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CVG Reports Third Quarter 2026 Results and Announces CEO Succession Plan

Posted on November 2, 2026 by Ravi Shankar

Delivered strong revenue growth and margin expansion
Returned to positive GAAP and Adjusted EPS
Raises revenue outlook and narrows Adjusted EBITDA guidance range
Appoints David Ruppel as President and CEO and a member of the Board

NEW ALBANY, Ohio, Nov. 02, 2026 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its third quarter ended September 30, 2026.

Third Quarter 2026 Highlights (Results from Continuing Operations; compared with prior year, where comparisons are noted)

Revenues of $208.1 million, up 36.5%, primarily driven by increased demand across all three segments.
Gross margin expansion of 300 basis points versus Q3 2025 and 80 basis points sequentially versus Q2 2026 primarily from volume leverage and operational efficiency improvements.
Operating income of $7.7 million, which included $3.1 million gain on sale of assets, up $8.7 million, compared to an operating loss of $1.1 million. Adjusted operating income of $5.6 million, compared to $1.6 million.
Net income from continuing operations of $5.6 million, or $0.14 per diluted share and adjusted net income of $1.2 million, or $0.03 per diluted share, compared to net loss from continuing operations of $6.8 million, or $(0.20) per diluted share and adjusted net loss of $4.6 million, or $(0.14) per diluted share. Net income includes a $4.1 million pre-tax warrant liability revaluation benefit.
Adjusted EBITDA of $8.5 million, compared to $4.6 million, with an adjusted EBITDA margin of 4.1%, up from 3.0%.

James Ray, President and Chief Executive Officer, said, “The third quarter demonstrated the earnings potential of a leaner, more efficient, and more focused CVG. Strong volume growth across all three segments, together with productivity gains, drove meaningful revenue growth and improvement in gross margin, adjusted operating income, and adjusted EBITDA. We see further opportunities to improve performance, particularly through driving plant efficiencies and recovering higher commodity and freight costs.”

Mr. Ray continued, “Trim Systems & Components delivered the strongest year-over-year growth, benefiting from higher North American Class 8 production volumes and new program launches. Global Electrical Systems benefited from new program ramps and increased demand in construction markets, and we continue to work closely with Zoox to support their production plans. Global Seating delivered solid growth while executing the footprint initiatives in China, the U.S., and the U.K. We expect these initiatives to lower our cost base over time. We expect the combination of new business ramps, continued operational improvement and execution in our key end markets to support further earnings growth into 2027.”

Angie O’Leary, Chief Financial Officer, added, “The third quarter marks a meaningful step in our transition toward profitable growth, with stronger volume translating into higher adjusted margins and positive adjusted EPS. As growth accelerates, our financial priorities remain clear: converting higher earnings into cash, strengthening the balance sheet and investing in the working capital and capacity needed to support new business. We made progress in each area this quarter, including reducing net leverage to approximately 2.7 times. We remain focused on driving profitable growth and progressing toward our net leverage goal of approximately two times. Based on our performance through the first nine months of the year, and our expectations for the fourth quarter, we are raising our full-year revenue outlook. We are also reducing the top end of the Adjusted EBITDA guidance range, reflecting incremental expenses related to the CEO succession.”

CEO Succession Plan

The Company also announced that its Board of Directors (the “Board”) has appointed David Ruppel as the Company’s next President and Chief Executive Officer and a member of the Board, in each case effective November 9, 2026. Mr. Ruppel will succeed James Ray, who will step down as President and Chief Executive Officer and as a member of the Board on November 9, 2026 and will remain with CVG as a Senior Advisor through his retirement on January 5, 2027.

The Board extends its sincere gratitude to Mr. Ray for his outstanding leadership and the significant contributions he has made to CVG during his tenure and appreciates his continued counsel as Senior Advisor to support a seamless transition. During his nearly three years as CEO, Mr. Ray guided the Company through challenging end market conditions, refinanced its balance sheet, and transformed its operating structure to sharpen CVG’s focus on profitable growth. Mr. Ray’s resignation did not result from any disagreement with the Company on any matter relating to its operations, policies or practices.

Mr. Ruppel brings more than 25 years of operational and general management experience across many of CVG’s key end markets, including commercial vehicles, electrical systems, and industrials. He currently serves as Senior Vice President and General Manager, Transportation & Logistics at Littelfuse, Inc., with global P&L responsibility for a $700 million segment, having previously led its Commercial Vehicle products business. His career also spans automotive and aerospace & defense, giving him a broad perspective on the customers, technologies, and demand cycles that shape CVG’s business. Prior to Littelfuse, Mr. Ruppel served as President of IDEX Optical Technologies and President of Montevideo Technology, Inc., leading global businesses through growth, acquisition integration, and operational transformation. Prior to that, he spent approximately 20 years in operational and general management roles at Herman Miller, Eaton, and Cooper Industries, including deep experience in electrical power management and manufacturing at Cooper and Eaton.

Mr. Ruppel holds an Executive Master of Business Administration from Marquette University and a Bachelor of Science in Management from Cardinal Stritch University.

“We have found an exceptional leader whose deep operating experience and strong record of execution position him well to advance CVG’s strategy and drive growth,” said William C. Johnson, Chairman of the Board. “David is a seasoned, results-oriented executive who has led complex global businesses, including in the commercial vehicle and electrical markets that are central to the Company. He is the right leader to guide CVG through its next phase of growth, and I am confident that this transition will be smooth.”

Mr. Ruppel said, “I am honored to be appointed President and CEO and thank the Board for its confidence. I look forward to partnering with our talented employees around the world as we execute our strategy and deliver value for our customers and shareholders. CVG is a diverse organization with a global footprint and broad product portfolio, and I am excited for the opportunity to lead it. Having spent my career in markets closely aligned with CVG’s, I see a strong foundation with clear potential to deliver profitable growth.”

Third Quarter Financial Results from Continuing Operations
(amounts in millions except per share data and percentages)

	Third Quarter
		2026			2025		$ Change		% Change
Revenues	$	208.1		$	152.5		$	55.6	36.5%
Gross profit	$	28.1		$	16.0		$	12.1	75.6%
Gross margin		13.5	%		10.5	%
Adjusted gross profit ¹	$	28.8		$	18.4		$	10.4	56.5%
Adjusted gross margin ¹		13.8	%		12.1	%
Operating income	$	7.7		$	(1.1	)	$	8.8	NM²
Operating margin		3.7	%	(0.7) %
Adjusted operating income ¹	$	5.6		$	1.6		$	4.0	250.0%
Adjusted operating margin ¹		2.7	%		1.0	%
Net income (loss) from continuing operations	$	5.6		$	(6.8	)	$	12.4	NM²
Adjusted net income (loss) from continuing operations ¹	$	1.2		$	(4.6	)	$	5.8	NM²
Earnings (loss) per share, diluted	$	0.14		$	(0.20	)	$	0.34	NM²
Adjusted earnings (loss) per share, diluted ¹	$	0.03		$	(0.14	)	$	0.17	NM²
Adjusted EBITDA ¹	$	8.5		$	4.6		$	3.9	84.8%
Adjusted EBITDA margin ¹		4.1	%		3.0	%
¹See Appendix A for GAAP to Non-GAAP reconciliation
²Not meaningful

Consolidated Results from Continuing Operations

Third Quarter 2026 Results

Third quarter 2026 revenues were $208.1 million, compared to $152.5 million in the prior year period, an increase of 36.5%. The overall increase in revenues was primarily due to increased customer demand in global markets and the ramp of previously awarded new business wins across all three of our segments.
Operating income in the third quarter 2026 was $7.7 million, which included $3.1 million gain on sale of assets, up $8.7 million compared to an operating loss of $1.1 million in the prior year period. Third quarter 2026 adjusted operating income was $5.6 million, compared to adjusted operating income of $1.6 million in the prior year period. The increase in adjusted operating income was primarily attributable to the impact of higher sales volumes and operational efficiency improvements, partially offset by higher SG&A expense, driven primarily by share-based compensation, increased performance-based incentive compensation, and recruiting costs related to the CEO succession process.
Interest associated with debt and other expenses was $3.4 million and $4.1 million for the third quarter 2026 and 2025, respectively, with the decrease for the third quarter 2026 due to lower debt balances.
Net income from continuing operations was $5.6 million, or $0.14 per diluted share, for the third quarter 2026 compared to net loss of $6.8 million, or $(0.20) per diluted share, in the prior year period. Net income includes a $4.1 million pre-tax warrant liability revaluation benefit. Third quarter 2026 adjusted net income from continuing operations was $1.2 million, or $0.03 per diluted share, compared to adjusted net loss of $4.6 million, or $(0.14) per diluted share.

On September 30, 2026, the Company had $34.2 million of outstanding borrowings on its U.S. revolving credit facility and $1.5 million outstanding borrowings on its China credit facility, $39.8 million of cash and $83.3 million of availability from the credit facilities (subject to customary borrowing base and other conditions), resulting in total liquidity of $123.1 million.

Third Quarter 2026 Segment Results

Global Seating Segment

Revenues were $84.7 million compared to $68.7 million for the prior year period, an increase of 23.3%, due primarily to increased customer demand in North America and Asia-Pacific markets.
Operating income was $3.6 million, compared to $1.4 million in the prior year period, an increase of $2.2 million, driven by higher sales and improved gross margin performance. Third quarter 2026 adjusted operating income was $4.6 million compared to $2.9 million in the prior year period.

Global Electrical Systems Segment

Revenues were $64.4 million compared to $49.5 million in the prior year period, an increase of 30.2%, primarily as a result of ramping new business wins and increased customer demand in construction markets.
Operating income was $3.7 million compared to operating income of $0.8 million in the prior year period. The increase in operating income was primarily attributable to higher volume and product mix.

Trim Systems and Components Segment

Revenues were $58.9 million compared to $34.3 million in the prior year period, an increase of 71.9%, primarily due to higher sales volume as a result of increased customer demand in North America, including improved product mix.
Operating income was $5.8 million compared to operating loss of $0.9 million in the prior year period. The increase in operating income was primarily attributable to higher demand, improved operational efficiencies, and a gain on sale of assets. Third quarter 2026 adjusted operating income was $2.7 million compared to an adjusted operating loss of $0.3 million in the prior year period.

Outlook

CVG updated the Company’s outlook for the full year 2026, based on current market conditions:

Metric	Prior 2026 Outlook ($ millions)	Updated 2026 Outlook ($ millions)
Revenues	$725 – $755	$755 – $775
Adjusted EBITDA	$26 – $31	$26 – $29
Free Cash Flow	Positive	Positive

This outlook reflects, among others, current industry forecasts for North America Class 8 truck builds. According to ACT Research, 2026 North American Class 8 truck production levels are expected to be at 272,442 units, up 8% versus the 2025 actual Class 8 truck builds of 251,251 units.

The outlook for the Construction end market reflects high-single digit growth in 2026.

Our long-term incentive awards are designed to align executive compensation with shareholder returns. Our adjusted EBITDA outlook incorporates current estimates of long-term performance shares settled in cash. Under GAAP accounting, such awards are remeasured each reporting period. Therefore, changes in our share price could materially affect our Adjusted EBITDA outlook. While this creates periodic earnings volatility under GAAP, it does not represent a corresponding change in our underlying cost structure. (see Appendix A)

GAAP to Non-GAAP Reconciliation

A reconciliation of GAAP to non-GAAP financial measures referenced in this release is included as Appendix A to this release.

Conference Call

A conference call to discuss this press release is scheduled for Tuesday, November 3, 2026, at 8:30 a.m. ET. Management intends to reference the Q3 2026 Earnings Call Presentation during the conference call. To participate, dial (833) 461-5787 using conference code 592968497. International participants dial (585) 542-9983 using conference code 592968497.

This call is being webcast and can be accessed through the “Investors” section of CVG’s website at ir.cvgrp.com, where it will be archived and available for replay for one year.

Company Contact
Michelle Hards
Vice-President, Investor Relations / Corporate Financial Planning & Analysis
CVG
IR@cvgrp.com

Investor Relations Contact
Ross Collins or Nathan Skown
Alpha IR Group
CVGI@alpha-ir.com

About CVG

CVG is a global provider of systems, assemblies and components to global commercial vehicle markets and electric vehicle markets. We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets, including, but not limited to, global commercial vehicle markets and electric vehicle markets, changes in the North America Class 8 and Class 5-7 truck build rates, performance of the global construction and agricultural equipment businesses, the Company’s prospects in the global commercial vehicle markets and electric vehicle markets, the Company’s initiatives to address customer needs, organic growth, the Company’s strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment including global supply chain constraints, inflation and labor shortages, tariffs and counter-measures, financial covenant compliance, anticipated effects of acquisitions or divestitures, production of new products, plans for capital expenditures, and the Company’s financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.

Other Information

Throughout this document, certain numbers in the tables or elsewhere may not sum due to rounding. Rounding may have also impacted the presentation of certain year-on-year percentage changes.

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months and Nine Months Ended September 30, 2026 and 2025 (Unaudited) (Amounts in thousands, except per share amounts)

	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025

Revenues	$	208,091		$	152,489		$	574,825		$	494,240
Cost of revenues		179,991			136,446			502,181			440,875
Gross profit		28,100			16,043			72,644			53,365
Selling, general and administrative expenses		23,531			17,104			65,761			52,222
Gain on sale of assets		(3,084	)		—			(17,041	)		—
Operating income (loss)		7,653			(1,061	)		23,924			1,143
Other (income) expense		686			729			2,465			1,083
Change in fair value of warrant liabilities		(4,112	)		275			4,309			275
Loss on extinguishment of debt		419			—			3,406			460
Interest expense		3,356			4,068			10,398			8,862
Income (loss) before provision for income taxes		7,304			(6,133	)		3,346			(9,537	)
Provision for income taxes		1,733			687			5,614			4,527
Net income (loss) from continuing operations	$	5,571		$	(6,820	)		(2,268	)		(14,064	)
Net income (loss) from discontinued operations		—			(260	)		(1,500	)		(2,088	)
Net income (loss)		5,571			(7,080	)		(3,768	)		(16,152	)
Basic earnings (loss) per share
Income (loss) from continuing operations	$	0.15		$	(0.20	)	$	(0.06	)	$	(0.42	)
Income (loss) from discontinued operations	$	—		$	(0.01	)	$	(0.04	)	$	(0.06	)
Diluted earnings (loss) per share
Income (loss) from continuing operations	$	0.14		$	(0.20	)	$	(0.06	)	$	(0.42	)
Income (loss) from discontinued operations	$	—		$	(0.01	)	$	(0.04	)	$	(0.06	)
Weighted average shares outstanding:
Basic		37,607			33,885			37,291			33,793
Diluted		39,160			33,885			37,291			33,793

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in thousands, except per share amounts)

ASSETS	September 30, 2026			December 31, 2025
Current assets:
Cash	$	39,777		$	33,282
Accounts receivable, net		125,523			86,262
Inventories		141,906			118,557
Other current assets		30,098			25,226
Total current assets		337,304			263,327
Property, plant and equipment, net		63,410			66,638
Intangible assets, net		2,929			3,350
Deferred income taxes, net		11,228			11,349
Other assets, net		69,215			47,050
Total assets	$	484,086		$	391,714
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	109,206		$	74,180
Accrued liabilities and other		62,034			31,800
Current portion of long-term debt and short-term debt		4,342			2,371
Total current liabilities		175,582			108,351
Long-term debt		91,750			104,004
Pension and other post-retirement benefits		6,694			6,902
Other long-term liabilities		68,884			39,100
Total liabilities	$	342,910		$	258,357
Stockholders’ equity:
Preferred stock	$	—		$	—
Common stock		377			342
Treasury stock, at cost		(17,320	)		(16,706	)
Additional paid-in capital		290,070			272,903
Retained deficit		(100,601	)		(96,832	)
Accumulated other comprehensive loss		(31,350	)		(26,350	)
Total stockholders’ equity		141,176			133,357
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	484,086		$	391,714

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES BUSINESS SEGMENT FINANCIAL INFORMATION (Unaudited) (Amounts in thousands)

	Three Months Ended September 30,
	Global Seating				Global Electrical Systems				Trim Systems and Components						Corporate/Other						Total
	2026		2025		2026		2025		2026			2025			2026			2025			2026			2025
Revenues	$	84,713	$	68,707	$	64,447	$	49,491	$	58,931		$	34,291		$	—		$	—		$	208,091		$	152,489
Gross profit (loss)		12,106		8,516		8,977		5,321		7,017			2,206			—			—			28,100			16,043
Selling, general & administrative expenses		8,505		7,108		5,303		4,483		4,348			3,136			5,375			2,377			23,531			17,104
Gain on sale of assets		—		—		—		—		(3,084	)		—			—			—			(3,084	)		—
Operating income (loss)	$	3,601	$	1,408	$	3,674	$	838	$	5,753		$	(930	)	$	(5,375	)	$	(2,377	)	$	7,653		$	(1,061	)

	Nine Months Ended September 30,
	Global Seating					Global Electrical Systems				Trim Systems and Components					Corporate/Other						Total
	2026			2025		2026		2025			2026		2025		2026			2025			2026			2025
Revenues	$	239,232		$	216,574	$	183,925	$	153,527	$	151,668		$	124,139	$	—		$	—		$	574,825		$	494,240
Gross profit (loss)		33,672			27,537		21,646		15,222		17,326			10,606		—			—			72,644			53,365
Selling, general & administrative expenses		24,026			21,092		16,299		14,260		12,534			10,083		12,902			6,787			65,761			52,222
Gain on sale of assets		(13,716	)		—		—		—		(3,084	)		—		(241	)		—			(17,041	)		—
Operating income (loss)	$	23,362		$	6,445	$	5,347	$	962	$	7,876		$	523	$	(12,661	)	$	(6,787	)	$	23,924		$	1,143

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
Appendix A: Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(Amounts in thousands, except per share amounts and percentages)

	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Gross profit	$	28,100		$	16,043		$	72,644		$	53,365
Restructuring		684			2,375			2,622			4,016
Adjusted gross profit	$	28,784		$	18,418		$	75,266		$	57,381
% of revenues		13.8	%		12.1	%		13.1	%		11.6	%

	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Operating income	$	7,653		$	(1,061	)	$	23,924		$	1,143
Restructuring		999			2,703			3,233			4,545
Gain on sale of fixed assets		(3,084	)		—			(17,041	)		—
Total operating income adjustments		(2,085	)		2,703			(13,808	)		4,545
Adjusted operating income	$	5,568		$	1,642		$	10,116		$	5,688
% of revenues		2.7	%		1.1	%		1.8	%		1.2	%

	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net income (loss) from continuing operations	$	5,571		$	(6,820	)	$	(2,268	)	$	(14,064	)
Operating income adjustments		(2,085	)		2,703			(13,808	)		4,545
Loss on early extinguishment of debt		419			—			3,406			460
Warrant fair value adjustment		(4,112	)		275			4,309			275
Adjusted provision for income taxes¹		1,445			(745	)		1,523			(1,320	)
Adjusted net income (loss) from continuing operations	$	1,238		$	(4,587	)	$	(6,838	)	$	(10,104	)

Diluted EPS	$	0.14		$	(0.20	)	$	(0.06	)	$	(0.42	)
Adjustments to diluted EPS	$	(0.11	)	$	0.06		$	(0.12	)	$	0.12
Adjusted diluted EPS	$	0.03		$	(0.14	)	$	(0.18	)	$	(0.30	)

^1.Reported Tax Provision adjusted for tax effect of special charges at 25%.

	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net income (loss) from continuing operations	$	5,571		$	(6,820	)	$	(2,268	)	$	(14,064	)
Interest expense		3,356			4,068			10,398			8,862
Provision for income taxes		1,733			687			5,614			4,527
Depreciation expense		3,453			3,588			10,668			10,540
Amortization expense		134			141			406			424
EBITDA	$	14,247		$	1,664		$	24,818		$	10,289
% of revenues		6.8	%		1.1	%		4.3	%		2.1	%

EBITDA adjustments
Restructuring	$	999		$	2,703		$	3,233		$	4,545
Gain on sale of fixed assets		(3,084	)		—			(17,041	)		—
Loss on extinguishment of debt		419			—			3,406			460
Warrant fair value adjustment		(4,112	)		275			4,309			275
Adjusted EBITDA	$	8,469		$	4,642		$	18,725		$	15,569
% of revenues		4.1	%		3.0	%		3.3	%		3.2	%

Long-term incentive compensation items impacting EBITDA:
Share-based compensation	$	3,052		$	1,037		$	5,508		$	2,788
Performance shares settled in cash		(366	)		199			1,614			538
	$	2,686		$	1,236		$	7,122		$	3,326

	Three Months Ended September 30, 2026
	Global Seating			Global Electrical Systems			Trim Systems and Components			Corporate/Other			Total
Operating income (loss)	$	3,601		$	3,674		$	5,754		$	(5,375	)	$	7,654
Restructuring		974			25			—			—			999
Gain on sale of fixed assets		—			—			(3,084	)		—			(3,084	)
Adjusted operating income (loss)	$	4,575		$	3,699		$	2,670		$	(5,375	)	$	5,569
% of revenues		5.4	%		5.7	%		4.5	%					2.7	%

	Nine months ended September 30, 2026
	Global Seating			Global Electrical Systems			Trim Systems and Components			Corporate/Other			Total
Operating income (loss)	$	23,362		$	5,347		$	7,876		$	(12,661	)	$	23,924
Restructuring		2,536			534			163			—			3,233
Gain on sale of fixed assets		(13,716	)		—			(3,084	)		(241	)		(17,041	)
Adjusted operating income (loss)	$	12,182		$	5,881		$	4,955		$	(12,902	)	$	10,116
% of revenues		5.1	%		3.2	%		3.3	%					1.8	%

	Three Months Ended September 30, 2025
	Global Seating			Global Electrical Systems			Trim Systems and Components			Corporate/Other			Total
Operating income (loss)	$	1,408		$	838		$	(930	)	$	(2,377	)	$	(1,061	)
Restructuring		1,534			549			620			—			2,703
Adjusted operating income (loss)	$	2,942		$	1,387		$	(310	)	$	(2,377	)	$	1,642
% of revenues		4.3	%		2.8	%	(0.9) %							1.1	%

	Nine months ended September 30, 2025
	Global Seating			Global Electrical Systems			Trim Systems and Components			Corporate/Other			Total
Operating income (loss)	$	6,445		$	962		$	523		$	(6,787	)	$	1,143
Restructuring		1,892			1,618			907			127		$	4,544
Adjusted operating income (loss)	$	8,337		$	2,580		$	1,430		$	(6,660	)	$	5,687
% of revenues		3.8	%		1.7	%		1.2	%					1.2	%

The following tables present reconciliations of the captions within CVG’s Condensed Consolidated Statements of Cash Flows to Free cash flow, attributable to continuing operations, discontinued operations, and total CVG for the three and nine months ended September 30, 2026 and 2025.

	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
CONTINUING OPERATIONS
Cash flows from operating activities	$	1,562		$	(1,686	)	$	1,685		$	32,049
Purchases of property, plant and equipment		(5,072	)		(1,818	)		(10,807	)		(7,089	)
Proceeds from disposal/sale of property, plant and equipment		4,110			58			20,032			58
Free cash flow from continuing operations	$	600		$	(3,446	)	$	10,910		$	25,018

DISCONTINUED OPERATIONS
Cash flows from operating activities	$	—		$	—		$	—		$	306
Free cash flow from discontinued operations	$	—		$	—		$	—		$	306

TOTAL COMPANY
Cash flows from operating activities	$	1,562		$	(1,686	)	$	1,685		$	32,355
Purchases of property, plant and equipment		(5,072	)		(1,818	)		(10,807	)		(7,089	)
Proceeds from disposal/sale of property, plant and equipment		4,110			58			20,032			58
Free cash flow	$	600		$	(3,446	)	$	10,910		$	25,324

Use of Non-GAAP Measures

This earnings release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company’s multi-year corporate activities; or (ii) relate to activities or actions that may have occurred over multiple or in prior periods without predictable trends. Management uses these non-GAAP financial measures internally to evaluate the Company’s performance, engage in financial and operational planning and to determine incentive compensation.

Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on the Company’s financial and operating results and in comparing the Company’s performance to that of its competitors and to comparable reporting periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. The financial results calculated in accordance with GAAP and reconciliations to those financial statements set forth above should be carefully evaluated.

Posted in UncategorizedTagged GlobeNewswire

California Resources Corporation Reports Third Quarter 2026 Financial and Operating Results

Posted on November 2, 2026 by Ravi Shankar

Raised Quarterly Dividend by 4% and Delivered 2% Quarter-over-Quarter Net Production Growth

Sharpened Focus on California through Uinta Basin Sale and Closing of Crimson Midstream Acquisition

LONG BEACH, Calif., Nov. 02, 2026 (GLOBE NEWSWIRE) — California Resources Corporation (NYSE: CRC) today reported its financial and operating results for the third quarter of 2026. The Company plans to host a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Tuesday, November 3, 2026. Conference call details can be found within this release.

Third Quarter Highlights

Delivered average net production of 152 thousand barrels of oil equivalent per day (MBoe/d) (80% oil)
Reported a net loss of $315 million which includes the non-cash loss of $540 million from changes in the fair value of outstanding commodity derivatives, adjusted net income¹ of $104 million and $341 million of adjusted EBITDAX¹ which exceeded quarterly guidance
Generated net cash provided by operating activities of $305 million, deployed $158 million of total capital and delivered $147 million of free cash flow¹
Returned $66 million to shareholders, including $36 million in dividends and $30 million in share repurchases²
Increased quarterly dividend by 4%, reinforcing commitment to sustainable shareholder returns; declared quarterly dividend of $0.42/share to be paid in the fourth quarter of 2026²
Ended the quarter with $1,280 million in borrowing capacity and $35 million in available cash and cash equivalents³, representing $1,315 million of liquidity^{1, 3}

Other Highlights

Announced a memorandum of understanding⁴ (MOU) with Bloom Energy to jointly evaluate and target the potential development of 1 gigawatt (GW) or more of solid-oxide fuel cell power generation paired with carbon capture and storage. See California Resources Corporation Announces Strategic Collaboration with Bloom Energy to Advance Decarbonized Power Across California for additional information
Signed agreement to divest its Uinta Basin (Utah) assets for total cash consideration of approximately $90 million, subject to customary purchase price adjustments. The transaction is expected to close by year-end, subject to certain third-party consents and other customary closing conditions. See California Resources Corporation Announces Divestiture of Uinta Basin Assets for additional information
Closed its all-cash acquisition of Crimson Midstream Holdings, LLC (“Crimson”), strengthening CRC’s Leading Energy Infrastructure Platform and expanding options for potential longer-term development of CO₂ transportation across California. See California Resources Corporation Completes Acquisition of Crimson for additional information
Published the 2025 Sustainability Update providing an overview of CRC’s sustainability efforts and performance

“Our team continues to execute exceptionally well through strong operational performance, synergy realization from our strategic initiatives and impressive free cash flow,” said Francisco Leon, CRC’s President and Chief Executive Officer. “Through continued capital discipline and the ongoing focus on sustainable efficiency gains, we are improving free cash flow and our liquidity profile. In addition, we remain committed to our shareholder capital return program with share repurchases and dividends, the latter demonstrated by the 4% dividend per share increase we announced today. We have also made significant progress on strategic priorities, including the Crimson pipeline acquisition, along with the Uinta Basin asset sale and Bloom Energy partnership. These initiatives broaden and strengthen our commitment to the Golden State while continuing to deliver value to all CRC constituents including our shareholders and California communities.”

Third Quarter 2026 Results

Net NGL and natural gas production exceeded guidance by approximately 1 MBoe/d, supported by the new Belridge-Elk Hills connection and California’s first carbon capture and storage (CCS) project at CRC’s Elk Hills Cryogenic Gas Plant, which led to increased gas processing and NGL recovery
Electricity revenue net of electricity generation expenses exceeded guidance primarily due to higher prices for resource adequacy revenue and sales from electricity delivered to the wholesale market as Elk Hills power plant ran at a higher operational capacity
Operating expenses were higher than anticipated and increased over the prior period, primarily due to higher prices for natural gas purchased and used in steamflood operations, and higher workover activity

Select Production, Price and Financial Results and Non-GAAP Measures	3rd Quarter			2nd Quarter
($ in millions except production and prices)	2026			2026
Net oil production per day (MBbl/d)		121			120
Realized oil price without derivative settlements ($ per Bbl)	$	83.42		$	91.55
Realized oil price with derivative settlements ($ per Bbl)¹	$	72.46		$	76.43
Net NGL production per day (MBbl/d)		11			10
Realized NGL price ($ per Bbl)	$	48.57		$	49.62
Net natural gas production per day (Mmcf/d)		123			115
Realized natural gas price ($ per Mcf)	$	3.52		$	1.84
Net total production per day (MBoe/d)		152			149

Margin from purchased commodities¹	$	15		$	11
Electricity revenue net of electricity generation expenses¹	$	35		$	(4	)
Net (loss) gain from commodity sales derivatives¹	$	(675	)	$	205
Other operating expenses net of other revenue¹	$	35		$	56

Select Financial Statement Data and Non-GAAP Measures:	3rd Quarter			2nd Quarter
($ and shares in millions, except per share amounts)	2026			2026
Total operating revenues before net (loss) gain from commodity derivatives¹	$	1,096		$	1,092

Operating costs	$	386		$	347
General and administrative expenses	$	89		$	97
Adjusted general and administrative expenses¹	$	79		$	89
Taxes other than on income	$	81		$	66
Transportation costs	$	31		$	30
Operating (loss) income	$	(407	)	$	511
Interest and debt expense, net	$	26		$	28
Income tax benefit	$	(113	)	$	(56	)
Deferred income tax benefit	$	*(113*	)	$	(55	)
Net (loss) income	$	(315	)	$	514
Weighted-average common shares outstanding – diluted		88.7			89.3
Net (loss) income per share – diluted	$	(3.55	)	$	5.76

Adjusted net income¹	$	104		$	88
Adjusted net income per share¹ – diluted	$	1.17		$	0.99
Net cash provided by operating activities	$	305		$	263
Net cash provided by operating activities before net changes in operating assets and liabilities¹	$	300		$	300
Capital investments	$	158		$	149
Adjusted EBITDAX¹	$	341		$	338
Free cash flow¹	$	147		$	114

Fourth Quarter 2026 Guidance and Preliminary 2027 Outlook

The following table provides select fourth quarter 2026E guidance⁵. Guidance includes the financial results of the Uinta Basin through year-end 2026, while the preliminary 2027 outlook excludes the Uinta. CRC ran an average of five rigs during the third quarter of 2026 and similarly, expects to run an average of five rigs during the fourth quarter of 2026. CRC plans to enter 2027 with six rigs in California. See Attachment 2 for CRC’s fourth quarter 2026E guidance.

CRC Guidance	4Q26E
Net Production (MBoe/d)	150 – 152
Percentage Oil	79	%
Capital Investments ($ millions)	$110 – $130
Adjusted EBITDAX¹ ($ millions)	$340 – $380

Leon added, “As we look to 2027, CRC is moving from acquisition to optimization. Having built, in our view, California’s leading energy infrastructure platform, our focus now turns to running it better by lowering costs, improving capital efficiency and putting our midstream, power and carbon opportunities to work. That strategy positions us to strengthen free cash flow and continue delivering meaningful returns to our shareholders.”

2027 drilling, completions and workover capital is expected to be $450 – $475 million. Planned activity levels will be supported by the Company’s growing permit inventory and ongoing operational efficiencies. CRC remains focused on disciplined capital allocation, maintaining a strong balance sheet and delivering sustainable shareholder returns. CRC intends to provide full-year 2027 guidance with its fourth quarter and year-end 2026 earnings release. The Company has flexibility to adjust its 2027 capital program to reflect changes in commodity prices and other market factors.

Shareholder Returns

CRC is committed to sustainably returning cash to shareholders through dividends and repurchases of its common stock. In the third quarter of 2026, CRC repurchased 0.6 million shares of its common stock for $30 million at an average price of $53.48 per share and returned $36 million in dividends to shareholders. Since 2021, the Company has returned approximately $1,721 million to shareholders, including $1,210 million in share repurchases and $511 million in dividends. As of September 30, 2026, CRC had $570 million remaining for share repurchases under its authorized Share Repurchase Program through December 31, 2027².

On November 2, 2026, CRC’s Board of Directors amended its cash dividend policy to increase the anticipated total annual dividend by approximately 4% to $1.68, payable to shareholders in quarterly increments of $0.42 per share of common stock. The Board of Directors also declared a quarterly cash dividend of $0.42 per share of common stock, payable to shareholders of record on December 4, 2026. The dividend is expected to be paid on December 18, 2026².

Balance Sheet and Liquidity

As of September 30, 2026, CRC had $35 million in available cash and cash equivalents³, $1,280 million in available borrowing capacity under its Revolving Credit Facility (which reflects $1,460 million of borrowing capacity less $180 million of outstanding letters of credit) and liquidity of $1,315 million.

In October 2026, CRC entered into a new amendment to its Revolving Credit Facility to, among other things, extend the maturity date to March 2030, increase the elected commitments of its lenders to $1,470 million, re-affirm its borrowing base at $1,500 million, and implement certain other technical amendments.

Upcoming Investor Conferences

CRC is scheduled to participate in the following events through year-end 2026:

Goldman Sachs 7th Annual Carbonomics Conference, November 10, London, UK
Wolfe Global Oil & Gas Conference 2026, November 18, Virtual
2026 Stephens Annual Investment Conference, November 19, Nashville, TN
Capital One Securities 21st Annual Energy Conference, December 1, New Orleans, LA
UBS 30th Annual Global Technology and AI Conference 2026, December 2, Scottsdale, AZ
Mizuho Power, Energy & Infrastructure Conference 2026, December 8, New York City, NY
Bernstein 5th Annual Industrials & Energy Forum, December 9, New York City, NY
25th Annual Wells Fargo Energy and Power Symposium, December 9, New York City, NY
Stifel 2026 Frontier Tech 2.0 Energy Summit, December 10, New York City, NY

CRC plans to post its presentation materials to its website on the day of the event. See the Events and Presentations page under the Investor Relations section at www.crc.com.

Conference Call Details

A conference call and webcast is planned for 1 p.m. ET (10 a.m. PT) on Tuesday, November 3, 2026. To participate in the call, dial (877) 328-5505 (International calls dial +1 (412) 317-5421) or access via webcast at www.crc.com. Participants may also pre-register for the conference call at https://dpregister.com/sreg/10211602/104c2aa7a86. A digital replay of the conference call will be available for approximately 90 days.

_{1 See Attachment 3 for the non-GAAP financial measures of adjusted net income (loss), adjusted net income (loss) per share – basic and diluted, net cash provided by operating activities before net changes in operating assets and liabilities, adjusted EBITDAX, free cash flow, free cash flow before net changes in operating assets and liabilities, adjusted general and administrative expenses, total operating revenues before net (loss) gain from commodity derivatives, margin from purchased commodities, electricity revenue net of electricity generation expenses, other operating expenses net of other revenue and liquidity, including reconciliations to the most directly comparable GAAP measure without unreasonable effort. See Attachment 2 for the 4Q26 estimates of the non-GAAP measures of adjusted general and administrative expenses, margin from purchased commodities, electricity revenue net of electricity generation expenses and other operating expenses net of other revenue and reconciliations to its most directly comparable GAAP measure. The 4Q26 estimates of some non-GAAP measures cannot be reconciled to its most directly comparable GAAP measure without unreasonable effort. See Attachment 1 for a reconciliation of drilling completion and workover capital to total capital investments, and non-cash commodity derivative (loss) gain from combined derivatives to net (loss) gain from combined derivatives, reported under GAAP.}
_{² All of CRC’s future quarterly dividends and share repurchases are subject to commodity prices, debt agreement covenants and Board of Directors’ approval. The total value of shares purchased excludes commissions and excise taxes. Commissions paid on share repurchases were not significant in all periods presented.}
_{³ Excludes restricted cash of $13 million.}
_{⁴ MOUs are non-binding agreements. The projects and transactions described in an MOU are subject to certain conditions precedent, typically including the negotiation of definitive documents, a final investment decision by the parties and receipt of EPA Class VI permits and other regulatory approvals.}
_{⁵ 4Q26 guidance assumes Brent price of $102.90 per barrel of oil, NGL realizations as a percentage of Brent consistent with prior years and a NYMEX gas price of $3.25 per mcf.}

About California Resources Corporation

California Resources Corporation (CRC) is an independent energy and carbon management company advancing the energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit www.crc.com.

About Carbon TerraVault

Carbon TerraVault (CTV), CRC’s carbon management business, develops services to capture, transport and permanently store carbon dioxide (CO₂) for its customers. CTV is advancing a portfolio of carbon capture and storage (CCS) projects, including CTV I, which is now operational and injecting CO₂ for permanent sequestration in a depleted reservoir deep underground. For more information, visit www.carbonterravault.com.

Forward-Looking Statements

Information set forth in this communication, including financial estimates and statements as to the effects of the Berry Merger and the Crimson acquisition, constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other securities laws. All statements other than historical facts are forward-looking statements, and include statements regarding the benefits of the Berry Merger and the Crimson acquisition, CRC’s future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives and intentions of management for the future. Words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the management of CRC and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, projected in, or implied by, such statements.

Although CRC believes the expectations and forecasts reflected in its forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond its control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause CRC’s actual results to be materially different than those expressed in its forward-looking statements are described in its most recent Annual Report on Form 10-K and its other periodic filings with the SEC. These factors include, but are not limited to: fluctuations in commodity prices; production levels and/or pricing by OPEC, OPEC+ or U.S. producers; government policy, war and political conditions and events; changes in price realizations; integration efforts and projected synergies and other benefits in connection with the Berry Merger, Crimson acquisition and other acquisitions; divestitures and joint ventures, including the Uinta divestiture; regulatory actions and changes that affect the oil and gas industry generally and CRC in particular; the efforts of activists to delay or prevent oil and gas activities or the development of CRC’s carbon management segment; changes in business strategy and the ability and financial resources to execute its capital plan in a timely manner; lower-than-expected production; changes to estimates of reserves and related future cash flows; the recoverability of resources and unexpected geologic conditions; general economic conditions and trends; results from operations and competition in the industries in which it operates; CRC’s ability to realize the anticipated benefits from prior or future efforts to reduce costs and improve capital efficiencies; environmental risks and liability; the benefits contemplated by its energy transition strategies and initiatives; CRC’s ability to successfully identify, develop and finance carbon capture, transportation and storage projects, power projects and other renewable energy efforts, including those contemplated by the Bloom MOU; changes in transportation costs and CRC’s ability to develop midstream opportunities; delays from government approvals and otherwise that could affect the timing of projects; future dividends and share repurchases and de-leveraging efforts; and natural disasters, accidents, mechanical failures, power outages, labor difficulties, cybersecurity breaches or attacks or other catastrophic events.

CRC cautions you not to place undue reliance on forward-looking statements contained in this document, which speak only as of the date hereof, and CRC is under no obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise. This communication may also contain information from third-party sources. This data may involve a number of assumptions and limitations, and CRC has not independently verified them and does not warrant the accuracy or completeness of such third-party information.

Contacts:

Daniel Juck (Investor Relations)
818-661-3700
CRC_IR@crc.com

Hailey Bonus (Media)
714-874-7732
CRC.Communications@crc.com

Attachment 1
STATEMENTS OF OPERATIONS, SELECT FINANCIAL INFORMATION

	3rd Quarter			2nd Quarter			3rd Quarter			Nine Months			Nine Months
($ and shares in millions, except per share amounts)	2026			2026			2025			2026			2025

Statements of Operations:
Revenues
Oil, natural gas and natural gas liquids sales	$	1,002		$	1,056		$	715		$	2,963		$	2,231
Net (loss) gain from commodity derivatives		(675	)		205			(23	)		(1,318	)		140
Revenue from marketing of purchased commodities		40			26			58			107			178
Electricity revenue		46			6			101			63			181
Other revenue		8			4			4			22			15
Total operating revenues		421			1,297			855			1,837			2,745

Operating Expenses
Operating costs		386			347			316			1,098			927
General and administrative expenses		89			97			87			292			238
Depreciation, depletion and amortization		137			131			123			401			382
Asset impairment		—			—			2			—			2
Taxes other than on income		81			66			70			214			187
Costs related to marketing of purchased commodities		25			15			44			63			135
Electricity generation expenses		11			10			11			26			26
Transportation costs		31			30			19			87			59
Accretion expense		26			27			28			80			85
Net (gain) loss on natural gas purchase derivatives		(1	)		5			27			28			24
Measurement period adjustments, net		—			(2	)		—			(2	)		1
Other operating expenses, net		43			60			29			157			127
Total operating expenses		828			786			756			2,444			2,193
Loss on asset divestitures		—			—			(1	)		—			(1	)
Operating (Loss) Income		(407	)		511			98			(607	)		551

Non-Operating (Expenses) Income
Interest and debt expense, net		(26	)		(28	)		(25	)		(83	)		(77	)
Equity loss from unconsolidated subsidiaries		(1	)		(2	)		(2	)		(5	)		(3	)
Loss on early extinguishment of debt		—			(28	)		—			(49	)		(1	)
Other non-operating income, net		6			5			4			14			9

(Loss) Income Before Income Taxes		(428	)		458			75			(730	)		479
Income tax benefit (provision)		113			56			(11	)		218			(128	)
Net (Loss) Income	$	(315	)	$	514		$	64		$	(512	)	$	351

Net (loss) income per share – basic	$	(3.55	)	$	5.79		$	0.76		$	(5.77	)	$	4.00
Net (loss) income per share – diluted	$	(3.55	)	$	5.76		$	0.76		$	(5.77	)	$	3.97

Adjusted net income	$	104		$	88		$	123		$	271		$	319
Adjusted net income per share – basic	$	1.17		$	0.99		$	1.47		$	3.06		$	3.63
Adjusted net income per share – diluted⁽¹⁾	$	1.17		$	0.99		$	1.46		$	3.03		$	3.61

Weighted-average common shares outstanding – basic		88.7			88.8			83.7			88.7			87.8
Weighted-average common shares outstanding – diluted⁽¹⁾		88.7			89.3			84.4			88.7			88.4

Effective tax rate		26	%	(12) %				15	%		30	%		27	%


	3rd Quarter			2nd Quarter			3rd Quarter			Nine Months			Nine Months
($ in millions)	2026			2026			2025			2026			2025
Cash Flow Data:
Net cash provided by operating activities	$	305		$	263		$	279		$	667		$	630
Net cash used in investing activities	$	(245	)	$	(153	)	$	(87	)	$	(534	)	$	(217	)
Net cash used in financing activities	$	(68	)	$	(94	)	$	(68	)	$	(217	)	$	(589	)

	September 30			December 31,
($ in millions)	2026			2025
Select Balance Sheet Information:
Total current assets	$	820		$	938
Property, plant and equipment, net	$	5,975		$	5,905
Total current liabilities	$	1,622		$	1,050
Long-term debt, net	$	1,281		$	1,283
Noncurrent asset retirement obligations	$	888		$	913
Total stockholders’ equity	$	3,025		$	3,674


_{⁽¹⁾Adjusted net income per share – diluted for the three months ended September 30, 2026 is calculated using weighted average shares outstanding of 89.2 million shares. Adjusted net income per share – diluted for the nine months ended September 30, 2026 is calculated using weighted average shares outstanding of 89.3 million shares.}

GAINS AND LOSSES FROM COMMODITY DERIVATIVES

	3rd Quarter			2nd Quarter			3rd Quarter			Nine Months			Nine Months
($ millions)	2026			2026			2025			2026			2025

Non-cash (loss) gain from commodity sales derivatives	$	(554	)	$	370		$	(32	)	$	(976	)	$	130
Net settlements and premiums		(121	)		(165	)		9			(342	)		10
Net (loss) gain from commodity sales derivatives	$	(675	)	$	205		$	(23	)	$	(1,318	)	$	140


Non-cash (gain) loss from natural gas purchase derivatives	$	(14	)	$	(20	)	$	24		$	(22	)	$	2
Settlements		13			25			3			50			22
Net (gain) loss from natural gas purchase derivatives	$	(1	)	$	5		$	27		$	28		$	24


Non-cash (loss) gain from combined commodity derivatives	$	(540	)	$	390		$	(56	)	$	(954	)	$	128
Net settlements and premiums from combined derivatives		(134	)		(190	)		6			(392	)		(12	)
Net (loss) gain from combined commodity derivatives	$	(674	)	$	200		$	(50	)	$	(1,346	)	$	116

CAPITAL INVESTMENTS

	3rd Quarter		2nd Quarter		3rd Quarter		Nine Months		Nine Months
($ millions)	2026		2026		2025		2026		2025

Facilities	$	22	$	38	$	28	$	97	$	53
Drilling and completions		115		77		26		245		60
Workovers		18		24		17		59		51
Other		—		6		1		15		1
Oil and natural gas segment		155		145		72		416		165
Carbon management segment		1		3		15		16		22
Corporate and other		2		1		4		6		15
Total capital investment	$	158	$	149	$	91	$	438	$	202

LIQUIDITY

($ millions)	September 30, 2026			December 31, 2025
Available cash and cash equivalents⁽¹⁾	$	35		$	117

Revolving credit facility:
Borrowing capacity		1,460			1,460
Outstanding letters of credit		(180	)		(176	)
Availability	$	1,280		$	1,284

Liquidity	$	1,315		$	1,401

_{⁽¹⁾ Excludes restricted cash of $13 million and $15 million at September 30, 2026 and December 31, 2025, respectively.}

			Attachment 2
CRC GUIDANCE	Consolidated 4Q26E	Oil and Natural Gas Segment	Carbon Management Segment
Net production (MBoe/d)	150 – 152
Net oil production (%)	79%
Operating costs ($ millions)	$370 – $390	$370 – $390
General and administrative expenses ($ millions)	$95 – $99	$12 – $16	$0 – $2
Adjusted general and administrative expenses ($ millions)	$83 – $93	$12 – $16	$0 – $2
Depreciation, depletion and amortization ($ millions)	$128 – $140	$120 – $130
Capital investments ($ millions)	$110 – $130	$110 – $125	$0 – $2
Adjusted EBITDAX ($ millions)	$340 – $380

Margin from purchased commodities ($ millions) ⁽¹⁾	$11 – $15
Electricity revenue net of electricity generation expenses ($ millions)	$5 – $11
Other operating expenses net of other revenue ($ millions) ⁽²⁾	$20 – $30		$4 – $12
Transportation costs ($ millions)	$30 – $35	$20 – $24
Taxes other than on income ($ millions)	$68 – $78	$60 – $66
Interest and debt expense ($ millions)	$28 – $32

Other Assumptions:
Brent ($/Bbl)	$102.90
NYMEX ($/Mcf)	$3.25
Price realization oil – % of Brent:	91% – 93%
Price realization NGLs – % of Brent:	55% – 62%
Price realization natural gas – % of NYMEX:	110% – 116%

Current income tax provision ($ millions)⁽³⁾	$(2) – $2
Effective tax rate	27% – 31%

_{⁽¹⁾ Margin from purchased commodities is calculated as the difference between revenue from marketing of purchased commodities and costs related to marketing of purchased commodities, and excludes costs of transportation.}
_{⁽²⁾ Other operating expenses net of other revenue is calculated as the difference between other revenue and other operating expenses, net and includes exploration expense and CMB expenses. CMB expenses includes lease cost for sequestration easements, advocacy, and other startup related costs.}
_{See Attachment 3 for management’s disclosure of its use of these non-GAAP measures and how these measures provide useful information to investors about CRC’s results of operations and financial condition.}
_{⁽³⁾ Current income tax composition is subject to variability and depends on a number of factors, including but not limited to, final taxable income determinations, the availability and utilization of net operating loss carryforwards (NOLs), applicable tax credits, and other differences between book and taxable income. Accordingly, the current provision may vary from period to period and should not be viewed as indicative of future tax obligations.}

FORWARD LOOKING NON-GAAP RECONCILIATIONS

	4Q26E
	Consolidated						Oil and Natural Gas Segment				Carbon Management Segment
($ millions)	Low			High			Low		High		Low		High
General and administrative expenses	$	95		$	99		$	12	$	16	$	—	$	2
Equity-settled stock-based compensation		(12	)		(6	)		—		—		—		—
Estimated adjusted general and administrative expenses	$	83		$	93		$	12	$	16	$	—	$	2


	Consolidated
	4Q26E
($ millions)	Low			High
Revenue from marketing of purchased commodities	$	30		$	46
Costs related to marketing of purchased commodities		(19	)		(31	)
Margin from purchased commodities	$	11		$	15


	Consolidated
	4Q26E
($ millions)	Low			High
Electricity revenues	$	11		$	21
Electricity generation expenses		(6	)		(10	)
Electricity revenue net of electricity generation expenses	$	5		$	11


	Consolidated
	4Q26E
($ millions)	Low			High
Other operating expenses, net	$	39		$	53
Other revenue		(19	)		(23	)
Other operating expenses net of other revenue	$	20		$	30

Attachment 3

NON-GAAP RECONCILIATIONS

To supplement the presentation of its financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), management uses certain non-GAAP measures to assess its financial condition, results of operations and cash flows. These measures are also widely used by the industry, the investment community and CRC’s lenders. Although these are non-GAAP measures, the amounts included in the calculations were computed in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing CRC’s financial performance, such as CRC’s cost of capital and tax structure, as well as the effect of acquisition and development costs of CRC’s assets. Management believes that the non-GAAP measures presented, when viewed in combination with CRC’s financial and operating results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the Company’s performance. The non-GAAP measures presented herein may not be comparable to other similarly titled measures of other companies. Below are additional disclosures regarding each of these non-GAAP measures, including reconciliations to their most directly comparable GAAP measure where applicable.

ADJUSTED NET INCOME (LOSS)

Adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP measures. CRC defines adjusted net income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. Management believes these non-GAAP measures provide useful information to the industry and the investment community interested in comparing CRC’s financial performance between periods. Reported earnings are considered representative of management’s performance over the long term. Adjusted net income (loss) is not considered to be an alternative to net income (loss) reported in accordance with GAAP. The following table presents a reconciliation of the GAAP financial measure of net income and net income attributable to common stock per share to the non-GAAP financial measures of adjusted net income and adjusted net income per share.

	3rd Quarter			2nd Quarter			3rd Quarter			Nine Months			Nine Months
($ millions, except per share amounts)		2026			2026			2025			2026			2025
Net (loss) income	$	(315	)	$	514		$	64		$	(512	)	$	351
Unusual, infrequent and other items:
Non-cash derivative loss (gain) on Brent based commodity contracts		554			(370	)		32			976			(130	)
Non-cash derivative (gain) loss on natural gas derivative contracts		(14	)		(20	)		24			(22	)		2
Asset impairment		—			—			2			—			2
Severance and termination costs		—			—			—			25			8
Merger-related costs		3			1			6			5			10
Net loss on asset divestitures		—			—			1			—			1
Loss on early extinguishment of debt		—			28			—			49			1
Offshore platform expense		6			10			5			26			7
Litigation and settlements		—			—			1			—			26
Measurement period adjustments, net		—			(2	)		—			(2	)		1
Other, net		23			12			11			43			27
Total unusual, infrequent and other items		572			(341	)		82			1,100			(45	)
Income tax (benefit) provision of adjustments at the combined tax rate		(153	)		(85	)		(23	)		(317	)		13

Adjusted net income	$	104		$	88		$	123		$	271		$	319

Net income (loss) per share – basic	$	(3.55	)	$	5.79		$	0.76		$	(5.77	)	$	4.00
Net income (loss) per share – diluted	$	(3.55	)	$	5.76		$	0.76		$	(5.77	)	$	3.97
Adjusted net income per share – basic	$	1.17		$	0.99		$	1.47		$	3.06		$	3.63
Adjusted net income per share – diluted	$	1.17		$	0.99		$	1.46		$	3.03		$	3.61

ADJUSTED EBITDAX

CRC defines adjusted EBITDAX as earnings before interest expense; income taxes; depreciation, depletion and amortization; exploration expense; other unusual, infrequent and out-of-period items; and other non-cash items. CRC believes this measure provides useful information in assessing its financial condition, results of operations and cash flows and is widely used by the industry, the investment community and its lenders. Although this is a non-GAAP measure, the amounts included in the calculation were computed in accordance with GAAP. Certain items excluded from this non-GAAP measure are significant components in understanding and assessing CRC’s financial performance, such as its cost of capital and tax structure, as well as depreciation, depletion and amortization of CRC’s assets. This measure should be read in conjunction with the information contained in CRC’s financial statements prepared in accordance with GAAP. A version of adjusted EBITDAX is a material component of certain of its financial covenants under CRC’s Revolving Credit Facility and is provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP. These materials include forward-looking non-GAAP financial measures, including adjusted EBITDAX. CRC is unable to provide a reconciliation of such forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP financial measures because certain information needed to reconcile these measures is dependent on future events, many of which are outside of CRC’s control and cannot be reasonably predicted at this time. These items include, but are not limited to, changes in working capital, the timing and amount of capital accruals, and other non-cash or unusual items. Accordingly, a quantitative reconciliation is not available without unreasonable efforts. The following table represents a reconciliation of the GAAP financial measures of net income and net cash provided by operating activities to the non-GAAP financial measure of adjusted EBITDAX. CRC has included non-GAAP measures of adjusted EBITDAX for its oil and gas segment and its carbon management segment below. Management believes these segment non-GAAP measures are useful for investors to understand the results of our core businesses.

	3rd Quarter			2nd Quarter			3rd Quarter			Nine Months			Nine Months
($ millions, except per BOE amounts)		2026			2026			2025			2026			2025
Net (loss) income	$	(315	)	$	514		$	64		$	(512	)	$	351
Interest and debt expense		26			28			25			83			77
Depreciation, depletion and amortization		137			131			123			401			382
Income tax (benefit) provision		(113	)		(56	)		11			(218	)		128
Interest income		—			—			(1	)		(1	)		(6	)
Equity loss from unconsolidated subsidiaries		1			2			2			5			3
Exploration expense		—			27			—			27			1
Unusual, infrequent and other items ⁽¹⁾		572			(341	)		82			1,100			(45	)
Non-cash items		—									—
Accretion expense		26			27			28			80			85
Stock-based compensation		9			8			5			24			18
Pension and post-retirement benefits		(2	)		(2	)		(1	)		(6	)		(4	)
Adjusted EBITDAX	$	341		$	338		$	338		$	983		$	990

Net cash provided by operating activities	$	305		$	263		$	279		$	667		$	630
Cash interest payments		44			26			6			71			56
Cash interest received		—			—			(1	)		(1	)		(6	)
Cash income taxes		—			16			6			16			45
Exploration expense		—			27			—			27			1
Working capital changes		(8	)		6			48			203			264
Adjusted EBITDAX	$	341		$	338		$	338		$	983		$	990

Net (loss) income per Boe	$	(22.51	)	$	37.93		$	5.09		$	(12.36	)	$	9.31
Adjusted EBITDAX per Boe	$	24.37		$	24.94		$	26.90		$	23.73		$	26.25

_{⁽¹⁾ See Adjusted Net Income (Loss) reconciliation.}

SEGMENT ADJUSTED EBITDAX

This measure should be read in conjunction with Note 16 Segment Information in CRC’s 2025 Annual Report. A reconciliation of the non-GAAP measure of segment adjusted EBITDAX cannot be reconciled to the comparable measure of operating cash flow prepared in accordance with GAAP without unreasonable effort.

Oil and Natural Gas Segment	3rd Quarter			2nd Quarter			3rd Quarter			Nine Months			Nine Months
($ millions)		2026			2026			2025			2026			2025
Segment profit	$	360		$	427		$	182		$	1,071		$	642
Depreciation, depletion and amortization		128			124			118			379			365
Exploration expense		—			27			—			27			1
Accretion expense		26			27			28			80			85
Adjusted income items		11			3			4			18			7
Adjusted EBITDAX – Oil and Natural Gas	$	525		$	608		$	332		$	1,575		$	1,100

Carbon Management Segment
Segment loss	$	(14	)	$	(13	)	$	(21	)	$	(39	)	$	(66	)
Interest on contingent liability (related to Carbon TerraVault JV)		3			3			3			9			8
Equity loss from unconsolidated subsidiary		1			2			2			4			4
Depreciation, depletion and amortization		2			—			—			2			—
Adjusted income items		—			—			2			—			2
Adjusted EBITDAX – Carbon Management	$	(8	)	$	(8	)	$	(14	)	$	(24	)	$	(52	)

FREE CASH FLOW

Management uses free cash flow, which is defined by CRC as net cash provided by operating activities less capital investments, as a measure of liquidity. The following table presents a reconciliation of CRC’s net cash provided by operating activities to free cash flow.

3rd Quarter

2nd Quarter

3rd Quarter

Nine Months

($ millions)

2026

2025

2026

2025

Net cash provided by operating activities

305

263

279

667

630

Capital investments

(158

)

(149

)

(91

)

(438

)

(202

)

Free cash flow

147

114

188

229

428

FREE CASH FLOW BEFORE NET CHANGES IN OPERATING ASSETS AND LIABILITIES

Management uses free cash flow before changes in operating assets and liabilities, which is defined by CRC as net cash provided by operating activities less net changes in operating assets and liabilities and capital investments, as a measure of liquidity. The following table presents a reconciliation of CRC’s net cash provided by operating activities to free cash flow before net changes in operating assets and liabilities.

3rd Quarter

2nd Quarter

3rd Quarter

Nine Months

($ millions)

2026

2025

2026

2025

Net cash provided by operating activities

305

263

279

667

630

Net changes in operating assets and liabilities

)

180

165

Net cash provided by operating activities before net changes in operating assets and liabilities

300

322

847

795

Capital investments

(158

)

(149

)

(91

)

(438

)

(202

)

Free cash flow before net changes in operating assets and liabilities

142

151

231

409

593

ADJUSTED GENERAL & ADMINISTRATIVE EXPENSES

Management uses a measure called adjusted general and administrative (G&A) expenses and adjusted G&A per BOE to provide useful information to investors interested in comparing CRC’s costs between periods and performance to its peers.

	3rd Quarter			2nd Quarter			3rd Quarter			Nine Months			Nine Months
($ millions)		2026			2026			2025			2026			2025
General and administrative expenses	$	89		$	97		$	87		$	292		$	238
Stock-based compensation and other		(10	)		(8	)		(5	)		(25	)		(18	)
Adjusted G&A expenses	$	79		$	89		$	82		$	267		$	220

G&A per BOE	$	6.36		$	7.16		$	6.92		$	7.05		$	6.31
Adjusted G&A per BOE	$	5.65		$	6.57		$	6.52		$	6.44		$	5.83

TOTAL OPERATING REVENUES BEFORE NET (LOSS) GAIN FROM COMMODITY DERIVATIVES

Management uses a measure called total operating revenues before net (loss) gain from commodity derivatives, which is calculated as the difference between total operating revenues less net (loss) gain from commodity derivatives.

3rd Quarter

2nd Quarter

3rd Quarter

Nine Months

($ millions)

2026

2025

2026

2025

Total operating revenues

421

1,297

855

1,837

2,745

Less: Net gain (loss) from commodity derivatives

(675

)

205

(23

)

(1,318

)

140

Total operating revenues before net gain (loss) from commodity derivatives

1,096

1,092

878

3,155

2,605

MARGIN FROM PURCHASED COMMODITIES

Management uses a measure called margin from purchased commodities, which is calculated as the difference between revenue from purchased commodities and costs related to purchased commodities. This non-GAAP measure excludes transportation costs.

	3rd Quarter			2nd Quarter			3rd Quarter			Nine Months			Nine Months
($ millions)		2026			2026			2025			2026			2025
Revenue from purchased commodities	$	40		$	26		$	58		$	107		$	178
Costs related to purchased commodities		(25	)		(15	)		(44	)		(63	)		(135	)
Margin from purchased commodities	$	15		$	11		$	14		$	44		$	43

ELECTRICITY REVENUE NET OF ELECTRICITY GENERATION EXPENSES

Management uses a measure called electricity revenue net of electricity generation expenses, which is calculated as the difference between electricity revenue and electricity generation expenses.

	3rd Quarter			2nd Quarter			3rd Quarter			Nine Months			Nine Months
($ millions)		2026			2026			2025			2026			2025
Electricity revenue	$	46		$	6		$	101		$	63		$	181
Electricity generation expenses		(11	)		(10	)		(11	)		(26	)		(26	)
Electricity revenue net of electricity generation expenses	$	35		$	(4	)	$	90		$	37		$	155

OTHER OPERATING EXPENSES NET OF OTHER REVENUE

Management uses a measure called other operating expenses net of other revenue, which is calculated as the difference between other operating expenses, net and other revenue.

	3rd Quarter			2nd Quarter			3rd Quarter			Nine Months			Nine Months
($ millions)		2026			2026			2025			2026			2025
Other operating expenses, net	$	43		$	60		$	29		$	157		$	127
Other revenue		(8	)		(4	)		(4	)		(22	)		(15	)
Other operating expenses net of other revenue	$	35		$	56		$	25		$	135		$	112

Attachment 4
PRODUCTION STATISTICS

	3rd Quarter	2nd Quarter	3rd Quarter	Nine Months	Nine Months
Net Production Per Day	2026	2026	2025	2026	2025
Oil (MBbl/d)
San Joaquin Basin	93	93	81	94	83
Los Angeles Basin	16	15	17	16	17
Uinta Basin	2	3	—	3	—
Other Basins	10	9	9	9	9
Total	121	120	107	122	109

NGLs (MBbl/d)
San Joaquin Basin	10	10	10	10	10
Other Basins	1	—	—	—	—
Total	11	10	10	10	10

Natural Gas (MMcf/d)
San Joaquin Basin	101	93	103	96	100
Los Angeles Basin	1	1	1	1	1
Sacramento Basin	10	10	11	10	12
Uinta Basin	9	9	—	9	—
Other Basins	2	2	3	2	2
Total	123	115	118	118	115

Total Net Production (MBoe/d)	152	149	137	152	138

Gross Operated and Net Non-Operated	3rd Quarter	2nd Quarter	3rd Quarter	Nine Months	Nine Months
Production Per Day	2026	2026	2025	2026	2025
Oil (MBbl/d)
San Joaquin Basin	99	102	86	101	88
Los Angeles Basin	20	21	21	21	22
Uinta Basin	3	4	—	4	—
Other Basins	11	9	11	10	11
Total	133	136	118	136	121

NGLs (MBbl/d)
San Joaquin Basin	11	10	11	10	11
Uinta Basin	1	1	—	1	—
Total	12	11	11	11	11

Natural Gas (MMcf/d)
San Joaquin Basin	129	128	133	128	134
Los Angeles Basin	6	6	6	6	6
Sacramento Basin	13	13	14	13	14
Uinta Basin	12	12	—	12	—
Other Basins	3	3	4	3	4
Total	163	162	157	162	158

Total Gross Production (MBoe/d)	172	174	155	174	158

Attachment 5
PRICE STATISTICS
	3rd Quarter			2nd Quarter			3rd Quarter			Nine Months			Nine Months
		2026			2026			2025			2026			2025
Oil ($ per Bbl)
Realized price with derivative settlements	$	72.46		$	76.43		$	67.04		$	72.76		$	68.61
Realized price without derivative settlements	$	83.42		$	91.55		$	66.32		$	83.08		$	68.34

NGLs ($/Bbl)	$	48.57		$	49.62		$	41.04		$	47.70		$	46.10

Natural gas ($/Mcf)
Realized price without derivative settlements	$	3.52		$	1.84		$	3.47		$	2.99		$	3.46

Index Prices
Brent oil ($/Bbl)	$	91.36		$	96.87		$	68.13		$	88.71		$	69.94
WTI oil ($/Bbl)	$	85.79		$	92.79		$	64.93		$	83.50		$	66.70
NYMEX average monthly settled price ($/MMBtu)	$	2.96		$	2.90		$	3.07		$	3.63		$	3.39

Realized Prices as Percentage of Index Prices
Oil with derivative settlements as a percentage of Brent		79	%		79	%		98	%		82	%		98	%
Oil without derivative settlements as a percentage of Brent		91	%		95	%		97	%		94	%		98	%

Oil with derivative settlements as a percentage of WTI		84	%		82	%		103	%		87	%		103	%
Oil without derivative settlements as a percentage of WTI		97	%		99	%		102	%		99	%		102	%

NGLs as a percentage of Brent		53	%		51	%		60	%		54	%		66	%
NGLs as a percentage of WTI		57	%		53	%		63	%		57	%		69	%

Natural gas without derivative settlements as a percentage of NYMEX contract month average		119	%		63	%		113	%		82	%		102	%

Attachment 6
THIRD QUARTER 2026 DRILLING ACTIVITY
	San Joaquin	Los Angeles	Sacramento	Uinta	Other
Wells Drilled	Basin	Basin	Basin	Basin	Basins	Total

Development Wells
Primary	17	—	—	3	—	20
Waterflood	2	6	—	—	—	8
Steamflood	89	—	—	—	—	89
Total⁽¹⁾	108	6	—	3	—	117


NINE MONTHS 2026 DRILLING ACTIVITY
	San Joaquin	Los Angeles	Sacramento	Uinta	Other
Wells Drilled	Basin	Basin	Basin	Basin	Basins	Total

Development Wells
Primary	40	—	—	4	—	44
Waterflood	52	7	—	—	—	59
Steamflood	172	—	—	—	—	172
Total⁽¹⁾	264	7	—	4		275

_{⁽¹⁾ Includes steam injectors and drilled but uncompleted wells, which are not included in the SEC definition of wells drilled.}

Posted in UncategorizedTagged GlobeNewswire

Cabot Corporation Reports Fourth Quarter and Fiscal Year 2026 Results

Posted on November 2, 2026 by Ravi Shankar

Fourth Quarter 2026 Diluted earnings per share (“EPS”) of $1.25 and Adjusted EPS of $1.61
Fiscal Year 2026 Diluted EPS of $4.02 and Adjusted EPS of $6.42

BOSTON, Nov. 02, 2026 (GLOBE NEWSWIRE) — Cabot Corporation (NYSE: CBT) today announced results for its fourth quarter and fiscal year 2026.

Fiscal Year Highlights

Fiscal year Diluted EPS of $4.02 and Adjusted EPS of $6.42
Performance Chemicals segment EBIT of $235 million and Reinforcement Materials segment EBIT of $379 million
Fiscal year 2026 Cash Flows from Operations of $421 million enabled capital investments of $207 million and the payment of $97 million in dividends and $146 million in share repurchases during the fiscal year
Battery Materials achieved $43 million of EBITDA for the fiscal year, reflecting strong performance and continued growth in the product line

Fourth Quarter Highlights

Fourth Quarter Diluted EPS of $1.25 and Adjusted EPS of $1.61
Performance Chemicals segment EBIT of $60 million and Reinforcement Materials segment EBIT of $87 million
Signed agreement with the U.S. Department of Energy for a $50 million grant to support expansion of domestic production of advanced conductive additives for batteries at Cabot’s facilities in Louisiana and Texas

(In millions, except per share amounts)	Three Months Ended				Fiscal Year Ended
	9/30/26		9/30/25		9/30/26		9/30/25

Net sales and other operating revenues	$	1,009	$	899	$	3,744	$	3,713
Net income (loss) attributable to Cabot Corporation	$	66	$	43	$	213	$	331


Net earnings (loss) per share attributable to Cabot Corporation	$	1.25	$	0.79	$	4.02	$	6.02
Less: Certain items after tax per share	$	(0.36)	$	(0.91)	$	(2.40)	$	(1.23)
Adjusted EPS	$	1.61	$	1.70	$	6.42	$	7.25

Erica McLaughlin, Cabot President and Chief Executive Officer commented: “I am pleased by the strong execution of our teams during a fiscal year that was shaped by a difficult macroeconomic backdrop in many of our key end markets. We finished the year with a strong fourth quarter, delivering Adjusted EPS of $1.61, driven by robust performance in our Performance Chemicals segment. The segment delivered EBIT of $60 million in the quarter and $235 million for the fiscal year. Reinforcement Materials delivered segment EBIT of $87 million in the quarter and $379 million for the full year.”

McLaughlin continued, “We also achieved an important milestone in our Battery Materials product line, delivering $43 million of EBITDA for fiscal 2026, a new high for the product line. Building on this momentum, we signed an agreement with the U.S. Department of Energy for a $50 million grant to support our expansion of domestic production of advanced conductive additives for batteries at our facilities in Louisiana and Texas. We expect these investments to strengthen our Battery Materials platform in North America and expand our capabilities to support growing demand for battery energy storage systems, electric vehicles, and other specialty battery applications. As I look ahead, I am excited about Cabot’s prospects and our ability to build on our strong foundation in Battery Materials to drive long-term growth and shareholder value.”

Fourth Quarter Financial Detail
For the fourth quarter of fiscal 2026, net income attributable to Cabot Corporation was $66 million ($1.25 per common share). Net income reflects an after-tax per share charge from certain items of $0.36, primarily related to charges for restructuring actions. Adjusted EPS for the fourth quarter of fiscal 2026 was $1.61 per share.

Segment Results

Reinforcement Materials – Fourth quarter fiscal 2026 EBIT in Reinforcement Materials decreased by $32 million compared to the fourth quarter of fiscal 2025. The decline in EBIT was primarily driven by lower gross profit per ton, which was partially offset by higher volumes. Gross profit per ton declined primarily due to the outcomes of our calendar year 2026 customer agreements and less favorable regional product mix. Volumes increased by 5% in the fourth quarter of fiscal 2026 as compared to the fourth quarter of fiscal 2025 driven by higher volumes in Asia Pacific and the Americas, including higher volumes from our capacity addition in Indonesia and our acquisition in Mexico.

Global and regional volume changes for Reinforcement Materials for the fourth quarter of fiscal 2026 as compared to the same quarter of the prior year are set forth in the table below:

	Fourth Quarter Year-over-Year Change
Global Reinforcement Materials Volumes	5%
Asia Pacific	10%
Europe, Middle East, Africa	(7%)
Americas	3%

Performance Chemicals – Fourth quarter fiscal 2026 EBIT in Performance Chemicals increased by $18 million compared to the fourth quarter of fiscal 2025 primarily due to higher gross profit per ton and increased volumes. The higher gross profit per ton was driven by favorable product mix and lower costs. Volumes increased in our battery materials and specialty carbons product lines in the fourth quarter of fiscal 2026 as compared to the fourth quarter of fiscal 2025.

Cash Performance – The Company ended the fourth quarter of fiscal 2026 with cash and cash equivalents of $254 million. During the fourth quarter of fiscal 2026, cash flows from operating activities were a source of $143 million. Uses of cash during the quarter included funding $10 million of higher net working capital due to higher raw material costs, $55 million in capital expenditures, $25 million for the payment of dividends and $45 million in share repurchases. We ended the fourth quarter with $1.5 billion in available liquidity and a net debt to EBITDA ratio of 1.4 times as of September 30, 2026.

Taxes – During the fourth quarter of fiscal 2026, the Company recorded tax expense of $38 million, resulting in an effective tax rate of 34%. The provision for income taxes included non-GAAP adjustments of $3 million which is primarily related to an increase in the valuation allowance on deferred tax assets. Our operating tax rate for the full year fiscal 2026 was 29%.

Outlook
Erica McLaughlin said, “I am honored and excited to take on the role of CEO for Cabot. Having been part of Cabot for many years, I have a deep appreciation for the strength of our businesses, the quality of our people and the differentiated positions we have built across our portfolio. I am energized by the opportunity to lead the company and build on this strong foundation as we enter our next phase of growth.”

Commenting on the outlook, McLaughlin continued, “Looking ahead to fiscal 2027, we expect Adjusted EPS to be in the range of $6.15 to $6.75. We anticipate continuing to increase volumes within our key growth markets, such as battery materials and electronics, as well as with strategic customer accounts. We expect to maintain solid margins as we manage volatile energy input costs and competitive pressures. We remain focused on completing our previously announced restructuring actions, implementing optimization activities and investing in yield technology to improve the competitiveness of our network.”

“While we continue to operate in a dynamic macroeconomic environment, I am confident in the strength of our businesses and our ability to execute. We anticipate continuing to generate strong operating cash flow and maintaining our balanced capital allocation framework that supports growth investments while continuing to return cash to shareholders. In addition, we remain focused on advancing our strategic growth priorities and maintaining commercial and operational discipline to deliver long-term value for our shareholders,” McLaughlin concluded.

Earnings Call
The Company will host a conference call with industry analysts at 8:00 a.m. Eastern time on Tuesday, November 3, 2026. The call can be accessed through Cabot’s investor relations website at http://investor.cabot-corp.com

About Cabot Corporation
Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company is a leading provider of reinforcing carbons, specialty carbons, battery materials, engineered elastomer composites, inkjet colorants, masterbatches and conductive compounds, fumed metal oxides and aerogel. For more information on Cabot, please visit the company’s website at cabotcorp.com. The Company regularly posts important information on its website and encourages investors and potential investors to consult the Cabot website regularly.

Forward-Looking Statements – This earnings release contains forward-looking statements. All statements that address expectations or projections about the future, including with respect to our expectations for our performance in fiscal year 2027, including our expectations for Adjusted EPS for fiscal 2027 , our expectations for the benefits from investments we expect to make to increase our battery materials production capacity in the U.S., our expectations for our profit margins, cash flows and capital allocation, and our expectations for future performance, growth and value creation for shareholders and our assumptions underlying those expectations are forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, potentially inaccurate assumptions, and other factors, some of which are beyond our control and difficult to predict. If known or unknown risks materialize, or should underlying assumptions prove inaccurate, our actual results could differ materially from past results and from those expressed or implied by forward-looking statements. Important factors that could cause our results to differ materially from those expressed or implied in the forward-looking statements include, but are not limited to, the inherent uncertainty of management transitions and the ability of the Company to successfully execute its planned leadership transition; industry capacity utilization, shifts in the geographic area of tire production and competition from other specialty chemical companies; safety, health and environmental requirements and related constraints imposed on our business; regulatory and financial risks related to climate change developments; volatility in the price and availability of energy and raw materials, including with respect to the Russian invasion of Ukraine and conflict in the Middle East; a significant adverse change in a customer relationship or the failure of a customer to perform its obligations under agreements with us; failure to achieve growth expectations from capacity additions, new products, applications and technology developments; failure to realize benefits from acquisitions, alliances, or joint ventures or achieve our portfolio management objectives; unanticipated delays in, or increased cost of, site development projects; negative or uncertain worldwide or regional economic conditions and market opportunities, including from trade relations, global health matters or geo-political conflicts; litigation or legal proceedings; interest rates, tax rates, currency exchange controls, tariffs and fluctuations in foreign currency rates; and the accuracy of the assumptions we used in establishing reserves for our share of liability for respirator claims. These factors are discussed more fully in the reports we file with the Securities and Exchange Commission (“SEC”), particularly under the heading “Risk Factors” in our annual report on Form 10-K for our fiscal year ended September 30, 2025, which are filed with the SEC at www.sec.gov. We assume no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Use of Non-GAAP Financial Measures
To supplement Cabot’s consolidated financial statements presented on a generally accepted accounting principles (“GAAP”) basis, the preceding discussion of our results and the accompanying financial tables report Adjusted EPS, Adjusted EBITDA, our operating tax rate, Free Cash Flow and Discretionary Free Cash Flow, all of which are non-GAAP financial measures. These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP, and the definitions of these measures may not be comparable to those used by other companies. Reconciliations of Adjusted EPS to net income (loss) per share attributable to Cabot Corporation, the most directly comparable GAAP financial measure, Adjusted EBITDA to Income (loss) from operations before income taxes and equity in earnings of affiliated companies, the most directly comparable GAAP financial measure of each such non-GAAP measure, operating tax rate to effective tax rate, the most directly comparable GAAP financial measure and Free Cash Flow and Discretionary Free Cash Flow to Cash flow provided by (used in) operating activities, the most directly comparable GAAP financial measure, are provided in the tables titled “Cabot Corporation Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate” and “Cabot Corporation Reconciliation of Non-GAAP Financial Measures.”

Management believes these non-GAAP measures provide investors with greater transparency to the information used by Cabot management in its financial and operational decision-making, allow investors to see Cabot’s results through the eyes of management, and better enable Cabot’s investors to understand Cabot’s operating performance and financial condition.

Adjusted EPS. In calculating Adjusted EPS, we exclude from our net income (loss) attributable to Cabot Corporation items of expense and income that management does not consider representative of the Company’s business operations. Accordingly, reporting earnings on an adjusted basis supplements the GAAP measure of performance and provides additional information related to the underlying performance of the business. For example, certain of the items we exclude are items that we are required by GAAP to recognize in one period that relate to activities extending over several periods or relate to single events that management considers to be unusual and infrequent, although not necessarily non-recurring. We refer to these items as “certain items.” Management believes excluding these items facilitates operating performance comparisons from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis and evaluates the Company’s operating performance without the impact of these costs or benefits. Management also uses Adjusted EPS as a key measure in evaluating management performance for incentive compensation purposes.

The items of income and expense that we exclude from our calculations of Adjusted EPS but that are included in our GAAP net income (loss) per share, as applicable in a particular reporting period, include, but are not limited to, the following:

Global restructuring activities, which include costs or benefits associated with cost reduction initiatives or plant closures and are primarily related to (i) employee termination costs, (ii) asset impairment charges associated with restructuring actions, (iii) costs to close facilities, including environmental costs and contract termination penalties, and (iv) gains realized on the sale of land or equipment associated with restructured plants or locations.
Legal and environmental matters and reserves, which consist of costs or benefits for matters typically related to former businesses or that are otherwise incurred outside of the ordinary course of business.
Acquisition and integration-related charges, which include transaction costs, redundant costs incurred during the period of integration, and costs associated with transitioning certain management and business processes to Cabot’s processes.
Employee benefit plan settlements, which consist of either charges or benefits associated with the termination of a pension plan
Indirect tax settlement charges, which include unfavorable charges related to the settlement of indirect taxes

Cabot does not provide an expected GAAP EPS range or reconciliation of the Adjusted EPS range with an expected GAAP EPS range because, without unreasonable effort, we are unable to predict with reasonable certainty the matters we would allocate to “certain items,” including unusual gains and losses, costs associated with future restructurings, acquisition-related expenses and litigation outcomes. These items are uncertain, depend on various factors, and could have a material impact on GAAP EPS in future periods.

Adjusted EBITDA. Adjusted EBITDA reflects Income (loss) from operations before income taxes and equity in earnings of affiliated companies adjusted for certain items, interest expense, depreciation and amortization, equity in earnings of affiliated companies, and unallocated corporate costs, which include unallocated corporate overhead expenses such as certain corporate salaries and headquarters expenses, plus costs related to corporate projects and initiatives.

Free Cash Flow. To calculate “Free Cash Flow” we deduct Additions to property, plant and equipment from cash flow provided by (used in) operating activities.

Discretionary Free Cash Flow. To calculate “Discretionary Free Cash Flow” we deduct sustaining and compliance capital expenditures and changes in Net Working Capital from cash flow provided by (used in) operating activities.

Operating Tax Rate. Our “operating tax rate” is calculated based upon management’s forecast of the annual operating tax rate for the fiscal year applied to adjusted pre-tax earnings. The operating tax rate excludes income tax (expense) benefit on certain items, discrete tax items and, on a quarterly basis the timing of losses in certain jurisdictions. The income tax (expense) benefit on certain items is determined using the applicable rates in the taxing jurisdictions in which the certain items occurred and includes both current and deferred income tax (expense) benefit based on the nature of the certain items. Discrete tax items include, but are not limited to, changes in valuation allowance, uncertain tax positions, and other tax items, such as the tax impact of legislative changes and tax accruals on historic earnings due to changes in indefinite reinvestment assertions. Management believes that this non-GAAP financial measure is useful supplemental information because it helps our investors compare our tax rate year to year on a consistent basis and to understand what our tax rate on current operations would be without the impact of these items.

Cabot does not provide a forward-looking reconciliation of the operating tax rate range with an effective tax rate range because, without unreasonable effort, we are unable to predict with reasonable certainty the matters we would allocate to “certain items,” including unusual gains and losses, costs associated with future restructurings, acquisition-related expenses and litigation outcomes. These items are uncertain, depend on various factors, and could have a material impact on the effective tax rate in future periods.

Explanation of Terms Used

Product Mix. The term “product mix” refers to the mix of types and grades of products sold or the mix of geographic regions where products are sold, and the positive or negative impact this has on the revenue or profitability of the business or segment.

Net Working Capital. The term “net working capital” includes accounts receivable, inventory and accounts payable and accrued expenses.


Fourth Quarter Earnings Announcement, Fiscal 2026


CABOT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS


Periods ended September 30	Three Months						Twelve Months
Dollars in millions, except per share amounts (unaudited)	2026			2025			2026			2025

Net sales and other operating revenues	$	1,009		$	899		$	3,744		$	3,713
Cost of sales		805			679			2,935			2,773
Gross profit		204			220			809			940
Selling and administrative expenses		69			68			278			260
Research and technical expenses		14			15			54			59
Income (loss) from operations		121			137			477			621
Interest and dividend income		7			7			29			27
Interest expense		(21	)		(20	)		(75	)		(76	)
Other income (expense)		3			(9	)		(25	)		(7	)
Income (loss) from operations before income taxes and equity in earnings of affiliated companies		110			115			406			565
(Provision) benefit for income taxes		(38	)		(63	)		(165	)		(196	)
Equity in earnings of affiliated companies, net of tax		1			2			6			7
Net income (loss)		73			54			247			376
Net income (loss) attributable to noncontrolling interests, net of tax		7			11			34			45
Net income (loss) attributable to Cabot Corporation	$	66		$	43		$	213		$	331

Weighted-average common shares outstanding
Basic		51.5			53.1			51.9			53.7
Diluted		51.9			53.4			52.2			54.2

Earnings (loss) per common share:
Basic	$	1.26		$	0.79		$	4.04		$	6.07
Diluted	$	1.25		$	0.79		$	4.02		$	6.02

Fourth Quarter Earnings Announcement, Fiscal 2026


CABOT CORPORATION SUMMARY RESULTS BY SEGMENT


Periods ended September 30		Three Months						Twelve Months
Dollars in millions, except per share amounts (unaudited)		2026			2025			2026			2025
Sales
Reinforcement Materials		$	634		$	563		$	2,297		$	2,341
Performance Chemicals			340			308			1,319			1,250
Segment sales			974			871			3,616			3,591
Unallocated and other ^(A)			35			28			128			122
Net sales and other operating revenues		$	1,009		$	899		$	3,744		$	3,713

Segment Earnings Before Interest and Taxes ^(B)
Reinforcement Materials		$	87		$	119		$	379		$	508
Performance Chemicals			60			42			235			194

Unallocated and Other
Interest expense			(21	)		(20	)		(75	)		(76	)
Certain items ^(C)			(15	)		(17	)		(109	)		(30	)
Unallocated corporate costs			(13	)		(13	)		(54	)		(52	)
General unallocated income (expense) ^(D)			13			6			36			28
Less: Equity in earnings of affiliated companies, net of tax			1			2			6			7
Income (loss) from operations before income taxes and equity in earnings of affiliated companies			110			115			406			565
(Provision) benefit for income taxes (including tax certain items)			(38	)		(63	)		(165	)		(196	)
Equity in earnings of affiliated companies, net of tax			1			2			6			7
Net income (loss)			73			54			247			376
Net income (loss) attributable to noncontrolling interests, net of tax			7			11			34			45
Net income (loss) attributable to Cabot Corporation		$	66		$	43		$	213		$	331

Diluted earnings (loss) per share of common stock attributable to Cabot Corporation		$	1.25		$	0.79		$	4.02		$	6.02

Adjusted earnings (loss) per share^(E)		$	1.61		$	1.70		$	6.42		$	7.25

Diluted weighted average common shares outstanding			51.9			53.4			52.2			54.2

^(A)	Unallocated and other reflects external shipping and handling fees, the impact of unearned revenue, and discounting charges for certain Notes receivable.

^(B)	Segment EBIT is a measure used by Cabot’s Chief Operating Decision-Maker to assess segment performance and allocate resources. Segment EBIT includes Equity in earnings of affiliated companies, net of tax, Net income attributable to noncontrolling interests, net of tax, and discounting charges for certain Notes receivable.

^(C)	Details of Certain items are presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.

^(D)	General unallocated income (expense) consists of gains (losses) arising from foreign currency transactions, net of other foreign currency risk management activities, Interest and dividend income, the profit or loss related to the corporate adjustment for unearned revenue and unrealized holding gains (losses) for investments. This does not include items of income or expense from the items that are separately treated as Certain items.

^(E)	Adjusted EPS is a non-GAAP measure, and a reconciliation of Adjusted EPS to GAAP EPS is presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.

Fourth Quarter Earnings Announcement, Fiscal 2026


CABOT CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION


	September 30,			September 30,
Dollars in millions (unaudited)	2026			2025

Current assets:
Cash and cash equivalents	$	254		$	258
Accounts and notes receivable, net of reserve for doubtful accounts of $5 and $5		801			671
Inventories:
Raw materials		161			134
Finished goods		354			303
Other		69			67
Total inventories		584			504
Prepaid expenses and other current assets		107			106
Total current assets		1,746			1,539

Property, plant and equipment		4,588			4,405
Accumulated Depreciation		(2,874	)		(2,694	)
Net property, plant and equipment		1,714			1,711
Goodwill		138			134
Equity affiliates		20			16
Intangible assets, net		50			55
Deferred income taxes		165			180
Other assets		195			180
Total assets	$	4,028		$	3,815

Fourth Quarter Earnings Announcement, Fiscal 2026


CABOT CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION


	September 30,			September 30,
Dollars in millions, except share and per share amounts (unaudited)	2026			2025

Current liabilities:
Short-term borrowings	$	65		$	14
Accounts payable and accrued liabilities		716			648
Income taxes payable		21			35
Current portion of long-term debt		7			260
Total current liabilities		809			957

Long-term debt		1,180			856
Deferred income taxes		32			39
Other liabilities		236			258
Stockholders’ equity:
Preferred stock:
Authorized: 2,000,000 shares of $1 par value
Issued and Outstanding: None and none		—			—
Common stock:
Authorized: 200,000,000 shares of $1 par value Issued: 51,445,245 and 52,962,353 shares Outstanding: 51,338,798 and 52,842,481 shares		51			53
Less cost of 106,447 and 119,872 shares of common treasury stock		(2	)		(3	)
Additional paid-in capital		—			—
Retained earnings		1,837			1,835
Accumulated other comprehensive income (loss)		(251	)		(335	)
Total Cabot Corporation stockholders’ equity		1,635			1,550
Noncontrolling interests		136			155
Total stockholders’ equity		1,771			1,705
Total liabilities and stockholders’ equity	$	4,028		$	3,815

Fourth Quarter Earnings Announcement, Fiscal 2026


CABOT CORPORATION QUARTERLY RESULTS BY SEGMENT


		Fiscal 2025															Fiscal 2026
Dollars in millions,
except per share amounts (unaudited)		Dec. Q			Mar. Q			June Q			Sept. Q			FY			Dec. Q			Mar. Q			June Q			Sept. Q			FY

Sales
Reinforcement Materials		$	611		$	594		$	573		$	563		$	2,341		$	520		$	544		$	599		$	634		$	2,297
Performance Chemicals			311			311			320			308			1,250			300			328			351			340			1,319
Segment sales			922			905			893			871			3,591			820			872			950			974			3,616
Unallocated and other^(A)			33			31			30			28			122			29			32			32			35			128
Net sales and other operating revenues		$	955		$	936		$	923		$	899		$	3,713		$	849		$	904		$	982		$	1,009		$	3,744

Segment Earnings Before Interest and Taxes ^(B)
Reinforcement Materials		$	130		$	131		$	128		$	119		$	508		$	102		$	93		$	97		$	87		$	379
Performance Chemicals			45			50			57			42			194			48			59			68			60			235
Unallocated and Other
Interest expense			(18	)		(19	)		(19	)		(20	)		(76	)		(18	)		(18	)		(18	)		(21	)		(75	)
Certain items^(C)			(6	)		(4	)		(3	)		(17	)		(30	)		(7	)		(9	)		(78	)		(15	)		(109	)
Unallocated corporate costs			(13	)		(13	)		(13	)		(13	)		(52	)		(12	)		(15	)		(14	)		(13	)		(54	)
General unallocated income (expense) ^(D)			7			9			6			6			28			6			12			5			13			36
Less: Equity in earnings of affiliated companies, net of tax			1			3			1			2			7			1			2			2			1			6


Income (loss) from operations before income taxes and equity in earnings of affiliated companies			144			151			155			115			565			118			120			58			110			406
(Provision) benefit for income taxes (including tax certain items)			(41	)		(49	)		(43	)		(63	)		(196	)		(37	)		(44	)		(46	)		(38	)		(165	)
Equity in earnings of affiliated companies, net of tax			1			3			1			2			7			1			2			2			1			6
Net income (loss)			104			105			113			54			376			82			78			14			73			247
Net income (loss) attributable to noncontrolling interests, net of tax			11			11			12			11			45			9			10			8			7			34
Net income (loss) attributable to Cabot Corporation		$	93		$	94		$	101		$	43		$	331		$	73		$	68		$	6		$	66		$	213
Diluted earnings (loss) per share of common stock attributable to Cabot Corporation		$	1.67		$	1.69		$	1.86		$	0.79		$	6.02		$	1.37		$	1.27		$	0.12		$	1.25		$	4.02
Adjusted earnings (loss) per share^(E)		$	1.76		$	1.90		$	1.90		$	1.70		$	7.25		$	1.53		$	1.61		$	1.67		$	1.61		$	6.42
Diluted weighted average common shares outstanding			55.0			54.4			53.8			53.4			54.2			52.9			52.2			52.0			51.9			52.2

^(A)	Unallocated and other reflects external shipping and handling fees, the impact of unearned revenue, and discounting charges for certain Notes receivable.
^(B)	Segment EBIT is a measure used by Cabot’s Chief Operating Decision-Maker to assess segment performance and allocate resources. Segment EBIT includes Equity in earnings of affiliated companies, net of tax, Net income attributable to noncontrolling interests, net of tax, and discounting charges for certain Notes receivable.
^(C)	Details of certain items are presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.
^(D)	General unallocated income (expense) consists of gains (losses) arising from foreign currency transactions, net of other foreign currency risk management activities, Interest and dividend income, the profit or loss related to the corporate adjustment for unearned revenue and unrealized holding gains (losses) for investments. This does not include items of income or expense from the items that are separately treated as Certain items.
^(E)	Adjusted EPS is a non-GAAP measure, and a reconciliation of Adjusted EPS to GAAP EPS is presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.

Fourth Quarter Earnings Announcement, Fiscal 2026


CABOT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


Periods ended September 30	Three Months						Twelve Months
Dollars in millions (unaudited)	2026			2025			2026			2025

Cash Flows from Operating Activities:
Net income (loss)	$	73		$	54		$	247		$	376
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	51			40			191			154
Other non-cash charges (gains), net	24			35			98			73
Cash dividends received from equity affiliates	—			—			2			13
Changes in assets and liabilities:
Changes in net working capital ^(A)	(10		)	69			(68		)	56
Changes in other assets and liabilities, net	5			21			(49		)	(7		)

Cash provided by (used in) operating activities	143			219			421			665

Cash Flows from Investing Activities:
Additions to property, plant and equipment	(55		)	(64		)	(207		)	(274		)
Acquisition of business, net of cash acquired	—			—			(66		)	—
Asset acquisition	—			—			—			(27		)
Other investing activities, net	(6		)	5			(4		)	3

Cash provided by (used in) investing activities	(61		)	(59		)	(277		)	(298		)

Cash Flows from Financing Activities:
Change in debt, net	(21		)	(88		)	111			(23		)
Cash dividends paid to common stockholders	(25		)	(25		)	(97		)	(96		)
Other financing activities, net	(32		)	(33		)	(180		)	(217		)

Cash provided by (used in) financing activities	(78		)	(146		)	(166		)	(336		)
Effect of exchange rate changes on cash	—			5			19			4
Increase (decrease) in cash, cash equivalents and restricted cash	4			19			(3		)	35
Cash, cash equivalents and restricted cash at beginning of period	251			239			258			223
Cash, cash equivalents and restricted cash at end of period ^(B)	$	255		$	258		$	255		$	258

(A)	Includes Accounts and notes receivable, Inventories, and Accounts payable and accrued liabilities.
(B)	Restricted cash was $1 million as of September 30, 2026. There was no restricted cash as of September 30, 2025.

Fourth Quarter Earnings Announcement, Fiscal 2026


CABOT CORPORATION CERTAIN ITEMS AND RECONCILIATION OF ADJUSTED EPS AND OPERATING TAX RATE


TABLE 1: DETAIL OF CERTAIN ITEMS
Periods ended September 30	Three Months						Twelve Months
Dollars in millions, except per share amounts (unaudited)	2026			2025			2026			2025
Certain items before and after income taxes
Global restructuring activities	$	(15	)	$	(5	)	$	(72	)	$	(11	)
Employee benefit plan settlement and other charges		—			(3	)		(30	)		(3	)
Legal and environmental matters and reserves		—			(1	)		(5	)		(7	)
Acquisition and integration-related charges		—			(1	)		(2	)		(1	)
Indirect tax settlement charges		—			(7	)		—			(7	)
Other certain items		—			—			—			(1	)
Total certain items, pre-tax		(15	)		(17	)		(109	)		(30	)
Non-GAAP adjustments^(A)		(3	)		(32	)		(17	)		(38	)

Total certain items after tax	$	(18	)	$	(49	)	$	(126	)	$	(68	)
Total certain items after tax per share	$	(0.36	)	$	(0.91	)	$	(2.40	)	$	(1.23	)

TABLE 2: CERTAIN ITEMS STATEMENT OF OPERATIONS LINE ITEM
Periods ended September 30	Three Months						Twelve Months
Dollars in millions, Pre-Tax (unaudited)	2026			2025			2026			2025
Statement of Operations Line Item ^(C)
Cost of sales	$	(13	)	$	(3	)	$	(72	)	$	(13	)
Selling and administrative expenses		(2	)		(3	)		(7	)		(4	)
Research and technical expenses		—			(1	)		—			(2	)
Other income (expense)		—			(10	)		(30	)		(11	)
Total certain items	$	(15	)	$	(17	)	$	(109	)	$	(30	)

TABLE 3: RECONCILIATION OF EFFECTIVE TAX RATE TO OPERATING TAX RATE
Three months ended September 30	2026						2025
Dollars in millions (unaudited)	(Provision) / Benefit for Income Taxes			Rate			(Provision) / Benefit for Income Taxes			Rate
Effective Tax Rate	$	(38	)		34	%	$	(63	)		55	%
Less: Non-GAAP tax adjustments^(B)		(3	)					(30	)
Operating tax rate^{(D) (E)}	$	(35	)		28	%	$	(33	)		25	%

Twelve months ended September 30	2026						2025
Dollars in millions (unaudited)	(Provision) / Benefit for Income Taxes			Rate			(Provision) / Benefit for Income Taxes			Rate

Effective Tax Rate	$	(165	)		41	%	$	(196	)		35	%
Less: Non-GAAP tax adjustments^(B)		(17	)					(36	)
Operating tax rate^{(D) (E)}	$	(148	)		29	%	$	(160	)		27	%


TABLE 4: RECONCILIATION OF ADJUSTED EPS BY QUARTER FOR FISCAL 2026 and FISCAL 2025
	Fiscal 2026 ^(F)
Periods ended (unaudited)	Dec. Q			Mar. Q			June Q			Sept. Q			FY 2026
Reconciliation of Adjusted EPS to GAAP EPS
Net income (loss) per share attributable to Cabot Corporation	$	1.37		$	1.27		$	0.12		$	1.25		$	4.02
Less: Certain items after tax per share		(0.16	)		(0.34	)		(1.55	)		(0.36	)	$	(2.40	)
Adjusted earnings (loss) per share	$	1.53		$	1.61		$	1.67		$	1.61		$	6.42

	Fiscal 2025 ^(F)
Periods ended (unaudited)	Dec. Q			Mar. Q			June Q			Sept. Q			FY 2025
Reconciliation of Adjusted EPS to GAAP EPS
Net income (loss) per share attributable to Cabot Corporation	$	1.67		$	1.69		$	1.86		$	0.79		$	6.02
Less: Certain items after tax per share		(0.09	)		(0.21	)		(0.04	)		(0.91	)		(1.23	)
Adjusted earnings (loss) per share	$	1.76		$	1.90		$	1.90		$	1.70		$	7.25

(A)	Non-GAAP adjustments includes Non-GAAP tax adjustments, which are described in (B) below, and in fiscal 2025 an adjustment to the historical earnings allocated to a noncontrolling interest partner, which is included in Net income (loss) attributable to noncontrolling interests, net of tax in the Consolidated Statement of Operations.
(B)	Non-GAAP tax adjustments are made to arrive at the operating tax provision. It includes the income tax (expense) benefit on certain items, discrete tax items, and, on a quarterly basis the timing of losses in certain jurisdictions. The income tax (expense) benefit on certain items is determined using the applicable rates in the taxing jurisdictions in which the certain items occurred and includes both current and deferred income tax (expense) benefit based on the nature of the certain items. Discrete tax items include, but are not limited to, changes in valuation allowance, uncertain tax positions, and other tax items, such as the tax impact of legislative changes and tax accruals on historic earnings due to changes in indefinite reinvestment assertions.
(C)	This table indicates the line items where certain items are recorded in the Consolidated Statements of Operations.
(D)	The operating tax rate is calculated based upon management’s forecast of the annual operating tax rate for the fiscal year applied to adjusted pre-tax earnings. The operating tax rate excludes income tax (expense) benefit on certain items, discrete tax items and, on a quarterly basis the timing of losses in certain jurisdictions.
(E)	Our operating tax rate for fiscal 2027 is expected to be in the range of 28% to 30%.
(F)	Per share amounts are calculated after tax.

Fourth Quarter Earnings Announcement, Fiscal 2026


CABOT CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES


			Fiscal 2026 ^(A)
			Dec. Q			Mar. Q			June Q			Sept. Q			FY 2026
Reconciliation of Adjusted EPS to GAAP EPS
Net income (loss) per share attributable to Cabot Corporation			$	1.37		$	1.27		$	0.12		$	1.25		$	4.02
Less: Certain items after tax per share				(0.16	)		(0.34	)		(1.55	)		(0.36	)		(2.40	)
Adjusted earnings (loss) per share			$	1.53		$	1.61		$	1.67		$	1.61		$	6.42

			Fiscal 2025 ^(A)
			Dec. Q			Mar. Q			June Q			Sept. Q			FY 2025
Reconciliation of Adjusted EPS to GAAP EPS
Net income (loss) per share attributable to Cabot Corporation			$	1.67		$	1.69		$	1.86		$	0.79		$	6.02
Less: Certain items after tax per share				(0.09	)		(0.21	)		(0.04	)		(0.91	)		(1.23	)
Adjusted earnings (loss) per share			$	1.76		$	1.90		$	1.90		$	1.70		$	7.25

	^(A)	Per share amounts are calculated after tax.

Dollars in millions			Fiscal 2026
			Dec. Q			Mar. Q			June Q			Sept. Q			FY 2026
Reconciliation of Adjusted EBITDA to Income (loss) from operations before income taxes and equity in earnings of affiliated companies
Income (loss) from operations before income taxes and equity in earnings of affiliated companies			$	118		$	120		$	58		$	110		$	406
Interest expense				18			18			18			21			75
Certain items				7			9			78			15			109
General unallocated (income) expense				(6	)		(12	)		(5	)		(13	)		(36	)
Less: Equity in earnings of affiliated companies				(1	)		(2	)		(2	)		(1	)		(6	)
Depreciation and amortization				41			44			43			47			175
Adjusted EBITDA			$	179		$	181		$	194		$	181		$	735

Dollars in millions			Dec. Q			Mar. Q			June Q			Sept. Q			FY 2026
Reinforcement Materials EBIT			$	102		$	93		$	97		$	87		$	379
Reinforcement Materials Depreciation and amortization				19			21			20			24			84
Reinforcement Materials EBITDA			$	121		$	114		$	117		$	111		$	463
Reinforcement Materials Sales			$	520		$	544		$	599		$	634		$	2,297
Reinforcement Materials EBITDA Margin				23	%		21	%		20	%		18	%		20	%

Dollars in millions			Dec. Q			Mar. Q			June Q			Sept. Q			FY 2026
Performance Chemicals EBIT			$	48		$	59		$	68		$	60		$	235
Performance Chemicals Depreciation and amortization				22			23			23			23			91
Performance Chemicals EBITDA			$	70		$	82		$	91		$	83		$	326
Performance Chemicals Sales			$	300		$	328		$	351		$	340		$	1,319
Performance Chemicals EBITDA Margin				23	%		25	%		26	%		24	%		25	%

Dollars in millions			Fiscal 2026
Reconciliation of Free Cash Flow and Discretionary Free Cash Flow to Cash provided by (used in) operating activities			Dec. Q			Mar. Q			June Q			Sept. Q			FY 2026
Cash provided by (used in) operating activities ^(B)			$	126		$	77		$	75		$	143		$	421
Less: Additions to property, plant and equipment				69			45			38			55			207
Free cash flow			$	57		$	32		$	37		$	88		$	214
Plus: Additions to property, plant and equipment				69			45			38			55			207
Less: Changes in net working capital ^(C)				5			(19	)		(44	)		(10	)		(68	)
Less: Sustaining and compliance capital expenditures				50			33			28			36			147
Discretionary free cash flow			$	71		$	63		$	91		$	117		$	342

	^(B)	As provided in the Condensed Consolidated Statements of Cash Flows.
	^(C)	Defined as changes in Accounts and notes receivable, Inventories, and Accounts payable and accrued liabilities as presented on the Condensed Consolidated Statements of Cash Flows.

CONTACT: Investor Contact: 
Robert Rist
(617) 342-6374

Posted in UncategorizedTagged GlobeNewswire

Midland States Bancorp, Inc. Announces Common Stock and Preferred Stock Dividends

Posted on November 2, 2026 by Ravi Shankar

EFFINGHAM, Ill., Nov. 02, 2026 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) announced today that its Board of Directors declared a quarterly cash dividend of $0.33 per share of its common stock. The dividend is payable on November 20, 2026 to all shareholders of record as of the close of business on November 13, 2026.

The Board of Directors also declared a cash dividend of $0.4844 per depository share on its 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. The dividend will be payable on December 30, 2026 to stockholders of record as of December 15, 2026.

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of September 30, 2026, the Company had total assets of approximately $6.82 billion, and its Wealth Management Group had assets under administration of approximately $4.77 billion. The Company provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit midlandsb.com or follow Midland States Bank on LinkedIn.

CONTACTS:
Claire A. Stack, Chief Financial Officer, at cstack@midlandsb.com or (217) 342-7321

Posted in UncategorizedTagged GlobeNewswire

Stifel Declares Quarterly Common Stock Cash Dividend and Declares Preferred Stock Cash Dividend

Posted on November 2, 2026 by Ravi Shankar

ST. LOUIS, Nov. 02, 2026 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today announced that its Board of Directors has declared a cash dividend on shares of its common stock of $0.34 per share, payable December 15, 2026, to shareholders of record at the close of business on December 1, 2026.

The Board of Directors also declared a quarterly cash dividend on the outstanding shares of its 6.25% Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), 6.125% Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), and 4.50% Non-Cumulative Perpetual Preferred Stock, Series D (the “Series D Preferred Stock”). The declared cash dividend on the Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock is for the period from September 15, 2026, up to, but excluding, December 15, 2026. The declared cash dividend equated to approximately $0.390625 per depositary share, or $390.625 per share of the Series B Preferred Stock outstanding. The declared cash dividend equated to approximately $0.3828125 per depositary share, or $382.8125 per share of the Series C Preferred Stock outstanding. The declared cash dividend equated to approximately $0.281250 per depositary share, or $281.250 per share of the Series D Preferred Stock outstanding. The cash dividends are payable on December 15, 2026, to shareholders of record on December 1, 2026.

The Company’s Series B Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrB”, the Company’s Series C Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrC”, and the Company’s Series D Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrD.”

Stifel Company Information
Stifel Financial Corp. (NYSE: SF) is a diversified financial services firm providing wealth management, commercial and investment banking, trading, and research services to individuals, institutions, and municipalities. Founded in 1890 and headquartered in St. Louis, Missouri, the firm operates more than 400 offices across the United States and in major global financial centers. As a firm where success meets success, Stifel works closely with retail and institutional clients aiming to transform opportunities into achievement. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.

Stifel Investor Relations Contact
Joel Jeffrey, Senior Vice President
(212) 271-3610 direct
investorrelations@stifel.com

Posted in UncategorizedTagged GlobeNewswire

Athene Holding Ltd. Declares Fourth Quarter 2026 Preferred Stock Dividends

Posted on November 2, 2026 by Ravi Shankar

WEST DES MOINES, Iowa, Nov. 02, 2026 (GLOBE NEWSWIRE) — Athene announced that it has declared the following preferred stock dividends on its non-cumulative preferred stock (represented by depositary shares, each representing a 1/1,000th interest in a share of preferred stock), payable on December 30, 2026 to holders of record as of December 15, 2026.

Quarterly dividend of $396.875 per share on the company’s 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”); holders of depositary shares will receive $0.396875 per depositary share.
Quarterly dividend of $351.5625 per share on the company’s 5.625% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series B (the “Series B Preferred Stock”); holders of depositary shares will receive $0.3515625 per depositary share.
Quarterly dividend of $304.6875 per share on the company’s 4.875% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series D (the “Series D Preferred Stock”); holders of depositary shares will receive $0.3046875 per depositary share.
Quarterly dividend of $484.375 per share on the company’s 7.750% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series E (the “Series E Preferred Stock”); holders of depositary shares will receive $0.484375 per depositary share.

Depositary shares for the Series A Preferred Stock are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “ATHPrA,” depositary shares for the Series B Preferred Stock are listed on the NYSE under the ticker symbol “ATHPrB,” depositary shares for the Series D Preferred Stock are listed on the NYSE under the ticker symbol “ATHPrD,” and depositary shares for the Series E Preferred Stock are listed on the NYSE under the ticker symbol “ATHPrE.”

About Athene

Athene is the leading retirement solutions company with $473 billion of total assets as of June 30, 2026, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

Contact:

Alyssa Castelli
Director, External Relations
+1 646 768 7304
Alyssa.castelli@athene.com

Posted in UncategorizedTagged GlobeNewswire

USA Rare Earth Announces Date for Release of Third Quarter 2026 Results and Conference Call

Posted on November 2, 2026 by Ravi Shankar

STILLWATER, Okla., Nov. 02, 2026 (GLOBE NEWSWIRE) — USA Rare Earth, Inc. (Nasdaq: USAR) (the Company), today announced that it will release financial results for the quarterly period ended September 30, 2026, after U.S. markets close on Monday, November 9, 2026. Additionally, the Company will host a conference call that afternoon to discuss the results and related matters.

EARNINGS RELEASE
Monday, November 9, 2026 (after market close)

LIVE CONFERENCE CALL
Monday, November 9, 2026, at 4:30 p.m. ET
US/Canada Toll-Free: +1 (833) 890-8030
International: +1 (412) 564-6268

CONFERENCE CALL REPLAY
Expiration: December 9, 2026
US/Canada Toll-Free: +1 (855) 669-9658
International Toll: +1 (412) 317-0088
Access code: 9762323

Investors may also access the live call and the replay over the internet on the “Events” page of the Company’s investor website located at www.usare.com or at https://event.choruscall.com/mediaframe/webcast.html?webcastid=AzZOYMCd.

For more information, please visit USARE.com.

About USA Rare Earth

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare-earth and permanent-magnet value chain across the United States, Brazil and the United Kingdom. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare-earth metals and alloys, its development of magnet manufacturing capacity in Stillwater, Oklahoma, its Pela Ema mine in Brazil and the Round Top deposit in Texas, USA Rare Earth is pursuing capabilities across the value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western-aligned supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and industrial sectors.

For more information, visit www.usare.com.

Investor Relations Contact
J.B. Lowe, CFA
VP, Head of Investor Relations
ir@USARE.com

Media Relations Contact
Collected Strategies
Dan Moore / Scott Bisang
USAR-CS@collectedstrategies.com

Posted in UncategorizedTagged GlobeNewswire

Recursion Reports Third Quarter 2026 Financial Results and Extends Cash Runway; Highlights Positive Clinical Data in REC-4881 and REC-1245, Sanofi Development Candidate Option and Appointment of Fred Hassan as Chair

Posted on November 2, 2026 by Ravi Shankar

New Phase 2 REC-4881 data presented at CGA-IGC in an expanded adult population aged 18 years and older show deep, durable polyp burden reductions in FAP, with activity throughout the GI tract and in larger, higher-risk polyps.
REC-4881 shows deep activity throughout the GI tract in post colectomy patients, including near-clearance: After 12 weeks of treatment, nearly 1 in 2 patients in the upper GI and more than 1 in 3 in the lower GI achieved polyp burden reductions of ≥65%. Two patients achieved ≥98% reductions in upper GI polyp burden.
REC-4881 reductions persisted off treatment: Twelve weeks after stopping treatment, 85% of evaluable patients remained below baseline polyp burden.
REC-4881 reductions in larger, higher-risk polyps: Six of eight patients with polyps >5 mm at baseline had reductions in these polyp counts after 12 weeks of treatment; four had reductions of at least 80%, including two whose larger-polyp counts fell from more than 90 to one.
REC-4881 no new safety signals observed: Favorable chronic dosing safety profile, with predominantly Grade 1/2 AEs, and no additional discontinuations reported since the prior data cutoff.
REC-1245 Phase 1 data update: Encouraging monotherapy activity with 2 confirmed partial responses in endometrial cancer, 1 unconfirmed partial response in liver cancer, and a 91.7% disease control rate (11/12) at doses ≥45 mg; 45 mg selected for exploratory expansion cohorts based on emerging efficacy and manageable safety profile.
Sanofi options the first development candidate from Recursion collaboration, a potential first-in-class, dual targeting inhibitor oral small molecule in immunology, which will now advance into Sanofi’s portfolio, with Phase 1 clinical study expected to begin in 2027.
Expected cash runway extended into 2029, including proceeds from the October 2026 follow-on offering; 2026 cash operating expense guidance reiterated at less than $375 million, with 2027 guidance of less than $360 million.
Appointed Fred Hassan as Chair of the Board, effective October 31, 2026. Mr. Hassan brings more than four decades of pharmaceutical leadership and Board experience across company transformation, drug development and commercialization.

SALT LAKE CITY, Nov. 02, 2026 (GLOBE NEWSWIRE) — Recursion (Nasdaq: RXRX), a leading clinical-stage company pioneering AI-enabled drug discovery and development, today reported financial results for the third quarter ended September 30, 2026, together with business updates highlighting continued clinical, pipeline and platform execution.

Recursion will host a webinar with earnings updates on REC-4881 data, REC-1245 data, as well as REC-4881 KOL and patient panels, presented live from CGA-IGC on Tuesday, November 3, 2026 at 8:00 am ET / 6:00 am MT / 1:00 pm GMT from Recursion’s X, LinkedIn, and YouTube accounts giving analysts, investors, and the public the opportunity to ask questions of the Company by submitting questions here: Question Form.

“To pioneer a new blueprint for making medicines with AI, we believe you have to tie together three core capabilities in one engine: uncover novel biology, design differentiated molecules against challenging targets, and generate clinical evidence that matters for patients,” said Najat Khan, Ph.D., President and Chief Executive Officer of Recursion. “The new TUPELO data are important clinical evidence, with REC-4881 showing deep polyp burden reductions across the upper and lower GI tract, including larger, higher-risk polyps, and reductions that persist after treatment stops. REC-1245 is an encouraging early example of that engine coming together within a single program, from biological insight surfaced by our platform to molecule design and now early clinical signals in heavily pretreated patients.”

“Beyond our own pipeline, Sanofi has optioned a potential first-in-class molecule against a challenging dual target, while Genentech has advanced an unexplored neuroscience target from our maps. These are different programs, but they are outputs of the same AI-native engine, providing evidence of repeatability. We will keep concentrating capital where the evidence is strongest and turning innovation into impact for patients who are waiting.”

Internal Pipeline Highlights

Pipeline image

Recursion internal pipeline: five oncology and rare-disease programs (REC-4881, REC-1245, REC-4539, REC-7735, REC-102) shown by target, indication, addressable patient population, development stage, next catalyst, and AI-enabled differentiation.

Positive Phase 2 results from ongoing TUPELO trial of REC-4881 in FAP highlight activity across GI tract and on larger polyps

FAP is a genetically defined driver of GI cancer, affecting >50,000 patients in the US and EU5 who face major surgeries and life-long surveillance with no approved therapies, representing a potential $15 billion opportunity, based on Company estimates. Among the approximately 35,000 post-colectomy patients, upper GI disease represents the highest unmet need in FAP, due to risks of bleeding and perforation from polyp removal, high complication and morbidity rates from surgery, and higher cancer risk.

REC-4881, a potential first-in-class oral therapy granted FDA Orphan Drug and Fast Track designations, is designed to address both Wnt/β-catenin initiation and MAPK evolution pathways. The opportunity was identified through unbiased phenotypic screening using Recursion’s proprietary AI foundation models, which revealed MEK1/2 inhibition as a potential way to reverse cellular phenotypes associated with APC loss, a previously unappreciated synthetic rescue relationship.

On November 2, Recursion announced further positive data from its ongoing Phase 1b/2 TUPELO trial of REC-4881, an investigational, oral MEK1/2 inhibitor in development for FAP. These data were presented by Lisa Boardman, M.D., Professor of Medicine at Mayo Clinic, in a presidential plenary session at The Collaborative Group of the Americas on Inherited Gastrointestinal Cancer (CGA-IGC) Annual Meeting in Denver, Colorado.

Deep, durable reductions in total polyp burden, strengthened in the expanded adult FAP population (18+): After 12 weeks of REC-4881 (4 mg QD), 87% of patients (13 of 15) had a reduction in total polyp burden, with a 47% median reduction; approximately 1 in 3 achieved reductions of ≥65%. Twelve weeks after stopping treatment, 85% of evaluable patients (11 of 13) remained below baseline.
Activity across the upper and lower GI tract, including near-clearance: After 12 weeks of treatment, median polyp burden reductions were 55% in the upper GI and 50% in the lower GI, supporting REC-4881’s potential as a single oral therapy to address FAP across the GI tract.
Upper GI, the area of greatest unmet need in FAP (results first reported Oct. 15): 92% of patients (12 of 13) had reductions after 12 weeks of treatment, with two patients achieving ≥98% reductions; half (6 of 12) improved by at least one Spigelman stage; and 92% (11 of 12) remained below baseline 12 weeks after stopping treatment.
New lower GI results highlight breadth of activity: 9 of 11 patients (82%) with measurable lower GI polyp burden at baseline had reductions after 12 weeks of treatment, with a 50% median reduction and 1 in 3 achieving ≥65%; 70% of evaluable patients remained below baseline 12 weeks after stopping treatment.
New analysis shows substantial reductions in larger, higher-risk polyps: 6 of 8 patients with polyps >5 mm at baseline had fewer of these polyps after 12 weeks of treatment. Four achieved reductions of ≥80%, including two whose counts fell from more than 90 polyps to one. Six of eight remained below their baseline count 12 weeks after stopping treatment.
No new safety signals observed: Favorable chronic dosing safety profile. The highest-grade treatment-related adverse event was Grade 1 or 2 in 21 of 26 patients (81%) and Grade 3 in four patients (15%); one patient had no TRAEs. No Grade 4 or 5 TRAEs, and no additional discontinuations since the previous data cutoff.

The Company anticipates initiating a registrational trial in the second half of 2027, pending ongoing FDA discussions, and will provide additional details later this year.

Early data from the Phase 1 dose-escalation portion of DAHLIA, our ongoing open-label Phase 1/2 study of REC-1245, show the following (data cutoff: August 21, 2026):

REC-1245 is a potential first-in-class oral molecular glue designed to exploit a synthetic-lethal vulnerability in cancers by degrading RBM39, a splicing factor that regulates genes involved in DNA repair and stress response. The Recursion platform contributed each of the three core elements of the program: the target, the molecule and the initial hypotheses on which patients are most likely to benefit. The target emerged from Recursion’s platform, which found that degrading RBM39 mimics the loss of CDK12, while sparing CDK13-associated liabilities. REC-1245 was identified within 18 months after screening only 204 compounds using Recursion’s design platform. The same platform-derived biology pointed to tumors intrinsically primed by replication stress and reliance on accurate splicing, including hard-to-treat cancers such as endometrial, hepatocellular and ovarian cancers and transcriptionally driven tumors.

Three partial responses per RECIST 1.1 criteria (2 confirmed, 1 unconfirmed) in heavily pretreated patients with endometrial cancer and hepatocellular carcinoma, all at doses of 45 mg once daily (QD) or higher, with a disease control rate of 91.7% at those doses (n=12).
Recursion has selected 45 mg QD for exploratory expansion cohorts, including endometrial cancer, where limited second-line treatments are approved; at the 45 mg QD dose (n=10), no dose-limiting toxicities or treatment-related serious adverse events were observed, and treatment-related adverse events were predominantly Grade 1 or 2. Most frequent TRAEs were Grade 1 or Grade 2 fatigue and anemia (30% each).
Preliminary dose expansion data in endometrial cancer are expected in the second half of 2027. Dose escalation will also continue in other solid tumor indications.

Other Portfolio Updates: REC-7735 is an orally bioavailable, precision-designed small molecule inhibitor of PI3Kα H1047R generated using the Recursion OS. In the second half of 2026, Recursion initiated the Phase 1/2 ZINNIA clinical study for patients with select PIK3CA H1047R-mutant solid tumors.

As announced in October 2026, given the promising data in REC-4881 and REC-1245, Recursion plans to continue to focus resources on its high-impact partnerships and internal programs including REC-4881 (MEK1/2 – familial adenomatous polyposis), REC-1245 (RBM39 – endometrial cancer and other solid tumors), REC-4539 (LSD1 – solid tumors and hematology), REC-7735 (PI3Kα H1047R – solid tumors) and REC-102 (ENPP1 – hypophosphatasia). Recursion intends to pursue partnership opportunities to advance REC-617 (CDK7) and REC-3565 (MALT1).

Partnered Discovery Highlights Recursion’s 9th Milestone Achieved in Past Two Years

Sanofi options potential first-in-class immunology development candidate

Sanofi has optioned the first development candidate from the two companies’ multi-program research collaboration. The candidate has now been added to Sanofi’s development pipeline and is expected to enter Phase 1 clinical trials in 2027, with Sanofi funding and leading further development and commercialization to advance the program toward patients.

The option triggered a $10 million milestone payment to Recursion, bringing total upfront and milestone payments achieved from Sanofi under the collaboration to $144 million; Recursion is eligible for more than $300 million in additional milestones under the program, with double digit royalties on net product sales, if approved.

The potential first-in-class oral small molecule was designed to achieve a differentiated profile against a challenging dual target implicated in inflammatory disease. Optimizing for this target pair required navigating complex and competing chemistry constraints to achieve the desired balance of drug-like properties. The candidate was delivered by the combination of Recursion’s integrated AI-enabled drug design platform and small-molecule chemistry capabilities with Sanofi’s deep expertise in drug discovery and immunology. Recursion applied multiple computational design approaches across iterative cycles of prediction, chemical design, synthesis, and experimental validation to rapidly explore and optimize a complex chemical space.

With the first development candidate optioned, the collaboration has now achieved six progress-based milestones across five programs. Additional programs across the collaboration continue to advance. Over the next 12 months, other programs in the joint portfolio have the potential to reach development candidate and other progress-based milestones.

To learn more about this milestone, read the press release.

Genentech advanced first neuroscience target into early discovery program

In 3Q26, Genentech exercised the first Validated Target Option under the companies’ neuroscience collaboration, advancing a previously unexplored neuroscience target.

The milestone provides additional early evidence that Recursion’s AI-native platform can both discover and play a key role experimentally validating unexplored therapeutic targets in neuroscience, one of medicine’s most challenging therapeutic areas, where decades of research have largely focused on a limited number of well-studied targets. Predictions generated from the first whole-genome CRISPR knockout map, which was built by Recursion in partnership with Roche and Genentech from a subset of over 1 trillion internally manufactured iPSC-derived neuronal cells, were rigorously jointly validated with Genentech. Only targets that consistently demonstrated compelling evidence across pathway, functional, and disease validation progress into a validation package.

Next steps will include advancing the target through small molecule design, hit generation, and validation using Recursion’s AI-native chemistry platform. More broadly, the neuronal and microglial maps of biology remain reusable assets capable of being collaboratively utilized with biological, genetics, and computational expertise to generate and experimentally validate additional therapeutic hypotheses. To date, Recursion has achieved $216 million in upfront and milestone payments from the Roche and Genentech collaboration. The collaboration includes up to 40 potential small molecule discovery programs, each carrying the potential for more than $300 million in development, commercialization, and net sales milestones as well as tiered royalties up to high single digits per small molecule program for Recursion.

Potential upcoming milestones across partnered discovery:

Potential for additional differentiated AI-enabled oral molecules to reach development candidate and late-stage discovery milestones with Sanofi over the next 12 months
Translating AI-driven insights from maps of biology into new potentially novel targets from reusable high-dimensional data/maps with Roche and Genentech
Using Recursion’s chemistry platform to design potential first-in-class molecules for the collaboration’s first neuroscience target with Genentech

Fred Hassan appointed Chair of the Board

Recursion announced that its Board of Directors has appointed Fred Hassan as Chair, effective October 31, 2026.

Mr. Hassan brings more than four decades of pharmaceutical leadership spanning company transformation, drug development, commercialization, investing and Board service. As Chairman and Chief Executive Officer of Schering-Plough, he led a transformation that restored sales growth and strong cash flow while expanding the company’s Phase 3 pipeline from three new molecular entities to eight. He previously served as Chairman and Chief Executive Officer of Pharmacia.

Mr. Hassan also brings extensive perspective from across the biotechnology and investment ecosystem. He serves as Lead Independent Director of BridgeBio Pharma, where his Board tenure has spanned the FDA approval and U.S. launch of Attruby, and as Executive Chair of Norstella, the pharmaceutical intelligence company behind Citeline, MMIT and Evaluate. His prior Board roles include Amgen and Prometheus Biosciences. He is also a Director at Warburg Pincus, where he previously served as Partner and Managing Director.

Third Quarter 2026 Financial Results

Cash Position: Cash, cash equivalents and restricted cash were $561.5 million as of September 30, 2026. Including net proceeds of approximately $187.2 million from the Company’s underwritten offering which completed on October 16, 2026, pro forma cash, cash equivalents and restricted cash were approximately $748.7 million. Based on current operating plans with no additional financing, the Company expects its cash runway to extend into 2029.
Revenue: Total revenue, consisting primarily of revenue from collaboration agreements, was $18.6 million for the third quarter of 2026, compared to $5.2 million for the third quarter of 2025. The increase was driven primarily by the Company’s collaboration with Sanofi, under which the Company achieved a $10.0 million milestone for an immunology small molecule program during the quarter.
Research and Development Expenses: Research and development expenses were $99.1 million for the third quarter of 2026, compared to $121.1 million for the third quarter of 2025. The decrease was driven primarily by $22.8 million of in-process research and development costs related to the acquisition of full rights to REC-102, Recursion’s ENPP1 inhibitor for the treatment of hypophosphatasia (HPP), from its joint venture with Rallybio that were recognized in the third quarter of 2025 and did not recur in the current period.
General and Administrative Expenses: General and administrative expenses were $32.6 million for the third quarter of 2026 compared to $41.6 million for the third quarter of 2025. The decrease in general and administrative expense compared to the prior period was primarily driven by a decrease in infrastructure technology expenses and professional service costs.
Net Loss: Net loss was $119.0 million for the third quarter of 2026, compared to a net loss of $162.3 million for the third quarter of 2025.
Operational Cash Flows: Net cash used in operating activities was $77.4 million for the three months ended September 30, 2026, compared to net cash used in operating activities of $117.4 million for the three months ended September 30, 2025. The decrease in cash used in operating activities was primarily driven by operating efficiencies across the company and working capital movements.
Cash Operating Expense: Cash operating expense, excluding partnership inflows and transaction costs, for the nine months ended September 30, 2026 was $271.5 million compared to $323.1 million for the nine months ended September 30, 2025.

About Recursion
Recursion (NASDAQ: RXRX) is a leading clinical-stage company pioneering AI-enabled drug discovery and development decoding biology to radically improve lives. Recursion is advancing a portfolio of differentiated investigational medicines across its wholly owned and partnered pipeline in oncology, rare disease, neuroscience, immunology, and other therapeutic areas with significant unmet need. Enabling its mission is the Recursion OS, an AI-native, end-to-end drug discovery and development platform integrating biology, chemistry, and clinical development into a unified intelligence system. Powered by proprietary multimodal data, purpose-built AI models, and bilingual teams fluent in both science and AI, the Recursion OS is designed to translate complex science into medicines that matter — faster, better, and at scale — for patients who are waiting.

Recursion’s platform infrastructure is anchored in Salt Lake City, Utah and Milton Park, Oxfordshire, where its automated biology and chemistry laboratories generate proprietary data at industrial scale. Recursion also maintains offices in New York, Montréal, and London, three global hubs for talent and leadership at the intersection of AI and scientific innovation.

Media Contact
media@recursion.com

Investor Contact
investor@recursion.com

Recursion Pharmaceuticals Inc
Condensed Consolidated Statements of Operations (unaudited)

(in thousands, except share and per share amounts)

	Three months ended September 30,						Nine months ended September 30,
		2026			2025			2026			2025
Revenue
Operating revenue	$	18,055		$	4,983		$	31,659		$	38,905
Grant revenue		497			192			1,035			238
Total revenue		18,552			5,175			32,694			39,143

Operating costs and expenses
Cost of revenue		10,045			14,687			34,026			56,678
Research and development		99,122			121,062			276,632			379,331
General and administrative		32,561			41,628			108,684			142,932
Total operating costs and expenses		141,728			177,377			419,342			578,941

Loss from operations		(123,176	)		(172,202	)		(386,648	)		(539,798	)
Other income, net		4,165			9,952			14,524			3,005
Loss before income taxes		(119,011	)		(162,250	)		(372,124	)		(536,793	)
Income tax benefit (expense)		(25	)		(3	)		4,579			156
Net loss	$	(119,036	)	$	(162,253	)	$	(367,545	)	$	(536,637	)

Per share data
Net loss per share of Class A, B and Exchangeable common stock, basic and diluted	$	(0.22	)	$	(0.36	)	$	(0.69	)	$	(1.27	)
Weighted-average shares (Class A, B and Exchangeable) outstanding, basic and diluted		543,000,977			446,988,046			534,971,854			422,642,653

Recursion Pharmaceuticals Inc
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)

	September 30,			December 31,
		2026			2025
Assets
Current assets
Cash and cash equivalents	$	549,853		$	743,294
Restricted cash		6,657			4,594
Other receivables		34,065			24,649
Prepaid data assets		2,882			11,742
Other current assets		22,564			28,566
Total current assets		616,021			812,845

Restricted cash, non-current		5,020			6,033
Property and equipment, net		85,838			103,931
Operating lease right-of-use assets		51,198			45,339
Financing lease right-of-use assets		15,663			20,210
Intangible assets, net		273,677			309,903
Goodwill		160,710			162,158
Deferred tax assets		957			957
Other assets, non-current		12,628			12,754
Total assets	$	1,221,712		$	1,474,130

Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	16,384		$	18,118
Accrued expenses and other liabilities		66,651			70,230
Unearned revenue		15,811			37,605
Operating lease liabilities		12,264			12,663
Notes payable and financing lease liabilities		11,808			9,091
Total current liabilities		122,918			147,707

Unearned revenue, non-current		120,020			114,012
Operating lease liabilities, non-current		50,535			46,647
Notes payable and financing lease liabilities, non-current		93			9,564
Deferred tax liabilities		18,371			23,255
Other liabilities, non-current		3,963			2,080
Total liabilities		315,900			343,265

Stockholders’ equity
Common stock		6			5
Additional paid-in capital		3,319,723			3,170,145
Accumulated deficit		(2,443,547	)		(2,076,002	)
Accumulated other comprehensive income		29,630			36,717
Total stockholders’ equity		905,812			1,130,865

Total liabilities and stockholders’ equity	$	1,221,712		$	1,474,130

Recursion Pharmaceuticals Inc
Selected Cash Flow Information (unaudited)
(in thousands)

	Three months ended September 30,						Nine months ended September 30,
		2026			2025			2026			2025
Net cash used in operating activities	$	(77,406	)	$	(117,360	)	$	(264,454	)	$	(325,735	)
Net cash used in investing activities		(407	)		(2,549	)		(2,704	)		(15,627	)
Net cash provided by (used in) financing activities	83,144			251,340				78,407			389,526
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(621	)	1,869				(3,640	)		15,957
Cash, cash equivalents and restricted cash, beginning of period	556,820			533,845				753,921			603,024
Cash, cash equivalents and restricted cash, end of period	$ 561,530			$ 667,145			$	561,530		$	667,145

Non-GAAP Financial Measure

The reconciliation of operating cash expense to net cash used in operating activities is provided in the following tables:

Cash Operating Expense – Nine months ended September 30, 2026	(in millions)
Net cash used in operating activities	$	264.5	*
Add: partnership inflows		7.0
Cash Operating Expense – Nine months ended September 30, 2026	$	271.5

*This is from the Recursion Inc Consolidated Statement of Cash Flows for the nine months ended September 30, 2026 (see above)

Cash Operating Expense – Nine months ended September 30, 2025	(in millions)
Net cash used in operating activities	$	325.7		*
Add: partnership inflows		7.0
Subtract: Transaction costs		(9.6	)
Cash Operating Expense – Nine months ended September 30, 2025	$	323.1

*This is from the Recursion Inc Consolidated Statement of Cash Flows for the nine months ended September 30, 2025 (see above)

To supplement our financial statements prepared in accordance with U.S. GAAP, we monitor and consider operating cash expense, which is a non-GAAP financial measure. We define cash operating expense as the net cash used in operating activities, excluding non-ordinary course transaction costs and partnership cash inflows. This non-GAAP financial measure is not based on any standardized methodology prescribed by U.S. GAAP and is not necessarily comparable to similarly-titled measures presented by other companies. We believe operating cash expense to be a liquidity measure that provides useful information to management and investors about the amount of cash consumed by the operations of the business. A limitation of using this non-U.S. GAAP measure is that operating cash expense does not represent the total change in cash and cash equivalents for the period because it excludes cash provided by or used for other investing and financing activities. We account for this limitation by providing information about our capital expenditures and other investing and financing activities in the statements of cash flows in our financial statements. Additionally, we reconciled operating cash expense above to net cash used in operating activities, the most directly comparable U.S. GAAP financial measure. In addition, it is important to note that other companies, including companies in our industry, may not use operating cash expense, may calculate operating cash expense in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of operating cash expense as a comparative measure. Because of these limitations, operating cash expense should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP.

Forward-Looking Statements
This document contains information that includes or is based upon “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, those regarding the impact of preclinical and clinical data from our programs, including the Phase 2 data from the TUPELO trial of REC-4881; the timing and outcome of anticipated engagement with the FDA, including the definition of a registrational path for REC-4881; the impact of the Phase 1 data from the DAHLIA trial of REC-1245 on the future success of that program; the selection of a dose for REC-1245 expansion cohorts; the potential for REC-7735 to limit metabolic liabilities and improve therapeutic index; Recursion’s ability to translate platform insights into validated targets and optimized development candidates; Recursion’s plans to focus resources on its high-impact partnerships and internal programs and to pursue partnership opportunities for REC-617 and REC-3565; the expected initiation of a Phase 1 clinical study of the development candidate optioned by Sanofi; the impact of Genentech’s option of any neuroscience target on future development of that or other potential targets; the reusability of our maps of biology and the potential to generate and experimentally validate additional therapeutic hypotheses, including through multi-modal maps combining our phenomics data with partner-provided data; financial position, including the expected impact of the net proceeds of our October 2026 underwritten offering, cash runway, cash burn, and 2026 and 2027 cash operating expense guidance; the occurrence or realization of potential milestones; the timing of data readouts and other milestones; Recursion’s future as a leader in AI-enabled drug discovery and development and ability to deliver better treatments to patients faster; expectations relating to early and late stage discovery, preclinical, and clinical programs, including timelines for commencement of and enrollment in studies, data readouts, presentations at scientific and medical meetings, and meetings with regulators; expectations and developments with respect to licenses and collaborations, including option exercises by partners and the amount and timing of potential milestone payments and royalties; prospective products and their potential future indications, differentiated profiles, and market opportunities; developments with Recursion OS, including the ability to discover and develop new medicines; and all other statements that are not historical facts. Forward-looking statements may or may not include identifying words such as “plan,” “will,” “may,” “could,” “should,” “expect,” “anticipate,” “intend,” “believe,” “estimate,” “project,” “designed to,” “potential,” “continue,” and similar terms. These statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including but not limited to: challenges inherent in pharmaceutical research and development, including the timing and results of preclinical and clinical programs, where the risk of failure is high and failure can occur at any stage prior to or after regulatory approval due to lack of sufficient efficacy, safety considerations, or other factors; the risk that interim, preliminary, or topline data from our clinical trials may change as more patient data become available and may not be predictive of final results; our ability to leverage and enhance our drug discovery platform; the performance and limitations of our artificial intelligence and machine learning models and the data on which they are trained; our reliance on third parties, including collaborators, contract research organizations, and manufacturers; our ability to initiate clinical trials and enroll patients on expected timelines; competition from other therapies and platforms; our ability to obtain financing for development activities and other corporate purposes; the success of our collaboration activities and our collaborators’ discretion over option exercises, program advancement, and funding; our ability to obtain regulatory approval of, and ultimately commercialize, drug candidates; our ability to obtain, maintain, and enforce intellectual property protections; cyberattacks or other disruptions to our technology systems; our ability to attract, motivate, and retain key employees and manage our growth; inflation and other macroeconomic issues; and other risks and uncertainties such as those described under the heading “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and our subsequent Quarterly Reports on Form 10-Q. All forward-looking statements speak only as of the date of this document and are based on management’s current estimates, projections, and assumptions, and Recursion undertakes no obligation to correct or update any such statements, whether as a result of new information, future developments, or otherwise, except to the extent required by applicable law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e3f63cf6-70c6-464e-9e63-6608b58ef3fd

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DBV Technologies to Participate in Upcoming November Investor Conferences

Posted on November 2, 2026 by Ravi Shankar

Châtillon, France, November 2, 2026

DBV Technologies to Participate in Upcoming November Investor Conferences

DBV Technologies (Euronext: DBV – ISIN: FR0010417345 – Nasdaq Stock Market: DBVT) (the “Company”), a late-stage biopharmaceutical company, today announced the company will participate at the following investor conferences in November:

Guggenheim Securities 3rd Annual Healthcare Innovation Conference – November 9, 2026
Format: Fireside Chat
Time: 8:00 am ET
Location: Boston, MA

2026 LifeSci Growth & Innovation Summit – November 16, 2026
Format: 1 on 1 Meetings
Location: London, UK

A live webcast of the fireside chat will be available on the Events section of the Company’s website here.

Replays will also be available on DBV Technologies’ website for 90 days after the event.

About DBV Technologies
DBV Technologies is a late-stage biopharmaceutical company developing treatment options for food allergies and other immunologic conditions with significant unmet medical need. DBV Technologies is currently focused on investigating the use of its proprietary VIASKIN® Patch technology to address food allergies, which are caused by a hypersensitive immune reaction and characterized by a range of symptoms varying in severity from mild to life-threatening anaphylaxis. Millions of people live with food allergies, including young children. Through epicutaneous immunotherapy (EPIT), the VIASKIN® Peanut Patch is designed to introduce microgram amounts of a biologically active compound to the immune system through intact skin. EPIT is a new class of non-invasive treatment that seeks to modify an individual’s underlying allergy by re-educating the immune system to become desensitized to allergen by leveraging the skin’s immune tolerizing properties. DBV Technologies is committed to transforming the care of people with food allergies. The Company’s food allergy programs include ongoing clinical trials of VIASKIN® Peanut Patch in toddlers (1 through 3 years of age) and children (4 through 7 years of age) with peanut allergy.

DBV Technologies is headquartered in Châtillon, France, with North American operations in Warren, NJ. The Company’s ordinary shares are traded on segment B of Euronext Paris (DBV, ISIN code: FR0010417345) and the Company’s ADSs (each representing five ordinary shares) are traded on the Nasdaq Capital Market (DBVT – CUSIP: 23306J309).

For more information, please visit www.dbv-technologies.com and engage with us on X (formerly Twitter) and LinkedIn.

VIASKIN is a registered trademark of DBV Technologies.

Investor Contact
Virginie Boucinha
DBV Technologies
virginie.boucinha@dbv-technologies.com

Media Contact
Brett Whelan
DBV Technologies
brett.whelan@dbv-technologies.com

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NanoXplore Strengthens Leadership Team with Appointment of Veteran Public-Company Finance Executive Constantino Malatesta as Chief Financial Officer

Posted on November 2, 2026 by Ravi Shankar

MONTREAL, Nov. 02, 2026 (GLOBE NEWSWIRE) — (TSX: GRA) (OTCQX: NNXPF) – NanoXplore Inc. (“NanoXplore” or the “Company”), a world leader in graphene production and graphene-enhanced materials, today announced the appointment of Constantino Malatesta as Chief Financial Officer (CFO), effective November 11, 2026.

Mr. Malatesta joins NanoXplore from CAE Inc. (TSX: CAE, NYSE: CAE), a global leader in training and simulation for civil aviation and defence, where he spent nearly 20 years in progressively senior finance roles, most recently as Interim Chief Financial Officer for nearly two years. His appointment brings large-cap, dual-listed public-company discipline to NanoXplore’s finance function at a pivotal point in the Company’s growth and reflects NanoXplore’s continued evolution from growth-stage innovator to a performance-driven industrial technology company focused on profitable growth, cash flow generation and maximizing long-term shareholder value.

As CFO, Mr. Malatesta will lead NanoXplore’s global finance organization, with responsibility for financial reporting, performance management, treasury, capital allocation, investor relations, strategic planning and corporate development. He will be a key partner to the CEO and operations leadership in executing the Company’s priorities: accelerating the path to sustained profitability, improving cash flow conversion, strengthening the balance sheet and the disciplined allocation of capital to ensure every dollar of capital is allocated towards opportunities that create the greatest long-term shareholder value.

The appointment concludes a comprehensive search process. To ensure a smooth transition, Mr. Malatesta will work closely with Pedro Azevedo, who will remain with the Company through its Annual General Meeting to support continuity across the finance team.

“Constantino is exactly the CFO NanoXplore needs for this next chapter,” said Rocco Marinaccio, President and Chief Executive Officer. “He has led the finance function of a major global public company, managed complex reporting, treasury and M&A at scale, and has a proven, hands-on approach to partnering with operations to deliver results. As we sharpen our focus on profitable growth, cash generation and long-term value creation, his experience will be a significant asset to our shareholders, our customers and our team.”

Marinaccio concluded: “I also want to thank Pedro Azevedo for his contributions to NanoXplore and for his commitment to ensuring a smooth transition. Pedro played an important role in NanoXplore’s evolution, instilling a culture of operational and financial discipline that has positioned us well for our next phase of growth. On behalf of the Board and the entire leadership team, I thank Pedro for his dedication and wish him every success. ”

About Constantino Malatesta

Mr. Malatesta is an accomplished finance executive with more than 25 years of finance and accounting leadership experience. During his nearly 20-year career at CAE, he held a series of senior leadership positions across the organization’s global finance operations, culminating in his tenure as Interim Chief Financial Officer for nearly 24 months. Throughout his career, Mr. Malatesta has helped organizations improve financial performance, optimize capital deployment, strengthen investor confidence and support strategic transactions that enhance long-term enterprise value. Mr. Malatesta is a Chartered Professional Accountant (CPA) and a U.S Certified Public Accountant.

“I am honoured to join NanoXplore at such an exciting stage in its evolution,” said Mr. Malatesta. “NanoXplore has built a differentiated platform with world-class technology, established industrial-scale graphene production and a proven manufacturing footprint serving leading global manufacturers across multiple end markets. What excites me most is the opportunity to translate these strengths into accelerating profitability, stronger cash flow generation and enhanced shareholder value. I look forward to working with Rocco, the broader leadership team, our talented finance team and the Board to strengthen our financial foundation, deepen our engagement with the investment community and support NanoXplore’s growth as we capture the significant opportunities ahead.”

About NanoXplore Inc.  

NanoXplore is the world’s largest manufacturer of high-quality, cost-effective graphene, with 4,000 metric tons of annual production capacity in Montreal, Canada. The Company manufactures and supplies high volume graphene powders and provides standard and custom graphene-enhanced plastic and composite products to various customers in transportation, packaging, electronics, and other industrial sectors. The Corporation is also a silicon-graphene enhanced Li-ion battery manufacturer for the energy storage, defense, and industrial markets. The company holds global regulatory approval for unlimited sales volumes of graphene in North America and serves as the lead REACH registrant for graphene in both the EU and the United Kingdom — providing customers with an unmatched combination of scale, quality assurance, and regulatory certainty. NanoXplore is headquartered in Montreal, Quebec with manufacturing facilities in Canada, the United States and Europe.

Please visit www.nanoxplore.ca 

For further information, please contact: 

Rocco Marinaccio,
President and Chief Executive Officer
Rocco.Marinaccio@nanoxplore.ca

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