Tag: GlobeNewswire

SAN JOSE, Calif., Oct. 29, 2026 (GLOBE NEWSWIRE) — H2O America (NASDAQ: HTO) (the “Company”) announced today that it has priced its previously announced underwritten public offering of 6.5 million equity units (the “Offering”). Each equity unit will be issued in a stated amount of $50 ($325.0 million aggregate stated amount) and will initially be in the form of a corporate unit consisting of a contract to purchase the Company’s common stock in the future (the “purchase contract”) and a 1/20 undivided beneficial ownership interest in $1,000 principal amount of the Company’s 5.300% Remarketable Senior Notes due 2031. The Remarketable Senior Notes are subject to remarketing, subject to certain conditions and during certain periods. The Offering is expected to close on November 3, 2026, subject to customary closing conditions.

In connection with the Offering, the Company has granted the underwriters an option to purchase up to an additional 975,000 equity units ($48.75 million additional aggregate stated amount), solely for the purpose of covering over-allotments, within the 13-day period beginning on the day the Company first issues the corporate units.

The Company intends to apply to list the corporate units on the Nasdaq Global Select Market and expects trading to commence within 30 days of the date of initial issuance (subject to listing approval).

Total annual distributions on the equity units will be at the rate of 7.750% per year, consisting of interest payments of 5.300% per year on the Remarketable Senior Notes due 2031 and contract adjustment payments of 2.450% per year under the related stock purchase contracts. Under the purchase contracts, holders are required to purchase a variable number of shares of the Company’s common stock no later than November 1, 2029. The reference price for the purchase contracts is $58.5686 per share, which is approximately equal to the closing price of the Company’s common stock on the Nasdaq Global Select Market on October 29, 2026. The minimum settlement rate under the purchase contracts is 0.7265 shares of the Company’s common stock, which is approximately equal to the $50 stated amount per equity unit divided by the threshold appreciation price of $68.8231 per share, which represents a premium of approximately 17.5% over the reference price. The maximum settlement rate under the purchase contracts is 0.8537 shares of the Company’s common stock, which is approximately equal to the $50 stated amount per equity unit divided by the reference price. Each of the settlement rates is subject to adjustment in certain circumstances.

The Company estimates that the net proceeds from the Offering will be approximately $315.3 million (or approximately $362.5 million if the underwriters’ option to purchase additional units is exercised in full), after deducting the underwriting discounts and commissions but before deducting other offering expenses. The Company intends to use the net proceeds of the Offering for general corporate purposes, which may include acquisitions, capital expenditures or debt repayment.

Wells Fargo Securities and J.P. Morgan are acting as joint book-running managers and as representatives of the underwriters for the Offering.

The Offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”). The Offering is being made only by means of a prospectus supplement, including the accompanying base prospectus. Before you invest, you should read the preliminary prospectus supplement and accompanying prospectus, the registration statement, and the other documents that the Company has filed with the SEC for more complete information about the Company and the Offering. Copies of the preliminary prospectus supplement and the final prospectus supplement, when available, may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or from Wells Fargo Securities, LLC, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, Attention: WFS Customer Service, toll-free at 1-800-645-3751 or by email at WFScustomerservice@wellsfargo.com or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by email at prospectus-eq_fi@jpmchase.com.

About H2O America

H2O America is among the largest investor-owned pure-play water and wastewater utilities in the United States, providing life-sustaining and high-quality water service to over 1.7 million people. H2O America includes the following locally led and operated water utilities – San Jose Water Company in California, The Connecticut Water Company in Connecticut, The Maine Water Company in Maine, and SJWTX, Inc. (dba The Texas Water Company) in Texas, including Quadvest’s operations.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements relating to the proposed Offering and expected use of net proceeds, which statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Some of these forward-looking statements can be identified by the use of forward-looking words such as “believes,” “expects,” “estimates,” “anticipates,” “intends,” “seeks,” “plans,” “projects,” “may,” “should,” “will,” “approximately,” “strategy,” or the negative of those words or other comparable terminology. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements.

The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: (1) the risks associated with the Quadvest and Cibolo Valley transactions, including, the risk of the proposed Cibolo Valley transaction not closing on the anticipated timeline, or at all, and the ability to successfully integrate Quadvest’s and Cibolo Valley’s operations and realize the projected financial and other benefits of the proposed transactions; (2) the effect of water, utility, environmental and other governmental policies and regulations, including regulatory actions concerning rates, authorized return on equity, authorized capital structures, capital expenditures, PFAS and other decisions; (3) changes in demand for water and other services; (4) unanticipated weather conditions and changes in seasonality including those affecting water supply and customer usage; (5) the effect of the impact of climate change; (6) unexpected costs, charges or expenses; (7) our ability to successfully evaluate investments in new business and growth initiatives; (8) contamination of our water supplies and damage or failure of our water equipment and infrastructure; (9) the risk of work stoppages, strikes and other labor-related actions; (10) catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist acts, physical attacks, cyber-attacks, epidemic, or similar occurrences; (11) changes in general economic, political, legislative, business and financial market conditions; (12) the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, changes in interest rates, compliance with regulatory requirements, compliance with the terms and conditions of our outstanding indebtedness, and general market and economic conditions; and (13) legislative and general market and economic developments. The risks, uncertainties and other factors may cause the actual results, performance or achievements of H2O America to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Other factors that may cause actual results, performance or achievements to materially differ are described in the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

H2O America Contacts:

Ann P. Kelly
Chief Financial Officer and Treasurer
(408) 385-4752
Ann.Kelly@H2O-America.com

Jonathan G. Reeder
Senior Director of Treasury & Investor Relations
(475) 414-1034
InvestorRelations@H2O-America.com

SAN DIEGO, Oct. 29, 2026 (GLOBE NEWSWIRE) — Aspen Neuroscience, Inc. (Nasdaq: ASPE), a clinical-stage regenerative medicine biotechnology company developing autologous cell therapies for Parkinson’s disease (PD), today announced the pricing of its initial public offering of 9,375,000 shares of common stock at a price to the public of $15.00 per share. All of the shares of common stock are being offered by Aspen. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Aspen, are expected to be approximately $140.6 million. In addition, Aspen has granted the underwriters a 30-day option to purchase up to an additional 1,406,250 shares of common stock at the public offering price, less underwriting discounts and commissions.

The shares are expected to begin trading on The Nasdaq Global Select Market on October 30, 2026, under the ticker symbol “ASPE.” The offering is expected to close on November 2, 2026, subject to the satisfaction of customary closing conditions.

Leerink Partners, Piper Sandler, Stifel, UBS Investment Bank and Oppenheimer & Co. are acting as joint bookrunning managers for the offering.

The Registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (SEC) and became effective on October 29, 2026. A copy of the registration statement can be accessed through the SEC’s website at www.sec.gov. This offering is being made only by means of a prospectus forming part of the registration statement relating to these securities. When available, copies of the final prospectus relating to the initial public offering may be obtained from: Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525 ext. 6105, or by email at syndicate@leerink.com; Piper Sandler & Co., Attention: Prospectus Department, 350 North 5th Street, Suite 1000, Minneapolis, MN 55401, by telephone at (800) 747-3924, or by email at prospectus@psc.com; Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720, or by email at syndprospectus@stifel.com; UBS Securities LLC, Attention: Prospectus Department, 11 Madison Avenue, New York, NY 10010, or by email at ol-prospectus-request@ubs.com; or Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at (212) 667-8055, or by email at EquityProspectus@opco.com.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations of offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About Aspen Neuroscience

Aspen Neuroscience, Inc. is a clinical-stage regenerative medicine biotechnology company focused on developing autologous induced-pluripotent stem cell (iPSC)-derived therapies to address neurodegenerative diseases with high unmet medical need. Aspen’s lead product candidate, sasineprocel, is an investigational single-dose, autologous iPSC-based cell therapy being evaluated for the treatment of PD.

Forward-Looking Statements

The statements contained in this press release that are not historical facts are forward-looking statements. You can identify forward-looking statements because they contain words such as “believe,” “can,” “estimate,” “expect,” “intend,” “may,” “plans,” “should,” “seeks,” or “will,” or similar expressions which concern Aspen’s strategy, plans, projections or intentions. These forward-looking statements may be included throughout this press release, and include, but are not limited to, statements relating to Aspen’s expected gross proceeds from the initial public offering, the expected date for Aspen’s common stock to begin trading on The Nasdaq Global Select Market, the expected closing of the initial public offering and the clinical development of sasineprocel. By their nature, forward-looking statements are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Aspen’s expectations, beliefs and projections are expressed in good faith and Aspen believes there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Any forward-looking statement in this press release speaks only as of the date of this release. Aspen undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

CONTACT:

Sam Murphy
Corporate Development
smurphy@aspenneuro.com

Kerry Beth Daly
Corporate Communications
kbdaly@aspenneuro.com

BEIJING, Oct. 30, 2026 (GLOBE NEWSWIRE) — InnoCare Pharma (HKEX: 09969; SSE: 688428), a leading biopharmaceutical company focusing on the treatment of cancer and autoimmune diseases, announced today that the first subject has been dosed in the Phase 1 trial of ICP-B161, a bispecific antibody targeting TL1A and IL-23p19, for the potential treatment of autoimmune diseases, including inflammatory bowel disease (IBD).

With its novel molecular design, ICP-B161 delivers an extended half-life, which allows for less frequent dosing and supports subcutaneous administration, positioning it as a differentiated, long-acting bispecific antibody.

By simultaneously targeting TL1A and IL-23p19, ICP-B161 has shown synergistic effects in suppressing cytokine release and mitigating inflammatory responses, with the potential to modulate two key pathways involved in the pathogenesis and progression of IBD. In preclinical studies, ICP-B161 demonstrated strong efficacy, significantly reducing colitis-related symptoms, and was well tolerated. No bispecific antibody targeting both TL1A and IL-23p19 has yet been approved anywhere in the world.

Dr. Jasmine Cui, Co-Founder, Chairwoman, and CEO of InnoCare, said, “IBD is a progressive, lifelong disease. Despite existing therapies, a large proportion of patients still experience severe complications, and significant unmet medical need remains. We will continue to accelerate the development of ICP-B161 to bring better innovative treatment options to patients with IBD.”

IBD is a chronic, relapsing inflammatory disorder of the gastrointestinal tract that affects an estimated 6.8 million people worldwide¹.

About InnoCare Pharma

InnoCare (HKEX: 09969; SSE: 688428) is a commercial stage biopharmaceutical company committed to discovering, developing, and commercializing innovative drugs for the treatment of cancers and autoimmune diseases, two therapeutic areas with unmet medical needs worldwide. InnoCare has established comprehensive innovation platforms for drug discovery. To date, the Company has developed a robust product pipeline comprising three approved drugs (orelabrutinib, tafasitamab and zurletrectinib), more than ten innovative drug candidates in clinical development, and multiple programs in preclinical stages. InnoCare has branches in Beijing, Nanjing, Shanghai, Guangzhou, Hong Kong, and the United States. For more information about InnoCare, please visit https://www.innocarepharma.com/en and follow us on LinkedIn.

______________________

¹ Alatab S, Sepanlou SG, Ikuta K, et al.; GBD 2017 Inflammatory Bowel Disease Collaborators.The global, regional, and national burden of inflammatory bowel disease in 195 countries and territories, 1990–2017: a systematic analysis for the Global Burden of Disease Study 2017. Lancet Gastroenterol Hepatol. 2020;5(1):17–30.

Contact

Media    Chunhua Lu     86-10-66609879             chunhua.lu@innocarepharma.com	Investors 86-10-66609999 ir@innocarepharma.com

Founder-led brand brings double-digit historical growth to Holley’s portfolio

NASHVILLE, Tenn., Oct. 29, 2026 (GLOBE NEWSWIRE) — Holley Performance Brands (NYSE: HLLY), home to a portfolio of iconic automotive brands serving enthusiasts across the high-performance aftermarket, today announced it has acquired SXTH Element, a Spartanburg, S.C.-based maker of engineered forced-induction and airflow upgrades focused on late-model Toyota platforms. The terms of the transaction were not disclosed.

SXTH Element joins Holley’s Modern Truck & Off-Road consumer vertical, expanding Holley’s reach into new product categories and vehicle platforms. SXTH Element’s product line spans cold-air intakes, intercoolers, charge pipes, turbo inlets and catch cans, with a strong track record of bringing products to market within months of new Toyota model launches. The founding team will continue to lead the business, and the transaction is structured to incentivize continued growth following the acquisition.

Toyota redesigned its full truck and SUV lineup between 2022 and 2025, and SXTH Element offers parts for every model in that lineup: the Tacoma, 4Runner, Tundra, Sequoia and Land Cruiser. All five models now use turbocharged engines, creating a young and expanding base of vehicles with years of modification ahead. Turbocharged engines reward intake and intercooler upgrades, which enthusiasts commonly pair with a performance tune and an exhaust. Alongside Holley’s existing tuning and exhaust capabilities, SXTH Element positions Holley to offer more complete performance solutions for these vehicles over time.

“We are disciplined about the brands we bring onto our platform. We look for founder-led businesses with authentic enthusiast credibility, a reputation for product excellence, strong growth in a large addressable market, and meaningful upside that Holley’s scale and resources can unlock. SXTH Element fits that profile,” said Matthew Stevenson, President and Chief Executive Officer of Holley Performance Brands. “That same discipline has guided us as we moved capital out of businesses that no longer fit our growth and margin goals and into categories where enthusiast demand is building. We believe SXTH Element gives our Modern Truck & Off-Road business an immediate foothold with a new base of enthusiasts, who love Toyota Trucks and SUVs.”

SXTH Element sells primarily direct to consumers today. Holley plans to expand the brand’s availability through its network of B2B partners. The acquisition follows Holley’s March 2026 purchase of racewear brand HRX, which has continued to broaden its product offering since joining the company.

“Holley is an iconic leader in performance and joining that legacy is an exciting next step for SXTH Element,” said Dan Wagoner, co-owner of SXTH Element. “We look forward to continuing to deliver for our customers while supporting Holley’s broader vision for the future of the automotive aftermarket.”

“I’m proud of what we’ve built at SXTH Element and excited to join the Holley team,” said Mark Scallan, co-owner of SXTH Element. “As enthusiasts ourselves, we’re looking forward to what we can build together for the community that got us here.”

For more Holley company news, click here.

Forward-Looking Statements
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties, and other important factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including but not limited to Holley’s ability to successfully integrate the SXTH Element business, grow the business and its product offering, or otherwise fully realize the expected benefits associated with its acquisition of SXTH Element, anticipated growth of the vehicle brands, makes and models that SXTH Element products support, and the other risks and uncertainties set forth in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 16, 2026, and in any subsequent filings with the SEC.

About SXTH Element
SXTH Element is a Spartanburg, S.C.-based performance parts brand that designs and engineers forced-induction, airflow and off-road components for late-model Toyota trucks and SUVs, including the Tacoma, 4Runner, Tundra, Sequoia and Land Cruiser, along with select sport compact and off-road applications. Using CAD engineering and 3D scanning, the SXTH Element team designs its products in-house and tests them on-road for precise fitment and dyno-proven performance gains. SXTH Element is part of Holley Performance Brands’ Modern Truck & Off-Road consumer vertical grouping. For more information, visit sxthelement.com.

About Holley Performance Brands
Holley Performance Brands (NYSE: HLLY) is home to a portfolio of iconic brands that serve enthusiasts across the high-performance aftermarket. The company designs, engineers, manufactures and markets category-leading products and solutions for automotive enthusiasts through a focused portfolio spanning four consumer vertical groupings: American Performance, Modern Truck & Off-Road, Euro & Import, and Safety & Racing. For more than a century, Holley has built its reputation through innovation, technical expertise and a deep understanding of enthusiast culture. For more information, visit holley.com.

Media Relations Contact(s):
Nathan Espinosa, Michael Murray
Kahn Media
818-881-5246
Holley@KahnMedia.com

Investor Relations Contact(s):
Sloan Bohlen, Jenna Kozlowski
Solebury Strategic Communications
203-428-3224
Holley@soleburystrat.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0cc11bc2-e02a-41a4-9d32-cc6e61afcd99

• Fiscal Year EPS Increases 8% to $3.96
• Quarterly EPS Increases 6% to $1.04 from $0.98 for Preceding Quarter
• Quarterly Return on Average Assets Increases to 1.56%
• Quarterly Return on Average Equity Increases to 11.72%
• Quarterly Net Interest Margin Increases to 3.96%
• Quarterly Cash Dividend Increases 3%

HOQUIAM, Wash., Oct. 29, 2026 (GLOBE NEWSWIRE) — Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”), the holding company for Timberland Bank (the “Bank”), today reported net income of $31.17 million for the fiscal year ended September 30, 2026, an increase of 7% from $29.16 million for the fiscal year ended September 30, 2025. Earnings per diluted common share (“EPS”) increased 8% to $3.96 for the 2026 fiscal year from $3.67 for the 2025 fiscal year.

Timberland also reported net income of $8.11 million, or $1.04 per diluted common share for the quarter ended September 30, 2026. This compares to net income of $7.72 million, or $0.98 per diluted common share for the preceding quarter, and $8.45 million, or $1.07 per diluted common share, for the comparable quarter one year ago. (Note: net income for the comparable quarter one year ago was increased by a $1.04 million bank owned life insurance benefit claim.)

“We closed out the fiscal year on a high note, delivering record annual earnings per share and a strong fourth quarter,” stated Dean Brydon, Chief Executive Officer. “Net income and earnings per share increased 5% and 6%, respectively, from the prior quarter, while net interest margin widened compared with both the prior quarter and year-ago quarter. While earnings were lower than the year-ago quarter, that period included a $1.04 million BOLI insurance claim, and excluding that benefit, results compared favorably. For the full fiscal year, we also improved our net interest margin and return on average assets while generating solid growth in net loans. We are proud of what our team accomplished this year in serving our customers, communities, and shareholders, and we look forward to building on that progress in the new year.”

“As a result of Timberland’s strong earnings and capital position, our Board of Directors announced a 3% increase to the quarterly cash dividend to shareholders of $0.31 per share, payable on November 27, 2026, to shareholders of record on November 12, 2026,” stated Jonathan Fischer, President and Chief Operating Officer. “Marking our 56th consecutive quarterly cash dividend, this payment reflects the Board’s continued confidence in Timberland’s long-term prospects.”

“Overall, fourth quarter earnings were strong and largely free of non-recurring items,” said Marci Basich, Chief Financial Officer. “Revenue generation was strong and net interest margin expanded 11 basis points from the prior quarter and 14 basis points from the year-ago quarter, reflecting our disciplined approach to pricing on both sides of the balance sheet. We also continued to build shareholder value during the quarter, growing tangible book value per share (non-GAAP) to $33.54, while repurchasing 40,395 shares of our common stock. These actions, combined with the dividend increase, reflect both the strength of our earnings and our confidence in the long-term value of the franchise.”

“Net loans grew 2% from the prior quarter, a testament to the strength of our lending teams and the continued demand we are seeing in our markets,” Brydon continued. “Credit quality held steady with modest improvements in non-performing asset levels, delinquency levels, and substandard loan levels. While net charge-offs increased, that was largely the result of charging off specific reserves we had already set up on several loans in prior periods. Our markets continue to offer solid growth opportunities and we remain confident in the quality of our loan portfolio and our disciplined approach to credit risk management.”

Earnings and Balance Sheet Highlights (at or for the periods ended September 30, 2026, compared to September 30, 2025, or June 30, 2026):

Earnings Highlights:

• • EPS increased 6% to $1.04 for the current quarter from $0.98 for the preceding quarter and decreased 3% from $1.07 for the comparable quarter one year ago;
  • EPS increased 8% to $3.96 for fiscal year 2026 from $3.67 for fiscal year 2025;
  • Net income increased 5% to $8.11 million for the current quarter from $7.72 million for the preceding quarter and decreased 4% from $8.45 million for the comparable quarter one year ago;
  • Net income increased 7% to $31.17 million for the 2026 fiscal year from $29.16 million for the 2025 fiscal year;
  • Return on average equity (“ROE”) and return on average assets (“ROA”) for the current quarter were 11.72% and 1.56%, respectively;
  • Net interest margin (“NIM”) for the current quarter increased to 3.96% from 3.85% for the preceding quarter and 3.82% for the comparable quarter one year ago; and
  • The efficiency ratio for the current quarter was 53.94% compared to 53.40% for the preceding quarter and 53.18% for the comparable quarter one year ago.

Balance Sheet Highlights:

• • Total assets increased slightly, less than 1%, from the prior quarter and increased 3% year-over-year;
  • Net loans receivable increased 2% from the prior quarter and increased 4% year-over-year;
  • Total deposits increased slightly, less than 1%, from the prior quarter and increased 3% year-over-year;
  • Total shareholders’ equity increased 1% from the prior quarter and increased 5% year-over-year; 40,395 shares of common stock were repurchased during the current quarter for $1.85 million;
  • Non-performing assets to total assets ratio was 0.42% at September 30, 2026, compared to 0.43% at June 30, 2026, and 0.23% at September 30, 2025;
  • Book and tangible book (non-GAAP) values per common share increased to $35.51 and $33.54, respectively, at September 30, 2026; and
  • Liquidity (both on-balance sheet and off-balance sheet) remained strong at September 30, 2026, with only $5 million in borrowings and additional secured borrowing line capacity of $810 million available through the Federal Home Loan Bank (“FHLB”) and the Federal Reserve.

Operating Results

Operating revenue (net interest income before the provision for credit losses plus non-interest income) for the current quarter increased 5% to $22.79 million from $21.79 million for the preceding quarter and increased 1% from $22.49 million for the comparable quarter one year ago. The increase in operating revenue compared to the preceding quarter was primarily due to an increase in interest income on loans receivable, and to a lesser extent, an increase in non-interest income. These increases in operating revenue were partially offset by a decrease in interest income on interest-bearing deposits in banks, and to a lesser extent, an increase in interest expense. Operating revenue increased 6%, to $87.34 million for the 2026 fiscal year from $82.55 million for the 2025 fiscal year, primarily due to increases in interest income on loans receivable and interest income on interest-bearing deposits in banks, and a decrease in interest expense. These increases in operating revenue for the fiscal year were partially offset by decreases in interest income on investment securities and net BOLI earnings.

Net interest income increased $857,000 or 5%, to $19.66 million for the current quarter from $18.81 million for the preceding quarter and increased $1.27 million, or 7%, from $18.40 million for the comparable quarter one year ago. The increase in net interest income compared to the preceding quarter was primarily due to an $11.46 million increase in the average interest-earning assets, a nine-basis point increase in the weighted average yield on interest-bearing assets and, to a lesser extent, a one-basis point decrease in the weighted average cost of interest-bearing liabilities. Net interest income for the 2026 fiscal year increased $5.46 million, or 8%, to $75.66 million from $70.20 million for the 2025 fiscal year, primarily due to an $89.24 million increase in average interest-earning assets and a 17-basis point decrease in the weighted average cost of interest-bearing liabilities.

Timberland’s NIM for the current quarter increased to 3.96% from 3.85% for the preceding quarter and from 3.82% for the comparable quarter one year ago. The NIM for the current quarter was increased by approximately two basis points due to the collection of $94,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $8,000 of the fair value discount on acquired loans. The NIM for the preceding quarter was increased by approximately two basis points due to the collection of $82,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $8,000 of the fair value discount on acquired loans. The NIM for the comparable quarter one year ago was increased by approximately two basis points due to the collection of $102,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $11,000 of the fair value discount on acquired loans. Timberland’s NIM expanded to 3.87% for fiscal year 2026 from 3.76% for fiscal year 2025.

A $475,000 provision for credit losses on loans was recorded for the quarter ended September 30, 2026. The provision was primarily due to loan portfolio growth and changes in the composition of the loan portfolio. This compares to a $600,000 provision for credit losses on loans for the preceding quarter and a $213,000 provision for credit losses on loans for the comparable quarter one year ago.

Non-interest income increased $134,000, or 4%, to $3.12 million for the current quarter from $2.99 million for the preceding quarter and decreased $971,000, or 24%, from $4.09 million for the comparable quarter one year ago. The increase in non-interest income compared to the preceding quarter was primarily due to a $99,000 increase in BOLI net earnings and smaller increases in several other categories. Non-interest income for the 2026 fiscal year decreased by 5%, to $11.68 million from $12.35 million for the 2025 fiscal year. The decrease in non-interest income compared to the prior year periods was primarily the result of a $1.04 million BOLI death benefit claim recorded in the comparable quarter one year ago.

Total operating (non-interest) expenses for the current quarter increased $652,000, or 6%, to $12.29 million from $11.64 million for the preceding quarter and increased $331,000, or 3%, from $11.96 million for the comparable quarter one year ago. The increase in operating expenses compared to the preceding quarter was primarily due to increases in salary and employee benefits expense and ATM and debit card processing expense and smaller decreases and increases in several other expense categories. The efficiency ratio for the current quarter was 53.94% compared to 53.40% for the preceding quarter and 53.18% for the comparable quarter one year ago. For the 2026 fiscal year, operating expenses increased $1.63 million, or 4%, to $47.02 million from $45.39 million for the 2025 fiscal year. The efficiency ratio for the 2026 fiscal year improved to 53.83% from 54.98% for the 2025 fiscal year.

The provision for income taxes for the current quarter increased $32,000, or 2%, to $1.96 million from $1.93 million for the preceding quarter, primarily due to higher taxable income. Timberland’s effective income tax rate was 19.5% for the quarter ended September 30, 2026, compared to 20.0% for the quarter ended June 30, 2026, and 18.1% for the quarter ended September 30, 2025. Timberland’s effective income tax rate was 19.9% for fiscal year 2026 compared to 19.5% for fiscal year 2025.

Balance Sheet Management

Total assets increased $2.97 million, or less than 1%, during the quarter to $2.06 billion at September 30, 2026, from $2.06 billion at June 30, 2026, and increased $51.01 million, or 3%, from $2.01 billion one year ago. The increase during the quarter was primarily due to an increase in net loans receivable, which was partially offset by decreases in total cash and cash equivalents and investment securities.

Liquidity

Timberland has continued to maintain a strong liquidity position, both on-balance sheet and off-balance sheet. Liquidity, as measured by the sum of cash and cash equivalents, CDs held for investment, and available for sale investment securities, was 18.5% of total liabilities at September 30, 2026, compared to 19.3% at June 30, 2026, and 18.8% one year ago. Timberland also had secured borrowing line capacity of $810 million available through the FHLB and the Federal Reserve at September 30, 2026. With a strong and diversified deposit base, only 20% of Timberland’s deposits were uninsured or uncollateralized at September 30, 2026. (Note: This calculation excludes public deposits that are fully collateralized.)

Loans

Net loans receivable increased $30.60 million, or 2%, during the quarter to $1.53 billion at September 30, 2026, from $1.50 billion at June 30, 2026, and increased $62.66 million, or 4%, from $1.46 billion at September 30, 2025. The increase during the quarter was primarily due to an $18.19 million increase in multi-family loans, a $6.33 million increase in one- to four-family loans, a $3.12 million increase in land loans, a $2.04 million increase in commercial business loans, a $1.03 million increase in construction and land development loans, and smaller increases in several other loan categories. These increases were partially offset by a $1.85 million increase in the undisbursed portion of construction loans in process and smaller changes in several other loan categories.

Loan Portfolio ($ in thousands)
	September 30, 2026						June 30, 2026						September 30, 2025
	Amount				Percent		Amount				Percent		Amount				Percent
Mortgage loans:
One- to four-family (a)	$306,251				18%		$299,921				18%		$317,691				20%
Multi-family		232,772			14			214,583			13			207,767			13
Commercial		647,197			39			646,376			40			610,692			39
Construction – custom and
owner/builder		111,294			7			113,303			7			130,341			9
Construction – speculative one-to four-family		26,871			2			28,445			2			10,745			1
Construction – commercial		19,932			1			12,991			1			21,818			1
Construction – multi-family		81,810			5			91,271			6			45,660			3
Construction – land
development		7,660			—			530			—			15,324			1
Land		40,531			3			37,416			2			35,952			2
Total mortgage loans		1,474,318			89			1,444,836			89			1,395,990			89
Consumer loans:
Home equity and second
mortgage		55,447			4			54,971			4			50,479			3
Other		1,758			—			1,915			—			2,034			—
Total consumer loans		57,205			4			56,886			4			52,513			3
Commercial loans:
Commercial business
loans		120,896			7			118,852			7			126,937			8
SBA PPP loans		—			—			—			—			58			—
Total commercial loans		120,896			7			118,852			7			126,995			8
Total loans		1,652,419			100%			1,620,574			100%			1,575,498			100%
Less:
Undisbursed portion of
construction loans in
process		(102,122	)					(100,275	)					(88,289	)
Deferred loan origination
fees		(5,390	)					(5,399	)					(5,528	)
Allowance for credit losses		(18,657	)					(19,249	)					(18,091	)
Total loans receivable, net	$1,526,250						$1,495,651						$1,463,590
(a)   Does not include one- to four-family loans held for sale totaling $2,210, $2,774, and $1,127 at September 30, 2026, June 30, 2026, and September 30, 2025, respectively.

The following table provides a breakdown of commercial real estate (“CRE”) mortgage loans by collateral type as of September 30, 2026:

CRE Loan Portfolio Breakdown by Collateral ($ in thousands)
Collateral Type		Balance			Percent of CRE Portfolio			Percent of Total Loan Portfolio			Average Balance Per Loan			Non-Accrual
Industrial warehouses		$	145,595		23%			9%			$	1,427		$	—
Medical/dental offices			82,329		13			5				1,211			220
Office buildings			74,132		11			4				862			—
Other retail buildings			55,582		9			3				625			—
Hotel/motel			40,568		6			2				2,704			3,842
Mini-storage			38,908		6			2				1,441			—
Restaurants			28,756		4			2				575			—
Gas stations/conv. stores			27,543		4			2				984			—
Nursing homes			13,668		2			1				1,953			—
Churches			13,501		2			1				964			—
Mobile home parks			10,257		2			1				466			—
Shopping centers			10,143		2			1				1,690			—
Additional CRE			106,215		16			6				787			—
Total CRE		$	647,197		100%			39%			$	997		$	4,062

Timberland originated $101.88 million in loans during the quarter ended September 30, 2026, compared to $133.67 million for the preceding quarter and $100.09 million for the comparable quarter one year ago. Timberland continues to originate fixed-rate one- to four-family mortgage loans, a portion of which are sold into the secondary market for asset-liability management purposes and to generate non-interest income. During the current quarter, fixed-rate one- to four-family mortgage loans totaling $9.52 million were sold compared to $7.83 million for the preceding quarter and $9.01 million for the comparable quarter one year ago.

Investment Securities

Timberland’s investment securities and CDs held for investment decreased $8.62 million, or 4%, to $208.28 million at September 30, 2026, from $216.89 million at June 30, 2026, and decreased $14.90 million, or 7% from $223.18 million at September 30, 2025. The decreases were primarily due to the maturities of U.S. Treasury Securities and scheduled amortization, which were partially offset by the purchase of additional CDs and U.S. government agency mortgage-backed investment securities.

Bank Owned Life Insurance (“BOLI”)

BOLI increased $345,000, or 1%, to $37.73 million at September 30, 2026, from $37.39 million at June 30, 2026, and increased $15.90 million, or 73% from $21.83 million at September 30, 2025. The increase during the year was primarily due to $15.00 million in additional BOLI policies purchased during the June 30, 2026 quarter.

Deposits

Total deposits increased $5.58 million, or less than 1%, during the quarter to $1.77 billion at September 30, 2026, from $1.76 billion at June 30, 2026, and increased $52.49 million, or 3%, from $1.72 billion at September 30, 2025. The quarter’s increase consisted of an $11.59 million increase in non-interest-bearing deposit account balances, a $2.85 million increase in money market deposit account balances, and a $2.00 million increase in savings account balances. These increases were partially offset by a $7.88 million decrease in NOW checking account balances and a $2.99 million decrease in certificates of deposit account balances.

Deposit Breakdown ($ in thousands)
	September 30, 2026								June 30, 2026							September 30, 2025
			Amount			Percent				Amount			Percent				Amount				Percent
Non-interest-bearing demand			$422,561			24%				$410,967			23%				$430,685				25%
NOW checking			366,592			21				374,476			21				345,599				20
Savings			200,509			11				198,505			11				201,678				12
Money market			334,229			19				331,375			19				296,152				17
Certificates of deposit under $250			256,675			15				263,668			15				256,597				15
Certificates of deposit $250 and over			148,202			8				144,209			8				142,813				8
Certificates of deposit – brokered			40,359			2				40,349			3				43,111				3
Total deposits			$1,769,127			100%				$1,763,549			100%					$1,716,635			100%

Borrowings

Total borrowings decreased $5.00 million, or 50%, to $5.00 million at September 30, 2026, from $10.00 million at June 30, 2026 and decreased $15.00 million, or 75% at September 30, 2025.

Shareholders’ Equity and Capital Ratios

Total shareholders’ equity increased $3.10 million, or 1%, to $276.31 million at September 30, 2026, from $273.21 million at June 30, 2026, and increased $13.70 million, or 5%, from $262.61 million at September 30, 2025. The increase in shareholders’ equity during the quarter was primarily due to net income of $8.11 million and proceeds from stock option exercises of $325,000. These increases to shareholders’ equity were partially offset by the payment of $2.33 million in dividends to shareholders and the repurchase of 40,395 shares of common stock for $1.85 million (an average price of $45.83 per share), and a $1.43 million increase in the accumulated other comprehensive loss. At September 30, 2026, Timberland had 117,582 shares available to be repurchased in accordance with the terms of its existing stock repurchase plan.

Timberland remains well capitalized with a total risk-based capital ratio of 20.86%, a Tier 1 leverage capital ratio of 12.91%, a tangible common equity to tangible assets ratio (non-GAAP) of 12.74%, and a shareholders’ equity to total assets ratio of 13.39% at September 30, 2026. Timberland’s held to maturity investment securities were $105.35 million at September 30, 2026, with a net unrealized loss of $5.49 million (pre-tax). Although not permitted by U.S. Generally Accepted Accounting Principles (“GAAP”), including these unrealized losses in accumulated other comprehensive income (loss) (“AOCI”) would result in a ratio of shareholders’ equity to total assets of 13.21%, compared to 13.39%, as reported.

Asset Quality
Timberland’s non-performing assets to total assets ratio was 0.42% at September 30, 2026, compared to 0.43% at June 30, 2026, and 0.23% at September 30, 2025. Net charge-offs were $1.07 million for the current quarter compared to net recoveries of $1,000 for the preceding quarter and net charge-offs of less than $1,000 for the comparable quarter one year ago. The increase in charge-offs was primarily the result of charging off specific reserves that had been set up in prior quarters on several loans, including $436,000 on a participation loan. During the current quarter, a $475,000 provision for credit losses on loans was made, which was partially offset by a $45,000 recapture of credit losses on unfunded commitments and a $1,000 recapture of credit losses on investment securities. The allowance for credit losses (“ACL”) for loans as a percentage of loans receivable was 1.21% at September 30, 2026, compared to 1.27% at June 30, 2026, and 1.22% one year ago.

Total delinquent loans (past due 30 days or more) and non-accrual loans decreased $3,000, less than 1%, to $8.70 million at September 30, 2026, from $8.71 million at June 30, 2026, and increased $3.05 million, or 54%, from $5.66 million at September 30, 2025. Non-accrual loans decreased $163,000 or 2%, to $8.39 million at September 30, 2026 from $8.56 million at June 30, 2026, and increased $3.99 million, or 90%, from $4.41 million at September 30, 2025. Loans graded “Substandard” decreased $271,000, or 3%, to $8.39 million at September 30, 2026 from $8.66 million at June 30, 2026 and decreased $24.41 million, or 74%, from $32.80 million at September 30, 2025.

Non-Accrual Loans ($ in thousands)
	September 30, 2026					June 30, 2026					September 30, 2025
	Amount			Quantity		Amount			Quantity		Amount			Quantity
Mortgage loans:
One- to four-family	$	2,878		4		$	1,930		2		$	1,781		1
Multi-family		18		1			—		—			—		—
Commercial		4,062		3			4,534		3			159		1
Construction – custom and
owner/builder		—		—			—		—			553		1
Total mortgage loans		6,958		8			6,464		5			2,493		3
Consumer loans:
Home equity and second
mortgage		618		5			452		4			602		4
Other		—		—			20		1			22		1
Total consumer loans		618		5			472		5			624		5
Commercial business loans		817		7			1,620		8			1,290		9
Total loans	$	8,393		20		$	8,556		18		$	4,407		17

Timberland had two properties classified as other real estate owned (“OREO”) at September 30, 2026:

	September 30, 2026					June 30, 2026					September 30, 2025
	Amount			Quantity		Amount			Quantity		Amount			Quantity
OREO:
Commercial	$	221		1		$	221		1		$	221		1
Land		—		1			—		1			—		1
Total OREO	$	221		2		$	221		2		$	221		2

About Timberland Bancorp, Inc.
Timberland Bancorp, Inc., a Washington corporation, is the holding company for Timberland Bank. The Bank opened for business in 1915 and primarily serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 24 branches (including its main office in Hoquiam).

Disclaimer
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. Forward-looking statements are not statements of historical fact, are based on certain assumptions and often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; continuing elevated levels of inflation and the impact of current and future monetary policies of the Board of Governors of the Federal Reserve System (“Federal Reserve”) in response thereto; the effects of any federal government shutdown; credit risks of lending activities, including any deterioration in the housing and commercial real estate markets which may lead to increased losses and non-performing loans in our loan portfolio resulting in our ACL not being adequate to cover actual losses and thus requiring us to materially increase our ACL through the provision for credit losses; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas; secondary market conditions for loans and our ability to sell loans in the secondary market; results of examinations of us by the Federal Reserve and of our bank subsidiary by the Federal Deposit Insurance Corporation (“FDIC”), the Washington State Department of Financial Institutions, Division of Banks or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, institute a formal or informal enforcement action against us or our bank subsidiary which could require us to increase our ACL, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits or impose additional requirements or restrictions on us, any of which could adversely affect our liquidity and earnings; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; legislative or regulatory changes that adversely affect our business including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; our ability to attract and retain deposits; our ability to control operating costs and expenses; the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans in our consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to implement our business strategies; our ability to manage loan delinquency rates; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; our ability to pay dividends on our common stock; the quality and composition of our securities portfolio and the impact if any adverse changes in the securities markets, including on market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board (“FASB”), including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the economic impact of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and other risks described elsewhere in this press release and in the Company’s other reports filed with or furnished to the Securities and Exchange Commission.

Any of the forward-looking statements that we make in this press release and in the other public statements we make are based upon management’s beliefs and assumptions at the time they are made. We do not undertake and specifically disclaim any obligation to publicly update or revise any forward-looking statements included in this press release to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this document might not occur and we caution readers not to place undue reliance on any forward-looking statements. These risks could cause our actual results for fiscal 2027 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company’s consolidated financial condition and results of operations as well as its stock price performance.

TIMBERLAND BANCORP INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME							Three Months Ended
($ in thousands, except per share amounts) (unaudited)							Sept. 30,								June 30,								Sept. 30,
								2026								2026								2025
	Interest and dividend income
	Loans receivable and loans held for sale						$	23,562							$	22,457							$	22,186
	Investment securities							1,818								1,800								1,992
	Dividends from mutual funds, FHLB stock and other investments							66								71								83
	Interest bearing deposits in banks							2,137								2,343								2,350
	Total interest and dividend income							27,583								26,671								26,611
	Interest expense
	Deposits							7,852								7,728								8,013
	Borrowings							68								137								203
	Total interest expense							7,920								7,865								8,216
	Net interest income							19,663								18,806								18,395
	Provision for credit losses – loans							475								600								213
	Recapture of credit losses – investment securities							(1			)					(1			)					(10	)
	(Recapture of) prov. for credit losses – unfunded commitments							(45			)					(91			)					18
	Net int. income after provision for (recapture of) credit losses							19,234								18,298								18,174
	Non-interest income
	Service charges on deposits							973								956								991
	ATM and debit card interchange transaction fees							1,199								1,193								1,269
	Gain on sales of loans, net							193								150								208
	Bank owned life insurance (“BOLI”) net earnings							345								246								1,200
	Other							412								443								425
	Total non-interest income, net							3,122								2,988								4,093
	Non-interest expense
	Salaries and employee benefits							6,576								6,383								6,029
	Premises and equipment							1,125								1,082								1,114
	Advertising							217								202								208
	OREO and other repossessed assets, net							3								3								3
	ATM and debit card processing							634								532								578
	Postage and courier							149								145								143
	State and local taxes							457								453								432
	Professional fees							418								361								558
	FDIC insurance							220								222								211
	Loan administration and foreclosure							181								155								151
	Technology and communications							1,095								1,109								1,116
	Deposit operations							397								348								350
	Amortization of core deposit intangible (“CDI”)							34								34								45
	Other, net							784								609								1,021
	Total non-interest expense, net							12,290								11,638								11,959
	Income before income taxes							10,066								9,648								10,308
	Provision for income taxes							1,960								1,928								1,861
	Net income						$	8,106							$	7,720							$	8,447
	Net income per common share:
	Basic						$	1.04							$	0.99							$	1.07
	Diluted							1.04								0.98								1.07
	Weighted average common shares outstanding:
	Basic							7,765,413								7,805,218								7,880,299
	Diluted							7,819,576								7,855,407								7,920,617
TIMBERLAND BANCORP INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME							Year Ended
($ in thousands, except per share amounts) (unaudited)							Sept. 30,																Sept. 30,
								2026																2025
	Interest and dividend income
	Loans receivable and loans held for sale						$	90,486															$	85,525
	Investment securities							7,230																8,197
	Dividends from mutual funds, FHLB stock and other investments							295																335
	Interest bearing deposits in banks							9,392																8,220
	Total interest and dividend income							107,403																102,277
	Interest expense
	Deposits							31,135																31,272
	Borrowings							606																805
	Total interest expense							31,741																32,077
	Net interest income							75,662																70,200
	Provision for credit losses – loans							1,615																853
	Recapture of credit losses – investment securities							(7			)													(24	)
	(Recapture of) prov. for credit losses – unfunded commitments							(182			)													105
	Net int. income after provision for (recapture of) credit losses							74,236																69,266
	Non-interest income
	Service charges on deposits							3,853																3,915
	ATM and debit card interchange transaction fees							4,717																4,975
	Gain on sales of investment securities, net							—																24
	Gain on sales of loans, net							657																511
	BOLI net earnings							904																1,702
	Other							1,551																1,225
	Total non-interest income, net							11,682																12,352
	Non-interest expense
	Salaries and employee benefits							25,881																23,922
	Premises and equipment							4,398																4,112
	Advertising							793																761
	OREO and other repossessed assets, net							14																20
	ATM and debit card processing							2,218																2,279
	Postage and courier							592																544
	State and local taxes							1,795																1,682
	Professional fees							1,421																1,676
	FDIC insurance							892																851
	Loan administration and foreclosure							557																534
	Technology and communications							4,435																4,369
	Deposit operations							1,455																1,347
	Amortization of CDI							135																180
	Other, net							2,431																3,110
	Total non-interest expense, net							47,017																45,387
	Income before income taxes							38,901																36,231
	Provision for income taxes							7,727																7,070
	Net income						$	31,174															$	29,161
	Net income per common share:
	Basic						$	3.98															$	3.68
	Diluted							3.96																3.67
	Weighted average common shares outstanding:
	Basic							7,832,774																7,917,193
	Diluted							7,879,899																7,952,626
TIMBERLAND BANCORP INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS
($ in thousands, except per share amounts) (unaudited)			Sept. 30,										June 30,								Sept. 30,
						2026								2026								2025
Assets
Cash and due from financial institutions					$	25,135							$	32,800							$	23,649
Interest-bearing deposits in banks						202,926								213,282								219,779
		Total cash and cash equivalents				228,061								246,082								243,428
Certificates of deposit (“CDs”) held for investment, at cost						12,188								7,964								7,217
Investment securities:
		Held to maturity, at amortized cost (net of ACL – investment securities)				105,347								117,587								136,861
		Available for sale, at fair value				90,743								90,484								78,240
Investments in equity securities, at fair value						—								858								864
FHLB stock						1,428								1,653								2,045
Other investments, at cost						3,000								3,000								3,000
Loans held for sale						2,210								2,774								1,127
Loans receivable						1,544,907								1,514,900								1,481,681
Less: ACL – loans						(18,657			)					(19,249			)					(18,091			)
		Net loans receivable				1,526,250								1,495,651								1,463,590
Premises and equipment, net						22,362								22,149								21,684
OREO and other repossessed assets, net						221								221								221
BOLI						37,734								37,389								21,830
Accrued interest receivable						7,796								7,321								7,393
Goodwill						15,131								15,131								15,131
CDI						135								169								271
Loan servicing rights, net						625								608								815
Operating lease right-of-use assets						4,033								4,122								2,949
Other assets						6,527								7,663								6,113
		Total assets			$	2,063,791							$	2,060,826							$	2,012,779
Liabilities and shareholders’ equity
Deposits: Non-interest-bearing demand					$	422,561							$	410,967							$	430,685
Deposits: Interest-bearing						1,346,566								1,352,582								1,285,950
		Total deposits				1,769,127								1,763,549								1,716,635
Operating lease liabilities						4,246								4,323								3,077
FHLB borrowings						5,000								10,000								20,000
Other liabilities and accrued expenses						9,109								9,748								10,453
		Total liabilities				1,787,482								1,787,620								1,750,165
Shareholders’ equity
Common stock, $.01 par value; 50,000,000 shares authorized; 7,782,243 shares issued and outstanding – September 30, 2026 7,769,668 shares issued and outstanding – June 30, 2026 7,889,571 shares issued and outstanding – September 30, 2025						20,219								21,465								26,305
Retained earnings						258,682								252,908								236,607
Accumulated other comprehensive loss						(2,592			)					(1,167			)					(298			)
		Total shareholders’ equity				276,309								273,206								262,614
		Total liabilities and shareholders’ equity			$	2,063,791							$	2,060,826							$	2,012,779

	Three Months Ended
PERFORMANCE RATIOS:		Sept. 30, 2026				June 30, 2026				Sept. 30, 2025
Return on average assets (a)			1.56	%			1.51	%			1.68	%
Return on average equity (a)			11.72	%			11.42	%			12.97	%
Net interest margin (a)			3.96	%			3.85	%			3.82	%
Efficiency ratio			53.94	%			53.40	%			53.18	%
	Year Ended
		Sept. 30, 2026								Sept. 30, 2025
Return on average assets			1.53	%							1.50	%
Return on average equity			11.55	%							11.56	%
Net interest margin			3.87	%							3.76	%
Efficiency ratio			53.83	%							54.98	%
	At or for the Period Indicated
		Sept. 30, 2026				June 30, 2026				Sept. 30, 2025
ASSET QUALITY RATIOS AND DATA: ($ in thousands)
Non-accrual loans		$	8,393			$	8,556			$	4,407
Loans past due 90 days and still accruing			—				—				—
Non-performing investment securities			28				29				35
OREO and other repossessed assets			221				221				221
Total non-performing assets (b)		$	8,642			$	8,806			$	4,663
Non-performing assets to total assets (b)			0.42	%			0.43	%			0.23	%
Net charge-offs (recoveries) during quarter		$	1,067			$	(1	)		$	—
Allowance for credit losses – loans to non-accrual loans			222	%			225	%			411	%
Allowance for credit losses – loans to loans receivable (c)			1.21	%			1.27	%			1.22	%
CAPITAL RATIOS:
Tier 1 leverage capital			12.91	%			12.82	%			12.59	%
Tier 1 risk-based capital			19.61	%			19.61	%			19.42	%
Common equity Tier 1 risk-based capital			19.61	%			19.61	%			19.42	%
Total risk-based capital			20.86	%			20.86	%			20.67	%
Tangible common equity to tangible assets (non-GAAP)			12.74	%			12.61	%			12.38	%
BOOK VALUES:
Book value per common share		$	35.51			$	35.16			$	33.29
Tangible book value per common share (d)			33.54				33.19				31.33
(a) Annualized (b) Non-performing assets include non-accrual loans, loans past due 90 days and still accruing, non-performing investment securities and OREO and other repossessed assets. (c) Does not include loans held for sale and is before the allowance for credit losses. (d) Tangible common equity divided by common shares outstanding (non-GAAP).

AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
($ in thousands)
(unaudited)

	For the Three Months Ended
	Sept. 30, 2026								June 30, 2026									Sept. 30, 2025
	Amount				Rate					Amount				Rate					Amount				Rate
Assets
Loans receivable and loans held for sale	$	1,531,973			6.10		%			$	1,489,910			6.04		%			$	1,470,460			5.99		%
Investment securities and FHLB stock (1)		210,144			3.56						213,161			3.52						228,710			3.60
Interest-earning deposits in banks and CDs		226,443			3.74						254,034			3.70						210,864			4.42
Total interest-earning assets		1,968,560			5.56						1,957,105			5.47						1,910,034			5.53
Other assets		97,418									86,893									79,211
Total assets	$	2,065,978								$	2,043,998								$	1,989,245
Liabilities and Shareholders’ Equity
NOW checking accounts	$	368,508			1.48		%			$	360,166			1.46		%			$	339,838			1.46		%
Money market accounts		333,920			2.76						337,150			2.76						298,102			3.04
Savings accounts		200,064			0.28						197,959			0.27						204,671			0.35
Certificates of deposit accounts		404,859			3.51						405,958			3.51						390,478			3.77
Brokered CDs		41,164			4.09						39,389			4.16						43,118			5.47
Total interest-bearing deposits		1,348,515			2.31						1,340,622			2.31						1,276,207			2.49
Borrowings		6,793			3.97						13,629			4.02						20,000			4.03
Total interest-bearing liabilities		1,355,308			2.32						1,354,251			2.33						1,296,207			2.51
Non-interest-bearing demand deposits		421,432									406,444									423,177
Other liabilities		14,736									12,113									11,542
Shareholders’ equity		274,502									271,190									258,319
Total liabilities and shareholders’ equity	$	2,065,978								$	2,043,998								$	1,989,245
Interest rate spread					3.24		%							3.14		%							3.02		%
Net interest margin (2)					3.96		%							3.85		%							3.82		%
Average interest-earning assets to
average interest-bearing liabilities		145.25	%								144.52	%								147.36	%
(1) Includes other investments (2) Net interest margin = annualized net interest income / average interest-earning assets

AVERAGE BALANCES, YIELDS, AND RATES – YEAR TO DATE
($ in thousands)
(unaudited)

	For the Year Ended
	Sept. 30, 2026									Sept. 30, 2025
	Amount				Rate					Amount				Rate
Assets
Loans receivable and loans held for sale	$	1,493,753			6.06		%			$	1,448,803			5.90		%
Investment securities and FHLB stock (1)		213,750			3.52						235,210			3.57
Interest-earning deposits in banks and CDs		247,984			3.79						182,239			4.51
Total interest-earning assets		1,955,487			5.49						1,866,252			5.48
Other assets		85,658									78,000
Total assets	$	2,041,145								$	1,944,252
Liabilities and Shareholders’ Equity
NOW checking accounts	$	365,557			1.52		%			$	332,392			1.39		%
Money market accounts		321,971			2.77						308,319			3.21
Savings accounts		198,368			0.28						205,488			0.31
Certificates of deposit accounts		403,031			3.58						357,444			3.86
Brokered CDs		39,566			4.20						46,896			5.02
Total interest-bearing deposits		1,328,493			2.34						1,250,539			2.50
Borrowings		15,083			4.02						20,002			4.02
Total interest-bearing liabilities		1,343,576			2.36						1,270,541			2.53
Non-interest-bearing demand deposits		414,642									411,007
Other liabilities		12,976									10,506
Shareholders’ equity		269,951									252,198
Total liabilities and shareholders’ equity	$	2,041,145								$	1,944,252
Interest rate spread					3.13		%							2.95		%
Net interest margin (2)					3.87		%							3.76		%
Average interest-earning assets to
average interest-bearing liabilities		145.54	%								146.89	%
(1) Includes other investments (2) Net interest margin = annualized net interest income / average interest-earning assets

Non-GAAP Financial Measures
In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures. Timberland believes that certain non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.

Financial measures that exclude intangible assets are non-GAAP measures. To provide investors with a broader understanding of capital adequacy, Timberland provides non-GAAP financial measures for tangible common equity, along with the GAAP measure. Tangible common equity is calculated as shareholders’ equity less goodwill and CDI. In addition, tangible assets equal total assets less goodwill and CDI.

The following table provides a reconciliation of ending shareholders’ equity (GAAP) to ending tangible shareholders’ equity (non-GAAP) and ending total assets (GAAP) to ending tangible assets (non-GAAP).

($ in thousands)		Sept. 30, 2026				June 30, 2026				Sept. 30, 2025
Shareholders’ equity		$	276,309			$	273,206			$	262,614
Less goodwill and CDI			(15,266	)			(15,300	)			(15,402	)
Tangible common equity		$	261,043			$	257,906			$	247,212
Total assets		$	2,063,791			$	2,060,826			$	2,012,779
Less goodwill and CDI			(15,266	)			(15,300	)			(15,402	)
Tangible assets		$	2,048,525			$	2,045,526			$	1,997,377

Contact: Dean J. Brydon, CEO
Jonathan A. Fischer, President & COO
Marci A. Basich, CFO
(360) 533-4747
www.timberlandbank.com

ANCHORAGE, Alaska, Oct. 29, 2026 (GLOBE NEWSWIRE) — At the First National Bank Alaska Board of Directors meeting held Oct. 29, 2026, a cash dividend of $4.00 per share was declared, payable on Dec. 15, 2026, to shareholders of record as of Dec. 1, 2026.

At the same meeting, the Board also declared a special cash dividend of $4.00 per share, payable on Dec. 10, 2026, to shareholders of record as of Dec. 1, 2026.

CONTACT: Denise Brown Robinson
Secretary to the Board of Directors
907-777-3409

HONOLULU and CHICO, Calif., Oct. 29, 2026 (GLOBE NEWSWIRE) — First Hawaiian, Inc. (NASDAQ: FHB) (“First Hawaiian”), parent company of First Hawaiian Bank, and TriCo Bancshares (NASDAQ: TCBK) (“TriCo”), parent company of Tri Counties Bank, jointly announced that they have received all required approvals from their respective stockholders and shareholders related to First Hawaiian’s acquisition of TriCo. The final voting results from each special meeting will be reported in separate Current Reports on Form 8-K to be filed by First Hawaiian and TriCo with the U.S. Securities and Exchange Commission.

“We’re pleased with the strong support stockholders of both companies have shown for this acquisition,” said Bob Harrison, Chairman, President and CEO of First Hawaiian. “Bringing our banks together will give us greater capacity to invest in the products, services and lending capabilities our customers and communities need. We look forward to the growth opportunities ahead and the long-term value we can create for our stockholders.”

“Today’s vote marks an exciting milestone toward creating a leading regional bank headquartered in the West,” said Rick Smith, President and CEO of TriCo. “We believe this combination unites two like-minded organizations committed to the customers and communities we serve. As we prepare to join First Hawaiian Bank, we are focused on carefully planning and coordinating the integration of our people, systems and operations. We are excited about our shared future, and Tri Counties Bank remains committed to supporting our customers and employees in the years ahead.”  

Completion of the transaction remains subject to the satisfaction or waiver of the remaining customary closing conditions set forth in the merger agreement. First Hawaiian and TriCo expect the transaction to close later in 2026, subject to these conditions.

First Hawaiian, Inc.

First Hawaiian, Inc. (NASDAQ: FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

TriCo Bancshares

Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in Chico, California, providing services in traditional stand-alone and in-store bank branches and loan production offices in communities throughout California. Tri Counties Bank provides an extensive and competitive breadth of consumer, small business and commercial banking financial services, along with convenient around-the-clock ATMs, online and mobile banking access. Brokerage services are provided by Tri Counties Advisors through affiliation with Raymond James Financial Services, Inc. Visit www.TriCountiesBank.com to learn more.

Forward-Looking Statements
This communication may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among others, statements regarding the expected timing, completion and effects of the proposed business combination transaction between First Hawaiian, Inc. (“FHI”) and TriCo Bancshares (“TriCo”) (the “Transaction”), and the plans, objectives, expectations and intentions of FHI and TriCo. Any statement that does not describe historical or current facts is a forward-looking statement. Forward-looking statements are often, but not always, made through the use of words or phrases such as “annualized,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “might,” “outlook,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “target,” “will,” “would” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature.

FHI and TriCo caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond FHI’s and TriCo’s control. A number of important factors could cause actual results to differ materially from those indicated in these forward-looking statements, including the following: changes in general economic, political, or industry conditions, and in conditions impacting the banking industry specifically; uncertainty in U.S. fiscal, monetary and trade policy, including the interest rate policies of the Federal Reserve Board or the effects of any declines in housing and commercial real estate prices, high or increasing unemployment rates, continued or renewed inflation, the impact of proposed or imposed tariffs by the U.S. government or retaliatory tariffs proposed or imposed by U.S. trading partners that could have an adverse impact on customers or any recession or slowdown in economic growth particularly in the markets in which FHI and TriCo conduct business, including Hawaii, Guam, Saipan and California; volatility and disruptions in global capital and credit markets; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources, including impacts on prepayment speeds; competitive pressures among financial institutions and nontraditional providers of financial services, including on product pricing and services; concentrations within FHI’s or TriCo’s loan portfolio (including commercial real estate loans) or other asset classes, and the parties’ ability to attract and retain customer deposits, large loans to certain borrowers, access liquidity and capital, and manage deposit costs and funding sources; the success, impact, and timing of FHI’s and TriCo’s respective business strategies, including market acceptance of any new products or services and FHI’s and TriCo’s ability to successfully implement strategic, operational, technology and integration initiatives; the failure to properly use and protect customer and employee information and data; cybersecurity risks, including the occurrence of fraudulent activity or a material breach of, or disruption to, the security of FHI’s, TriCo’s or their vendors’ systems; risks related to the development, implementation, use and management of artificial intelligence and other emerging technologies; the effects of failures or interruptions of information, communications or third-party service-provider systems; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; changes in laws or regulations; adverse weather conditions, natural disasters and other catastrophic events such as wildfires; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement to which FHI and TriCo are parties; the outcome of any legal proceedings that have been and may be instituted against FHI or TriCo, including potential litigation relating to the Transaction; delays in completing the Transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); the failure to satisfy any of the other conditions to the closing of the Transaction on a timely basis or at all; changes in FHI’s or TriCo’s share price before closing, including as a result of the financial performance of the other party prior to closing, or more generally due to broader stock market movements, and the performance of financial companies and peer group companies; the possibility that the anticipated benefits of the Transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where FHI and TriCo do business; certain restrictions during the pendency of the proposed Transaction that may impact the parties’ ability to pursue certain business opportunities or strategic transactions; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Transaction; the ability to complete the Transaction and integration of FHI and TriCo promptly and successfully; the dilution caused by FHI’s issuance of additional shares of its capital stock in connection with the Transaction; and other factors that may affect the future results of FHI and TriCo.

The foregoing factors should not be considered an exhaustive list and should be read together with the other cautionary statements set forth in FHI’s Annual Report on Form 10-K for the year ended December 31, 2025 and its latest Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission (the “SEC”) and available on FHI’s investor relations website, https://ir.fhb.com, under the heading “SEC Filings,” in other documents FHI files with the SEC, and in TriCo’s Annual Report on Form 10-K for the year ended December 31, 2025 and its latest Quarterly Report on Form 10-Q, which are on file with the SEC and available on TriCo’s website, www.tcbk.com, under the “About” tab and the “Investor Relations” link and then under the heading “SEC Filings” and in other documents TriCo files with the SEC, and in the joint proxy statement/prospectus of FHI and TriCo, dated September 16, 2026. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and neither FHI nor TriCo undertakes any obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Contacts
First Hawaiian Investor Relations: Kevin Haseyama, CFA, (808) 525-6268, khaseyama@fhb.com

First Hawaiian Media Relations: Shari Nishijima, (808) 525-6254, snishijima@fhb.com

TriCo Investor Contact: Peter G. Wiese, (530) 898-0300, shareholderrelations@tcbk.com

Frøya, 29 October 2026 – Reference is made to Kaldvik AS’ (“Kaldvik” or the “Company”) stock exchange announcements of 1, 25, 26 and 28 October 2026 concerning the Company’s financing position and refinancing process.

Reference is also made to the Company’s announcements of 6 and 15 September, and 7 October 2026 regarding the jellyfish event in Reyðarfjörður. As previously announced, the event has negatively affected the Company’s biological production and financial position. The event has increased the Company’s short-term liquidity pressure and financing requirements, thereby accelerating the ongoing refinancing process.

The Company has today entered into an amendment agreement with its lenders and agreed heads of terms with Austur Holding AS (“Austur”), Heimstø AS and Ísfélag hf. regarding shareholder’s support and guarantee arrangements required for the refinancing process.

Long-term financing solution

The amendment agreement contemplates a long-term financing solution for the Company. The Company’s lender syndicate comprises Arion Bank, DNB, Landsbankinn and Nordea.

Following implementation, the aggregate amount of the term loan and revolving credit facility commitments will be approximately EUR 232 million, compared with approximately EUR 207 million under the existing facilities. Drawings under the revolving credit facility will remain subject to the applicable borrowing-base terms.

Subject to satisfaction of the agreed conditions precedent, the long-term financing solution includes:

• An extension of the maturity of the Company’s financing facilities to 30 June 2030;
• A EUR 15 million repayment under the term loan at closing, following which the outstanding term loan is expected to amount to approximately EUR 102 million;
• An increase of EUR 15 million in availability under the revolving credit facility above the applicable borrowing base, in connection with the EUR 15 million term-loan repayment, available until October 2028;
• An increase in the revolving credit facility commitments from EUR 90 million to EUR 130 million, subject to the applicable borrowing-base terms; and

• A revised repayment profile under the term loan, with scheduled amortisation expected to commence in March 2029.

The amendments will become effective upon satisfaction of the agreed conditions, including completion of a contemplated equity raise (see below) and the relevant term-loan repayment.

Waiver period

The lenders have agreed to extend the current waiver period until and including 17 December 2026, subject to agreeing on final documentation for the shareholder support set out below.

Shareholder support

Austur is the Company’s largest shareholder. Under the agreed heads of terms, and subject to final documentation and the relevant conditions:

• Austur, supported by its owners, will provide a guarantee of up to EUR 25 million in support of drawings under the revolving credit facility in excess of the borrowing base; and
• the arrangements contemplate deferred and subordinated fees of EUR 6.5 million in aggregate to Austur in connection with the guarantee and a waiver of escalation interest under the existing shareholder loan, which, subject to final documentation and the applicable approvals, are expected to be settled in shares issued in connection with the contemplated equity raise.

The final guarantee documentation and the remaining conditions for the shareholder-support arrangements are expected to be completed by 2 November 2026.

Operational strategy

Reference is made to the Company’s previously announced strategic review of its production model. The strategy is focused on improving biological performance and reducing biological risk through, among other measures, a greater focus on one-winter production, site-specific production strategies and continued improvements in smolt quality and sourcing.

As previously communicated, the Company’s strategy is based on a phased development of production. Its first strategic production milestone is harvest volumes of approximately 30,000 tonnes HOG in 2028, followed by a longer-term strategic milestone of approximately 45,000 tonnes HOG. The Company’s licence portfolio comprises 53,800 tonnes MAB.

The contemplated financing is intended to support the continued implementation of the strategy. The milestones are previously announced strategic objectives and do not constitute new or revised harvest guidance. The Company will provide a further update on its operational strategy and biological performance in connection with its Q3 2026 presentation.

Contemplated equity raise

The long-term financing solution is inter alia subject to completion by the Company of an equity raise with minimum gross proceeds of EUR 97 million, expected to provide at least EUR 70 million in net cash proceeds to the Company after repayment or settlement of subordinated shareholder debt and transaction costs. The contemplated equity raise is expected to be completed during Q4 2026.

The Company has engaged DNB Carnegie, a part of DNB Bank ASA, Arion Bank and Nordea Bank Abp NUF as Joint Bookrunners in connection with the contemplated equity raise.

For further information, please contact:

Vidar Aspehaug, CEO +47 913 05 017
Þórunn Ragnarsdóttir, CFO +354 822 7649

This information contains inside information and is disclosed pursuant to Article 17 of the EU Market Abuse Regulation (MAR), as incorporated into Icelandic law by Act No. 60/2021 on Measures Against Market Abuse, and section 5-12 of the Norwegian Securities Trading Act. The information was disclosed by Jón Kristinn Sverrisson, Compliance Officer, on the date and at the time indicated above.

About Kaldvík AS

Kaldvík is the leading salmon farmer in Iceland. Kaldvík has a well-developed and fully integrated value chain, enabling the Group to provide its customers with a sustainable premium product. Kaldvík is dual-listed on Euronext Growth Oslo and Nasdaq First North Growth Market Iceland. See www.kaldvik.is for more information about the Company.

CALGARY, Alberta, Oct. 29, 2026 (GLOBE NEWSWIRE) — Black Diamond Group Limited (“Black Diamond”, the “Company” or “we”), (TSX:BDI), a leading provider of space rental and workforce accommodation solutions, today announced its operating and financial results for the three months ended September 30, 2026 (the “Quarter”) compared with the three months ended September 30, 2025 (the “Comparative Quarter”). All financial figures are expressed in Canadian dollars.

Third Quarter 2026 at a Glance

	Q3 2026	Change vs. Q3 2025
Total revenue	$159.9	52%
Adjusted EBITDA	$42.3	33%
Consolidated rental revenue	$48.9	18%
Contracted future rental revenue	$152.3	(4)%
Capital expenditures	$26.8	37%
Capital commitments	$49.7	26%

Key Highlights

• Subsequent to Quarter end, the Company announced a 22% increase to its quarterly dividend, marking the sixth increase since its reinstatement in 2021. The fourth quarter dividend of $0.055 is payable on or about January 15, 2027 to shareholders of record on December 31, 2026.
• Workforce Solutions (“WFS”) revenue of $97.9 million for the Quarter increased 127% from the Comparative Quarter, contributing to Adjusted EBITDA¹ of $28.2 million, up 99% from the Comparative Quarter. The increase was driven by Royal Camp Services Ltd. (“Royal Camp”) contribution, which supported growth in lodge services revenue of 389%, rental revenue of 43% and non-rental revenue of 56% as compared to the Comparative Quarter.
• WFS formal bids outstanding in Canada alone continues to compound with over $2.3 billion in formal bids representing more than double the Company’s current fleet capacity and underscores the growing demand environment.
• LodgeLink generated record Total Trade Value¹ of $51.5 million for the Quarter, an increase of 44% from the Comparative Quarter, driving net revenue up 51% to a record $6.5 million from the Comparative Quarter. Record Total Travel Segments sold of 254,944 increased 50% from the Comparative Quarter.
• Modular Space Solutions (“MSS”) rental revenue of $30 million for the Quarter, increased 7% from the Comparative Quarter, contributing to Adjusted EBITDA² of $21.2 million, down 7% from the Comparative Quarter. Utilization remained within the optimal range at 77.1% and average monthly rates increased 3%.
• MSS value-added products and services (“VAPS”) revenue of $3.5 million for the Quarter increased 25% from the Comparative Quarter, driving VAPS as a % of Rental Revenue¹ up 200 basis points from the Comparative Quarter to 12.7%.

¹Adjusted EBITDA, Adjusted EPS, Total Trade Value, Adjusted Profit and Net Debt are non-GAAP financial measures. VAPS as a % of Rental Revenue and Net Debt to TTM Adjusted Leverage EBITDA are non-GAAP ratios. Refer to the “Non-GAAP Financial Measures”, “Financial Review – Capital Plan” and “Modular Space Solutions – Financial Highlights” sections of this MD&A for more information on each non-GAAP financial measure and ratio.

• The Company realized Basic Adjusted Earnings Per Share of $0.19 up by $0.03 from the Comparative Quarter. EPS of $0.16 in the Quarter was down from $0.19 in the Comparative Quarter reflecting lower margins, higher depreciation and financing costs, and increased shares outstanding offset by one-time insurance proceeds in the Comparative Quarter.
• Net Debt² of $355.7 million at the end of the Quarter increased 8% since December 31, 2025. Net Debt to trailing twelve months (“TTM”) Adjusted Leverage EBITDA² of 2.4x is within the target range of 2.0x to 3.0x.

²Adjusted EBITDA, Adjusted EPS, Total Trade Value, Adjusted Profit and Net Debt are non-GAAP financial measures. VAPS as a % of Rental Revenue and Net Debt to TTM Adjusted Leverage EBITDA are non-GAAP ratios. Refer to the “Non-GAAP Financial Measures”, “Financial Review – Capital Plan” and “Modular Space Solutions – Financial Highlights” sections of this MD&A for more information on each non-GAAP financial measure and ratio.

Outlook

Black Diamond enters the final quarter of the year from a position of strength, following the first half that demonstrated stability of Black Diamond’s diversified platform and core rental business. As we exit 2026 and look ahead to 2027, operating momentum continues to strengthen with favourable demand environments across all three operating geographies and key end market verticals. Strong macro tailwinds and proven execution capabilities position the Company exceptionally well to translate these conditions into continued profitable growth.

Within WFS, elevated activity in North America is broadly spanning projects from resource development, pipelines, data centres, mining, military and remote infrastructure. This is increasingly evident in the volume and quality of opportunities in the formal bid stage equating to over $2.3 billion in Canada alone exiting the quarter – with several prospective sizable projects. The combination of Black Diamond and Royal Camp provides meaningful scale and available capacity, an integrated service-offering, and many key Indigenous partnerships to meet our customers needs as projects advance.

The opportunity set is particularly strong in western Canada, where increased resource and infrastructure activity is creating demand across both WFS and MSS and is providing multiple avenues for the Company to deploy existing capacity and invest incremental capital to meet growing demand.

In Australia, market conditions are positive, with similar dynamics to the development cycle in North America. Increasing demand for workforce accommodations for mining, military and remote infrastructure are translating into tangible growth opportunities requiring capital deployment at very attractive rates of return.

LodgeLink’s results demonstrate the scalability of the business reaching new highs across all key metrics in the quarter with no current indications of this growth moderating. Customer acquisition continues to expand meaningfully, while retention also remains strong. Growth in the U.S. market is accelerating and outpaces Canada by nearly double with significant market penetration upside still ahead. The completion of LodgeLink 3.0 will lead to further value-creation in this area of the business and represents an important next stage in its evolution.

MSS continues to generate stable recurring rental revenue and benefit from healthy utilization and disciplined fleet investment in correlation to customer demand with strength in Canada – particularly in the western provinces. In the U.S. activity associated with data centres and the related infrastructure build out, particularly across the Gulf Coast and Southeast, is expanding, though this emerging vertical is offset to a degree by continued softness in education-related sales and a muted pace of rental growth in this sector. Custom sales revenue continues to reflect typical variability, with permitting delays shifting project deployment timing, though this is largely a matter of timing rather than demand.

With a diversified platform, considerable operating leverage, a healthy balance sheet and a strong team focused on disciplined execution, the Company believes it is well positioned to capitalize on the diverse and unprecedented opportunity ahead – ultimately compounding long-term shareholder value.

Third Quarter 2026 Financial Highlights

	Three months ended September 30,			Nine months ended September 30,
($ millions, except as noted)	2026	2025	Change	2026	2025	Change
Financial Highlights	$	$	%	$	$	%
Total revenue	159.9	105.3	52%	419.0	312.9	34%
Gross profit	65.6	50.2	31%	171.8	142.3	21%
Administrative expenses	24.7	20.1	23%	72.3	59.9	21%
Adjusted EBITDA(1)	42.3	31.8	33%	104.7	87.5	20%
Adjusted EBIT(1)	23.6	19.4	22%	50.5	50.7	—%
Funds from Operations(1)	43.6	33.0	32%	103.4	89.4	16%
Per share ($)	0.63	0.51	24%	1.51	1.43	6%
Profit before income taxes	13.8	16.6	(17)%	19.7	36.7	(46)%
Profit	11.0	12.2	(10)%	14.6	27.2	(46)%
Adjusted EPS – Basic ($)(1)	0.19	0.16	19%	0.33	0.43	(23)%
Adjusted EPS – Diluted ($)(1)	0.19	0.16	19%	0.32	0.42	(24)%
Earnings per share – Basic ($)	0.16	0.19	(16)%	0.21	0.44	(51)%
Earnings per share – Diluted ($)	0.16	0.18	(11)%	0.21	0.43	(51)%
Capital expenditures	26.8	19.6	37%	68.6	69.3	(1)%
Property and equipment	790.9	597.4	32%	790.9	597.4	32%
Total assets	1,105.6	784.2	41%	1,105.6	784.2	41%
Long-term debt	379.9	205.8	85%	379.9	205.8	85%
Cash and cash equivalents	24.4	9.8	149%	24.4	9.8	149%
Return on Assets (%)(1)	19.6%	20.4%	(80) bps	12.3%	18.5%	(620) bps
Free Cashflow(1)	33.8	23.0	47%	66.4	59.3	12%
(1) Adjusted EBITDA, Adjusted EBIT, Adjusted EPS, Funds from Operations and Free Cashflow are non-GAAP financial measures. Return on Assets is a non-GAAP ratio. Refer to the “Non-GAAP Financial Measures” section of this news release for more information on each non-GAAP financial measure and ratio.

Additional Information

A copy of the Company’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and 2025 and related management’s discussion and analysis have been filed with the Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca) and www.blackdiamondgroup.com.

About Black Diamond Group

Black Diamond is an industrial services and asset management company with two operating business units – MSS and WFS. We operate in Canada, the United States and Australia.

MSS through its principal brands, BOXX Modular, CLM and Schiavi, owns a large rental fleet of modular buildings of various types and sizes. Its network of local branches rent, sell, service and provide ancillary products and services to a diverse customer base in the construction, industrial, education, financial, and government sectors.

WFS, through its principal brands Black Diamond Lodging and Accommodations, Royal Camp, Summit Camps and Primco Dene Royal Camp Services Limited Partnership, owns a large rental fleet of modular accommodation assets of various types and offers a full range of catering and hospitality services both in concert with and independent of the provision of modular accommodation facilities. WFS rents, sells, services and provides ancillary products and services including turn-key operated camps with premium integrated catering and hospitality services to a wide array of customers in the resource, infrastructure, construction, disaster recovery and education sectors.

In addition, the WFS business unit also includes the Corporation’s wholly owned subsidiary, LodgeLink, which operates through a proprietary software platform, offering sophisticated solutions for workforce travel and logistics across North America, Australia and the Asia-Pacific region, enabling customers to efficiently manage the full travel cycle through a rapidly growing network of hotels, remote lodges and travel partners. LodgeLink solves the unique challenges associated with workforce crew travel and is complemented by Spencer Corporate Travel’s high-touch boutique corporate travel management service.

Learn more at www.blackdiamondgroup.com.

For investor inquiries please contact Emma Covenden at 403-718-5062 or investor@blackdiamondgroup.com.

Conference Call

Black Diamond will hold a conference call and webcast at 9:00 a.m. MT (11:00 a.m. ET) on Friday October 30, 2026. CEO Trevor Haynes and CFO Toby LaBrie will discuss Black Diamond’s financial results for the Quarter and then take questions from investors and analysts.

To access the conference call by telephone dial toll free 1-800-715-9871. International callers should use 1-647-932-3411. Please connect approximately 10 minutes prior to the beginning of the call.

To access the call via webcast, please log into the webcast link 10 minutes before the start time at: www.gowebcasting.com/14987

Following the conference call, a replay will be available on the Investor Centre section of the Company’s website at www.blackdiamondgroup.com, under Presentations & Events.

Reader Advisory
Forward-Looking Statements
Certain information set forth in this news release contains forward-looking statements including, but not limited to, the Company’s outlook for 2026, expectations for and opportunities in different geographic areas, opportunities for organic investment, expectations regarding nation-building projects. reinvesting operating cash flows, capital commitments, targeted completion of LodgeLink’s new 3.0 product, the Company’s ability to fund organic and inorganic growth, management’s goals and business objectives, the sales and opportunity pipeline, timing and payment of the Company’s quarterly dividends, the effect of the Enterprise Resource Planning (“ERP”) system upgrade on the Company’s business, macro-economic uncertainty, utilization levels, contract renewals, management’s assessment of Black Diamond’s future operations and what may have an impact on them, expectations regarding the rental rate environment, opportunities and effect of deploying investment capital, financial performance, business prospects and opportunities, changing operating environment including changing activity levels, effects on demand and performance based on the changing operating environment, expectations for demand and growth in the Company’s operating and customer segments, future deployment of assets, amount of revenue anticipated to be derived from current contracts, anticipated debt levels, liquidity demands and sources, ongoing contractual terms and debt obligations, liquidity, working capital and other requirements, management’s expectations regarding the ability to raise equity, sources and use of funds, economic life of the Company’s assets, expected length of existing contracts, plans for completion of the assessment of the controls, policies and procedures of the acquired companies and future growth and profitability of the Company. With respect to the forward-looking statements in this news release, Black Diamond has made assumptions regarding, among other things: future commodity prices, the future interest rate environment, that Black Diamond will continue to raise sufficient capital to fund its business plans in a manner consistent with past operations, effectiveness of the new ERP system, the effects of tariffs and trade-war related measures, that counterparties to contracts will perform the contracts as written and that there will be no unforeseen material delays in contracted projects. Although Black Diamond believes that the expectations reflected in the forward-looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurances that such expectations or assumptions will prove to be correct. Readers are cautioned that assumptions used in the preparation of such statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of Black Diamond. These risks include, but are not limited to: the volatility of industry conditions, dependence on agreements and contracts, competition, credit risk, information technology systems and cyber security, vulnerability to market changes, operating risks and insurance, weakness in industrial construction and infrastructure developments, weakness in natural resource industries, access to additional financing, dependence on suppliers and manufacturers, reliance on key personnel, workforce availability, market price of Common Shares, safety performance, expansion into new activities, government regulation, failure to realize anticipated benefits of acquisitions and dispositions, inflationary price pressure, environmental liability, environmental regulation of the Company’s customers, environmental disasters, Indigenous relationships, dilution, disease outbreaks, variations in foreign exchange rates and interest rates, foreign operations, dependence on operating permits, maturity of credit facility, management of growth, seasonality in certain customer markets, litigation, potential replacement or reduced use of products and services, income taxes, conflicts of interest, restrictive covenants and leverage, the effects of tariffs and trade-war related measures and forward-looking information may prove inaccurate. The risks outlined above should not be construed as exhaustive. Additional information on these and other factors that could affect Black Diamond’s operations and financial results are included in Black Diamond’s annual information form for the year ended December 31, 2025 and other reports on file with the Canadian securities regulatory authorities which can be accessed on Black Diamond’s profile on SEDAR+. Readers are cautioned not to place undue reliance on these forward-looking statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Black Diamond does not undertake any obligation to update or revise any of the forward-looking statements, except as may be required by applicable securities laws.

Non-GAAP Financial Measures
In this news release, the following specified financial measures and ratios have been disclosed: Adjusted EBITDA, Adjusted EBIT, Adjusted EBITDA as a % of Revenue, Net Debt, Net Debt to TTM Adjusted Leverage EBITDA, Funds from Operations, Free Cashflow, Gross Profit Margin, Return on Assets, VAPS as a % of Rental Revenue, Total Trade Value, Net Revenue Margin, Adjusted Profit and Net Capital Expenditures. These non-GAAP financial measures do not have any standardized meaning prescribed under International Financial Reporting Standards (“IFRS”) and are therefore unlikely to be comparable to similar measures presented by other entities. Readers are cautioned that the non-GAAP financial measures are not alternatives to measures under IFRS and should not, on their own, be construed as an indicator of Black Diamond’s performance or cash flows, a measure of liquidity or as a measure of actual return on the shares of Black Diamond. These non-GAAP financial measures should only be used in conjunction with the consolidated financial statements of Black Diamond.

Adjusted EBITDA is not a measure recognized under IFRS and does not have a standardized meaning prescribed by IFRS. Adjusted EBITDA refers to consolidated earnings before finance costs, tax expense, depreciation and amortization, accretion, foreign exchange, share-based compensation, non-controlling interests, write-down of property and equipment, impairment, gain on disposal of assets and non-recurring costs.

Black Diamond uses Adjusted EBITDA primarily as a measure of operating performance. Management believes that operating performance, as determined by Adjusted EBITDA, is meaningful because it presents the performance of the Company’s operations on a basis which excludes the impact of certain non-cash items as well as how the operations have been financed. In addition, management presents Adjusted EBITDA because it considers it to be an important supplemental measure of the Company’s performance and believes this measure is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.

Adjusted EBITDA has limitations as an analytical tool, and readers should not consider this item in isolation, or as a substitute for an analysis of the Company’s results as reported under IFRS. Some of the limitations of Adjusted EBITDA are:

• Adjusted EBITDA excludes certain income tax payments and recoveries that may represent a reduction or increase in cash available to the Company;
• Adjusted EBITDA does not reflect the Company’s cash expenditures, or future requirements, for capital expenditures or contractual commitments;
• Adjusted EBITDA does not reflect changes in, or cash requirements for, the Company’s working capital needs;
• Adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest payments on the Company’s debt;
• Depreciation and amortization are non-cash charges, thus the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA does not reflect any cash requirements for such replacements; and
• Other companies in the industry may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure.

Because of these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to invest in the growth of the Company’s business. The Company compensates for these limitations by relying primarily on the Company’s IFRS results and using Adjusted EBITDA only on a supplementary basis. A reconciliation to profit, the most comparable GAAP financial measure, is provided below.

Adjusted EBIT is Adjusted EBITDA less depreciation and amortization. Black Diamond uses Adjusted EBIT primarily as a measure of operating performance. Management believes that Adjusted EBIT is a useful measure for investors when analyzing ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that the Company’s definition of Adjusted EBIT is consistent with that of other companies. As such, management believes that it is appropriate to consider both profit determined on a GAAP basis as well as Adjusted EBIT. A reconciliation to profit, the most comparable GAAP financial measure, is provided below.

Adjusted EBITDA as a % of Revenue is calculated by dividing Adjusted EBITDA by total revenue for the period. Black Diamond uses Adjusted EBITDA as a % of Revenue primarily as a measure of operating performance. Management believes this ratio is an important supplemental measure of the Company’s performance and believes this measure is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.

Return on Assets is calculated as annualized Adjusted EBITDA divided by average net book value of property and equipment and intangible assets. Annualized Adjusted EBITDA is calculated by multiplying Adjusted EBITDA for the Quarter and Comparative Quarter by an annualized multiplier. Management believes that Return on Assets is a useful financial measure for investors in evaluating operating performance for the periods presented. When read in conjunction with the Company’s profit and property and equipment, two GAAP financial measures, this non-GAAP ratio provides investors with a useful tool to evaluate Black Diamond’s ongoing operations and management of assets from period-to-period.

Reconciliation of Consolidated Profit to Adjusted EBITDA, Adjusted EBIT, Adjusted EBITDA as a % of Revenue and Return on Assets:

	Three months ended September 30,			Nine months ended September 30,
($ millions, except as noted)	2026	2025	Change %	2026	2025	Change %
Profit(1)	11.0	12.2	(10)%	14.6	27.2	(46)%
Add:
Depreciation and amortization(1)	18.7	12.4	51%	54.2	36.8	47%
Finance costs(1)	5.1	3.2	59%	15.2	10.6	43%
Share-based compensation(1)	2.6	2.3	13%	6.9	5.4	28%
Non-controlling interests(1)	1.2	0.2	500%	3.3	0.9	267%
Current income taxes(1)	3.8	0.4	850%	4.9	1.3	277%
Deferred income taxes(1)	(1.4)	3.9	(136)%	(0.4)	7.4	(105)%
Non-recurring costs
ERP implementation and related costs(2)	1.3	1.7	(24)%	5.2	5.1	2%
Acquisition costs(1)	—	1.5	(100)%	0.3	1.6	(81)%
Gain on disposal of assets(1)	—	(6.0)	100%	(3.1)	(8.8)	65%
Provision for sales tax assessments(1)	—	—	—%	3.6	—	100%
Adjusted EBITDA	42.3	31.8	33%	104.7	87.5	20%
Less:
Depreciation and amortization(1)	18.7	12.4	51%	54.2	36.8	47%
Adjusted EBIT	23.6	19.4	22%	50.5	50.7	—%
Total revenue(1)	159.9	105.3	52%	419.0	312.9	34%
Adjusted EBITDA as a % of Revenue	26.5%	30.2%	(370) bps	25.0%	28.0%	(300) bps
Annualized multiplier	4	4		1.3	1.3
Annualized adjusted EBITDA	169.2	127.2	33%	136.1	113.8	20%
Average net book value of property and equipment	861.9	623.2	38%	851.2	615.5	38%
Return on Assets	19.6%	20.4%	(80) bps	12.3%	18.5%	(620) bps
(1) Sourced from the Company’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and 2025.
(2) This relates to the costs incurred for the implementation of a new ERP system and are included in administrative expenses; the first phase of the implementation went live on May 1, 2024 and the second phase of the implementation went live on June 1, 2026.

Reconciliation of Consolidated Profit to Adjusted Profit, and Adjusted Earnings Per Share (EPS):

Adjusted Profit represents profit from continuing operations excluding the amortization of intangibles acquired through acquisitions, acquisition costs, ERP implementation and related costs, and adjustments for other specific items that are significant but are not reflective of Black Diamonds underlying operations, all on an after-tax basis. Specific items are subjective, although Black Diamond uses judgment when identifying items to be excluded in calculating adjusted measures. Adjusted profit is a measure of overall profitability and the most comparable IFRS measure for adjusted profit is Profit. Management presents Adjusted Profit because it considers it to be a reflection of ongoing operations.

Adjusted Earnings Per Share (EPS) is a non-GAAP ratio calculated by dividing adjusted profit (defined above) by the basic and diluted weighted average number of shares outstanding. Management presents Adjusted EPS because it considers it to be a reflection of ongoing operations.

	Three months ended September 30,			Nine months ended September 30,
($ millions, except as noted)	2026	2025	Change	2026	2025	Change
Profit(1)	11.0	12.2	(10)%	14.6	27.2	(46)%
Add back net of tax:
Amortization of intangibles related to acquisitions(2)	1.2	0.4	200%	3.7	1.0	270%
ERP implementation, acquisition, and related costs(3)	0.9	2.4	(63)%	4.0	5.1	(22)%
Provision for sales tax assessments(4)	—	—	—%	2.6	—	100%
Gains related to insurance proceeds received(5)	—	(4.5)	100%	(2.3)	(6.6)	65%
Adjusted Profit	13.1	10.5	25%	22.6	26.7	(15)%
Weighted average common shares outstanding – basic	69.0	65.2	6%	68.6	62.6	10%
Weighted average common shares outstanding – diluted	70.9	66.7	6%	70.4	63.5	11%
Adjusted EPS
Basic ($)	0.19	0.16	19%	0.33	0.43	(23)%
Diluted ($)	0.19	0.16	19%	0.32	0.42	(24)%
(1) Sourced from the Company’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and 2025.
(2) The add back of intangible amortization relates only to the amortization from intangible assets acquired through acquisitions and excludes the amortization of internally generated intangibles. For the three and nine months ended September 30, 2026, this amount is net of tax of $0.4 and $1.4 (2025 – $0.1 and $0.3)
(3) The add back of costs incurred for the ERP implementation, as well as certain administrative and marketing costs and depreciation primarily related to acquisition expenses associated with our acquisitions and restructuring costs. For the three and nine months ended September 30, 2026, this amount is net of tax of $0.4 and $1.5 (2025 – $0.8 and $1.6)
(4) For the three and nine months ended September 30, 2026, the Provision for sales tax assessments amount is net of tax of $nil and $1.0 (2025 – $nil and $nil)
(5) For the three and nine months ended September 30, 2026, the Gains related to insurance proceeds received is net of tax of $nil and $0.8 (2025 – $1.5 and $2.1)

Reconciliation of Consolidated Profit to Adjusted EBITDA, Adjusted Leveraged EBITDA, Net Debt and Net Debt to TTM Adjusted Leverage EBITDA:

Net Debt to TTM Adjusted Leverage EBITDA is a non-GAAP ratio which is calculated as Net Debt divided by TTM Adjusted Leverage EBITDA. Net Debt, a non-GAAP financial measure, is calculated as long-term debt minus cash and cash equivalents. A reconciliation to long-term debt, the most comparable GAAP financial measure, is provided below.

Adjusted Leverage EBITDA, a non-GAAP financial measure, is calculated as Adjusted EBITDA plus pre-acquisition Adjusted EBITDA estimates that reflect Adjusted EBITDA generated by acquired businesses prior to the acquisition date, as though the acquisition had occurred at the beginning of the relevant TTM period. Adjusted Leverage EBITDA is used by management to assess the Company’s leverage position and its ability to service debt. The measure is also used in calculating the Net Debt to TTM Adjusted Leverage EBITDA Ratio, which management monitors against its internal target range. Management believes this adjustment provides investors with additional context regarding the contribution of recently acquired operations to the Company’s leverage metrics and assists users in evaluating leverage on a basis that is more consistent with the Company’s current operating performance. A reconciliation to profit, the most comparable GAAP financial measure, is provided below.

Net Debt and Net Debt to TTM Adjusted Leverage EBITDA removes cash and cash equivalents from the Company’s debt balance. Black Diamond uses this ratio primarily as a measure of operating performance. Management believes this ratio is an important supplemental measure of the Company’s performance and believes this measure is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.

($ millions, except as noted)	2026	2026	2026	2025	2025	2025	2025	2024	Change
	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Profit(1)	11.0	0.9	2.7	7.6	12.2	9.2	5.8	9.3
Add:
Depreciation and amortization(1)	18.7	17.8	17.6	15.8	12.4	12.0	12.4	14.6
Finance costs(1)	5.1	5.2	4.9	4.0	3.2	3.6	3.8	3.8
Share-based compensation(1)	2.6	2.4	1.9	2.1	2.3	1.9	1.2	1.3
Non-controlling interests(1)	1.2	0.7	1.3	1.6	0.2	0.3	0.4	0.5
Current income taxes(1)	3.8	(0.1)	1.3	1.4	0.4	0.5	0.4	0.9
Deferred income taxes(1)	(1.4)	0.6	0.4	4.2	3.9	2.6	0.9	5.4
Non-recurring costs
ERP implementation and related costs(2)	1.3	2.3	1.6	1.4	1.7	1.8	1.6	1.4
Acquisition costs(1)	—	0.1	0.3	1.2	1.5	0.1	—	—
Gain on disposal of assets(1)	—	(3.1)	—	(0.4)	(6.0)	(2.8)	—	—
Provision for sales tax assessments	—	3.6	—	—	—	—	—	—
Adjusted EBITDA	42.3	30.4	32.0	38.9	31.8	29.2	26.5	37.2
Acquisition pro-forma adjustments(3)	—	—	—	6.4	—	—	—	—
Adjusted Leverage EBITDA	42.3	30.4	32.0	45.3	31.8	29.2	26.5	37.2
TTM Adjusted Leverage EBITDA	150.0				124.7				20%
Long-term debt(1)	379.9				205.8				85%
Cash and cash equivalents(1)	24.4				9.8				149%
Current portion of long-term debt(4)	0.2				1.1				(82)%
Net Debt	355.7				197.1				80%
Net Debt to TTM Adjusted Leverage EBITDA	2.4				1.6				50%
(1) Sourced from the Company’s unaudited interim condensed consolidated financial statements for thethree and nine months endedSeptember 30, 2026 and 2025.
(2) This relates to the costs incurred for the implementation of a new ERP system and are included in administrative expenses; the first phase of the implementation went live on May 1, 2024 and the second phase of the implementation went live on June 1, 2026.
(3) Includes pre-acquisition Adjusted EBITDA attributable to Royal Camp estimates as if the acquisition occurred on September 30, 2025. Pre-acquisition Adjusted EBITDA from Royal Camp is not a recognized measure under IFRS. The Company’s method of calculating may differ from other entities and accordingly, may not be comparable to measures used by other entities.
(4) Current portion of long-term debt relating to the payments due within one year on the bank term loans assumed as part of the acquisition in the fourth quarter of 2022.

Funds from Operations is calculated as the cash flow from operating activities, the most comparable GAAP financial measure, excluding the changes in non-cash working capital. Management believes that Funds from Operations is a useful measure as it provides an indication of the funds generated by the operations before working capital adjustments. Changes in long-term accounts receivable and non-cash working capital items have been excluded as such changes are financed using the operating line of Black Diamond’s credit facilities. A reconciliation to cash flow from operating activities, the most comparable GAAP financial measure, is provided below.

Free Cashflow is calculated as Funds from Operations minus maintenance capital, net interest paid (including lease interest), payment of lease liabilities, net current income tax expense (recovery), distributions declared to non-controlling interests and dividends paid on Common Shares plus net current income taxes received (paid). Management believes that Free Cashflow is a useful measure as it provides an indication of the funds generated by the operations before working capital adjustments and other items noted above. Management believes this metric is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures. A reconciliation to cash flow from operating activities, the most comparable GAAP financial measure, is provided below.

Reconciliation of Cash Flow from Operating Activities to Funds from Operations and Free Cashflow:

	Three months ended September 30,			Nine months ended September 30,
($ millions, except as noted)	2026	2025	Change	2026	2025	Change
Cash Flow from Operating Activities(1)	23.3	20.4	14%	66.2	84.8	(22)%
Add (deduct):
Change in other long-term assets(1)	6.6	0.3	2,100%	5.1	2.3	122%
Changes in non-cash operating working capital(1)	13.7	12.3	11%	32.1	2.3	1,296%
Funds from Operations	43.6	33.0	32%	103.4	89.4	16%
Add (deduct):
Maintenance capital	(2.2)	(2.9)	24%	(7.9)	(6.8)	(16)%
Payment for lease liabilities(1)	(2.3)	(2.0)	(15)%	(6.9)	(6.7)	(3)%
Interest paid (including lease interest)(1)	(5.0)	(3.0)	(67)%	(14.7)	(10.1)	(46)%
Net current income tax expense(1)	3.8	0.4	850%	4.9	1.3	277%
Dividends paid on Common Shares(1)	(3.1)	(2.1)	(48)%	(9.2)	(6.4)	(44)%
Distributions paid to non-controlling interests(1)	(1.0)	(0.4)	(150)%	(3.2)	(1.4)	(129)%
Free Cashflow	33.8	23.0	47%	66.4	59.3	12%
(1) Sourced from the Company’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and 2025.

Gross Profit Margin is a non-GAAP financial ratio which is calculated by dividing gross profit, a GAAP financial measure calculated as total revenue less direct costs, by total revenue for the period. Management believes this ratio is an important supplemental measure of the Company’s performance and believes this ratio is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.

Reconciliation of Gross Profit to Gross Profit Margin:

	Three months ended September 30,			Nine months ended September 30,
($ millions, except as noted)	2026	2025	Change	2026	2025	Change
Total revenue(1)	159.9	105.3	52%	419.0	312.9	34%
Direct costs(1)	94.3	55.1	71%	247.3	170.6	45%
Gross profit(1)	65.6	50.2	31%	171.8	142.3	21%
Gross Profit Margin	41.0%	47.7%	(670) bps	41.0%	45.5%	(450) bps
(1) Sourced from the Company’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and 2025.

Total Trade Value, previously referred to as Gross Bookings, has been renamed to ensure alignment with terminology commonly used across the industry. Total Trade Value is a non-GAAP financial measure and is calculated as the total revenue billed to the customer which includes all fees and charges. Net revenue, a GAAP financial measure, is Total Trade Value less costs paid to suppliers. Revenue from bookings at third-party lodges and hotels through LodgeLink is recognized on a net revenue basis. LodgeLink is an agent in the transaction as it is not responsible for providing the service to the customer and does not control the service provided by a supplier. Management believes this non-GAAP financial measure is an important supplemental measure of LodgeLink’s performance and cash generation and believes this non-GAAP financial measure is frequently used by interested parties in the evaluation of companies in industries with similar forms of revenue generation.

Net Revenue Margin is calculated by dividing net revenue by Total Trade Value for the period. Management believes this ratio is an important supplemental measure of LodgeLink’s performance and profitability and believes this ratio is frequently used by interested parties in the evaluation of companies in industries with similar forms of revenue generation where companies act as agents in transactions.

Reconciliation of Net Revenue to Total Trade Value and Net Revenue Margin:

	Three months ended September 30,			Nine months ended September 30,
($ millions, except as noted)	2026	2025	Change	2026	2025	Change
Net revenue(1)	6.5	4.3	51%	15.6	10.3	51%
Costs paid to suppliers(1)	45.0	31.4	43%	112.0	72.6	54%
Total Trade Value(1)	51.5	35.7	44%	127.6	82.9	54%
Net Revenue Margin	12.6%	12.0%	60 bps	12.2%	12.4%	(20) bps
(1) Includes intercompany transactions.

VAPS as a % of Rental Revenue is a non-GAAP ratio which is calculated as VAPS revenue divided by rental revenue excluding VAPS revenue. A reconciliation to rental revenue, the most comparable GAAP financial measure, is provided below. Black Diamond uses this ratio as a measure of operating performance. Management believes this ratio is an important supplemental measure to appraise the growth of ancillary products and services in proportion to the growth of rental revenue.

Reconciliation of Rental Revenue to VAPS as a % of Rental Revenue:

	Three months ended September 30,			Nine months ended September 30,
Value Added Products & Services ($ millions, except as noted)	2026	2025	Change	2026	2025	Change
Rental revenue(1)	30.0	28.1	7%	85.0	80.0	6%
Less:
VAPS revenue within rental revenue	2.4	1.9	26%	6.4	4.9	31%
Rental revenue excluding VAPS revenue	27.6	26.2	5%	78.6	75.1	5%
VAPS revenue	3.5	2.8	25%	9.4	7.1	32%
VAPS as a % of Rental Revenue	12.7%	10.7%	200 bps	12.0%	9.5%	250 bps
(1) Sourced from the Company’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and 2025.

VANCOUVER, British Columbia, Oct. 29, 2026 (GLOBE NEWSWIRE) — Aetherion Technologies Inc. (“Aetherion”) (TSX: AETR / Nasdaq: AETR), announces that the Company will release Q3 2026 financial results on Thursday, November 12, 2026, after market close. A conference call and webcast to discuss the financial results and other corporate developments will be held on Friday, November 13, 2026.

Time: 9:00 a.m. ET (7:00 a.m. PT)
Call Link: https://register-conf.media-server.com/register/BI35b93703f9b94c79af5e7d30753ef513
Webcast: https://investors.aetheriontech.com

Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details.

The webcast will be archived on Aetherion’s website, and a replay will be available at https://investors.aetheriontech.com.

About Aetherion Technologies
Aetherion Technologies Inc. is a global clean transportation technology company delivering proven, commercially ready solutions that help fleets and original equipment manufacturers (OEMs) improve performance, efficiency and energy flexibility. Built on decades of engineering expertise, Aetherion develops advanced fuel delivery, storage and control technologies for heavy-duty mobility applications. Its proven technologies support a wide range of alternative fuels—including natural gas, renewable natural gas and hydrogen—empowering OEMs and commercial transportation fleets to meet demanding performance standards, evolving regulatory requirements and climate objectives in a cost-effective way. Through its portfolio of differentiated technologies and strategic partnerships, Aetherion is accelerating practical, scalable pathways to affordable, lower-emission transportation worldwide. Aetherion is headquartered in Vancouver, Canada. For more information, visit www.aetheriontech.com.

Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws, including statements regarding the expected timing of Aetherion’s release of its third quarter 2026 financial results and the planned conference call and webcast to discuss those results and other corporate developments. These statements are based on Aetherion’s current expectations and are subject to risks and uncertainties that could cause actual events or results to differ materially. Aetherion undertakes no obligation to update or revise any forward-looking statements, except as required by applicable law.

Contact Information
Aetherion Technologies Investor Relations
T: +1 604-718-2046