Tag: GlobeNewswire

• Delivered record third-quarter operating revenues of $6.984 billion
• Achieved 14% year-over-year growth in total unit revenues in the third quarter of 2026
• Reported adjusted EBITDA of $936 million and operating income of $261 million
• Allocated Aeroplan transaction proceeds to repay $1.7 billion of debt and complete an $800 million substantial issuer bid
• Reduced shares outstanding by approximately 10% with the completion of the substantial issuer bid, ending the third quarter with 252.7 million shares outstanding
• Ended the third quarter with long-term debt and lease liabilities of $10.853 billion, net debt^* of $4.219 billion and total liquidity of $8.018 billion

MONTRÉAL, Oct. 29, 2026 (GLOBE NEWSWIRE) — Air Canada today reported its third quarter 2026 financial results and provided updated full-year 2026 financial guidance.

“Air Canada delivered record third-quarter operating revenues of $7 billion, reflecting broad-based strength across our network and revenue streams. Strong demand supported a 2.6-percentage-point year-over-year gain in passenger load factor to 89% and an 11% increase in yield. Combined with 33% growth in cargo revenues, this solid performance contributed to a 21% year-over-year increase in total revenues. Decisive pricing, capacity and cost actions helped mitigate the impact of a $906 million year-over-year increase in fuel expense, with fuel prices 10 cents per litre above our third-quarter expectations. We delivered adjusted EBITDA* of $936 million and operating income of $261 million,” said John Di Bert, Executive Vice President and Chief Financial Officer.

“While we expect the challenging environment to persist, our strong financial position provides us with the flexibility to respond to near-term developments. We remain focused on executing on what we can control. Our diversified business model, broad global network and leading premium offering provide a solid foundation for navigating this environment and advancing our New Frontiers strategy. Air Canada’s recent recognition as Best Airline in North America at the 2026 Skytrax World Airline Awards — the 10^th time since 2010 — reinforces the strength of our offering and our commitment to customers,” concluded Mr. Di Bert.

_{^*Adjusted CASM, adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and impairment), adjusted EBITDA margin, leverage ratio, net debt, adjusted pre-tax income (loss), adjusted net income (loss), adjusted earnings (loss) per share – diluted, and free cash flow are referred to in this news release. Such measures are non-GAAP financial measures, non-GAAP ratios, capital management measures or supplementary financial measures, are not recognized measures for financial statement presentation under GAAP, do not have standardized meanings, may not be comparable to similar measures presented by other entities and should not be considered a substitute for or superior to GAAP results. The leverage ratio was 1.6 at September 30, 2025. Adjusted EBITDA and operating income for the trailing 12-month period ended September 30, 2026 were $3.145 billion and $487 million, respectively ($2.953 billion and $340 million, respectively for the trailing 12-month period ended September 30, 2025). Refer to the “Non-GAAP Financial Measures” section of this news release for descriptions of these measures and for a reconciliation of Air Canada non-GAAP measures used in this news release to the most comparable GAAP financial measure.}

Third Quarter 2026 Financial Results

• Operating revenues of $6.984 billion
• Operating expenses of $6.723 billion
• Operating income of $261 million with an operating margin of 3.7% and an adjusted EBITDA of $936 million with an adjusted EBITDA margin* of 13.4%
• Income before income taxes of $248 million and adjusted pre-tax income* of $328 million
• Net income attributable to shareholders of Air Canada of $139 million and diluted earnings per share of $0.49
• Adjusted net income attributable to shareholders of Air Canada* of $214 million and adjusted earnings per diluted share* of $0.75
• Adjusted CASM* of 14.45 cents
• Net cash flows from operating activities of $266 million and free cash flow* of negative $440 million
• Long-term debt and lease liabilities of $10.853 billion and a leverage ratio* of 1.3

Outlook

For the full year 2026, Air Canada is updating its guidance and major assumptions from what was previously provided on August 11, 2026. The updated full-year 2026 guidance is as follows:

Metric	Updated Full-Year 2026 Guidance	Prior Full-Year 2026 Guidance (Provided on August 11, 2026)
Adjusted EBITDA*	$2.4 billion to $2.7 billion	$2.9 billion to $3.2 billion
ASM capacity	Approx. 2.75% increase from 2025	2.25% to 3.25% increase from 2025
Adjusted CASM*	5.5-6% increase from 2025	5-6% increase from 2025
Free cash flow*	Break-even ± $150 million	$200 million to $500 million

*Refer to the “Non-GAAP Financial Measures” section of this news release for descriptions of these measures, and for a reconciliation of Air Canada’s non-GAAP measures used in this news release to the most comparable GAAP financial measure.

The updated full-year 2026 adjusted EBITDA and free cash flow guidance reflects Air Canada’s current expectation of higher fuel prices for the remainder of the year compared with the assumptions underlying its August 11, 2026 guidance. The updated outlook also reflects limited remaining variability in fourth-quarter capacity and adjusted CASM, which has enabled Air Canada to narrow its expectations for these operating metrics. Fuel prices remain the key variable in the outlook.

Major Assumptions

Air Canada made assumptions in providing its updated guidance, including modest Canadian GDP growth for 2026 and current demand trends continuing through the remainder of 2026. Air Canada assumes that the Canadian dollar will trade, on average, at C$1.39 per U.S. dollar for the full year 2026 (previously C$1.41 per U.S. dollar). Air Canada also assumes that the price of jet fuel will average at approximately C$1.72 per litre for the fourth quarter of 2026 (previously C$1.29 per litre). Our assumptions are based on the forward curve as of October 8, 2026, adjusted to reflect Air Canada’s specific supply chain environment, including Air Canada’s fuel infrastructure at Canadian hubs, where fuel is typically contracted on a one- to two-month forward basis, as well as pricing exposure at international station locations. Air Canada currently expects approximately half of its fuel requirements for the fourth quarter of 2026 to be exposed to fuel price volatility. These jet fuel estimates reflect Air Canada’s capacity plans and remain subject to ongoing volatility in global energy markets.

Air Canada expects it can offset, for the fourth quarter of 2026, approximately 70 per cent (previously 100 per cent) of the estimated incremental jet fuel expense above its assumptions immediately prior to February 12, 2026.

Air Canada has entered into agreements for up to $2 billion in sale-and-leaseback transactions, with total proceeds of $501 million from transactions completed in the first nine months of 2026. Definitive agreements have been signed for the remaining transactions, which are scheduled to close in 2026 and 2027, subject to completion of standard conditions precedent, including delivery of the aircraft concerned. As part of the assumptions for 2026 guidance, Air Canada has assumed execution on its sale-and-leaseback transactions for $1 billion in 2026.

Air Canada’s guidance constitutes forward-looking information within the meaning of applicable securities laws and is subject to important risks and uncertainties, including in relation to statements or actions by governments and uncertainty relating to the imposition of (or threats to impose) tariffs on Canadian exports or imports and their resulting impacts on the Canadian, North American and global economies and travel demand. In addition, aircraft fuel prices have been, and continue to be, subject to high volatility as a result of the ongoing conflicts in the Middle East. Moreover, there has been significant disruption to international shipping trade routes through the Strait of Hormuz, further exacerbating the impact on fuel supply and prices, including for aircraft fuel. A prolonged or escalating conflict could further disrupt global energy markets and cause aircraft fuel prices to remain elevated or rise even higher. We cannot predict future supply constraints, price volatility or cost of aircraft fuel, or how long current or future conflicts will last or their ultimate impact on global energy markets and across the aviation industry. Please see the discussion below under Caution Regarding Forward-looking Information.

Normal Course Issuer Bid

Air Canada is also announcing today that the Toronto Stock Exchange (“TSX”) has accepted notice of its intention to make a normal course issuer bid (“NCIB”) allowing it to purchase for cancellation up to 25,197,886 of its Class A variable voting shares and Class B voting shares (collectively the “Shares”) in accordance with the rules of the TSX.

Air Canada believes that the market price of its Shares from time to time may not fully reflect the underlying value of its business and future business prospects. In such circumstances, the purchase of Shares under the NCIB may be an attractive and appropriate use of its available cash, consistent with Air Canada’s priority of investing in the airline, maintaining balance sheet strength and generating shareholder value through a balanced capital allocation strategy.

Air Canada is authorized by the TSX to purchase up to 25,197,886 Shares under the NCIB, being about 10% of the public float of its Shares. As at October 26, 2026, the number of outstanding Shares totaled 252,745,331 of which 251,978,868 Shares represented the public float. Purchases under the NCIB are authorized during the period from November 9, 2026 to November 8, 2027. Decisions regarding the amount and timing of purchases of Shares will be based on market conditions, share price and other factors existing at the time of each purchase. Air Canada may elect to modify, suspend or discontinue the NCIB at any time and is not required to repurchase any Shares during the term of the NCIB.

Purchases will be made through open market transactions on the TSX or alternative Canadian trading systems, if eligible, or such other means as the securities regulatory authorities may allow, including block purchases, pre-arranged crosses or exempt offers, as well as private agreements under an issuer bid exemption order issued by a securities regulatory authority. Air Canada will pay the market price at the time of acquisition for any Share purchased, plus brokerage fees, or such other price as may be allowed. Any purchases made under an issuer bid exemption order would be at a discount to the prevailing market price of the Shares or otherwise in accordance with the terms of the order.

The average daily trading volume (“ADTV”) of the Shares on the TSX was 2,799,724 Shares for the six-month period ended September 30, 2026. Under TSX rules, Air Canada may accordingly purchase up to 699,931 Shares on the TSX on any trading day, being 25% of the ADTV. Air Canada may also, not more than once per week, purchase a block of Shares not directly or indirectly owned by insiders, which may exceed such daily limit, in accordance with TSX rules. All Shares purchased pursuant to the NCIB will be cancelled.

Under its prior NCIB that commenced on November 7, 2025 and will expire on November 6, 2026, Air Canada was authorized to purchase for cancellation up to 29,557,428 Shares, representing about 10% of Air Canada’s public float as of October 24, 2025. Air Canada purchased 16,295,815 Shares authorized under the prior NCIB, at a weighted average price of $18.41 per share. All such Shares were purchased through the facilities of the TSX or alternative Canadian trading systems.

Air Canada will enter into an automatic share purchase plan (the “Plan”) with its designated broker under which it may, but is not required to, instruct the broker to make purchases at times when it would ordinarily not be active in the market due to regulatory restrictions, self-imposed blackout periods or otherwise. Purchases by the designated broker made under the Plan, if any, will be based on parameters established by Air Canada in accordance with the rules of the TSX, applicable securities laws and the terms of the Plan. Shares may in Air Canada’s discretion be purchased under the NCIB outside of the self-imposed blackout or other restricted periods in compliance with the rules of the TSX and applicable securities laws.

2028 targets and 2030 aspirations

Air Canada announced the following long-term 2028 financial targets and 2030 aspirations in December 2024:

Metric	2028 Targets	2030 Aspirations
Operating revenues	Approximately $30 billion	Exceed $30 billion
Adjusted EBITDA margin*	Greater than or equal to 17%	Between 18% and 20%
Net cash flows from operating activities as a percentage of adjusted EBITDA*	Approximately 90%	Approximately 90%
Additions to property, equipment and intangible assets as a percentage of operating revenues*	Lower than or equal to 12%	Lower than 12%
Free cash flow margin*	Approximately 5%	Approximately 5%
Return on invested capital*	Not provided	Greater than or equal to 12%
Fully diluted share count	Lower than 300 million shares	Lower than 300 million shares

_{^*Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and impairment), adjusted EBITDA margin, net cash flows from operating activities as a percentage of adjusted EBITDA, additions to property, equipment and intangible assets as a percentage of operating revenues, free cash flow margin and return on invested capital are referred to in this news release. Such measures are non-GAAP financial measures, non-GAAP ratios or supplementary financial measures, are not recognized measures for financial statement presentation under GAAP, do not have standardized meanings, may not be comparable to similar measures presented by other entities and should not be considered a substitute for or superior to GAAP results. Refer to the “Non-GAAP Financial Measures” section of this news release for descriptions of these measures and for a reconciliation of Air Canada non-GAAP measures used in this news release to the most comparable GAAP financial measure.}

The 2028 long-term targets and 2030 aspirations provided in this news release do not constitute guidance or outlook but rather are provided for the purpose of assisting the reader in measuring progress toward Air Canada’s objectives. Readers are cautioned that evolving conditions, particularly those relating to jet fuel prices, may result in changes to these targets and aspirations, and are referred to the assumptions, risks and uncertainties described in the 2024 Investor Day presentations, which are available in the events section at aircanada.com/investors and elsewhere in this news release, including assumptions relating to demand trends, jet fuel supply, prices and forward curves, the ability to significantly recapture elevated fuel prices, increasing revenues, growing fleet and network capacity and successfully executing on other key investments and initiatives.

Non-GAAP Financial Measures

Below is a description of certain non-GAAP financial measures and ratios used by Air Canada to provide readers with additional information on its financial and operating performance. Such measures are not recognized measures for financial statement presentation under GAAP, do not have standardized meanings, may not be comparable to similar measures presented by other entities and should not be considered a substitute for or superior to GAAP results. The non-GAAP financial measures or ratios described in this section typically have exclusions or adjustments that include one or more of the following characteristics: being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded because Air Canada believes these may distort the analysis of certain business trends and render comparative analysis across periods less meaningful and their exclusion generally allows for a more meaningful analysis of Air Canada’s operating expense performance and may allow for a more meaningful comparison to other airlines.

In 2026, Air Canada concluded new four-year collective agreements with the International Association of Machinists and Aerospace Workers (IAMAW) and Unifor. Air Canada recorded pension past service cost charges of $131 million related to the IAMAW agreement in the third quarter and $132 million related to the Unifor agreement in the second quarter. Separately, Air Canada recorded a $6 million charge associated with the share trust in the third quarter and, in the second quarter, a $208 million charge related to pensioner lump-sum payments and voluntary separation packages funded from proceeds of the union pension funding trust, as well as a $20 million benefit-related past service cost and a $28 million provision in respect of a legal matter. These items were excluded in the calculation of adjusted CASM, adjusted EBITDA, adjusted pre-tax income and adjusted net income. Additionally, a related $41 million interest expense associated with a legal matter was excluded from adjusted pre-tax income and adjusted net income.

In 2025, Air Canada recorded a pension past service cost and other labour-related charges of $194 million, including from the pension plan amendments made in conjunction with the collective agreement reached with the Canadian Union of Public Employees (CUPE) and an operating expense related to the streamlining of Air Canada’s management structure. In 2024, following ratification of the collective agreement with the Air Line Pilots Association (ALPA), Air Canada recorded a pension past service cost of $490 million in the fourth quarter of 2024. Air Canada has excluded these charges in computing its adjusted EBITDA, adjusted CASM, adjusted pre-tax income and adjusted net income. A corporate charge of $26 million for the settlement of tax matters related to the 2019 acquisition of Aeroplan was recorded in 2025. As this item is non-recurring and cash-neutral to Air Canada, since a related tax refund was also recorded, Air Canada added back this expense in the calculation of adjusted pre-tax income and adjusted net income – attributable to shareholders of Air Canada.

A charge of $34 million was recorded in the third quarter of 2024 in other operating expenses related to estimated costs associated with contractual lease obligations. In the third quarter of 2026, Air Canada recorded a $17 million reduction related to the estimated costs recorded in 2024 as previously described. Air Canada excluded this expense and the subsequent reduction in computing adjusted CASM, adjusted EBITDA, adjusted pre-tax income and adjusted net income.

Air Canada excludes the effect of impairment of assets, if any, when calculating adjusted CASM, adjusted EBITDA, adjusted EBITDA margin, adjusted pre-tax income (loss) and adjusted net income (loss) as it may distort the analysis of certain business trends and render comparative analysis across periods or to other airlines less meaningful. Air Canada did not record charges for impairment of assets in 2026, 2025 or 2024.

Adjusted CASM

Air Canada uses adjusted CASM to assess the operating and cost performance of its ongoing airline business without the effects of aircraft fuel expense, the cost of ground packages at Air Canada Vacations, freighter costs and other items. These items may distort the analysis of certain business trends and render comparative analysis across periods less meaningful and their exclusion generally allows for a more meaningful analysis of Air Canada’s operating expense performance and may allow for a more meaningful comparison to that of other airlines.

In calculating adjusted CASM, aircraft fuel expense is excluded from operating expense results as it fluctuates widely depending on many factors, including international market conditions, geopolitical events, jet fuel refining costs and Canada/U.S. currency exchange rates. Air Canada also incurs expenses related to ground packages at Air Canada Vacations, which some airlines, without comparable tour operator businesses, may not incur. In addition, these costs do not generate ASMs and therefore excluding these costs from operating expense results provides for a more meaningful comparison across periods when such costs may vary.

Air Canada also incurs expenses related to the operation of freighter aircraft, which some airlines, without comparable cargo businesses, may not incur. Air Canada had six Boeing 767 dedicated freighter aircraft in service as at September 30, 2026, and as at September 30, 2025. These costs do not generate ASMs and therefore excluding these costs from operating expense results provides for a more meaningful comparison of the passenger airline business across periods.

The following table provides the adjusted CASM reconciliation to GAAP operating expense for the periods indicated.

(Canadian dollars in millions, except where indicated)	Third Quarter									First Nine Months
	2026			2025			Change			2026			2025			Change
Operating expense – GAAP	$	6,723		$	5,490		$	1,233		$	18,872		$	16,008		$	2,864
Adjusted for:
Aircraft fuel		(2,118	)		(1,212	)		(906	)		(5,025	)		(3,546	)		(1,479	)
Ground package costs		(114	)		(103	)		(11	)		(710	)		(633	)		(77	)
Freighter costs (excluding fuel)		(50	)		(44	)		(6	)		(141	)		(128	)		(13	)
Pension plan amendments and other labour-related charges		(131	)		(173	)		42			(263	)		(173	)		(90	)
Pension plan share trust		(6	)		–			(6	)		(214	)		–			(214	)
Benefit-related past service cost		–			–			–			(20	)		–			(20	)
Provision for legal reserve		–			–			–			(28	)		–			(28	)
Provision for contractual lease obligations		17			–			17			17			–			17
Operating expense, adjusted for the above-noted items	$	4,321		$	3,958		$	363		$	12,488		$	11,528		$	960
ASMs (millions)		29,893			28,282			5.7	%		81,664			79,382			2.9	%
Adjusted CASM (cents)	¢	14.45		¢	13.99		¢	0.46		¢	15.29		¢	14.52		¢	0.77

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and impairment) and adjusted EBITDA margin (adjusted EBITDA as a percentage of operating revenues) are commonly used in the airline industry and are used by Air Canada as a means to view operating results and the related margin before interest, taxes, depreciation, amortization and impairment and other items. These items can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets.

Adjusted EBITDA and adjusted EBITDA margin are reconciled to GAAP operating income as follows:

(Canadian dollars in millions, except where indicated)	Third Quarter									First Nine Months
	2026			2025			Change			2026			2025			Change
Operating income – GAAP	$	261		$	284		$	(23	)	$	163		$	594		$	(431	)
Add back:
Depreciation, amortization and impairment		555			504			51			1,607			1,490			117
Pension plan amendments and other labour-related charges		131			173			(42	)		263			173			90
Pension plan share trust		6			–			6			214			–			214
Benefit-related past service cost		–			–			–			20			–			20
Provision for legal reserve		–			–			–			28			–			28
Provision for contractual lease obligations		(17	)		–			(17	)		(17	)		–			(17	)
Adjusted EBITDA	$	936		$	961		$	(25	)	$	2,278		$	2,257		$	21
Operating revenues	$	6,984		$	5,774		$	1,210		$	19,035		$	16,602		$	2,433
Operating margin (%)		3.7			4.9			(1.2) pp			0.9			3.6			(2.7) pp
Adjusted EBITDA margin (%)		13.4			16.6			(3.2) pp			12.0			13.6			(1.6) pp

	12 months ended
(Canadian dollars in millions)	Sep. 30, 2026			Dec. 31, 2025			Sep. 30, 2025
Operating income – GAAP	$	487		$	918		$	340
Add back:
Depreciation, amortization and impairment		2,129			2,012			1,950
Pension plan amendments and other labour-related charges		284			194			663
Pension plan share trust		214			–			–
Benefit-related past service cost		20			–			–
Provision for legal reserve		28			–			–
Provision for contractual lease obligations		(17	)		–			–
Adjusted EBITDA	$	3,145		$	3,124		$	2,953

Adjusted Pre-tax Income (Loss)

Adjusted pre-tax income (loss) is used by Air Canada to assess the overall pre-tax financial performance of its business without the effects of foreign exchange gains or losses, net interest relating to employee benefits, gains or losses on financial instruments recorded at fair value, gains or losses on sale and leaseback of assets, gains or losses on disposal of assets, gains or losses on debt settlements and modifications and other items discussed above. These items may distort the analysis of certain business trends and render comparative analysis across periods or to other airlines less meaningful.

Adjusted pre-tax income is reconciled to GAAP income before income taxes as follows:

(Canadian dollars in millions)	Third Quarter									First Nine Months
	2026			2025			Change			2026			2025			Change
Income before income taxes – GAAP	$	248		$	511		$	(263	)	$	55		$	447		$	(392	)
Adjusted for:
Foreign exchange (gain) loss		(43	)		(343	)		300			(142	)		(142	)		–
Net interest relating to employee benefits		(10	)		(4	)		(6	)		(29	)		(14	)		(15	)
Financial instruments recorded at fair value		13			(16	)		29			16			(76	)		92
Loss on debt settlements and modifications		–			–			–			56			–			56
Gain on sale and leaseback of assets		–			–			–			(82	)		–			(82	)
Other corporate expenses		–			8			(8	)		–			26			(26	)
Pension plan amendments and other labour-related charges		131			173			(42	)		263			173			90
Pension plan share trust		6			–			6			214			–			214
Benefit-related past service cost		–			–			–			20			–			20
Provision for legal reserve, including interest expense		–			–			–			69			–			69
Provision for contractual lease obligations		(17	)		–			(17	)		(17	)		–			(17	)
Adjusted pre-tax income	$	328		$	329		$	(1	)	$	423		$	414		$	9

Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share – Diluted – Attributable to Shareholders of Air Canada

Air Canada uses adjusted net income (loss) – attributable to shareholders of Air Canada and adjusted earnings (loss) per share attributable to shareholders of Air Canada – diluted as a means to assess the overall financial performance of its business without the after-tax effects of foreign exchange gains or losses, net interest relating to employee benefits, gains or losses on financial instruments recorded at fair value, gains or losses on sale and leaseback of assets, gains or losses on debt settlements and modifications, gains or losses on disposal of assets and other items discussed above. These items may distort the analysis of certain business trends and render comparative analysis to other airlines less meaningful.

Adjusted net income and adjusted earnings per share – diluted attributable to shareholders of Air Canada are reconciled to GAAP net income attributable to shareholders of Air Canada as follows:

(Canadian dollars in millions, except per share figures)	Third Quarter									First Nine Months
	2026			2025			Change			2026			2025			Change
Net income attributable to shareholders of Air Canada – GAAP	$	139		$	264		$	(125	)	$	9		$	348		$	(339	)
Adjusted for amounts, net of amount attributable to non-controlling interest:
Foreign exchange (gain) loss		(43	)		(343	)		300			(142	)		(142	)		–
Net interest relating to employee benefits		(10	)		(4	)		(6	)		(29	)		(14	)		(15	)
Financial instruments recorded at fair value		13			(16	)		29			16			(76	)		92
Loss on debt settlements and modifications		–			–			–			56			–			56
Gain on sale and leaseback of assets		–			–			–			(82	)		–			(82	)
Other corporate expenses		–			8			(8	)		–			26			(26	)
Pension plan amendments and other labour-related charges		131			173			(42	)		263			173			90
Pension plan share trust		6			–			6			214			–			214
Benefit-related past service cost		–			–			–			20			–			20
Provision for legal reserve, including interest expense		–			–			–			69			–			69
Provision for contractual lease obligations		(17	)		–			(17	)		(17	)		–			(17	)
Income tax, including for the above reconciling items		(5	)		141			(146	)		(65	)		(35	)		(30	)
Adjusted net income attributable to shareholders of Air Canada	$	214		$	223		$	(9	)	$	312		$	280		$	32
Weighted average number of outstanding shares used in computing diluted income per share (in millions)		283			297			(14	)		287			328			(41	)
Adjusted earnings per share attributable to shareholders of Air Canada – diluted	$	0.75		$	0.75		$	–		$	1.08		$	0.85		$	0.23

The table below reflects the share amounts used in the computation of basic and diluted earnings per share on an adjusted earnings per share basis:

(in millions)	Third Quarter				First Nine Months
	2026		2025		2026		2025
Weighted average number of shares outstanding – basic	280		296		285		316
Effect of dilution	3		1		2		12
Weighted average number of shares outstanding – diluted	283		297		287		328

Free Cash Flow

Air Canada uses free cash flow as an indicator of the financial strength and performance of its business, indicating the amount of cash Air Canada can generate from operations and after capital expenditures. Free cash flow is calculated as net cash flows from operating activities minus additions to property, equipment and intangible assets, and it is net of proceeds from sale and leaseback transactions.

The table below reconciles free cash flow to net cash flows from operating activities for the periods indicated.

	Third Quarter									First Nine Months
(Canadian dollars in millions)	2026			2025			$ Change			2026			2025			$ Change
Net cash flows from operating activities	$	266		$	813		$	(547	)	$	2,715		$	3,234		$	(519	)
Additions to property, equipment and intangible assets		(706	)		(602	)		(104	)		(1,878	)		(2,009	)		131
Proceeds from sale and leaseback of assets		–			–			–			501			–			501
Free cash flow	$	(440	)	$	211		$	(651	)	$	1,338		$	1,225		$	113

Net Debt

Net debt is a capital management measure and a key component of the capital managed by Air Canada and provides management with a measure of its net indebtedness.

Net Debt to Trailing 12-Month Adjusted EBITDA (Leverage Ratio)

Net debt to trailing 12-month adjusted EBITDA ratio (also referred to as “leverage ratio”) is commonly used in the airline industry and is used by Air Canada as a means to measure financial leverage. Leverage ratio is calculated by dividing net debt by trailing 12-month adjusted EBITDA.

The table below reconciles leverage ratio to Air Canada’s net debt balances as at the dates indicated.

(Canadian dollars in millions)	September 30, 2026			December 31, 2025			September 30, 2025
Total long-term debt and lease liabilities	$	9,473		$	8,609		$	8,699
Current portion of long-term debt and lease liabilities		1,380			2,967			3,070
Total long-term debt and lease liabilities (including current portion)		10,853			11,576			11,769
Less cash, cash equivalents and short- and long-term investments		(6,634	)		(6,165	)		(6,939	)
Net debt	$	4,219		$	5,411		$	4,830
Adjusted EBITDA (trailing 12 months)	$	3,145		$	3,124		$	2,953
Net debt to adjusted EBITDA ratio		1.3			1.7			1.6

The table below presents comparative figures for the 12-month periods ended December 31, 2024 and 2025, in reference to Air Canada’s full-year 2026 guidance, 2028 financial targets and 2030 aspirations.

(Canadian dollars in millions, except where indicated)	20251	20241
ASM Capacity	105.174 billion	104.381 billion
Adjusted CASM (cents)	14.72¢	13.80¢
Operating expenses	$21.454 billion	$20.992 billion
Adjusted EBITDA	$3.124 billion	$3.586 billion
Operating income	$918 million	$1.263 billion
Free cash flow	$747 million	$1.294 billion
Net cash flows from operating activities	$3.657 billion	$3.930 billion
Operating revenues	$22.372 billion	$22.255 billion
Adjusted EBITDA margin	14%	16%
Operating margin	4%	6%
Net cash flows from operating activities as a percentage of adjusted EBITDA	117%	110%
Additions to property, equipment and intangible assets as a percentage of operating revenues	13%	12%
Free cash flow margin	3%	6%
Return on invested capital	9%	14%
Income before income taxes	$789 million	$515 million
Fully diluted share count	~307 million shares	~367 million shares

_{¹Percentage amounts in the table above may not calculate exactly due to rounding.}

Net cash flows from operating activities as a percentage of adjusted EBITDA

Air Canada uses net cash flows from operating activities as a percentage of adjusted EBITDA to measure cash conversion from adjusted EBITDA. This measure is defined as the ratio of net cash flows from operating activities to adjusted EBITDA.

Additions to property, equipment and intangible assets as a percentage of operating revenues

Air Canada uses additions to property, equipment and intangible assets as a percentage of operating revenues to measure the proportion of operating revenues that are reinvested as capital expenditures. This measure is defined as the ratio of additions to property, equipment and intangible assets to operating revenues.

Free cash flow margin

Air Canada uses free cash flow margin to measure the amount its free cash flow represents as a percentage of operating revenues. This measure is defined as the ratio of free cash flow to operating revenues.

The table below presents the quantitative reconciliation for adjusted EBITDA, adjusted EBITDA margin, net cash flows from operating activities as a percentage of adjusted EBITDA, additions to property, equipment and intangible assets as a percentage of operating revenues, free cash flow and free cash flow margin, in each case for the financial years ended December 31, 2025 and 2024.

(in millions, except where indicated)	2025			2024
Total operating revenues – GAAP	$	22,372		$	22,255
Operating income – GAAP	$	918		$	1,263
Add back:
Depreciation, amortization and impairment		2,012			1,799
Provision for contractual lease obligations		–			34
Pension plan amendments and other labour-related charges		194			490
Adjusted EBITDA	$	3,124		$	3,586
Net cash flows from operating activities	$	3,657		$	3,930
Additions to property, equipment and intangible assets		(2,910	)		(2,636	)
Free cash flow	$	747		$	1,294
Operating margin		4%			6%
Adjusted EBITDA margin		14%			16%
Net cash flows from operating activities as a percentage of adjusted EBITDA		117%			110%
Additions to property, equipment and intangible assets as a percentage of operating revenues		13%			12%
Free cash flow margin		3%			6%

Return on invested capital

Air Canada uses return on invested capital (ROIC) to assess the efficiency with which it allocates its capital to generate returns. ROIC is calculated as the ratio of adjusted pre-tax income (loss), excluding interest expense – attributable to shareholders of Air Canada, to invested capital. Invested capital includes average year-over-year long-term debt and lease obligations, average year-over-year shareholders’ equity and the embedded derivative on Air Canada’s convertible notes. In 2020, Air Canada issued convertible unsecured notes. Air Canada had the option to deliver cash or a combination of cash and shares on the conversion date in lieu of shares, giving rise to an embedded derivative that was included as part of the definition of capital. Air Canada calculates invested capital on a book value-based method when calculating ROIC.

Return on invested capital is reconciled to GAAP income (loss) before income taxes as follows:

		12 months ended
(in millions, except where indicated)	September 30, 2026			December 31, 2025			September 30, 2025			December 31, 2024
Income before income taxes – GAAP	$	397		$	789		$	(274	)	$	515
Adjusted for:
Income before income taxes attributable to non-controlling interests		(10	)		–			–			–
Income before income taxes attributable to shareholders of Air Canada		387			789			(274	)		515
Adjusted for:
Provision for contractual lease obligations		(17	)		–			–			34
Pension plan amendments and other labour-related charges		284			194			663			490
Foreign exchange (gain) loss		(245	)		(245	)		230			400
Net interest relating to employee benefits		(39	)		(24	)		(20	)		(22	)
(Gain) loss on financial instruments recorded at fair value		10			(82	)		(38	)		(28	)
(Gain) loss on debt settlements and modifications		56			–			(38	)		8
Gain on sale and leaseback of assets		(82	)		–			–			–
Other corporate expenses		–			26			26			–
Pension plan share trust		214			–			–			–
Benefit-related past service cost		20			–			–			–
Provision for legal reserve, including interest		69			–			–			–
Adjusted pre-tax income attributable to shareholders of Air Canada	$	657		$	658		$	549		$	1,397
Add back:
Interest expense		621			663			692			763
Interest expense attributable to non-controlling interests		11			–			–			–
Adjusted pre-tax income before interest expense attributable to shareholders of Air Canada	$	1,289		$	1,321		$	1,241		$	2,160
Invested capital:
Average long-term debt and lease liabilities (including current portion)		11,311			12,123			12,069			13,266
Embedded derivative on convertible notes		–			–			–			45
Average shareholders’ equity		2,139			2,490			2,637			1,592
Invested capital	$	13,450		$	14,613		$	14,705		$	14,903
Return on invested capital (%)		10%			9%			8%			14%

Third Quarter 2026 Conference Call

Air Canada will host its quarterly analysts’ call on Thursday, October 29, 2026, at 5:30 p.m. ET. John Di Bert, Executive Vice President and Chief Financial Officer, and Mark Galardo, Executive Vice President and Chief Commercial Officer and President, Cargo, will present the results and be available for analysts’ questions. Immediately following the analysts’ Q&A session, Mr. Di Bert and Pierre Houle, Vice President and Treasurer, will be available to answer questions from term loan B lenders and holders of Air Canada bonds.

Media and the public may access this call on a listen-only basis. Webcast details are as follows: https://edge.media-server.com/mmc/p/w3vt6zud

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements may involve, but are not limited to, comments relating to strategies, expectations, ratings, planned operations or future actions or to Air Canada’s full-year 2026 guidance, 2028 financial targets and 2030 aspirations. Forward-looking statements are identified using terms and phrases such as “preliminary”; “anticipate”; “believe”; “could”; “estimate”; “expect”; “intend”; “may”; “plan”; “predict”; “project”; “will”; “would”; and similar terms and phrases, including references to assumptions.

Forward-looking statements, by their nature, are based on assumptions including those described herein and are subject to important risks and uncertainties. Forward-looking statements cannot be relied upon due to, among other things, changing external events and general uncertainties of the business of Air Canada. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including those discussed below.

Factors that may cause results to differ materially from results indicated in forward-looking statements include economic conditions, including high or volatile fuel prices or significant disruptions in the supply of aircraft fuel, including as a result of the military conflict in the Middle East, statements or actions by governments and uncertainty relating to the imposition of (or threats to impose) tariffs on Canadian exports or imports and their resulting impacts on the Canadian, North American and global economies and travel demand, geopolitical and security conditions including in relation to the military conflicts in the Middle East and between Russia and Ukraine, Air Canada’s ability to successfully achieve or sustain positive net profitability, industry and market conditions and the demand environment, competition, Air Canada’s dependence on technology, cybersecurity risks, interruptions of service, climate change and environmental factors (including weather systems and other natural phenomena and factors arising from anthropogenic sources), Air Canada’s dependence on key suppliers (including government agencies and other stakeholders supporting airport and airline operations), employee and labour relations and costs, Air Canada’s ability to successfully implement appropriate strategic and other important initiatives (including Air Canada’s ability to manage operating costs), energy prices, Air Canada’s ability to pay its indebtedness and maintain or increase liquidity, Air Canada’s dependence on regional and other carriers, Air Canada’s ability to attract and retain required personnel, epidemic diseases, changes in laws, regulatory developments or proceedings, terrorist acts, war, Air Canada’s ability to successfully operate its loyalty program, casualty losses, Air Canada’s dependence on Star Alliance^® and joint ventures, Air Canada’s ability to preserve and grow its brand, pending and future litigation and actions by third parties, currency exchange fluctuations, limitations due to restrictive covenants, insurance issues and costs and pension plan obligations as well as the factors identified in Air Canada’s public disclosure file available at www.sedarplus.ca and, in particular, those identified in section 14 “Risk Factors” of Air Canada’s Third Quarter 2026 MD&A and section 18 “Risk Factors” of Air Canada’s 2025 MD&A.

Air Canada has and continues to establish targets, make commitments and assess the impact regarding climate change, and related initiatives, plans and proposals that Air Canada and other stakeholders (including government, regulatory and other bodies) are pursuing in relation to climate change and carbon emissions. The achievement of our commitments and targets depends on many factors, including the combined actions of governments, industry, suppliers and other stakeholders and actors, as well as the development and implementation of new technologies. In particular, our 2030 carbon emission-related targets and our related 2050 aspiration are ambitious and heavily dependent on new technologies, renewable energies and the availability of a sufficient supply of sustainable aviation fuels (SAF), which continues to present serious challenges. In addition, Air Canada has incurred, and expects to continue to incur, costs to achieve its aspirational goal of net-zero carbon emissions and to comply with environmental sustainability legislation and regulation and other standards and accords. The precise nature of future binding or non-binding legislation, regulation, standards and accords, on which local and international stakeholders are increasingly focusing, cannot be predicted with any degree of certainty, nor can their financial, operational or other impact. There can be no assurance of the extent to which any of our climate goals will be achieved or that any future investments that we make in furtherance of achieving our climate goals will produce the expected results or meet increasing stakeholder environmental, social and governance expectations. Moreover, future events could lead Air Canada to prioritize other nearer-term interests over progressing toward our current climate goals based on business strategy, economic, regulatory and social factors, and potential pressure from investors, activist groups or other stakeholders. If we are unable to meet or properly report on our progress toward achieving our climate change goals and commitments, we could face adverse publicity and reactions from investors, customers, advocacy groups or other stakeholders, which could result in reputational harm or other adverse effects to Air Canada.

The forward-looking statements contained or incorporated by reference in this news release represent Air Canada’s expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and are subject to change after such date. However, Air Canada disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.

About Air Canada

Air Canada is Canada’s largest airline, the country’s flag carrier and a founding member of Star Alliance, the world’s most comprehensive air transportation network. Headquartered in Montréal, Air Canada provides scheduled service directly to more than 180 airports in Canada, the United States and internationally on six continents. It holds a Four-Star ranking from Skytrax. Air Canada’s Aeroplan program is Canada’s premier travel loyalty program, with more than 10 million members worldwide. Members can earn or redeem points on the world’s largest airline partner network of more than 50 airlines, plus through an extensive range of merchandise, hotel and car rental partners. Through Air Canada Vacations, it offers a selection of vacation and Flight & Hotel packages, tours, cruises, car rentals, and experiences. Its freight division, Air Canada Cargo, provides air freight lift and connectivity to hundreds of destinations across six continents using Air Canada’s passenger and freighter aircraft.  Air Canada shares are publicly traded on the TSX (AC).

Contacts:        media@aircanada.ca

Internet:        aircanada.com/media

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Selected Financial Metrics and Statistics

The financial and operating highlights for Air Canada for the periods indicated are as follows:

(Canadian dollars in millions, except per share data or where indicated)	Third Quarter			First Nine Months
Financial Performance Metrics	2026	2025	$ Change	2026	2025	$ Change
Operating revenues	6,984	5,774	1,210	19,035	16,602	2,433
Operating income	261	284	(23)	163	594	(431)
Operating margin (1) (%)	3.7	4.9	(1.2) pp (8)	0.9	3.6	(2.7) pp
Adjusted EBITDA (2)	936	961	(25)	2,278	2,257	21
Adjusted EBITDA margin (2) (%)	13.4	16.6	(3.2) pp	12.0	13.6	(1.6) pp
Income before income taxes	248	511	(263)	55	447	(392)
Net income for the period	146	264	(118)	16	348	(332)
Net income attributable to shareholders of Air Canada	139	264	(125)	9	348	(339)
Adjusted pre-tax income (2)	328	329	(1)	423	414	9
Adjusted net income attributable to shareholders of Air Canada (2)	214	223	(9)	312	280	32
Total liquidity (3)	8,018	8,296	(278)	8,018	8,296	(278)
Net cash flows from operating activities	266	813	(547)	2,715	3,234	(519)
Free cash flow (2)	(440)	211	(651)	1,338	1,225	113
Net debt (2)	4,219	4,830	(611)	4,219	4,830	(611)
Long-term debt and lease liabilities	10,853	11,769	(916)	10,853	11,769	(916)
Diluted earnings per share – attributable to shareholders of Air Canada	0.49	0.88	(0.39)	0.03	0.90	(0.87)
Adjusted earnings per share attributable to shareholders of Air Canada – diluted (2)	0.75	0.75	–	1.08	0.85	0.23
Operating Statistics (4)	2026	2025	Change %	2026	2025	Change %
Revenue passenger miles (RPMs) (millions)	26,642	24,459	8.9	71,612	67,142	6.7
Available seat miles (ASMs) (millions)	29,893	28,282	5.7	81,664	79,382	2.9
Passenger load factor %	89.1%	86.5%	2.6 pp	87.7%	84.6%	3.1 pp
Passenger revenue per RPM (Yield) (cents)	23.8	21.4	11.0	23.3	21.8	7.3
Passenger revenue per ASM (PRASM) (cents)	21.2	18.5	14.4	20.5	18.4	11.2
Operating revenue per ASM (TRASM) (cents)	23.4	20.4	14.4	23.3	20.9	11.5
Operating expense per ASM (CASM) (cents)	22.5	19.4	15.9	23.1	20.2	14.6
Adjusted CASM (cents) (2)	14.5	14.0	3.3	15.3	14.5	5.3
Average number of full-time-equivalent (FTE) employees (thousands) (5)	37.3	37.0	0.8	36.7	37.2	(1.1)
Aircraft in operating fleet at period-end	358	366	(2.2)	358	366	(2.2)
Seats dispatched (thousands)	15,940	15,095	5.6	43,989	42,912	2.5
Aircraft frequencies (thousands)	108.1	102.8	5.2	300.5	292.7	2.7
Average stage length (miles) (6)	1,875	1,874	0.1	1,856	1,850	0.4
Fuel cost per litre (cents)	148.3	88.3	68.0	127.5	91.3	39.7
Fuel litres (thousands)	1,417,835	1,356,485	4.5	3,896,979	3,819,892	2.0
Revenue passengers carried (thousands) (7)	13,338	12,168	9.6	36,330	34,102	6.5

(1)	Operating margin is a supplementary financial measure and is defined as operating income (loss) as a percentage of operating revenues.
(2)	Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and impairment), adjusted EBITDA margin, adjusted pre-tax income (loss), adjusted net income (loss), free cash flow, net debt, adjusted earnings (loss) per share, and adjusted CASM are non-GAAP financial measures, capital management measures, non-GAAP ratios or supplementary financial measures. Such measures are not recognized measures for financial statement presentation under GAAP, do not have standardized meanings, may not be comparable to similar measures presented by other entities and should not be considered a substitute for or superior to GAAP results. Refer to the “Non-GAAP Financial Measures” section of this news release for descriptions of Air Canada’s non-GAAP financial measures.
(3)	Total liquidity refers to the sum of cash, cash equivalents, short and long-term investments, and the amounts available under Air Canada’s credit facilities. Total liquidity, as at September 30, 2026, of $8,018 million, consisted of $6,634 million in cash, cash equivalents, and short‑ and long‑term investments, and $1,384 million available under undrawn credit facilities. As at September 30, 2025, total liquidity of $8,296 million consisted of $6,939 million in cash, cash equivalents, short- and long-term investments and $1,357 million available under undrawn credit facilities. These amounts also include funds ($333 million as at September 30, 2026 and $278 million as at September 30, 2025) held in trust by Air Canada Vacations in accordance with regulatory requirements governing advance sales for tour operators.
(4)	Except for the reference to average number of full-time equivalent (FTE) employees, operating statistics in this table include third party carriers operating under capacity purchase agreements with Air Canada.
(5)	Reflects FTE employees at Air Canada and its subsidiaries. Excludes FTE employees at third party carriers operating under capacity purchase agreements with Air Canada.
(6)	Average stage length is calculated by dividing the total number of available seat miles by the total number of seats dispatched.
(7)	Revenue passengers are counted on a flight number basis (rather than by journey/itinerary or by leg) which is consistent with the IATA definition of revenue passengers carried.
(8)	The acronym “pp” denotes percentage points and refers to a measure of the arithmetic difference between two percentages.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/edf25d39-6552-4e86-92a9-c61c584404d9

SINGAPORE, Oct. 29, 2026 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for AI neocloud services and Bitcoin mining infrastructure, today announced that its management team will attend several investor conferences in November. Michael G. Potter, Chief Financial Officer, will also participate in a panel discussion at Cantor Convergence.

Mr. Potter will join the panel “Landlord or Operator: Finding the Right Business Model in AI Infrastructure” on Wednesday, November 11, 2026, from 2:50 p.m. to 3:20 p.m. Eastern Time.

Bitdeer will attend the following conferences:

• Cantor Convergence, November 10-12, 2026, Miami Beach, FL
• 15th Annual ROTH Technology Conference, November 17-18, 2026, New York, NY
• Rosenblatt 2^nd Annual AI Infra & HPC Conference, November 30, 2026, Virtual

Bitdeer management will be available for one-on-one meetings with investors who are registered to attend each conference. Investors who would like to schedule a meeting with Bitdeer should contact their representative at the respective host firm to register and request a meeting. Participation in certain conferences is by invitation only.

About Bitdeer Technologies Group

Bitdeer is a world-leading technology company for AI neocloud services and Bitcoin mining infrastructure. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers and building AI computational infrastructure to support the AI revolution. Bitdeer handles complex processes involved in computing such as equipment procurement, transport logistics, data center design and construction, equipment management, and daily operations. Bitdeer also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed data centers across multiple countries, including the United States, Norway, Bhutan, Ethiopia, and Malaysia. To learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X@Bitdeer and LinkedIn @Bitdeer.

Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on social media and other communication channels listed on its website.

Forward-Looking Statements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

For investor and media inquiries, please contact:

Investor Relations
Tesh Dahya, Head of Investor Relations
tesh.dahya@bitdeer.com 

Media
Eunice Hwangbo, Director, Corporate Communications
eunice.hwangbo@bitdeer.com

REDWOOD CITY, Calif., Oct. 29, 2026 (GLOBE NEWSWIRE) — Seer, Inc. (Nasdaq: SEER), the pioneer and trusted partner for deep, unbiased proteomic insights, today announced that the Special Committee of Seer’s Board of Directors (the “Special Committee”) has concluded its review process and decided to reject the recent acquisition proposals made to Seer.

“Over the last three months, we have worked closely with our legal and financial advisors to carefully evaluate the unsolicited acquisition proposals that Seer has received, as well as other strategic alternatives, including through a careful assessment of possible interest from alternative potential transaction counterparties,” said independent directors Meeta Gulyani and Nicolas Roelofs, Ph.D., the members of the Special Committee. “We approached this process with no options off the table. Our work was thorough, deliberative and focused on shareholder value. Following this review, we have concluded that a sale of Seer at this time would undervalue the company and our future prospects. We are confident that Seer is well positioned to meet the growing demand for deep, large-scale, unbiased proteomics in the era of AI-biology and we look forward to capturing the opportunities ahead.”

As previously disclosed, on July 28, 2026, Bradley L. Radoff and Michael Torok (together with certain of their affiliates, the “Radoff-JEC Group”) submitted an unsolicited, non-binding proposal to acquire all outstanding shares of Seer’s Class A common stock for $2.55 per share in cash plus a contingent value right. On July 29, 2026, Omid Farokhzad, M.D., Seer’s Chair and Chief Executive Officer, submitted an unsolicited, non-binding proposal to acquire all outstanding shares of Seer’s Class A common stock for $2.45 per share in cash plus two separate contingent value rights.

After careful consideration, the Special Committee determined that both of the unsolicited acquisition proposals fail to reflect Seer’s intrinsic value. As such, the Special Committee has unanimously rejected both unsolicited acquisition proposals.

About Seer, Inc.
Seer, Inc. (Nasdaq: SEER) sets the standard in deep, unbiased proteomics, delivering insights with a scale, speed, precision and reproducibility previously unattainable. Seer’s Proteograph^® Product Suite integrates proprietary engineered nanoparticles, streamlined automation instrumentation, optimized consumables and advanced analytical software to overcome the limitations of traditional proteomic methods. Seer’s products are for research use only and are not intended for diagnostic procedures. For more information, visit www.seer.bio.

For more information, please email us at pr@seer.bio.

Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on Seer’s beliefs and assumptions and on information currently available to it on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause Seer’s actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include but are not limited to statements regarding Seer’s prospects, positioning and technology, as well as statements regarding shareholder value and future value creation. These and other risks are described more fully in Seer’s filings with the SEC and other documents that Seer subsequently files with the SEC from time to time. Except to the extent required by law, Seer undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Media Contact:
Patrick Schmidt
pr@seer.bio

Joele Frank, Wilkinson Brimmer Katcher
Eric Brielmann / Joseph Sala
(212) 355-4449

Investor Contact:
Marissa Bych
investor@seer.bio

FREMONT, Calif., Oct. 29, 2026 (GLOBE NEWSWIRE) — Cytek Biosciences, Inc. (Nasdaq: CTKB), a leading cell analysis solutions company, today announced the company will be participating in the following investor conferences:

• UBS Global Healthcare Conference in Palm Beach Gardens, FL
  CFO William McCombe and Head of Investor Relations Mark Meehan will be participating in investor meetings on Monday, November 9, 2026

• Stephens Annual Investment Conference in Nashville, TN
  CEO Wenbin Jiang and CFO William McCombe will be participating in a fireside chat on Tuesday, November 17, 2026, at 6:00 a.m. Pacific Time / 9:00 a.m. Eastern Time

Interested parties may access the live and archived webcast for the Stephens event referenced above on the “Investors” section of the company website at: investors.cytekbio.com.

About Cytek Biosciences, Inc.
Cytek Biosciences (Nasdaq: CTKB) is a leading cell analysis solutions company advancing the next generation of cell analysis tools by delivering high-resolution, high-content and high-sensitivity cell analysis utilizing its patented Full Spectrum Profiling™ (FSP®) technology. Cytek’s novel approach harnesses the power of information within the entire spectrum of a fluorescent signal to achieve a higher level of multiplexing with precision and sensitivity. Cytek’s platform includes: its core FSP instruments, the Cytek Aurora™, Northern Lights™, Cytek Aurora™ CS, Cytek Aurora™ Evo, and Cytek Borealis™ systems; the Cytek Orion™ reagent cocktail preparation system; the Enhanced Small Particle™ (ESP™) detection technology; the flow cytometers and imaging products under the Amnis® and Guava® brands; and reagents, software and services to provide a comprehensive and integrated suite of solutions for its customers. Cytek is headquartered in Fremont, California with offices and distribution channels across the globe. More information about the company and its products is available at www.cytekbio.com.

Cytek’s products are for research use only and not for use in diagnostic procedures (other than Cytek’s Northern Lights-CLC system and certain reagents, which are available for clinical use only in China and the European Union).

Cytek, Full Spectrum Profiling, FSP, Cytek Aurora, Cytek Borealis, Northern Lights, Enhanced Small Particle, ESP, Cytek Orion, Amnis and Guava are trademarks of Cytek Biosciences, Inc.

In addition to filings with the Securities and Exchange Commission (SEC), press releases, public conference calls and webcasts, Cytek uses its website (www.cytekbio.com), LinkedIn page and X account as channels of distribution for information about the company, its products, planned financial and other announcements, attendance at upcoming investor and industry conferences and other matters. Certain information disseminated through these channels may be material to investors, and Cytek may use these channels to disseminate such information in accordance with Regulation FD and other applicable disclosure requirements. Therefore, investors should monitor Cytek’s website, LinkedIn page, and X account in addition to following its SEC filings, news releases, public conference calls and webcasts.

Media Contact:
Stephanie Olsen
Lages & Associates
(949) 453-8080
stephanie@lages.com

Investor Contact:
Mark Meehan
Cytek Biosciences
mmeehan@cytekbio.com

LOS ANGELES, Oct. 29, 2026 (GLOBE NEWSWIRE) — Xos, Inc. (NASDAQ: XOS), a leading electric truck manufacturer and fleet services provider, today announced it will release its third quarter ended September 30, 2026 operating results on Thursday, November 12, 2026, after the close of the U.S. financial markets.

Management will host a conference call and webcast to discuss these financial results at 4:30 p.m. Eastern Standard Time / 1:30 p.m. Pacific Standard Time on November 12, 2026.

Conference Call and Webcast Details

Date / Time:		Thursday, November 12, 2026, at 4:30 p.m. EST / 1:30 p.m. PST
Webcast:	https://viavid.webcasts.com/starthere.jsp?ei=1779331&tp_key=4027fb8d71
U.S. Toll-Free Dial In:		1-833-816-1411
International Dial In:		1-412-317-0507
Conference ID:		10212733

To access the call, please dial in approximately ten minutes before the start of the call.

For those unable to participate in the live call, an audio replay will be available following the call through 11:59 p.m. Eastern Time on Thursday, November 26, 2026. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10212733. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company’s website.

About Xos, Inc.
Xos is a leading energy storage and fleet electrification solutions provider. The Xos Hub is a proactive, movable power source delivering high-capacity output and high-speed charging in one. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The Company leverages its proprietary technologies to provide a diverse customer base with rapid-deployment energy storage and charging solutions and commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “future,” “intend,” “likely,” “may,” “might,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “seem,” “seek,” “should,” “strategy,” “target,” “will,” “would,” and similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements, including but not limited to: (i) Xos, Inc.’s (“Xos”) liquidity and access to capital when needed, including its ability to service its indebtedness, (ii) Xos’s ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, (iii) cost increases and delays in production due to supply chain shortages in the components needed for the production of Xos’s products, (iv) Xos’s ability to meet production milestones and fulfill backlog orders, (v) changes in the industries in which Xos operates, (vi) variations in operating performance across competitors, (vii) changes in laws and regulations affecting Xos’s business, (viii) Xos’s ability to implement its business plan or meet or exceed its financial projections, (ix) Xos’s limited operating history, (x) Xos’s ability to retain key personnel and hire additional personnel, (xi) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry, (xii) macroeconomic and political conditions, and (xiii) the outcome of any legal proceedings that may be instituted against Xos. All forward-looking statements included in this press release are expressly qualified in their entirety by, and you should carefully consider, the foregoing factors and the other risks and uncertainties described under the heading “Risk Factors” included in Xos’s most recently filed Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) and any subsequent Quarterly Reports on Form 10-Q filed with the SEC, copies of which may be obtained by visiting Xos’s Investor Relations website at https://www.xostrucks.com/sec-filings or the SEC’s website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Xos assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Xos does not give any assurance that it will achieve its expectations.

Contacts
Xos Investor Relations
investors@xostrucks.com  

Xos Media Relations
marketing@xostrucks.com

Combined company intended to focus on firm, behind-the-meter power and modular high-performance computing capacity initiatives commenced in June 2026

WEST PALM BEACH, Fla. and CALGARY, Alberta, Oct. 29, 2026 (GLOBE NEWSWIRE) — FingerMotion, Inc. (Nasdaq: FNGR) (“FingerMotion” or the “Company”) today announced that it has entered into a non-binding term sheet with BlueFlare Group Holdings Inc. (“BlueFlare”), a Calgary-based developer of behind-the-meter power generation and modular high-performance computing infrastructure, regarding a potential business combination. The combined company will be a pure-play North American infrastructure business focused on delivering firm power, quickly, to enterprises that need high-performance computing capacity. Under the terms of the non-binding term sheet, BlueFlare shareholders and certain management and advisory parties are expected to hold approximately 80% of the combined company on a fully diluted basis. Jolie Kahn is expected to lead BlueFlare Inc. as Chief Executive Officer, President and Chair of the Board. Landon Ruszkowski is expected to continue as President and Chief Executive Officer of BlueFlare Canada Inc. Christopher V. Polimeni is expected to continue as Chief Financial Officer. Upon completion of the proposed business combination, FingerMotion will change its name to BlueFlare Inc. and trade on Nasdaq under the ticker symbol “BFLR”.

“Today FingerMotion becomes strategically changes direction, by choice and with conviction,” said Jolie Kahn, Chief Executive Officer of FingerMotion. “We intend to build a clean, North American company in the one part of the computing economy where demand is clearly outrunning supply, which is power. BlueFlare has a team that builds and a disciplined model. Our stockholders deserve a company with a clear purpose, and BlueFlare Inc. will be that company.”

“Our clients don’t need another promise of capacity in 2030. They need firm power on a timeline they can plan a business around,” said Landon Ruszkowski, President and Chief Executive Officer of BlueFlare. “That is what BlueFlare delivers. Joining with FingerMotion would give us access to U.S. capital markets to scale our program, while we keep building in Alberta, with Alberta energy and with respect for the communities that host us. Our team and headquarters stay right here in Calgary.”

Completion of the proposed business combination is subject to the negotiation and execution of a definitive merger agreement and other customary closing conditions, including approval by the stockholders of FingerMotion and the shareholders of BlueFlare, the successful fulfillment of the capital needs of the combined entity, third-party valuations and applicable regulatory and trading market approvals. There can be no assurance that a definitive agreement will be entered into, or that the proposed transaction will be completed on the terms described or at all.

Why Power, and Why Now

Across North America, enterprise demand for computing is growing faster than utility grids can connect new load. Interconnection queues stretch for years, and large turbines are back-ordered. The constraint on new computing capacity is no longer land or buildings. It is firm power. BlueFlare is built to deliver that power. It generates power on site, behind the meter, from Alberta natural gas, and pairs that generation with modular computing infrastructure. Enterprise clients get firm power and capacity on a timeline they can plan around.

The BlueFlare Model

• Speed to power. Modular on-site generation and pre-engineered computing halls are designed to bring capacity online in months rather than years. Sites are sized at 9.9 MW increments to fit their host communities and to move faster than large-load grid connections.
• Infrastructure, not chips. BlueFlare sells power, cooling and computing-ready space under long-term contracts. It does not own, lease or finance GPUs or other IT hardware, so its revenue is tied to contracted capacity rather than chip cycles.
• Builds what it sells. BlueFlare does its own engineering, procurement, construction and commissioning, which gives it control of cost, quality and schedule.
• Alberta First. BlueFlare builds with abundant Alberta natural gas, on existing industrial land, under Alberta’s rules and alongside the communities that host its sites. Its small-scale sites are designed to fit into those communities, not dominate them.
• Disciplined capital. Individual campuses are intended to be financed at the project level.

BlueFlare Platform at a Glance

• Two Alberta campus sites, with consummation of site acquisitions imminent.
• Goal of 500 MW of generation capacity in permitting across Alberta.
• Either consummation of or indications of interest for one or more capacity agreements at one or more Brooks sites.
• First campus construction targeted to begin.

About BlueFlare Group Holdings Inc.

BlueFlare Group Holdings Inc. is a Calgary-based company that develops, builds and operates behind-the-meter natural gas power generation and modular high-performance computing infrastructure for enterprise clients. BlueFlare sells firm power, cooling and computing-ready space under long-term contracts. Through its operating subsidiaries, including BlueFlare Energy Solutions Inc., BlueFlare carries out its own engineering, procurement, construction and commissioning on its programs across Alberta.

About FingerMotion, Inc.

FingerMotion, Inc. (Nasdaq: FNGR) is a technology company that has historically served the mobile payment, recharge and data-analytics markets in the People’s Republic of China. Since June 2026, it has been developing behind-the-meter powered high performance computing capacity in Alberta for enterprise clients.

This press release is for informational purposes only. It is not an offer to sell, or a solicitation of an offer to buy, any securities, and it is not a solicitation of any vote or approval. No sale of securities will take place in any jurisdiction where it would be unlawful. Any securities that may be issued in connection with the financing have not been registered under the Securities Act of 1933. They may not be offered or sold in the United States without registration or an applicable exemption. No securities are being offered in Canada except under an applicable prospectus exemption. The term sheet is non-binding and does not constitute a binding agreement to consummate the proposed transaction.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and applicable Canadian securities laws, and is subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.Words such as “expects,” “intends,” “plans,” “anticipates,” “targets,” “designed to,” “will,” “may” and similar expressions identify forward-looking statements. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Those risks include: the transaction not closing, or closing on different terms; failure to negotiate or execute a definitive merger agreement; failure to obtain stockholder, shareholder, Nasdaq or regulatory approvals; failure to complete the required financing; failure to regain or maintain compliance with Nasdaq listing requirements; difficulties in separating the legacy businesses; risks related to permitting, Alberta electricity regulation, construction, equipment supply, natural gas supply and pricing, project financing and customer demand; and the risks described in FingerMotion’s filings with the SEC. Forward-looking statements speak only as of the date of this release. Neither company undertakes to update them except as required by law.

Media and Investor Contacts

FingerMotion, Inc.: Investor Relations, ir@fingermotion.com
BlueFlare: Suite 700, 444 – 7th Avenue SW, Calgary, Alberta T2P 0X8

IRVINE, Calif., Oct. 29, 2026 (GLOBE NEWSWIRE) — Tarsus Pharmaceuticals, Inc. (NASDAQ: TARS), today announced that it will host a live webcast at 1:30 p.m. PT / 4:30 p.m. ET on Tuesday, November 3, 2026 to report its third quarter 2026 financial results and provide a corporate update.

Participants may access the webcast here. A recorded version of the call will be available on the website shortly after the completion of the webcast and will be archived there for approximately 90 days.

About Tarsus Pharmaceuticals, Inc.
Tarsus Pharmaceuticals, Inc. applies proven science and new technology to revolutionize treatment for patients, starting with eye care. Tarsus is advancing its pipeline to address several diseases with high unmet need across a range of therapeutic categories, including eye care, dermatology, and infectious disease prevention. XDEMVY^® (lotilaner ophthalmic solution) 0.25% is FDA approved in the United States for the treatment of Demodex blepharitis. Tarsus is also developing TP-04 for the potential treatment of ocular rosacea and TP-05 as an oral tablet for the potential prevention of Lyme disease, both of which are in Phase 2, IRX-101 for potential use as an ocular antiseptic, and gildeuretinol for the potential treatment of Stargardt disease.

Media Contact:
Adrienne Kemp
Vice President, Corporate Communications
(949) 922-0801
AKemp@tarsusrx.com
Investor Contact:
David Nakasone
Head of Investor Relations
(949) 620-3223
DNakasone@tarsusrx.com

DAYTONA BEACH, Fla., Oct. 29, 2026 (GLOBE NEWSWIRE) — Powell Brown, president and chief executive officer, and Julie Turpin, chief people officer, are proud to announce that Brown & Brown, Inc. (NYSE: BRO) (“Brown & Brown”) and our team of U.S. companies has been Certified™ by Great Place to Work® for the eighth consecutive year. Brown & Brown has also been Certified™ in the U.K. and Canada for the second consecutive year. In the U.S., Brown & Brown was also included on the 2026 Fortune Best Workplaces for Women™ and Best Workplaces in Financial Services and Insurance™ for the sixth year.

“At Brown & Brown, our people make all the difference. They are the heart of our culture and the reason we’re able to serve our customers at such a high level. Being recognized as a Great Place to Work for the eighth consecutive year, and again in the U.K. and Canada, is a testament to our teammates and the environment they’ve helped create,” said Brown. “We’re proud to once again be recognized among the Best Workplaces for Women and Best Workplaces in Financial Services & Insurance, and we’ll continue working every day to make Brown & Brown a place where great people can do their best work.”

“We’re proud to be Certified™ by Great Place to Work®, and receiving this recognition as we navigate exciting change across the organization is especially meaningful,” said Turpin “Having our teams in Canada and the U.K. Certified™ for the second year also demonstrates our commitment to supporting and empowering our teammates across the globe to grow and succeed.”

Great Place To Work is the global authority on workplace culture, employee experience, and leadership behaviors proven to deliver market-leading revenue, employee retention and increased innovation. The prestigious award is based entirely on what current teammates say about their experience working for Brown & Brown. This year, 86% of our teammates said Brown & Brown is a Great Place To Work, and 92% said they when joining the company, you are made to feel welcome.

“Great Place To Work Certification is a highly coveted achievement that requires consistent and intentional dedication to the overall employee experience,” says Sarah Lewis-Kulin, the Vice President of Global Recognition at Great Place To Work. She emphasizes that Certification is the sole official recognition earned by the real-time feedback of employees regarding their company culture. “By successfully earning this recognition, it is evident that Brown & Brown stands out as one of the top companies to work for, providing a great workplace environment for its employees.” 

To determine the Best Workplaces for Women, Great Place To Work analyzed the survey responses of over 640,000 women who work for Great Place To Work Certified™ companies like Brown & Brown. Honorees were selected based on their ability to offer consistently positive outcomes for women regardless of job role, work status, or any other demographic identifier.

“Companies that create great experiences for women are companies that create better experiences for every employee,” says Michael C. Bush, CEO of Great Place To Work. “When a company can show that anyone can build a career and do their life’s work, that company is more resilient. These companies are built for the future because they invest in the future of their people.”

Earlier this year, Brown & Brown was awarded the 2026 Platinum Level Bell Seal Award for Workplace mental Healthy by Mental Health America for the fourth consecutive year.

About Brown & Brown Inc.

Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm delivering comprehensive and customized insurance solutions and specialization since 1939. With a global presence spanning 700+ locations and a team of approximately 23,000 professionals, we are dedicated to delivering scalable, innovative strategies for our customers at every step of their growth journey. Learn more at BBrown.com.

For more information:

Jenny Goco
Vice President of Public Relations & Communications
(386) 333-6066
jenny.goco@bbrown.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a5aeec56-45eb-4dec-88c2-fdcfd52f0e83

Pinnacle VLN^® and Pinnacle Pure will be offered on Gopuff’s Nationwide Direct to Consumer On-Demand Platform

New trade channel supports 22^nd Century’s strategy to reach adult smokers beyond traditional convenience stores across the US

MOCKSVILLE, N.C., Oct. 29, 2026 (GLOBE NEWSWIRE) — 22nd Century Group, Inc. (Nasdaq: XXII) today announced that it has entered into a trade agreement with Gopuff to deliver its Pinnacle VLN^® and Pinnacle Pure products direct to consumer via an app-based delivery channel as the company pursues additional routes to market for its portfolio. The Company expects the Pinnacle VLN^® and Pinnacle Pure launch to occur in late fourth quarter 2026.

22nd Century Group sees on-demand delivery as an opportunity to extend our reach to access adult smokers who are currently served through traditional brick-and-mortar retail outlets, including convenience stores. The Company believes that adding its products to Gopuff’s national platform could reach adult smokers who prefer shopping through delivery apps and may not otherwise encounter Pinnacle products at the Company’s existing retail locations. This opportunity would broaden consumer access and expand the Company’s customer base while complementing its established retail distribution network.

“This new digital channel expands our product availability and establishes a nationwide presence more rapidly than the growth in traditional brick-and-mortar distribution alone. Equally important, it allows us to develop consumer demand in new geographies to support our retail sales efforts. This distribution strategy positions us to meet the evolving shopping habits of today’s adult consumers,” said Larry Firestone, Chief Executive Officer of 22nd Century Group. “For Pinnacle VLN^® and Pinnacle Pure, we will continue to pursue traditional distribution across all relevant trade channels and markets. Digital platforms are an important part of our sales strategy alongside traditional retail.”

“We are pursuing channels that align with the distinct positioning of our products and give us additional ways to build awareness and distribution,” Firestone added. “This agreement is core to that approach. As this digital direct-to-consumer platform develops, we see an opportunity to reach adult consumers who want to learn more about our VLN^® products from the convenience of their homes and on their own schedules. Our planned launch with Gopuff represents both a marketing opportunity and a source of incremental sales, and we believe it can generate additional demand for the Pinnacle brand in traditional retail as well over time.”

This complements 22nd Century Group’s existing retail and convenience store relationships. Product availability will depend on delivery location and state licensing authorization, with sales limited to eligible adult consumers in markets where direct-to-consumer tobacco delivery is permitted.

About 22nd Century Group, Inc.

22nd Century Group is pioneering the Tobacco Harm Reduction and Nicotine Reduction Movements by enabling smokers to take control of their nicotine consumption.

Our Technology is Tobacco

Our proprietary non-GMO reduced nicotine tobacco plants were developed using our patented technologies that regulate alkaloid biosynthesis activities resulting in a tobacco plant that contains 95% less nicotine than traditional tobacco plants. Our extensive patent portfolio has been developed to ensure that our-high-quality tobacco can be grown commercially at scale. We continue to develop our intellectual property to ensure our ongoing leadership in the tobacco harm reduction movement.

Our Products

We created our flagship product, the VLN^® cigarette using our low nicotine tobacco, to give traditional cigarette smokers an authentic and familiar alternative in the form of a combustible cigarette that helps them take control of their nicotine consumption. VLN^® cigarettes have 95% less nicotine compared to traditional cigarettes and have been proven to allow consumers to greatly reduce their nicotine consumption.

VLN^® and Helps You Smoke Less^® are registered trademarks of 22nd Century Limited LLC.

Learn more at xxiicentury.com, on X (formerly Twitter), on LinkedIn, and on YouTube.

Learn more about VLN^® at tryvln.com.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements, including but not limited to our full year business outlook. Forward-looking statements typically contain terms such as “anticipate,” “believe,” “consider,” “continue,” “could,” “estimate,” “expect,” “explore,” “foresee,” “goal,” “guidance,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “preliminary,” “probable,” “project,” “promising,” “seek,” “should,” “will,” “would,” and similar expressions. Forward-looking statements include, but are not limited to, statements regarding (i) our expectations regarding regulatory enforcement, including our ability to receive authorization or approval for new products, and (ii) our financial and operating performance. Actual results might differ materially from those explicit or implicit in forward-looking statements. Important factors that could cause actual results to differ materially are set forth in “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 26, 2026 and Quarterly Reports on Form 10-Q filed May 7, 2026 and August 14, 2026. All information provided in this release is as of the date hereof, and the Company assumes no obligation to and does not intend to update these forward-looking statements, except as required by law.

Investor Relations & Media Contact
Daniel Otto
Chief Financial Officer & Investor Relations
22nd Century Group
investorrelations@xxiicentury.com

– Base Case U.S. Market Opportunity Estimated at 15,000 Patients, With Potential to Expand to Approximately 30,000 Patients –

– On Track for Completion of 4WARD Phase 3 Target Enrollment in Q4 2026 –

– Planned 4STEPS Phase 2b Trial Evaluating G-CSF Dose Reduction with Mavorixafor;
Initiation Expected in Q1 2027 –

– Topline Data from Both 4WARD and 4STEPS Expected in Q1 2028 –

BOSTON, Oct. 29, 2026 (GLOBE NEWSWIRE) — X4 Pharmaceuticals, Inc. (Nasdaq: XFOR), a company focused on improving the lives of people with rare hematology diseases, today hosted a virtual Investor Day highlighting the U.S. market opportunity for mavorixafor, an investigational, once-daily oral CXCR4 antagonist, in primary chronic neutropenia (PCN). The event featured a clinical program update, new market research, and a fireside chat with key opinion leaders, Shreyans Gandhi, M.D., of King’s College Hospital NHS Foundation Trust, London, and Julia Warren, M.D., Ph.D., of Children’s Hospital of Philadelphia.

“PCN is a serious, chronic disease with no new therapy approved in more than 30 years, and today we outlined a clear path to potentially bring the first once-daily oral therapy to people living with this disease,” said Adam Craig, M.D., Ph.D., Executive Chair of X4 Pharmaceuticals. “Our 4WARD Phase 3 trial is designed to clearly measure the clinical benefit of mavorixafor, and we remain on track to fully enroll the study by year end. Our planned 4STEPS Phase 2b trial is designed to complement 4WARD by evaluating whether granulocyte colony-stimulating factor (G-CSF) dosage can be reduced or discontinued after initiating mavorixafor. Our most recent commercial research supports a U.S. market opportunity of approximately 15,000 patients, with the potential to grow to approximately 30,000. With data from both trials expected in Q1 2028, we look forward to a milestone-rich next 18 months.”

Anticipated milestones:

• Complete target enrollment in 4WARD Phase 3 trial: Q4 2026
• First participant enrolled in 4STEPS Phase 2b trial: Q1 2027
• Topline data from both 4WARD and 4STEPS trials: Q1 2028
• If 4WARD results are positive, potential U.S. Food and Drug Administration (FDA) approval of mavorixafor in PCN in late 2028 or early 2029

Market Opportunity Highlights

• PCN is a heterogeneous disease that is often underdiagnosed and misdiagnosed, which X4 believes has resulted in a large, underserved patient population.
• Claims data identified approximately 15,000 symptomatic U.S. patients aged 12 and older with an absolute neutrophil count (ANC) below 1,000 cells/µL and two or more infections in 2025. This base-case population is consistent with patients enrolled in the 4WARD Phase 3 trial.
• Claims data has also identified a potential expansion opportunity, subject to FDA labeling, of 30,000 U.S. patients with an ANC below 1,000 cells/µL and one or more infections in 2025.
• Current treatment options are limited to G-CSF injections and antibiotics, and X4 believes a significant unmet medical need remains despite these therapies.
• There is currently no approved oral therapy for PCN, and patients may rely on off-label or burdensome treatments.

Clinical Program Update

• Completion of target enrollment of 126 participants in 4WARD is expected in the fourth quarter of 2026. Blinded, pooled baseline characteristic data as of September 2026 show a median ANC of 483 cells/µL, with 68% of participants having three or more infections at baseline.
• X4 introduced 4STEPS, a planned Phase 2b trial designed to evaluate whether G-CSF dosage can be safely reduced after starting mavorixafor while maintaining stable neutrophil counts, with the first participant expected to be enrolled in the first quarter of 2027.
• Topline data from both 4WARD and 4STEPS trials are expected in the first quarter of 2028.
• If positive, the 4WARD results could support a regulatory submission for mavorixafor in PCN, with potential FDA approval in late 2028 or early 2029.

Webcast Replay

A replay of the Investor Day webcast and the accompanying slide presentation are available in the Events & Presentations section of the X4 Investor Relations website here.

About Mavorixafor

Mavorixafor is a small molecule delivered in a capsule for oral dosing as a selective antagonist of the chemokine receptor, CXCR4. Down-regulation of the CXCR4 receptor by mavorixafor has been shown to mobilize functional neutrophils from the bone marrow into the peripheral bloodstream across multiple disease states. The level of circulating neutrophils is typically determined by the absolute neutrophil count (ANC) obtained from a blood draw. Mavorixafor is approved in the U.S. and the European Union as XOLREMDI® for the treatment of patients 12 years and older with WHIM syndrome. Mavorixafor is also being evaluated for the treatment of primary chronic neutropenia in a Phase 3 clinical trial. The FDA has granted Fast Track designation to mavorixafor for the treatment of chronic neutropenia.

About Primary Chronic Neutropenia

Primary chronic neutropenia (PCN) is a rare blood condition characterized by abnormally low levels of circulating neutrophils in the blood lasting more than three months, persistently or intermittently. As a result, people with PCN are at an increased risk of serious and life-threatening infections and reduced quality of life. Neutrophils are retained in the bone marrow by the CXCR4/CXCL12 axis, creating a reserve of cells. PCN is a heterogeneous disease that includes idiopathic, congenital, cyclic, and autoimmune forms, and is often underdiagnosed and misdiagnosed.

About X4 Pharmaceuticals

X4 Pharmaceuticals is a company focused on improving the lives of people with rare hematology diseases by developing and commercializing innovative therapies in areas with significant unmet medical needs. Leveraging expertise in diseases of the immune system and CXCR4 biology, X4 has successfully developed mavorixafor, an orally available CXCR4 antagonist that is approved in the U.S. and EU as XOLREMDI® for patients with WHIM syndrome. The Company is currently conducting a global, pivotal Phase 3 clinical trial (4WARD) evaluating mavorixafor in chronic neutropenic disorders. The U.S. FDA has granted Fast Track designation to mavorixafor for the treatment of chronic neutropenia. X4 is headquartered in Boston, Massachusetts. For more information, please visit www.x4pharma.com.

X4 Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995, as amended. These statements may be identified by the words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target,” or other similar terms or expressions that concern X4’s expectations, strategy, plans, or intentions. Forward-looking statements include, without limitation, implied or express statements regarding the design of, and timing of completion of target enrollment in, the 4WARD trial; the design, initiation, enrollment and timing of the planned 4STEPS trial; the timing of topline data from 4WARD and 4STEPS; the potential regulatory approval of mavorixafor in chronic neutropenia and the timing thereof; the size of the potential market opportunity and addressable patient population for mavorixafor in PCN, including potential expansion opportunities; the potential therapeutic benefits and commercial potential of mavorixafor, including the potential for mavorixafor to be the first once-daily oral therapy for PCN and to permit reduction or discontinuation of G-CSF; X4’s anticipated milestones; and other future plans for the Company. Any forward-looking statements in this press release are based on management’s current expectations and beliefs. These forward-looking statements are neither promises nor guarantees of future performance, and are subject to a variety of risks and uncertainties, many of which are beyond X4’s control, which could cause actual results to differ materially from those contemplated in these forward-looking statements, including risks related to the initiation, enrollment, conduct, timing and results of clinical trials; feedback from regulatory authorities; the limitations of market research and claims data analyses; X4’s ability to obtain sufficient capital; and other risks and uncertainties, including those described in the section entitled “Risk Factors” in X4’s most recent Annual Report on Form 10-K, as well as in other filings X4 makes with the Securities and Exchange Commission from time to time, including its Quarterly Reports on Form 10-Q. X4 undertakes no obligation to update the information contained in this press release to reflect new events or circumstances, except as required by law.

X4 Investor Contact:
Remy Bernarda
Jenny Kobin
IR Advisory Solutions
ir@x4pharma.com 

Source: X4 Pharmaceuticals, Inc.