EBITDA⁽²⁾: Targeting $1.20 billion to $1.25 billion
Cash flow from operating activities: Guidance adjusted to $600 million to $650 million, including the effect of payments of prior year taxes on gains from divestitures and restructuring costs

Commenting on Sonoco’s outlook, Howard Coker said, “While our third-quarter performance fell short of our expectations, we are taking targeted actions through our Profitability Performance Plan to further reduce costs, improve productivity and address the impact of inflationary pressures. We believe these efforts will better position the Company when market conditions improve. We remain confident in our value-added packaging strategy, our market-leading portfolio of industrial and consumer assets, and the ability of our customer- and quality-focused employees to execute through economic cycles.”

Joachimczyk added, “In the fourth quarter of 2026, we expect continued strong performance from our Industrial segment, supported by continued robust URB demand in North America. We also anticipate more stable performance from our Consumer segment, driven by continued growth in international paper cans and a more balanced performance in aerosol and food can volumes. Finally, recovering raw material, freight, energy, and other operating costs remains a key priority as we close out 2026 and head into 2027.”

⁽¹⁾Although the Company believes the assumptions reflected in the range of guidance are reasonable, given the uncertainty regarding the future performance of the overall economy, the effects of tariffs, trade policy and inflation, the challenges in global supply chains, potential changes in raw material prices, other costs, and the Company’s effective tax rate, as well as other risks and uncertainties, including those related to the integration of Eviosys and those described below, actual results could vary substantially. Further information can be found in the section entitled “Forward-looking Statements” in this release.

⁽²⁾Full year 2026 GAAP guidance is not provided in this release due to the likely occurrence of one or more of the following, the timing and magnitude of which we are unable to reliably forecast without unreasonable efforts: restructuring costs and restructuring-related impairment charges, acquisition/divestiture-related costs, gains or losses from the sale of businesses and the income tax effects of these items and/or other income tax-related events. These items could have a significant impact on the Company’s future GAAP financial results. Accordingly, quantitative reconciliations of Adjusted EPS and Adjusted EBITDA guidance to the nearest comparable GAAP measures have been omitted in reliance on the exception provided by Item 10 of Regulation S-K.

About Sonoco
Sonoco (NYSE: SON) is a Mid-cap Value global packaging company. With sales of $7.5 billion from continuing operations in 2025, the Company has approximately 22,000 employees working in 265 operations in 37 countries, serving some of the world’s best-known brands. Guided by our purpose of Better Packaging. Better Life., we strive to foster a culture of innovation, collaboration and excellence to provide solutions that better serve all our stakeholders and support a more sustainable future. A Fortune 500 company, Sonoco was proudly named one of the World’s Most Admired Companies by Fortune in 2026 as well as one of America’s Most Trustworthy and Responsible Companies by Newsweek and USA Today’s Climate Leaders in 2025. For more information on the Company, visit our website at www.sonoco.com.

Forward-looking Statements

Statements included herein that are not historical in nature, are intended to be, and are hereby identified as “forward- looking statements” for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. In addition, the Company and its representatives may from time to time make other oral or written statements that are also “forward-looking statements.” Words such as “achieve,” “anticipate,” “believe,” “can,” “continue,” “continuing,” “could,” “deliver,” “enhance,” “expect,” “forecast,” “focus,” “future,” “goal,” “guidance,” “improvement,” “likely,” “may,” “might,” “ongoing,” “outlook,” “plan,” “position,” “projected,” “remain,” “seek,” “should,” “strategy,” “target,” “will,” “would,” “working,” or the negative thereof, and similar expressions identify forward-looking statements.

Forward-looking statements in this communication include statements regarding, but not limited to: the Company’s future operating and financial performance, including full year 2026 outlook and the anticipated drivers thereof and cash flow in 2026; the expected benefits of refinancing debt, including the Company’s ability to continue executing on its capital allocation priorities while maintaining its investment grade credit ratings; the Company’s ability to reduce costs, improve productivity and address the impact of inflationary pressures, including through its profitability performance plan, and the expected benefits thereof; the Company’s ability to execute through economic cycles, including as a result of its packaging strategy, its portfolio of industrial and consumer assets, and the ability of its customer- and quality-focused employees; the continued strong performance of the Company’s Industrial segment in the fourth quarter of 2026 and the anticipated drivers thereof; the performance of the Company’s Consumer segment and the anticipated drivers thereof; the continued focus on recovering raw material, freight, energy and other operating costs; and the effects of the changing macroeconomic and geopolitical environment, including trade policies and tariffs, market conditions, inflation and interest costs on the Company, its supply chain and its customers, and the Company’s ability to manage risks related thereto.

Such forward-looking statements are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management. Such information includes, without limitation, discussions as to guidance and other estimates, perceived opportunities, expectations, beliefs, plans, strategies, goals and objectives concerning our future financial and operating performance. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict.

Therefore, actual results may differ materially from those expressed or forecasted in such forward-looking statements.

Such risks, uncertainties and assumptions include, without limitation, those related to: the Company’s ability to execute on its strategy, including with respect to the integration of the Eviosys operations, divestitures, cost management, productivity improvements, restructuring and capital expenditures, and achieve the benefits it expects therefrom; conditions in the credit markets; the ability to retain key employees and successfully integrate Eviosys; the ability to realize estimated cost savings, synergies or other anticipated benefits of the Eviosys acquisition, or that such benefits may take longer to realize than expected; diversion of management’s attention; the potential impact of the consummation of the Eviosys acquisition on relationships with clients and other third parties; lower-than-projected financial performance of the Company’s European business, including as a result of loss or reduction in business from key customers, changes in our pricing model, or adverse changes in the macroeconomic or competitive environment in European markets; risks related to the impairment of goodwill and other intangibles; the operation of new manufacturing capabilities; the Company’s ability to achieve anticipated cost and energy savings; the availability, transportation and pricing of raw materials, energy and transportation, including the impact of changes in tariff or other trade policies or sanctions and escalating trade wars, and the impact of war, general regional instability and other geopolitical tensions (such as the ongoing conflicts between Russia and Ukraine and in the Middle East, the potential escalation of tensions between China and Taiwan and recent events in Venezuela), and the Company’s ability to continue to pass raw material, energy and transportation price increases and surcharges through to customers or otherwise manage these commodity pricing risks; the costs of labor; the effects of inflation, changes related to tariffs or other trade policies and global regulations, as well as the overall uncertainty surrounding international trade relations; fluctuations in consumer demand, volume softness, and other macroeconomic factors on the Company and the industries in which it operates and that it serves; the impact of changing laws and regulations, in the United States, on the Company; the Company’s ability to meet its environmental, sustainability and similar goals and other social and governance goals, including challenges in implementation thereof; natural disasters, severe weather events, and other unexpected disruptions to facility operations; and the other risks, uncertainties and assumptions discussed in the Company’s filings with the Securities and Exchange Commission, including its most recent reports on Forms 10-K and 10-Q, particularly under the heading “Risk Factors.” The Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur.

References to our Website Address

References to our website address and domain names throughout this release are for informational purposes only, or to fulfill specific disclosure requirements of the Securities and Exchange Commission’s rules or the New York Stock Exchange Listing Standards. These references are not intended to, and do not, incorporate the contents of our website by reference into this release.

Earnings Conference Call Webcast
Sonoco’s management will host a conference call to discuss its third quarter 2026 results on Thursday, October 22, 2026, at 8:00 a.m. Eastern Time. The Company will provide prepared remarks, a presentation and host a question-and-answer session during the call. A live audio webcast of the call along with supporting materials will be available on the Sonoco Investor Relations website at https://investor.sonoco.com/. A webcast replay will be available on the Company’s website for at least 30 days following the call.


Time:	Thursday, October 22, 2026, at 8:00 a.m. Eastern Time

Audience	To listen via telephone, please register in advance at:
Dial-In:	https://events.q4inc.com/analyst/818434126?pwd=xd1mxKQr

	After registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call.

Webcast Link:	https://events.q4inc.com/attendee/616781198

Contact Information:
Roger Schrum
Head of Investor Relations and Communications
roger.schrum@sonoco.com
843-339-6018

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars and shares in thousands except per share data)

	Three Months Ended						Nine Months Ended
	September 27, 2026			September 28, 2025			September 27, 2026			September 28, 2025
Net sales	$	2,041,575		$	2,131,108		$	5,603,502		$	5,750,777
Cost of sales		1,636,255			1,663,757			4,460,177			4,523,462
Gross profit		405,320			467,351			1,143,325			1,227,315
Selling, general and administrative expenses		186,841			220,966			588,626			648,804
Restructuring/Asset impairment charges, net		856,435			48,388			873,501			71,721
(Loss)/Gain on divestiture of business		—			(3,031	)		775			(9,297	)
Operating (loss)/profit		(637,956	)		194,966			(318,027	)		497,493
Non-operating pension costs		2,749			3,054			8,165			9,157
Interest expense		46,665			61,243			136,637			181,637
Interest income		5,223			4,634			17,938			16,104
Other expense, net		(8,271	)		(7,541	)		(26,770	)		(20,617	)
(Loss)/Income from continuing operations before income taxes		(690,418	)		127,762			(471,661	)		302,186
Provision for income taxes		44,138			7,717			93,199			68,364
(Loss)/Income before equity in earnings of affiliates		(734,556	)		120,045			(564,860	)		233,822
Equity in earnings of affiliates, net of tax		2,689			3,020			5,642			7,211
Net (loss)/income from continuing operations		(731,867	)		123,065			(559,218	)		241,033
Net income from discontinued operations		—			—			—			429,720
Net (loss)/income		(731,867	)		123,065			(559,218	)		670,753
Net (income)/loss from continuing operations attributable to noncontrolling interests		(235	)		(147	)		(389	)		17
Net (loss)/income attributable to Sonoco	$	(732,102	)	$	122,918		$	(559,607	)	$	670,770

Weighted average common shares outstanding – diluted		99,502			99,648			99,432			99,519

Diluted (loss)/earnings from continuing operations per common share	$	(7.36	)	$	1.23		$	(5.63	)	$	2.42
Diluted earnings from discontinued operations per common share		—			—			—			4.32
Diluted (loss)/earnings attributable to Sonoco per common share	$	(7.36	)	$	1.23		$	(5.63	)	$	6.74
Dividends per common share	$	0.54		$	0.53		$	1.61		$	1.58

CONDENSED STATEMENTS OF INCOME FOR DISCONTINUED OPERATIONS (Unaudited)
(Dollars and shares in thousands except per share data)

	Three Months Ended		Nine Months Ended
	September 28, 2025		September 28, 2025

Net sales	$	—	$	320,678
Cost of sales		—		250,854
Gross profit		—		69,824
Selling, general, and administrative expenses		—		31,607
Restructuring/Asset impairment charges, net		—		426
Gain on divestiture of business		—		625,773
Operating profit		—		663,564
Other expense, net		—		182
Interest expense		—		24,911
Interest income		—		281
Income from discontinued operations before income taxes		—		638,752
Provision for income taxes		—		209,032
Net income from discontinued operations		—		429,720
Net income from discontinued operations attributable to noncontrolling interests		—		—
Net income attributable to discontinued operations	$	—	$	429,720
Weighted average common shares outstanding – diluted		99,648		99,519
Diluted earnings from discontinued operations per common share	$	—	$	4.32

FINANCIAL SEGMENT INFORMATION (Unaudited)
(Dollars in thousands)

		Three Months Ended						Nine Months Ended
		September 27, 2026			September 28, 2025			September 27, 2026			September 28, 2025
Net sales:
	Consumer Packaging	$	1,396,012		$	1,438,246		$	3,734,926		$	3,731,872
	Industrial Paper Packaging		645,563			613,611			1,868,576			1,818,804
	Total reportable segments		2,041,575			2,051,857			5,603,502			5,550,676
	All Other		—			79,251			—			200,101
	Net sales	$	2,041,575		$	2,131,108		$	5,603,502		$	5,750,777


Operating profit:
	Consumer Packaging	$	178,563		$	208,985		$	455,917		$	510,109
	Industrial Paper Packaging		87,973			93,773			246,598			256,038
	Segment operating profit		266,536			302,758			702,515			766,147
	All Other		—			14,386			—			29,511
	Corporate
	Restructuring/Asset impairment charges, net		(856,435	)		(48,388	)		(873,501	)		(71,721	)
	Amortization of acquisition intangibles		(45,633	)		(49,034	)		(135,523	)		(135,188	)
	Gain/(Loss) on divestiture of business		—			(3,031	)		775			(9,297	)
	Acquisition, integration, and divestiture-related costs		(2,161	)		(9,318	)		(10,582	)		(47,745	)
	Other operating charges, net		(263	)		(12,407	)		(1,711	)		(34,214	)
	Operating (loss)/profit	$	(637,956	)	$	194,966		$	(318,027	)	$	497,493

2025 consolidated “net sales,” “operating profit,” and Consumer Packaging “segment operating profit” do not include results of the Company’s Thermoformed and Flexibles Packaging business and global Trident business (collectively, “TFP”), which was sold in April 2025 and is accounted for as discontinued operations in periods prior to the sale.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)

	Nine Months Ended
	September 27, 2026			September 28, 2025

Net (loss)/income	$	(559,218	)	$	670,753
Net loss/(gain) on divestiture of business, disposition of assets, and asset impairments		842,991			(601,304	)
Depreciation and amortization		390,982			382,623
Pension and postretirement plan contributions, net of non-cash expense		(5,309	)		(3,589	)
Changes in working capital		(304,721	)		(299,650	)
Changes in tax accounts		(93,987	)		127,412
Other operating activity		(53,190	)		651
Net cash provided by operating activities		217,548			276,896

Purchases of property, plant and equipment, net		(174,905	)		(248,251	)
Proceeds from the sale of business, net¹		(13,076	)		1,814,899
Cost of acquisitions, net of cash acquired²		—			16,528
Net debt repayments		(50,598	)		(1,938,409	)
Cash dividends		(159,182	)		(155,767	)
Payments for share repurchases		(7,192	)		(10,580	)
Other (outflow)/inflow, including effects of exchange rates on cash		(7,892	)		47,490
Net decrease in cash and cash equivalents		(195,297	)		(197,194	)
Cash and cash equivalents at beginning of period		378,398			443,060
Cash and cash equivalents at end of period	$	183,101		$	245,866
¹2026 includes payments of $15,211 and $1,865 to the buyers of TFP and ThermoSafe, respectively, for final net working capital settlements on these 2025 divestitures.
²2025 includes a cash receipt of $16,528 for the final net working capital settlement related to the 2024 acquisition of Eviosys.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
			September 27, 2026		December 31, 2025
Assets
Current Assets:
	Cash and cash equivalents		$	183,101	$	378,398
	Trade accounts receivable, net of allowances			1,117,958		842,810
	Other receivables			152,736		178,755
	Inventories, net			1,204,570		1,121,009
	Prepaid expenses			149,661		125,352
		Total Current Assets		2,808,026		2,646,324
Property, plant and equipment, net				2,658,234		2,797,800
Goodwill				1,646,258		2,511,611
Other intangible assets, net				2,485,874		2,683,474
Right of use asset-operating leases				307,740		307,450
Deferred income taxes and other assets				228,809		215,675
		Total Assets	$	10,134,941	$	11,162,334
Liabilities and Equity
Current Liabilities:
	Payable to suppliers, accrued expenses and other payables		$	1,803,816	$	1,861,904
	Notes payable and current portion of long-term debt			510,041		537,952
	Accrued taxes			69,218		128,821
		Total Current Liabilities		2,383,075		2,528,677
Long-term debt, net of current portion				3,781,625		3,788,973
Noncurrent operating lease liabilities				263,779		263,192
Pension and other postretirement benefits				166,115		177,976
Deferred income taxes and other liabilities				721,084		771,684
		Total Liabilities		7,315,678		7,530,502
		Total Equity		2,819,263		3,631,832
		Total Liabilities and Equity	$	10,134,941	$	11,162,334

NON-GAAP FINANCIAL MEASURES

The Company’s results, determined in accordance with U.S. generally accepted accounting principles, are referred to as “as reported” or “GAAP” results. The Company uses certain financial performance measures, both internally and externally, that are not in conformity with GAAP (referred to as “non-GAAP financial measures”) to assess and communicate the financial performance of the Company. These non-GAAP financial measures, which are identified using the term “Adjusted” (for example, “Adjusted Operating Profit,” “Adjusted Net Income Attributable to Sonoco,” and “Adjusted Diluted EPS”), reflect adjustments to the Company’s GAAP operating results to exclude amounts, including the associated tax effects where applicable, relating to:

restructuring/asset impairment charges¹;
acquisition, integration and divestiture-related costs;
gains or losses from the divestiture of businesses;
losses from the early extinguishment of debt;
non-operating pension costs;
amortization expense on acquisition intangibles;
changes in last-in, first-out (“LIFO”) inventory reserves;
certain income tax events and adjustments;
derivative gains/losses;
other non-operating income and losses; and
certain other items, if any.

¹Restructuring and restructuring-related asset impairment charges are a recurring item as the Company’s restructuring programs usually require several years to fully implement, and the Company is continually seeking to take actions that could enhance its efficiency. Although recurring, these charges are subject to significant fluctuations from period to period due to the varying levels of restructuring activity, the inherent imprecision in the estimates used to recognize the impairment of assets, and the wide variety of costs and taxes associated with severance and termination benefits in the countries in which the restructuring actions occur.

The Company’s management believes the exclusion of the amounts related to the above-listed items improves the period-to-period comparability and analysis of the underlying financial performance of the business.

In addition to the “Adjusted” results described above, the Company also uses Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA Margin, and Net Debt. Adjusted EBITDA is defined as net income excluding the following: interest expense; interest income; provision for income taxes; depreciation and amortization expense; non-operating pension costs; net income/loss attributable to noncontrolling interests; restructuring/asset impairment charges; changes in LIFO inventory reserves; gains/losses from the divestiture of businesses; acquisition, integration and divestiture-related costs; other income; derivative gains/losses; and other non-GAAP adjustments, if any, that may arise from time to time. Segment Adjusted EBITDA is defined as segment operating profit plus depreciation and amortization expense and equity in earnings of affiliates, net of tax. Segment Adjusted EBITDA Margin is defined as Segment Adjusted EBITDA divided by segment net sales. Net Debt is defined as the total of the Company’s short and long-term debt less cash and cash equivalents.

Segment Adjusted EBITDA is reconciled to the closest GAAP measure of segment profitability, segment operating profit as the Company does not calculate net income by segment. Segment operating profit is the measure of segment profit or loss reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance in accordance with Accounting Standards Codification 280 – “Segment Reporting,” as prescribed by the Financial Accounting Standards Board.

Segment results, which are reviewed by the Company’s management to evaluate segment performance, do not include the following: restructuring/asset impairment charges; amortization of acquisition intangibles; acquisition, integration and divestiture-related costs; changes in LIFO inventory reserves; gains/losses from the sale of businesses; gains/losses from derivatives; or certain other items, if any, the exclusion of which the Company believes improves the comparability and analysis of the ongoing operating performance of the business. Accordingly, the term “segment operating profit” is defined as the segment’s portion of “operating profit” excluding those items. All other general corporate expenses have been allocated as operating costs to each of the Company’s reportable segments, except for costs related to discontinued operations.

The Company’s non-GAAP financial measures are not calculated in accordance with, nor are they an alternative for, measures conforming to GAAP, and they may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles.

The Company presents these non-GAAP financial measures to provide investors with information to evaluate Sonoco’s operating results in a manner similar to how management evaluates business performance. The Company consistently applies its non-GAAP financial measures presented herein and uses them for internal planning and forecasting purposes, to evaluate its ongoing operations, and to evaluate the ultimate performance of management and each business unit against plans/forecasts. In addition, these same non-GAAP financial measures are used in determining incentive compensation for the entire management team and in providing earnings guidance to the investing community.

Material limitations associated with the use of such measures include that they do not reflect all period costs included in operating expenses and may not be comparable with similarly named financial measures of other companies. Furthermore, the calculations of these non-GAAP financial measures are based on subjective determinations of management regarding the nature and classification of events and circumstances that the investor may find material and view differently.

To compensate for any limitations in such non-GAAP financial measures, management believes that it is useful in evaluating the Company’s results to review both GAAP information, which includes all of the items impacting financial results, and the related non-GAAP financial measures that exclude certain elements, as described above. Further, Sonoco management does not, nor does it suggest that investors should, consider any non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Whenever reviewing a non-GAAP financial measure, investors are encouraged to review and consider the related reconciliation to understand how it differs from the most directly comparable GAAP measure.

References to 2025 consolidated “adjusted operating profit” and “segment adjusted EBITDA” in the following tables do not include results of TFP, which was sold in April 2025 and is accounted for as discontinued operations in periods prior to the sale.

QUARTERLY RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

The following tables reconcile the Company’s non-GAAP financial measures to their most directly comparable GAAP financial measures in the Company’s Condensed Consolidated Statements of Income for the three-month periods ended September 27, 2026 and September 28, 2025.

Adjusted Operating Profit, Adjusted Income from Continuing Operations Before Income Taxes, Adjusted Provision for Income Taxes, Adjusted Net Income Attributable to Sonoco, and Adjusted Diluted EPS

	For the three-month period ended September 27, 2026
Dollars in thousands, except per share data	Operating (Loss)/Profit			(Loss)/Income from Continuing Operations Before Income Taxes			Provision for Income Taxes			Net (Loss)/Income Attributable to Sonoco			Diluted EPS
As Reported (GAAP)	$	(637,956	)	$	(690,418	)	$	44,138		$	(732,102	)	$	(7.36	)
Acquisition, integration and divestiture-related costs¹		2,161			2,161			318			1,843			0.01
Amortization of acquisition intangibles		45,633			45,633			9,938			35,695			0.36
Restructuring/Asset impairment charges, net²		856,435			856,435			6,839			849,694			8.54
Non-operating pension costs		—			2,749			712			2,037			0.02
Net gains from derivatives		(106	)		(106	)		(26	)		(80	)		—
Other adjustments³		1,874			1,874			(8,237	)		10,111			0.10
Total adjustments		905,997			908,746			9,544			899,300			9.03
Adjusted	$	268,041		$	218,328		$	53,682		$	167,198		$	1.67
Due to rounding, individual items may not sum appropriately.

¹ Acquisition, integration and divestiture-related costs relate primarily to the Company’s December 2024 acquisition of Eviosys.
² Restructuring/Asset impairment charges, net, primarily reflect total goodwill impairment charges of $828,875 recognized during the third quarter of 2026, including $802,000 and $26,875 for the Consumer Packaging EMEA/APAC and Global Paper Products APAC reporting units, respectively.
³Other adjustments include discrete tax items primarily related to provision-to-return adjustments for the TFP and ThermoSafe divestitures and a retroactive U.S. tax election.

	For the three-month period ended September 28, 2025
Dollars in thousands, except per share data	Operating Profit		Income from Continuing Operations Before Income Taxes		Provision for Income Taxes			Net Income Attributable to Sonoco			Diluted EPS
As Reported (GAAP)	$	194,966	$	127,762	$	7,717		$	122,918		$	1.23
Acquisition, integration and divestiture-related costs¹		9,318		9,318		2,377			6,941			0.07
Amortization of acquisition intangibles		49,034		49,034		10,581			38,453			0.39
Restructuring/Asset impairment charges, net		48,388		48,388		11,117			37,221			0.37
Loss/(Gain) on divestiture of business²		3,031		3,031		27,569			(24,538	)		(0.25	)
Non-operating pension costs		—		3,054		631			2,423			0.02
Net losses from derivatives		2,035		2,035		502			1,533			0.02
Other adjustments³		1,568		1,568		(4,652	)		6,220			0.07
Total adjustments		113,374		116,428		48,125			68,253			0.69
Adjusted	$	308,340	$	244,190	$	55,842		$	191,171		$	1.92
Due to rounding, individual items may not sum appropriately.

¹ Acquisition, integration and divestiture-related costs relate primarily to the Company’s December 2024 acquisition of Eviosys and the April 2025 divestiture of TFP.
² Loss/(Gain) on divestiture of business includes the recognition of a deferred tax benefit on the outside basis difference related to the ThermoSafe business being classified as held for sale.
³ Other adjustments include an adjustment to deferred taxes from the post-acquisition restructuring of the partitions business, provision-to-return adjustments related to the divested TFP business, and an increase in the valuation allowance on foreign tax credits.

Adjusted EBITDA¹
	Three Months Ended
Dollars in thousands	September 27, 2026			September 28, 2025
Net (loss)/income attributable to Sonoco	$	(732,102	)	$	122,918
Adjustments:
Interest expense		46,665			61,243
Interest income		(5,223	)		(4,634	)
Provision for income taxes		44,138			7,717
Depreciation and amortization		134,857			131,656
Non-operating pension costs		2,749			3,054
Net income attributable to noncontrolling interests		235			147
Restructuring/Asset impairment charges, net		856,435			48,388
Loss on divestiture of business		—			3,031
Acquisition, integration and divestiture-related costs		2,161			9,318
Net (gain)/loss from derivatives		(106	)		2,035
Other non-GAAP adjustments		1,874			1,568
Adjusted EBITDA	$	351,683		$	386,441

¹For the three-month period ended September 28, 2025, adjusted EBITDA is calculated on a total Company basis, including both continuing and discontinued operations.

Segment Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
For the Three Months Ended September 27, 2026

Dollars in thousands	Consumer			Industrial			Corporate			Total
Segment and Total Operating Profit/(Loss)¹	$	178,563		$	87,973		$	(904,492	)	$	(637,956	)
Adjustments:
Depreciation and amortization²		58,048			31,176			45,633			134,857
Other expense, net³		—			—			(8,271	)		(8,271	)
Equity in earnings of affiliates, net of tax		217			2,472			—			2,689
Restructuring/Asset impairment charges, net⁴		—			—			856,435			856,435
Acquisition, integration and divestiture-related costs⁵		—			—			2,161			2,161
Net gain from derivatives⁶		—			—			(106	)		(106	)
Other non-GAAP adjustments		—			—			1,874			1,874
Segment Adjusted EBITDA	$	236,828		$	121,621		$	(6,766	)	$	351,683

Net Sales	$	1,396,012		$	645,563
Segment Operating Profit Margin		12.8	%		13.6	%
Segment Adjusted EBITDA Margin		17.0	%		18.8	%

¹As previously announced, effective January 1, 2026, results for Industrial Plastics, previously included in the All Other group of businesses, are included in the Industrial segment. The Company no longer reports the results of any of its businesses in All Other.
²Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $40,576 and the Industrial segment of $5,057.
³These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle, primarily within the Consumer segment.
⁴Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $835,670 and the Industrial segment of $20,196.
⁵Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $433 and the Industrial segment of $7.
⁶Included in Corporate are net gains from derivatives associated with the Consumer segment of $3 and the Industrial segment of $(109).

Segment and All Other Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
For the Three Months Ended September 28, 2025
Excludes results of discontinued operations
Dollars in thousands	Consumer			Industrial			All Other			Corporate			Total
Segment and Total Operating Profit	$	208,985		$	93,773		$	14,386		$	(122,178	)	$	194,966
Adjustments:
Depreciation and amortization¹		50,419			30,896			1,307			49,034			131,656
Other expense, net²		—			—			—			(7,541	)		(7,541	)
Equity in earnings of affiliates, net of tax		190			2,830			—			—			3,020
Restructuring/Asset impairment charges, net³		—			—			—			48,388			48,388
Acquisition, integration and divestiture-related costs⁴		—			—			—			9,318			9,318
Loss on divestiture of business⁵		—			—			—			3,031			3,031
Net loss from derivatives⁶		—			—			—			2,035			2,035
Other non-GAAP adjustments		—			—			—			1,568			1,568
Segment Adjusted EBITDA	$	259,594		$	127,499		$	15,693		$	(16,345	)	$	386,441

Net Sales	$	1,438,246		$	613,611		$	79,251
Segment Operating Profit Margin		14.5	%		15.3	%		18.2	%
Segment Adjusted EBITDA Margin		18.0	%		20.8	%		19.8	%

¹Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $43,397, the Industrial segment of $5,485, and the All Other group of businesses of $152.
²These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle, primarily within the Consumer segment.
³Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $35,027 and the Industrial segment of $11,181.
⁴Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $1,293 and the Industrial segment of $97.
⁵Included in Corporate is a loss on divestiture of business of $31 associated with the Industrial segment related to the sale of a recycling operation in Asheville, North Carolina, and a $3,000 charge related to the divestiture of ThermoSafe, previously part of the All Other group of businesses.
⁶Included in Corporate are net losses from derivatives associated with the Consumer segment of $196, the Industrial segment of $1,760, and the All Other group of businesses of $79.

YEAR-TO-DATE RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

The following tables reconcile the Company’s non-GAAP financial measures to their most directly comparable GAAP financial measures in the Company’s Condensed Consolidated Statements of Income for the nine-month periods ended September 27, 2026 and September 28, 2025.

	For the nine-month period ended September 27, 2026
Dollars in thousands, except per share data	Operating (Loss)/Profit			(Loss)/Income from Continuing Operations Before Income Taxes			Provision for Income Taxes			Net (Loss)/Income Attributable to Sonoco			Diluted EPS
As Reported (GAAP)	$	(318,027	)	$	(471,661	)	$	93,199		$	(559,607	)	$	(5.63	)
Acquisition, integration and divestiture-related costs¹		10,582			10,582			1,665			8,917			0.09
Changes in LIFO inventory reserves		5,521			5,521			1,367			4,154			0.04
Amortization of acquisition intangibles		135,523			135,523			29,738			105,785			1.06
Restructuring/Asset impairment charges, net²		873,501			873,501			10,344			863,267			8.68
Gain on divestiture of business, net³		(775	)		(775	)		(188	)		(587	)		(0.01	)
Other expense, net⁴		—			6,592			—			6,592			0.07
Non-operating pension costs		—			8,165			2,106			6,059			0.06
Net losses from derivatives		61			61			15			46			—
Other adjustments		4,901			4,901			2,450			2,451			0.02
Total adjustments		1,029,314			1,044,071			47,497			996,684			10.01
Adjusted	$	711,287		$	572,410		$	140,696		$	437,077		$	4.38
Due to rounding, individual items may not sum appropriately.

¹ Acquisition, integration and divestiture-related costs relate primarily to the Company’s December 2024 acquisition of Eviosys and the November 2025 divestiture of ThermoSafe.
²Restructuring/Asset impairment charges, net, primarily reflect total goodwill impairment charges of $828,875 recognized during the third quarter of 2026, including $802,000 and $26,875 for the Consumer Packaging EMEA/APAC and Global Paper Products APAC reporting units, respectively.
³ Gain on divestiture of business, net reflects the gain of $2,640 from the sale of a recycling operation in Savannah, Georgia, partially offset by a charge of $1,865 from the final net working capital settlement related to the November 2025 divestiture of ThermoSafe.
⁴ Amount relates to certain pre-acquisition liabilities related to the Sonoco Metal Packaging EMEA business.

	For the nine-month period ended September 28, 2025
Dollars in thousands, except per share data	Operating Profit		Income from Continuing Operations Before Income Taxes		Provision for Income Taxes			Net Income Attributable to Sonoco			Diluted EPS
As Reported (GAAP)¹	$	497,493	$	302,186	$	68,364		$	670,770		$	6.74
Acquisition, integration and divestiture-related costs²		47,745		47,745		11,134			46,277			0.47
Changes in LIFO inventory reserves		1,755		1,755		433			1,322			0.01
Amortization of acquisition intangibles		135,188		135,188		29,586			105,389			1.06
Restructuring/Asset impairment charges, net		71,721		71,721		16,514			55,109			0.55
Loss/(Gain) on divestiture of business³		9,297		9,297		28,455			(443,706	)		(4.46	)
Non-operating pension costs		—		9,157		2,190			6,967			0.07
Net losses from derivatives		1,240		1,240		306			934			0.01
Other adjustments⁴		3,562		3,562		(14,456	)		21,064			0.21
Total adjustments		270,508		279,665		74,162			(206,644	)		(2.08	)
Adjusted	$	768,001	$	581,851	$	142,526		$	464,126		$	4.66
Due to rounding, individual items may not sum appropriately.

¹ Operating profit, income from continuing operations before income taxes, and provision for income taxes exclude results related to discontinued operations of $663,564, $638,752, and $209,032, respectively.
² Acquisition, integration and divestiture-related costs relate primarily to the Company’s December 2024 acquisition of Eviosys and the April 2025 divestiture of TFP.
³ Loss/(Gain) on divestiture of business primarily consists of the gain on the sale of TFP, included in “Net income from discontinued operations” in the Company’s Condensed Consolidated Statements of Income, and the recognition of a deferred tax benefit on the outside basis difference related to the ThermoSafe business being classified as held for sale.
⁴ Other adjustments include discrete tax items primarily related to tax rate changes, an adjustment to deferred taxes from post-acquisition restructuring of the partitions business, provision-to-return adjustments related to the divested TFP business, and an increase in the valuation allowance on foreign tax credits.

Adjusted EBITDA¹
	Nine Months Ended
*Dollars in thousands*	September 27, 2026			September 28, 2025

Net (loss)/income attributable to Sonoco	$	(559,607	)	$	670,770
Adjustments:
Interest expense		136,637			206,548
Interest income		(17,938	)		(16,385	)
Provision for income taxes		93,199			277,396
Depreciation and amortization		390,982			382,623
Non-operating pension costs		8,165			9,157
Non-operating other expense		6,592			—
Net income/(loss) attributable to noncontrolling interests		389			(17	)
Restructuring/Asset impairment charges, net		873,501			72,147
Changes in LIFO inventory reserves		5,521			1,755
Gain on divestiture of business		(775	)		(616,476	)
Acquisition, integration and divestiture-related costs		10,582			60,421
Net loss from derivatives		61			1,240
Other non-GAAP adjustments		4,901			2,949
Adjusted EBITDA	$	952,210		$	1,052,128

Net Sales	$	5,603,502		$	5,750,777
Net sales related to discontinued operations	$	—		$	320,678

¹For the nine-month period ended September 28, 2025, Adjusted EBITDA is calculated on a total Company basis, including both continuing and discontinued operations.

The following tables reconcile segment operating profit, the closest GAAP measure of profitability, to segment adjusted EBITDA.

Segment and All Other Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
For the Nine Months Ended September 27, 2026
Excludes results of discontinued operations
Dollars in thousands	Consumer			Industrial			Corporate			Total
Segment and Total Operating Profit/(Loss)¹	$	455,917		$	246,598		$	(1,020,542	)	$	(318,027	)
Adjustments:
Depreciation and amortization²		163,673			91,786			135,523			390,982
Other expense, net³		—			—			(20,178	)		(20,178	)
Equity in earnings of affiliates, net of tax		491			5,151			—			5,642
Restructuring/Asset impairment charges, net⁴		—			—			873,501			873,501
Changes in LIFO inventory reserves⁵		—			—			5,521			5,521
Acquisition, integration and divestiture-related costs⁶		—			—			10,582			10,582
Gain on divestiture of business⁷		—			—			(775	)		(775	)
Net loss from derivatives⁸		—			—			61			61
Other non-GAAP adjustments		—			—			4,901			4,901
Segment Adjusted EBITDA	$	620,081		$	343,535		$	(11,406	)	$	952,210

Net Sales	$	3,734,926		$	1,868,576
Segment Operating Profit Margin		12.2	%		13.2	%
Segment Adjusted EBITDA Margin		16.6	%		18.4	%

¹As previously announced, effective January 1, 2026, results for Industrial Plastics, previously included in the All Other group of businesses, are included in the Industrial segment. The Company no longer reports the results of any of its businesses in All Other.
²Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $120,451 and the Industrial segment of $15,072.
³These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivable in order to accelerate its cash collection cycle primarily within the Consumer segment.
⁴Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $844,607 and the Industrial segment of $27,392.
⁵Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $4,996 and the Industrial segment of $525.
⁶Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $3,707 and the Industrial segment of $159.
⁷Included in Corporate is a gain of $2,640 from the sale of a recycling facility in Savannah, Georgia, part of the Industrial segment, partially offset by a charge of $1,865 from the final net working capital settlement related to the divestiture of ThermoSafe, previously part of the All Other group of businesses.
⁸Included in Corporate are net losses from derivatives associated with the Consumer segment of $7 and the Industrial segment of $54.

Segment and All Other Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
For the Nine Months Ended September 28, 2025
Excludes results of discontinued operations
Dollars in thousands	Consumer			Industrial			All Other			Corporate			Total
Segment and Total Operating Profit	$	510,109		$	256,038		$	29,511		$	(298,165	)	$	497,493
Adjustments:
Depreciation and amortization¹		152,175			90,764			4,807			135,188			382,934
Other expense, net²		—			—			—			(20,617	)		(20,617	)
Equity in earnings of affiliates, net of tax		309			6,902			—			—			7,211
Restructuring/Asset impairment charges, net³		—			—			—			71,721			71,721
Changes in LIFO inventory reserves⁴		—			—			—			1,755			1,755
Acquisition, integration and divestiture-related costs⁵		—			—			—			47,745			47,745
Loss on divestiture of business⁶		—			—			—			9,297			9,297
Net loss from derivatives⁷		—			—			—			1,240			1,240
Other non-GAAP adjustments		—			—			—			3,562			3,562
Segment Adjusted EBITDA	$	662,593		$	353,704		$	34,318		$	(48,274	)	$	1,002,341

Net Sales	$	3,731,872		$	1,818,804		$	200,101
Segment Operating Profit Margin		13.7	%		14.1	%		14.7	%
Segment Adjusted EBITDA Margin		17.8	%		19.4	%		17.2	%

¹Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $118,232, the Industrial segment of $16,405, and All Other of $551.
²These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle primarily within the Consumer segment.
³Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $37,736, the Industrial segment of $31,907, and All Other of $10.
⁴Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $1,755.
⁵Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $22,502 and the Industrial segment of $528.
⁶Included in Corporate are net losses from the divestiture of businesses within the Industrial segment of $6,297, including a loss of $2,114 from the sale of a recycling facility in Asheville, N.C. and losses totaling $4,183 related to the sale of a production facility in France and the entirety of our business in Venezuela.
⁷Included in Corporate are net gains from derivatives associated with the Consumer segment of $120, the Industrial segment of $1,072, and All Other of $48.

FREE CASH FLOW

The Company uses the non-GAAP financial measure of “Free Cash Flow,” which it defines as cash flow from operations minus net capital expenditures. Net capital expenditures are defined as capital expenditures minus proceeds from the disposition of capital assets. Free Cash Flow may not represent the amount of cash flow available for general discretionary use because it excludes non-discretionary expenditures, such as mandatory debt repayments and required settlements of recorded and/or contingent liabilities not reflected in cash flow from operations.

The reconciliation of the GAAP measure “Net cash provided by operating activities” to the non-GAAP measure “Free Cash Flow” is set forth in the table below:

	Nine Months Ended
	September 27, 2026			September 28, 2025

Net cash provided by operating activities	$	217,548		$	276,896
Purchases of property, plant and equipment		(188,664	)		(253,411	)
Proceeds from the sale of assets, net		13,759			5,160
Net capital expenditures		(174,905	)		(248,251	)
Free cash flow	$	42,643		$	28,645

NET DEBT

The reconciliation of the GAAP measure “Total Debt” to the non-GAAP measure of “Net Debt” is set forth in the table below:

	September 27, 2026

Total Debt	$	4,291,666
Less: Cash and cash equivalents		183,101
Net Debt	$	4,108,565

This press release was published by a CLEAR® Verified individual.

Posted in UncategorizedTagged GlobeNewswire

Axe Compute Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Posted on October 21, 2026 by Ravi Shankar

PITTSBURGH, Oct. 21, 2026 (GLOBE NEWSWIRE) — Axe Compute Inc. (NASDAQ: AGPU) (the “Company”) today announced that the Compensation Committee, which is comprised solely of independent directors, of the Company’s Board of Directors approved the grant of options to purchase an aggregate of 100,000 shares of the Company’s common stock to three newly hired non-executive employees as inducements material to each employee’s entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The options were granted on October 15, 2026 and have an exercise price of $8.60 per share, which is equal to the closing price of the Company’s common stock on the last trading day prior to the grant date. The options each have a ten-year term and vest as follows: one-third of the shares subject to each option vest on the one-year anniversary of the grant date, and the remaining shares subject to each option vest in equal monthly installments over the following twenty-four months, in each case subject to each employee’s continued service, respectively, through the applicable vesting date.

About Axe Compute

Axe Compute Inc. (NASDAQ: AGPU) is a neocloud AI infrastructure platform built on a fundamental premise: AI innovation should not be constrained by hardware choice or availability. The company provides enterprises and AI innovators with flexibility across hardware, geography, and deployment models. Axe Compute designs, deploys, owns, and operates large-scale, dedicated AI infrastructure worldwide, supported by enterprise-grade SLAs and operational expertise. For more information, visit axecompute.com.

Media and Investor Relations Contact
Erin McMahon
ir@axecompute.com

Posted in UncategorizedTagged GlobeNewswire

AirBoss to Release 3rd Quarter 2026 Earnings on November 4, 2026

Posted on October 21, 2026 by Ravi Shankar

NEWMARKET, Ontario, Oct. 21, 2026 (GLOBE NEWSWIRE) — AirBoss of America Corp. (TSX: BOS) (OTCQX:ABSSF) (the “Company” or “AirBoss”) today announced that it will release its third quarter 2026 results after markets close on November 4^th, 2026. The release will be followed by a conference call to discuss the results on Thursday, November 5^th, 2026, at 9:00 am ET.

THIRD QUARTER 2026 FINANCIAL RESULTS CONFERENCE CALL DETAILS:

DATE:	Thursday, November 5, 2026
TIME:	9:00 am ET
DIAL-IN NUMBER:	1-800-715-9871 or 1-647-932-3411 – ask to join the AirBoss call or provide ID no. 5769750
WEBCAST LINK:	https://www.gowebcasting.com/15023

Please connect approximately 10 minutes prior to the beginning of the call to ensure participation.

Investors are encouraged to register online at https://airboss.com/investor-center/ to receive notifications of future AirBoss conference calls and other investor updates.

About AirBoss

AirBoss of America is a diversified developer, manufacturer and provider of survivability solutions, advanced custom rubber compounds and finished rubber products that are designed to outperform in the most challenging environments. Founded in 1989, the company operates through two divisions. AirBoss Rubber Solutions is a North American custom rubber compounder with 500 million turn pounds of annual capacity. AirBoss Manufactured Products is a supplier of anti-vibration and rubber-molded solutions to the North American automotive market and other sectors, and also a global supplier of personal and respiratory protective equipment and technology for the defense, healthcare, medical and first responder communities, through its AirBoss Defense operations. The Company’s shares trade on the TSX under the symbol BOS and on the OTCQX under the symbol ABSSF. Visit www.airboss.com for more information.

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SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR FIRST QUARTER OF FISCAL 2027; DECLARES QUARTERLY DIVIDEND OF $0.27 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR THURSDAY, OCTOBER 22, AT 9:30 AM CENTRAL TIME

Posted on October 21, 2026 by Ravi Shankar

Poplar Bluff, Missouri, Oct. 21, 2026 (GLOBE NEWSWIRE) — Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the first quarter of fiscal 2027 of $19.1 million, an increase of $3.4 million, or 22.0%, as compared to the same period of the prior fiscal year. The increase was driven by higher net interest income, lower provision for credit losses (PCL), and higher noninterest income. This was partially offset by higher noninterest expense and higher provision for income taxes. Preliminary net income was $1.73 per fully diluted common share for the first quarter of fiscal 2027, an increase of $0.35, or 25.4%, as compared to $1.38 per fully diluted common share reported for the same period of the prior fiscal year.

Highlights for the first quarter of fiscal 2027:

Earnings per common share (diluted) were $1.73, up $0.35, or 25.4%, as compared to the same quarter a year ago, and down $0.10, or 5.5%, from the fourth quarter of fiscal 2026, the linked quarter. During the year-ago quarter, the Company incurred $572,000 of non-recurring consulting expenses related to renegotiation of a significant bank contract, reducing after-tax net income by $444,000, or $0.04 per fully diluted common share, with no similar charges in the current quarter.
Annualized return on average assets (ROA) was 1.44%, while annualized return on average common equity (ROE) was 12.7%, as compared to 1.24% and 11.3%, respectively, in the same quarter a year ago, and 1.57% and 14.0%, respectively, in the fourth quarter of fiscal 2026, the linked quarter.
Net interest margin for the quarter was 3.70%, up from 3.57% reported for the year-ago period, and up from 3.67% reported for the fourth quarter of fiscal 2026, the linked quarter. Net interest income increased $3.5 million, or 8.3%, as compared to the same quarter a year ago, and increased $1.5 million, or 3.5%, as compared to the fourth quarter of fiscal 2026, the linked quarter.
PCL was $3.0 million during the first quarter of fiscal 2027, a decrease of $1.5 million from the year-ago period and a decrease of $240,000 from the fourth quarter of fiscal 2026, the linked quarter.
Provision for income taxes was $4.5 million, an increase of $678,000 from the prior-year quarter and an increase of $1.7 million from the linked quarter, primarily reflecting a $1.7 million tax benefit from tax credit investments recognized in the linked quarter that did not recur.
Gross loan balances increased by $63.9 million during the first quarter of fiscal 2027, or 1.5%, and increased by $263.9 million, or 6.3%, over the last twelve months.
Deposit balances increased by $66.1 million during the first quarter of fiscal 2027, or 1.5%, and increased by $193.5 million, or 4.5%, over the last twelve months.
Tangible book value per share was $48.52 as of September 30, 2026, and increased by $5.17, or 11.9%, during the last twelve months.
The Company repurchased 19,000 shares of its common stock in the first quarter of 2027 at an average price of $72.63 per share, for a total of $1.4 million. The average purchase price was 150% of our tangible book value as of September 30, 2026.

Dividend Declared:

The Board of Directors, on October 20, 2026, declared a quarterly cash dividend on common stock of $0.27, payable November 30, 2026, to stockholders of record at the close of business on November 13, 2026, marking the 130th consecutive quarterly dividend since the inception of the Company. The Board of Directors and management believe the payment of a quarterly cash dividend enhances stockholder value and demonstrates our commitment to and confidence in our future prospects.

Conference Call:

The Company will host a conference call to review the information provided in this press release on Thursday, October 22, 2026, at 9:30 a.m., Central Time. The call will be available live to interested parties by calling 1-833-461-5787 in the United States and from all other locations by calling 1-585-542-9983. Participants should use participant access code 953340433. Telephone playback will be available beginning one hour following the conclusion of the call through October 27, 2026. The playback may be accessed by dialing 1-833-309-1852 in the United States and Canada, and using the conference passcode 953340433.

Balance Sheet Summary:

The Company experienced balance sheet growth during the first quarter of fiscal 2027, with total assets of $5.3 billion at September 30, 2026, an increase of $74.4 million, or 1.4%, compared to June 30, 2026. Growth was driven primarily by increases in net loans receivable, other assets, cash equivalents and time deposits, and available-for-sale (AFS) securities. The increase in other assets was primarily driven by an increase in accrued interest receivable.

Cash equivalents and time deposits were $97.1 million at September 30, 2026, an increase of $6.2 million, or 6.8%, compared to June 30, 2026. AFS securities were $454.1 million at September 30, 2026, an increase of $3.3 million, or 0.7%, compared to June 30, 2026.

Loans, net of the allowance for credit losses (ACL), were $4.4 billion at September 30, 2026, increasing by $60.5 million, or 1.4%, compared to June 30, 2026. Gross loans increased by $63.9 million, or 1.5%, to $4.5 billion, while the ACL increased by $3.4 million, compared to June 30, 2026. The Company noted growth primarily in loans collateralized by 1-4 family residential real estate, agriculture production, commercial and industrial, agriculture real estate, and construction and land development. This was partially offset by decreases in loans collateralized by multi-family real estate, non-owner occupied commercial real estate, and owner occupied commercial real estate. The table below illustrates changes in loan balances by type over recent periods:


Summary Loan Data as of:	Sep. 30,		June 30,		Mar. 31,		Dec. 31,		Sep. 30,
(dollars in thousands)	2026		2026		2026		2025		2025

1-4 Family residential real estate	$	1,118,471	$	1,085,512	$	1,063,006	$	1,043,090	$	1,021,300
Non-owner occupied commercial real estate		920,809		924,144		945,274		912,611		918,275
Owner occupied commercial real estate		469,331		471,990		476,994		460,064		454,265
Multi-family real estate		454,439		469,968		467,936		452,733		445,953
Construction and land development		314,496		310,006		279,943		298,412		283,912
Agriculture real estate		305,819		295,803		278,541		261,118		255,610
Total loans secured by real estate		3,583,365		3,557,423		3,511,694		3,428,028		3,379,315

Commercial and industrial		563,919		552,557		546,002		537,276		521,945
Agriculture production		242,444		219,155		204,447		202,892		229,338
Consumer		53,755		53,144		51,869		52,182		56,051
All other loans		12,190		9,529		8,348		6,178		5,094
Gross loans		4,455,673		4,391,808		4,322,360		4,226,556		4,191,743

Allowance for credit losses		(58,274)		(54,912)		(55,937)		(54,465)		(52,081)
Net loans	$	4,397,399	$	4,336,896	$	4,266,423	$	4,172,091	$	4,139,662

Loans anticipated to fund in the next 90 days totaled $184.8 million at September 30, 2026, as compared to $181.7 million at June 30, 2026, and $194.5 million at September 30, 2025.

The Bank’s concentration in non-owner occupied commercial real estate loans, as defined by banking regulatory guidance and including multi-family and construction and land development loans, is estimated at 277.7% of Tier 1 capital and ACL at September 30, 2026, as compared to 287.7% as of June 30, 2026, the linked quarter end, with these loans representing 37.9% of total loans at September 30, 2026. The largest component of this concentration is non-owner occupied commercial real estate, which is primarily comprised of loans secured by hospitality (hotels and restaurants), care facilities, strip centers, retail stand-alone properties, and storage units. Within this portfolio, the hospitality and retail stand-alone segments consist primarily of franchised businesses; care facilities consist mainly of skilled nursing and assisted living centers; and strip centers are generally non-mall shopping centers with a variety of tenants. The Bank’s multi-family real estate loan portfolio includes loans secured by properties currently participating in the low-income housing tax credit (LIHTC) program or that have exited the program. The largest component of the construction and land development portfolio is commercial construction, consisting primarily of loans collateralized by multi-family real estate and industrial warehouse developments. The Company continues to monitor its commercial real estate concentration and each of its individual segments closely.

Nonperforming loans (NPLs) were $26.7 million, or 0.60% of gross loans, at September 30, 2026, compared to $27.7 million, or 0.63% of gross loans, at June 30, 2026, a decrease of $996,000, or 3.6%. Nonperforming assets (NPAs) were $32.4 million, or 0.61% of total assets, at September 30, 2026, compared to $33.5 million, or 0.64% of total assets, at June 30, 2026, a decrease of $1.1 million, or 3.3%, primarily due to lower NPLs. Performing loan modifications to borrowers experiencing financial difficulty totaled $51.1 million at September 30, 2026, compared to $31.0 million at June 30, 2026. The increase was primarily attributable to the modification of payment terms on a commercial and industrial loan.

The ACL totaled $58.3 million at September 30, 2026, representing 1.31% of gross loans and 218.6% of nonperforming loans, compared to $54.9 million, or 1.25% of gross loans and 198.6% of nonperforming loans, at June 30, 2026. The Company has estimated its expected credit losses as of September 30, 2026, under ASC 326-20, and management believes the ACL as of that date was adequate based on that estimate. Economic uncertainty remains, including the potential effects of elevated and uncertain interest rates, as inflation remains above the Federal Reserve’s long-term target, and evolving labor market and broader economic conditions. The increase in the ACL was primarily attributable to management’s assessment of reserve adequacy amid the economic uncertainty and to support loan growth. This was partially offset by net charge-offs of $494,000 in the three-month period ended September 30, 2026. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.04% (annualized) during the current quarter, as compared to 0.36% for the same quarter of the prior fiscal year, and 0.40% during the linked quarter.

Total liabilities were $4.7 billion at September 30, 2026, an increase of $63.9 million, or 1.4%, compared to June 30, 2026. Increases in total deposits and securities sold under agreements to repurchase were partially offset by a reduction in FHLB advances.

Deposits were $4.5 billion at September 30, 2026, an increase of $66.1 million, or 1.5%, compared to June 30, 2026. Certificate of deposit growth was primarily driven by non-brokered certificates of deposit and was partially offset by a decrease in brokered certificates of deposit. Nonmaturity deposit growth was primarily attributable to increases in non-brokered and brokered money market deposit accounts. This was partially offset by declines in non-interest bearing deposits, NOW accounts, and savings accounts. Public unit balances totaled $475.4 million at September 30, 2026, a decrease of $42.4 million compared to June 30, 2026, primarily due to competitive pricing dynamics on certain time deposits and normal fluctuations in operating account balances. Brokered deposits totaled $271.4 million at September 30, 2026, a decrease of $19.3 million as compared to June 30, 2026, attributable to a decrease in brokered certificates of deposit, which was partially offset by an increase in brokered money market deposit accounts. The average loan-to-deposit ratio for the first quarter of fiscal 2027 was 98.8%, as compared to 99.7% for the linked quarter, and 96.3% for the same period of the prior fiscal year. The table below illustrates changes in deposit balances by type over recent periods:


Summary Deposit Data as of:	Sep. 30,		June 30,		Mar. 31,		Dec. 31,		Sep. 30,
(dollars in thousands)	2026		2026		2026		2025		2025

Non-interest bearing deposits	$	540,595	$	560,704	$	528,601	$	526,569	$	501,885
NOW accounts		1,058,162		1,074,489		1,153,078		1,167,626		1,098,921
MMDAs – non-brokered		343,462		314,350		305,903		309,806		326,387
Brokered MMDAs		26,804		10,654		21,073		10,817		28,129
Savings accounts		705,151		707,482		718,199		701,553		715,406
Total nonmaturity deposits		2,674,174		2,667,679		2,726,854		2,716,371		2,670,728

Certificates of deposit – non-brokered		1,555,232		1,460,172		1,408,723		1,412,394		1,409,332
Brokered certificates of deposit		244,558		279,995		205,338		179,569		200,430
Total certificates of deposit		1,799,790		1,740,167		1,614,061		1,591,963		1,609,762

Total deposits	$	4,473,964	$	4,407,846	$	4,340,915	$	4,308,334	$	4,280,490

Public unit nonmaturity accounts	$	382,994	$	420,047	$	471,659	$	490,060	$	424,391
Public unit certificates of deposit		92,406		97,787		93,061		94,039		112,963
Total public unit deposits	$	475,400	$	517,834	$	564,720	$	584,099	$	537,354

FHLB advances were $122.7 million at September 30, 2026, a decrease of $7.7 million, or 5.9%, from June 30, 2026. Outstanding FHLB daily reset borrowings were $27.7 million as of September 30, 2026, as compared to $28.4 million outstanding as of June 30, 2026.

The Company’s stockholders’ equity was $601.1 million at September 30, 2026, an increase of $10.5 million, or 1.8%, compared to June 30, 2026. The increase was attributable primarily to earnings retained after cash dividends paid. This increase was partially offset by a $4.7 million increase in accumulated other comprehensive loss (AOCL), as the market value of the Company’s investments declined due to higher market interest rates, and $1.4 million used to repurchase 19,000 shares of the Company’s common stock during the first quarter of fiscal 2027 at an average price of $72.63 per share. AOCL totaled $14.4 million at September 30, 2026, as compared to $9.8 million at June 30, 2026. The Company does not hold any securities classified as held-to-maturity.

Quarterly Income Statement Summary:

The Company’s net interest income for the three-month period ended September 30, 2026, was $45.9 million, an increase of $3.5 million, or 8.3%, as compared to the same period of the prior fiscal year. The increase reflected a 4.5% increase in the average balance of interest-earning assets and a 13-basis point increase in net interest margin, from 3.57% to 3.70%. The primary driver of the net interest margin expansion, compared to the year ago period, was a decrease in the cost of interest-bearing liabilities of 19 basis points, partially offset by a decrease of four basis points in the yield on interest-earning assets.

Loan discount accretion and liability premium amortization related to the November 2018 acquisition of First Commercial Bank, the May 2020 acquisition of Central Federal Savings & Loan Association, the February 2022 merger of FortuneBank, and the January 2023 acquisition of Citizens Bank & Trust resulted in $682,000 in net interest income for the three-month period ended September 30, 2026, as compared to $876,000 in net interest income for the same period a year ago. Combined, this component of net interest income contributed approximately five basis points to net interest margin in the three-month period ended September 30, 2026, as compared to approximately seven basis points for the same period of the prior fiscal year and approximately three basis points in the linked quarter ended June 30, 2026, when net interest margin was 3.67%.

The Company recorded a PCL of $3.0 million in the three-month period ended September 30, 2026, as compared to a PCL of $4.5 million in the same period of the prior fiscal year. The current period PCL was the result of a $3.9 million provision attributable to the ACL for outstanding loan balances and a $902,000 negative provision attributable to the allowance for off-balance sheet credit exposures, primarily reflecting a lower required reserve rate on unfunded commitments. The allowance for off-balance-sheet credit exposures, included in other liabilities, totaled $3.5 million at September 30, 2026. The factors considered when estimating the required ACL and PCL for loan balances outstanding are detailed above in the “Balance Sheet Summary.”

The Company’s noninterest income for the three-month period ended September 30, 2026, was $7.1 million, an increase of $573,000, or 8.7%, as compared to the same period of the prior fiscal year. The increase was primarily driven by higher other noninterest income, reflecting increased merchant program income and the gain on sale of membership interest in a tax credit investment, and higher deposit account charges and related fees, driven by a higher volume of nonsufficient funds charges. Noninterest income also benefited from increased earnings on bank-owned life insurance, including a $150,000 mortality benefit recognized in the first quarter of fiscal 2027, and higher bank card interchange income. These increases were partially offset by lower other loan fees, as swap fees were recognized in the prior-year period but not in the current period.

Noninterest expense for the three-month period ended September 30, 2026, was $26.6 million, an increase of $1.5 million, or 6.1%, as compared to the same period of the prior fiscal year. The increase was driven primarily by an increase in compensation and benefits expense, reflecting annual merit increases, higher team member headcount, and lower compensation costs deferred related to loan originations. In addition, other noninterest expense increased primarily due to higher costs associated with deposit operations and card fraud, as well as loan collection and other lending-related activities. Occupancy and equipment expense increased due to equipment purchases, maintenance and repairs, and insurance costs, while data processing expense increased as a result of higher software, digital banking, and information security-related costs. These increases were partially offset by lower legal and professional fees, as the prior-year period included $572,000 of consulting costs associated with the negotiation of a new contract with a key vendor, with no similar activity in the current quarter, and lower intangible amortization expense following the full amortization of a core deposit intangible in the second quarter of fiscal 2026.

The efficiency ratio for the three-month period ended September 30, 2026, was 50.0%, as compared to 51.1% in the same period of the prior fiscal year. The improvement was driven by the increase in net interest income and noninterest income, which more than offset the increase in noninterest expense.

The income tax provision for the three-month period ended September 30, 2026, was $4.5 million, an increase of $678,000, or 17.9%, as compared to the same period of the prior fiscal year, primarily due to the increase in net income before income taxes. The effective tax rate for the quarter was 19.0%, compared to 19.5% in the same quarter of the prior fiscal year.

Forward-Looking Information:

Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: expected cost savings, synergies and other benefits from our merger and acquisition activities, might not be realized within the anticipated time frames, to the extent anticipated, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; potential adverse impacts to economic conditions both nationally and in our local market areas and other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; the strength of the United States economy in general and the strength of the local economies in which we conduct operations; fluctuations in interest rates and inflation, including the effects of a potential recession whether caused by Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) actions or otherwise or slowed economic growth caused by changes in oil prices or supply chain disruptions; the impact of monetary and fiscal policies of the Federal Reserve Board and the U.S. Government or other governmental initiatives affecting the financial services industry; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the ACL on loans; our ability to access cost-effective funding and maintain sufficient liquidity; the timely development of and acceptance of new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors’ products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; fluctuations in the demand for loans and deposits, including our ability to attract and retain deposits; the impact of a federal government shutdown; legislative or regulatory changes that adversely affect our business; the effects of climate change, severe weather events, other natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates; changes in accounting principles, policies, or guidelines; results of examinations of us by our regulators, including the impact on FDIC insurance premiums and the possibility that our regulators may, among other things, require an increase in our reserve for credit losses on loans or a write-down of assets; the impact of technological changes and an inability to keep pace with the rate of technological advances; the inability of key third party providers to perform their obligations to us; cyber threats, such as phishing, ransomware, and insider attacks, which can lead to financial loss, reputational damage, and regulatory penalties if sensitive customer data and critical infrastructure are not adequately protected; our ability to retain key members of our management team; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.

Non-GAAP Financial Measures:

Tangible common equity and tangible book value per common share are financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). These non-GAAP financial measures are supplemental and are not intended to be a substitute for analyses based on GAAP measures. As other companies may utilize different methodologies for calculating these measures, this presentation may not be comparable to similarly titled measures used by other institutions.

Tangible common equity is calculated by excluding intangible assets from common stockholders’ equity. Tangible book value per common share is calculated by dividing tangible common equity by common shares outstanding, less restricted common shares not vested. For comparison, book value per common share is calculated by dividing common stockholders’ equity by common shares outstanding, less restricted common shares not vested. This approach is consistent with the treatment applied by bank regulatory agencies, which generally exclude intangible assets from the calculation of risk-based capital ratios.

Each of these non-GAAP financial measures provides information considered important to investors and is useful in understanding the Company’s capital position. Calculations of tangible common equity and tangible book value per common share to the corresponding GAAP measures of common stockholders’ equity and book value per common share are presented below.

Southern Missouri Bancorp, Inc.
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION


Summary Balance Sheet Data as of:	Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands, except per share data)	2026			2026			2026			2025			2025

Cash equivalents and time deposits	$	97,134		$	90,966		$	93,286		$	134,309		$	124,358
Available-for-sale (AFS) securities		454,058			450,775			439,115			444,965			453,855
FHLB/FRB membership stock		19,857			20,111			18,863			18,552			18,489
Loans held for sale		421			1,787			1,033			1,271			277
Loans receivable, gross		4,455,673			4,391,808			4,322,360			4,226,556			4,191,743
Allowance for credit losses		58,274			54,912			55,937			54,465			52,081
Loans receivable, net		4,397,399			4,336,896			4,266,423			4,172,091			4,139,662
Bank-owned life insurance		77,472			77,117			77,155			76,793			76,240
Intangible assets		69,930			70,620			71,329			72,049			72,866
Premises and equipment		92,794			93,191			93,366			94,560			95,211
Other assets		100,193			93,438			80,894			79,797			55,374
Total assets	$	5,309,258		$	5,234,901		$	5,141,464		$	5,094,387		$	5,036,332

Interest-bearing deposits	$	3,933,369		$	3,847,142		$	3,812,314		$	3,781,765		$	3,778,605
Noninterest-bearing deposits		540,595			560,704			528,601			526,569			501,885
Securities sold under agreements to repurchase		25,000			20,000			20,000			20,000			20,000
FHLB advances		122,714			130,424			105,033			102,041			102,029
Other liabilities		70,639			70,187			78,758			73,417			50,371
Subordinated debt		15,793			15,766			23,248			23,235			23,221
Total liabilities		4,708,110			4,644,223			4,567,954			4,527,027			4,476,111

Total stockholders’ equity		601,148			590,678			573,510			567,360			560,221

Total liabilities and stockholders’ equity	$	5,309,258		$	5,234,901		$	5,141,464		$	5,094,387		$	5,036,332

Equity to assets ratio		11.32	%		11.28	%		11.15	%		11.14	%		11.12	%

Common shares outstanding		10,994,612			11,011,109			11,015,112			11,142,733			11,290,667
Less: Restricted common shares not vested		46,740			46,740			50,525			49,075			48,675
Common shares for book value determination		10,947,872			10,964,369			10,964,587			11,093,658			11,241,992

Book value per common share	$	54.91		$	53.87		$	52.31		$	51.14		$	49.83
Less: Intangible assets per common share		6.39			6.44			6.51			6.49			6.48
Tangible book value per common share ⁽¹⁾		48.52			47.43			45.80			44.65			43.35
Closing market price		70.90			76.21			63.94			59.12			52.56

(1) Non-GAAP financial measure.


Nonperforming asset data as of:	Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands)	2026			2026			2026			2025			2025

Nonaccrual loans	$	26,659		$	27,655		$	30,135		$	29,655		$	26,031
Accruing loans 90 days or more past due		—			—			—			—			—
Total nonperforming loans		26,659			27,655			30,135			29,655			26,031
Other real estate owned (OREO)		5,710			5,631			1,795			1,536			1,006
Personal property repossessed		23			209			23			5			45
Total nonperforming assets	$	32,392		$	33,495		$	31,953		$	31,196		$	27,082

Total nonperforming assets to total assets		0.61	%		0.64	%		0.62	%		0.61	%		0.54	%
Total nonperforming loans to gross loans		0.60	%		0.63	%		0.70	%		0.70	%		0.62	%
Allowance for credit losses to nonperforming loans		218.59	%		198.56	%		185.62	%		183.66	%		200.07	%
Allowance for credit losses to gross loans		1.31	%		1.25	%		1.29	%		1.29	%		1.24	%

Performing modifications to borrowers experiencing financial difficulty	$	51,096		$	30,989		$	31,672		$	32,048		$	27,072


	For the three-month period ended
Quarterly Summary Income Statement Data:	Sep. 30,		June 30,		Mar. 31,		Dec. 31,		Sep. 30,
(dollars in thousands, except per share data)	2026		2026		2026		2025		2025

Interest income:
Cash equivalents	$	409	$	430	$	659	$	1,059	$	1,114
AFS securities and membership stock		5,248		4,960		4,902		5,198		5,456
Loans receivable		70,170		67,375		65,398		65,975		66,460
Total interest income		75,827		72,765		70,959		72,232		73,030
Interest expense:
Deposits		28,178		26,398		26,172		27,699		28,940
Securities sold under agreements to repurchase		233		202		200		204		200
FHLB advances		1,178		1,433		1,070		1,080		1,081
Subordinated debt		297		325		362		379		391
Total interest expense		29,886		28,358		27,804		29,362		30,612
Net interest income		45,941		44,407		43,155		42,870		42,418
Provision for credit losses		2,954		3,194		2,080		1,680		4,500
Noninterest income:
Deposit account charges and related fees		2,544		2,356		2,331		2,429		2,365
Bank card interchange income		1,651		1,744		1,592		1,614		1,530
Loan servicing fees		249		247		245		250		263
Other loan fees		87		79		27		164		194
Net realized gains on sale of loans		127		336		226		167		175
Earnings on bank owned life insurance		726		794		677		552		548
Insurance brokerage commissions		325		414		353		345		319
Wealth management fees		831		1,041		944		936		851
Other noninterest income		606		347		695		319		328
Total noninterest income		7,146		7,358		7,090		6,776		6,573
Noninterest expense:
Compensation and benefits		14,590		14,130		14,054		13,651		13,065
Occupancy and equipment, net		4,010		3,787		4,040		3,834		3,788
Data processing expense		2,650		2,650		2,770		2,666		2,513
Telecommunications expense		253		288		308		309		347
Deposit insurance premiums		570		480		495		600		620
Legal and professional fees		549		633		521		478		1,075
Advertising		635		580		553		538		614
Postage and office supplies		282		363		373		333		300
Intangible amortization		687		702		709		808		857
Foreclosed property expenses, net		108		43		108		31		58
Other noninterest expense		2,234		1,889		2,292		2,022		1,814
Total noninterest expense		26,568		25,545		26,223		25,270		25,051
Net income before income taxes		23,565		23,026		21,942		22,696		19,440
Income taxes		4,468		2,747		4,181		4,546		3,790
Net income		19,097		20,279		17,761		18,150		15,650
Less: Distributed and undistributed earnings allocated
to participating securities		81		86		81		79		67
Net income available to common shareholders	$	19,016	$	20,193	$	17,680	$	18,071	$	15,583

Basic earnings per common share	$	1.73	$	1.84	$	1.60	$	1.62	$	1.39
Diluted earnings per common share		1.73		1.83		1.60		1.62		1.38
Dividends per common share		0.27		0.25		0.25		0.25		0.25
Average common shares outstanding:
Basic		10,964,000		10,966,000		11,041,000		11,153,000		11,247,000
Diluted		11,012,000		11,009,000		11,075,000		11,179,000		11,272,000


	For the three-month period ended
Quarterly Average Balance Sheet Data:	Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands)	2026			2026			2026			2025			2025

Interest-bearing cash equivalents	$	39,298		$	39,923		$	68,374		$	103,156		$	97,948
AFS securities and membership stock		489,208			473,931			469,515			478,219			493,125
Loans receivable, gross		4,394,671			4,343,778			4,235,274			4,181,158			4,118,859
Total interest-earning assets		4,923,177			4,857,632			4,773,163			4,762,533			4,709,932
Other assets		343,666			336,502			342,334			321,042			302,630
Total assets	$	5,266,843		$	5,194,134		$	5,115,497		$	5,083,575		$	5,012,562

Interest-bearing deposits	$	3,883,370		$	3,804,517		$	3,793,242		$	3,782,764		$	3,741,361
Securities sold under agreements to repurchase		23,044			20,000			20,000			20,000			18,043
FHLB advances		112,901			140,095			103,556			102,046			102,410
Subordinated debt		15,780			19,506			23,241			23,228			23,215
Total interest-bearing liabilities		4,035,095			3,984,118			3,940,039			3,928,038			3,885,029
Noninterest-bearing deposits		564,472			553,513			528,820			541,110			533,809
Other noninterest-bearing liabilities		70,438			74,548			74,431			51,411			41,937
Total liabilities		4,670,005			4,612,179			4,543,290			4,520,559			4,460,775

Total stockholders’ equity		596,838			581,955			572,207			563,016			551,787

Total liabilities and stockholders’ equity	$	5,266,843		$	5,194,134		$	5,115,497		$	5,083,575		$	5,012,562

Return on average assets		1.44	%		1.57	%		1.41	%		1.42	%		1.24	%
Return on average common stockholders’ equity		12.7	%		14.0	%		12.6	%		12.8	%		11.3	%

Net interest margin		3.70	%		3.67	%		3.67	%		3.57	%		3.57	%
Net interest spread		3.17	%		3.16	%		3.17	%		3.05	%		3.02	%

Efficiency ratio		50.0	%		49.3	%		52.2	%		50.9	%		51.1	%

CONTACT: Stefan Chkautovich, CFO, 573-778-1800

Posted in UncategorizedTagged GlobeNewswire

Forcendra Holding Limited (formerly VS MEDIA Holdings Limited) Announces Shareholder Approval, Effectiveness of Second Amended and Restated Memorandum & Articles of Association and Name Change, and Anticipated Ticker Symbol Change to “FCDH”

Posted on October 21, 2026 by Ravi Shankar

Approximately 94% of Votes Cast Support Each Proposal; Company Changes Its Name to Forcendra Holding Limited; Class A Ordinary Shares Expected to Begin Trading on the Nasdaq Capital Market Under “FCDH” on October 26, 2026

Singapore, Oct. 21, 2026 (GLOBE NEWSWIRE) — Forcendra Holding Limited (formerly known as VS MEDIA Holdings Limited) (Nasdaq: VSME) (“Forcendra” or the “Company”) today announced that, at the Company’s extraordinary general meeting of members held in Singapore on October 9, 2026 (the “Extraordinary Meeting”), its shareholders approved, each as an ordinary resolution by the requisite simple majority of the votes cast, (i) the restructuring of the Company’s corporate group (the “Restructuring”) and (ii) the adoption of the Company’s Second Amended and Restated Memorandum and Articles of Association (the “Second Amended and Restated M&A”), which reflects, among other changes, the change of the Company’s name from “VS MEDIA Holdings Limited” to “Forcendra Holding Limited” (the “Name Change”). Approximately 94% of the votes cast were in favor of each proposal, based on the aggregate voting power of the Company’s Class A and Class B ordinary shares voting together as a single class and excluding abstentions. The Company also announced that the Second Amended and Restated M&A, including the Name Change, became effective on October 12, 2026.

The Restructuring was undertaken to reduce ongoing administrative, compliance and financial costs associated with subsidiaries that had generated operating losses and were not expected to achieve profitability in the near term, simplify the Company’s corporate structure, and provide greater flexibility to allocate resources to continuing operations and evaluate potential growth opportunities.

Under the Restructuring, VSM Holdings Limited (“VSM”) transferred its Singapore subsidiary, VS MEDIA PTE. LTD., to Aurenza Group Limited, a wholly-owned subsidiary of the Company. VS MEDIA PTE. LTD. therefore remains within the Company’s corporate group following the Restructuring. The Company then agreed to sell VSM, together with its remaining subsidiaries, to a third party unaffiliated with the Company for nominal consideration of US$1.00. Following completion of the sale, the Company will no longer hold any direct or indirect interest in VSM or any of its subsidiaries.

Eng Yong Julius Toh, Chief Executive Officer of Forcendra, said, “On behalf of the Board of Directors, I would like to thank our shareholders for their strong support of the Restructuring. We believe that streamlining our businesses and corporate structure can help reduce operating costs and may improve our financial performance over time, while creating greater flexibility to optimize existing operations and explore new business directions and growth opportunities.”

Governance Updates, Name Change, and Ticker Symbol Change

Shareholders also approved the Company’s Second Amended and Restated M&A, which became effective on October 12, 2026 upon its filing with and registration by the Registrar of Corporate Affairs of the British Virgin Islands. In addition to the Name Change, the amended articles reduce the threshold for removal of a director without cause by shareholders from a resolution of at least 75% to a resolution of at least 50% of the shareholders entitled to vote, and permit the Company to deliver notices and other shareholder communications electronically and through its website. They also authorize the Board, by resolution of directors, or the shareholders to divide or combine the Company’s shares without further shareholder approval; give the Company the right, at the Board’s sole discretion, to redeem Class B ordinary shares held by a holder upon certain triggering events, including the termination of the employment or service relationship of an eligible member, at a price determined by the Board; and disapply Section 175 of the BVI Business Companies Act (As Revised), with the effect that the Board may approve dispositions of more than 50% of the Company’s assets, by value, outside the usual or regular course of business without a resolution of shareholders, in each case as described in the Company’s proxy statement dated September 24, 2026.

In connection with the Name Change, the Company expects that its Class A ordinary shares will begin trading on the Nasdaq Capital Market under the new ticker symbol “FCDH” at the open of trading on October 26, 2026, replacing the Company’s current ticker symbol, “VSME.” The Class A ordinary shares will continue to be listed on the Nasdaq Capital Market, and no action by the Company’s shareholders is required with respect to the ticker symbol change. The CUSIP number for the Class A ordinary shares will remain unchanged.

Voting Results

Shareholders holding approximately 53.60% of the total voting power of the Company’s outstanding ordinary shares entitled to vote were present in person or represented by proxy at the Extraordinary Meeting, satisfying the quorum requirement. Holders of Class A and Class B ordinary shares voted together as a single class, with each Class A ordinary share entitled to one vote and each Class B ordinary share entitled to eighteen votes. Of the votes cast for or against each proposal, approximately 94.52% supported the Restructuring and approximately 94.13% supported the Second Amended and Restated M&A. Final voting results will be included in a Report on Form 6-K to be furnished to the U.S. Securities and Exchange Commission.

About Forcendra Holding Limited

Forcendra Holding Limited (formerly known as VS MEDIA Holdings Limited) (Nasdaq: VSME) manages a global network of digital creators who create and upload content to social media platforms such as YouTube, Facebook, Instagram and TikTok. These creators include influencers, key opinion leaders (KOLs), bloggers and other content creators who build fan bases on social platforms. For more information, visit https://www.vs-media.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expected benefits of the Restructuring, the expected timing of the ticker symbol change, potential cost reductions, possible improvements in financial performance and exploration of new business opportunities. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2025 and other filings with the SEC.

Company Contact:

Forcendra Holding Limited Investor Relations
3 International Business Park #03-29, Nordic European Centre
Singapore 609927
Email: ir@fcdhgroup.com

Posted in UncategorizedTagged GlobeNewswire

Integer Holdings Corporation Stockholders Approve Proposals in Connection with KKR’s Proposed Acquisition of Integer

Posted on October 21, 2026 by Ravi Shankar

PLANO, Texas, Oct. 21, 2026 (GLOBE NEWSWIRE) — Integer Holdings Corporation (NYSE: ITGR) (“Integer” or the “Company”) and Armstrong Parent, Inc. (“Parent”) today announced that, in connection with Parent’s proposed acquisition of the Company (the “Transaction”) contemplated by their Agreement and Plan of Merger, dated as of August 2, 2026 (the “Merger Agreement”), the stockholders of the Company have voted in favor of (1) the proposal to adopt the Merger Agreement and the Merger (the “First Proposal”) and (2) the proposal to approve, on an advisory (non-binding) basis, the compensation that will or may be paid or become payable to Integer’s named executive officers that is based on or otherwise related to the Transaction as contemplated in the Merger Agreement (the “Second Proposal”) at a special meeting of stockholders held on October 21, 2026 (the “Special Meeting”).

At the Special Meeting, (1) approximately 99.95% of the shares voted on the First Proposal were cast in favor of the First Proposal, representing approximately 76.66% of the total outstanding shares of Integer common stock as of the record date, September 8, 2026 (the “Record Date”), and (2) the Second Proposal was approved by a majority of the votes cast at the Special Meeting. The Company will provide a full report of the voting results from the Special Meeting in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”).

The Transaction is anticipated to close by the end of 2026, subject to the satisfaction or waiver of customary closing conditions specified in the Merger Agreement, including the receipt of required regulatory approvals.

About Integer^®

Integer Holdings Corporation (NYSE: ITGR) is one of the largest medical device contract development and manufacturing organizations (CDMOs) in the world, serving the cardio and vascular, neuromodulation, and cardiac rhythm management markets. As a strategic partner of choice, we advance the goals of our medical device customers through industry-leading engineering and manufacturing, with a relentless commitment to quality, service, and innovation. The Company’s brands include Greatbatch Medical^® and Lake Region Medical^®. Additional information is available at www.integer.net.

Contacts

Integer
Media Relations:
Misty Tippen
misty.tippen@integer.net
469-536-6702

Investor Relations:
Kristen Stewart
kristen.stewart@integer.net
551-337-3973

Cautionary Statement Regarding Forward-Looking Statements

Some of the statements contained in this communication and other written and oral statements made from time to time by us and our representatives are not statements of historical or current fact. As such, they are “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations, and these statements are subject to known and unknown risks, uncertainties and assumptions. Forward-looking statements include, but are not limited to, statements relating to: the completion of the Transaction on anticipated terms and timing, or at all, including obtaining regulatory approvals and satisfying other conditions to the completion of the Transaction; potential litigation relating to the Transaction that could be instituted against the parties to the Merger Agreement or their respective directors, managers, or officers, including the effects of any outcomes related thereto; our goals, plans, and strategic initiatives; long-term growth prospects; maximizing value for our stockholders; and other events, conditions or developments that will or may occur in the future; and timing of any of the foregoing. You can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “forecast,” “outlook,” “assume,” “potential” or “continue” or variations or the negative counterparts of these terms or other comparable terminology. These statements are only predictions and are no guarantee of future performance, and investors should not place undue reliance on forward-looking statements as predictive of future results. Actual events or results may differ materially from those stated or implied by these forward-looking statements. In evaluating these statements and our prospects, you should carefully consider the factors set forth below. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary factors and to others contained throughout this communication.

Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements regarding the transactions contemplated by the Transaction. All such forward-looking statements are based upon current plans, estimates, expectations, opportunities and ambitions that are subject to risks, uncertainties, assumptions, and other important factors, many of which are beyond the control of the Company, that could cause actual results to differ materially from those expressed in such forward-looking statements. Key factors that could cause actual results to differ materially include, but are not limited to, the expected timing and likelihood of completion of the Transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals; the occurrence of any event, change or other circumstances that could give rise to the termination of the Transaction; the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Transaction; the risk that any announcements relating to the Transaction could have adverse effects on the market price of the Company’s common stock; the risk that the Transaction and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of unforeseen or unknown liabilities; customer, regulatory and other stakeholder approvals and support; the risk of unexpected future capital expenditures; the risk of potential litigation relating to the Transaction that could be instituted against the Company or its directors and/or officers; the risk associated with third-party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the Transaction which are not waived or otherwise satisfactorily resolved; significant costs, or expenses incurred in connection with the Transaction; Parent’s ability to obtain the necessary financing arrangements set forth in the commitment letters received in connection with the Transaction; certain restrictions contained in the Merger Agreement that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; the risk of various events that could disrupt operations, including pandemics, epidemics or other public health crises or severe weather (such as droughts, floods, avalanches and earthquakes), cybersecurity attacks, security threats and governmental response to them, and technological changes; the risks of labor disputes, changes in labor costs and labor difficulties; and the risks resulting from other effects of industry, market, economic, legal or legislative, political or regulatory conditions outside of the Company’s control. All such factors are difficult to predict and are beyond our control, including those detailed in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 23, 2026, the Company’s quarterly report on Form 10-Q for the fiscal quarter ended July 3, 2026, which was filed with the SEC on August 4, 2026 and other documents subsequently filed by the Company with the SEC. The Company’s forward-looking statements are based on assumptions that the Company believes to be reasonable but that may not prove to be accurate. Other unpredictable factors not discussed in this communication could also have material adverse effects on forward-looking statements. The Company does not assume an obligation to update any forward-looking statements, except as required by applicable law. These forward-looking statements speak only as of the date hereof.

Posted in UncategorizedTagged GlobeNewswire

SL Green Realty Corp. Reports Third Quarter 2026 EPS of $1.01 Per Share; and FFO of $1.59 Per Share

Posted on October 21, 2026 by Ravi Shankar

Increases 2026 Earnings Guidance

Financial and Operating Highlights

Net income attributable to common stockholders of $1.01 per share for the third quarter of 2026 as compared to net income of $0.34 per share for the same period in 2025.
Funds from operations (“FFO”) of $1.59 per share for the third quarter of 2026 as compared to FFO of $1.58 per share for the same period in 2025.
The Company is increasing its previously announced 2026 FFO guidance range for the year ending December 31, 2026 from $5.60–$5.90 per share to $6.50–$6.70 per share, which reflects $1.10 per share of incremental income from the sale of a 20% joint venture interest in an entity related to the Company’s food and beverage hospitality operations, offset by $0.25 per share attributable to the higher interest rate environment. The Company is also increasing its previously announced 2026 net income guidance range from $0.20–$0.50 per share to $0.40–$0.60 per share.
Signed 38 Manhattan office leases totaling 591,108 square feet in the third quarter of 2026 and 142 Manhattan office leases totaling 1,965,533 square feet for the first nine months of 2026. The mark-to-market on signed Manhattan office leases was 13.6% higher for the third quarter and 15.7% higher for the first nine months than the previous fully escalated rents on the same spaces.
Manhattan same-store cash NOI, including the Company’s share of same-store cash NOI from unconsolidated joint ventures, increased 5.0% for the third quarter of 2026 and 4.2% for the first nine months of 2026, excluding lease termination income, as compared to the same periods in 2025.
Manhattan same-store office occupancy increased to 95.0% as of September 30, 2026, inclusive of leases signed but not yet commenced.

Investing Highlights

Entered into a contract to sell 110 Greene Street for total consideration of $226.0 million. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions, and generate approximately $216.0 million of net cash proceeds.
Closed on the previously announced sale of 10 East 53rd Street for total consideration of $312.2 million. The Company received net cash proceeds of $99.0 million.
Deployed $100.7 million of the $1.3 billion SLG Opportunistic Debt Fund (the “Fund”) during the third quarter and $359.0 million to date in 2026, bringing total Fund deployment to $643.1 million, of which $528.8 million has been funded, and $18.9 million of which has since been repaid.
In October, closed on the sale of a 20% joint venture interest in an entity related to the Company’s food and beverage hospitality operations at a gross valuation of $200.0 million. The transaction generated proceeds to the Company of $40.0 million.
In October, closed on the sale of the 26,000 square foot office condominium at 185 Broadway for $9.0 million. The Company received net cash proceeds of $8.7 million.

Financing Highlights

In October, together with our joint venture partner, closed on a $2.0 billion refinancing of 245 Park Avenue. The five-year, fixed-rate financing was priced at a spread of 147 basis points above the U.S. Treasury index, resulting in an interest rate of 6.52%. SL Green hedged its share of the financing to an effective interest rate of 6.37%.

NEW YORK, Oct. 21, 2026 (GLOBE NEWSWIRE) — SL Green Realty Corp. (the “Company”) (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended September 30, 2026 of $72.2 million, or $1.01 per share, as compared to net income of $24.9 million, or $0.34 per share, for the same period in 2025.

The Company reported net loss attributable to common stockholders for the nine months ended September 30, 2026 of $38.7 million, or $0.56 per share, as compared to net loss of $7.3 million, or $0.12 per share, for the same period in 2025.

The Company reported FFO for the quarter ended September 30, 2026 of $122.1 million, or $1.59 per share, as compared to FFO of $120.4 million, or $1.58 per share, for the same period in 2025.

The Company reported FFO for the nine months ended September 30, 2026 of $296.3 million or $3.85 per share as compared to FFO of $351.4 million, or $4.60 per share, for the same period in 2025, which included $71.6 million, or $0.94 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue.

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

Manhattan same-store cash NOI, including the Company’s share of same-store cash NOI from unconsolidated joint ventures, increased by 5.0% for the third quarter of 2026 and 4.2% for the first nine months of 2026, excluding lease termination income, as compared to the same periods in 2025.

During the third quarter of 2026, the Company signed 38 office leases in its Manhattan office portfolio totaling 591,108 square feet. The average rent on the Manhattan office leases signed in the third quarter of 2026 was $105.75 per rentable square foot, with an average lease term of 10.7 years and average tenant concessions of 8.2 months of free rent with a tenant improvement allowance of $85.20 per rentable square foot. Twenty-eight leases comprising 449,076 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $110.88 per rentable square foot, representing a 13.6% increase over the previous fully escalated rents on the same office spaces.

During the nine months ended September 30, 2026, the Company signed 142 office leases in its Manhattan office portfolio totaling 1,965,533 square feet. The average rent on the Manhattan office leases signed in 2026 was $102.61 per rentable square foot with an average lease term of 9.1 years and average tenant concessions of 8.6 months of free rent with a tenant improvement allowance of $89.88 per rentable square foot. Ninety-four leases comprising 1,424,546 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $109.99 per rentable square foot, representing a 15.7% increase over the previous fully escalated rents on the same office spaces.

Occupancy in the Company’s Manhattan same-store office portfolio increased to 95.0% as of September 30, 2026, inclusive of leases signed but not yet commenced, as compared to 92.9% at the end of 2025.

Significant leasing activity in the third quarter includes:

New lease with Legora, Inc. for 98,420 square feet at 11 Madison Avenue;
Early renewal with IMG Worldwide LLC for 90,202 square feet at 304 Park Avenue South;
New lease with Landesbank Baden-Württemberg for 58,332 square feet at 1185 Avenue of the Americas;
New lease with Nearwater Management, LLC for 37,563 square feet at 245 Park Avenue;
New expansion lease with Greenberg Traurig LLP for 33,477 square feet at One Vanderbilt Avenue;
New lease with OceanSound Partners, LP for 32,032 square feet at 450 Park Avenue;
Early renewal with Haworth, Inc. for 30,365 square feet at 125 Park Avenue.

Earnings Guidance

The Company is increasing its previously announced 2026 FFO guidance range for the year ending December 31, 2026 from $5.60-$5.90 per share to $6.50-$6.70 per share, which reflects $1.10 per share of incremental income from the sale of a 20% joint venture interest in an entity related to the Company’s food and beverage hospitality operations, offset by $0.25 per share attributable to the higher interest rate environment. The Company is also increasing its previously announced 2026 net income guidance range from $0.20-$0.50 per share to $0.40-$0.60 per share.

Investment Activity

In September, the Company entered into a contract to sell 110 Greene Street for total consideration of $226.0 million. The transaction, which is expected to close in the fourth quarter of 2026, subject to customary closing conditions, will generate net cash proceeds to the Company of approximately $216.0 million that will be used for corporate debt repayment.

In August, the Company closed on the previously announced sale of 10 East 53rd Street for total consideration of $312.2 million. The Company received net cash proceeds of $99.0 million.

During the third quarter, the Company deployed $100.7 million of the $1.3 billion Fund and $359.0 million to date in 2026, bringing total Fund deployment to $643.1 million, of which $528.8 million has been funded, and $18.9 million of which has since been repaid.

In October, the Company closed on the sale of a 20% joint venture interest in an entity related to the Company’s food and beverage hospitality operations, at a gross valuation of $200.0 million. The transaction generated proceeds to the Company of $40.0 million.

In October, the Company closed on the sale of the 26,000 square foot office condominium at 185 Broadway for $9.0 million. The Company received net cash proceeds of $8.7 million.

Financing Activity

In October, the Company and its joint venture partner closed on a $2.0 billion refinancing of 245 Park Avenue. The five-year, fixed-rate financing was priced at a spread of 147 basis points above the U.S Treasury index, resulting in an interest rate of 6.52%. SL Green hedged its share of the financing to an effective interest rate of 6.37%. The single-asset, single-borrower (SASB) CMBS execution was agented by world-class institutions led by JPMorgan Chase Bank, N.A., with participation from Bank of America, Deutsche Bank, Bank of Montreal, Goldman Sachs, Société Générale and Citibank. The new financing replaces the property’s previous $1.768 billion of mortgage and mezzanine financing.

Institutional Investor Conference

The Company will host its Annual Institutional Investor Conference on Monday, December 7, 2026 beginning at 9:00 a.m. ET. The event will be held in-person, by invitation only. The presentation will be available online via audio webcast, in listen-only mode, and the accompanying presentation materials can be accessed in the Investors section of the SL Green Realty Corp. website at www.slgreen.com on the day of the conference. An audio replay of the presentation will be available in the Investors section of the SL Green Realty Corp. website following the conference.

For more information about the event, please email SLG2026@slgreen.com.

Dividends

In the third quarter of 2026, the Company declared:

A quarterly ordinary dividend on its outstanding common stock of $0.6175 per share, which was paid in cash on October 15, 2026, and is the equivalent of an annualized dividend of $2.47 per share;
A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period July 15, 2026 through and including October 14, 2026, which was paid in cash on October 15, 2026, and is the equivalent of an annualized dividend of $1.625 per share.

Conference Call and Audio Webcast

The Company’s executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, October 22, 2026, at 2:00 p.m. ET to discuss the financial results.

Supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Financial Reports.”

The live conference call will be webcast in listen-only mode and a replay will be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Presentations & Webcasts.”

Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BI6e8d3796e9b044fbb7f0dca147720564.

Company Profile

SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of September 30, 2026, SL Green held interests in 53 buildings totaling 30.3 million square feet, which included ownership interests in 28.9 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 5 buildings totaling 1.3 million square feet owned by third parties.

To obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at investor.relations@slgreen.com.

Disclaimers

Non-GAAP Financial Measures
During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release and in the Company’s Supplemental Package.

Forward-looking Statements
This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as our earnings guidance, future capital expenditures, dividends, acquisitions and dispositions (including the amount and nature thereof and the expected timing, closing and use of proceeds of pending dispositions), financing and refinancing transactions and hedging activities, development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” “target,” “plan,” “guidance,” “outlook,” or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

PRESS CONTACT
slgreen@berlinrosen.com

SL GREEN REALTY CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited and in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Revenues:		2026			2025			2026			2025
Revenues:
Rental revenue, net	$	165,552		$	149,672		$	503,393		$	441,725
Escalation and reimbursement revenues		20,381			18,864			61,298			55,067
SUMMIT Operator revenue		34,655			32,883			90,306			86,424
Investment income		2,615			4,356			7,618			26,809
Interest income from real estate loans held by consolidated securitization vehicles		14,687			10,838			44,079			47,868
Fee income		30,596			23,296			70,037			47,787
Other income		4,539			4,908			13,375			20,899
Total revenues		273,025			244,817			790,106			726,579
Expenses:
Operating expenses, including related party expenses of $0 and $6 in 2026 and $6 and $9 in 2025		58,700			57,673			180,407			164,840
Real estate taxes		42,190			37,627			126,537			112,594
Operating lease rent		6,898			6,106			20,740			18,317
SUMMIT Operator expenses		42,936			35,959			93,398			82,570
Interest expense, net of interest income		50,026			47,235			154,946			138,234
Amortization of deferred financing costs		2,480			1,724			7,438			5,153
SUMMIT Operator tax expense		616			1,279			2,424			2,781
Interest expense on senior obligations of consolidated securitization vehicles		14,687			10,838			44,079			45,827
Depreciation and amortization		63,629			63,216			200,659			187,874
Loan loss and other investment reserves, net of recoveries		—			—			—			(71,326	)
Transaction related costs		228			13,129			529			13,601
Marketing, general and administrative		23,253			23,701			68,820			67,004
Total expenses		305,643			298,487			899,977			767,469

Equity in net income (loss) from unconsolidated joint ventures		26,692			(9,287	)		20,860			(30,892	)
Income from debt fund investments, net		2,166			1,176			10,634			1,776
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate		—			86,872			(814	)		84,926
Purchase price and other fair value adjustments		4,261			11,138			14,106			(8,090	)
Gain (loss) on sale of real estate, net		91,445			(1,068	)		103,902			(1,717	)
Depreciable real estate reserves		(2,275	)		—			(37,435	)		(8,546	)
Gain on sale of marketable securities		—			—			—			10,232
Net income		89,671			35,161			1,382			6,799
Net income (loss) attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership		(5,797	)		(1,737	)		3,036			503
Noncontrolling interests in other partnerships		(5,688	)		(2,658	)		(25,194	)		3,079
Preferred units distributions		(2,256	)		(2,154	)		(6,713	)		(6,461	)
Net income (loss) attributable to SL Green		75,930			28,612			(27,489	)		3,920
Perpetual preferred stock dividends		(3,738	)		(3,738	)		(11,213	)		(11,213	)
Net income (loss) attributable to SL Green common stockholders	$	72,192		$	24,874		$	(38,702	)	$	(7,293	)
Earnings Per Share (EPS)
Basic earnings (loss) per share	$	1.01		$	0.35		$	(0.56	)	$	(0.12	)
Diluted earnings (loss) per share	$	1.01		$	0.34		$	(0.56	)	$	(0.12	)

Funds From Operations (FFO)
Basic FFO per share	$	1.63		$	1.62		$	3.93		$	4.72
Diluted FFO per share	$	1.59		$	1.58		$	3.85		$	4.60

Basic ownership interest
Weighted average REIT common shares for net income per share		70,441			70,443			70,598			70,435
Weighted average partnership units held by noncontrolling interests		4,610			3,875			4,814			3,998
Basic weighted average shares and units outstanding		75,051			74,318			75,412			74,433

Diluted ownership interest
Weighted average REIT common share and common share equivalents		71,967			72,553			72,189			72,442
Weighted average partnership units held by noncontrolling interests		4,610			3,875			4,814			3,998
Diluted weighted average shares and units outstanding		76,577			76,428			77,003			76,440

SL GREEN REALTY CORP. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except per share data)

	September 30,			December 31,
		2026			2025
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,534,127		$	1,699,215
Building and improvements		4,068,129			4,012,305
Building leasehold and improvements		1,496,428			1,448,112
		7,098,684			7,159,632
Less: accumulated depreciation		(2,333,095	)		(2,306,377	)
		4,765,589			4,853,255
Assets held for sale		224,249			—
Cash and cash equivalents		186,439			155,747
Restricted cash		199,507			180,748
Investment in marketable securities		21,166			23,666
Tenant and other receivables		64,072			45,524
Related party receivables		17,195			16,293
Deferred rents receivable		255,497			266,678
Debt and preferred equity investments, net of discounts and deferred origination fees of $2 and $14 in 2026 and 2025, respectively, and allowances of $300 and $454 in 2026 and 2025, respectively		113,087			168,358
Investments in unconsolidated joint ventures		2,886,984			2,819,778
Debt fund investments, at fair value		434,219			152,958
Deferred costs, net		121,668			129,019
Right-of-use assets – operating leases		940,495			864,430
Real estate loans held by consolidated securitization vehicles, at fair value		1,003,918			1,023,877
Other assets		551,576			577,299
Total assets	$	11,785,661		$	11,277,630

Liabilities
Mortgages and other loans payable	$	2,216,799		$	2,154,499
Revolving credit facility		930,000			640,000
Unsecured term loan		1,150,000			1,150,000
Deferred financing costs, net		(29,965	)		(13,063	)
Total debt, net of deferred financing costs		4,266,834			3,931,436
Accrued interest payable		17,016			15,221
Accounts payable and accrued expenses		142,846			134,621
Deferred revenue		158,252			147,419
Lease liability – financing leases		109,182			108,183
Lease liability – operating leases		886,515			805,192
Dividend and distributions payable		48,910			2,536
Security deposits		66,859			68,276
Liabilities related to assets held for sale		866			—
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities		100,000			100,000
Senior obligations of consolidated securitization vehicles, at fair value		1,003,918			1,023,877
Other liabilities (includes $166,736 and $244,941 at fair value as of September 30, 2026 and December 31, 2025, respectively)		513,358			587,779
Total liabilities		7,314,556			6,924,540

Commitments and contingencies
Noncontrolling interests in Operating Partnership		273,718			241,371
Preferred units and redeemable equity		203,508			199,271

Equity
SL Green stockholders’ equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 and 9,200 issued and outstanding at both September 30, 2026 and December 31, 2025		221,932			221,932
Common stock, $0.01 par value 160,000 shares authorized, 70,945 and 71,159 issued and outstanding at September 30, 2026 and December 31, 2025, respectively		708			711
Additional paid-in capital		4,213,109			4,212,590
Accumulated other comprehensive income (loss)		28,201			(22,198	)
Retained deficit		(964,016	)		(741,880	)
Total SL Green Realty Corp. stockholders’ equity		3,499,934			3,671,155
Noncontrolling interests in other partnerships		493,945			241,293
Total equity		3,993,879			3,912,448
Total liabilities and equity	$	11,785,661		$	11,277,630

SL GREEN REALTY CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited and in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Funds From Operations (FFO) Reconciliation:		2026			2025			2026			2025

Net income (loss) attributable to SL Green common stockholders	$	72,192		$	24,874		$	(38,702	)	$	(7,293	)
Add:
Depreciation and amortization		63,629			63,216			200,659			187,874
SLG’s share of unconsolidated joint ventures depreciation and amortization		72,964			127,170			217,701			247,874
Net income (loss) attributable to noncontrolling interests		11,485			4,395			22,158			(3,582	)
Less:
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate		—			86,872			(814	)		84,926
Purchase price and other fair value adjustments		477			9,652			7,953			(5,291	)
Gain (loss) on sale of real estate, net		91,445			(1,068	)		103,902			(1,717	)
Depreciable real estate reserves		(2,275	)		—			(37,435	)		(8,546	)
Depreciable real estate reserves in unconsolidated joint venture		—			—			—			(1,780	)
Depreciation on non-rental real estate assets		1,478			1,628			4,483			4,312
Noncontrolling interests in consolidated joint ventures		7,071			2,186			27,451			1,526
FFO attributable to SL Green common stockholders and unit holders	$	122,074		$	120,385		$	296,276		$	351,443

SL GREEN REALTY CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited and in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Operating income and Same-store NOI Reconciliation:		2026			2025			2026			2025

Net income	$	89,671		$	35,161		$	1,382		$	6,799

Depreciable real estate reserves		2,275			—			37,435			8,546
(Gain) Loss on sale of real estate, net		(91,445	)		1,068			(103,902	)		1,717
Purchase price and other fair value adjustments		(4,261	)		(11,138	)		(14,106	)		8,090
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate		—			(86,872	)		814			(84,926	)
Gain on sale of marketable securities		—			—			—			(10,232	)
Depreciation and amortization		63,629			63,216			200,659			187,874
SUMMIT Operator tax expense		616			1,279			2,424			2,781
Amortization of deferred financing costs		2,480			1,724			7,438			5,153
Interest expense, net of interest income		50,026			47,235			154,946			138,234
Interest expense on senior obligations of consolidated securitization vehicles		14,687			10,838			44,079			45,827
Operating income		127,678			62,511			331,169			309,863

Equity in net (income) loss from unconsolidated joint ventures		(26,692	)		9,287			(20,860	)		30,892
Income from debt fund investments, net		(2,166	)		(1,176	)		(10,634	)		(1,776	)
Marketing, general and administrative expense		23,253			23,701			68,820			67,004
Transaction related costs		228			13,129			529			13,601
Loan loss and other investment reserves, net of recoveries		—			—			—			(71,326	)
SUMMIT Operator expenses		42,936			35,959			93,398			82,570
Investment income		(2,615	)		(4,356	)		(7,618	)		(26,809	)
Interest income from real estate loans held by consolidated securitization vehicles		(14,687	)		(10,838	)		(44,079	)		(47,868	)
SUMMIT Operator revenue		(34,655	)		(32,883	)		(90,306	)		(86,424	)
Non-building revenue		(26,955	)		(20,271	)		(59,524	)		(40,406	)
Net operating income (NOI)		86,325			75,063			260,895			229,321

Equity in net income (loss) from unconsolidated joint ventures		26,692			(9,287	)		20,860			(30,892	)
SLG’s share of unconsolidated JV depreciable real estate reserves		—			—			—			1,780
SLG’s share of unconsolidated JV depreciation and amortization		68,880			66,616			207,074			194,844
SLG’s share of unconsolidated JV amortization of deferred financing costs		4,101			3,558			12,519			9,856
SLG’s share of unconsolidated JV interest expense, net of interest income		74,059			67,628			216,017			194,883
SLG’s share of unconsolidated JV gain on early extinguishment of debt		—			(57,187	)		4,796			(57,187	)
SLG’s share of unconsolidated JV investment income		(554	)		(3,963	)		(1,759	)		(13,940	)
SLG’s share of unconsolidated JV loan loss and other investment reserves, net of recoveries		—			—			—			14,531
SLG’s share of unconsolidated JV non-building revenue		(2,153	)		(1,645	)		(5,599	)		(5,219	)
NOI including SLG share of unconsolidated JVs		257,350			140,783			714,803			537,977

NOI from other properties/affiliates		(73,925	)		30,394			(185,804	)		(36,758	)
Same-Store NOI		183,425			171,177			528,999			501,219

Straight-line and free rent		(3,462	)		693			(10,052	)		1,844
Amortization of acquired above and below-market leases, net		266			146			1,082			389
Operating lease straight-line adjustment		1,532			204			1,893			611
SLG’s share of unconsolidated JV straight-line and free rent		(14,003	)		(10,396	)		(32,949	)		(33,788	)
SLG’s share of unconsolidated JV amortization of acquired above and below-market leases, net		(6,718	)		(6,268	)		(20,394	)		(18,498	)
Same-store cash NOI	$	161,040		$	155,556		$	468,579		$	451,777

Lease termination income		(387	)		(270	)		(1,128	)		(4,875	)
SLG’s share of unconsolidated JV lease termination income		(1,001	)		(3,189	)		(7,333	)		(5,421	)
Same-store cash NOI excluding lease termination income	$	159,652		$	152,097		$	460,118		$	441,481

SL GREEN REALTY CORP.
NON-GAAP FINANCIAL MEASURES – DISCLOSURES

Funds from Operations (FFO)

FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of Nareit in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including the Company’s ability to make cash distributions.

Funds Available for Distribution (FAD)

FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company’s unconsolidated JVs, less straight line rental income, free rent net of amortization, second generation tenant improvement and leasing costs, and recurring capital expenditures.

FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity’s share of EBITDAre of unconsolidated joint ventures.

The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Net Operating Income (NOI) and Cash NOI

NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.

The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company’s properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.

Coverage Ratios

The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).

SLG-EARN

Posted in UncategorizedTagged GlobeNewswire

Brandywine Realty Trust Announces Third Quarter 2026 Results

Posted on October 21, 2026 by Ravi Shankar

Adjusts 2026 Guidance

PHILADELPHIA, Oct. 21, 2026 (GLOBE NEWSWIRE) — Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three and nine-month periods ended September 30, 2026.

Management Comments

“We are pleased with our 2026 business plan progress highlighted by raising the midpoint of our speculative revenue target for the second time this year to $19.5 million, or 11.4% higher than our initial business plan,” said Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. “Our capital markets plan is completed and we have executed $681 million of sales versus our $305 million business plan target. Sales activity also includes the $136 million sale of Solaris, our residential project in Austin, Texas. We are also pleased to report that One Uptown is now 97% leased. During the quarter, we reduced our combined debt by $390 million primarily by repurchasing $140 million of our 2028 and 2029 Bonds at a weighted-average rate of 8.67%. Following these closings, we had $176 million of cash on hand and no outstanding balance on our $600 million unsecured line of credit. Our leverage metrics have continued to improve including our Net Debt/EBITDA which was 7.6x at the end of the quarter compared to 9.0x in the previous quarter. In addition to using sales proceeds to reduce debt, we purchased 4.7 million shares of our common stock during the quarter. Based on our capital markets activity and operating results, we are adjusting our 2026 FFO guidance range from $0.53 to $0.57 per diluted share to a Core FFO range of $0.54 to $0.56 per diluted share, which excludes losses on the early extinguishment of debt totaling $15.4 million, or $0.09 per share.”

Third Quarter Highlights

Financial Results

Net loss available to common shareholders: $(22.3) million, or $(0.13) per share. Our results include an impairment charge totaling $29.1 million, or $(0.17) per share, net gains on the disposition of real estate totaling $55.7 million, or $0.32 per share and $(15.4) million loss on the early extinguishment of debt, or $(0.09) per share.
Core Funds from Operations (Core FFO): $24.5 million, or $0.14 per diluted share. Our Core FFO results represent FFO excluding a $(15.4) million, or $(0.09) per share, loss on the early extinguishment of debt.

Portfolio Results

Core Portfolio: 89.0% occupied and 90.5% leased.
New and Renewal Leases Signed: 372,000 square feet in our wholly owned portfolio and 558,000 square feet including our joint ventures.
Tenant Retention Ratio: 50%.
Rental Rate Mark-to-Market: Increased 10.8% on an accrual basis and 5.7% on a cash basis.
Same Store Net Operating Income (NOI): Decreased (0.6)% on an accrual basis and increased 1.7% on a cash basis.

Disposition Activity

As previously announced, on July 1, 2026, we completed the sale of a wholly owned office property in King of Prussia, Pennsylvania for a gross sales price of $41.5 million, or $412 per square foot, and we received net cash proceeds of $37.8 million. The property was 100% occupied at the time of sale.
As previously announced, on July 9, 2026, we completed the sale of a wholly owned office property in Austin, Texas for a gross sales price of $151.0 million, or $734 per square foot, and we received net cash proceeds of $146.1 million. The property was 100% occupied at the time of sale.
On September 10, 2026, we completed the combined sale of two wholly owned office properties in McLean, Virginia for a gross sales price of $97.1 million, or $207 per square foot, and we received net cash proceeds of $92.9 million. The properties on average were 88.6% occupied at the time of sale.
On September 30, 2026, we completed the sale of a wholly owned office property located in Philadelphia, Pennsylvania for a gross sales price of $240.0 million, or $544 per square foot, and we received net cash proceeds of $233.7 million. The property was 3.9% occupied at the time of sale.

Joint Venture Activity

On September 30, 2026, we sold Solaris, our residential property with a 341 unit luxury apartment building in Austin, Texas for a gross sales price of $136.0 million. We owned 57% of the project and received net cash proceeds of $16.3 million for our share in the venture after repayment of the $76.5 million construction loan and our preferred partner. The property was 90.3% occupied at the time of sale.
As of October 21, 2026, our Uptown office venture in Austin, Texas is now 97% leased.

Finance/Capital Markets Activity

During the quarter, we retired $50 million of our 8.80% Guaranteed Notes Due 2028 (the “2028 Bonds”) and $90 million of our 8.875% Guaranteed Notes Due 2029 (the “2029 Bonds”) and recorded $9.2 million loss on extinguishment of debt.
On September 29, 2026, we repaid our $57.3 million Commercial Property Assessed Clean Energy (“C-PACE”) loan prior to the disposition of the encumbered wholly owned office property in Philadelphia, Pennsylvania, and recorded a $6.3 million loss on extinguishment of debt.
During the quarter, we repurchased approximately 4.7 million common shares at an average price of $3.19 per share, totaling $14.9 million. The annual savings on dividend payments is approximately $1.5 million.
As of September 30, 2026, we had a $137 million outstanding balance on our $600.0 million unsecured revolving credit facility.
As of September 30, 2026, we had $313 million of cash and cash equivalents on-hand.

Results for the Three and Nine-Month Periods Ended September 30, 2026

Net loss allocated to common shareholders and unitholders totaled $(22.3) million or $(0.13) per share in the third quarter of 2026 compared to a net loss of $(26.2) million or $(0.15) per diluted share in the third quarter of 2025. Our 2026 results include a non-cash impairment charge totaling $29.1 million, or $(0.17) per share, net gain on the disposition of real estate totaling $55.7 million, or $0.32 per share, and $15.4 million loss on the early extinguishment of debt, or $(0.09) per share.

Core FFO available to common shareholders and unitholders in the third quarter of 2026 totaled $24.5 million or $0.14 per diluted share versus $28.0 million or $0.16 per diluted share in the third quarter of 2025. Our Core FFO results exclude a $(15.4) million, or $(0.09) per share, loss on the early extinguishment of debt. Our third quarter 2026 payout ratio ($0.08 common share distribution / $0.14 Core FFO per diluted share) was 57.1%.

Net loss allocated to common shareholders and unitholders totaled $(102.8) million or $(0.59) per share for the first nine months of 2026 compared to net loss of $(142.6) million or $(0.82) per diluted share in the first nine months of 2025. Our 2026 results include a non-cash impairment charge totaling $41.0 million, or $(0.24) per share, net gain on the disposition of real estate totaling $55.8 million, or $0.32 per share and $(15.4) million loss on the early extinguishment of debt, or $(0.09) per share. Our 2025 results include non-cash impairment charges totaling $63.4 million, or $(0.37) per share, related to portfolio assets located in Austin, Texas.

Core FFO available to common shareholders and unitholders for the first nine months of 2026 totaled $68.2 million, or $0.38 per diluted share compared to Core FFO available to common shareholders and units of $78.8 million, or $0.44 per diluted share, for the first nine months of 2025. Our Core FFO results exclude a $15.4 million, or $(0.09) per share, loss on the early extinguishment of debt. Our first nine months 2026 Core FFO payout ratio ($0.24 common share distribution / $0.38 Core FFO per diluted share) was 63.2%.

Operating and Leasing Activity

In the third quarter of 2026, our Net Operating Income (NOI), excluding termination revenues, bad debt expense and other income items, decreased (0.6)% on an accrual basis and increased 1.7% on a cash basis for our 55 same store properties, which were 88.8% and 89.8% occupied on September 30, 2026 and 2025, respectively.

We leased approximately 372,000 square feet and commenced occupancy on 192,000 square feet during the third quarter of 2026. The third quarter occupancy activity includes 73,000 square feet of renewals, 26,000 square feet of expansions and 93,000 square feet of new leases. We have an additional 163,000 square feet of executed new leasing scheduled to commence subsequent to September 30, 2026.

Our tenant retention ratio was 50% in our core portfolio with negative net absorption of (7,000) square feet during the third quarter of 2026. Third quarter accrual rental rate growth increased 8.4% on our renewal leasing and increased 13.5% on new leasing.

At September 30, 2026, our core portfolio of 58 properties comprising 10.8 million square feet was 89.0% occupied and 90.5% leased (reflecting new leases commencing after September 30, 2026).

Distributions

On September 15, 2026, our Board of Trustees declared a quarterly dividend distribution of $0.08 per common share that will be paid on October 22, 2026 to shareholders of record as of October 8, 2026.

2026 Earnings and FFO Guidance

Based on current plans and assumptions and subject to the risks and uncertainties more fully described in our Securities and Exchange Commission filings, we are adjusting our 2026 loss per share guidance from $(0.45) – $(0.41) per share to $(0.64) – $(0.62) per share and we are also adjusting our previous 2026 FFO guidance from $0.53 – $0.57 per diluted share to a Core FFO range of $0.54 – $0.56 per diluted share which excludes losses on the early extinguishment of debt. Our adjustment to guidance for the 2026 loss per share is primarily due to the loss associated with the $240 million sales transaction in Philadelphia, Pennsylvania and the loss on the early extinguishment of debt recorded in the third quarter. This guidance is provided for informational purposes and is subject to change. The following is a reconciliation of the calculation of 2026 FFO, 2026 Core FFO and earnings per diluted share:

Guidance for 2026	Range

Loss per share allocated to common shareholders	$(0.64	)	to	$(0.62	)
Plus: real estate depreciation, amortization	1.18			1.18
Less: real estate gains and losses, net	(0.32	)		(0.32	)
Plus: real estate impairments	0.23			0.23
FFO per diluted share	$0.45		to	$0.47
Plus: loss on the early extinguishment of debt	0.09			0.09
Core FFO per diluted share	$0.54		to	$0.56

Our 2026 FFO and 2026 Core FFO key assumptions include:

Year-end Core Occupancy Range: 89-90%;
Year-end Core Leased Range: 90-91%;
Rental Rate Mark-to-Market (accrual): 5-6%;
Rental Rate Mark-to-Market (cash): (2)-0%;
Same Store (accrual) NOI Range: (1)-1%;
Same Store (cash) NOI Range: 0-2%;
Speculative Revenue Target: $19.5 million, 100% achieved;
Tenant Retention Rate Range: 53-54%;
Property Acquisition Activity: None;
Property Sales Activity: $545 million, 100% achieved;
Development Starts: Redevelopment of one existing Uptown ATX building in Austin, Texas;
Financing Activity: Repaid our $178 million 3025 JFK Construction Loan maturing in July 2026, financed Avira with a $90 million secured loan and extended the maturity date of our unsecured credit facility to December 31, 2026. Repaid our $57.3 million mortgage secured by 3151 Market Street;
Share Buyback and Bond Repurchase Activity: $120 – 140 million to be executed primarily during third and fourth quarters of 2026 based on current sales activity. $140 million of bond purchases and $14.9 million of common share repurchases achieved;
Annual earnings and FFO and Core FFO per diluted share based on 178.0 million fully diluted weighted average common shares.

Except as outlined in our 2026 Business Plan, which can be located on the Investor Relations page of our website, our estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate based on several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. Management is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO and Core FFO do not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities or depreciable real estate. For a complete definition of Core FFO and FFO and statements of the reasons why management believes Core FFO and FFO provide useful information to investors, see page 37 in our third quarter Supplemental Information Package. There can be no assurance that our actual results will not differ materially from the estimates set forth above. Our 2026 Business Plan is included in our Supplemental Information Package which can be located on the Investor Relations page of our website.

About Brandywine Realty Trust

Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in Philadelphia, PA and Austin, TX. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 107 properties and 18.0 million square feet as of September 30, 2026. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. For more information, please visit www.brandywinerealty.com.

Conference Call and Audio Webcast

After releasing our third quarter earnings after the market close on Wednesday, October 21, 2026, we will hold our third quarter conference call on Thursday, October 22, 2026 at 9:00 a.m. Eastern Time. To access the conference call by phone, please visit this link here, and you will be provided with dial-in details. A live webcast of the conference call will also be available on the Investor Relations page of our website at www.brandywinerealty.com.

Supplemental Information

We produce a Supplemental Information Package that includes details regarding the performance of the portfolio, financial information, non-GAAP financial measures, same-store information and other useful information for investors. The Supplemental Information Package is available via our website, www.brandywinerealty.com, through the “Investor Relations” section.

Looking Ahead – Fourth Quarter 2026 Conference Call

We expect to release our fourth quarter 2026 earnings on Wednesday, February 3, 2027 after the market close and expect to host our fourth quarter 2026 conference call on Thursday, February 4, 2027 at 9:00 a.m. Eastern Time. We expect to issue a press release in advance of these events to reconfirm the dates and times and provide all related information.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. Because such statements involve known and unknown risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward-looking statements, including our 2026 Guidance and our 2026 Business Plan and expectations for timing and terms of developments, sales, capital activities, bond repurchases and common share buybacks, are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and not within our control. Such risks, uncertainties and contingencies include, among others: reduced demand for office space and pricing pressures, including from competitors, changes to tenant work patterns that could limit our ability to lease space or set rents at expected levels or that could lead to declines in rent; uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital or that delay receipt of future debt financings and refinancings; the effect of inflation and interest rate fluctuations, including on the costs of our planned debt financings and refinancings; the potential loss or bankruptcy of tenants or the inability of tenants to meet their rent and other lease obligations; risks of acquisitions and dispositions, including unexpected liabilities and integration costs; delays in completing, and cost overruns incurred in connection with, our developments and redevelopments; disagreements with joint venture partners; unanticipated operating and capital costs; uninsured casualty losses and our ability to obtain adequate insurance, including coverage for terrorist acts; additional asset impairments; our dependence upon certain geographic markets; changes in governmental regulations, tax laws and rates and similar matters; impacts from changes to U.S. trade and foreign relations policies, including the imposition of tariffs; impacts of a U.S. government shutdown; unexpected costs of REIT qualification compliance; costs and disruptions as the result of a cybersecurity incident or other technology disruption; reliance on key personnel; and failure to maintain an effective system of internal control, including internal control over financial reporting. The declaration and payment of future dividends (both timing and amount) is subject to the determination of our Board of Trustees, in its sole discretion, after considering various factors, including our financial condition, historical and forecast operating results, and available cash flow, as well as any applicable laws and contractual covenants and any other relevant factors. Our Board’s practice regarding declaration of dividends may be modified at any time and from time to time. Additional information on factors which could impact us and the forward-looking statements contained herein are included in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2025. Given the uncertainties, we caution readers not to place undue reliance on forward-looking statements. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events except as required by law.

Non-GAAP Supplemental Financial Measures

We compute our financial results in accordance with generally accepted accounting principles (GAAP). Although FFO, Core FFO and NOI are non-GAAP financial measures, we believe that Core FFO, FFO and NOI calculations are helpful to shareholders and potential investors and are widely recognized measures of real estate investment trust performance. At the end of this press release, we have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measure.

Funds From Operations (FFO) and Core Funds from Operations (“Core FFO”)

We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT), which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than us. NAREIT defines FFO as net income (loss) before non-controlling interests of common unitholders and excluding gains (losses) on sales of depreciable operating property, impairment losses on depreciable consolidated real estate, impairment losses on investments in unconsolidated real estate ventures and extraordinary items (computed in accordance with GAAP); plus real estate related depreciation and amortization (excluding amortization of deferred financing costs), and after similar adjustments for unconsolidated joint ventures.

Core FFO is a computation made by analysts and investors to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations, including items such as (gains) losses from sales of non-depreciable land and debt extinguishment costs from the determination of FFO. Our calculation of Core FFO may differ from the methodology used for calculating Core FFO by other REITs and, accordingly, our Core FFO may not be comparable to Core FFO reported by other REITs.

To facilitate a clear understanding of our historical operating results, FFO and Core FFO should be examined in conjunction with net income (determined in accordance with GAAP) as presented in the financial statements included elsewhere in this release. Neither FFO nor Core FFO represent cash flow from operating activities (determined in accordance with GAAP) and should not be considered to be an alternative to net income (loss) (determined in accordance with GAAP) as an indication of our financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor are they indicative of funds available for our cash needs, including our ability to make cash distributions to shareholders. We generally consider FFO, Core FFO, FFO per share and Core FFO per share to be useful measures for understanding and comparing our operating results because they facilitate an understanding of our operating performance after adjustment for certain non-recurring items that are required by GAAP to be expensed but may not necessarily be indictive of current operating performance and our operating performance between periods. Furthermore, although FFO, Core FFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we believe that FFO and Core FFO may provide us and our investors with an additional useful measure to compare our financial performance to certain other REITs.

Net Operating Income (NOI)

NOI (accrual basis) is a Non-GAAP financial measure equal to net income available to common shareholders, the most directly comparable GAAP financial measure, plus corporate general and administrative expense, depreciation and amortization, interest expense, non-controlling interest in the Operating Partnership and losses from early extinguishment of debt, less interest income, development and management income, gains from property dispositions, gains on sale from discontinued operations, gains on early extinguishment of debt, income from discontinued operations, income from unconsolidated joint ventures and non-controlling interest in property partnerships. In some cases we also present NOI on a cash basis, which is NOI after eliminating the effects of straight-lining of rent and deferred market intangible amortization. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income as an indication of our performance or to cash flows as a measure of the Company’s liquidity or its ability to make distributions. We believe NOI is a useful measure for evaluating the operating performance of our properties, as it excludes certain components from net income available to common shareholders in order to provide results that are more closely related to a property’s results of operations. We use NOI internally to evaluate the performance of our operating segments and to make decisions about resource allocations. We concluded that NOI provides useful information to investors regarding our financial condition and results of operations, as it reflects only the income and expense items incurred at the property level, as well as the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unlevered basis.

Same Store Properties

In our analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by us throughout each period presented. We refer to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by us through the end of the latest period presented as Same Store Properties. Same Store Properties therefore exclude properties placed in-service, acquired, repositioned, held for sale or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store Properties.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

EBITDA is a non-GAAP financial measure. The Company computes EBITDA in accordance with standards established by NAREIT, which may not be comparable to EBITDA reported by other REITs that do not compute EBITDA in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company. EBITDA is defined as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense (if any), plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated real estate ventures, plus adjustments to reflect the Company’s share of EBITDA of unconsolidated real estate ventures. EBITDA is not intended to represent cash flow for the period, is not presented as an alternative to operating income as an indicator of operating performance, should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not indicative of operating income or cash provided by operating activities as determined under GAAP. EBITDA is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company’s ability to service or incur debt.

Core Portfolio

Our core portfolio is comprised of our wholly owned properties, excluding any properties currently in development, re-development or recently completed, not yet stabilized or held for sale.

Speculative Revenue

Speculative Revenue represents the amount of rental revenue the Company projects to be recorded during the current calendar year from new and renewal leasing activity in its core portfolio that has yet to be executed as of the beginning of the year. This revenue is primarily attributable to the absorption of core portfolio square footage that was either vacant at the beginning of the year or the renewal of existing tenants due to expire during the current year.

BRANDYWINE REALTY TRUST CONSOLIDATED BALANCE SHEETS *(unaudited, in thousands, except share and per share data)*

	September 30, 2026			December 31, 2025
ASSETS
Real estate investments:
Operating properties	$	3,300,851		$	3,753,780
Accumulated depreciation		(1,263,796	)		(1,259,090	)
Prepaid ground leases, net		6,944			51,399
Right of use asset – operating leases, net		12,145			17,806
Operating real estate investments, net		2,056,144			2,563,895
Construction-in-progress		82,518			118,543
Land held for development		80,403			70,405
Prepaid leasehold interests in land held for development, net		27,762			27,762
Total real estate investments, net		2,246,827			2,780,605
Cash and cash equivalents		312,743			32,284
Restricted cash and escrow		954			30,018
Accounts receivable		17,146			22,154
Accrued rent receivable, net of allowance of $369 and $424 as of September 30, 2026 and December 31, 2025, respectively		169,047			182,651
Investment in unconsolidated real estate ventures		306,663			314,326
Deferred costs, net		68,566			79,549
Intangible assets, net		11,579			22,426
Other assets		143,186			122,227
Total assets	$	3,276,711		$	3,586,240
LIABILITIES AND BENEFICIARIES’ EQUITY
Secured debt, net	$	88,009		$	234,079
Unsecured credit facility		137,000			—
Unsecured term loan, net		249,695			249,389
Unsecured senior notes, net		1,934,858			2,073,394
Accounts payable and accrued expenses		143,612			143,826
Distributions payable		13,819			14,108
Deferred income, gains and rent		22,346			22,569
Intangible liabilities, net		5,889			12,713
Lease liability – operating leases		17,052			23,720
Other liabilities		13,294			14,588
Total liabilities	$	2,625,574		$	2,788,386
Brandywine Realty Trust’s Equity:
Common Shares of Brandywine Realty Trust’s beneficial interest, $0.01 par value; shares authorized 400,000,000; 170,026,338 and 173,699,039 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		1,694			1,733
Additional paid-in-capital		3,191,409			3,199,838
Deferred compensation payable in common shares		25,467			23,069
Common shares in grantor trust, 2,288,739 and 1,583,000 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		(25,467	)		(23,069	)
Cumulative earnings		503,217			605,252
Accumulated other comprehensive income (loss)		5,262			(1,437	)
Cumulative distributions		(3,055,059	)		(3,012,654	)
Total Brandywine Realty Trust’s equity		646,523			792,732
Noncontrolling interests		4,614			5,122
Total beneficiaries’ equity	$	651,137		$	797,854
Total liabilities and beneficiaries’ equity	$	3,276,711		$	3,586,240

BRANDYWINE REALTY TRUST CONSOLIDATED STATEMENTS OF OPERATIONS *(unaudited, in thousands, except share and per share data)*

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Revenue
Rents	$	118,661		$	114,742		$	362,016		$	343,366
Third party management fees, labor reimbursement and leasing		3,975			4,540			12,763			15,242
Other		3,002			2,135			6,783			4,896
Total revenue		125,638			121,417			381,562			363,504
Operating expenses
Property operating expenses		39,232			31,412			116,326			96,303
Real estate taxes		10,982			11,647			33,988			34,586
Third party management expenses		1,884			2,350			6,317			7,467
Depreciation and amortization		45,088			43,005			142,068			131,120
General and administrative expenses		7,954			7,841			29,552			34,636
Provision for impairment		29,057			—			40,966			63,369
Total operating expenses		134,197			96,255			369,217			367,481
Gain on sale of real estate
Net gain on disposition of real estate		55,689			35			55,752			3,008
Total gain on sale of real estate		55,689			35			55,752			3,008
Operating income (loss)		47,130			25,197			68,097			(969	)
Other income (expense):
Interest and investment income		702			1,238			2,436			3,274
Interest expense		(39,035	)		(32,914	)		(121,855	)		(97,104	)
Interest expense – amortization of deferred financing costs		(1,322	)		(1,336	)		(4,054	)		(3,763	)
Equity in loss of unconsolidated real estate ventures		(14,157	)		(18,183	)		(31,597	)		(43,526	)
Net gain on real estate venture transactions		—			—			—			183
Loss on early extinguishment of debt		(15,417	)		—			(15,441	)		—
Net loss before income taxes		(22,099	)		(25,998	)		(102,414	)		(141,905	)
Income tax provision		(43	)		—			(67	)		(85	)
Net loss		(22,142	)		(25,998	)		(102,481	)		(141,990	)
Net loss attributable to noncontrolling interests		108			79			446			427
Net loss attributable to Brandywine Realty Trust		(22,034	)		(25,919	)		(102,035	)		(141,563	)
Nonforfeitable dividends allocated to unvested restricted shareholders		(228	)		(313	)		(794	)		(1,064	)
Net loss attributable to Common Shareholders of Brandywine Realty Trust	$	(22,262	)	$	(26,232	)	$	(102,829	)	$	(142,627	)
PER SHARE DATA
Basic loss per Common Share	$	(0.13	)	$	(0.15	)	$	(0.59	)	$	(0.82	)
Basic weighted average shares outstanding		172,010,229			173,699,312			173,377,458			173,385,330
Diluted loss per Common Share	$	(0.13	)	$	(0.15	)	$	(0.59	)	$	(0.82	)
Diluted weighted average shares outstanding		172,010,229			173,699,312			173,377,458			173,385,330

BRANDYWINE REALTY TRUST FUNDS FROM OPERATIONS *(unaudited, in thousands, except share and per share data)*

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Net loss attributable to common shareholders	$	(22,262	)	$	(26,232	)	$	(102,829	)	$	(142,627	)
Add (deduct):
Net loss attributable to noncontrolling interests – LP units		(73	)		(78	)		(314	)		(426	)
Nonforfeitable dividends allocated to unvested restricted shareholders		228			313			794			1,064
Net (gain) loss on real estate venture transactions		(5,027	)		305			(4,287	)		107
Net gain on disposition of real estate		(55,689	)		(35	)		(55,752	)		(3,008	)
Provision for impairment		29,057			—			40,966			63,369
Company’s share of impairment of an unconsolidated real estate venture		10,559			—			10,559			—
Depreciation and amortization:
Real property		38,767			37,786			122,626			114,878
Leasing costs including acquired intangibles		4,964			4,439			16,099			13,842
Company’s share of unconsolidated real estate ventures		8,830			11,876			26,035			32,657
Partners’ share of consolidated real estate ventures		(55	)		(6	)		(207	)		(13	)
Funds from operations		9,299			28,368		$	53,690		$	79,843
Funds from operations allocable to unvested restricted shareholders		(161	)		(337	)		(966	)		(1,037	)
Funds from operations available to common share and unitholders (FFO)	$	9,138		$	28,031		$	52,724		$	78,806
FFO per share – fully diluted	$	0.05		$	0.16		$	0.29		$	0.44
Plus: Capital market, transactional items and other	$	15,417		$	—		$	15,441		$	—
Core FFO	$	24,555		$	28,031		$	68,165		$	78,806
Core FFO per share – fully diluted	$	0.14		$	0.16		$	0.38		$	0.44
Weighted-average shares/units outstanding — fully diluted		179,426,959			178,984,473			180,485,496			178,630,855
Distributions paid per common share	$	0.08		$	0.15		$	0.24		$	0.45


BRANDYWINE REALTY TRUST SAME STORE OPERATIONS – 3rd QUARTER (unaudited and in thousands)

Of the 59 properties owned by the Company as of September 30, 2026, a total of 55 properties (“Same Store Properties”) containing an aggregate of 10.4 million net rentable square feet were owned for the entire three months ended September 30, 2026 and 2025. As of September 30, 2026, three properties were recently completed and one property was in development/redevelopment. The Same Store Properties were 88.8% and 89.8% occupied as of September 30, 2026 and 2025, respectively. The following table sets forth revenue and expense information for the Same Store Properties:

	Three Months Ended September 30,
	2026				2025
Revenue
Rents	$	99,762			$	97,372
Other		332				243
Total revenue		100,094				97,615
Operating expenses
Property operating expenses		27,904				25,952
Real estate taxes		9,662				9,679
Other
Net operating income	$	62,528			$	61,984
Net operating income – percentage change over prior year		0.9		%
Net operating income, excluding other items (1)	$	61,304			$	61,678
Net operating income, excluding other items – percentage change over prior year		(0.6	)	%
Net operating income	$	62,528			$	61,984
Straight line rents & other		1,917				340
Above/below market rent amortization		(160	)			(164	)
Amortization of tenant inducements		232				190
Non-cash ground rent expense		184				188
Cash – Net operating income	$	64,701			$	62,538
Cash – Net operating income – percentage change over prior year		3.5		%
Cash – Net operating income, excluding other items (1)	$	63,086			$	62,055
Cash – Net operating income, excluding other items – percentage change over prior year		1.7		%
	Three Months Ended September 30,
	2026				2025
Net loss:	$	(22,142	)		$	(25,998	)
Add/(deduct):
Interest and investment income		(702	)			(1,238	)
Interest expense		39,035				32,914
Interest expense – amortization of deferred financing costs		1,322				1,336
Equity in loss of unconsolidated real estate ventures		14,157				18,183
Net (gain) loss on disposition of real estate		(55,689	)			(35	)
Gain on early extinguishment of debt		15,417				—
Depreciation and amortization		45,088				43,005
General & administrative expenses		7,954				7,841
Income tax provision		43				—
Provision for impairment		29,057				—
Consolidated net operating income		73,540				76,008
Less: Net operating income of non-same store properties and elimination of non-property specific operations		(11,012	)			(14,024	)
Same store net operating income	$	62,528			$	61,984

(1) – Other items represent termination fees and bad debt expense and other income.


BRANDYWINE REALTY TRUST SAME STORE OPERATIONS – NINE MONTHS *(unaudited and in thousands)*

Of the 59 properties owned by the Company as of September 30, 2026, a total of 55 properties (“Same Store Properties”) containing an aggregate of 10.4 million net rentable square feet were owned for the entire nine months ended September 30, 2026 and 2025. As of September 30, 2026, three properties were recently completed, and one property was in development/redevelopment. The Same Store Properties were 88.8% and 89.8% occupied as of September 30, 2026 and 2025, respectively. The following table sets forth revenue and expense information for the Same Store Properties:

	Nine Months Ended September 30,
	2026				2025
Revenue
Rents	$	297,446			$	288,683
Other		806				713
Total revenue		298,252				289,396
Operating expenses
Property operating expenses		84,919				78,107
Real estate taxes		28,800				27,720
Net operating income	$	184,533			$	183,569
Net operating income – percentage change over prior year		0.5		%
Net operating income, excluding other items (1)	$	182,316			$	182,178
Net operating income, excluding other items – percentage change over prior year		0.1		%
Net operating income	$	184,533			$	183,569
Straight line rents & other		3,027				(704	)
Above/below market rent amortization		(479	)			(492	)
Amortization of tenant inducements		683				569
Non-cash ground rent expense		557				569
Cash – Net operating income	$	188,321			$	183,511
Cash – Net operating income – percentage change over prior year		2.6		%
Cash – Net operating income, excluding other items (1)	$	185,397			$	181,536
Cash – Net operating income, excluding other items – percentage change over prior year		2.1		%
	Nine Months Ended September 30,
	2026				2025
Net loss:	$	(102,481	)		$	(141,990	)
Add/(deduct):
Interest income		(2,436	)			(3,274	)
Interest expense		121,855				97,104
Interest expense – amortization of deferred financing costs		4,054				3,763
Equity in loss of unconsolidated real estate ventures		31,597				43,526
Net gain on real estate venture transactions		—				(183	)
Net loss on disposition of real estate		(55,752	)			(3,008	)
Gain on early extinguishment of debt		15,441				—
Depreciation and amortization		142,068				131,120
General & administrative expenses		29,552				34,636
Income tax provision		67				85
Provision for impairment		40,966				63,369
Consolidated net operating income		224,931				225,148
Less: Net operating income of non-same store properties and elimination of non-property specific operations		(40,398	)			(41,579	)
Same store net operating income	$	184,533			$	183,569

(1) – Other items represent termination fees and bad debt expense and other income.

Company / Investor Contact:
Tom Wirth
EVP & CFO
610-832-7434
tom.wirth@bdnreit.com

Posted in UncategorizedTagged GlobeNewswire

Manhattan Bridge Capital, Inc. Reports Third Quarter Results for 2026

Posted on October 21, 2026 by Ravi Shankar

GREAT NECK, N.Y., Oct. 21, 2026 (GLOBE NEWSWIRE) — Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its total revenues for the three months ended September 30, 2026 were approximately $2,054,000, compared to approximately $2,036,000 for the same period in 2025, representing an increase of approximately $18,000, or 0.9%. The increase was primarily attributable to higher origination fees, partially offset by lower interest income resulting from lower interest rates charged to borrowers due to increased competition in the marketplace. For the three months ended September 30, 2026 and 2025, approximately $1,662,000 and $1,770,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans offered to real estate investors, and approximately $392,000 and $265,000, respectively, of the Company’s revenues were attributable to origination fees on such loans. The loans are principally secured by real estate collateral and accompanied by personal guarantees from the principals of the borrowers.

Net income for the three months ended September 30, 2026 was approximately $1,238,000, or $0.11 per basic and diluted share (based on approximately 11.41 million weighted-average outstanding common shares), compared to approximately $1,202,000, or $0.11 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the same period in 2025, representing an increase of approximately $36,000, or 3.0%. The increase was primarily attributable to lower interest expense and higher origination fee income, partially offset by lower interest income and higher general and administrative expenses.

Total revenues for the nine months ended September 30, 2026 were approximately $6,166,000, compared to approximately $6,665,000 for the same period in 2025, representing a decrease of approximately $499,000, or 7.5%. The decrease occurred despite increases in both the number of loans originated and the amount of capital deployed and was primarily attributable to lower interest rates and origination fees charged to borrowers as a result of increased competition in the marketplace. For the nine months ended September 30, 2026 and 2025, approximately $5,099,000 and $5,504,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans offered to real estate investors, and approximately $1,067,000 and $1,161,000, respectively, were attributable to origination fees on such loans. The loans are principally secured by real estate collateral and accompanied by personal guarantees from the principals of the borrowers.

Net income for the nine months ended September 30, 2026 was approximately $3,665,000, or $0.32 per basic and diluted share (based on approximately 11.42 million weighted-average outstanding common shares), compared to approximately $3,988,000, or $0.35 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the same period in 2025, representing a decrease of approximately $323,000, or 8.1%. The decrease was primarily attributable to lower revenues and higher general and administrative expenses, partially offset by lower interest expense.

As of September 30, 2026, total shareholders’ equity was approximately $42,789,000.

On November 20, 2025, the Company’s board of directors authorized a share repurchase program authorizing the repurchase of up to 100,000 shares of the Company’s common stock in the next twelve months. As of September 30, 2026, the Company had repurchased an aggregate of 61,185 shares under the program at a total cost of approximately $248,000. Of these amounts, 54,985 shares were repurchased during the nine months ended September 30, 2026 at an aggregate cost of approximately $219,000.

On October 8, 2026, the Company’s board of directors approved an amendment to the existing share repurchase program, increasing the aggregate number of shares authorized for repurchase from 100,000 to 250,000 shares and extending the program for an additional 12 months, through October 8, 2027.

Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “The increasing interest rate environment is raising pressure on the real estate markets, rent-to-mortgage-payment ratios are getting tighter, and sales are lingering as fewer buyers qualify for loans. Yet, unexpectedly, hard money rates haven’t increased much at this point due to intense competition. The facts that we’re exceptionally low leveraged and conservative are beneficial during these times.”

About Manhattan Bridge Capital, Inc.

Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or development of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. The Company operates the website: https://www.manhattanbridgecapital.com.

Forward-Looking Statements

This press release and statements made by the Company’s representatives in connection with this press release contain, or may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” and “continue,” and similar expressions, are intended to identify forward-looking statements.

Forward-looking statements in this press release include, among other things, statements regarding the future lending activity, competitive conditions, and interest rates. Readers are cautioned that forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in such forward-looking statements as a result of various factors, including, but not limited to: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates and fees; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or the amounts recoverable through foreclosure, or incorrectly value the collateral securing our loans, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case shareholders may be required to pay income taxes in excess of the cash dividends they receive; and (ix) an increase in interest rates may affect our profitability. The risk factors described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission, identify additional important factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS

Assets	September 30, 2026 (unaudited)		December 31, 2025 (audited)
Loans receivable, net of deferred origination and other fees	$	59,478,735	$	60,218,841
Interest and other fees receivable on loans		1,566,838		1,642,825
Cash		168,093		204,889
Cash – restricted		8,750		23,350
Other assets		88,508		60,742
Right-of-use asset – operating lease, net		61,616		101,226
Deferred financing costs, net		107,000		98,858
Total assets	$	61,479,540	$	62,350,731

Liabilities and Stockholders’ Equity
Liabilities:
Lines of credit	$	17,034,621		$	17,601,132
Accounts payable and accrued expenses		170,734			173,247
Operating lease liability		69,274			112,076
Loan holdback		164,598			50,000
Dividends payable		1,250,834			1,314,732
Total liabilities		18,690,061			19,251,187
Commitments and contingencies

Stockholders’ equity:
Preferred shares – $.01 par value; 5,000,000 shares authorized; none issued and outstanding		—			—
Common shares – $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,377,466 and 11,432,451 outstanding, respectively		11,757			11,757
Additional paid-in capital		45,583,716			45,575,006
Less: Treasury shares, at cost – 379,592 and 324,607 shares, respectively		(1,318,303	)		(1,098,964	)
Accumulated deficit		(1,487,691	)		(1,388,255	)
Total stockholders’ equity		42,789,479			43,099,544
Total liabilities and stockholders’ equity	$	61,479,540		$	62,350,731


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026			2025
Revenue: Interest income from loans	$	1,661,896	$	1,770,377	$	5,099,291		$	5,503,694
Origination fees		391,662		265,376		1,067,114			1,161,008
Total revenue		2,053,558		2,035,753		6,166,405			6,664,702

Operating costs and expenses:
Interest and amortization of deferred financing costs		369,477		421,980		1,131,684			1,379,595
Referral fees		2,844		2,575		8,455			4,242
General and administrative expenses		447,275		413,518		1,373,033			1,304,873
Total operating costs and expenses		819,596		838,073		2,513,172			2,688,710
Income from operations		1,233,962		1,197,680		3,653,233			3,975,992
Other income		4,500		4,500		13,500			13,500
Income before income tax expense		1,238,462		1,202,180		3,666,733			3,989,492
Income tax expense		—		—		(1,300	)		(1,210	)
Net income	$	1,238,462	$	1,202,180	$	3,665,433		$	3,988,282

Basic and diluted net income per common share outstanding:
–Basic	$	0.11	$	0.11	$	0.32		$	0.35
–Diluted	$	0.11	$	0.11	$	0.32		$	0.35

Weighted average number of common shares outstanding:
–Basic		11,410,412		11,438,651		11,422,745			11,438,651
–Diluted		11,410,412		11,438,651		11,422,745			11,438,651


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited)

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026
	Common Shares		Additional Paid in Capital	Treasury Shares		Accumulated Deficit	Totals
	Shares	Amount		Shares	Cost
Balance, July 1, 2026	11,757,058	$11,757	$45,581,538	331,549	$(1,129,013)	$(1,475,319)	$42,988,963
Non-cash compensation			2,178				2,178
Purchase of treasury shares				48,043	(189,290)		(189,290)
Dividends declared and payable						(1,250,834)	(1,250,834)
Net income	________	______	__________	______	__________	1,238,462	1,238,462
Balance, September 30, 2026	11,757,058	$11,757	$45,583,716	379,592	$(1,318,303)	$(1,487,691)	$42,789,479

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025
	Common Shares		Additional Paid in Capital	Treasury Shares		Accumulated Deficit	Totals
	Shares	Amount		Shares	Cost
Balance, July 1, 2025	11,757,058	$11,757	$45,568,473	318,407	$(1,070,406)	$(1,082,953)	$43,426,871
Non-cash compensation			3,266				3,266
Dividends declared and payable						(1,315,445)	(1,315,445)
Net income	________	______	__________	______	__________	1,202,180	1,202,180
Balance, September 30, 2025	11,757,058	$11,757	$45,571,739	318,407	$(1,070,406)	$(1,196,218)	$43,316,872

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026
	Common Shares		Additional Paid in Capital	Treasury Shares		Accumulated Deficit	Totals
	Shares	Amount		Shares	Cost
Balance, January 1, 2026	11,757,058	$11,757	$45,575,006	324,607	$(1,098,964)	$ (1,388,255)	$43,099,544
Non-cash compensation			8,710				8,710
Purchase of treasury shares				54,985	(219,339)		(219,339)
Dividends paid						(2,514,035)	(2,514,035)
Dividends declared and payable						(1,250,834)	(1,250,834)
Net income	________	______	_________	______	__________	3,665,433	3,665,433
Balance, September 30, 2026	11,757,058	$11,757	$45,583,716	379,592	$(1,318,303)	$(1,487,691)	$42,789,479

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025
	Common Shares		Additional Paid in Capital	Treasury Shares		Accumulated Deficit	Totals
	Shares	Amount		Shares	Cost
Balance, January 1, 2025	11,757,058	$11,757	$45,561,941	318,407	$(1,070,406)	$(1,238,165)	$43,265,127
Non-cash compensation			9,798				9,798
Dividends paid						(2,630,890)	(2,630,890)
Dividends declared and payable						(1,315,445)	(1,315,445)
Net income	________	______	__________	______	__________	3,988,282	3,988,282
Balance, September 30, 2025	11,757,058	$11,757	$45,571,739	318,407	$(1,070,406)	$(1,196,218)	$43,316,872


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Nine Months Ended September 30,
	2026			2025
Cash flows from operating activities:
Net income	$	3,665,433		$	3,988,282
Adjustments to reconcile net income to net cash provided by operating activities –
Amortization of deferred financing costs		56,675			66,710
Adjustment to right-of-use asset – operating lease and liability		(3,191	)		(1,459	)
Depreciation		1,281			4,007
Non-cash compensation expense		8,710			9,798
Changes in operating assets and liabilities:
Interest and other fees receivable on loans		75,987			(70,895	)
Other assets		(29,049	)		(69,940	)
Accounts payable and accrued expenses		(2,513	)		(60,678	)
Deferred origination and other fees		138,546			(59,801	)
Proceeds from borrower escrow deposits – loan holdback		114,598			—
Net cash provided by operating activities		4,026,477			3,806,024

Cash flows from investing activities:
Issuance of short-term loans		(40,832,273	)		(27,957,494	)
Collections received from loans		41,433,833			35,474,993
Purchase of fixed assets		—			(418	)
Net cash provided by investing activities		601,560			7,517,081

Cash flows from financing activities:
Repayment of lines of credit		(43,901,366	)		(40,751,845	)
Proceeds from lines of credit		43,334,855			33,373,595
Dividends paid		(3,828,767	)		(3,946,335	)
Purchase of treasury shares		(219,339	)		—
Deferred financing costs incurred		(64,816	)		—
Net cash used in financing activities		(4,679,433	)		(11,324,585	)

Net decrease in cash and restricted cash		(51,396	)		(1,480	)
Cash and restricted cash, beginning of period⁽¹⁾		228,239			201,762
Cash and restricted cash, end of period⁽²⁾	$	176,843		$	200,282

Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for taxes	$	1,300		$	1,210
Cash paid during the period for interest	$	1,074,078		$	1,346,361
Cash paid during the period for operating leases	$	49,454		$	47,973

Supplemental Schedule of Noncash Financing Activities:
Dividend declared and payable	$	1,250,834		$	1,315,445

Supplemental Schedule of Noncash Operating and Investing Activities:
Reduction in interest receivable in connection with the increase in loans receivable	$	—		$	13,122

^{(1) At December 31, 2025 and 2024, cash and restricted cash included $23,350 and $23,750, respectively, of restricted cash.}
^{(2) At September 30, 2026 and 2025, cash and restricted cash included $8,750 and $13,847, respectively, of restricted cash.}

Contact:
Assaf Ran, CEO
(516) 444-3400
www.linkedin.com/in/assafran
SOURCE: Manhattan Bridge Capital, Inc.

Posted in UncategorizedTagged GlobeNewswire