Author: Ravi Shankar

NVIDIA DSX Enables European Companies to Reduce Water Consumption for Cooling by up to 100% and Generate the Same AI Output With up to 30% Less Power

News Summary: 

• NVIDIA DSX reference designs use closed-loop liquid cooling and dry coolers to enable near-zero facility cooling water consumption, with potential savings of 54 million liters a day for a 2-gigawatt deployment — equivalent to the daily water use of 180,000 households.
• AI clouds in Europe are building and operating NVIDIA DSX-based AI factories, expanding access to accelerated computing for the continent’s enterprises, developers and governments.
• NVIDIA DSX MaxLPS software helps operators use up to 30% less power to generate the same number of tokens, with CoreWeave, Firmus, Google Cloud, IREN, Lambda, Nebius, Nscale and Sharon AI planning to use the technology, while DSX Flex software turns AI factories into flexible power loads to support grid reliability and enable faster grid connection.
• NVIDIA SimReady Central, a hub for simulation-ready digital models of physical equipment, launches on Hugging Face with validated power and cooling assets, helping operators build and simulate DSX AI factory digital twins faster.
• New NVIDIA DSX OS open source software automates infrastructure lifecycle and improves health automation as well as resiliency capabilities to help operators run AI factories at scale.
• An expanding ecosystem — including technology and industrial AI leaders AVEVA, Dassault Systèmes and Siemens, and energy and cooling providers ABB, Eaton, GE Vernova, Hitachi Energy, Schneider Electric, Siemens Energy, Trane Technologies and Vertiv — is connecting AI factory design, power, cooling and operations to support Europe’s accelerated computing buildout.

BERLIN, Oct. 21, 2026 (GLOBE NEWSWIRE) — GTC Berlin — NVIDIA today announced that Europe’s leading ecosystem partners are adopting the NVIDIA DSX™ AI Factory Platform to build AI factories that minimize water consumption for cooling and use less power for the same AI output. The platform also helps partners bring new capacity online faster and adapt workload power consumption to support grid reliability.  

NVIDIA DSX is a full-stack AI factory reference architecture, co-innovated with the world’s leading infrastructure companies. Compute, networking, storage, software, power and cooling are codesigned as one system — optimized from design to operation. 

AI clouds and leading design, construction, energy and cooling providers are using DSX to build and operate infrastructure serving Europe’s enterprises, developers and governments.

“Europe’s technology leadership depends on how efficiently we turn power and infrastructure into intelligence,” said Warren Barkley, vice president of DSX product management at NVIDIA. “NVIDIA DSX brings together the technologies and ecosystem expertise operators need to build responsibly, operate efficiently at scale and bring intelligence to the market faster.”

The NVIDIA DSX platform includes DSX MaxLPS™ for dynamic power allocation, DSX Flex for coordinating workload power consumption with grid conditions, DSX Reference Design for validated infrastructure architectures, DSX Sim™ for simulation, DSX OS™ for infrastructure management and DSX Exchange™ for connecting computing and facility systems. These technologies help operators design, deploy and run AI factories that save valuable resources. 

NVIDIA DSX Rethinks Cooling
Conventional cooling towers remove heat by evaporating water, requiring a continual supply of replacement water. NVIDIA DSX reference designs connect liquid-cooled computing with dry-cooler-based heat rejection that avoids evaporation: Cooling liquid absorbs heat from computing equipment and circulates in a closed loop, while outdoor dry coolers, similar to large radiators, release that heat into the air without evaporating water.

NVIDIA Vera Rubin infrastructure supports 100% liquid cooling with coolant temperatures of up to 45 degrees Celsius. With dry-cooler-based designs, this architecture can reduce facility cooling water consumption to near zero. At 2-gigawatt scale, NVIDIA DSX can save 54 million liters of water a day compared with conventional cooling-tower-based systems — equivalent to the daily water use of 180,000 households. Local climate determines whether supplemental mechanical cooling is needed during the hottest periods.

Delivering the Same AI Output With Less Power
Power availability defines how much capacity operators can bring online. DSX MaxLPS and DSX Flex address this constraint.

DSX MaxLPS dynamically allocates power within an AI factory’s provisioned budget, helping operators generate the same number of tokens with up to 30% less power. Operators can also use this efficiency to support more GPU capacity and higher throughput within existing power budgets. CoreWeave, Firmus, Google Cloud, IREN, Lambda, Nebius, Nscale and Sharon AI are exploring the software.

In a proof of concept across NVIDIA HGX™ B200 systems with DSX MaxLPS, Lambda demonstrated 24% more cluster token throughput and 19% more GPU capacity within a fixed power budget.

Coordinating AI Factory Power Demand With the Grid
DSX Flex helps AI factories become flexible assets for the power grid, enabling operators to adapt workload power consumption to utility needs, demand-response events and energy prices. It can also coordinate electricity from the grid, onsite renewables and energy storage, helping AI factories operate as flexible power loads that support grid reliability and enable faster grid connection. 

In an early trial, Emerald AI, EPRI, Nebius, the U.K. National Grid and NVIDIA demonstrated reductions of up to 40% in the cluster’s power draw on an NVIDIA Blackwell Ultra GPU cluster in response to simulated grid events, while critical workloads continued running.

Nscale Advances AI Factory Efficiency With NVIDIA DSX
Using DSX MaxLPS, DSX Flex and DSX Sim, Nscale is demonstrating how the NVIDIA DSX platform connects power optimization, grid-responsive operations and design.

Based on an evaluation run in Nscale AI factory in Iceland, using DSX MaxLPS across four NVIDIA GB300 NVL72 racks, Nscale demonstrated 49% higher inference throughput and 37% more managed GPU capacity within the same 264-kilowatt provisioned power budget. The results demonstrate how dynamic power allocation can unlock additional capacity from existing infrastructure.

Nscale is also exploring DSX Flex to align workload power consumption with grid conditions. 

“Europe’s AI ambitions demand that we make every megawatt count,” said Josh Payne, founder and CEO of Nscale. “With NVIDIA DSX, we’re building AI factories that deliver more compute from available power, respond to grid conditions and move faster from design to deployment.”

For its facilities in Portugal and Iceland, Nscale is using DSX Sim to create digital twins that help evaluate power, cooling and infrastructure configurations before deployment. By validating designs virtually, Nscale can identify potential issues earlier, reduce deployment risk and accelerate the path from planning to productive capacity.

Accelerating AI Factory Design With DSX Sim and SimReady Central Library
NVIDIA is launching SimReady Central Library with validated power and cooling equipment assets from partners like Vertiv, accelerating the creation of DSX AI factory digital twins.

Used with DSX Sim, ecosystem partners including PTC are helping create these simulation-ready assets with computer-aided design to enable SimReady workflows that let builders model infrastructure configurations and evaluate power and cooling decisions before equipment is installed. Operators can validate designs earlier, reduce deployment risk and move faster from planning to construction.

Driving Production Readiness With NVIDIA DSX OS
To help operators turn installed infrastructure into productive capacity, NVIDIA is expanding its modular, open source DSX OS portfolio with three components in developer preview:

• NVIDIA Config Manager automates AI factory network configuration.
• NVIDIA Rack Management Service provides rack-level power, inventory, firmware and switch management.
• NVIDIA Cluster Readiness Engine runs distributed workloads to validate GPU clusters before production workloads arrive and isolate failures to specific nodes.

Together with NVIDIA Infrastructure Controller, NVIDIA AI Cluster Runtime and NVSentinel, these components help operators automate infrastructure lifecycle management, maintain consistent runtime environments and strengthen health validation, fault attribution and recovery.

Cloud partners including Aleria, Cassava, CoreWeave, Crusoe, Firmus, Firebird, G42, GMI Cloud, IREN, Lambda, Nebius, Nscale, Radiant, Sharon AI and Volta are exploring the latest components of NVIDIA DSX OS to automate infrastructure lifecycle management, and improve resiliency and reliability.

Connecting Design, Power and Cooling Across Europe’s AI Factory Ecosystem
NVIDIA’s industrial software, power and cooling partners are advancing Europe’s AI factory buildout with DSX reference designs, lifecycle digital twins and qualified equipment that connect facility infrastructure with accelerated computing.

• Schneider Electric has developed power and cooling reference designs for NVIDIA Vera Rubin infrastructure and is working with AVEVA on digital twins spanning infrastructure design, construction and operations. 
• Procore is helping manage AI factory builds with its construction management platform, integrated with DSX Sim. 
• Siemens is using DSX Sim to simulate power, cooling and acoustics, while Dassault Systèmes and Vertiv are developing digital twin models of Vertiv’s OneCore infrastructure, enabling simulation and optimization through model-based systems engineering.
• ABB is developing SimReady assets with NVIDIA DSX Sim, enabling engineers to evaluate source-to-rack architectures before construction while advancing 800 VDC development through its newly announced Infinitus Direct Current portfolio.

Partners are also delivering coordinated power and cooling infrastructure aligned with DSX reference designs. Trane Technologies and Eaton recently collaborated with NVIDIA to help boost data center efficiency and cut installation costs with an integrated design built for the NVIDIA Vera Rubin DSX AI Factory Reference Design, bringing together Eaton’s Beam platform and power infrastructure with Trane Continuum cooling and coordinated controls in a grid-to-chip architecture.

Trane Technologies has published seven thermal management system reference designs, including three 250-megawatt DSX-based cooling reference designs to support thermal infrastructure planning at scale.

Through the NVIDIA DSX Ready program, builders can select equipment qualified under applicable DSX categories. Trane Technologies’ LiquidStack GigaModular and Vertiv’s 2.3-megawatt CoolChip — both coolant distribution units — have qualified under their applicable categories, while Hitachi Energy’s battery energy storage system has earned NVIDIA DSX Ready BESS qualification.

For energy supply and grid integration, GE Vernova, Hitachi Energy and Siemens Energy are collaborating with NVIDIA on power infrastructure and digital twin initiatives that connect energy-system engineering and grid planning based on the facility’s requirements. Hitachi Energy is developing an integration between its energy management system and DSX Flex to optimize grid, generation and storage resources with workload demand.

Watch the GTC Berlin keynote from NVIDIA founder and CEO Jensen Huang and explore sessions.

About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in AI and accelerated computing. 

For further information, contact:
Kristin Uchiyama
Corporate Communications
NVIDIA Corporation
press@nvidia.com  

Certain statements in this press release including, but not limited to, statements as to: expectations with respect to growth, performance, availability, and benefits of NVIDIA’s products, services and technologies, and related trends and drivers; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners, and related deployments and timing; expectations with respect to technology developments, and related trends and drivers; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts 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, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing products and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; NVIDIA’s ability to realize the potential benefits of business investments or acquisitions; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Copies of reports filed with the SEC are posted on NVIDIA’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. 

Many of the products and features described herein remain in various stages and will be offered on a when-and-if-available basis. The statements above are not intended to be, and should not be interpreted as a commitment, promise, or legal obligation, and the development, release, and timing of any features or functionalities described for our products is subject to change and remains at the sole discretion of NVIDIA. NVIDIA will have no liability for failure to deliver or delay in the delivery of any of the products, features or functions set forth herein.

© 2026 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, and other NVIDIA product and service names are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries and regions. Other company, product, and service names may be trademarks of the respective companies with which they are associated.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9ff4492c-3cd2-4987-aa36-a96a00eb56b4

Factory-Built With a Global Ecosystem Including Bull, Dell Technologies, HPE, Lenovo, Schneider Electric and Vertiv, the New Reference Design Speeds Infrastructure Deployment From Months to Weeks, Accelerating Time to First Production Tokens

News Summary:

• NVIDIA introduces DSX POD, a reference design for complete Vera Rubin AI factories built by partners in modular containers, integrated and validated before delivery.
• Factory-built units reduce deployment time at a prepared site from six months to as little as 14 days, helping customers begin generating production tokens and earning revenue sooner.
• A global ecosystem of computing and infrastructure partners are working with NVIDIA to deliver modular AI factories worldwide in early 2027.

BERLIN, Oct. 21, 2026 (GLOBE NEWSWIRE) — GTC Berlin — NVIDIA today introduced DSX POD, a reference design for complete NVIDIA Vera Rubin AI factories built by partners inside modular containers, integrated and validated before delivery. The units arrive ready to connect out of the box to a prepared site’s power, cooling, networking and other supporting infrastructure, reducing deployment time from six months to as little as 14 days.

DSX POD moves the integration and installation of computing, networking, cabling, rack-level power and liquid cooling to the manufacturing facility, reducing the extensive planning, construction, specialized labor and logistics of a traditional onsite build. Factory-tested containers reduce exposure to component delays and costly, error-prone onsite work, creating a shorter path to model training and production inference so customers can begin generating tokens and earning revenue sooner.

“An AI factory creates value when it starts producing tokens — not when construction is complete,” said Jensen Huang, founder and CEO of NVIDIA. “With NVIDIA DSX POD, we’re bringing factory-built precision and speed to AI infrastructure construction — reducing deployment time from months to weeks so customers can scale capacity and bring revenue-generating production online faster.”

Factory-Built Infrastructure
NVIDIA DSX POD brings Vera Rubin systems together with the infrastructure needed to operate them in repeatable, factory-built, containerized designs that partners can manufacture and deliver at scale.

It carries forward the design philosophy of the broader NVIDIA DSX™ infrastructure platform, with a distinct architecture that integrates and validates systems in purpose-built containers before transport and deployment. Partners complete rack-to-rack cabling, wiring, piping and functional validation before shipment. This work takes place separately from site preparation, further shortening the time needed to bring new capacity online.

That earlier start to production is the link between deployment speed and economics. Time to first token marks when a new AI factory begins running models to serve production workloads, giving operators the opportunity to put their infrastructure to work for customers sooner.

Global Partner Ecosystem and Availability
NVIDIA is working with Anduril, Armada, Bull, Crusoe, DayOne, Dell Technologies, Delta, Eaton, Foxconn (Ingrasys), GIGABYTE, HPE, Lenovo, Pegatron, Quanta Cloud Technology (QCT), Schneider Electric, Vertiv and Wistron to deliver DSX POD AI factories worldwide in early 2027.

Watch the GTC Berlin keynote from Huang and explore sessions.

About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in AI and accelerated computing.

For further information, contact:
Corporate Communications
NVIDIA Corporation
press@nvidia.com

Certain statements in this press release including, but not limited to, statements as to: expectations with respect to growth, performance, availability, and benefits of NVIDIA’s products, services and technologies, including DSX POD’s ability to accelerate AI factory deployment and production inference and support customers’ AI capacity, profitability and revenue growth; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments, and related trends and drivers; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts 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, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2026 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, and other NVIDIA product and service names are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries and regions. Other company, product, and service names may be trademarks of the respective companies with which they are associated.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d8efda66-775f-4fec-838f-aa669d9f1c93

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1.        KEY INFORMATION

(a)   Full name of discloser:	Man Group PLC
(b)   Owner or controller of interests and short positions disclosed, if different from 1(a):         The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c)   Name of offeror/offeree in relation to whose relevant securities this form relates:         Use a separate form for each offeror/offeree	Vesuvius plc
(d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e)   Date position held/dealing undertaken:         For an opening position disclosure, state the latest practicable date prior to the disclosure	20/10/2026
(f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?	YES Offeror: RHI Magnestia N.V.

2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	10p ordinary
	Interests		Short positions
	Number	%	Number	%
(1)   Relevant securities owned and/or controlled:	13,379,609	5.39
(2)   Cash-settled derivatives:	990,673	0.39	499,224	0.20
(3)   Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	14,370,282	5.79	499,224	0.20

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b)      Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
10p ordinary	Sale	113,307	4.6320 GBP

(b)        Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
10p ordinary	Equity Swap	Reducing a short position	4,488	4.6400 GBP
10p ordinary	Equity Swap	Increasing a short position	4,488	4.6400 GBP
10p ordinary	Equity Swap	Reducing a short position	192,477	4.6400 GBP
10p ordinary	Equity Swap	Increasing a short position	192,477	4.6400 GBP
10p ordinary	Equity Swap	Reducing a short position	265,884	4.6400 GBP
10p ordinary	Equity Swap	Increasing a short position	265,884	4.6400 GBP
10p ordinary	Equity Swap	Reducing a short position	12,573	4.6400 GBP
10p ordinary	Equity Swap	Increasing a short position	12,573	4.6400 GBP
10p ordinary	Equity Swap	Reducing a short position	23,802	4.6400 GBP
10p ordinary	Equity Swap	Increasing a short position	23,802	4.6400 GBP

        
(c)        Stock-settled derivative transactions (including options)

(i)        Writing, selling, purchasing or varying

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type e.g. American, European etc.

Expiry date

Option money paid/ received per unit

(ii)        Exercise

Class of relevant security

Product description e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d)        Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing e.g. subscription, conversion

Details

Price per unit (if applicable)

4.        OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i)   the voting rights of any relevant securities under any option; or (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

None

(c)        Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	21/10/2026
Contact name:	Molly Childs
Telephone number:	+44 20 7144 3714

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1.        KEY INFORMATION

(a)   Full name of discloser:	Man Group PLC
(b)   Owner or controller of interests and short positions disclosed, if different from 1(a):         The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c)   Name of offeror/offeree in relation to whose relevant securities this form relates:         Use a separate form for each offeror/offeree	Sthree plc
(d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e)   Date position held/dealing undertaken:         For an opening position disclosure, state the latest practicable date prior to the disclosure	20/10/2026
(f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?	NO

2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	1p ordinary
	Interests		Short positions
	Number	%	Number	%
(1)   Relevant securities owned and/or controlled:	6,820,075	5.60
(2)   Cash-settled derivatives:	3,854,700	3.17	15,497	0.01
(3)   Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	10,674,775	8.77	15,497	0.01

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b)      Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant security

Purchase/sale

Number of securities

Price per unit

(b)        Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
1p ordinary	Equity swap	Reducing a short position	4,300	2.9800 GBP
1p ordinary	Equity swap	Increasing a short position	4,300	2.9800 GBP
1p ordinary	Equity swap	Reducing a short position	11,197	2.9800 GBP
1p ordinary	Equity swap	Increasing a short position	11,197	2.9800 GBP

        
(c)        Stock-settled derivative transactions (including options)

(i)        Writing, selling, purchasing or varying

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type e.g. American, European etc.

Expiry date

Option money paid/ received per unit

(ii)        Exercise

Class of relevant security

Product description e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d)        Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing e.g. subscription, conversion

Details

Price per unit (if applicable)

4.        OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i)   the voting rights of any relevant securities under any option; or (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

None

(c)        Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	21/10/2026
Contact name:	Molly Childs
Telephone number:	+44 20 7144 3714

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

see attached

Attachment

• ekstraordinær GF okt 2026 UK

Key Highlights

• Record third quarter revenues of $9.9 billion
• Used retail GPUs increased $197, or 11%, year over year
• Aftersales gross profit increased by 2.4% and gross margin was 59.5%, a 100-basis point increase, on a same-store basis
• Financing Operations income of $32.3 million, a 69% increase year over year, with record originations of $937 million, and a 18.3% penetration rate
• Third quarter diluted earnings per share of $13.22, a 54% increase, and adjusted diluted earnings per share of $10.34, a 9% increase
• Repurchased $85 million of shares, representing 1.1% of outstanding shares in the quarter, and 8.7% of outstanding shares in 2026
• Announced a 7% increase to quarterly dividend

MEDFORD, Ore., Oct. 21, 2026 (GLOBE NEWSWIRE) — Lithia & Driveway (NYSE: LAD), the largest global automotive retailer, today reported financial results for the third quarter of 2026.

“Our people and our ecosystem set Lithia & Driveway apart again this quarter, delivering record quarterly revenues and continued growth in earnings per share. Used vehicle profitability strengthened, aftersales margins expanded, cost discipline continued, and Financing Operations delivered strong income growth on the strength of a high-quality credit portfolio,” said Bryan DeBoer, President and CEO. “The capital decisions of the past year are reflected in our financial results, with a meaningfully lower share count magnifying every dollar we earn. With the flexibility of our cash generation and strong balance sheet, the earnings power of our model continues to build as we head into 2027.”

Third Quarter 2026 Operational Summary
Third quarter 2026 revenue increased 3% to $9.9 billion from $9.7 billion in the third quarter of 2025.

Third quarter 2026 diluted earnings per share attributable to LAD was $13.22, a 54% increase from $8.61 per share reported in the third quarter of 2025. After adjusting for the unrealized gain on our investment in Pinewood Technologies Group PLC and other non-core items, adjusted diluted earnings per share attributable to LAD for the third quarter of 2026 was $10.34, a 9% increase compared to $9.50 per share in the same period of 2025.

Third quarter 2026 net income was $292.9 million, a 34.0% increase compared to net income of $218.6 million in the third quarter of 2025. After adjusting for the unrealized gain on our investment in Pinewood Technologies Group PLC and other non-core items, adjusted net income for the third quarter 2026 was $229.3 million, an 5% decrease compared to adjusted net income of $240.9 million for the same period of 2025.

The financial measures discussed in this release include both GAAP and non-GAAP measures. See “Reconciliation of Certain Non-GAAP Measures”.

For the first nine months of 2026 revenues increased 2% to $29.0 billion, compared to $28.4 billion in 2025.

Diluted earnings per share attributable to LAD for the first nine months of 2026 was $28.77, compared to $26.42 per share in 2025, an increase of 9%. Adjusted diluted earnings per share attributable to LAD for the first nine months of 2026 increased 4% to $27.61 from $26.60 in the same period of 2025.

Corporate Development
In the third quarter of 2026, LAD acquired two stores, which are expected to generate $150 million in annualized revenues, and divested two stores representing $115 million in annualized revenues.

In October 2026, LAD continued to expand its network in the Southeast region with the acquisition of two Hyundai and two Kia stores in Memphis, TN. These additions add $250 million of expected annualized revenue.

LAD has acquired $1.17 billion in expected annualized revenues year to date.

Balance Sheet Update
LAD ended the third quarter with approximately $1.4 billion in cash and cash equivalents, marketable securities, and availability on our revolving lines of credit.

Dividend Payment and Share Repurchases
The Board of Directors approved a dividend of $0.75 per share related to third quarter 2026 financial results. The dividend is expected to be paid on November 20, 2026 to shareholders of record on November 6, 2026.

During the third quarter of 2026, we repurchased approximately 246,000 shares at a weighted average price of $345. Under the current share repurchase authorization approximately $535 million remains available as of September 30, 2026.

Board of Directors Update
The Board of Directors has appointed Bryan B. DeBoer, our President and Chief Executive Officer, as Chairman of the Board, effective October 19, 2026. In this expanded role, Bryan DeBoer will serve as both Chairman and Chief Executive Officer, promoting communication and collaboration between management and the Board. Mr. DeBoer will continue to lead the Company’s strategic vision and operations execution.

Sidney B. DeBoer will become Vice Chairman and will continue to serve on the Board. Louis P. Miramontes will continue to serve as Lead Independent Director, ensuring strong independent Board leadership and reinforcing its oversight of management and governance.

“Sid established Lithia on the belief that earning trust, one customer and one community at a time, creates value that compounds over decades,” said Bryan DeBoer, Chairman and Chief Executive Officer. “He took the company public and laid the foundation of Growth Powered by People for the network we operate today across the U.S., Canada and the U.K., and we’re grateful his counsel will continue as Vice Chairman. I’m honored by the Board’s confidence. Our strategy and priorities are unchanged: earn customers for life, keep growing our network and adjacent businesses, and allocate capital with discipline to drive long-term shareholder value.”

Third Quarter Earnings Conference Call and Updated Presentation
The third quarter 2026 conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting third quarter 2026 results has been added to our investor relations website. To listen live on our website or for replay, visit investors.lithiadriveway.com and click on Quarterly Earnings.

About Lithia & Driveway (LAD)
Lithia & Driveway (NYSE: LAD) is the largest global automotive retailer providing a wide array of products and services throughout the vehicle ownership lifecycle. Simple, convenient, and transparent experiences are offered through our comprehensive network of physical locations, e-commerce platforms, captive finance solutions, fleet management offerings, and other synergistic adjacencies. We deliver consistent, profitable growth in a massive and unconsolidated industry. Our highly diversified and competitively differentiated design provides us the flexibility and scale to pursue our vision to modernize personal transportation solutions wherever, whenever and however consumers desire.

Sites
www.lithia.com 
investors.lithiadriveway.com 
www.lithiacareers.com 
www.driveway.com 
www.greencars.com 
www.drivewayfinancecorp.com 

Lithia & Driveway on Facebook
https://www.facebook.com/LithiaMotors 
https://www.facebook.com/DrivewayHQ 

Lithia & Driveway on X
https://x.com/lithiamotors 
https://x.com/DrivewayHQ 
https://x.com/GreenCarsHQ 

Lithia & Driveway on LinkedIn
https://www.linkedin.com/company/lithia-motors/ 

Lithia & Driveway on YouTube
https://www.youtube.com/@Lithia_Motors/featured 

Forward-Looking Statements
Certain statements in this presentation, and at times made by our officers and representatives, constitute forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Generally, you can identify forward-looking statements by terms such as “project,” “outlook,” “target,” “may,” “will,” “would,” “should,” “seek,” “expect,” “plan,” “intend,” “forecast,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “likely,” “ensure,” “goal,” “strategy,” “future,” “maintain,” and “continue” or the negative of these terms or other comparable terms. Examples of forward-looking statements in this presentation include, among others, statements regarding:

• The profitability of our strategy and growth
• Future market conditions, including anticipated vehicle and other sales, gross profit and inventory supply
• Our business strategy and plans, including our achieving our long-term financial targets
• The growth, expansion, make-up and success of our network, including our finding accretive acquisitions that meet our target valuations and acquiring additional stores
• Annualized revenues from acquired stores or achieving target returns
• The growth and performance of our Driveway e-commerce home solution and Driveway Finance Corporation (DFC), their synergies and other impacts on our business and our ability to meet Driveway and DFC-related targets
• The impact of sustainable vehicles and other market and regulatory changes on our business, including evolving vehicle distribution models
• Our capital allocations and uses and levels of capital expenditures in the future
• Expected operating results, such as improved store performance, continued improvement of selling, general and administrative expenses as a percentage of gross profit and any projections
• Our anticipated financial condition and liquidity, including from our cash and the future availability of our credit facilities, unfinanced real estate and other financing sources
• Our continuing to purchase shares under our share repurchase program
• Our compliance with financial and restrictive covenants in our credit facilities and other debt agreements
• Our programs and initiatives for team member recruitment, training, and retention
• Our strategies and targets for customer retention, growth, market position, operations, financial results and risk management

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this presentation. Therefore, you should not rely on any of these forward-looking statements. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation:

• Future national and local economic and financial conditions, including as a result of inflation, interest rates, tariffs, governmental actions, programs and spending, and public health issues
• The market for dealerships, including the availability of stores to us for an acceptable price
• Changes in customer demand, levels of consumer debt, consumer confidence and manufacturer sales incentives, and the electric vehicle landscape and the impact of evolving digital technologies
• Changes in our relationship with, and the financial and operational stability of, OEMs and other suppliers, and vehicle delivery models
• Changes in the competitive landscape, including through technology and our ability to deliver new products, services and customer experiences and a portfolio of in-demand and available vehicles
• Risks associated with our indebtedness, including available borrowing capacity, interest rates, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms
• The adequacy of our cash flows and other conditions which may affect our ability to fund capital expenditures, obtain favorable financing and pay our quarterly dividend at planned levels
• Disruptions to our technology network including computer systems, as well as natural events such as severe weather or man-made or other disruptions of our operating systems, facilities or equipment
• Government regulations and legislation
• The risks set forth throughout “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in “Part I, Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K, and in “Part II, Item 1A. Risk Factors” of our Quarterly Reports on Form 10-Q, and from time to time in our other filings with the SEC.

Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Non-GAAP Financial Measures
All “adjusted” financial measures in this presentation are non-GAAP financial measures, as are EBITDA and net debt. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. We caution you not to place undue reliance on such non-GAAP measures and to consider them together with the most directly comparable GAAP measures. We present cash flows from operations in the attached tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.

LAD
Consolidated Statements of Operations (Unaudited)
(In millions except per share data)

	Three months ended								%			Nine months ended								%
	September 30,								Increase			September 30,								Increase
		2026				2025			(Decrease)				2026				2025			(Decrease)
Revenues:
New vehicle	$	4,868.6			$	4,792.4			1.6	%		$	14,077.1			$	14,076.3			—	%
Used vehicle		3,630.1				3,463.3			4.8				10,647.8				10,192.3			4.5
Finance and insurance		361.4				378.6			(4.5	)			1,087.5				1,116.8			(2.6	)
Aftersales		1,086.6				1,041.5			4.3				3,197.0				3,051.7			4.8
Total revenues		9,946.7				9,675.8			2.8	%			29,009.4				28,437.1			2.0	%
Cost of sales:
New vehicle		4,590.7				4,501.0			2.0				13,255.7				13,178.1			0.6
Used vehicle		3,419.2				3,274.4			4.4				10,035.2				9,609.2			4.4
Aftersales		441.0				434.4			1.5				1,303.6				1,288.3			1.2
Total cost of sales		8,450.9				8,209.8			2.9				24,594.5				24,075.6			2.2
Gross profit		1,495.8				1,466.0			2.0	%			4,414.9				4,361.5			1.2	%
Finance operations income		32.3				19.1			69.1	%			90.0				51.7			74.1	%
SG&A expense		1,036.3				998.0			3.8				3,088.4				2,965.3			4.2
Depreciation and amortization		71.6				65.5			9.3				212.3				194.6			9.1
Income from operations		420.2				421.6			(0.3)%				1,204.2				1,253.3			(3.9)%
Floor plan interest expense		(70.3	)			(57.8	)		21.6				(195.9	)			(169.8	)		15.4
Other interest expense		(63.1	)			(68.3	)		(7.6	)			(196.0	)			(200.5	)		(2.2	)
Other income (expense)		104.2				(13.3	)		883.5				72.7				35.9			NM
Income before income taxes		391.0				282.2			38.6	%			885.0				918.9			(3.7)%
Income tax expense		(98.1	)			(63.6	)		54.2				(228.4	)			(230.9	)		(1.1	)
Income tax rate		25.1	%			22.5	%						25.8	%			25.1	%
Net income	$	292.9			$	218.6			34.0	%		$	656.6			$	688.0			(4.6)%
Net income attributable to non-controlling interests		(1.8	)			(1.5	)		20.0	%			(5.1	)			(5.3	)		(3.8	)%
Net income attributable to LAD	$	291.1			$	217.1			34.1	%		$	651.5			$	682.7			(4.6)%
Diluted earnings per share attributable to LAD:
Net income per share	$	13.22			$	8.61			53.5	%		$	28.77			$	26.42			8.9	%
Diluted shares outstanding		22.0				25.2			(12.7)%				22.6				25.8			(12.4)%

NM – not meaningful

LAD
Key Performance Metrics (Unaudited)

	Three months ended								%			Nine months ended								%
	September 30,								Increase			September 30,								Increase
		2026				2025			(Decrease)				2026				2025			(Decrease)
Gross margin
New vehicle		5.7	%			6.1	%		(40)bps				5.8	%			6.4	%		(60)bps
Used vehicle		5.8				5.5			30				5.8				5.7			10
Finance and insurance		100.0				100.0			—				100.0				100.0			—
Aftersales		59.4				58.3			110				59.2				57.8			140
Gross profit margin		15.0				15.2			(20	)			15.2				15.3			(10	)
Unit sales
New vehicle		105,471				104,332			1.1	%			304,347				305,151			(0.3)%
Used vehicle retail		109,791				109,097			0.6				326,056				325,476			0.2
Average selling price (excluding agency)
New vehicle	$	46,777			$	46,804			(0.1)%			$	46,938			$	47,165			(0.5)%
Used vehicle retail		29,499				28,381			3.9				29,180				27,990			4.3
Average gross profit per unit
New vehicle	$	2,635			$	2,793			(5.7)%			$	2,699			$	2,943			(8.3)%
Used vehicle retail		1,970				1,773			11.1				1,889				1,818			3.9
Finance and insurance		1,733				1,818			(4.7	)			1,782				1,814			(1.8	)
Total vehicle(1)		3,949				4,025			(1.9	)			4,000				4,120			(2.9	)
Revenue mix
New vehicle		48.9	%			49.5	%						48.5	%			49.5	%
Used vehicle		36.5				35.8							36.7				35.8
Finance and insurance, net		3.6				3.9							3.7				3.9
Aftersales		11.0				10.8							11.1				10.8
Gross Profit Mix
New vehicle		18.6	%			19.9	%						18.6	%			20.6	%
Used vehicle		14.1				12.9							13.9				13.4
Finance and insurance, net		24.2				25.8							24.6				25.6
Aftersales		43.1				41.4							42.9				40.4

	Adjusted						As reported						Adjusted						As reported
	Three months ended September 30,						Three months ended September 30,						Nine months ended September 30,						Nine months ended September 30,
Other metrics	2026			2025			2026			2025			2026			2025			2026			2025
SG&A as a % of revenue	10.4	%		10.3	%		10.4	%		10.3	%		10.6	%		10.4	%		10.6	%		10.4	%
SG&A as a % of gross profit	68.8			67.9			69.3			68.1			69.6			67.9			70.0			68.0
Operating profit as a % of revenue	4.3			4.4			4.2			4.4			4.2			4.4			4.2			4.4
Operating profit as a % of gross profit	28.5			29.0			28.1			28.8			27.6			28.8			27.3			28.7
Pretax margin	3.1			3.2			3.9			2.9			3.0			3.2			3.1			3.2
Net profit margin	2.3			2.5			2.9			2.3			2.2			2.4			2.3			2.4

⁽¹⁾   Includes the sales and gross profit related to new, used, and finance and insurance and unit sales for new and used retail

LAD
Same Store Operating Highlights (Unaudited)

	Three months ended								%			Nine months ended								%
	September 30,								Increase			September 30,								Increase
		2026				2025			(Decrease)				2026				2025			(Decrease)
Revenues
New vehicle	$	4,608.3			$	4,729.9			(2.6)%			$	13,293.7			$	13,784.0			(3.6)%
Used vehicle		3,419.4				3,409.5			0.3				10,023.4				9,932.6			0.9
Finance and insurance		345.1				375.6			(8.1	)			1,039.6				1,102.0			(5.7	)
Aftersales		1,027.9				1,021.0			0.7				3,018.5				2,964.1			1.8
Total revenues		9,400.6				9,536.0			(1.4	)			27,375.2				27,782.8			(1.5	)
Gross profit
New vehicle	$	263.9			$	288.4			(8.5)%			$	778.0			$	881.6			(11.8)%
Used vehicle		203.1				185.8			9.3				586.6				575.2			2.0
Finance and insurance		345.1				375.6			(8.1	)			1,039.6				1,102.0			(5.7	)
Aftersales		611.1				596.9			2.4				1,786.0				1,721.2			3.8
Total gross profit		1,423.2				1,446.7			(1.6	)			4,190.2				4,280.1			(2.1	)
Gross margin
New vehicle		5.7	%			6.1	%		(40)bps				5.9	%			6.4	%		(50)bps
Used vehicle		5.9				5.4			50				5.9				5.8			10
Finance and insurance		100.0				100.0			—				100.0				100.0			—
Aftersales		59.5				58.5			100				59.2				58.1			110
Gross profit margin		15.1				15.2			(10	)			15.3				15.4			(10	)
Unit sales
New vehicle		100,559				103,318			(2.7)%				289,351				300,917			(3.8)%
Used vehicle retail		104,612				108,039			(3.2	)			311,741				320,566			(2.8	)
Average selling price (excluding agency)
New vehicle	$	46,470			$	46,652			(0.4)%			$	46,659			$	46,843			(0.4)%
Used vehicle retail		29,197				28,200			3.5				28,770				27,703			3.9
Average gross profit per unit
New vehicle	$	2,624			$	2,792			(6.0)%			$	2,689			$	2,930			(8.2)%
Used vehicle retail		1,993				1,759			13.3				1,893				1,818			4.1
Finance and insurance		1,736				1,821			(4.7	)			1,784				1,816			(1.8	)
Total vehicle(1)		3,958				4,021			(1.6	)			4,000				4,117			(2.8	)

⁽¹⁾   Includes the sales and gross profit related to new, used, and finance and insurance and unit sales for new and used retail

LAD
Other Highlights (Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2026						2026
Key Performance by Country	Total Revenue			Total Gross Profit			Total Revenue			Total Gross Profit
United States	75.9%			80.8%			76.3%			81.4%
United Kingdom	20.5%			16.4%			20.2%			15.9%
Canada	3.6%			2.8%			3.5%			2.7%

	As of
	September 30,		December 31,		September 30,
Days’ Supply(1)	2026		2025		2025
New vehicle inventory	54		54		52
Used vehicle inventory	45		48		46

⁽¹⁾ Days’ supply in inventory is calculated using on-ground inventory unit levels and a 30-day total unit sales volumes, both at the end of each reporting period.

Selected Financing Operations Financial Information

	Three months ended September 30,														Nine months ended September 30,
($ in millions)		2026			% (1)				2025			% (1)				2026			% (1)				2025			% (1)
Interest and fee income	$	122.1			8.7			$	104.9			9.2			$	349.0			8.8			$	298.0			9.2
Interest expense		(56.3	)		(4.0	)			(52.1	)		(4.6	)			(161.4	)		(4.1	)			(150.0	)		(4.6	)
Total interest margin	$	65.8			4.7			$	52.8			4.6			$	187.6			4.7			$	148.0			4.6
Lease income		29.2							23.4							79.5							67.7
Lease costs		(25.6	)						(18.6	)						(68.3	)						(54.0	)
Lease income, net		3.6							4.8							11.2							13.7
Provision expense		(22.5	)		(1.6	)			(25.8	)		(2.3	)			(64.7	)		(1.6	)			(72.5	)		(2.2	)
Other financing operations expenses		(14.6	)		(1.0	)			(12.7	)		(1.1	)			(44.1	)		(1.1	)			(37.5	)		(1.2	)
Finance operations income	$	32.3						$	19.1						$	90.0						$	51.7
Total average managed finance receivables	$	5,558.0						$	4,541.8						$	5,290.6						$	4,316.3

⁽¹⁾   Annualized percentage of total average managed finance receivables

LAD
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)

	September 30, 2026			December 31, 2025
Cash, restricted cash, and cash equivalents	$	374.0		$	341.8
Trade receivables, net		1,132.9			1,134.1
Inventories, net		6,624.3			6,119.6
Other current assets		261.8			262.5
Total current assets	$	8,393.0		$	7,858.0
Property and equipment, net		5,074.7			4,936.0
Finance receivables, net		5,578.6			4,755.1
Intangibles		5,630.7			5,254.1
Other non-current assets		2,159.0			2,304.0
Total assets	$	26,836.0		$	25,107.2
Floor plan notes payable		6,566.8			5,008.9
Other current liabilities		1,838.5			1,687.8
Total current liabilities	$	8,405.3		$	6,696.7
Long-term debt, less current maturities		6,828.2			7,274.9
Non-recourse notes payable, less current maturities		2,746.3			2,404.2
Other long-term liabilities and deferred revenue		2,215.3			2,103.0
Total liabilities	$	20,195.1		$	18,478.8
Equity		6,640.8			6,628.4
Total liabilities and equity	$	26,836.0		$	25,107.2

LAD
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)

	Nine months ended September 30,
Cash flows from operating activities:		2026				2025
Net income	$	656.6			$	688.0
Adjustments to reconcile net income to net cash (used in) provided by operating activities		391.1				428.5
Changes in:
Inventories		(555.0	)			44.8
Finance receivables		(831.4	)			(671.3	)
Floor plan notes payable		87.6				(151.0	)
Other operating activities		46.2				(106.0	)
Net cash (used in) provided by operating activities		(204.9	)			233.0
Cash flows from investing activities:
Capital expenditures		(252.3	)			(257.7	)
Cash paid for acquisitions, net of cash acquired		(264.8	)			(417.6	)
Net proceeds from sales of stores		31.9				178.1
Other investing activities		4.0				17.8
Net cash used in investing activities		(481.2	)			(479.4	)
Cash flows from financing activities:
Net borrowings on floor plan notes payable, non-trade		1,542.2				73.3
Net borrowings on non-recourse notes payable		291.8				136.3
Net borrowings on other debt and finance lease liabilities		(456.1	)			827.7
Proceeds from issuance of common stock		21.2				21.0
Repurchase of common stock		(624.5	)			(662.3	)
Dividends paid		(41.1	)			(42.1	)
Other financing activity		(11.2	)			(89.4	)
Net cash provided by financing activities		722.3				264.5
Effect of exchange rate changes on cash and restricted cash		(3.5	)			4.7
Change in cash, restricted cash, and cash equivalents		32.7				22.8
Cash, restricted cash, and cash equivalents at beginning of period		391.3				445.8
Cash, restricted cash, and cash equivalents at end of period		424.0				468.6

LAD
Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited)
(In millions)

	Nine months ended September 30,
Net cash provided by operating activities		2026				2025
As reported	$	(204.9	)		$	233.0
Floor plan notes payable, non-trade, net(1)		1,542.2				73.3
Adjust: finance receivables activity		831.4				671.3
Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory		(43.5	)			(62.9	)
Adjusted	$	2,125.2			$	914.7

⁽¹⁾ Includes the impact of converting inventory‑secured revolvers to floorplan facilities during 2026, increasing net floorplan borrowings and adjusted operating cash flows $1,138.3 million.

LAD
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)

	Three Months Ended September 30, 2026
	As reported				Net loss on disposal of stores				Investment gain				Insurance reserves				Tax attribute				Adjusted
Selling, general and administrative		1,036.3				(5.8	)			—				(0.8	)			—				1,029.7
Operating income		420.2				5.8				—				0.8				—				426.8
Other income (expense), net		104.2				—				(88.8	)			—				—				15.4
Income before income taxes		391.0				5.8				(88.8	)			0.8				—				308.8
Income tax (provision) benefit		(98.1	)			(1.6	)			23.7				(0.2	)			(3.3	)			(79.5	)
Net income	$	292.9			$	4.2			$	(65.1	)		$	0.6			$	(3.3	)		$	229.3
Net income attributable to non-controlling interests		(1.8	)			—				—				—				—				(1.8	)
Net income attributable to LAD	$	291.1			$	4.2			$	(65.1	)		$	0.6			$	(3.3	)		$	227.5
Diluted earnings per share attributable to LAD	$	13.22			$	0.19			$	(2.95	)		$	0.03			$	(0.15	)		$	10.34
Diluted share count		22.0

	Three Months Ended September 30, 2025
	As reported				Net gain on disposal of stores				Investment loss				Insurance reserves				Acquisition expenses				Tax attribute				Adjusted
Selling, general and administrative	$	998.0			$	15.4			$	—			$	(2.5	)		$	(15.9	)		$	—			$	995.0
Operating income		421.6				(15.4	)			—				2.5				15.9				—				424.6
Other income (expense), net		(13.3	)			—				22.7				—				—				—				9.4
Income before income taxes		282.2				(15.4	)			22.7				2.5				15.9				—				307.9
Income tax (provision) benefit		(63.6	)			7.2				(6.0	)			(0.5	)			(0.6	)			(3.5	)			(67.0	)
Net income	$	218.6			$	(8.2	)		$	16.7			$	2.0			$	15.3			$	(3.5	)		$	240.9
Net income attributable to non-controlling interests	$	(1.5	)		$	—			$	—			$	—			$	—			$	—			$	(1.5	)
Net income attributable to LAD	$	217.1			$	(8.2	)		$	16.7			$	2.0			$	15.3			$	(3.5	)		$	239.4
Diluted earnings per share attributable to LAD	$	8.61			$	(0.32	)		$	0.66			$	0.08			$	0.61			$	(0.14	)		$	9.50
Diluted share count		25.2

LAD
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)

	Nine Months Ended September 30, 2026
	As reported				Net gain on disposal of stores				Investment gain				Insurance reserves				Acquisition expenses				Contract buyouts				Tax attribute				Adjusted
Selling, general and administrative	$	3,088.4			$	9.2			$	—			$	(3.2	)		$	(0.7	)		$	(20.3	)		$	—			$	3,073.4
Operating income		1,204.2				(9.2	)			—				3.2				0.7				20.3				—				1,219.2
Other income (expense), net		72.7				—				(43.7	)			—				—				—				—				29.0
Income before income taxes		885.0				(9.2	)			(43.7	)			3.2				0.7				20.3				—				856.3
Income tax (provision) benefit		(228.4	)			2.4				11.6				(0.9	)			(0.1	)			(5.1	)			(5.3	)			(225.8	)
Net income	$	656.6			$	(6.8	)		$	(32.1	)		$	2.3			$	0.6			$	15.2			$	(5.3	)		$	630.5
Net income attributable to non-controlling interests		(5.1	)			—				—				—				—				—				—				(5.1	)
Net income attributable to LAD	$	651.5			$	(6.8	)		$	(32.1	)		$	2.3			$	0.6			$	15.2			$	(5.3	)		$	625.4
Diluted earnings per share attributable to LAD	$	28.77			$	(0.30	)		$	(1.42	)		$	0.10			$	0.03			$	0.67			$	(0.24	)		$	27.61
Diluted share count		22.6

	Nine Months Ended September 30, 2025
	As reported				Net gain on disposal of stores				Investment gain				Insurance reserves				Acquisition expenses				Tax attribute				Adjusted
Selling, general and administrative	$	2,965.3			$	17.7			$	—			$	(5.4	)		$	(16.1	)		$	—			$	2,961.5
Operating income		1,253.3				(17.7	)			—				5.4				16.1				—				1,257.1
Other income (expense), net		35.9				—				(4.1	)			—				—				—				31.8
Income before income taxes		918.9				(17.7	)			(4.1	)			5.4				16.1				—				918.6
Income tax (provision) benefit		(230.9	)			11.6				1.0				(1.4	)			(0.6	)			(5.7	)			(226.0	)
Net income	$	688.0			$	(6.1	)		$	(3.1	)		$	4.0			$	15.5			$	(5.7	)		$	692.6
Net income attributable to non-controlling interests		(5.3	)			—				—				—				—				—				(5.3	)
Net income attributable to LAD	$	682.7			$	(6.1	)		$	(3.1	)		$	4.0			$	15.5			$	(5.7	)		$	687.3
Diluted earnings per share attributable to LAD	$	26.42			$	(0.24	)		$	(0.12	)		$	0.16			$	0.60			$	(0.22	)		$	26.60
Diluted share count		25.8

LAD
Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited)
(In millions)

	Three months ended								%			Nine months ended								%
	September 30,								Increase			September 30,								Increase
		2026				2025			(Decrease)				2026				2025			(Decrease)
EBITDA and Adjusted EBITDA
Net income	$	292.9			$	218.6			34.0	%		$	656.6			$	688.0			(4.6)%
Flooring interest expense		70.3				57.8			21.6				195.9				169.8			15.4
Other interest expense		63.1				68.3			(7.6	)			196.0				200.5			(2.2	)
Financing operations interest expense		56.3				52.1			8.1				161.4				150.0			7.6
Income tax expense		98.1				63.6			54.2				228.4				230.9			(1.1	)
Depreciation and amortization		71.6				65.5			9.3				212.3				194.6			9.1
EBITDA	$	652.3			$	525.9			24.0	%		$	1,650.6			$	1,633.8			1.0	%
Other adjustments:
Less: flooring interest expense	$	(70.3	)		$	(57.8	)		21.6			$	(195.9	)		$	(169.8	)		15.4
Less: financing operations interest expense		(56.3	)			(52.1	)		8.1				(161.4	)			(150.0	)		7.6
Less: used vehicle line of credit interest		—				(3.7	)		(100.0	)			(1.5	)			(11.2	)		(86.6	)
Add: acquisition expenses		—				15.9			NM				0.7				16.1			NM
Add: (gain) loss on disposal of stores		5.8				(15.4	)		NM				(9.2	)			(17.7	)		NM
Add: investment (gain) loss		(88.8	)			22.7			NM				(43.7	)			(4.1	)		NM
Add: insurance reserves		0.8				2.5			NM				3.2				5.4			NM
Add: contract buyouts		—				—			NM				20.3				—			NM
Adjusted EBITDA	$	443.5			$	438.0			1.3	%		$	1,263.1			$	1,302.5			(3.0)%

NM – not meaningful

	As of								%
	September 30,								Increase
Net Debt to Adjusted EBITDA		2026				2025			(Decrease)
Floor plan notes payable	$	6,566.8			$	4,869.0			34.9	%
Used and service loaner vehicle inventory financing facility		3.5				1,020.8			(99.7	)
Revolving lines of credit		1,736.6				1,310.6			32.5
Warehouse facilities		1,743.5				1,252.0			39.3
Non-recourse notes payable		2,765.7				2,245.6			23.2
4.625% Senior notes due 2027		400.0				400.0			—
3.875% Senior notes due 2029		800.0				800.0			—
5.500% Senior notes due 2030		600.0				600.0			—
4.375% Senior notes due 2031		550.0				550.0			—
Real estate mortgages, finance lease obligations, and other debt		1,114.6				1,117.3			(0.2	)
Unamortized debt issuance costs		(24.4	)			(26.7	)		(8.6	)
Total debt	$	16,256.3			$	14,138.5			15.0	%
Less: Inventory related debt	$	(6,570.3	)		$	(5,889.8	)		11.6	%
Less: Financing operations related debt		(4,509.2	)			(3,497.6	)		28.9
Less: Unrestricted cash and cash equivalents		(108.1	)			(206.5	)		(47.7	)
Less: Marketable securities		(76.1	)			(54.9	)		38.6
Less: Availability on used vehicle and service loaner financing facilities		(0.4	)			(18.8	)		(97.9	)
Net Debt	$	4,992.2			$	4,470.9			11.7	%
TTM Adjusted EBITDA	$	1,627.2			$	1,701.9			(4.4)%
Net debt to Adjusted EBITDA	3.07        x				2.63        x

NM – not meaningful

CONTACT: Contact:
Jardon Jaramillo 
Senior Director - Finance and Investor Relations
IR@lithia.com 
(503) 799-5254

To the Nasdaq Copenhagen

Debtor distribution data (CK92)

Pursuant to s 24 Danish Capital Markets Act, Totalkredit A/S hereby publishes debtor distribution data for callable mortgage bond series as at 16 October 2026 in the attached file.

Furthermore, the data will be distributed in the usual way through Nasdaq Copenhagen. Data on Nykredit and Totalkredit bonds is also available by ISIN code in Excel format on https://www.nykredit.com/filarkiv/.

For further information about data format and contents, please refer to the Nasdaq website.

Questions may be addressed to Morten Bækmand Nielsen, Head of Investor Relations, tel +45 44 55 15 21.

Yours sincerely
Totalkredit A/S

Attachments

• Debtor distribution data – Totalkredit A_S_21-10-2026
• debisamstk

To the Nasdaq Copenhagen

Debtor distribution data (CK92)

Pursuant to s 24 Danish Capital Markets Act, Nykredit Realkredit A/S hereby publishes debtor distribution data for callable mortgage bond series as at 16 October 2026 in the attached file.

Furthermore, the data will be distributed in the usual way through Nasdaq Copenhagen. Data on Nykredit and Totalkredit bonds is also available by ISIN code in Excel format on https://www.nykredit.com/filarkiv/.

For further information about data format and contents, please refer to the Nasdaq website.

Questions may be addressed to Morten Bækmand Nielsen, Head of Investor Relations, tel +45 44 55 15 21.

Yours sincerely
Nykredit Realkredit A/S

Attachments

• Debtor distribution data – Nykredit Realkredit A_S_21-10-2026
• debisams

Company Announcement No. 1176

DSV A/S hereby provides notification pursuant to article 19 of regulation (EU) no. 596/2014 of the below transactions related to shares in DSV A/S made by a manager.

Contacts
Investor Relations 
Stig Frederiksen, tel. +45 29 34 98 70, stig.frederiksen@dsv.com
Alexander Plenborg, tel. +45 43 20 33 73, alexander.plenborg@dsv.com

Yours sincerely,
DSV A/S

Attachment

• 1176 – Announcement (21.10.2026) – MANAGER’S TRANSACTIONS IN DSV AS SHARES

Festi will publish its Q3 2026 financial results after market close on Wednesday 28 October.

Results presentation for market participants on 29 October at 8:30 GMT.

Festi will host a results presentation for market participants on Thursday 29 October 2026 at 8:30 a.m. GMT at its headquarters, Dalvegur 10 – 14, Kópavogur. Ásta S. Fjeldsted, CEO of Festi, and Magnús Kr. Ingason, CFO of Festi, will present the Group’s results and answer questions.

The presentation will be streamed live on Festi’s website, where participants can register for the webcast: https://www.festi.is/en/tenglar/results-q3-2026. Participants attending virtually may submit questions during the presentation by emailing fjarfestatengsl@festi.is. Questions will be answered at the end of the event.

Presentation materials will be available on Festi’s website after the event: https://www.festi.is/en/fjarhagsupplysingar.