Author: Ravi Shankar

ATHENS, Greece, Nov. 12, 2026 (GLOBE NEWSWIRE) — Rubico Inc. (Nasdaq: RUBI) (the “Company” or “Rubico”), a global provider of shipping transportation services specializing in the ownership of vessels, announced today its financial results for the third quarter and nine months ended September 30, 2026. For the third quarter of 2026, the Company reported net income of $1.4 million, revenues of $5.4 million, EBITDA of $3.3 million and net cash provided by operating activities of $1.4 million, compared with net income of $0.5 million, revenues of $5.7 million, EBITDA of $2.9 million and net cash provided by operating activities of $0.6 million for the third quarter of 2025. For the nine months ended September 30, 2026, the Company reported net income of $0.3 million, revenues of $15.1 million, EBITDA of $6.3 million and net cash provided by operating activities of $5.5 million, compared with net income of $4.5 million, revenues of $17.7 million, EBITDA of $11.7 million and net cash provided by operating activities of $7.3 million for the nine months ended September 30, 2025. Furthermore, as of September 30, 2026, the Company had cash and cash equivalents (including restricted cash) of $3.7 million, total assets of $159.3 million and total Stockholders’ equity of $46.8 million. The condensed consolidated financial information set out in this press release is unaudited and has been prepared in accordance with accounting principles generally accepted in the United States.

Kalliopi Ornithopoulou, the Company’s President, Chairwoman & Chief Executive Officer, stated:

“The third quarter of 2026 was the first quarter this year in which both of our Suezmax tankers were in full operation, following the completion of their scheduled drydockings during the first and second quarters. With both vessels back in service under their time charters, we generated revenues of $5.4 million and net income of $1.4 million for the quarter, compared with revenues of $5.7 million and net income of $0.5 million in the third quarter of 2025. Our fleet utilization for the quarter was 98.8%. Our results for the nine months ended September 30, 2026 reflect these drydockings, which had an estimated aggregate impact of $4.7 million on our net income, comprising $2.7 million of drydocking costs, $1.5 million of revenue forgone as a result of the off-hire days incurred during the drydocking periods and $0.5 million of bunker costs incurred during these off-hire days.

“We also continued to expand our newbuilding program. On September 30, 2026, we completed the acquisition from TOP Ships Inc. (“TOPS”), a related party, of the shipowning company of our third high-specification 47,499 dwt MR newbuilding tanker, which is scheduled for delivery in the second quarter of 2029 and will be employed upon delivery under a time charter with a major oil trader for a firm duration of seven years, with charterer’s option to extend for four additional years.

“In addition, on November 9, 2026, we entered into a share purchase agreement with TOPS to acquire two shipowning companies, each owning a high-specification 47,499 dwt MR newbuilding tanker, scheduled for delivery in the fourth quarter of 2028 and the fourth quarter of 2029, respectively, which, upon completion, will bring our MR newbuilding program to five vessels. Both vessels will be employed upon delivery under time charters with a major oil trader for a firm duration of seven years, with charterer’s option to extend for four additional years, and are expected to add approximately $150.9 million to our potential gross revenue backlog, including available charterer extension optional periods, bringing our total potential gross revenue backlog to $523.1 million, again including charterer extension optional periods. Together with the intended divestiture of our newbuilding megayacht, which we announced in July 2026, these steps reflect our focus on building a modern, fuel-efficient tanker fleet with long-term contracted employment.”

Highlights

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(in million USD)	Q3 2025	Q3 2026	9M 2025	9M 2026
Revenues	5.7	5.4	17.7	15.1
Net income	0.5	1.4	4.5	0.3
EBITDA (1)	2.9	3.3	11.7	6.3
Net cash provided by operating activities	0.6	1.4	7.3	5.5

Fleet Data

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(in U.S. Dollars, except days and percentages)	Q3 2025	Q3 2026	9M 2025	9M 2026
Calendar days	184	184	546	546
Available days	184	184	546	499
Operating days	174	182	536	497
Fleet utilization	94.4%	98.8%	98.1%	99.5%
TCE rate (per day)	31,718	28,533	32,174	28,491
Daily vessel operating expenses	10,364	7,424	7,800	6,575

Reconciliation of revenues to time charter equivalent revenues

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(U.S. Dollars in thousands, except operating days and TCE rate in U.S. Dollars)	Q3 2025	Q3 2026	9M 2025	9M 2026
Revenues	5,745	5,409	17,715	15,083
Less: Voyage expenses	(226)	(216)	(470)	(923)
Time charter equivalent revenues	5,519	5,193	17,245	14,160
Operating days	174	182	536	497
TCE rate	31,718	28,533	32,174	28,491

Net Income to EBITDA Reconciliation

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(In thousands of U.S. Dollars)	Q3 2025	Q3 2026	9M 2025	9M 2026
Net income	475	1,419	4,451	327
Add: Vessel depreciation	1,046	1,045	3,135	3,134
Add: Interest and finance costs	1,364	819	4,132	2,978
Less: Interest income	(2)	(2)	(2)	(134)
EBITDA(1)	2,883	3,281	11,716	6,305

(1)		EBITDA represents net income before interest income and expense, income taxes, depreciation and amortization, which is not a measure prepared in accordance with U.S. GAAP (i.e., a “Non-U.S. GAAP” measure). We believe that EBITDA assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. EBITDA is also used: (i) by prospective and current customers as well as potential lenders to evaluate potential transactions; and (ii) to evaluate and price potential acquisition candidates. Management also uses this Non-U.S. GAAP measure in making financial, operating and planning decisions and in evaluating the Company’s performance. Our EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation. EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of our performance. See above for a reconciliation of EBITDA to Net Income, the most directly comparable U.S. GAAP measure.

Calendar days. We define calendar days as the total number of days the vessels were in our possession for the relevant period. Calendar days are an indicator of the size of our fleet during the relevant period and affect both the amount of revenues and expenses that we record during that period.

Available days. We define available days as the number of calendar days less the aggregate number of days that our vessels are off-hire due to scheduled repairs, or scheduled guarantee inspections in the case of new buildings, vessel upgrades or special or intermediate surveys and the aggregate amount of time that we spend positioning our vessels. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues. Our calculation of Available Days may not be comparable to that reported by other companies due to differences in methods of calculation.

Operating days. We define operating days as the number of available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen technical circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period that our vessels actually generate revenues. Our calculation of Operating Days may not be comparable to that reported by other companies due to differences in methods of calculation.

Fleet utilization. We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or scheduled guarantee inspections in the case of new buildings, vessel upgrades, special or intermediate surveys and vessel positioning. We believe monitoring Fleet utilization assists management in making decisions regarding areas where we may be able to improve efficiency and increase revenue and as such provides useful information to investors regarding the efficiency of our operations.

TCE Revenues / TCE Rates. We define TCE or time charter equivalent revenues as revenues minus voyage expenses. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by a charterer under a time charter, as well as commissions. We believe that presenting revenues net of voyage expenses neutralizes the variability created by unique costs associated with particular voyages or the deployment of vessels on the spot market and facilitates comparisons between periods on a consistent basis. We calculate daily TCE rates by dividing TCE revenues by operating days for the relevant time period. Our calculation of TCE may not be comparable to that reported by other companies due to differences in methods of calculation.

TCE revenues and TCE rate, which are standard shipping industry performance metrics, provide additional supplemental information in conjunction with shipping revenues, the most directly comparable U.S. GAAP measure. We use TCE rates and TCE revenues to compare period-to-period changes in our performance and assist investors and our management in evaluating our financial performance.

Daily vessel operating expenses. We define vessel operating expenses to include crew wages and related costs, spares and consumable stores, insurance, maintenance and repairs and registration, taxes and other related expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.

 

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Rubico Inc. Unaudited Condensed Consolidated Balance Sheets (In thousands of U.S. Dollars)
	December 31, 2025	September 30, 2026
ASSETS
Cash and cash equivalents and restricted cash	4,864	3,696
Vessels, net	106,189	103,055
Advances for vessels under construction and asset acquisitions	19,500	51,426
Other assets	3,516	1,094
TOTAL ASSETS	134,069	159,271
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
Long-term debt and current portion, net of deferred finance costs	82,282	95,913
Other liabilities	5,989	11,688
Mezzanine equity	–	4,871
Stockholders’ equity	45,798	46,799
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY	134,069	159,271

 

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Rubico Inc. Unaudited Condensed Consolidated Statements of Comprehensive Income (In thousands of U.S. Dollars, except share and per share data)
	Nine months ended September 30, 2025	Nine months ended September 30, 2026
Revenues	17,715	15,083
Expenses:
Voyage expenses	(470)	(923)
Vessel operating expenses	(4,259)	(3,590)
Drydocking costs	–	(2,738)
Vessel depreciation	(3,135)	(3,134)
Management fees – related parties	(475)	(636)
General and administrative expenses	(795)	(891)
Operating income	8,581	3,171
Other income / (expenses):
Interest and finance costs	(4,132)	(2,978)
Interest income	2	134
Total other expenses, net	(4,130)	(2,844)
Net income	4,451	327
Less: Deemed dividend equivalents on Series G Shares related to redemption value	–	(635)
Less: Dividends of Series G Shares	–	(183)
Less: Deemed dividend on warrant inducement	–	(26)
Net income / (loss) attributable to common shareholders	4,451	(517)
COMPREHENSIVE INCOME
Net income	4,451	327
Change in foreign currency translation adjustments	–	(307)
Total comprehensive income	4,451	20
Earnings / (loss) per common share, basic and diluted	1,420,797.67	(13.76)
Weighted average number of common shares outstanding, basic and diluted	3.13	37,564.25

 

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Rubico Inc. Unaudited Condensed Consolidated Statements of Comprehensive Income (In thousands of U.S. Dollars, except share and per share data)
	Three months ended September 30, 2025	Three months ended September 30, 2026
Revenues	5,745	5,409
Expenses:
Voyage expenses	(226)	(216)
Vessel operating expenses	(1,907)	(1,366)
Drydocking costs	–	(105)
Vessel depreciation	(1,046)	(1,045)
Management fees – related parties	(187)	(213)
General and administrative expenses	(542)	(228)
Operating income	1,837	2,236
Other income / (expenses):
Interest and finance costs	(1,364)	(819)
Interest income	2	2
Total other expenses, net	(1,362)	(817)
Net income	475	1,419
Net income attributable to common shareholders	475	1,419
COMPREHENSIVE INCOME
Net income	475	1,419
Change in foreign currency translation adjustments	–	(142)
Total comprehensive income	475	1,277
Earnings per common share, basic	150,419.94	14.30
Earnings per common share, diluted	150,419.94	6.02
Weighted average number of common shares outstanding, basic	3.16	99,219.18
Weighted average number of common shares outstanding, diluted	3.16	235,598.55

Share and per share data for all periods presented have been retroactively adjusted to reflect the stock dividend of 0.5 common shares per common share distributed on October 6, 2026 and the 1-for-25 reverse stock split of the Company’s common shares effected on October 30, 2026.

 

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Rubico Inc. Unaudited Condensed Consolidated Statements of Cash Flows (In thousands of U.S. Dollars)
	Nine months ended September 30, 2025	Nine months ended September 30, 2026
Net cash provided by operating activities	7,259	5,538
Cash flows used in investing activities:
Advances for vessels under construction and capitalized expenses	–	(18,648)
Payments for net assets of shipowning companies acquired under common control	–	(2,609)
Net cash used in investing activities	–	(21,257)
Cash flows from financing activities:
Net payments to Former Parent company	(4,999)	–
Proceeds from debt	–	5,763
Principal payments of debt	(3,300)	(3,375)
Payment of financing costs	–	(110)
Proceeds from issuance of common stock	1,500	37,838
Equity offering issuance costs	(272)	(2,116)
Dividends of Series G Preferred Shares	–	(183)
Consideration paid in excess of purchase price over book value of vessels	–	(23,266)
Net cash (used in)/provided by financing activities	(7,071)	14,551
Net increase / (decrease) in cash, cash equivalents and restricted cash	188	(1,168)
Cash, cash equivalents and restricted cash at beginning of period	2,161	4,864
Cash, cash equivalents and restricted cash at end of period	2,349	3,696
Cash breakdown:
Cash and cash equivalents	1,349	2,796
Restricted cash, non-current	1,000	900
Supplemental cash flow information:
Interest paid, net of capitalized interest	3,959	2,809
Capital expenditures included in Accounts payable / Accrued liabilities / Due to related parties	–	513
Financing fees included in Accounts payable / Accrued liabilities / Due to related parties	–	7
Equity issuance costs included in liabilities	577	340
Settlement of excess consideration over acquired assets with issuance of Series G Shares	–	4,236
Excess consideration over acquired assets included in Due to related parties	–	5,370

 

Rubico Inc. Unaudited Condensed Consolidated Statements of Cash Flows (In thousands of U.S. Dollars)
	Three months ended September 30, 2025	Three months ended September 30, 2026
Net cash provided by operating activities	645	1,449
Cash flows used in investing activities:
Advances for vessels under construction and capitalized expenses	–	(5,944)
Payments for net assets of shipowning companies acquired under common control	–	(2,609)
Net cash used in investing activities	–	(8,553)
Cash flows from financing activities:
Net receipts from Former Parent company	55	–
Proceeds from debt	–	–
Principal payments of debt	(1,100)	(1,125)
Payment of financing costs	–	(2)
Proceeds from issuance of common stock	1,500	5,338
Equity offering issuance costs	(272)	(200)
Dividends of Series G Preferred Shares	–	–
Consideration paid in excess of purchase price over book value of vessels	–	(4,771)
Net cash provided by / (used in) financing activities	183	(760)
Net increase / (decrease) in cash, cash equivalents and restricted cash	828	(7,864)
Cash, cash equivalents and restricted cash at beginning of period	1,521	11,560
Cash, cash equivalents and restricted cash at end of period	2,349	3,696
Cash breakdown:
Cash and cash equivalents	1,349	2,796
Restricted cash, non-current	1,000	900
Supplemental cash flow information:
Interest paid, net of capitalized interest	1,308	720
Capital expenditures included in Accounts payable / Accrued liabilities / Due to related parties	–	513
Financing fees included in Accounts payable / Accrued liabilities / Due to related parties	–	7
Equity issuance costs included in liabilities	577	340
Excess consideration over acquired assets included in Due to related parties	–	5,370

About the Company

Rubico Inc. is a global provider of shipping transportation services specializing in the ownership of vessels. The Company is an international owner and operator of two modern, fuel-efficient, eco 157,000 dwt Suezmax tankers. Furthermore, the Company owns three 47,499 dwt MR newbuilding tankers scheduled for delivery in the second, third and fourth quarters of 2029 and a 60-meter newbuilding megayacht scheduled for delivery in the second quarter of 2027, which the Company intends to divest. In addition, the Company has entered into a share purchase agreement to acquire two shipowning companies, each owning a high-specification 47,499 dwt MR newbuilding tanker, scheduled for delivery in the fourth quarter of 2028 and the fourth quarter of 2029, respectively, with closing expected to occur by March 31, 2027.

The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Athens, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “RUBI”.
Please visit the Company’s website at: https://rubicoinc.com/

For further information please contact:
Nikolaos Papastratis
Chief Financial Officer
Rubico Inc.
Tel: +30 210 812 8107
Email: npapastratis@rubicoinc.com

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including statements regarding the expected delivery of our newbuilding vessels, the expected closing of the share purchase agreement described herein, potential gross revenue backlog and the declaration of optional periods under the related time charters, our intention to divest our newbuilding megayacht and our expectations regarding the positioning of our fleet and our future operating performance.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Please see the Company’s filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

ATHENS, Greece, Nov. 12, 2026 (GLOBE NEWSWIRE) — Rubico Inc. (Nasdaq: RUBI) (the “Company” or “Rubico”), a global provider of shipping transportation services specializing in the ownership of vessels, announced today its financial results for the third quarter and nine months ended September 30, 2026. For the third quarter of 2026, the Company reported net income of $1.4 million, revenues of $5.4 million, EBITDA of $3.3 million and net cash provided by operating activities of $1.4 million, compared with net income of $0.5 million, revenues of $5.7 million, EBITDA of $2.9 million and net cash provided by operating activities of $0.6 million for the third quarter of 2025. For the nine months ended September 30, 2026, the Company reported net income of $0.3 million, revenues of $15.1 million, EBITDA of $6.3 million and net cash provided by operating activities of $5.5 million, compared with net income of $4.5 million, revenues of $17.7 million, EBITDA of $11.7 million and net cash provided by operating activities of $7.3 million for the nine months ended September 30, 2025. Furthermore, as of September 30, 2026, the Company had cash and cash equivalents (including restricted cash) of $3.7 million, total assets of $159.3 million and total Stockholders’ equity of $46.8 million. The condensed consolidated financial information set out in this press release is unaudited and has been prepared in accordance with accounting principles generally accepted in the United States.

Kalliopi Ornithopoulou, the Company’s President, Chairwoman & Chief Executive Officer, stated:

“The third quarter of 2026 was the first quarter this year in which both of our Suezmax tankers were in full operation, following the completion of their scheduled drydockings during the first and second quarters. With both vessels back in service under their time charters, we generated revenues of $5.4 million and net income of $1.4 million for the quarter, compared with revenues of $5.7 million and net income of $0.5 million in the third quarter of 2025. Our fleet utilization for the quarter was 98.8%. Our results for the nine months ended September 30, 2026 reflect these drydockings, which had an estimated aggregate impact of $4.7 million on our net income, comprising $2.7 million of drydocking costs, $1.5 million of revenue forgone as a result of the off-hire days incurred during the drydocking periods and $0.5 million of bunker costs incurred during these off-hire days.

“We also continued to expand our newbuilding program. On September 30, 2026, we completed the acquisition from TOP Ships Inc. (“TOPS”), a related party, of the shipowning company of our third high-specification 47,499 dwt MR newbuilding tanker, which is scheduled for delivery in the second quarter of 2029 and will be employed upon delivery under a time charter with a major oil trader for a firm duration of seven years, with charterer’s option to extend for four additional years.

“In addition, on November 9, 2026, we entered into a share purchase agreement with TOPS to acquire two shipowning companies, each owning a high-specification 47,499 dwt MR newbuilding tanker, scheduled for delivery in the fourth quarter of 2028 and the fourth quarter of 2029, respectively, which, upon completion, will bring our MR newbuilding program to five vessels. Both vessels will be employed upon delivery under time charters with a major oil trader for a firm duration of seven years, with charterer’s option to extend for four additional years, and are expected to add approximately $150.9 million to our potential gross revenue backlog, including available charterer extension optional periods, bringing our total potential gross revenue backlog to $523.1 million, again including charterer extension optional periods. Together with the intended divestiture of our newbuilding megayacht, which we announced in July 2026, these steps reflect our focus on building a modern, fuel-efficient tanker fleet with long-term contracted employment.”

Highlights

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(in million USD)	Q3 2025	Q3 2026	9M 2025	9M 2026
Revenues	5.7	5.4	17.7	15.1
Net income	0.5	1.4	4.5	0.3
EBITDA (1)	2.9	3.3	11.7	6.3
Net cash provided by operating activities	0.6	1.4	7.3	5.5

Fleet Data

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(in U.S. Dollars, except days and percentages)	Q3 2025	Q3 2026	9M 2025	9M 2026
Calendar days	184	184	546	546
Available days	184	184	546	499
Operating days	174	182	536	497
Fleet utilization	94.4%	98.8%	98.1%	99.5%
TCE rate (per day)	31,718	28,533	32,174	28,491
Daily vessel operating expenses	10,364	7,424	7,800	6,575

Reconciliation of revenues to time charter equivalent revenues

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(U.S. Dollars in thousands, except operating days and TCE rate in U.S. Dollars)	Q3 2025	Q3 2026	9M 2025	9M 2026
Revenues	5,745	5,409	17,715	15,083
Less: Voyage expenses	(226)	(216)	(470)	(923)
Time charter equivalent revenues	5,519	5,193	17,245	14,160
Operating days	174	182	536	497
TCE rate	31,718	28,533	32,174	28,491

Net Income to EBITDA Reconciliation

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(In thousands of U.S. Dollars)	Q3 2025	Q3 2026	9M 2025	9M 2026
Net income	475	1,419	4,451	327
Add: Vessel depreciation	1,046	1,045	3,135	3,134
Add: Interest and finance costs	1,364	819	4,132	2,978
Less: Interest income	(2)	(2)	(2)	(134)
EBITDA(1)	2,883	3,281	11,716	6,305

(1)		EBITDA represents net income before interest income and expense, income taxes, depreciation and amortization, which is not a measure prepared in accordance with U.S. GAAP (i.e., a “Non-U.S. GAAP” measure). We believe that EBITDA assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. EBITDA is also used: (i) by prospective and current customers as well as potential lenders to evaluate potential transactions; and (ii) to evaluate and price potential acquisition candidates. Management also uses this Non-U.S. GAAP measure in making financial, operating and planning decisions and in evaluating the Company’s performance. Our EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation. EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of our performance. See above for a reconciliation of EBITDA to Net Income, the most directly comparable U.S. GAAP measure.

Calendar days. We define calendar days as the total number of days the vessels were in our possession for the relevant period. Calendar days are an indicator of the size of our fleet during the relevant period and affect both the amount of revenues and expenses that we record during that period.

Available days. We define available days as the number of calendar days less the aggregate number of days that our vessels are off-hire due to scheduled repairs, or scheduled guarantee inspections in the case of new buildings, vessel upgrades or special or intermediate surveys and the aggregate amount of time that we spend positioning our vessels. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues. Our calculation of Available Days may not be comparable to that reported by other companies due to differences in methods of calculation.

Operating days. We define operating days as the number of available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen technical circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period that our vessels actually generate revenues. Our calculation of Operating Days may not be comparable to that reported by other companies due to differences in methods of calculation.

Fleet utilization. We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or scheduled guarantee inspections in the case of new buildings, vessel upgrades, special or intermediate surveys and vessel positioning. We believe monitoring Fleet utilization assists management in making decisions regarding areas where we may be able to improve efficiency and increase revenue and as such provides useful information to investors regarding the efficiency of our operations.

TCE Revenues / TCE Rates. We define TCE or time charter equivalent revenues as revenues minus voyage expenses. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by a charterer under a time charter, as well as commissions. We believe that presenting revenues net of voyage expenses neutralizes the variability created by unique costs associated with particular voyages or the deployment of vessels on the spot market and facilitates comparisons between periods on a consistent basis. We calculate daily TCE rates by dividing TCE revenues by operating days for the relevant time period. Our calculation of TCE may not be comparable to that reported by other companies due to differences in methods of calculation.

TCE revenues and TCE rate, which are standard shipping industry performance metrics, provide additional supplemental information in conjunction with shipping revenues, the most directly comparable U.S. GAAP measure. We use TCE rates and TCE revenues to compare period-to-period changes in our performance and assist investors and our management in evaluating our financial performance.

Daily vessel operating expenses. We define vessel operating expenses to include crew wages and related costs, spares and consumable stores, insurance, maintenance and repairs and registration, taxes and other related expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.

 

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Rubico Inc. Unaudited Condensed Consolidated Balance Sheets (In thousands of U.S. Dollars)
	December 31, 2025	September 30, 2026
ASSETS
Cash and cash equivalents and restricted cash	4,864	3,696
Vessels, net	106,189	103,055
Advances for vessels under construction and asset acquisitions	19,500	51,426
Other assets	3,516	1,094
TOTAL ASSETS	134,069	159,271
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
Long-term debt and current portion, net of deferred finance costs	82,282	95,913
Other liabilities	5,989	11,688
Mezzanine equity	–	4,871
Stockholders’ equity	45,798	46,799
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY	134,069	159,271

 

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Rubico Inc. Unaudited Condensed Consolidated Statements of Comprehensive Income (In thousands of U.S. Dollars, except share and per share data)
	Nine months ended September 30, 2025	Nine months ended September 30, 2026
Revenues	17,715	15,083
Expenses:
Voyage expenses	(470)	(923)
Vessel operating expenses	(4,259)	(3,590)
Drydocking costs	–	(2,738)
Vessel depreciation	(3,135)	(3,134)
Management fees – related parties	(475)	(636)
General and administrative expenses	(795)	(891)
Operating income	8,581	3,171
Other income / (expenses):
Interest and finance costs	(4,132)	(2,978)
Interest income	2	134
Total other expenses, net	(4,130)	(2,844)
Net income	4,451	327
Less: Deemed dividend equivalents on Series G Shares related to redemption value	–	(635)
Less: Dividends of Series G Shares	–	(183)
Less: Deemed dividend on warrant inducement	–	(26)
Net income / (loss) attributable to common shareholders	4,451	(517)
COMPREHENSIVE INCOME
Net income	4,451	327
Change in foreign currency translation adjustments	–	(307)
Total comprehensive income	4,451	20
Earnings / (loss) per common share, basic and diluted	1,420,797.67	(13.76)
Weighted average number of common shares outstanding, basic and diluted	3.13	37,564.25

 

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Rubico Inc. Unaudited Condensed Consolidated Statements of Comprehensive Income (In thousands of U.S. Dollars, except share and per share data)
	Three months ended September 30, 2025	Three months ended September 30, 2026
Revenues	5,745	5,409
Expenses:
Voyage expenses	(226)	(216)
Vessel operating expenses	(1,907)	(1,366)
Drydocking costs	–	(105)
Vessel depreciation	(1,046)	(1,045)
Management fees – related parties	(187)	(213)
General and administrative expenses	(542)	(228)
Operating income	1,837	2,236
Other income / (expenses):
Interest and finance costs	(1,364)	(819)
Interest income	2	2
Total other expenses, net	(1,362)	(817)
Net income	475	1,419
Net income attributable to common shareholders	475	1,419
COMPREHENSIVE INCOME
Net income	475	1,419
Change in foreign currency translation adjustments	–	(142)
Total comprehensive income	475	1,277
Earnings per common share, basic	150,419.94	14.30
Earnings per common share, diluted	150,419.94	6.02
Weighted average number of common shares outstanding, basic	3.16	99,219.18
Weighted average number of common shares outstanding, diluted	3.16	235,598.55

Share and per share data for all periods presented have been retroactively adjusted to reflect the stock dividend of 0.5 common shares per common share distributed on October 6, 2026 and the 1-for-25 reverse stock split of the Company’s common shares effected on October 30, 2026.

 

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Rubico Inc. Unaudited Condensed Consolidated Statements of Cash Flows (In thousands of U.S. Dollars)
	Nine months ended September 30, 2025	Nine months ended September 30, 2026
Net cash provided by operating activities	7,259	5,538
Cash flows used in investing activities:
Advances for vessels under construction and capitalized expenses	–	(18,648)
Payments for net assets of shipowning companies acquired under common control	–	(2,609)
Net cash used in investing activities	–	(21,257)
Cash flows from financing activities:
Net payments to Former Parent company	(4,999)	–
Proceeds from debt	–	5,763
Principal payments of debt	(3,300)	(3,375)
Payment of financing costs	–	(110)
Proceeds from issuance of common stock	1,500	37,838
Equity offering issuance costs	(272)	(2,116)
Dividends of Series G Preferred Shares	–	(183)
Consideration paid in excess of purchase price over book value of vessels	–	(23,266)
Net cash (used in)/provided by financing activities	(7,071)	14,551
Net increase / (decrease) in cash, cash equivalents and restricted cash	188	(1,168)
Cash, cash equivalents and restricted cash at beginning of period	2,161	4,864
Cash, cash equivalents and restricted cash at end of period	2,349	3,696
Cash breakdown:
Cash and cash equivalents	1,349	2,796
Restricted cash, non-current	1,000	900
Supplemental cash flow information:
Interest paid, net of capitalized interest	3,959	2,809
Capital expenditures included in Accounts payable / Accrued liabilities / Due to related parties	–	513
Financing fees included in Accounts payable / Accrued liabilities / Due to related parties	–	7
Equity issuance costs included in liabilities	577	340
Settlement of excess consideration over acquired assets with issuance of Series G Shares	–	4,236
Excess consideration over acquired assets included in Due to related parties	–	5,370

 

Rubico Inc. Unaudited Condensed Consolidated Statements of Cash Flows (In thousands of U.S. Dollars)
	Three months ended September 30, 2025	Three months ended September 30, 2026
Net cash provided by operating activities	645	1,449
Cash flows used in investing activities:
Advances for vessels under construction and capitalized expenses	–	(5,944)
Payments for net assets of shipowning companies acquired under common control	–	(2,609)
Net cash used in investing activities	–	(8,553)
Cash flows from financing activities:
Net receipts from Former Parent company	55	–
Proceeds from debt	–	–
Principal payments of debt	(1,100)	(1,125)
Payment of financing costs	–	(2)
Proceeds from issuance of common stock	1,500	5,338
Equity offering issuance costs	(272)	(200)
Dividends of Series G Preferred Shares	–	–
Consideration paid in excess of purchase price over book value of vessels	–	(4,771)
Net cash provided by / (used in) financing activities	183	(760)
Net increase / (decrease) in cash, cash equivalents and restricted cash	828	(7,864)
Cash, cash equivalents and restricted cash at beginning of period	1,521	11,560
Cash, cash equivalents and restricted cash at end of period	2,349	3,696
Cash breakdown:
Cash and cash equivalents	1,349	2,796
Restricted cash, non-current	1,000	900
Supplemental cash flow information:
Interest paid, net of capitalized interest	1,308	720
Capital expenditures included in Accounts payable / Accrued liabilities / Due to related parties	–	513
Financing fees included in Accounts payable / Accrued liabilities / Due to related parties	–	7
Equity issuance costs included in liabilities	577	340
Excess consideration over acquired assets included in Due to related parties	–	5,370

About the Company

Rubico Inc. is a global provider of shipping transportation services specializing in the ownership of vessels. The Company is an international owner and operator of two modern, fuel-efficient, eco 157,000 dwt Suezmax tankers. Furthermore, the Company owns three 47,499 dwt MR newbuilding tankers scheduled for delivery in the second, third and fourth quarters of 2029 and a 60-meter newbuilding megayacht scheduled for delivery in the second quarter of 2027, which the Company intends to divest. In addition, the Company has entered into a share purchase agreement to acquire two shipowning companies, each owning a high-specification 47,499 dwt MR newbuilding tanker, scheduled for delivery in the fourth quarter of 2028 and the fourth quarter of 2029, respectively, with closing expected to occur by March 31, 2027.

The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Athens, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “RUBI”.
Please visit the Company’s website at: https://rubicoinc.com/

For further information please contact:
Nikolaos Papastratis
Chief Financial Officer
Rubico Inc.
Tel: +30 210 812 8107
Email: npapastratis@rubicoinc.com

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including statements regarding the expected delivery of our newbuilding vessels, the expected closing of the share purchase agreement described herein, potential gross revenue backlog and the declaration of optional periods under the related time charters, our intention to divest our newbuilding megayacht and our expectations regarding the positioning of our fleet and our future operating performance.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Please see the Company’s filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

Series	RIKV 27 0217	RIKV 27 0519
ISIN	IS0000039535	IS0000039857
Maturity Date	02/17/2027	05/19/2027
Auction Date	11/16/2026	11/16/2026
Settlement Date	11/18/2026	11/18/2026

On the Auction Date, between 10:30 am and 11:00 am, the Government Debt Management will auction Treasury bills in the Series, with the ISIN numbers and with the Maturity Dates according to the table above. Payments for the Treasury bills must be received by the Central Bank before 14:00 on the Settlement Date and the Bills will be delivered in electronic form on the same day.

Please note that the Treasury bill RIKV 27 0519 will be registered electronically at Verðbréfamiðstöð Íslands hf. central securities depository (VBM). The Treasury bill RIKV 27 0217 is registered at Nasdaq CSD.

Further reference is made to the General Terms of Icelandic Treasury bills and General Terms of Auction for Treasury bills on the Government Debt Management website.

For additional information please contact Oddgeir Gunnarsson, Government Debt Management, at +354 569 9635.

Series	RIKV 27 0217	RIKV 27 0519
ISIN	IS0000039535	IS0000039857
Maturity Date	02/17/2027	05/19/2027
Auction Date	11/16/2026	11/16/2026
Settlement Date	11/18/2026	11/18/2026

On the Auction Date, between 10:30 am and 11:00 am, the Government Debt Management will auction Treasury bills in the Series, with the ISIN numbers and with the Maturity Dates according to the table above. Payments for the Treasury bills must be received by the Central Bank before 14:00 on the Settlement Date and the Bills will be delivered in electronic form on the same day.

Please note that the Treasury bill RIKV 27 0519 will be registered electronically at Verðbréfamiðstöð Íslands hf. central securities depository (VBM). The Treasury bill RIKV 27 0217 is registered at Nasdaq CSD.

Further reference is made to the General Terms of Icelandic Treasury bills and General Terms of Auction for Treasury bills on the Government Debt Management website.

For additional information please contact Oddgeir Gunnarsson, Government Debt Management, at +354 569 9635.

• Phase 3 CHAPTER-3 results to be presented in the Distinguished Industry and Late-breaking Oral Abstracts sessions on Saturday, November 14, from 4:30-6:00 p.m. MST
• CHAPTER-3 met the primary and all secondary efficacy endpoints with statistical significance, confirming deucrictibant XR’s potential for the prevention of HAE attacks
• Deucrictibant XR reduced the monthly attack rate by 83% in all HAE types and 87% in HAE Type 1 or 2 vs. placebo and was generally well tolerated

ZUG, Switzerland, Nov. 12, 2026 (GLOBE NEWSWIRE) — Pharvaris (Nasdaq: PHVS), a late-stage biopharmaceutical company developing novel, oral bradykinin B2 receptor antagonists to help address unmet needs of those living with bradykinin-mediated diseases such as hereditary angioedema (HAE) and acquired angioedema due to C1 inhibitor deficiency (AAE-C1INH), summarized the oral and poster presentations at the American College of Allergy, Asthma & Immunology (ACAAI) 2026 Annual Scientific Meeting, taking place November 12-16, 2026, in Phoenix, Arizona. The presentations include late-breaking results from the Phase 3 CHAPTER-3 study evaluating investigational oral deucrictibant extended-release (XR) tablet for prophylaxis of HAE attacks to be presented in the Distinguished Industry and Late-breaking Oral Abstracts sessions on Saturday, November 14 from 4:30 – 6:00 p.m. MST, as well as final long-term results from the prophylaxis Phase 2 open-label extension, additional analyses of the pivotal Phase 3 on-demand treatment study, clinical pharmacology data supporting the potential combined use of the XR and immediate-release (IR) formulations, a comprehensive assessment of deucrictibant’s cardiovascular safety across the development program, and the real-world economic burden of HAE.

“This first opportunity to share CHAPTER-3 primary data with the medical community in the setting of a large scientific conference represents an important milestone in deucrictibant’s clinical development, with once-daily oral deucrictibant XR demonstrating reductions in the HAE attack rate in the range of those observed with injectable long-term prophylactic therapies, and nearly half of participants remaining attack-free over the entire 24-week treatment period,” said Peng Lu, M.D., Ph.D., President of Pharvaris. “When considered alongside the wealth of data being presented at ACAAI across our on-demand and prophylaxis clinical programs, as well as data exploring the economic burden of HAE to the healthcare system, these findings strengthen our belief in deucrictibant’s potential to address unmet needs and to change how people living with bradykinin-mediated angioedema manage their disease. Our ambition is to provide the community with effective and well-tolerated oral treatment options designed with the objective of addressing patients’ needs, whether to prevent attacks or to treat them when they occur, and ultimately to lessen the impact of this unpredictable disease on everyday life and healthcare systems.”

Details of the presentations are outlined below:

Long-Term Prophylaxis Therapy
Oral Deucrictibant Extended-Release Tablet for Prophylaxis of Hereditary Angioedema Attacks: The Phase 3 CHAPTER-3 Trial will be presented as a late-breaking oral presentation by Marc A. Riedl, M.D., M.S. In the global Phase 3 CHAPTER-3 study (NCT06669754), 85 participants with HAE, including HAE with normal C1 inhibitor, were randomized 2:1 to once-daily deucrictibant XR 40 mg or placebo for 24 weeks. Deucrictibant XR reduced the HAE attack rate by 83% versus placebo (p<0.0001) across all HAE types. In a post hoc analysis in participants with HAE Type 1 or 2, the attack rate was 87% lower in the group treated with deucrictibant XR compared to the group receiving placebo. Reductions in attack rate were observed within the first week of treatment and sustained throughout the study. Monthly rates of attacks treated with on-demand medication and of moderate-to-severe attacks were reduced by 83% and 77%, respectively, versus placebo. In addition, 98%, 96% and 65% of deucrictibant-treated participants achieved at least 50%, 70% and 90% reductions in attack rate compared to pre-treatment, respectively, and 45% were attack-free during the entire 24-week treatment period. Deucrictibant XR also resulted in significantly greater improvements in AE-QoL total score and all domain scores versus placebo. Deucrictibant XR was generally well tolerated with no treatment-related serious adverse events reported; no treatment-related cardiovascular adverse events were reported, and there were no treatment-related clinically significant abnormalities in heart rate, blood pressure or ECG findings.

Oral Deucrictibant for Prophylaxis of Hereditary Angioedema Attacks: Final Results From the CHAPTER-1 Open-Label Extension will be presented by Michael E. Manning, M.D. Final results from the Phase 2 CHAPTER-1 open-label extension (OLE; NCT05047185) show that reductions in HAE attack rate were observed within the first week of deucrictibant treatment and remained low for up to approximately 34 months. Participants experienced an average of 92.4% reduction in attack rate from the randomized controlled trial baseline, with an overall mean monthly attack rate of 0.12 during the OLE compared with 2.18 at baseline. At follow-up timepoints through week 132, the majority of participants achieved at least a 90% reduction in attack rate. Deucrictibant was well tolerated, with no treatment-related severe or serious treatment-emergent adverse events and no adverse events leading to study drug discontinuation, study withdrawal, or death.

On-Demand Therapy
Early and Sustained Effects of Deucrictibant Immediate-Release Capsule for On-Demand Treatment of Hereditary Angioedema Attacks will be presented by John Anderson, M.D. Phase 3 RAPIDe-3 analyses of 88 participants with paired treated attacks assessing the rapidity and durability of the response to on-demand treatment of attacks demonstrated that deucrictibant IR 20 mg achieved end of progression¹ (EoP), the earliest evidence of treatment effect when attack manifestations stop worsening and begin evolving toward relief and resolution, substantially earlier than placebo, with a median time to EoP of 17.47 minutes versus more than 3.5 hours. More than 95% of deucrictibant-treated attacks that achieved the predefined clinical endpoints of relief and resolution then maintained the response throughout the respective assessment periods. More than 80% of attacks that achieved these endpoints with a sustained response did so with a single capsule.

Combination Treatment
Evaluation of Safety Margins and Response to Deucrictibant Immediate-Release Capsule Combined with Deucrictibant Extended-Release Tablet will be presented by Anne Lesage, Ph.D. The analyses evaluated the safety margins for potential combined use of deucrictibant XR for prophylaxis and deucrictibant IR for on-demand treatment of an attack occurring during prophylactic treatment. Deucrictibant XR 40 mg is formulated to maintain plasma concentrations above the effective therapeutic concentration (EC₈₅) for more than 24 hours, while deucrictibant IR is formulated to rapidly exceed EC₈₅. Population pharmacokinetic modeling and simulation analysis demonstrated that estimated systemic exposure when XR was combined with one or two IR capsules remained below both the nonclinical no observed adverse-effect level and the highest exposure previously explored in humans. These findings support the potential combined use of the two formulations to address both the prevention and treatment of attacks in people living with bradykinin-mediated angioedema, subject to regulatory approval of each formulation.

Cardiovascular Safety
Clinical Cardiovascular Safety Evaluation of Oral Deucrictibant will be presented by Anne Lesage, Ph.D. An integrated analysis of cardiovascular (CV) safety data across completed and ongoing Phase 1, 2, and 3 clinical studies of deucrictibant for on-demand as well as for prophylactic treatment showed no evidence of QTc prolongation or increased risks of CV events with deucrictibant. As of June 10, 2026, more than 740 unique participants were estimated to have been exposed to deucrictibant across 25 Pharvaris-sponsored clinical studies. A concentration-QTc analysis found no evidence of QTc prolongation, including at the highest estimated clinical exposure. In the Phase 3 CHAPTER-3 study of deucrictibant XR for long-term prophylaxis, over 24 weeks of treatment, no treatment-related cardiac or vascular disorder adverse events and no treatment-related clinically significant abnormalities in heart rate, blood pressure, or ECG findings were reported. These findings were consistent with longer-term observations from CHAPTER-1, in which participants received deucrictibant for up to approximately 34 months.

Real-World Evidence
Economic Burden and Treatment Patterns Among Individuals with Hereditary Angioedema: a U.S. Closed Claims Analysis will be presented by Raffi Tachdjian, M.D., MPH. A retrospective analysis of U.S. closed claims data from 952 adolescents and adults with claims-identified HAE found substantial healthcare resource utilization and treatment burden despite the use of available HAE therapies. During a median follow-up of 2.4 years, 20.3% of individuals had at least one HAE-related inpatient stay and 25.4% had at least one HAE-related emergency room visit. Median HAE-related medical and pharmacy costs per patient per year increased from $43,271 at baseline to $240,064 during follow-up. The findings demonstrate the cost of suboptimal disease management among people with HAE in U.S., highlighting the opportunity for innovative treatments to further improve disease control and potentially decrease the overall economic burden of HAE.

The posters and presentation slides are available on the Investors section of the Pharvaris website at: https://ir.pharvaris.com/news-events/events-presentations.

_{¹ The term End of Progression is a registered trademark of Pharvaris GmbH.}

About Deucrictibant
Deucrictibant is a novel, potent, orally bioavailable small-molecule bradykinin B2 receptor antagonist currently in clinical development. Deucrictibant is being investigated for its potential to prevent the occurrence of bradykinin-mediated angioedema attacks and to treat the manifestations of attacks if/when they occur by inhibiting bradykinin signaling through the bradykinin B2 receptor. Pharvaris is developing two formulations of deucrictibant for oral administration: an extended-release tablet to enable sustained absorption and efficacy as prophylactic treatment, and an immediate-release capsule to enable rapid onset of activity for on-demand treatment. Deucrictibant has been granted orphan drug designation for the treatment of bradykinin-mediated angioedema by the U.S. Food and Drug Administration, the European Commission, and Swissmedic.

About Pharvaris
Pharvaris is a late-stage biopharmaceutical company developing novel, oral bradykinin B2 receptor antagonists to help address unmet needs in bradykinin-mediated conditions, including all types of bradykinin-mediated angioedema. Pharvaris’ aspiration is to offer therapies with injectable-like efficacy™, a well-tolerated profile, and the convenience of oral administration to prevent and treat bradykinin-mediated angioedema attacks. By delivering on this aspiration, Pharvaris aims to provide a new standard of care in bradykinin-mediated angioedema. For more information, visit https://pharvaris.com/. 

Forward Looking Statements
This press release contains certain forward-looking statements that involve substantial risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements relating to our future plans, studies and trials, and any statements containing the words “believe,” “anticipate,” “expect,” “estimate,” “may,” “could,” “should,” “would,” “will” and similar expressions. These forward-looking statements are based on management’s current expectations, are neither promises nor guarantees, and involve known and unknown risks, uncertainties and other important factors that may cause Pharvaris’ actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements. Such risks include but are not limited to the following: uncertainty in the outcome of our interactions with regulatory authorities, including the FDA; the expected timing, progress, or success of our clinical development programs, especially for deucrictibant immediate-release capsules and deucrictibant extended-release tablets, which are in late-stage global clinical trials; the outcome of regulatory approvals, including the outcome of our NDA and MAA for the on-demand treatment of acute attacks of HAE; our ability to replicate the efficacy and safety demonstrated in the RAPIDe-1, RAPIDe-2, RAPIDe-3, CHAPTER-1, and CHAPTER-3 Phase 2 and Phase 3 studies in ongoing and future nonclinical studies and clinical trials, such as CREAATE; risks arising from epidemic diseases, which may adversely impact our business, nonclinical studies, and clinical trials; our ability to potentially use deucrictibant for alternative purposes, for example to treat C1-INH deficiency (AAE-C1INH); the value of our ordinary shares; the timing, costs and other limitations involved in obtaining regulatory approval for our product candidates, or any other product candidate that we may develop in the future; our ability to establish commercial capabilities or enter into agreements with third parties to market, sell, and distribute our product candidates; our ability to compete in the pharmaceutical industry, including with respect to existing therapies, emerging potentially competitive therapies and with competitive generic products; our ability to market, commercialize and achieve market acceptance for our product candidates; our ability to produce sufficient amounts of drug product candidates for commercialization; our ability to raise capital when needed and on acceptable terms; regulatory developments in the United States, the European Union and other jurisdictions; our ability to protect our intellectual property and know-how and operate our business without infringing the intellectual property rights or regulatory exclusivity of others; our ability to manage negative consequences from changes in applicable laws and regulations, including tax laws (including the Biosecure Act), our ability to maintain an effective system of internal control over financial reporting; changes and uncertainty in general market conditions; disruptions at the FDA and other agencies; changes and uncertainty in general market, political and economic conditions, including as a result of inflation and geopolitical conflicts; changes in regulations and customs, tariffs and trade barriers; and the other factors described under the headings “Cautionary Statement Regarding Forward-Looking Statements” and “Item 3. Key Information—D. Risk Factors” in our Annual Report on Form 20-F and other periodic filings with the U.S. Securities and Exchange Commission. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. While Pharvaris may elect to update such forward-looking statements at some point in the future, Pharvaris disclaims any obligation to do so, even if subsequent events cause its views to change. These forward-looking statements should not be relied upon as representing Pharvaris’ views as of any date subsequent to the date of this press release.

CONTACT: Contact 
Maggie Beller
Vice President, Head of Corporate and Investor Communications
maggie.beller@pharvaris.com 

• Phase 3 CHAPTER-3 results to be presented in the Distinguished Industry and Late-breaking Oral Abstracts sessions on Saturday, November 14, from 4:30-6:00 p.m. MST
• CHAPTER-3 met the primary and all secondary efficacy endpoints with statistical significance, confirming deucrictibant XR’s potential for the prevention of HAE attacks
• Deucrictibant XR reduced the monthly attack rate by 83% in all HAE types and 87% in HAE Type 1 or 2 vs. placebo and was generally well tolerated

ZUG, Switzerland, Nov. 12, 2026 (GLOBE NEWSWIRE) — Pharvaris (Nasdaq: PHVS), a late-stage biopharmaceutical company developing novel, oral bradykinin B2 receptor antagonists to help address unmet needs of those living with bradykinin-mediated diseases such as hereditary angioedema (HAE) and acquired angioedema due to C1 inhibitor deficiency (AAE-C1INH), summarized the oral and poster presentations at the American College of Allergy, Asthma & Immunology (ACAAI) 2026 Annual Scientific Meeting, taking place November 12-16, 2026, in Phoenix, Arizona. The presentations include late-breaking results from the Phase 3 CHAPTER-3 study evaluating investigational oral deucrictibant extended-release (XR) tablet for prophylaxis of HAE attacks to be presented in the Distinguished Industry and Late-breaking Oral Abstracts sessions on Saturday, November 14 from 4:30 – 6:00 p.m. MST, as well as final long-term results from the prophylaxis Phase 2 open-label extension, additional analyses of the pivotal Phase 3 on-demand treatment study, clinical pharmacology data supporting the potential combined use of the XR and immediate-release (IR) formulations, a comprehensive assessment of deucrictibant’s cardiovascular safety across the development program, and the real-world economic burden of HAE.

“This first opportunity to share CHAPTER-3 primary data with the medical community in the setting of a large scientific conference represents an important milestone in deucrictibant’s clinical development, with once-daily oral deucrictibant XR demonstrating reductions in the HAE attack rate in the range of those observed with injectable long-term prophylactic therapies, and nearly half of participants remaining attack-free over the entire 24-week treatment period,” said Peng Lu, M.D., Ph.D., President of Pharvaris. “When considered alongside the wealth of data being presented at ACAAI across our on-demand and prophylaxis clinical programs, as well as data exploring the economic burden of HAE to the healthcare system, these findings strengthen our belief in deucrictibant’s potential to address unmet needs and to change how people living with bradykinin-mediated angioedema manage their disease. Our ambition is to provide the community with effective and well-tolerated oral treatment options designed with the objective of addressing patients’ needs, whether to prevent attacks or to treat them when they occur, and ultimately to lessen the impact of this unpredictable disease on everyday life and healthcare systems.”

Details of the presentations are outlined below:

Long-Term Prophylaxis Therapy
Oral Deucrictibant Extended-Release Tablet for Prophylaxis of Hereditary Angioedema Attacks: The Phase 3 CHAPTER-3 Trial will be presented as a late-breaking oral presentation by Marc A. Riedl, M.D., M.S. In the global Phase 3 CHAPTER-3 study (NCT06669754), 85 participants with HAE, including HAE with normal C1 inhibitor, were randomized 2:1 to once-daily deucrictibant XR 40 mg or placebo for 24 weeks. Deucrictibant XR reduced the HAE attack rate by 83% versus placebo (p<0.0001) across all HAE types. In a post hoc analysis in participants with HAE Type 1 or 2, the attack rate was 87% lower in the group treated with deucrictibant XR compared to the group receiving placebo. Reductions in attack rate were observed within the first week of treatment and sustained throughout the study. Monthly rates of attacks treated with on-demand medication and of moderate-to-severe attacks were reduced by 83% and 77%, respectively, versus placebo. In addition, 98%, 96% and 65% of deucrictibant-treated participants achieved at least 50%, 70% and 90% reductions in attack rate compared to pre-treatment, respectively, and 45% were attack-free during the entire 24-week treatment period. Deucrictibant XR also resulted in significantly greater improvements in AE-QoL total score and all domain scores versus placebo. Deucrictibant XR was generally well tolerated with no treatment-related serious adverse events reported; no treatment-related cardiovascular adverse events were reported, and there were no treatment-related clinically significant abnormalities in heart rate, blood pressure or ECG findings.

Oral Deucrictibant for Prophylaxis of Hereditary Angioedema Attacks: Final Results From the CHAPTER-1 Open-Label Extension will be presented by Michael E. Manning, M.D. Final results from the Phase 2 CHAPTER-1 open-label extension (OLE; NCT05047185) show that reductions in HAE attack rate were observed within the first week of deucrictibant treatment and remained low for up to approximately 34 months. Participants experienced an average of 92.4% reduction in attack rate from the randomized controlled trial baseline, with an overall mean monthly attack rate of 0.12 during the OLE compared with 2.18 at baseline. At follow-up timepoints through week 132, the majority of participants achieved at least a 90% reduction in attack rate. Deucrictibant was well tolerated, with no treatment-related severe or serious treatment-emergent adverse events and no adverse events leading to study drug discontinuation, study withdrawal, or death.

On-Demand Therapy
Early and Sustained Effects of Deucrictibant Immediate-Release Capsule for On-Demand Treatment of Hereditary Angioedema Attacks will be presented by John Anderson, M.D. Phase 3 RAPIDe-3 analyses of 88 participants with paired treated attacks assessing the rapidity and durability of the response to on-demand treatment of attacks demonstrated that deucrictibant IR 20 mg achieved end of progression¹ (EoP), the earliest evidence of treatment effect when attack manifestations stop worsening and begin evolving toward relief and resolution, substantially earlier than placebo, with a median time to EoP of 17.47 minutes versus more than 3.5 hours. More than 95% of deucrictibant-treated attacks that achieved the predefined clinical endpoints of relief and resolution then maintained the response throughout the respective assessment periods. More than 80% of attacks that achieved these endpoints with a sustained response did so with a single capsule.

Combination Treatment
Evaluation of Safety Margins and Response to Deucrictibant Immediate-Release Capsule Combined with Deucrictibant Extended-Release Tablet will be presented by Anne Lesage, Ph.D. The analyses evaluated the safety margins for potential combined use of deucrictibant XR for prophylaxis and deucrictibant IR for on-demand treatment of an attack occurring during prophylactic treatment. Deucrictibant XR 40 mg is formulated to maintain plasma concentrations above the effective therapeutic concentration (EC₈₅) for more than 24 hours, while deucrictibant IR is formulated to rapidly exceed EC₈₅. Population pharmacokinetic modeling and simulation analysis demonstrated that estimated systemic exposure when XR was combined with one or two IR capsules remained below both the nonclinical no observed adverse-effect level and the highest exposure previously explored in humans. These findings support the potential combined use of the two formulations to address both the prevention and treatment of attacks in people living with bradykinin-mediated angioedema, subject to regulatory approval of each formulation.

Cardiovascular Safety
Clinical Cardiovascular Safety Evaluation of Oral Deucrictibant will be presented by Anne Lesage, Ph.D. An integrated analysis of cardiovascular (CV) safety data across completed and ongoing Phase 1, 2, and 3 clinical studies of deucrictibant for on-demand as well as for prophylactic treatment showed no evidence of QTc prolongation or increased risks of CV events with deucrictibant. As of June 10, 2026, more than 740 unique participants were estimated to have been exposed to deucrictibant across 25 Pharvaris-sponsored clinical studies. A concentration-QTc analysis found no evidence of QTc prolongation, including at the highest estimated clinical exposure. In the Phase 3 CHAPTER-3 study of deucrictibant XR for long-term prophylaxis, over 24 weeks of treatment, no treatment-related cardiac or vascular disorder adverse events and no treatment-related clinically significant abnormalities in heart rate, blood pressure, or ECG findings were reported. These findings were consistent with longer-term observations from CHAPTER-1, in which participants received deucrictibant for up to approximately 34 months.

Real-World Evidence
Economic Burden and Treatment Patterns Among Individuals with Hereditary Angioedema: a U.S. Closed Claims Analysis will be presented by Raffi Tachdjian, M.D., MPH. A retrospective analysis of U.S. closed claims data from 952 adolescents and adults with claims-identified HAE found substantial healthcare resource utilization and treatment burden despite the use of available HAE therapies. During a median follow-up of 2.4 years, 20.3% of individuals had at least one HAE-related inpatient stay and 25.4% had at least one HAE-related emergency room visit. Median HAE-related medical and pharmacy costs per patient per year increased from $43,271 at baseline to $240,064 during follow-up. The findings demonstrate the cost of suboptimal disease management among people with HAE in U.S., highlighting the opportunity for innovative treatments to further improve disease control and potentially decrease the overall economic burden of HAE.

The posters and presentation slides are available on the Investors section of the Pharvaris website at: https://ir.pharvaris.com/news-events/events-presentations.

_{¹ The term End of Progression is a registered trademark of Pharvaris GmbH.}

About Deucrictibant
Deucrictibant is a novel, potent, orally bioavailable small-molecule bradykinin B2 receptor antagonist currently in clinical development. Deucrictibant is being investigated for its potential to prevent the occurrence of bradykinin-mediated angioedema attacks and to treat the manifestations of attacks if/when they occur by inhibiting bradykinin signaling through the bradykinin B2 receptor. Pharvaris is developing two formulations of deucrictibant for oral administration: an extended-release tablet to enable sustained absorption and efficacy as prophylactic treatment, and an immediate-release capsule to enable rapid onset of activity for on-demand treatment. Deucrictibant has been granted orphan drug designation for the treatment of bradykinin-mediated angioedema by the U.S. Food and Drug Administration, the European Commission, and Swissmedic.

About Pharvaris
Pharvaris is a late-stage biopharmaceutical company developing novel, oral bradykinin B2 receptor antagonists to help address unmet needs in bradykinin-mediated conditions, including all types of bradykinin-mediated angioedema. Pharvaris’ aspiration is to offer therapies with injectable-like efficacy™, a well-tolerated profile, and the convenience of oral administration to prevent and treat bradykinin-mediated angioedema attacks. By delivering on this aspiration, Pharvaris aims to provide a new standard of care in bradykinin-mediated angioedema. For more information, visit https://pharvaris.com/. 

Forward Looking Statements
This press release contains certain forward-looking statements that involve substantial risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements relating to our future plans, studies and trials, and any statements containing the words “believe,” “anticipate,” “expect,” “estimate,” “may,” “could,” “should,” “would,” “will” and similar expressions. These forward-looking statements are based on management’s current expectations, are neither promises nor guarantees, and involve known and unknown risks, uncertainties and other important factors that may cause Pharvaris’ actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements. Such risks include but are not limited to the following: uncertainty in the outcome of our interactions with regulatory authorities, including the FDA; the expected timing, progress, or success of our clinical development programs, especially for deucrictibant immediate-release capsules and deucrictibant extended-release tablets, which are in late-stage global clinical trials; the outcome of regulatory approvals, including the outcome of our NDA and MAA for the on-demand treatment of acute attacks of HAE; our ability to replicate the efficacy and safety demonstrated in the RAPIDe-1, RAPIDe-2, RAPIDe-3, CHAPTER-1, and CHAPTER-3 Phase 2 and Phase 3 studies in ongoing and future nonclinical studies and clinical trials, such as CREAATE; risks arising from epidemic diseases, which may adversely impact our business, nonclinical studies, and clinical trials; our ability to potentially use deucrictibant for alternative purposes, for example to treat C1-INH deficiency (AAE-C1INH); the value of our ordinary shares; the timing, costs and other limitations involved in obtaining regulatory approval for our product candidates, or any other product candidate that we may develop in the future; our ability to establish commercial capabilities or enter into agreements with third parties to market, sell, and distribute our product candidates; our ability to compete in the pharmaceutical industry, including with respect to existing therapies, emerging potentially competitive therapies and with competitive generic products; our ability to market, commercialize and achieve market acceptance for our product candidates; our ability to produce sufficient amounts of drug product candidates for commercialization; our ability to raise capital when needed and on acceptable terms; regulatory developments in the United States, the European Union and other jurisdictions; our ability to protect our intellectual property and know-how and operate our business without infringing the intellectual property rights or regulatory exclusivity of others; our ability to manage negative consequences from changes in applicable laws and regulations, including tax laws (including the Biosecure Act), our ability to maintain an effective system of internal control over financial reporting; changes and uncertainty in general market conditions; disruptions at the FDA and other agencies; changes and uncertainty in general market, political and economic conditions, including as a result of inflation and geopolitical conflicts; changes in regulations and customs, tariffs and trade barriers; and the other factors described under the headings “Cautionary Statement Regarding Forward-Looking Statements” and “Item 3. Key Information—D. Risk Factors” in our Annual Report on Form 20-F and other periodic filings with the U.S. Securities and Exchange Commission. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. While Pharvaris may elect to update such forward-looking statements at some point in the future, Pharvaris disclaims any obligation to do so, even if subsequent events cause its views to change. These forward-looking statements should not be relied upon as representing Pharvaris’ views as of any date subsequent to the date of this press release.

CONTACT: Contact 
Maggie Beller
Vice President, Head of Corporate and Investor Communications
maggie.beller@pharvaris.com 

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:	Davidson Kempner Capital Management LP
(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	easyJet 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	11/11/2026
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?  If it is a cash offer or possible cash offer, state “N/A”	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:	27 2/7p ordinary (ISIN-GB00B7KR2P84)
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:
(2) Cash-settled derivatives:	20,899,735	2.76%
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	20,899,735	2.76%

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
27 2/7p ordinary	CFD	Increasing a long position	565,784	GBP 6.8980

(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: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

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: If there are no such agreements, arrangements or understandings, state “none”

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	12/11/2026
Contact name:	Alex McMillan
Telephone number:	646 282 5805

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:	Davidson Kempner Capital Management LP
(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	easyJet 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	11/11/2026
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?  If it is a cash offer or possible cash offer, state “N/A”	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:	27 2/7p ordinary (ISIN-GB00B7KR2P84)
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:
(2) Cash-settled derivatives:	20,899,735	2.76%
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	20,899,735	2.76%

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
27 2/7p ordinary	CFD	Increasing a long position	565,784	GBP 6.8980

(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: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

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: If there are no such agreements, arrangements or understandings, state “none”

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	12/11/2026
Contact name:	Alex McMillan
Telephone number:	646 282 5805

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:	Davidson Kempner Capital Management LP
(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	Tate & Lyle 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	11/11/2026
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?  If it is a cash offer or possible cash offer, state “N/A”	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:	29 1/6p ordinary (ISIN-GB00BP92CJ43)
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:
(2) Cash-settled derivatives:	19,741,506	4.43%
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	19,741,506	4.43%

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
29 1/6p ordinary	CFD	Increasing a long position	68,400	GBP 5.6050
29 1/6p ordinary	CFD	Increasing a long position	100,608	GBP 5.6020

(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: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

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: If there are no such agreements, arrangements or understandings, state “none”

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	12/11/2026
Contact name:	Alex McMillan
Telephone number:	646 282 5805

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:	Davidson Kempner Capital Management LP
(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	Tate & Lyle 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	11/11/2026
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?  If it is a cash offer or possible cash offer, state “N/A”	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:	29 1/6p ordinary (ISIN-GB00BP92CJ43)
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:
(2) Cash-settled derivatives:	19,741,506	4.43%
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	19,741,506	4.43%

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
29 1/6p ordinary	CFD	Increasing a long position	68,400	GBP 5.6050
29 1/6p ordinary	CFD	Increasing a long position	100,608	GBP 5.6020

(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: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

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: If there are no such agreements, arrangements or understandings, state “none”

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	12/11/2026
Contact name:	Alex McMillan
Telephone number:	646 282 5805

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.