GlobeNewswire – Page 35

W&T Offshore Announces Third Quarter 2026 Results and Declares Dividend for Fourth Quarter of 2026

Posted on October 29, 2026 by Ravi Shankar

HOUSTON, Oct. 29, 2026 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company,” “we” or “us”) today reported operational and financial results for the third quarter of 2026 and declared a fourth quarter 2026 dividend of $0.01 per share.

This press release includes non-GAAP financial measures, including Adjusted Net Income (Loss), Adjusted EBITDA, Free Cash Flow, Adjusted General and Administrative Expenses and Net Debt, which are reconciled to the most comparable GAAP measures in the accompanying tables to this press release under “Non-GAAP Information.”

Third Quarter 2026 Highlights

Produced 38.2 thousand barrels of oil equivalent per day (“MBoe/d”) (50% liquids), which was approximately 9% above midpoint and 4% above the high end of the Company’s guidance and up 10% from the second quarter of 2026;
Incurred $76.7 million in lease operating expenses, slightly below the midpoint of guidance, despite oil prices being higher than prior year and production being above guidance;
Reported net loss of $13.6 million, or $(0.09) per diluted share, and Adjusted Net Income of $0.9 million, or $0.01 per diluted share;
Generated Adjusted EBITDA of $51.1 million, an increase of 30% over the third quarter of 2025 and $163.9 million of Adjusted EBITDA generated in the first nine months of 2026, an increase of 50% compared to the first nine months of 2025;
Generated Free Cash Flow of $33.2 million for the third quarter of 2026 and $89.3 million for the first nine months of 2026;
Utilized W&T’s At-the-Market (“ATM”) agreement to issue 3.6 million common shares with net proceeds of $14.7 million to further enhance liquidity and support near-term strategic growth objectives;
Grew unrestricted cash and cash equivalents 27% to $191.3 million from $150.7 million at June 30, 2026, which resulted in a 20% decrease in Net Debt to $160.7 million from $200.9 million at June 30, 2026;
- Reduced net debt to trailing twelve months Adjusted EBITDA to 0.9x from 1.1x at June 30, 2026 and 1.6x at September 30, 2025;
- Increased total available liquidity to $234.7 million at September 30, 2026 from $194.1 million at June 30, 2026 and $174.8 million at September 30, 2025;
On October 1, 2026, W&T converted its credit facility to a reserve-based lending structure that provides greater financial flexibility and the potential to expand commitments from $50 million to $100 million;
- The agreement eliminates restrictive cash flow and repayment requirements while increasing annual shareholder distribution capacity;
Paid 12^th consecutive quarterly dividend of $0.01 per share on August 26, 2026 and declared a quarterly dividend of $0.01 per share for 4Q 2026, payable on November 19, 2026 to shareholders of record on November 12, 2026;
As the previously disclosed surety lawsuits continue to progress, W&T is working with damages experts to quantify its claims. While the results of the surety lawsuits remain uncertain, and there can be no assurance of a successful result, management continues to believe that assuming W&T prevails in the litigation (including on its antitrust claims), the Company’s damages claims could be substantial. See additional details below.

Management Commentary

Tracy W. Krohn, W&T’s Chairman of the Board and Chief Executive Officer, commented, “We continue to deliver strong operational results that are enhancing our financial results. In the third quarter of 2026, we increased production to 38.2 Mboe/d, with lease operating expenses slightly below the midpoint of guidance. The first nine months of 2026 have led to some outstanding results, where we have generated Adjusted EBITDA of $164 million, Free Cash Flow of $89 million and we have increased our cash on hand to almost $200 million. We have already generated more Adjusted EBITDA in the first nine months of 2026 than we did for the full year 2025 or full year 2024.

Immediately following quarter-end, we announced the conversion of our credit facility to a more flexible reserve-based lending structure, with the support of our bank group, led by Texas Capital Bank. The change strengthens our capital structure by eliminating restrictive lending requirements thereby improving liquidity and financial flexibility while providing the potential to significantly expand our borrowing capacity to $100 million from $50 million. There were no changes to pricing or financial covenants or amendment fees. We have materially strengthened our balance sheet, added financial flexibility and remain very well positioned to execute on our strategy which includes evaluating and integrating accretive acquisitions.”

Krohn concluded, “For the past 40 years, we have consistently created significant value by methodically integrating producing property acquisitions and we continue to demonstrate our success through the solid operational and financial results we have delivered in 2026. We have developed a unique culture with a differentiating strategy and it’s our ability to reliably execute throughout the years that allows us to continue to add value. While the market has begun to reward our strong results with our increased share price, with a combination of our Free Cash Flow generation, strong balance sheet and continued commitment to dividends, I believe that we are still meaningfully undervalued. We have paid a consistent quarterly dividend for the past three years, returning value to our shareholders and our net debt to trailing twelve months Adjusted EBITDA ratio has fallen to 0.9 times. Our proven strategy is highly successful and our commitment to operational excellence, enhancing production and cost control should continue to add value into the future.”

Surety Legal Update

W&T has continued to pursue discovery materials in the surety lawsuits, and it has made significant progress in obtaining agreements from opposing counsel and a court order requiring defendants to review and produce communications relevant to W&T’s claims. W&T is also continuing to seek additional materials from third parties. Depositions of the surety and broker defendants are expected to take place over the coming months. W&T expects that the documents and deposition testimony obtained in discovery will inform its work with its retained experts to quantify its damages. While the outcome of the litigation remains uncertain, and there can be no assurance of a successful result, management continues to believe that assuming W&T prevails in the litigation (including on its antitrust claims), the Company’s damages claims could be substantial. Further, any damages awarded on the antitrust claims would be subject to automatic trebling, as well as recovery of reasonable attorneys’ fees under applicable statutes, and may range into the hundreds of millions of dollars. This estimate reflects management’s current assessment and may change as the litigation proceeds.

The Company excludes costs associated with surety litigation from all non-GAAP metrics for all periods presented because management believes these discretionary legal costs are not indicative of its ongoing operating cost structure, and excluding them aligns these measures with the basis on which the Company’s financial results and guidance was prepared.

Third Quarter 2026 Results

Key Financial Highlights


								Three Months
	Three Months Ended							Ended
	September 30,			June 30,		%		September 30,			%
($ in thousands, except per share amounts)	2026			2026		Change		2025			Change
Total revenues	$	167,080		$	162,619	3	%	$	127,515		31	%
Net (loss) income		(13,649	)		12,561	NM			(71,474	)	(81	)%
Net (loss) income per diluted share		(0.09	)		0.08	NM			(0.48	)	(81	)%
Adjusted Net Income (Loss)		936			13,986	(93	)%		(4,295	)	NM
Adjusted Net Income (Loss) per diluted share		0.01			0.09	(93	)%		(0.03	)	NM
Free Cash Flow		33,173			33,557	(1	)%		(1,162	)	NM
Adjusted EBITDA		51,139			56,583	(10	)%		39,273		30	%
Capital expenditures, accrual basis		3,101			10,358	(70	)%		22,542		(86	)%
Asset retirement obligation settlements		5,909			3,437	72	%		8,895		(34	)%

Operating Data


							Three Months
	Three Months Ended						Ended
	September 30,		June 30,		%		September 30,		%
	2026		2026		Change		2025		Change
Net sales volumes:
Oil (MBbls) ⁽¹⁾		1,314		1,213	8	%		1,302	1	%
NGLs (MBbls)		482		329	47	%		280	72	%
Natural gas (MMcf) ⁽²⁾		10,305		9,689	6	%		10,159	1	%
Total oil equivalent (MBoe) ⁽³⁾		3,514		3,157	11	%		3,275	7	%

Average daily equivalent sales (MBoe/d)		38.2		34.7	10	%		35.6	7	%

Average realized sales prices (before the impact of derivative settlements):
Oil ($/Bbl) ⁽⁴⁾	$	85.06	$	99.30	(14	)%	$	64.62	32	%
NGLs ($/Bbl)		18.92		18.35	3	%		14.29	32	%
Natural gas ($/Mcf) ⁽⁵⁾		4.00		3.31	21	%		3.68	9	%
Oil equivalent ($/Boe) ⁽⁶⁾		46.13		50.23	(8	)%		38.33	20	%

⁽¹⁾MBbls — thousands of barrels of oil, condensate or NGLs
⁽²⁾MMcf — million cubic feet
⁽³⁾MBoe — thousand barrels of oil equivalent
⁽⁴⁾Bbl — barrels of oil, condensate or NGLs
⁽⁵⁾Mcf — thousand cubic feet
⁽⁶⁾Boe — barrels of oil equivalent

Operating Expenses


							Three Months
	Three Months Ended						Ended
	September 30,		June 30,		%		September 30,		%
	2026		2026		Change		2025		Change
	*(in thousands)*
Lease operating expenses	$	76,671	$	71,563	7	%	$	76,215	1	%
Lease operating expenses per Boe		21.82		22.67	(4	)%		23.27	(6	)%
Gathering, transportation and production taxes		9,376		6,565	43	%		5,818	61	%
Gathering, transportation and production taxes per Boe		2.67		2.08	28	%		1.78	50	%
Depreciation, depletion, and amortization		28,266		25,578	11	%		28,580	(1	)%
Depreciation, depletion, and amortization per Boe		8.04		8.10	(1	)%		8.73	(8	)%
General and administrative expenses		31,685		27,508	15	%		21,510	47	%
General and administrative expenses per Boe		9.02		8.71	4	%		6.57	37	%
Adjusted General and Administrative Expenses		19,256		14,257	35	%		17,801	8	%
Adjusted General and Administrative Expenses per Boe		5.48		4.52	21	%		5.44	1	%

General and administrative expenses for the third quarter of 2026 were up compared with the second quarter of 2026 as a result of an increase in non-cash share-based compensation costs. The increase was driven primarily by an increase in the Company’s share price used to value certain of the Company’s share-based compensation awards that are marked-to-market at the end of each reporting period.

Capital Expenditures, Asset Retirement Obligation Settlements and Decommissioning Obligation Settlements


							Three Months
	Three Months Ended						Ended
	September 30,		June 30,		%		September 30,		%
	2026		2026		Change		2025		Change
	*(in thousands)*
Capital expenditures (accrual basis)	$	3,101	$	10,358	(70	)%	$	22,542	(86	)%
Asset retirement obligation settlements		5,909		3,437	72	%		8,895	(34	)%
Decommissioning obligation settlements ⁽¹⁾		1,881		1,196	57	%		62	2,934	%

⁽¹⁾ Settlement of decommissioning obligations as a result of working interest partners or counterparties of divestiture transactions that were unable to perform the required abandonment obligations due to bankruptcy or insolvency.

Balance Sheet and Liquidity

As of September 30, 2026, W&T had available liquidity of $234.7 million comprised of $191.3 million in unrestricted cash and cash equivalents and $43.4 million of borrowing availability under W&T’s revolving credit facility, based on a borrowing base of $50.0 million and $6.6 million of letters of credit outstanding. As of September 30, 2026, the Company had total debt of $352.0 million, Net Debt of $160.7 million and Net Debt to trailing twelve month Adjusted EBITDA was 0.9 times. During Q3 2026, W&T utilized its ATM agreement to issue 3.6 million common shares with net proceeds of $14.7 million to further enhance liquidity and support near-term strategic growth objectives.

On October 1, 2026, the Company entered into the Second Amendment to its Credit Agreement with Texas Capital Bank, as administrative agent, and its bank group, converting its existing $50.0 million revolving credit facility into a conventional reserve-based revolving credit facility (“RBL”), effective as of that date.

Key Highlights of the Amended Facility

Conventional RBL structure: Initial borrowing base of $50.0 million, fully supporting $50.0 million of elected commitments, with an aggregate maximum credit amount of $100.0 million that provides capacity to increase commitments to support future growth. The borrowing base will be redetermined semi-annually each May 1 and November 1, beginning November 1, 2026;
Removal of restrictive features: Eliminates the 75% excess cash flow sweep, the requirement to repay any outstanding revolving credit facility balance every three months and the $100.0 million minimum PDP PV-10 asset coverage covenant, giving the Company greater control over its cash flow and liquidity;
Increased shareholder return capacity: The annual restricted payments basket was increased by 50%, from $10.0 million to $15.0 million;
Unchanged pricing and covenants: No change to interest rate margins, the Term SOFR floor, maturity, collateral, or the Company’s financial covenants, including a maximum net leverage ratio of 2.50x and a minimum current ratio of 1.00x;
No amendment fees: The lenders did not charge any amendment fees in connection with the transaction, other than the reimbursement of customary fees and expenses of the administrative agent.

Derivatives

A summary of the Company’s outstanding derivative positions is provided in the investor presentation posted on W&T’s website.

Well Recompletions and Workovers

During the third quarter of 2026, W&T performed seven workover projects and one recompletion that positively impacted production. W&T plans to continue performing these low cost and low risk short payout operations that impact both production and revenue.

Quarterly Dividend Policy

The Board of Directors declared a fourth quarter 2026 dividend of $0.01 per share which is to be paid on November 19, 2026 to shareholders of record on November 12, 2026.

Fourth Quarter and Full Year 2026 Production and Expense Guidance

The guidance for the fourth quarter and full year 2026 in the table below represents the Company’s current expectations. Please refer to the section entitled “Forward-Looking and Cautionary Statements” below for risk factors that could impact guidance.

Production	Fourth Quarter 2026	Full Year 2026
Oil (MBbls)	1,170 – 1,290	4,710 – 5,210
NGLs (MBbls)	400 – 440	1,620 – 1,820
Natural gas (MMcf)	8,250 – 9,120	35,380 – 39,180
Total equivalents (MBoe)	2,945 – 3,250	12,227 – 13,560
Average daily equivalents (MBoe/d)	32.0 – 35.3	33.5 – 37.2

Expenses	Fourth Quarter 2026	Full Year 2026
Lease operating expense ($MM)	65.4 – 72.3 ⁽¹⁾	264.7 – 294.7
Gathering, transportation and production taxes ($MM)	8.4 – 9.3	33.3 – 37.3
Adjusted General and Administrative Expenses ($MM)	16.9 – 18.6 ⁽²⁾	63.2 – 70.2
Depreciation, depletion, amortization and accretion ($ per Boe)		10.25 – 11.35

Capital Expenditures and Plugging and Abandonment	Full Year 2026
Capital expenditures ($MM)	35.0 – 38.0
Plugging and Abandonment ($MM)	34.0 – 42.4

⁽¹⁾Lease operating expenses include an $8.5 million net royalty credit related to the settlement of historical refund claims. This is being partially offset by accelerating the timing of facility and workover projects that otherwise would have been performed in 2027.

⁽²⁾Adjusted General and Administrative Expenses guidance was prepared at the beginning of 2026 largely excluding non-recurring legal costs. Fourth quarter non-recurring legal costs are expected to be in the range of $2.9 million to $3.2 million and will be incremental to the range.

Fourth quarter 2026 production guidance includes short-term sales volumes reductions from Hurricane Isaias and planned Mobile Bay turnaround with a combined impact to production of approximately 2,600 Boe/d.

Full year 2026 capital expenditures are now expected to be in the range of $35.0 to $38.0 million as a result of pulling forward 2027 capital projects to the fourth quarter to capitalize on higher commodity prices. The benefits to production from these expenditures are expected to be realized over the first half of 2027.

Conference Call Information

W&T will hold a conference call to discuss its financial and operational results on Friday, October 30, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Interested parties may dial 1-844-739-3797. International parties may dial 1-412-317-5713. Participants should request to connect to the “W&T Offshore Conference Call.” This call will also be webcast and available on W&T’s website at www.wtoffshore.com under “Investors.” An audio replay will be available on the Company’s website following the call.

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of September 30, 2026, the Company had working interests in 48 fields in federal and state waters (which include 41 fields in federal waters and seven in state waters). The Company has under lease approximately 588,500 gross acres (455,800 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 446,700 gross acres on the conventional shelf, approximately 136,200 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

Forward-Looking and Cautionary Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release, including those regarding the Company’s financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, projected costs, industry conditions, potential acquisitions, the outcomes and impact of ongoing litigation, the impact of potential regulatory changes, the impact of and integration of acquired assets, future production, probable reserves, capital expenditures associated with producing reserves, future expenses and indebtedness are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, NGLs and natural gas, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.

W&T OFFSHORE, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

	Three Months Ended
	September 30,			June 30,			September 30,
	2026			2026			2025
Revenues:
Oil	$	111,773		$	120,454		$	84,131
NGLs		9,121			6,037			4,000
Natural gas		41,204			32,093			37,400
Other		4,982			4,035			1,984
Total revenues		167,080			162,619			127,515

Operating expenses:
Lease operating expenses		76,671			71,563			76,215
Gathering, transportation and production taxes		9,376			6,565			5,818
Depreciation, depletion, and amortization		28,266			25,578			28,580
Asset retirement obligations accretion		8,606			8,776			8,002
General and administrative expenses		31,685			27,508			21,510
Other operating expenses		655			—			—
Total operating expenses		155,259			139,990			140,125

Operating income (loss)		11,821			22,629			(12,610	)

Interest expense, net		8,956			9,231			8,998
Derivative loss (gain), net		15,800			1,917			(4,108	)
Other expense (income), net		216			287			(2,017	)
(Loss) income before income taxes		(13,151	)		11,194			(15,483	)
Income tax expense (benefit)		498			(1,367	)		55,991
Net (loss) income	$	(13,649	)	$	12,561		$	(71,474	)

Net (loss) income per common share:
Basic	$	(0.09	)	$	0.08		$	(0.48	)
Diluted	$	(0.09	)	$	0.08		$	(0.48	)

Weighted average common shares outstanding:
Basic		151,847			149,705			148,589
Diluted		151,847			157,657			148,589

W&T OFFSHORE, INC.
Consolidated Balance Sheets
(In thousands)
(Unaudited)

	September 30,			June 30,			December 31,
	2026			2026			2025
Assets
Current assets:
Cash and cash equivalents	$	191,317		$	150,683		$	140,558
Restricted cash		—			—			62
Accounts receivable:
Oil, natural gas liquids and natural gas sales		79,113			67,094			59,633
Joint interest, net		25,455			25,581			24,473
Prepaid expenses and other current assets		18,477			19,433			14,543
Total current assets		314,362			262,791			239,269

Oil and natural gas properties and other, net		621,476			641,718			662,082
Restricted deposits for asset retirement obligations		24,410			24,122			24,026
Deferred income taxes		96			88			35
Other assets		30,684			30,795			30,395
Total assets	$	991,028		$	959,514		$	955,807

Liabilities and Shareholders’ Deficit
Current liabilities:
Accounts payable	$	95,409		$	88,750		$	98,406
Accrued liabilities		52,486			37,540			39,809
Undistributed oil and natural gas proceeds		66,941			63,269			59,065
Advances from joint interest partners		2,123			2,267			2,394
Current portion of asset retirement obligations		22,010			24,411			26,147
Current portion of long-term debt, net		1,000			8,158			8,458
Total current liabilities		239,969			224,395			234,279

Asset retirement obligations		558,802			548,824			535,704
Long-term debt, net		350,972			343,418			342,355
Other liabilities		17,365			14,529			15,781

Commitments and contingencies		13,851			24,549			27,440

Shareholders’ deficit:
Preferred stock		—			—			—
Common stock		2			2			2
Additional paid-in capital		643,055			621,460			604,732
Retained deficit		(808,821	)		(793,496	)		(780,319	)
Treasury stock		(24,167	)		(24,167	)		(24,167	)
Total shareholders’ deficit		(189,931	)		(196,201	)		(199,752	)
Total liabilities and shareholders’ deficit	$	991,028		$	959,514		$	955,807

W&T OFFSHORE, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

	Three Months Ended
	September 30,			June 30,			September 30,
	2026			2026			2025
Operating activities:
Net income (loss)	$	(13,649	)	$	12,561		$	(71,474	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion		36,872			34,354			36,582
Share-based compensation		10,410			11,062			3,536
Amortization of debt issuance costs		801			794			766
Derivative loss (gain), net		15,800			1,917			(4,108	)
Derivative premium payment		—			(7,300	)		—
Derivative cash (settlements) receipts, net		(7,380	)		(13,846	)		11,254
Deferred income tax (benefit) expense		(8	)		(26	)		56,637
Changes in operating assets and liabilities:
Accounts receivable		(11,893	)		7,318			3,895
Prepaid expenses and other current assets		1,086			(632	)		(111	)
Accounts payable, accrued liabilities and other		10,517			(9,443	)		(1,545	)
Asset retirement obligation settlements		(5,909	)		(3,437	)		(8,895	)
Net cash provided by operating activities		36,647			33,322			26,537

Investing activities:
Investment in oil and natural gas properties and equipment		(8,142	)		(8,631	)		(21,794	)
Purchases of furniture, fixtures and other		(45	)		—			(7	)
Distribution from unconsolidated affiliate		—			—			927
Net cash used in investing activities		(8,187	)		(8,631	)		(20,874	)

Financing activities:
Repayments of long-term debt		(8,275	)		(275	)		(275	)
Proceeds from issuance of long-term debt		8,000			—			—
Purchase of government securities in connection with legal defeasance of 11.75% Senior Second Lien Notes		—			—			541
Debt issuance costs		—			65			—
Proceeds from issuance of common stock		14,670			—			—
Payment of dividends		(1,581	)		(1,618	)		(1,515	)
Other		(640	)		(3,099	)		(342	)
Net cash provided by (used in) financing activities		12,174			(4,927	)		(1,591	)
Change in cash, cash equivalents and restricted cash		40,634			19,764			4,072
Cash, cash equivalents and restricted cash, beginning of period		150,683			130,919			122,275
Cash, cash equivalents and restricted cash, end of period	$	191,317		$	150,683		$	126,347

NON-GAAP INFORMATION

This release may include the use of various measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP) such as, but not limited to, Adjusted General and Administrative Expenses, Adjusted Net Income (Loss), Adjusted EBITDA, Free Cash Flow and Net Debt. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Reconciliations for non-GAAP measures to GAAP measures are included at the end of this release.

Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including Adjusted General and Administrative Expenses, Adjusted Net Income (Loss) and Adjusted EBITDA) and liquidity (Free Cash Flow and Net Debt) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables it to evaluate its operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that Free Cash Flow is an important supplemental measure of its cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

Reconciliation of General and Administrative Expenses to Adjusted General and Administrative Expenses


	Three Months Ended
	September 30,			June 30,			September 30,
	2026			2026			2025
	*(in thousands)*
General and administrative expenses	$	31,685		$	27,508		$	21,510
Non-cash share-based compensation expense		(10,410	)		(11,062	)		(3,536	)
Non-recurring legal costs		(2,019	)		(2,189	)		(173	)
Adjusted General and Administrative Expenses	$	19,256		$	14,257		$	17,801

Reconciliation of Net (Loss) Income to Adjusted Net Income (Loss)


	Three Months Ended
	September 30,			June 30,			September 30,
	2026			2026			2025
		(in thousands, except per share amounts)
		(Unaudited)
Net (loss) income	$	(13,649	)	$	12,561		$	(71,474	)
Selected items:
Unrealized commodity derivative loss (gain), net		5,918			(11,774	)		5,583
Allowance for credit losses		49			120			156
Non-cash share-based compensation		10,410			11,062			3,536
Non-recurring legal costs		2,019			2,189			173
Other		66			207			(272	)
Total selected items before tax		18,462			1,804			9,176
Tax effect of selected items ⁽¹⁾		(3,877	)		(379	)		(1,927	)
Total selected items, net of tax		14,585			1,425			7,249
Impact of valuation adjustments		—			—			59,930
Adjusted Net Income (Loss)	$	936		$	13,986		$	(4,295	)

Net (loss) income per common share (diluted)	$	(0.09	)	$	0.08		$	(0.48	)
Total adjustments per share, net of income tax		0.10			0.01			0.45
Adjusted Net Income (Loss) per common share (diluted)	$	0.01		$	0.09		$	(0.03	)

Weighted average shares outstanding (diluted)		151,847			157,657			148,589

⁽¹⁾ Selected items were tax effected with the Federal Statutory Rate of 21% for each respective period.

Reconciliation of Net (Loss) Income to Adjusted EBITDA


	Three Months Ended
	September 30,			June 30,			September 30,
	2026			2026			2025
	(in thousands)
	(Unaudited)
Net (loss) income	$	(13,649	)	$	12,561		$	(71,474	)
Interest expense, net		8,956			9,231			8,998
Income tax expense (benefit)		498			(1,367	)		55,991
Depreciation, depletion and amortization		28,266			25,578			28,580
Asset retirement obligations accretion		8,606			8,776			8,002
Unrealized commodity derivative loss (gain), net		5,918			(11,774	)		5,583
Allowance for credit losses		49			120			156
Non-cash share-based compensation		10,410			11,062			3,536
Non-recurring legal costs		2,019			2,189			173
Other		66			207			(272	)
Adjusted EBITDA	$	51,139		$	56,583		$	39,273

Reconciliation of Cash Flow from Operating Activities to Free Cash Flow


		Three Months Ended
		September 30,			June 30,			September 30,
		2026			2026			2025
		(in thousands)
		(Unaudited)
Net cash provided by operating activities		$	36,647		$	33,322		$	26,537
Allowance for credit losses			49			120			156
Amortization of debt issuance costs			(801	)		(794	)		(766	)
Non-recurring legal costs			2,019			2,189			173
Current tax expense (benefit) ⁽¹⁾			506			(1,341	)		(646	)
Change in derivatives receivable (payable) ⁽²⁾			(2,502	)		155			(1,563	)
Derivative premium payment			—			7,300			—
Changes in operating assets and liabilities, excluding asset retirement obligation settlements			290			2,757			(2,239	)
Capital expenditures, accrual basis ⁽³⁾			(3,101	)		(10,358	)		(22,542	)
Other			66			207			(272	)
Free Cash Flow		$	33,173		$	33,557		$	(1,162	)


⁽¹⁾	Income tax expense (benefit)	$	498		$	(1,367	)	$	55,991
	Less: Deferred income tax (benefit) expense		(8	)		(26	)		56,637
	Current tax expense (benefit)	$	506		$	(1,341	)	$	(646	)

⁽²⁾	Derivatives receivable (payable), end of period	$	(5,025	)	$	(2,523	)	$	—
	Derivatives payable (receivable), beginning of period		2,523			2,678			(1,563	)
	Change in derivatives receivable (payable)	$	(2,502	)	$	155		$	(1,563	)

⁽³⁾	Investment in oil and natural gas properties and equipment	$	(8,142	)	$	(8,631	)	$	(21,794	)
	Less: change in accrual for capital expenditures		(5,041	)		1,727			748
	Capital expenditures, accrual basis	$	(3,101	)	$	(10,358	)	$	(22,542	)

Reconciliation of Total Debt to Net Debt


	September 30,			June 30,			December 31,
($ in thousands)	2026			2026			2025
Current portion of long-term debt	$	1,000		$	8,158		$	8,458
Long-term debt		350,972			343,418			342,355
Total debt		351,972			351,576			350,813
Cash and cash equivalents		(191,317	)		(150,683	)		(140,558	)
Net Debt	$	160,655		$	200,893		$	210,255


CONTACT:	Al Petrie	Sameer Parasnis
	Investor Relations Coordinator	Executive VP and CFO
	investorrelations@wtoffshore.com
	713-297-8024

Posted in UncategorizedTagged GlobeNewswire

Arhaus to Announce Third Quarter 2026 Financial Results on November 5, 2026

Posted on October 29, 2026 by Ravi Shankar

BOSTON HEIGHTS, Ohio, Oct. 29, 2026 (GLOBE NEWSWIRE) — Arhaus, Inc. (“Arhaus” or the “Company”) (NASDAQ: ARHS), a premium home furnishing brand known for responsibly sourced, artisan-crafted products and heirloom-quality design, will release its third quarter 2026 results on Thursday, November 5, 2026, before the stock market opens, followed by a conference call to review the Company’s financial and operational results at 8:30 a.m. Eastern Time.

A live webcast will be available at ir.arhaus.com.

To participate in the live call, dial:
U.S. Toll-Free: (877) 407-3982
International: +1 (201) 493-6780
Conference ID: 13758508

A telephone replay will be available for one week at:
U.S. Toll-Free: (844) 512-2921
International: +1 (412) 317-6671
Conference ID: 13758508

A webcast replay will remain available at ir.arhaus.com for approximately 12 months.

About Arhaus
Founded in 1986 by Chief Executive Officer John Reed and his father, Arhaus is a premium home furnishings brand built on a simple idea: furniture and décor should be responsibly sourced, lovingly made, and built to last. Arhaus operates a vertically integrated model, designing and sourcing products directly from skilled artisans and carefully selected manufacturing partners around the world, including domestic upholstery production at its own North Carolina manufacturing facility. This approach enables Arhaus to offer a highly exclusive and customizable assortment of heirloom-quality furniture and décor designed to be used and enjoyed for generations.

With more than 100 Showroom locations across the United States, Arhaus’ integrated omni-channel model connects every client touchpoint, from Showroom and interior design to eCommerce and catalog, allowing Arhaus to meet clients wherever and however they choose to shop while delivering a highly personalized client-first experience from discovery through delivery.

For more information, please visit www.arhaus.com.

Investor Contact:
Tara Atwood Saja
Vice President, Head of Investor Relations
(440) 439-7700
invest@arhaus.com

Posted in UncategorizedTagged GlobeNewswire

Arhaus to Announce Third Quarter 2026 Financial Results on November 5, 2026

Posted on October 29, 2026 by Ravi Shankar

A live webcast will be available at ir.arhaus.com.

To participate in the live call, dial:
U.S. Toll-Free: (877) 407-3982
International: +1 (201) 493-6780
Conference ID: 13758508

A telephone replay will be available for one week at:
U.S. Toll-Free: (844) 512-2921
International: +1 (412) 317-6671
Conference ID: 13758508

A webcast replay will remain available at ir.arhaus.com for approximately 12 months.

For more information, please visit www.arhaus.com.

Investor Contact:
Tara Atwood Saja
Vice President, Head of Investor Relations
(440) 439-7700
invest@arhaus.com

Posted in UncategorizedTagged GlobeNewswire

Smithfield Foods Declares Quarterly Dividend

Posted on October 29, 2026 by Ravi Shankar

SMITHFIELD, Va., Oct. 29, 2026 (GLOBE NEWSWIRE) — Smithfield Foods, Inc. (Nasdaq: SFD), an American food company and an industry leader in value-added packaged meats and fresh pork, today announced its Board of Directors approved a quarterly dividend payment of $0.3125 per share of common stock to be paid on November 25, 2026, to shareholders of record at the close of business on November 12, 2026.

About Smithfield Foods
Smithfield Foods, Inc. (Nasdaq: SFD) is an American food company with a leading position in packaged meats and fresh pork products. With a diverse brand portfolio and strong relationships with U.S. farmers and customers, we responsibly meet demand for quality protein around the world.

Investor Contact:
Julie MacMedan
Email: ir@smithfield.com

Media Contact:
Ray Atkinson
Email: ratkinson@smithfield.com
Cell: 757.576.1383

Posted in UncategorizedTagged GlobeNewswire

Smithfield Foods Declares Quarterly Dividend

Posted on October 29, 2026 by Ravi Shankar

Investor Contact:
Julie MacMedan
Email: ir@smithfield.com

Media Contact:
Ray Atkinson
Email: ratkinson@smithfield.com
Cell: 757.576.1383

Posted in UncategorizedTagged GlobeNewswire

TFI International Announces 2026 Third Quarter Results

Posted on October 29, 2026 by Ravi Shankar

Operating income increased 17% to $180.0 million from $153.3 million in the same prior year quarter
Net income increased 25% to $105.7 million from $84.7 million in Q3 2025, while adjusted net income¹ increased 38% to $137.3 million from $99.1 million in Q3 2025
Diluted earnings per share (diluted “EPS”) increased 25% to $1.28 from $1.02 in Q3 2025, while adjusted diluted EPS¹ increased 39% to $1.67 from $1.20 in Q3 2025
Net cash from operating activities of $235.2 million compares to $255.4 million in Q3 2025, while free cash flow¹of $116.4 million compared to $199.4 million in Q3 2025
The Board of Directors approved a $0.47 quarterly dividend, an increase of 4% over the prior year period

MONTREAL, Oct. 29, 2026 (GLOBE NEWSWIRE) — TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced its results for the third quarter ended September 30, 2026. All amounts are shown in U.S. dollars.

“Through our talented team’s impressive efforts we again generated a sub-90 firmwide operating ratio which, along with a remarkably strong performance from our Truckload operations, helped TFI International record 17% operating income growth and nearly 40% adjusted EPS growth. These results are a direct reflection of our initiatives in recent years to strategically invest and pursue attractive M&A, resulting in a superior focus on specialized freight with industrial end market diversification across multiple modes of transportation,” said Alain Bédard, Chairman, President and Chief Executive Officer. “Our Truckload performance is particularly gratifying, with double digit top line growth despite fewer trucks and operating income that nearly doubled. Our Logistics segment was also very strong, with operating income up nearly 60% and a 15% return on invested capital, while our pricing initiatives within LTL began to benefit results late in the quarter and into October. Overall, TFI International has now produced $440 million of year-to-date free cash flow, improving our leverage ratio both sequentially and year-over-year, all while rewarding our shareholders with the return of excess capital. This solid financial foundation will allow us to remain highly strategic going forward regardless of the cycle, in our drive to further enhance shareholder value.”

THIRD QUARTER RESULTS

Financial highlights

Three months ended September 30

Nine months ended September 30

(in millions of U.S. dollars, except per share data)

2026

2025

2026

2025

Total revenue

2,232.2

1,968.7

6,471.2

5,970.7

Revenue before fuel surcharge

1,857.9

1,724.9

5,460.6

5,233.4

Adjusted EBITDA¹

339.9

305.4

945.2

890.9

Operating income

180.0

153.3

496.9

438.1

Net cash from operating activities

235.2

255.4

612.3

695.6

Net income

105.7

84.7

285.2

238.9

EPS-diluted($)

1.28

1.02

3.46

2.86

Adjusted net income¹

137.3

99.1

347.0

275.4

AdjustedEPS-diluted¹($)

1.67

1.20

4.21

3.29

Weighted average number of shares (‘000s)

82,193

82,524

82,182

83,381

Weighted average number of diluted shares (‘000s)

82,420

82,746

82,438

83,669

Number of share outstanding – end of period (‘000s)

82,193

82,288

82,193

82,288

_{¹ This is a non-IFRS measure. For a reconciliation, please refer to the “Non-IFRS Financial Measures” section below.}

THIRD QUARTER RESULTS
Total revenue of $2.23 billion increased 13% from $1.97 billion in the prior year period and revenue before fuel surcharge of $1.86 billion increased 8% from $1.72 billion in the prior year period. The increase is due to contributions from business acquisitions of $59.3 million, and with $73.7 million related to improving market conditions.

Operating income increased 17% to $180.0 million from $153.3 million in the prior year period. The increase is primarily organic, attributable to the increase in revenues, margin improvements and contributions from business acquisitions of $12.2 million, partially offset by an office-related non-cash building impairment charge of $14.4 million.

Net income increased 25% to $105.7 million from $84.7 million in the prior year period, and net income of $1.28 per diluted share increased 25% from $1.02 in the prior year period. Adjusted net income, a non-IFRS measure, was $137.3 million, or $1.67 per diluted share, a 38% and 39% increase, respectively, over $99.1 million, or $1.20 per diluted share, in the prior year period.

Total revenue increased by 22% for the Logistics segment, 15% for the Truckload segment, and 7% for the Less-Than-Truckload segment. Operating income increased by 91% in the Truckload segment, 59% in the Logistics segment, and decreased by 43% in the Less-Than-Truckload segment, which included the non-cash impairment charge of $14.4 million. Corporate expenses were $14.1 million, up from $8.0 million in the prior year, that benefited from a $5.0 million reversal on accident reserves.

NINE-MONTH RESULTS

Total revenue of $6.47 billion increased from $5.97 billion in the prior year period and revenue before fuel surcharge of $5.46 billion increased from $5.23 billion in the prior year period. The increase is due to contributions from business acquisitions of $169.1 million, and with $58.1 million related to improving market conditions.

Operating income grew to $496.9 million from $438.1 million in the prior year period. The increase is primarily attributable to the increase in revenues, margin improvements, and contributions from business acquisitions of $32.3 million, partially offset by incremental accident related reserves of $23.4 million, that includes a $5.0 million reserve reversal in the prior year, and a non-cash office-related building impairment of $14.4 million.

Net income grew to $285.2 million compared to $238.9 million in the prior year period, and net income of $3.46 per diluted share compared to $2.86. Adjusted net income, a non-IFRS measure, was $347.0 million, or $4.21 per diluted share, compared to $275.4 million, or $3.29 per diluted share in the prior year period.

Total revenue increased by 11% for the Logistics segment, 10% for the Truckload segment, and 6% for the Less-Than-Truckload segment. Operating income increased by 52% in the Truckload segment and 34% in the Logistics segment, and decreased by 19% in the Less-Than-Truckload segment, which included the non-cash impairment charge of $14.4 million. Corporate expenses were $59.1 million, up from $32.2 million in the prior year, primarily due to increased accident reserves.


SEGMENTED RESULTS
*(in millions of U.S. dollars)*	Three months ended September 30												Nine months ended September 30
	2026						2025						2026						2025
	$						$						$						$
Revenue before fuel surcharge
Less-Than-Truckload		677.7						687.0						2,058.9						2,069.7
Truckload		753.0						684.1						2,186.6						2,059.2
Logistics		437.0						367.8						1,257.2						1,145.8
Eliminations		(9.7	)					(14.0	)					(42.1	)					(41.4	)
		1,857.9						1,724.9						5,460.6						5,233.4
	$			% of Rev.¹			$			% of Rev.¹			$			% of Rev.¹			$			% of Rev.¹
Operating income (loss)
Less-Than-Truckload		44.4			6.6	%		77.7			11.3	%		160.8			7.8	%		198.4			9.6	%
Truckload		100.2			13.3	%		52.6			7.7	%		261.8			12.0	%		171.9			8.4	%
Logistics		49.4			11.3	%		31.0			8.4	%		133.5			10.6	%		100.0			8.7	%
Corporate		(14.1	)					(8.0	)					(59.1	)					(32.2	)
		180.0			9.7	%		153.3			8.9	%		496.9			9.1	%		438.1			8.4	%
_{Note: due to rounding, totals may differ slightly from the sum.}
_{¹Revenue before fuel surcharge}

CASH FLOW
Net cash flow from operating activities decreased to $235.2 million compared to $255.4 million in the prior year period. The change was due in part to a reduction in non-cash working capital as the increase in accounts receivable outpaced the increase in accounts payable as fuel costs have shorter payment periods and more income tax payments, and was offset by an increase in income and less cash requirements for provisions and employee benefits.

Net cash from investing activities decreased by $61.9 million, primarily due to an increase in the purchase of property and equipment of $60.6 million, as planned capital expenditure-related deliveries were received during the quarter.

Net cash used in financing activities decreased by $61.3 million, primarily due to not having repurchases of shares for cancellation in the quarter as compared to $67.4 million in the same prior year period.

On September 15, 2026, the Board of Directors of TFI International declared a quarterly dividend of $0.47 per outstanding common share, paid on October 15, 2026, representing a 4% increase over the $0.45 quarterly dividend declared in Q3 2025.

OUTLOOK

Assuming no significant positive or negative change in the operating environment, the Company expects fourth quarter 2026 adjusted diluted EPS to be in the range of $1.30 to $1.40. The Company expects full-year net capital expenditures excluding real estate; to be in the range of between $225 million and $250 million. The Company expects year-over-year adjusted operating ratio, a non-IFRS measure, improvement in the quarter of 400 to 500 basis points for the Truckload segment, 100 to 200 basis points for the Logistics segment, and to have a 0 to 100 basis points decline in the Less-Than-Truckload segment.

WEBCAST DETAILS
TFI International will host a webcast on Friday, October 30, 2026 at 9:30 a.m. Eastern Time to discuss these results. Interested parties can join the webcast or access the replay of the webcast via the link accessible on the TFI website under the Presentations and Reports section.

ABOUT TFI INTERNATIONAL
TFI International Inc. is a North American leader in the transportation and logistics industry, operating across the United States, Canada and Mexico through its subsidiaries. TFI International creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries. Under the TFI International umbrella, companies benefit from financial and operational resources to build their businesses and increase their efficiency. TFI International companies service the following segments:

Less-Than-Truckload;
Truckload;
Logistics.

TFI International Inc. is publicly traded on the New York Stock Exchange and the Toronto Stock Exchange under symbol TFII. For more information, visit www.tfiintl.com.

FORWARD-LOOKING STATEMENTS
The Company may make statements in this report that reflect its current expectations regarding future results of operations, performance and achievements. These are “forward-looking” statements and reflect management’s current beliefs. They are based on information currently available to management. Words such as “may”, “might”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, “to its knowledge”, “could”, “design”, “forecast”, “goal”, “hope”, “likely”, “predict”, “project”, “seek”, “should”, “target”, “will”, “would” or “continue” and words and expressions of similar import are intended to identify these forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and those presently anticipated or projected.

The Company wishes to caution readers not to place undue reliance on any forward-looking statements which reference issues only as of the date made. The following important factors could cause the Company’s actual financial performance to differ materially from that expressed in any forward-looking statement: the highly competitive market conditions, the Company’s ability to recruit, train and retain qualified drivers, fuel price variations and the Company’s ability to recover these costs from its customers, foreign currency fluctuations, the impact of environmental standards and regulations, imposing of tariffs or changes to the rates of tariffs and their impact on the market, changes in governmental regulations applicable to the Company’s operations, adverse weather conditions, accidents, the market for used equipment, changes in interest rates, cost of liability insurance coverage, downturns in general economic conditions affecting the Company and its customers, credit market liquidity, and the Company’s ability to identify, negotiate, consummate, and successfully integrate acquisitions. In addition, any material weaknesses in internal control over financial reporting that are identified, and the cost of remediation of any such material weakness and any other control deficiencies, may have adverse effects on the Company and impact future results.

The foregoing list should not be construed as exhaustive, and the Company disclaims any subsequent obligation to revise or update any previously made forward-looking statements unless required to do so by applicable securities laws. Unanticipated events are likely to occur. Readers should also refer to the section “Risks and Uncertainties” at the end of the 2026 Q3 MD&A for additional information on risk factors and other events that are not within the Company’s control. The Company’s future financial and operating results may fluctuate as a result of these and other risk factors.

NON-IFRS FINANCIAL MEASURES
This press release includes references to certain non-IFRS financial measures as described below. These non-IFRS measures do not have any standardized meanings prescribed by International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB) and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, they should not be considered in isolation, in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. The terms and definitions of the non-IFRS measures used in this press release and a reconciliation of each non-IFRS measure to the most directly comparable IFRS measure are provided in the exhibits.

Adjusted EBITDA:
Adjusted EBITDA is calculated as net income before finance income and costs, income tax expense, depreciation, amortization, impairment of intangible assets, bargain purchase gain, restructuring from business acquisitions, and gain or loss on sale of land and buildings, assets held for sale, sale of business, and gain or loss on disposal of intangible assets. Management believes adjusted EBITDA to be a useful supplemental measure. Adjusted EBITDA is provided to assist in determining the ability of the Company to assess its performance.

Adjusted EBITDA

Three months ended September 30

Nine months ended September 30

(unaudited, in millions of U.S. dollars)

2026

2025

2026

2025

Net income

105.7

84.7

285.2

238.9

Net finance costs

40.1

41.6

124.5

121.5

Income tax expense

34.1

27.0

87.3

77.7

Depreciation of property and equipment

80.1

87.3

241.4

265.8

Depreciation of right-of-use assets

44.3

44.0

134.8

129.8

Amortization of intangible assets

21.2

21.7

66.5

65.1

(Gain) loss, net of impairment, on sale of land and buildings and assets held for sale

14.2

(0.9

)

5.6

(7.9

)

Adjusted EBITDA

339.9

305.4

945.2

890.9

_{Note: due to rounding, totals may differ slightly from the sum.}

Adjusted net income and adjusted earnings per share (adjusted “EPS”), basic or diluted:
Adjusted net income is calculated as net income excluding amortization of intangible assets related to business acquisitions, net change in the fair value and accretion expense of contingent considerations, net change in the fair value of derivatives, net foreign exchange gain or loss, impairment of intangible assets, bargain purchase gain, restructuring from business acquisitions, gain or loss on sale of land and buildings and assets held for sale, impairment on assets held for sale, gain or loss on the sale of business and directly attributable expenses due to the disposal, restructuring from business acquisition and corresponding tax impacts. Adjusted earnings per share, basic or diluted, is calculated as adjusted net income divided by the weighted average number of common shares, basic or diluted. The Company uses adjusted net income and adjusted earnings per share to measure its performance from one period to the next, without the variation caused by the impact of the items described above. The Company excludes these items because they affect the comparability of its financial results and could potentially distort the analysis of trends in its business performance. Excluding these items does not imply they are necessarily non-recurring.

*Adjusted net income*	Three months ended September 30						Nine months ended September 30
*(unaudited, in millions of U.S. dollars, except per share data)*	2026			2025			2026			2025
Net income		105.7			84.7			285.2			238.9
Amortization of intangible assets related to business acquisitions		19.9			19.3			62.7			57.7
Net change in fair value and accretion expense of contingent consideration		2.9			0.0			8.4			0.0
Net foreign exchange loss		0.5			1.4			2.7			0.9
(Gain) loss, net of impairment, on sale of land and buildings and assets held for sale		14.2			(1.0	)		5.6			(8.0	)
Tax impact of adjustments		(6.0	)		(5.2	)		(17.6	)		(14.1	)
Adjusted net income		137.3			99.1			347.0			275.4
Adjusted earnings per share – basic		1.67			1.20			4.22			3.30
Adjusted earnings per share – diluted		1.67			1.20			4.21			3.29
_{Note: due to rounding, totals may differ slightly from the sum.}

Free cash flow:
Net cash from operating activities, less additions to property and equipment plus proceeds from sale of property and equipment and assets held for sale. Management believes that this measure provides a benchmark to evaluate the performance of the Company in regards to its ability to meet capital requirements.

*Free cash flow*	Three months ended September 30						Nine months ended September 30
*(unaudited, in millions of U.S. dollars)*	2026			2025			2026			2025
Net cash from operating activities		235.2			255.4			612.3			695.6
Additions to property and equipment		(132.7	)		(72.1	)		(233.4	)		(190.4	)
Proceeds from sale of property and equipment		12.6			13.0			44.2			43.3
Proceeds from sale of assets held for sale		1.2			3.1			19.1			24.9
Free cash flow		116.4			199.4			442.2			573.4

Note to readers: Unaudited condensed consolidated interim financial statements and Management’s Discussion & Analysis are available on TFI International’s website at www.tfiintl.com.

For further information:
Alain Bédard
Chairman, President and CEO
TFI International Inc.
647-729-4079
abedard@tfiintl.com

Posted in UncategorizedTagged GlobeNewswire

Aecon reports third quarter 2026 results

Posted on October 29, 2026 by Ravi Shankar

TORONTO, Oct. 29, 2026 (GLOBE NEWSWIRE) — Aecon Group Inc. (TSX: ARE) (“Aecon” or the “Company”) today reported results for the third quarter of 2026, including the highest reported backlog in the history of Aecon.

“Third quarter performance demonstrated the results of Aecon’s powerful and consistent operating model with revenue increasing 26% and Adjusted EBITDA increasing 40% compared to the same period last year. Backlog reached a record $14.6 billion – with risk being thoughtfully allocated with over 80% of backlog tied to collaborative or non-fixed price contract models,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “Aecon’s growth is broad-based and founded on expanding recurring revenue programs, advancing pre-award work on key long-term projects, a strong Concessions portfolio, and direct line of sight into significant opportunities that are aligned to Aecon’s strategic end markets. We remain focused on disciplined execution, prudent risk management and delivering profitable growth for our shareholders.”

HIGHLIGHTS
All quarterly financial information contained in this news release is unaudited.

Revenue for the three months ended September 30, 2026 of $1,921 million was $390 million, or 26%, higher compared to the same period in 2025.
Operating profit of $83.1 million for the three months ended September 30, 2026 increased by $21.7 million compared to an operating profit of $61.4 million in the same period in 2025.
Adjusted EBITDA⁽¹⁾⁽²⁾ of $130.2 million for the three months ended September 30, 2026 (Adjusted EBITDA margin⁽³⁾of 6.8%) compared to Adjusted EBITDA of $92.7 million (Adjusted EBITDA margin of 6.1%) in the same period in 2025.
Record reported backlog at September 30, 2026 of $14,559 million, compares to backlog of $10,777 million at September 30, 2025.
Record quarterly cash flow from operations of $417 million, resulting in strengthened financial position.
Aecon announced the achievement of Gold Partnership Accreditation in Indigenous Relations (“PAIR”) Certification – becoming the first construction company with nation-wide operations to achieve the highest level of certification from the Canadian Council for Indigenous Business in the PAIR program.
Aecon agreed to acquire additional fabrication capacity in Ontario, expanding Aecon’s nuclear fabrication network to four facilities and extending Aecon’s capabilities as Canada’s Nuclear Builder to support some of the largest nuclear refurbishment and new build projects in North America. Closing is anticipated in the fourth quarter of 2026.

NEW PROJECT AWARDS

On July 2, 2026, an Aecon consortium was awarded a multi-billion-dollar contract by Greenlight Electricity Centre Limited Partnership for the Greenlight Electricity Centre project in Alberta. The contract award follows the completion of early engineering and development work, and Aecon’s $1.7 billion majority share was added to its Construction segment backlog in the third quarter of 2026.
On July 13, 2026, an Aecon consortium was selected by the Vancouver Fraser Port Authority as the preferred proponent for the development phase of the Roberts Bank Terminal 2 – Landmass and Wharf progressive design-build project in British Columbia. Following a collaborative development phase, a design-build agreement is anticipated to be executed in the first quarter of 2028.
On July 17, 2026, an Aecon-led consortium completed the collaborative development phase and was awarded an $815 million contract by the City of Winnipeg for the North End Pollution Control Centre Sewage Treatment Plant Upgrade – Biosolids Facilities progressive design-build project in Manitoba. Aecon’s 33.3% share of the contract value was added to its Construction segment backlog in the third quarter of 2026.
On July 30, 2026, an Aecon partnership executed a development phase agreement with New Brunswick Power to deliver civil works on the Mactaquac Life Achievement Project. Under a collaborative Early Contractor Involvement approach, design, schedule and cost estimates will advance during a 12-month development phase, with construction expected to commence in the second quarter of 2027 under a target price model.
On August 27, 2026, an Aecon-led joint venture executed alliance contracts with Metrolinx for the multi-billion-dollar GO Expansion project in Ontario. Aecon added $649 million to its Construction segment backlog in the third quarter of 2026, with the balance of Aecon’s share of $65 million having been added to backlog in the second quarter of 2026.
On September 21, 2026, an Aecon joint venture and an Aecon consortium were awarded contracts by Ontario Power Generation with an aggregate value of $3 billion for the Pickering Nuclear Generating Station Refurbishment. Aecon’s $1.75 billion share of the contracts was added to backlog in the third quarter of 2026 and represents the largest nuclear award in Aecon’s history.
Aecon executed an agreement with a Tier-1 telecommunications operator to form Maple Fibre, a majority-controlled strategic alliance to finance, design, build, and own next-generation network infrastructure. Aecon Concessions holds an equity interest in the partnership, and Aecon Utilities has commenced construction for the strategic alliance in Ontario.
Subsequent to quarter-end:
- Aecon was awarded a $155 million contract by the City of Calgary for the Green Line LRT Project – Bow River Package. Aecon added the value of the contract to its Construction segment backlog in the fourth quarter of 2026. Construction will now commence, with expected completion mid-2029.
- Aecon was awarded a US$89 million contract for the Anguilla Airport Redevelopment Program Airfield Expansion project. Aecon added the value of the contract to its Construction segment backlog in the fourth quarter of 2026. Construction will commence in the first quarter of 2027, with expected completion in the second quarter of 2029.

CONSOLIDATED FINANCIAL HIGHLIGHTS⁽¹⁾


		Three months ended						Nine months ended
$ millions (except per share amounts)		September 30						September 30
		2026			2025			2026			2025

Revenue	$	1,920.6		$	1,530.2		$	4,808.6		$	3,893.5
Gross profit		201.6			131.3			456.8			250.0
Marketing, general, and administrative expense		(98.3	)		(54.7	)		(272.2	)		(171.1	)
Income from projects accounted for using the equity method		6.7			2.1			6.8			5.8
Other income		3.2			7.0			6.8			14.4
Depreciation and amortization		(30.2	)		(24.4	)		(86.7	)		(76.1	)
Operating profit		83.1			61.4			111.5			22.9
Finance income		2.4			1.9			6.5			5.0
Finance cost		(8.3	)		(13.6	)		(160.9	)		(38.4	)
Profit (loss) before income taxes		77.1			49.7			(42.9	)		(10.4	)
Income tax (expense) recovery		(24.5	)		(9.3	)		(30.7	)		4.9
Profit (loss)		52.6			40.4			(73.6	)		(5.5	)
Non-controlling interests		0.3			(0.4	)		0.5			–
Profit (loss) attributable to shareholders	$	52.9		$	40.0		$	(73.1	)	$	(5.6	)

Gross profit margin⁽⁴⁾		10.5	%		8.6	%		9.5	%		6.4	%
MG&A as a percent of revenue⁽⁴⁾		5.1	%		3.6	%		5.7	%		4.4	%
Adjusted EBITDA⁽²⁾	$	130.2		$	92.7		$	244.6		$	137.3
Adjusted EBITDA margin⁽³⁾		6.8	%		6.1	%		5.1	%		3.5	%
Operating margin⁽⁴⁾		4.3	%		4.0	%		2.3	%		0.6	%
Adjusted profit (loss) attributable to shareholders⁽²⁾	$	61.7		$	33.1		$	72.2		$	(8.0	)
Earnings (loss) per share – basic	$	0.77		$	0.63		$	(1.09	)	$	(0.09	)
Earnings (loss) per share – diluted	$	0.74		$	0.60		$	(1.09	)	$	(0.09	)
Adjusted earnings (loss) per share – basic⁽³⁾	$	0.90		$	0.52		$	1.07		$	(0.13	)
Adjusted earnings (loss) per share – diluted⁽³⁾	$	0.86		$	0.49		$	1.03		$	(0.13	)

Backlog (at end of period)							$	14,559		$	10,777

(1)	This press release presents certain non-GAAP and supplementary financial measures, as well as non-GAAP ratios to assist readers in understanding the Company’s performance (GAAP refers to IFRS Accounting Standards). Further details on these measures and ratios are included in the “Non-GAAP and Supplementary Financial Measures” and “Reconciliations and Calculations” sections of this press release.
(2)	This is a non-GAAP financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” and “Reconciliations and Calculations” sections of this press release for more information on each non-GAAP financial measure.
(3)	This is a non-GAAP ratio. Refer to the “Non-GAAP and Supplementary Financial Measures” section of this press release for more information on each non-GAAP ratio.
(4)	This is a supplementary financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” section of this press release for more information on each supplementary financial measure.

Revenue for the three months ended September 30, 2026 of $1,921 million was $390 million, or 26%, higher than in the third quarter of 2025. In the Construction segment, revenue was higher by $410 million from increases in utilities ($184 million), nuclear ($130 million), civil ($45 million), industrial operations ($42 million), and urban transportation solutions ($9 million). The increase in Construction revenue was driven primarily by a higher volume of electrical transmission and distribution work in the utilities sector in both Canada and the United States, and from an increase in refurbishment, decommissioning, and engineering services work at nuclear facilities in Canada and the United States. In the Concessions segment, revenue of $2 million for the three months ended September 30, 2026 was unchanged from the same period in 2025, while inter-segment revenue eliminations increased by $20 million, largely due to an increase in construction activity between the Construction and Concessions segments.

Operating profit of $83.1 million for the three months ended September 30, 2026 increased by $21.7 million compared to an operating profit of $61.4 million in the same period of 2025. This higher operating profit was largely driven by an increase in gross profit of $70.3 million compared to the same period in 2025. In the Construction segment, gross profit in the third quarter of 2026 increased by $73.5 million primarily from higher volume and improvements in gross profit margin in civil, nuclear, and urban transportation solutions, and the gross profit impact of higher volume in utilities operations. These increases were partially offset by lower gross profit margin in industrial operations. In the Concessions segment, gross profit decreased by $3.7 million compared to the same period of 2025 primarily related to the accounting for network assets under construction where construction profit earned in the Construction segment is initially de-recognized within the Concessions segment and subsequently re-earned when the constructed asset is leased to the customer. In Corporate and Other, gross profit increased by $0.5 million as a result of higher inter-segment cost recoveries from projects.

Marketing, general and administrative expense (“MG&A”) for the three months ended September 30, 2026 increased by $43.6 million compared to the same period of 2025. The increase was primarily due to higher personnel costs and the impact of incentive compensation plans reflecting ongoing investments in organizational capacity to support revenue growth and performance, as well as the inclusion of MG&A from recent acquisitions. MG&A was also impacted by higher ERP implementation costs of $4.8 million associated with investments in technology tools and systems to support growing operations and higher acquisition-related costs of $2.1 million. When combined, impacts from incentive plans, ERP implementation costs, acquisition-related costs and the MG&A from recent acquisitions represented approximately three-quarters of the increase in MG&A in the third quarter. MG&A as a percentage of revenue for the third quarter increased to 5.1% in 2026 from 3.6% in 2025.

Reported backlog at September 30, 2026 of $14,559 million compares to backlog of $10,777 million at September 30, 2025. New contract awards of $5,988 million were booked in the third quarter of 2026 compared to $1,561 million in the same period in 2025.

REPORTING SEGMENTS

Aecon reports its financial performance on the basis of two segments: Construction and Concessions, which are described in the Company’s September 30, 2026 Management’s Discussion and Analysis (“Q3 2026 MD&A”).

CONSTRUCTION SEGMENT

Financial Highlights

		Three months ended						Nine months ended
$ millions		September 30						September 30
		2026			2025			2026			2025

Revenue	$	1,937.8		$	1,527.9		$	4,825.5		$	3,883.4
Gross profit	$	206.2		$	132.6		$	461.7		$	252.3
Adjusted EBITDA⁽¹⁾	$	131.5		$	88.4		$	263.2		$	127.0
Operating profit	$	100.7		$	70.4		$	171.1		$	55.3

Gross profit margin⁽³⁾		10.6	%		8.7	%		9.6	%		6.5	%
Adjusted EBITDA margin⁽²⁾		6.8	%		5.8	%		5.5	%		3.3	%
Operating margin⁽³⁾		5.2	%		4.6	%		3.5	%		1.4	%

Backlog (at end of period)							$	14,538		$	10,757

(1)	This is a non-GAAP financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” and “Reconciliations and Calculations” sections of this press release for more information on each non-GAAP financial measure.
(2)	This is a non-GAAP ratio. Refer to the “Non-GAAP and Supplementary Financial Measures” and “Reconciliations and Calculations” sections of this press release for more information on each non-GAAP ratio.
(3)	This is a supplementary financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” section of this press release for more information on each supplementary financial measure.

Revenue in the Construction segment for the three months ended September 30, 2026 of $1,938 million was $410 million, or 27%, higher than in the same period of 2025. The largest increase in revenue occurred in utilities operations ($184 million) driven by a higher volume of electrical transmission and distribution work in Canada and the United States, which includes contributions from the acquisitions of KPC and Duna Services completed in the first quarter of 2026, as well as from an increase in telecommunications, gas distribution, and battery energy storage systems work. In nuclear operations, revenue increased ($130 million) due to a higher volume of refurbishment, decommissioning, and engineering services work at nuclear generating stations in Ontario and the United States. Revenue in civil operations increased ($45 million) primarily from a higher volume of work related to the civil infrastructure components of power and rail projects, and foundations work, partially offset by a lower volume of highway, road, and bridge construction activity. In industrial operations, revenue increased ($42 million), primarily from a higher volume of field construction work at industrial manufacturing facilities in the United States, with most of the revenue growth attributable to the Bodell Construction and Trinity Industrial Services businesses acquired in the third quarter of 2025. Revenue was also higher from an increase in the industrial component of power generation projects, partially offset by a lower volume of industrial work at wastewater treatment facilities in the period. Revenue increased in urban transportation solutions ($9 million) driven by a higher volume of subway and commuter rail system work, partially offset by a lower volume of work on light rail transit (“LRT”) projects in Ontario and Québec.

Operating profit in the Construction segment of $100.7 million in the three months ended September 30, 2026 compares to an operating profit of $70.4 million in the same period in 2025, an increase in operating profit of $30.3 million. Operating profit was higher in civil and nuclear operations driven by higher volume and an improvement in gross profit margin. Operating profit in utilities operations was lower after a volume-driven improvement in gross profit was more than offset by higher MG&A, higher depreciation and amortization, and lower gains related to changes in the fair value of contingent consideration from recent business acquisitions. In industrial operations, operating profit decreased due to lower gross profit margin, while operating profit in urban transportation solutions was unchanged. Additionally, business acquisition costs and amortization of acquisition-related intangible assets were $6.5 million in the third quarter of 2026 compared to cost recovery of $1.4 million in the same period of 2025, for an unfavourable impact on operating profit of $7.9 million in the current period.

Construction segment backlog at September 30, 2026 was $14,538 million, which was $3,781 million higher than the same date in 2025. Backlog increased year-over-year in industrial ($2,344 million), nuclear ($1,234 million), urban transportation solutions ($262 million), and utilities operations ($223 million), and decreased in civil operations ($282 million). New contract awards totaled $6,005 million in the third quarter of 2026 and $8,670 million in the first nine months of 2026, compared to $1,559 million and $7,999 million, respectively, in the same periods of 2025.

During the first nine months of 2026, Aecon (including Aecon joint ventures, alliances and consortiums) was awarded the following select contracts:

the Greenlight Electricity Centre project in Alberta;
the North End Pollution Control Centre Sewage Treatment Plant Upgrade – Biosolids Facilities project for the City of Winnipeg in Manitoba;
the GO Expansion project in Ontario for the civil and track alliance scopes; and
the Pickering Nuclear Generating Station Refurbishment project in Ontario including the Unit 5 refurbishment and four-unit turbine generator replacement scopes.

In addition, consortiums and alliances in which Aecon is a participant executed development or validation phase agreements for the Mactaquac Life Achievement Project in New Brunswick, the Roberts Bank Terminal 2 – Landmass and Wharf progressive design-build project in British Columbia, the Arctic Over-the-Horizon Radar Program Stage 1 project in Ontario, and the Hamilton Light Rail Transit Civil and Utilities Works project in Ontario. Given the nature of the development or validation phase of these programs, the additions to backlog have been de minimis even though the potential amounts which may ultimately enter backlog could be substantial.

CONCESSIONS SEGMENT

Financial Highlights

		Three months ended					Nine months ended
$ millions		September 30					September 30
		2026			2025		2026			2025

Revenue	$	1.9		$	2.3	$	5.8		$	5.8
Gross profit (loss)	$	(3.7	)	$	–	$	(4.2	)	$	(2.0	)
Income from projects accounted for using the equity method	$	7.0		$	1.6	$	7.8		$	6.0
Adjusted EBITDA⁽¹⁾	$	11.5		$	14.5	$	29.0		$	43.7
Operating profit (loss)	$	1.3		$	1.0	$	(1.1	)	$	2.3

Backlog (at end of period)						$	21		$	20

(1)	This is a non-GAAP financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” and “Reconciliations and Calculations” sections of this press release for more information on each non-GAAP financial measure.

Aecon holds a 50.1% interest in Skyport, the concessionaire responsible for the Bermuda airport’s operations, maintenance, and commercial functions, and the entity that will manage and coordinate the overall delivery of the Bermuda International Airport Redevelopment Project over a 30-year concession term that commenced in 2017. Aecon’s interest in Skyport is accounted for using the equity method. Aecon’s concession interests in the Eglinton Crosstown LRT, Finch West LRT, Gordie Howe International Bridge, Waterloo LRT, and the GO Expansion On-Corridor Works projects are joint ventures that are also accounted for using the equity method.

For the three and nine months ended September 30, 2026, revenue in the Concessions segment was $2 million and $6 million, respectively, which was unchanged in both periods compared to 2025.

For the three months ended September 30, 2026, operating profit in the Concessions segment of $1.3 million increased by $0.3 million compared to the same period of 2025. The higher operating profit was due to an increase in operating results from Skyport and higher development fees, partially offset by the deferral of intercompany construction profit related to network assets under development.

In the second quarter of 2026, Maple Fibre, a majority-controlled entity within Concessions initiated the development of a network asset in Canada. The entity is financed through equity and debt that are non-recourse to Aecon. Aecon Utilities has been contracted to deliver the network asset for Concessions, with any profit earned in the Construction segment initially being de-recognized within the Concessions segment and subsequently re-earned when the constructed asset is leased to the customer.

OUTLOOK

Aecon expects double digit revenue growth in 2026. The revenue growth outlook is based on secured backlog exceeding $14 billion, recurring revenue programs, recent acquisitions, and a pipeline of project opportunities tied to nuclear and conventional power, critical resource development, mass transit, water, defence, and digital infrastructure.

In the Construction segment, demand for Aecon’s services across its markets is strong, with opportunities across all sectors under appropriate risk-adjusted contract models. Aecon’s expectation for a broad-based revenue increase in 2026 is underpinned by: (i) recently awarded major projects which include water storage and hydroelectric infrastructure, data centre power generation, water treatment facilities, electricity storage, transmission and distribution, and nuclear generating station refurbishment; (ii) contributions from strategic business acquisitions in the industrial and utilities sectors; (iii) ongoing strength from an extensive portfolio of small and mid-sized work programs that Aecon executes across regions, sectors, and clients, which includes recurring work executed under master service agreements, and (iv) the ramp-up of projects under multi-year, lower risk contract models in new nuclear construction and mass transit and mobility.

Aecon expects further revenue growth in 2027 based on the above factors and ongoing development phase work to advance the delivery of several significant long-term projects. This includes recently awarded major projects entering progressive and collaborative development or definition phases, including the Arctic Over-the-Horizon Radar Program Stage 1 project in Ontario, the Roberts Bank Terminal 2 – Landmass and Wharf project in British Columbia, the Hamilton LRT Civil and Utilities Works project in Ontario, and the Mactaquac Life Achievement Project in New Brunswick.

In the Concessions segment, there are several opportunities to add to the existing portfolio of Canadian and international concessions in the next 6 to 12 months to support trends in aging infrastructure, mobility, connectivity, energy, and population growth.

Operating profitability in recent years was negatively impacted by the fixed price legacy projects. The last remaining legacy project reached substantial completion in the second quarter of 2026. Aecon and its joint operations partners are dedicating all necessary resources to pursue fair and reasonable commercial resolutions (see Section 10.2 “Contingencies” in the Q3 2026 MD&A, and Section 13 “Risk Factors” in the 2025 Annual MD&A regarding the risk on the large fixed price legacy project entered into prior to 2018 by a joint operation in which Aecon is a participant). The finalization of this project is anticipated to lead to improved profitability and margin predictability going forward.

Beyond the legacy projects, Aecon’s deliberate shift toward a greater weighting of improved risk-adjusted work programs, in combination with a strong focus on operational excellence, is anticipated to support a stabilization and gradual improvement of Adjusted EBITDA margins in the Construction segment in 2026 and 2027, respectively.

Management will continue to monitor the impact of a dynamic geopolitical environment as well as announced and threatened tariffs and non-tariff measures on the Company’s operations. Higher fuel costs and the introduction of tariffs and/or non-tariff measures could cause increased purchased material costs and/or reduced availability, downward or upward changes to the level of demand for Aecon’s services, as well as delays by some private clients in moving forward with projects.

Aecon plans to maintain a disciplined capital allocation approach focused on long-term shareholder value through acquisitions and divestitures, organic growth, dividends, capital and operational investments, and share repurchases on an opportunistic basis. Aecon is also focused on making strategic investments in its operations and systems to provide entry into and greater access to attractive markets, increase operational effectiveness, and support the growth of its concessions portfolio. Aecon expects capital expenditures in 2026 to exceed 2025 levels to support growth initiatives and investments designed to enhance execution resiliency and enable the ambitions of key sectors in a disciplined manner.

CONSOLIDATED RESULTS

The consolidated results for the three and nine months ended September 30, 2026 and 2025 are available at the end of this news release.

CONSOLIDATED BALANCE SHEET

		September 30		December 31
$ thousands		2026		2025

Cash and cash equivalents	$	1,065,725	$	486,019
Other current assets		2,665,531		2,388,844
Property, plant and equipment		518,196		399,910
Other long-term assets		763,068		715,453
Total Assets	$	5,012,520	$	3,990,226

Current portion of long-term debt	$	62,836	$	43,903
Preferred Shares of Aecon Utilities		320,000		188,840
Other current liabilities		2,999,300		2,374,027
Long-term debt		141,412		110,560
Other long-term liabilities		480,921		344,141

Total Equity		1,008,051		928,755
Total Liabilities and Equity	$	5,012,520	$	3,990,226

CONFERENCE CALL

A conference call and live webcast has been scheduled for 9 a.m. (Eastern Time) on Friday, October 30, 2026. A live webcast of the conference call can be accessed using this link and will be available at www.aecon.com/InvestorCalendar. Participants can also dial-in to the conference call and pre-register using this link. After registering, an email will be sent, including dial-in details and a unique access code required to join the live call. Please ensure you have registered at least 15 minutes prior to the conference call time.

An accompanying presentation of the third quarter 2026 financial results will also be available after market close on October 29, 2026 at www.aecon.com/investing. For those unable to attend, a replay will be available within one hour following the live webcast and conference call at the same webcast link above.

ABOUT AECON

Aecon Group Inc. (TSX: ARE) is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment. Join our online community on X, LinkedIn, Facebook, and Instagram @AeconGroupInc.

For further information:

Adam Borgatti
SVP, Corporate Development and Investor Relations
416-297-2600
ir@aecon.com

Nicole Court
Vice President, Corporate Affairs and Communications
416-297-2600
corpaffairs@aecon.com

NON-GAAP AND SUPPLEMENTARY FINANCIAL MEASURES

The press release presents certain non-GAAP and supplementary financial measures, as well as non-GAAP ratios to assist readers in understanding the Company’s performance (“GAAP” refers to IFRS Accounting Standards). These measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

Throughout this press release, the following terms are used, which do not have a standardized meaning under GAAP.

Non-GAAP Financial Measures

A non-GAAP financial measure: (a) depicts the historical or expected future financial performance, financial position, or cash flow of the Company; (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most comparable financial measure presented in the primary consolidated financial statements; (c) is not presented in the financial statements of the Company; and (d) is not a ratio.

Non-GAAP financial measures and ratios presented and discussed in this press release are as follows:

“Adjusted EBITDA” represents operating profit (loss) adjusted to exclude depreciation and amortization, the gain (loss) on sale of assets and investments, costs related to business acquisitions, Enterprise Resource Planning (“ERP”) implementation costs; and net income (loss) from projects accounted for using the equity method, but including “Equity project EBITDA” from projects accounted for using the equity method (refer to the “Reconciliations and Calculations” section of this press release for a quantitative reconciliation to the most comparable financial measure). The most directly comparable measure presented in the consolidated statements of income is operating profit.
“Equity project EBITDA” represents Aecon’s proportionate share of the earnings or losses from projects accounted for using the equity method before depreciation and amortization, finance income, finance cost and income tax expense (recovery) (refer to the “Reconciliations and Calculations” section of this press release for a quantitative reconciliation to the most comparable financial measure).
“Adjusted Profit (Loss) Attributable to Shareholders” represents profit (loss) attributable to shareholders adjusted where applicable to exclude unrealized gains or losses on derivative financial instruments, costs related to business acquisitions including amortization of acquisition-related intangible assets, ERP implementation costs, and where applicable the income tax effect of these adjustments (refer to the “Reconciliations and Calculations” section of this press release for a quantitative reconciliation to the most comparable financial measure). The most comparable IFRS Accounting Standards measure for Adjusted Profit (Loss) Attributable to Shareholders is Profit (Loss) Attributable to Aecon Shareholders.

Management uses the above non-GAAP financial measures to analyze and evaluate operating performance. Aecon also believes the above financial measures are commonly used by the investment community for valuation purposes, and are useful complementary measures of profitability, and provide metrics useful in the construction industry. These non-GAAP financial measures exclude items which management believes will allow investors a consistent way to analyze Aecon’s financial performance, allow for better analysis of core operating income and business trends, and improve comparability of companies within the industry.

Primary Financial Statements

Primary financial statement means any of the following: the consolidated balance sheets, the consolidated statements of income, the consolidated statements of comprehensive income, the consolidated statements of changes in equity, and the consolidated statements of cash flows.

Key financial measures presented in the primary financial statements of the Company and discussed in this press release are as follows:

“Gross profit” represents revenue less direct costs and expenses. Not included in the calculation of gross profit are marketing, general and administrative expense (“MG&A”), depreciation and amortization, income (loss) from projects accounted for using the equity method, other income (loss), finance income, finance cost, income tax expense (recovery), and non-controlling interests.
“Operating profit (loss)” represents the profit (loss) for the period, before finance income, finance cost, and income tax expense (recovery).

The above measures are presented in the Company’s consolidated statements of income and are not meant to be a substitute for other subtotals or totals presented in accordance with GAAP, but rather should be evaluated in conjunction with such measures.

“Backlog” (Remaining Performance Obligations) means the total value of work that has not yet been completed that: (a) has a high certainty of being performed as a result of the existence of an executed contract or work order specifying job scope, value and timing; or (b) has been awarded to Aecon, as evidenced by an executed binding letter of intent or agreement, describing the general job scope, value and timing of such work, and where the finalization of a formal contract in respect of such work is reasonably assured. Operations and maintenance (“O&M”) activities are provided under contracts that can cover a period of up to 30 years. In order to provide information that is comparable to the backlog of other categories of activity, Aecon limits backlog for O&M activities to the earlier of the contract term and the next five years.

Remaining Performance Obligations, i.e. Backlog, is presented in the notes to the Company’s annual consolidated financial statements and is not meant to be a substitute for other amounts presented in accordance with GAAP, but rather should be evaluated in conjunction with such GAAP measures.

Non-GAAP Ratios

A non-GAAP ratio is a financial measure presented in the form of a ratio, fraction, percentage or similar representation, and that has a non-GAAP financial measure as one of its components and is not disclosed in the financial statements of the Company.

A non-GAAP ratio presented and discussed in this press release is as follows:

“Adjusted EBITDA margin” represents Adjusted EBITDA as a percentage of revenue.
“Adjusted earnings per share – basic” and “Adjusted earnings per share – diluted” are calculated by dividing Adjusted Profit (Loss) Attributable to Shareholders (defined above) by the basic and diluted weighted average number of shares outstanding, respectively.

Management uses the above non-GAAP ratio to analyze and evaluate operating performance.

Supplementary Financial Measures

A supplementary financial measure: (a) is, or is intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company; (b) is not presented in the financial statements of the Company; (c) is not a non-GAAP financial measure; and (d) is not a non-GAAP ratio.

Key supplementary financial measures presented in this press release are as follows:

“Gross profit margin” represents gross profit as a percentage of revenue.
“Operating margin” represents operating profit (loss) as a percentage of revenue.
“MG&A as a percent of revenue” represents marketing, general and administrative expense as a percentage of revenue.

RECONCILIATIONS AND CALCULATIONS

Set out below is the calculation of Adjusted EBITDA by segment for the three and nine months ended September 30, 2026 and 2025:

$ millions
		Three months ended September 30, 2026												Nine months ended September 30, 2026
		Construction			Concessions			Other costs and eliminations			Consolidated			Construction			Concessions			Other costs and eliminations			Consolidated
	Operating profit (loss)	$	100.7		$	1.3		$	(18.9	)	$	83.1		$	171.1		$	(1.1	)	$	(58.5	)	$	111.5
	Depreciation and amortization		29.3			0.1			0.8			30.2			85.2			0.2			1.3			86.7
	ERP implementation costs		–			–			4.8			4.8			–			–			9.1			9.1
	(Gain) on sale of assets		(1.0	)		–			–			(1.0	)		(3.3	)		–			–			(3.3	)
	Costs related to business acquisitions⁽²⁾		0.5			–			0.5			1.0			4.0			–			0.5			4.5
	(Income) loss from projects accounted for using the equity method		0.3			(7.0	)		–			(6.7	)		1.0			(7.8	)		–			(6.8	)
	Equity project EBITDA⁽¹⁾		1.7			17.2			–			18.9			5.2			37.8			–			43.0
	Adjusted EBITDA⁽¹⁾	$	131.5		$	11.5		$	(12.8	)	$	130.2		$	263.2		$	29.0		$	(47.6	)	$	244.6

$ millions
		Three months ended September 30, 2025												Nine months ended September 30, 2025
		Construction			Concessions			Other costs and eliminations			Consolidated			Construction			Concessions			Other costs and eliminations			Consolidated
	Operating profit (loss)	$	70.4		$	1.0		$	(10.0	)	$	61.4		$	55.3		$	2.3		$	(34.6	)	$	22.9
	Depreciation and amortization		24.6			0.1			(0.3	)		24.4			74.8		$	0.2		$	1.2			76.1
	(Gain) on sale of assets		(1.7	)		–			–			(1.7	)		(7.4	)	$	–		$	–			(7.4	)
	Costs related to business acquisitions⁽²⁾		(6.2	)		–			–			(6.2	)		(1.3	)	$	–		$	–			(1.3	)
	(Income) loss from projects accounted for using the equity method		(0.6	)		(1.6	)		–			(2.1	)		0.2		$	(6.0	)	$	–			(5.8	)
	Equity project EBITDA⁽¹⁾		2.0			15.0			–			17.0			5.4		$	47.3		$	–			52.7
	Adjusted EBITDA⁽¹⁾	$	88.4		$	14.5		$	(10.3	)	$	92.7		$	127.0		$	43.7		$	(33.5	)	$	137.3

(1)	This is a non-GAAP financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” in this press release for more information on each non-GAAP financial measure.
(2)	Costs related to business acquisitions include costs related to advisory, legal, and other transaction fees; changes in the fair value of contingent consideration; and contingent consideration classified as compensation per IFRS Accounting Standards.

Set out below is the calculation of Equity Project EBITDA by segment for the three and nine months ended September 30, 2026 and 2025:

$ millions

Three months ended September 30, 2026

Nine months ended September 30, 2026

Aecon’s proportionate share of projects accounted for using the equity method ⁽¹⁾

Construction

Concessions

Other costs
and
eliminations

Consolidated

Construction

Concessions

Other costs
and
eliminations

Consolidated

Operating profit

1.7

13.2

–

14.9

5.2

25.8

–

31.0

Depreciation and amortization

–

4.0

–

4.0

–

12.0

–

12.0

Equity project EBITDA⁽²⁾

1.7

17.2

–

18.9

5.2

37.8

–

43.0

$ millions

Three months ended September 30, 2025

Nine months ended September 30, 2025

Aecon’s proportionate share of projects accounted for using the equity method ⁽¹⁾

Construction

Concessions

Other costs
and
eliminations

Consolidated

Construction

Concessions

Other costs
and
eliminations

Consolidated

Operating profit

2.0

11.1

–

13.1

5.4

35.3

–

40.7

Depreciation and amortization

–

3.9

–

3.9

–

12.0

–

12.0

Equity project EBITDA⁽²⁾

2.0

15.0

–

17.0

5.4

47.3

–

52.7

(1)	Refer to Note 11 “Projects Accounted for Using the Equity Method” in the September 30, 2026 interim condensed consolidated financial statements.
(2)	This is a non-GAAP financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” section in this press release for more information on each non-GAAP financial measure.

Set out below is the calculation of Adjusted Profit (Loss) Attributable to Shareholders and Adjusted Earnings (Loss) Per Share for the most recent eight quarters:

$ millions
		2026									2025												2024
		Quarter 3			Quarter 2			Quarter 1			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
	Profit (loss) attributable to shareholders	$	52.9		$	(108.1	)	$	(17.9	)	$	20.7		$	40.0		$	(7.6	)	$	(37.9	)	$	14.0
	Unrealized (gain) loss on derivative financial instruments		–			124.2			(1.5	)		18.8			(4.5	)		(4.2	)		(2.4	)		(4.3	)
	ERP implementation costs		4.8			4.2			–			–			–			–			–			–
	Amortization of acquisition-related intangible assets		6.0			5.9			5.4			5.3			4.8			4.8			5.1			3.1
	Costs (gains) related to business acquisitions⁽³⁾		1.0			0.7			2.8			(9.4	)		(6.2	)		2.3			2.7			4.3
	Income tax effect of the above items		(3.1	)		(3.2	)		(2.1	)		(0.8	)		(1.0	)		(1.8	)		(2.0	)		(1.9	)
	Adjusted profit (loss) attributable to shareholders⁽¹⁾	$	61.7		$	23.8		$	(13.3	)	$	34.6		$	33.1		$	(6.6	)	$	(34.6	)	$	15.2
	Adjusted earnings (loss) per share – basic⁽²⁾	$	0.90		$	0.35		$	(0.21	)	$	0.54		$	0.52		$	(0.10	)	$	(0.55	)	$	0.24
	Adjusted earnings (loss) per share – diluted⁽²⁾		0.86			0.33			(0.21	)		0.52			0.49			(0.10	)		(0.55	)		0.23

(1)	This is a non-GAAP financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” in this press release for more information on each non-GAAP financial measure.
(2)	This is a non-GAAP ratio. Refer to the “Non-GAAP and Supplementary Financial Measures” and “Reconciliations and Calculations” sections of this press release for more information on each non-GAAP ratio.
(3)	Costs (gains) related to business acquisitions includes costs related to advisory, legal and other transaction fees; changes in the fair value of contingent consideration; and contingent consideration classified as compensation per IFRS Accounting Standards.

Set out below is the calculation of Adjusted Profit (Loss) Attributable to Shareholders and Adjusted Earnings (Loss) Per Share for the three months and nine months ended September 30, 2026 and 2025:

$ millions
			Three months ended						Nine months ended
			September 30						September 30
			2026			2025			2026			2025
	Profit (loss) attributable to shareholders	$	52.9		$	40.0		$	(73.1	)	$	(5.6	)
	Unrealized (gain) loss on derivative financial instruments		–			(4.5	)		122.8			(11.0	)
	ERP implementation costs		4.8			–			9.1			–
	Amortization of acquisition-related intangible assets		6.0			4.8			17.3			14.6
	Costs related to business acquisitions⁽³⁾		1.0			(6.2	)		4.5			(1.3	)
	Income tax effect of the above items		(3.1	)		(1.0	)		(8.4	)		(4.8	)
	Adjusted profit (loss) attributable to shareholders⁽¹⁾	$	61.7		$	33.1		$	72.2		$	(8.0	)
	Adjusted earnings (loss) per share – basic⁽²⁾	$	0.90		$	0.52		$	1.07		$	(0.13	)
	Adjusted earnings (loss) per share – diluted⁽²⁾		0.86			0.49			1.03			(0.13	)

(1)	This is a non-GAAP financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” in this press release for more information on each non-GAAP financial measure.
(2)	This is a non-GAAP ratio. Refer to the “Non-GAAP and Supplementary Financial Measures” and “Reconciliations and Calculations” sections of this press release for more information on each non-GAAP ratio.
(3)	Costs related to business acquisitions includes costs related to advisory, legal and other transaction fees; changes in the fair value of contingent consideration; and contingent consideration classified as compensation per IFRS Accounting Standards.

STATEMENT ON FORWARD-LOOKING INFORMATION

The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial, and economic data and operating plans but are subject to known and unknown risks, assumptions and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, the payment of dividends, the repurchase of shares, performance, prospects, ongoing objectives, strategies and outlook for Aecon, including statements regarding: expectations regarding the one remaining fixed price legacy project and the expected impact the completion of this project will have on profitability and margin predictability of the Company; the acquisition of additional fabrication capacity in Ontario; the delivery of critical infrastructure projects; backlog and estimated duration; the impact of certain contingencies on Aecon (see: Section 10.2 “Contingencies” in the Company’s 2025 Management’s Discussion and Analysis for the fiscal year ended December 31, 2025 (the “2025 MD&A”) and in Aecon’s Management’s Discussion and Analysis for the fiscal quarter ended September 30, 2026); the uncertainties related to the unpredictability of global economic conditions; the impact of announced or threatened tariffs; the sufficiency of its current liquidity position; its strategy of seeking to differentiate its service offering and execution capability and the expected results therefrom; expectations regarding revenue, including but not limited to expectations for double-digit revenue growth in 2026 and further growth in 2027, recurring revenue and contract renewals; expectations regarding Adjusted EBITDA; operational and financial performance; profitability and margin predictability; capital expenditures; the Company’s approach to capital allocation and the expected benefits therefrom; expectations regarding the shift towards projects with appropriate risk-adjusted returns; expectations regarding the pipeline of opportunities tied to power generation, energy storage, critical resource development, mass transit infrastructure, water, defence and digital infrastructure available to Aecon; infrastructure commitments; statements regarding the various phases of projects, including but not limited to collaborative development, early contractor involvement and implementation phases, expected project commencement, construction and completion dates and timelines, and expectations regarding project timelines; expectations regarding increased operational effectiveness, the growth of its Concessions portfolio, and access to new markets through strategic investments; systems investments and the impact therefrom; opportunities to add to the existing portfolio of Canadian and international concessions in the next 6 to 12 months; the continuing growth of the industrial, nuclear, utilities and power markets; expectations regarding recently awarded and ongoing projects; and expectations regarding growth, and the acceleration thereof, of Aecon in Canada and the U.S. Forward-looking statements may in some cases be identified by words such as “will,” “plans,” “schedule,” “forecast,” “outlook,” “completing,” “mitigating,” “potential,” “possible,” “maintain,” “seek,” “cost savings,” “synergies,” “strategy,” “goal,” “indicative,” “may,” “could,” “might,” “can,” “believes,” “expects,” “anticipates,” “aims,” “assumes,” “upon,” “commences,” “estimates,” “projects,” “intends,” “prospects,” “targets,” “occur,” “continue,” “should” or the negative of these terms, or similar expressions. In addition to events beyond Aecon’s control, there are factors which could cause actual or future results, performance, or achievements to differ materially from those expressed or inferred herein including, but not limited to: the risk of not being able to drive a higher margin mix of business by participating in more complex projects; the risk of not being able to achieve greater operational efficiencies, synergies, and improved margins; the risk of not being able to meet contractual schedules and other performance requirements; the risks associated with a third party’s failure to perform; the risk of not being able to meet its labour needs at reasonable costs; the possibility of gaps in insurance coverage; the risk of not being able to address supply chain issues which may arise and pass on costs of supply increases to customers; the risks associated with international operations and foreign jurisdictions; the risks associated with a dynamic geopolitical environment; the risks associated with announced or threatened tariffs on operations; the risk of higher fuel costs and the impact therefrom; changes in the demand for Aecon’s services; delays in project timelines; the risk of not being able, through its joint ventures or joint operations, to enter into implementation or construction phases of certain projects following the successful completion of the relevant development phase; the risk of not being able to build strong partnerships and alliances; the risk of not being able to execute its risk management strategy; the risk of not realizing the expected benefits from capital expenditures and capital allocation; the risk of not being able to grow backlog across the organization by winning major projects; the risk of not being able to maintain a number of open, recurring, and repeat contracts; the risk of not being able to identify and capitalize on strategic operational investments; the risk of not being able to oversee, and where appropriate, respond to known and unknown environmental and extreme weather related risks; the risks of nuclear liability; the risks of cyber interruption or failure of information systems; the risks associated with the strategy of differentiating its service offerings in key end markets; the risks associated with undertaking initiatives to train employees; the risks associated with the seasonal nature of its business; the risks associated with changing levels of demand for Aecon’s services; the risks associated with being able to participate in large projects; the risks associated with legal proceedings to which it is a party; the ability to successfully respond to shareholder activism; the risk the increase in energy demand does not continue; risks associated with future pandemics, epidemics and other health crises and Aecon’s ability to respond to and implement measures to mitigate the impact of such pandemics, epidemics and other health crises; the risk that the acquisition of the Preferred Shares of Aecon Utilities will not close on the anticipated timeline, or at all; the risk that Aecon Utilities will not realize the anticipated strategic, financial or operational benefits associated with the acquisition of the Preferred Shares; the risk that Aecon Utilities will not realize opportunities to expand its geographic reach and range of services in the U.S.; the safety risks related to the performance of nuclear projects; the risk of the anticipated benefits and synergies from strategic acquisitions not being fully realized or taking longer than expected to realize; the risk of being unable to retain key personnel; the risk of being unable to maintain relationships with customers, suppliers or other business partners; and various other risk factors described in Aecon’s filings with the securities regulatory authorities, which are available under Aecon’s profile on SEDAR+ (www.sedarplus.ca), including the risk factors described in Section 13 – “Risk Factors” in the 2025 MD&A, and in Aecon’s Management’s Discussion and Analysis for the fiscal quarter ended September 30, 2026, and in other filings made by Aecon with the securities regulatory authorities in Canada.

Forward-looking statements are presented for the purpose of helping investors and others in understanding certain key elements of Aecon’s current objectives, strategic priorities, expectations and plans, and to gather a better understanding of Aecon’s business and operating environment. These forward-looking statements are based on a variety of factors and assumptions including, but not limited to that: none of the risks identified above materialize, there are no unforeseen changes to economic and market conditions and no significant events occur outside the ordinary course of business and assumptions regarding the outcome of the outstanding claims in respect of the fixed price legacy project being performed by a joint arrangement in which Aecon is a participant, and assumptions regarding the successful completion of development, definition and early works phases enabling collaborative projects to advance into construction. These assumptions are based on information currently available to Aecon, including information obtained from third-party sources. While the Company believes that such third-party sources are reliable sources of information, the Company has not independently verified the information. The Company has not ascertained the validity or accuracy of the underlying economic assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources.

Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(in thousands of Canadian dollars, except per share amounts)

		For the three months ended						For the nine months ended
		September 30			September 30			September 30			September 30
		2026			2025			2026			2025


Revenue		$	1,920,579		$	1,530,221		$	4,808,580		$	3,893,450
Direct costs and expenses			(1,718,968	)		(1,398,954	)		(4,351,821	)		(3,643,479	)
Gross profit			201,611			131,267			456,759			249,971

Marketing, general and administrative expense			(98,294	)		(54,701	)		(272,185	)		(171,080	)
Depreciation and amortization			(30,176	)		(24,355	)		(86,705	)		(76,106	)
Income from projects accounted for using the equity method			6,711			2,143			6,764			5,796
Other income			3,205			7,019			6,832			14,363
Operating profit (loss)			83,057			61,373			111,465			22,944

Finance income			2,405			1,927			6,548			4,959
Finance cost			(8,348	)		(13,621	)		(160,896	)		(38,353	)
Profit (loss) before income taxes			77,114			49,679			(42,883	)		(10,450	)
Income tax recovery (expense)			(24,545	)		(9,277	)		(30,692	)		4,905
Profit (loss) for the period		$	52,569		$	40,402		$	(73,575	)	$	(5,545	)
Profit (loss) attributable to:
	Aecon shareholders		52,901		$	39,997		$	(73,096	)	$	(5,559	)
	Non-controlling interests		(332	)		405			(479	)		14
			52,569		$	40,402		$	(73,575	)	$	(5,545	)


Basic earnings (loss) per share		$	0.77		$	0.63		$	(1.09	)	$	(0.09	)
Diluted earnings (loss) per share		$	0.74		$	0.60		$	(1.09	)	$	(0.09	)

Posted in UncategorizedTagged GlobeNewswire

Intuitive Machines Announces Date for Third Quarter 2026 Financial Results Conference Call

Posted on October 29, 2026 by Ravi Shankar

HOUSTON, Oct. 29, 2026 (GLOBE NEWSWIRE) — Intuitive Machines, Inc. (Nasdaq: LUNR) (“Intuitive Machines”) (“Company”) announced today that it will release its financial results for the third quarter of 2026 on Thursday, November 12, 2026, before the market opens. Following the news release, the Company will host a conference call the same day at 8:30 am ET to discuss the results.

To participate in the call, please dial (800) 715-9871 (USA & Canada) or (646) 307-1963 (International) and reference Conference ID 3247354.

A webcast replay will be available on the investors portion of the Intuitive Machines website at https://investors.intuitivemachines.com/.

Please visit the Investor Relations website at https://investors.intuitivemachines.com/ on Thursday, November 12, 2026, to view the earnings release before the conference call.

About Intuitive Machines

Intuitive Machines is a next-generation space infrastructure company delivering integrated capabilities across spacecraft manufacturing, communications, networks, mission operations, and ground infrastructure to build, connect, and operate systems across Earth orbit, cislunar space, and deep space. Serving commercial, civil, and national security customers, Intuitive Machines is focused on enabling resilient, scalable infrastructure for sustained operations in space.

Contacts

For investor inquiries:

investors@intuitivemachines.com

For media inquiries:

press@intuitivemachines.com

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

Posted in UncategorizedTagged GlobeNewswire

3D Systems Donates NextDent 300 3D Printer to Remote Area Medical to Expand Access to Free Denture Care in the U.S.

Posted on October 29, 2026 by Ravi Shankar

Donation supports Remote Area Medical’s mission to bring high-quality dental care to underserved communities through advanced 3D printing technology.

ROCK HILL, S.C., Oct. 29, 2026 (GLOBE NEWSWIRE) — 3D Systems (NYSE: DDD) today announced the donation of a NextDent® 300 MultiJet 3D printer to Remote Area Medical (RAM®), a nonprofit organization dedicated to providing free, quality dental, vision, and medical care to underserved and uninsured individuals in the United States. The donation supports RAM’s mission to eliminate barriers to essential healthcare by expanding its ability to provide customized, high-quality dentures to patients in need, at no cost.

For individuals without access to affordable dental care, missing teeth can significantly affect their ability to eat, speak, and engage confidently in everyday life. Yet the cost of restorative dental treatment, including dentures, can place these essential services out of reach. Since 1985, RAM has worked to eliminate these barriers, delivering free healthcare services to more than one million patients across the United States. In 2025 alone, the organization served 32,770 patients and provided more than $16.6 million in free healthcare through the efforts of over 17,000 volunteers.

After learning about RAM’s mission and its use of 3D Systems’ NextDent 5100 platform to provide dentures for underserved patients, 3D Systems CEO Jeff Graves saw an opportunity to further support RAM’s efforts. The donation of the Company’s new NextDent 300 MultiJet 3D printer will help RAM expand its digital denture manufacturing capabilities, enabling faster production of high-quality dentures for patients in need.

The NextDent 300, powered by 3D Systems’ MultiJet 3D Printing technology, enables the production of highly realistic, durable monolithic dentures, with teeth and gums printed together as a single piece. By streamlining traditionally labor-intensive denture manufacturing processes, the solution helps reduce production time while delivering the precision, fit, and natural aesthetics patients deserve.

The donated printer system is now installed and operational at RAM’s facility in Knoxville, Tennessee, where the organization is already using the technology to produce dentures for members of the community. Once RAM’s newest mobile dental laboratory is completed, the NextDent 300 will be integrated into the mobile unit, expanding the organization’s ability to bring advanced digital denture production directly to underserved communities across the country.

“Remote Area Medical has an extraordinary record of bringing essential healthcare to people who need it most,” said Jeff Graves, CEO of 3D Systems. “We are proud to support that work with the NextDent 300, which enables the production of high-quality monolithic dentures more efficiently. The ability to eat comfortably, speak clearly, and smile with confidence can have a profound impact on a person’s quality of life. We hope this donation helps RAM extend that impact to even more patients.”

“A Mirror Moment lasts only a few seconds, but its impact lasts a lifetime. It’s the first time in years someone smiles without covering their mouth, with the confidence to apply for a job, share a meal with family, or simply laugh out loud. Remote Area Medical’s partnership with 3D Systems lets us give patients high-quality dentures, and with them, a moment many thought they’d never have again. Together, we’re proving what’s possible when innovation and compassion share the same goal, one Mirror Moment at a time,” said Connor Gibson, Dental Technology Manager, Remote Area Medical.

RAM’s ongoing investment in mobile healthcare services reflects its commitment to reaching patients who face geographic, financial, or other obstacles to treatment. The addition of the NextDent 300 will further support that work, helping the organization’s dental teams provide essential restorative care through an increasingly efficient digital workflow. 3D Systems looks forward to continuing to support Remote Area Medical’s community outreach.

For more information about 3D Systems’ NextDent Jetted Denture Solution, visit www.3dsystems.com.

To learn more about Remote Area Medical and its mission to provide free healthcare to underserved communities, visit www.ramusa.org.

About 3D Systems

For 40 years Chuck Hull’s curiosity and desire to improve the way products were designed and manufactured gave birth to 3D printing, 3D Systems, and the additive manufacturing industry. Since then, that same spark continues to ignite the 3D Systems team as we work side-by-side with our customers to change the way industries innovate. As a full-service solutions partner, we deliver industry-leading 3D printing technologies, materials and software to high-value markets such as medical and dental; aerospace, space and defense; transportation and motorsports; data center infrastructure; and durable goods. Each application-specific solution is powered by the expertise and passion of our employees who endeavor to achieve our shared goal of Transforming Manufacturing for a Better Future. More information on the company is available at www.3dsystems.com.

About Remote Area Medical Remote Area Medical (RAM®) is a nonprofit provider of free dental, vision, and medical services to underserved and uninsured individuals. Through its network of volunteers, pop-up clinics, and mobile healthcare units, RAM delivers essential care to individuals and communities in need, regardless of their ability to pay. For more information, visit www.ramusa.org.

Forward-Looking Statements

Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding the timing of product launches, regulatory approvals, market opportunities, expected revenue impact, and shareholder value. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward-looking statements can be identified by terms such as “believes,” “belief,” “expects,” “may,” “will,” “estimates,” “intends,” “anticipates” or “plans” or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions, and current expectations and may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings “Forward-Looking Statements” and “Risk Factors” in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not, be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as of the date of the statement. 3D Systems undertakes no obligation to update or review any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise.
Investor Contact: investor.relations@3dsystems.com
Media Contact: press@3dsystems.com

Posted in UncategorizedTagged GlobeNewswire

Correction: Faircourt Asset Management Inc. Announces October Distribution

Posted on October 29, 2026 by Ravi Shankar

Toronto, Oct. 29, 2026 (GLOBE NEWSWIRE) — Faircourt Asset Management Inc., as Manager of the Faircourt Fund (CBOE:FGX), is pleased to announce the monthly distribution payable on the Shares of the below listed Fund.

Faircourt Funds	Trading Symbol	Distribution Amount (per share/unit)	Ex-Dividend Date	Record Date	Payable Date
Faircourt Gold Income Corp.	FGX	$0.034	October 30, 2026	October 30, 2026	November 13, 2026

Faircourt Asset Management Inc. is the Investment Advisor for Faircourt Gold Income Corp.

This press release is not for distribution in the United States or over United States wire services.

For further information on the Faircourt Funds, please visit www.faircourtassetmgt.com or
please contact 1-800-831-0304.

You will usually pay brokerage fees to your dealer if you purchase or sell Shares of the Fund on the CBOE Canada Exchange or other alternative Canadian trading system (an “exchange”). If the Shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying Shares of the Fund and may receive less than the current net asset value when selling them.

There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in the public filings available at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Posted in UncategorizedTagged GlobeNewswire