Tag: GlobeNewswire

• Successfully completed a $98.0 million equity capital raise through an underwritten public offering.
• Maintained well-capitalized regulatory capital levels.
• Reduced credit risk through the sale of $204.3 million of portfolios of certain problem loans.
• Transferred an additional $100.9 million of loans to held-for-sale.
• Enhanced Board oversight and governance with the addition of two new independent directors.
• Further reorganization of C-Suite to align governance and executive responsibilities.

BAYONNE, N.J., Oct. 29, 2026 (GLOBE NEWSWIRE) — BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported a net loss attributable to common stockholders of $132.5 million for the third quarter of 2026, compared to a net loss of $14.8 million in the second quarter of 2026, and net income of $3.8 million for the third quarter of 2025. The Company’s loss per diluted share for the third quarter was ($6.92) compared to a loss per diluted share of ($0.85) in the preceding quarter. The Company had earnings per share of $0.22 in the third quarter of 2025. The Company’s reported net loss attributable to common stockholders for the nine months ended September 30, 2026 was $142.8 million, compared to a net loss of $1.9 million for the nine months ended September 30, 2025. The Company’s loss per diluted share for the nine months ended September 30, 2026 was ($7.98) compared to a loss per diluted share of ($0.11) for the nine months ended September 30, 2025.

Executive Summary

• Net interest margin was 3.03 percent for the third quarter of 2026, compared to 3.03 percent for the second quarter of 2026, and 2.88 percent for the third quarter of 2025.
  • Total yield on interest-earning assets was 5.14 percent for the third quarter of 2026, compared to 5.25 percent for the second quarter of 2026, and 5.23 percent for the third quarter of 2025.
• Total cost of interest-bearing liabilities decreased 10 basis points to 2.77 percent for the third quarter of 2026, compared to 2.87 percent for the second quarter of 2026, and decreased 29 basis points from 3.06 percent for the third quarter of 2025.
• The efficiency ratio for the third quarter was 78.5 percent compared to 96.8 percent in the prior quarter, and 62.6 percent in the third quarter of 2025.
• The annualized return on average assets ratio for the third quarter was (17.0) percent, compared to (1.83) percent in the prior quarter, and 0.50 percent in the third quarter of 2025.
• The annualized return on average equity ratio for the third quarter was (172.7) percent, compared to (19.2) percent in the prior quarter, and 5.4 percent in the third quarter of 2025.
• The provision for credit losses was $115.0 million in the third quarter of 2026 compared to $19.0 million for the second quarter of 2026. In the third quarter of 2025, the Bank recorded a provision of $4.1 million.
• Total criticized and classified loans was $198.9 million in the third quarter compared to $367.4 million at June 30, 2026.
• The allowance for credit losses on loans as a percentage of non-accrual loans was 313.4 percent at September 30, 2026, compared to 73.5 percent for the prior quarter-end and 40.4 percent at September 30, 2025. Total non-accrual loans were $22.4 million at September 30, 2026, $61.2 million at June 30, 2026 and $93.5 million at September 30, 2025.
• Total loans receivable, net of the allowance for credit losses on loans, of $2.180 billion at September 30, 2026, decreased from $2.588 billion at June 30, 2026.
• Total deposits were $2.609 billion at September 30, 2026, compared to $2.636 billion at June 30, 2026.
• The Bank’s leverage capital ratio at September 30, 2026 was 9.0% and the Company’s consolidated leverage capital ratio was 8.4%.

The net loss for the third quarter of 2026 was primarily driven by a $115.0 million provision for credit losses and the $59.9 million in valuation allowance established against the Company’s deferred tax asset which is reflected in the calculation of our income tax provision for the quarter. The net charge-offs during the quarter totaled $89.7 million. As part of its strategy to meaningfully de-risk the balance sheet, the Bank completed a series of loan sales totaling $204.3 million of problem loans, the majority of which were risk-rated criticized or classified under the Bank’s internal risk rating system. The sold portfolio included commercial and multifamily real estate loans with an aggregate unpaid principal balance of approximately $179.7 million, commercial and industrial loans of approximately $14.6 million, and construction loans of approximately $10.0 million, resulting in a $42.3 million charge-off to the allowance for credit losses on loans.

During the quarter, the Bank also transferred $70.2 million of cannabis loans, $29.8 million of commercial real estate loans, and $874 thousand of commercial and industrial loans to held-for-sale status and recorded a related $44.2 million charge-off to the allowance for credit losses on loans based on the lower of cost or market. Excluding loans sold or transferred to held-for-sale status, charge-offs were primarily attributable to $3.2 million in the commercial business portfolio and $1.0 million in the Business Express loan portfolio.

Management also completed a comprehensive review of the commercial and multifamily real estate portfolio, resulting in additional reserves for that segment. These actions follow the successful completion of the Company’s equity offering, which generated $91.4 million of net proceeds, including the exercise of the underwriters’ option due to strong investor demand, and position the Bank with a substantially de-risked balance sheet and improved credit profile going forward.

The Company also announced today that it has undergone a further reorganization of its C-Suite. Ryan Blake, the former Chief Operating Officer of the Company and the Bank has been transitioned into the newly established role of Chief Banking Officer of the Bank. His new role will entail oversight of retail banking, banking operations and marketing. Sandra Sievewright, the former Chief Compliance Officer of the Company and the Bank has been transitioned to Chief Administrative Officer of the Bank, where she will have oversight over the Bank’s BSA area, facilities, security, CRA as well as the Bank’s compliance function. These position changes better align the Bank’s leadership structure with its strategic priorities and the core experience and leadership strengths of these executives. In addition, the Bank has appointed Eleni Willis as Chief Risk Officer. Eleni has served in various risk positions, including chief risk officer, at previous financial institutions. The Bank expects to appoint a new chief audit officer before the end of the year. Finally, Karen Duran has been appointed the Company’s principal accounting officer reporting to the Company’s Chief Financial Officer, in addition to her role as Chief Accounting Officer.

Thomas M. O’Brien, President and Chief Executive Officer of the Company and the Bank, stated “I am pleased with the successful execution of several strategic initiatives during the third quarter that we believe meaningfully de-risked our balance sheet and strengthened the Company’s financial position. In a very short period of time, we identified key credit challenges, assessed our capital needs, successfully raised capital, and completed loan sale transactions that reduced risk and improved the quality of our balance sheet. In addition, the comprehensive credit reviews completed during the second and third quarters resulted in an increase in our allowance for credit losses to address losses embedded in the portfolio and position the Bank for the future.

The capital raise allowed us to absorb the losses recognized in our loan portfolio while maintaining solid capital ratios. The capital raise also significantly enhanced liquidity at the holding company level, with approximately $20 million of the proceeds retained at the holding company. While substantial progress has been made toward creating a safer and stronger institution, our work is far from complete. We remain focused on strengthening our risk management culture, improving operating performance, and working toward returning the Bank to sustainable profitability while creating long-term value for our shareholders.”

Balance Sheet Review

Total assets decreased by $258.4 million, or 7.9 percent, to $3.021 billion at September 30, 2026, from $3.279 billion at December 31, 2025. The decrease in total assets was mainly related to a decrease in net loans primarily due to our loan sales in the third quarter, offset by an increase in cash.

Total cash and cash equivalents increased by $223.8 million, or 80.9 percent, to $500.3 million at September 30, 2026, from $276.6 million at December 31, 2025. The increase in cash was primarily due to proceeds from the loan sales and from the capital raise executed in the third quarter.

Gross loans receivable held for investment decreased by $475.0 million, or 17.4 percent, to $2.252 billion at September 30, 2026, from $2.691 billion at December 31, 2025 due to the loan sales, the transfer of certain loans to held-for-sale, payoffs, paydowns and charge-offs. Total loan decreases during the period included decreases of $287.2 million in commercial and multifamily loans, $65.2 million in cannabis loans, $55.1 million in construction loans, $42.3 million in commercial business loans, $12.0 million in 1-4 family residential loans, $10.4 million in business express loans, and $2.8 million in home equity and consumer loans. The Bank had $67.6 million in loans held for sale at September 30, 2026.

The allowance for credit losses on loans increased $36.6 million to $70.3 million, or 313.4 percent of non-accruing loans and 3.12 percent of gross loans held for investment, at September 30, 2026, as compared to an allowance for credit losses on loans of $33.7 million, or 53.3 percent of non-accruing loans and 1.24 percent of gross loans held for investment, at December 31, 2025.

Total investment securities decreased by $594 thousand, or 0.4 percent, to $135.0 million at September 30, 2026, from $135.6 million at December 31, 2025, representing current year sales and paydowns, offset by current year purchases.

Deposits decreased by $64.4 million, or 2.4 percent, to $2.609 billion at September 30, 2026, from $2.674 billion at December 31, 2025. Brokered deposits, certificates of deposit accounts and savings accounts decreased $80.5 million, $18.0 million and $14.6 million, respectively, and were offset by increases in transaction accounts and money market accounts of $27.1 million and $21.5 million, respectively.

FHLB Advances decreased by $135.0 million to $100.0 million at September 30, 2026, from $235.0 million at December 31, 2025, due to maturities and paydowns. The weighted average interest rate of FHLB advances was 4.03 percent at September 30, 2026, and 4.53 percent at December 31, 2025. The weighted average maturity of FHLB advances as of September 30, 2026, was less than ninety days. The interest rate of the Company’s subordinated debt balances was 9.25 percent at September 30, 2026, and at December 31, 2025.

Stockholders’ equity decreased by $58.2 million, or 19.1 percent, to $246.1 million at September 30, 2026, from $304.3 million at December 31, 2025. The decline was primarily attributable to the Company’s year-to-date net loss, partially offset by proceeds from the aforementioned capital raise.

Asset Quality

The Bank had non-accrual loans totaling $22.4 million, or 1.00 percent of gross loans held for investment, at September 30, 2026, as compared to $61.2 million, or 2.33 percent of gross loans held for investment, at June 30, 2026, and $63.3 million, or 2.32 percent of gross loans held for investment at December 31, 2025. The Bank had total past due loans totaling $52.2 million, or 2.32 percent of gross loans held for investment, at September 30, 2026, as compared to $122.8 million, or 4.66 percent of gross loans held for investment, at June 30, 2026, and $99.1 million, or 3.64 percent of gross loans held for investment, at December 31, 2025. The Bank had total classified and criticized loans totaling $198.9 million, or 8.84 percent of gross loans held for investment, at September 30, 2026, as compared to $367.4 million, or 13.96 percent of gross loans held for investment, at June 30, 2026, and $359.5 million, or 13.19 percent of gross loans held for investment, at December 31, 2025.

The allowance for credit losses on loans of $70.3 million, as of September 30, 2026, increased by $25.3 million, or 56.2 percent, compared to June 30, 2026, and increased by $36.6 million, or 108.6 percent, compared to December 31, 2025. The $25.3 million increase from June 30, 2026 was primarily driven by higher reserves in the commercial and multifamily real estate portfolio following a comprehensive review conducted by the Bank’s lending and credit teams.

The allowance for credit losses was 313.4 percent of non-accrual loans at September 30, 2026, compared to 73.5 percent of non-accrual loans at June 30, 2026, and 53.3 percent of non-accrual loans at December 31, 2025, respectively. The allowance for credit losses was 152.4 percent of classified loans held for investment at September 30, 2026, compared to 28.0 percent of classified loans at June 30, 2026, and 17.9 percent of classified loans at December 31, 2025, respectively.

Third Quarter 2026 Income Statement Review

The Company reported a net loss of $132.5 million for the quarter ended September 30, 2026, compared to net income of $4.3 million for the quarter ended September 30, 2025. This decline was primarily due to a $110.9 million increase in loan loss provisioning. The net loss also reflects a $21.9 million increase in tax provision, a $2.1 million increase in professional fees and a $1.6 million increase in salaries and employee benefits.

Interest income decreased by $4.7 million, or 10.8 percent, to $38.4 million for the third quarter of 2026 from $43.0 million for the third quarter of 2025. The average balance of interest-earning assets decreased $302.7 million, or 9.3 percent, to $2.962 billion for the third quarter of 2026 from $3.265 billion for the third quarter of 2025. The average yield decreased 9 basis points to 5.14 percent for the third quarter of 2026 from 5.23 percent for the third quarter of 2025.

Interest expense decreased by $3.6 million to $15.8 million for the third quarter of 2026 from $19.3 million for the third quarter of 2025. The decrease resulted from a decrease in the average rate paid on interest-bearing liabilities of 29 basis points to 2.77 percent for the third quarter of 2026 from 3.06 percent for the third quarter of 2025, while the average balance of interest-bearing liabilities decreased by $249.6 million to $2.256 billion for the third quarter of 2026 from $2.505 billion for the third quarter of 2025.

The net interest margin was 3.03 percent for the third quarter of 2026 compared to 2.88 percent for the third quarter of 2025. The increase in the net interest margin compared to the third quarter of 2025 was the result of the decrease in the average cost of interest-bearing liabilities exceeding the decline in the average rate earned on earning assets.

The provision for credit losses was $115.0 million for the third quarter of 2026 compared to $4.1 million for the third quarter of 2025. The increase was primarily driven by elevated net charge-offs recognized during the quarter related to loan sale transactions and the transfer of loans to held-for-sale status, as well as higher loan loss reserves for the commercial and multifamily portfolio resulting from a detailed loan review. During the third quarter of 2026, the Company recognized $89.7 million in net charge-offs compared to $16.9 million in net charge-offs in the third quarter of 2025. The Bank had non-accrual loans totaling $22.4 million, or 1.00 percent of gross loans held for investment, at September 30, 2026, as compared to $63.3 million, or 2.32 percent of gross loans, at December 31, 2025. The allowance for credit losses on loans was $70.3 million, or 3.12 percent of gross loans, at September 30, 2026, and $33.7 million, or 1.24 percent of gross loans, at December 31, 2025.

Non-interest income increased by $2.4 million to $5.2 million for the third quarter of 2026, compared to $2.7 million for the third quarter of 2025. The increase in total non-interest income was primarily attributable to a $3.3 million gain on the sale of OREO, offset by a decrease in gains/losses on equity securities of $427 thousand. Service charges and fee income also declined by $305 thousand.

Non-interest expense increased by $5.2 million, or 31.6 percent, to $21.8 million for the third quarter of 2026 compared to $16.6 million for the third quarter of 2025. The increase was driven by professional fees, salaries and benefits and other expenses which increased $2.1 million, $1.6 million and $1.4 million, respectively. The increase in other expenses can be attributed to the expenses associated with the aforementioned loan sales.

The income tax provision for the third quarter of 2026 was $23.5 million compared to $1.5 million for the third quarter of 2025. The substantial change was primarily attributable to a non-cash charge of $59.9 million related to the establishment of a full valuation allowance against the Company’s deferred tax assets. The valuation allowance reflects management’s assessment of the Company’s recent operating results including losses associated with loan sale activity and loans transferred to held-for-sale at the lower of cost or market.

Year-to-Date Income Statement Review
Net loss for the first nine months of 2026 was $142.3 million compared to a net loss of $498 thousand for the first nine months of 2025. The increased net loss was primarily attributable to the Bank recording $106.9 million more in loan loss provisioning and recording $13.0 million more in non-interest expense.

Net interest income for the first nine months of 2026 decreased $37 thousand, as interest income decreased by $11.2 million, or 8.6 percent, to $119.2 million compared to $130.4 million for the first nine months of 2025 and interest expense decreased $11.1 million to $50.5 million for the first nine months of 2026, compared to $61.6 million for the first nine months of 2025. The average balance of interest-earning assets decreased $272.5 million, or 8.2 percent, to $3.065 billion for the first nine months of 2026 compared to $3.338 billion for the first nine months of 2025. The average yield on interest-earning assets decreased 2 basis points to 5.20 percent for the first nine months of 2026 compared to 5.22 percent for the first nine months of 2025. The decline in average interest-earning assets was primarily due to a $283.1 million decrease in average loans, partially offset by a $17.0 million increase in average investment securities. The decrease in interest expense was driven by declines in interest expense on borrowings and deposits of $5.8 million and $5.3 million, respectively. Average borrowings decreased $194.2 million, while the average rate paid on borrowings increased by 74 basis points to 5.60 percent. Average deposits declined $30.1 million and the average rate paid on deposits declined 29 basis points to 2.58 percent.

Net interest margin was 3.00 percent for the first nine months of 2026 compared to a net interest margin of 2.76 percent for the first nine months of 2025. The increase in the net interest margin compared to the prior period was the result of a decrease in the cost of the Company’s interest-bearing liabilities, by 33 basis points to 2.86 percent offset by a decrease in the rate earned on earning assets, by 2 basis points to 5.20 percent.

The provision for credit losses for the first nine months of 2026 was $136.7 million compared to $29.8 million for the same period in 2025. Net charge-offs for the first nine months of 2026 were $100.2 million compared to $26.8 million for the same period in 2025. The higher provision primarily reflected elevated loan losses recognized during the year and increased reserves within the commercial and industrial and commercial and multifamily loan portfolios. Reserve levels were increased following detailed credit reviews conducted by the lending and credit teams, resulting in the allowance for commercial and industrial loans increasing from $6.7 million at December 31, 2025 to $16.0 million at September 30, 2026, and the allowance for commercial and multifamily loans increasing from $12.1 million to $38.7 million over the same period.

Non-interest income increased by $191 thousand to $6.8 million for the first nine months of 2026 compared to $6.6 million for the same period in 2025. The increase in total non-interest income was primarily attributable to a $3.3 million gain on the sale of OREO and $412 thousand more in income on Bank Owned Life Insurance (“BOLI”), partially offset by an increase in loss on sale of loans of $2.6 million and an increase in losses on equity securities of $545 thousand.

Non-interest expense increased by $13.0 million, or 27.9 percent, to $59.5 million for the first nine months of 2026 from $46.5 million for the same period in 2025. The increase was driven by a $5.3 million non-cash goodwill impairment charge and a $4.2 million increase in salaries and employee benefits expense. The increase in salaries and benefits included $1.5 million in severance costs recognized during the first nine months of the year. Professional fees, other expenses, advertising expenses and OREO expenses increased $1.8 million, $1.2 million, $417 thousand and $454 thousand, respectively. Partially offsetting these increases were decreases in director fees and regulatory assessments of $302 thousand and $277 thousand, respectively.

The income tax provision for the first nine months of 2026 was $21.7 million compared to an income tax benefit of $386 thousand for the same period in 2025. The substantial change was primarily attributable to a non-cash charge of $59.9 million related to the establishment of a full valuation allowance against the Company’s deferred tax assets. The valuation allowance reflects management’s assessment of the Company’s recent operating results including losses associated with loan sale activity and loans transferred to held-for-sale at the lower of cost or market.

Investor Conference Call

Management will host a conference call on Thursday, October 29, 2026 at 8:45 a.m. Eastern Time to discuss the results.

Interested investors are invited to dial 1-833-461-5787 using conference ID 505095944 to participate in the call.

A replay of the call will be available at https://investorrelations.bcbcommunitybank.com/corporate-information/corporate-profile/default.aspx.

About BCB Bancorp, Inc.

Established in 2000 and headquartered in Bayonne, N.J., BCB Community Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has twenty-two branch offices in Bayonne, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, and four branches offices in Hicksville and Staten Island, New York. The Bank provides businesses and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please go to www.bcb.bank.

Forward-Looking Statements

This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

The most significant factors that could cause future results to differ materially from those anticipated by our forward-looking statements include the global impact of the United States military conflict with Iran, the periodic Federal budget and funding stalemates in Congress, the ongoing impact of global tariffs imposed by the Trump administration, higher inflation levels, changes in market interest rates and general economic concerns, all of which could impact our customers’ businesses and the economy and could cause increased loan delinquencies, a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations. Other factors that could cause future results to vary materially from current management expectations as reflected in our forward-looking statements include, but are not limited to: global economic trends and geopolitical risks, including the ongoing conflicts in the Middle East, and changes in the rate of investment or economic growth, including as a result of sanctions, tariffs or other measures; supply chain disruptions and labor shortages; the impact of any future pandemics or other natural disasters; unfavorable economic conditions in the United States generally and particularly in our primary market area and those of our customers; including the periodic Federal budget and funding stalemates in the U.S. Congress; the Company’s ability to effectively attract and deploy deposits; changes in the Company’s corporate strategies, the composition of its assets, or the way in which it funds those assets;the pending sale of the Company’s cannabis business, which may not be completed in accordance with expected plans or the currently contemplated timeline, or at all, and may be disruptive to the Company and/or reduce the Company’s profitability in future periods; our ability to complete our proposed reincorporation from New Jersey to Delaware, including our ability to receive shareholder approval of the proposed reincorporation, and our ability to realize the anticipated benefits of the proposed reincorporation; shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including changes in market liquidity or volatility; the effects of declines in real estate values that may adversely impact the collateral underlying our loans; increase in unemployment levels and slowdowns in economic growth; changes in the credit performance of our loan portfolio, including levels of criticized and classified loans, nonaccrual loans, and charge-offs; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of our loan and investment securities portfolios; the credit risk associated with our loan portfolio; changes in the quality and composition of the Bank’s loan and investment portfolios; changes in liquidity levels, funding sources, or funding costs, and our ability to manage our liquidity risks; deposit flows; legislative and regulatory changes, including increases in Federal Deposit Insurance Corporation, or FDIC, insurance rates; monetary and fiscal policies of the federal and state governments; changes in tax policies, rates and regulations of federal, state and local tax authorities; demands for our loan products; demand for financial services; competition; changes in the securities or secondary loan markets; changes in management’s business strategies; our ability to enter new markets successfully; our ability to successfully integrate acquired businesses; changes in consumer spending; our ability to hire and retain key employees; the effects of any reputational, credit, interest rate, market, operational, legal, liquidity, or regulatory risk; potential impact of regulatory requirements, matters, litigation, or other legal actions which could adversely affect operating results; failure to identify and adequately and promptly address cybersecurity risks, including data breaches and cyberattacks; developments in technology, such as artificial intelligence, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our customers’ expectations for convenience and security; civil unrest in the communities that we serve; changes in accounting principles and guidelines; and other factors discussed elsewhere in this report, and in other reports we filed with the SEC, including under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K filed for the year ended December 31, 2025, and our other periodic reports that we file with the SEC.

Annualized, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results.

Explanation of Non-GAAP Financial Measures

Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release also contains certain supplemental Non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s financial results for the periods in question.

The Company provides measurements and ratios based on tangible stockholders’ equity and efficiency ratios. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors. For a reconciliation of GAAP to Non-GAAP financial measures included in this press release, see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

	Statements of Operations – Three Months Ended,
	September 30, 2026			June 30, 2026			September 30, 2025			Sept. 30, 2026 vs. June 30, 2026			Sept. 30, 2026 vs. Sept. 30, 2025
Interest and dividend income:	(In thousands, except per share amounts, Unaudited)
Loans, including fees	$	34,213		$	35,856		$	38,278		-4.6	%		-10.6	%
Mortgage-backed securities		948			960			843		-1.3	%		12.5	%
Other investment securities		1,128			1,113			1,114		1.3	%		1.3	%
FHLB stock and other interest-earning assets		2,086			2,532			2,807		-17.6	%		-25.7	%
Total interest and dividend income		38,375			40,461			43,042		-5.2	%		-10.8	%
Interest expense:													–
Deposits:
Demand		5,645			5,413			5,608		4.3	%		0.7	%
Savings and club		97			112			233		-13.4	%		-58.4	%
Certificates of deposit		7,864			8,266			9,445		-4.9	%		-16.7	%
		13,606			13,791			15,286		-1.3	%		-11.0	%
Borrowings		2,170			3,325			4,045		-34.7	%		-46.4	%
Total interest expense		15,776			17,116			19,331		-7.8	%		-18.4	%
Net interest income		22,599			23,345			23,711		-3.2	%		-4.7	%
Provision for credit losses		114,961			18,987			4,080		505.5	%		2717.7	%
Net interest (loss) income after provision for credit losses		(92,362	)		4,358			19,631		-2219.4	%		-570.5	%
Non-interest income (loss):
Fees and service charges		1,006			1,313			1,311		-23.4	%		-23.3	%
(Loss) gain on sales of loans		–			(2,607	)		21		-100.0	%		-100.0	%
Gain on sale of other real estate owned		3,283			–			–		–			–
Realized and unrealized (loss) gain on equity investments		(77	)		(248	)		350		-69.0	%		-122.0	%
Bank-owned life insurance (“BOLI”) income		874			917			931		-4.7	%		-6.1	%
Other		86			155			132		-44.5	%		-34.8	%
Total non-interest income (loss)		5,172			(470	)		2,745		-1200.4	%		88.4	%
Non-interest expense:
Salaries and employee benefits		9,937			9,395			8,324		5.8	%		19.4	%
Occupancy and equipment		2,675			2,562			2,562		4.4	%		4.4	%
Data processing and communications		2,031			1,968			2,047		3.2	%		-0.8	%
Professional fees		2,873			562			800		411.2	%		259.1	%
Director fees		244			244			305		–			-20.0	%
Regulatory assessment fees		805			650			984		23.8	%		-18.2	%
Advertising and promotions		407			489			284		-16.8	%		43.3	%
Other real estate owned, net		174			130			–		33.8	%		–
Impairment of Goodwill		–			5,253			–		–			–
Other		2,653			879			1,264		201.8	%		109.9	%
Total non-interest expense		21,799			22,132			16,570		-1.5	%		31.6	%
(Loss) Income before income tax (benefit) provision		(108,989	)		(18,244	)		5,806		497.4	%		-1977.2	%
Income tax provision (benefit)		23,464			(3,468	)		1,544		-776.6	%		1419.7	%
Net (Loss) Income		(132,453	)		(14,776	)		4,262		796.4	%		-3207.8	%
Preferred stock dividends		–			–			482		–			–
Net (Loss) Income available to common stockholders	$	(132,453	)	$	(14,776	)	$	3,780		796.4	%		-3604.2	%
Net (Loss) Income per common share-basic and diluted
Basic	$	(6.92	)	$	(0.85	)	$	0.22		710.6	%		-3250.8	%
Diluted	$	(6.92	)	$	(0.85	)	$	0.22		710.6	%		-3250.8	%
Weighted average number of common shares outstanding
Basic		19,137			17,306			17,207		10.6	%		11.2	%
Diluted		19,137			17,306			17,207		10.6	%		11.2	%

	Statements of Operations – Nine Months Ended,
	September 30, 2026			September 30, 2025			Sept. 30, 2026 vs.Sept. 30, 2025
Interest and dividend income:	(In thousands, except per share amounts, Unaudited)
Loans, including fees	$	105,947		$	115,855		-8.6	%
Mortgage-backed securities		2,747			2,169		26.6	%
Other investment securities		3,231			3,139		2.9	%
FHLB stock and other interest-earning assets		7,313			9,252		-21.0	%
Total interest and dividend income		119,238			130,415		-8.6	%
Interest expense:
Deposits:
Demand		16,228			16,610		-2.3	%
Savings and club		345			601		-42.6	%
Certificates of deposit		24,722			29,377		-15.8	%
		41,295			46,588		-11.4	%
Borrowings		9,162			15,009		-39.0	%
Total interest expense		50,457			61,597		-18.1	%
Net interest income		68,781			68,818		-0.1	%
Provision for credit losses		136,736			29,816		358.6	%
Net interest (loss) income after provision for credit losses		(67,955	)		39,002		-274.2	%
Non-interest income :
Fees and service charges		3,510			3,789		-7.4	%
(Loss) gain on sales of loans		(2,600	)		21		–
Gain on sales of other real estate owned		3,283			–		–
Realized and unrealized (loss) gain on equity investments		(418	)		127		-429.1	%
Bank-owned life insurance (“BOLI”) income		2,737			2,325		17.7	%
Other		291			350		-16.9	%
Total non-interest income		6,803			6,612		2.9	%
Non-interest expense:
Salaries and employee benefits		27,659			23,440		18.0	%
Occupancy and equipment		7,961			7,787		2.2	%
Data processing and communications		6,022			5,937		1.4	%
Professional fees		4,062			2,259		79.8	%
Director fees		734			1,036		-29.2	%
Regulatory assessments		2,220			2,497		-11.1	%
Advertising and promotions		1,096			679		61.4	%
Other real estate owned, net		454			–		–
Impairment of Goodwill		5,253			–
Other		4,021			2,863		40.4	%
Total non-interest expense		59,482			46,498		27.9	%
Loss before income tax benefit		(120,634	)		(884	)	13546.4	%
Income tax provision (benefit)		21,691			(386	)	-5719.4	%
Net Loss		(142,325	)		(498	)	28479.3	%
Preferred stock dividends		482			1,446		-66.7	%
Net Loss available to common stockholders	$	(142,807	)	$	(1,944	)	7244.3	%
Net Loss per common share-basic and diluted
Basic	$	(7.98	)	$	(0.11	)	6945.1	%
Diluted	$	(7.98	)	$	(0.11	)	6945.1	%
Weighted average number of common shares outstanding
Basic		17,894			17,165		4.2	%
Diluted		17,894			17,165		4.2	%

Statements of Financial Condition	September 30, 2026			June 30, 2026			December 31, 2025			Sept. 30, 2026 vs. June 30, 2026		Sept. 30, 2026 vs. December 31, 2025
ASSETS	(In Thousands, Unaudited)
Cash and amounts due from depository institutions	$	13,236		$	14,573		$	13,794		-9.2	%	-4.0	%
Interest-earning deposits		487,077			182,314			262,790		167.2	%	85.3	%
Total cash and cash equivalents		500,313			196,887			276,584		154.1	%	80.9	%
Interest-earning time deposits		735			735			735		–		–
Debt securities available for sale		134,973			148,428			126,395		-9.1	%	6.8	%
Equity investments		–			3,851			9,172		-100.0	%	-100.0	%
Loans held for sale		67,556			10,777			–		526.9	%	–
Loans receivable, net of allowance for credit losses on loans of $70,270, $44,980, and $33,691 respectively		2,179,697			2,587,984			2,691,091		-15.8	%	-19.0	%
Federal Home Loan Bank of New York (“FHLB”) stock, at cost		7,911			9,048			14,176		-12.6	%	-44.2	%
Premises and equipment, net		11,575			11,737			12,056		-1.4	%	-4.0	%
Accrued interest receivable		13,625			14,661			13,834		-7.1	%	-1.5	%
Other real estate owned		–			5,000			5,000		-100.0	%	-100.0	%
Deferred income taxes		–			24,794			22,209		-100.0	%	-100.0	%
Goodwill		–			–			5,253		–		-100.0	%
Operating lease right-of-use asset		10,172			10,479			10,660		-2.9	%	-4.6	%
Bank-owned life insurance (“BOLI”)		82,103			81,229			79,366		1.1	%	3.4	%
Other assets		12,427			12,516			12,935		-0.7	%	-3.9	%
Total Assets	$	3,021,087		$	3,118,126		$	3,279,466		-3.1	%	-7.9	%
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Non-interest bearing deposits	$	523,077		$	514,648		$	531,140		1.6	%	-1.5	%
Interest bearing deposits		2,086,069			2,121,375			2,142,433		-1.7	%	-2.6	%
Total deposits		2,609,146			2,636,023			2,673,573		-1.0	%	-2.4	%
FHLB advances		100,000			125,000			235,000		-20.0	%	-57.4	%
Subordinated debentures		43,397			43,335			43,210		0.1	%	0.4	%
Operating lease liability		10,644			10,953			11,140		-2.8	%	-4.5	%
Other liabilities		11,818			10,896			12,259		8.5	%	-3.6	%
Total Liabilities		2,775,005			2,826,207			2,975,182		-1.8	%	-6.7	%
STOCKHOLDERS’ EQUITY
Preferred stock: $0.01 par value, 10,000 shares authorized		–			–			–		–		–
Additional paid-in capital preferred stock		25,243			25,243			25,243		–		–
Common stock: no par value, 40,000 shares authorized		–			–			–		–		–
Additional paid-in capital common stock		296,623			204,451			203,429		45.1	%	45.8	%
Retained (deficit) earnings		(29,228	)		103,225			116,415		-128.3	%	-125.1	%
Accumulated other comprehensive loss		(8,209	)		(2,653	)		(2,456	)	209.4	%	234.2	%
Treasury stock, at cost		(38,347	)		(38,347	)		(38,347	)	–		–
Total Stockholders’ Equity		246,082			291,919			304,284		-15.7	%	-19.1	%
Total Liabilities and Stockholders’ Equity	$	3,021,087		$	3,118,126		$	3,279,466		-3.1	%	-7.9	%
Outstanding common shares		30,752			18,102			17,274

	Three Months Ended September 30,
	2026								2025
	Average Balance			Interest Earned/Paid		Average Yield/Rate (3)			Average Balance			Interest Earned/Paid		Average Yield/Rate (3)
	(Dollars in thousands)
Interest-earning assets:
Loans Receivable (4)(5)	$	2,589,769		$	34,213	5.24	%		$	2,879,810		$	38,278	5.27	%
Investment Securities		147,103			2,076	5.65	%			134,419			1,957	5.82	%
Other Interest-earning assets (6)		225,546			2,086	3.67	%			250,869			2,807	4.44	%
Total Interest-earning assets		2,962,418			38,375	5.14	%			3,265,098			43,042	5.23	%
Non-interest-earning assets		128,587								115,212			–
Total assets	$	3,091,005							$	3,380,310
Interest-bearing liabilities:
Interest-bearing demand accounts	$	541,227		$	2,254	1.65	%		$	504,860		$	2,057	1.62	%
Money market accounts		452,814			3,391	2.97	%			432,922			3,551	3.25	%
Savings accounts		230,980			97	0.17	%			258,165			233	0.36	%
Certificates of Deposit		880,015			7,864	3.55	%			978,503			9,445	3.83	%
Total interest-bearing deposits		2,105,036			13,606	2.56	%			2,174,450			15,286	2.79	%
Borrowed funds		150,494			2,170	5.72	%			330,694			4,045	4.85	%
Total interest-bearing liabilities		2,255,530			15,776	2.77	%			2,505,144			19,331	3.06	%
Non-interest-bearing liabilities		531,203								559,185
Total liabilities		2,786,733								3,064,329
Stockholders’ equity		304,272								315,981
Total liabilities and stockholders’ equity	$	3,091,005							$	3,380,310
Net interest income				$	22,599							$	23,711
Net interest rate spread (1)						2.36	%							2.17	%
Net interest margin (2)						3.03	%							2.88	%
(1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average total interest-earning assets.
(3) Annualized.
(4) Excludes allowance for credit losses.
(5) Includes non-accrual loans.
(6) Includes Federal Home Loan Bank of New York Stock.

	Nine Months Ended September 30,
		2026							2025
	Average Balance		Interest Earned/Paid		Average Yield/Rate (3)			Average Balance		Interest Earned/Paid		Average Yield/Rate (3)
	(Dollars in thousands)
Interest-earning assets:
Loans Receivable (4)(5)	$	2,652,538	$	105,947	5.34	%		$	2,935,643	$	115,855	5.28	%
Investment Securities		145,569		5,978	5.49	%			128,570		5,308	5.52	%
Other interest-earning assets (6)		267,275		7,313	3.66	%			273,678		9,252	4.52	%
Total Interest-earning assets		3,065,382		119,238	5.20	%			3,337,891		130,415	5.22	%
Non-interest-earning assets		134,679							118,092		–
Total assets	$	3,200,061						$	3,455,983
Interest-bearing liabilities:
Interest-bearing demand accounts	$	531,479	$	6,419	1.61	%		$	531,311	$	6,656	1.67	%
Money market accounts		444,940		9,809	2.95	%			415,214		9,954	3.21	%
Savings accounts		236,812		345	0.19	%			256,384		601	0.31	%
Certificates of Deposit		927,913		24,722	3.56	%			968,338		29,377	4.06	%
Total interest-bearing deposits		2,141,144		41,295	2.58	%			2,171,247		46,588	2.87	%
Borrowed funds		218,906		9,162	5.60	%			413,133		15,009	4.86	%
Total interest-bearing liabilities		2,360,050		50,457	2.86	%			2,584,380		61,597	3.19	%
Non-interest-bearing liabilities		533,874							553,396
Total liabilities		2,893,924							3,137,776
Stockholders’ equity		306,137							318,207
Total liabilities and stockholders’ equity	$	3,200,061						$	3,455,983
Net interest income			$	68,781						$	68,818
Net interest rate spread (1)					2.34	%						2.04	%
Net interest margin (2)					3.00	%						2.76	%
(1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average total interest-earning assets.
(3) Annualized.
(4) Excludes allowance for credit losses.
(5) Includes non-accrual loans.
(6) Includes Federal Home Loan Bank of New York Stock.

	Financial Condition data by quarter
	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025
	(In thousands, except book values)
Total assets	$	3,021,087		$	3,118,126		$	3,269,097		$	3,279,466		$	3,353,065
Cash and cash equivalents		500,313			196,887			293,737			276,584			249,614
Securities		134,973			152,279			143,092			135,567			125,292
Loans receivable, net		2,179,697			2,587,984			2,655,981			2,691,091			2,788,932
Deposits		2,609,146			2,636,023			2,672,429			2,673,573			2,687,387
Borrowings		143,397			168,335			268,272			278,210			323,922
Stockholders’ equity		246,082			291,919			307,380			304,284			318,453
Book value per common share (1)	$	7.18		$	14.73		$	16.25		$	16.15		$	17.02
Tangible book value per common share (2)	$	7.18		$	14.73		$	15.95		$	15.85		$	16.71
	Operating data by quarter
	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025
	(In thousands, except for per share amounts)
Net interest income	$	22,599		$	23,345		$	22,837		$	24,223		$	23,711
Provision for credit losses		114,961			18,987			2,788			12,195			4,080
Non-interest (loss) income		5,172			(470	)		2,101			1,943			2,745
Non-interest expense		21,799			22,132			15,551			31,385			16,570
Income tax expense (benefit)		23,464			(3,468	)		1,695			(5,385	)		1,544
Net income (loss)	$	(132,453	)	$	(14,776	)	$	4,904		$	(12,029	)	$	4,262
Net income (loss) per diluted share	$	(6.92	)	$	(0.85	)	$	0.26		$	(0.73	)	$	0.22
Common Dividends declared per share	$	–		$	0.08		$	0.08		$	0.16		$	0.16
	Financial Ratios(3)
	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025
Return on average assets		(17.00	%)		(1.83	%)		0.61	%		(1.44	%)		0.50	%
Return on average stockholders’ equity		(172.70	%)		(19.22	%)		6.50	%		(14.99	%)		5.35	%
Net interest margin		3.03	%		3.03	%		2.95	%		3.03	%		2.88	%
Stockholders’ equity to total assets		8.15	%		9.36	%		9.40	%		9.28	%		9.50	%
Efficiency Ratio (4)		78.50	%		96.75	%		62.36	%		119.95	%		62.63	%
	Asset Quality Ratios
	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025
	(In thousands, except for ratio %)
Non-Accrual Loans (5)	$	22,422		$	61,234		$	59,805		$	63,255		$	93,517
Non-Accrual Loans as a % of Total Loans (5)		1.00	%		2.33	%		2.22	%		2.32	%		3.31	%
ACL as % of Non-Accrual Loans		313.4	%		73.5	%		54.5	%		53.3	%		40.4	%
Individually Analyzed Loans	$	41,194		$	124,832		$	160,600		$	162,226		$	129,358
Criticized Loans (5)		152,733			206,977			208,341			170,789			220,769
Classified Loans (5)		46,119			160,454			194,663			188,735			228,256
Past Due loans (5)		52,169			122,759			107,947			99,132			174,006
(1) Calculated by dividing stockholders’ equity, less preferred equity, by shares outstanding.
(2) Calculated by dividing tangible stockholders’ common equity, a non-GAAP measure, by shares outstanding. Tangible stockholders’
common equity is stockholders’ equity less goodwill and preferred stock. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”
(3) Ratios are presented on an annualized basis, where appropriate.
(4) The Efficiency Ratio, a non-GAAP measure, was calculated by dividing non-interest expense by the total of net interest income
and non-interest income. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”
(5) Excludes loans include Held for Sale loan.

	Recorded Investment in Loans Receivable by quarter
	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025
	(In thousands)
Residential one-to-four family	$	214,707		$	218,750		$	223,708		$	226,708		$	227,140
Commercial and multi-family		1,753,542			2,009,865			2,021,827			2,040,768			2,080,088
Cannabis related		4,070			69,190			68,876			69,293			69,102
Construction		13,434			33,298			68,362			68,521			105,980
Commercial business		126,172			157,523			160,088			168,459			192,762
Business Express		64,503			68,949			71,215			74,862			78,253
Home equity		72,710			73,935			72,716			74,332			73,566
Consumer		2,376			3,401			3,584			3,580			2,042
	$	2,251,514		$	2,634,911		$	2,690,376		$	2,726,523		$	2,828,933
Less:
Deferred loan fees, net		(1,547	)		(1,947	)		(1,817	)		(1,741	)		(2,198	)
Allowance for credit losses on loans		(70,270	)		(44,980	)		(32,578	)		(33,691	)		(37,803	)
Total loans, net	$	2,179,697		$	2,587,984		$	2,655,981		$	2,691,091		$	2,788,932
	Non-Accruing Loans in Portfolio by quarter (1)
	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025
	(In thousands)
Residential one-to-four family	$	3,018		$	1,515		$	1,576		$	1,554		$	1,410
Commercial and multi-family		17,491			54,478			52,297			52,159			70,546
Construction		–			2,587			3,173			4,897			2,310
Commercial business		1,724			2,397			2,418			3,725			17,442
Business Express		–			–			–			–			1,335
Home equity		189			257			341			294			474
Total:	$	22,422		$	61,234		$	59,805		$	62,629		$	93,517
(1) Excludes Held for Sale loan
	Distribution of Deposits by quarter
	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025
	(In thousands)
Demand:
Non-Interest Bearing	$	523,076		$	514,648		$	521,317		$	531,140		$	536,908
Interest Bearing		536,344			517,627			511,465			501,172			477,427
Money Market		447,605			446,918			448,397			426,138			422,424
Sub-total:	$	1,507,025		$	1,479,193		$	1,481,179		$	1,458,450		$	1,436,759
Savings and Club		229,087			230,532			240,048			243,670			254,554
Certificates of Deposit		873,034			926,298			951,202			971,453			996,074
Total Deposits:	$	2,609,146		$	2,636,023		$	2,672,429		$	2,673,573		$	2,687,387

	Reconciliation of GAAP to Non-GAAP Financial Measures by quarter
	Tangible Book Value per Share
	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025
	(In thousands, except per share amounts)
Total Stockholders’ Equity	$	246,082		$	291,919		$	307,380		$	304,284		$	318,453
Less: goodwill		–			–			5,253			5,253			5,253
Less: preferred stock		25,243			25,243			25,243			25,243			25,243
Total tangible common stockholders’ equity		220,839			266,676			276,884			273,788			287,957
Common shares outstanding		30,752			18,102			17,359			17,274			17,228
Book value per common share	$	7.18		$	14.73		$	16.25		$	16.15		$	17.02
Tangible book value per common share	$	7.18		$	14.73		$	15.95		$	15.85		$	16.71
	Efficiency Ratios
	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025
	(In thousands, except for ratio %)
Net interest income	$	22,599		$	23,345		$	22,837		$	24,223		$	23,711
Non-interest (loss)income		5,172			(470	)		2,101			1,943			2,745
Total income		27,771			22,875			24,938			26,166			26,456
Non-interest expense		21,799			22,132			15,551			31,385			16,570
Efficiency Ratio		78.50	%		96.75	%		62.36	%		119.95	%		62.63	%

CONTACT: Contact:
Jawad Chaudhry,
EVP, CFO & Treasurer
(201) 823-0700

Financing underscores continued U.S. support for American manufacturing and clean energy exports

DANBURY, Conn., Oct. 29, 2026 (GLOBE NEWSWIRE) — FuelCell Energy, Inc. (Nasdaq: FCEL) today announced the completion of the second tranche of its previously announced $49 million financing supported by the Export-Import Bank of the United States (EXIM). The approximately $24.7 million balance (before closing and transaction fees) completes the financing package approved by EXIM in June 2026.

The financing supports FuelCell Energy’s delivery of five 2.8-megawatt (MW) FuelCell Energy Blocks to Gyeonggi Green Energy (GGE) in South Korea. With nearly 60 MW of installed capacity, the GGE site is among the largest fuel cell installations in the world, has been in continuous operations for 13 years, and demonstrates FuelCell Energy’s long-standing experience delivering distributed, utility-scale power solutions.

The transaction builds on EXIM-supported financing completed by FuelCell Energy in 2024 and 2025 and further connects the company’s U.S. manufacturing base with international demand for reliable power. FuelCell Energy manufactures its fuel cell platforms in Torrington, Conn., and more than 90% of its supply chain is sourced from the United States.

“EXIM can be an important strategic bridge between American manufacturing capacity and global demand,” said Matt Latino, Chief Financial Officer of FuelCell Energy. “For FuelCell Energy, this transaction is another proof point in our broader capital strategy: matching the right source of capital to the right opportunity and building diversified financing capacity to support disciplined growth in both U.S. and international markets. Access to well-structured capital can strengthen our competitiveness, expand the reach of our U.S. manufacturing platform, and help us pursue attractive growth opportunities while maintaining discipline around our balance sheet and return on invested capital.”

FuelCell Energy’s commercially proven platforms are designed to provide continuous power at the point of use and can serve applications ranging from utility and industrial facilities to the growing power requirements of data centers and AI infrastructure. The company’s global installed base is approaching one gigawatt.

“EXIM’s ability to support U.S. companies across the export lifecycle can help American manufacturers compete more effectively in global infrastructure markets,” Latino added. We value the role EXIM can play alongside commercial banks, private capital and other financing partners as we build the capital capacity to support our growth. Technology manufactured in Connecticut is delivering utility-scale power internationally today, and we believe that same manufacturing platform can serve growing demand for dependable power around the world.” The transaction was structured under EXIM’s loan guarantee program and arranged with Private Export Funding Corporation and supported by AF Capital.

About FuelCell Energy
FuelCell Energy, Inc. (Nasdaq: FCEL) is a U.S. clean-energy technology company that delivers continuous, scalable baseload power for mission-critical applications worldwide. Its fuel cell systems generate electricity on-site at the point of use, providing reliable power for data centers, industrial facilities, utilities, and distributed-generation customers. Compact and modular by design, the systems deliver quiet, low-emission power with a small footprint, while minimizing impacts on surrounding communities. FuelCell Energy provides proven utility-scale solutions for cleaner, more resilient local energy and has global deployments approaching one gigawatt. Learn more at FuelCellEnergy.com.

Contact:

Media Relations
kblomquist@fce.com

Investor Relations
ir@fce.com

MIDLAND, Texas, Oct. 29, 2026 (GLOBE NEWSWIRE) — New Era Energy & Digital, Inc. (Nasdaq: NUAI) (“New Era” or the “Company”), a developer of next-generation digital infrastructure and integrated power assets, today announced it has entered into a securities purchase agreement for a private investment in public equity financing (the “PIPE”) that is expected to result in gross proceeds of approximately $64 million. The PIPE is expected to close on October 30, 2026, subject to the satisfaction of customary closing conditions.

Pursuant to the terms of the securities purchase agreement, at the closing of the PIPE, New Era will issue an aggregate of 23,272,727 shares of common stock at a price of $2.75 per share.

“We executed this capital raise in order to strengthen our financial position in a challenging market and meet our near-term financing needs, allowing us to advance leasing negotiations for 757 MW across Phases 1 and 2 at Texas Critical Data Centers (“TCDC”),” said Charlie Nelson, Chairman and Chief Executive Officer of New Era.

“We have key permits in hand, Phase 1 power secured and fully funded, and a highly experienced in-house development and operations team executing on key priorities. Following closing, we will have a strong net cash position, alongside the existing up to $200 million post-lease financing option under our Macquarie facility. Our near-term priority is to turn these advantages into long-term leases and enduring shareholder value.”

TCDC Phase 1 has secured up to 207 MW of firm, contracted power under a 20-year power purchase agreement, with delivery expected in Q3 2027.

The Company intends to use the net proceeds from the PIPE for repayment of the recent borrowings under the Macquarie facility, working capital and other general corporate purposes. Northland Capital Markets acted as the sole placement agent for the PIPE. Vinson & Elkins LLP served as legal counsel to the Company and Faegre Drinker Biddle & Reath LLP served as counsel to the placement agent. A.G.P./Alliance Global Partners acted as financial advisor for the PIPE.

The securities being issued and sold in the PIPE have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, these securities may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. Concurrently with the execution of the securities purchase agreement, New Era and the investors named therein entered into a registration rights agreement pursuant to which New Era has agreed to file a registration statement with the U.S. Securities and Exchange Commission (“SEC”) registering the resale of the shares of common stock.

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

About New Era Energy & Digital, Inc.

New Era Energy & Digital is developing large-scale data centers across energy-rich U.S. markets to support AI training and inference workloads. New Era’s flagship project, Texas Critical Data Centers, is a 493-acre site located in the Permian Basin, with anticipated capacity scaling to 1.4 GW over time. New Era’s strategy is to combine large-acreage sites with flexible power solutions, including behind-the-meter power. New Era’s approach is a modular, phased data center deployment model, utilizing best-in-class water efficiency and self-generated power to minimize community impact and accelerate time-to-power for hyperscale, enterprise and edge operators.

For more information, visit: www.newerainfra.ai and follow New Era Energy & Digital on LinkedIn and X.

Forward-Looking Statements

This press release contains “forward-looking statements.” Forward-looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements include, but are not limited to, statements contained in this press release relating to our business strategy, our future operating results and liquidity and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation: our ability to construct, develop, lease and maintain our flagship project; our ability to realize the anticipated benefits of the power purchase agreement; our ability to access adequate project financing, commercial borrowings and debt and equity capital markets to fund our significant anticipated capital expenditures; the ability to obtain and maintain credit support to secure contractual obligations on commercially reasonable terms or at all; the impact of supply chain disruptions, labor availability, raw materials and input commodity costs and availability, and manufacturing and transportation; general business and economic conditions, in particular with respect to our industry; environmental history, remediation, and associated risks; our ability to obtain and renew leases with our tenants on terms favorable to us, and manage our growth, business, financial results and results of operations; our ability to respond to price fluctuations and rapidly changing technology; the impact of tariffs and global trade disruptions on us and our tenants; changes in political conditions, geopolitical turmoil, political instability, civil disturbances, and restrictive governmental actions; the degree and nature of our competition; our failure to generate sufficient cash flows to service indebtedness; our expectations regarding the anticipated timeline of our cash, cash equivalents and short-term investments, future financial performance and our ability to continue as a going concern; material negative changes in the creditworthiness and the ability of our tenants to meet their contractual obligations; increases and volatility in interest rates; increased power, labor, equipment procurement, shipping, refurbishment or construction costs; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; our inability to obtain and/or maintain necessary government or other required consents or permits; changes in, or the failure or inability to comply with, local, state, federal and applicable international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us; our ability to maintain an effective system of disclosure controls and procedures and internal control over financial reporting and operations; and other factors (including the risks contained in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in our Form 10-Q for the quarterly period ended June 30, 2026). Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

For investor inquiries, please contact:

OG Advisory Group
Lincoln Tan
nuai@orangegroupadvisors.com

Veteran food and consumer goods executive brings three decades of experience, including leadership roles at McCain Foods and The Wrigley Company (Mars Inc.)

VANCOUVER, British Columbia, Oct. 29, 2026 (GLOBE NEWSWIRE) — Beyond Oil Ltd. (TSX: BOIL) (OTCQB: BEOLF) (“Beyond Oil” or the “Company”), a food-tech innovation company dedicated to reducing health risks associated with fried food while improving food quality, lowering operational costs, minimizing waste and enhancing sustainability, today announced the appointment of Shai Altman to its Advisory Board. In this role, Mr. Altman will advise management on the Company’s North American commercial strategy, with a focus on key customer relationships and growth opportunities. He will draw on his operating and leadership experience at some of the world’s leading food and consumer companies.

“With our technology validated at commercial scale by major North American customers and vendor approvals that open the door to leading national restaurant chains, the opportunity ahead is significant,” said Jonathan Or, CEO and Co-Founder of Beyond Oil. “Shai has built and led food and consumer businesses for years, and he understands the fried food industry from within. He brings the operating experience and strategic perspective to help us deepen our relationships with key customers, particularly in western markets. We are thrilled to welcome him to the Advisory Board.”

Mr. Altman is a senior food and consumer goods executive with nearly three decades of experience building businesses in Canada and internationally. He served as President of McCain Foods Canada, the Canadian operations of the world’s largest producer of French fries and fried appetizers, and spent 17 years at the Wrigley Company (Mars, Incorporated), including as President of Wrigley Canada and General Manager of Wrigley Israel and Wrigley India. He later served as CEO of publicly traded Zenabis Global Inc until its successful acquisition by HEXO, and as President, North America of Remilk, an animal-free dairy protein company. Based in Toronto, Mr. Altman is Managing Partner of Altman Consulting Inc., where he advises startups, private equity firms, consumer packaged goods and global food companies.

“Beyond Oil has developed a technology that addresses one of the food industry’s most fundamental challenges, and the Company’s commercial progress in North America is impressive,” said Shai Altman. “I am pleased to join the Advisory Board as the Company advances its North American commercial strategy. Having spent my career building food and consumer businesses across Canada and around the world, I see significant opportunity for this technology across Quick-Service Restaurants (QSR), foodservice, retail, and industrial settings, and I look forward to putting that experience to work, beginning with opportunities across North America.”

Mr. Altman joins the Advisory Board’s current members, Giora Bardea, former Chief Executive Officer and President of Strauss Group; Daniel Birnbaum, former Chief Executive Officer of SodaStream; Dganit Kramer, CEO of Hot Mobile; and Arie Halpern.

About Beyond Oil Ltd.

We all love fried food. Let’s make it better. Not by changing what people love. By improving the system behind it. Beyond Oil Ltd. (TSX: BOIL, OTCQB: BEOLF) is a food-tech innovation company on a mission to help foodservice operators improve fried food across every dimension that matters: quality, health, consistency, safety, sustainability and profitability. We achieve these outcomes by improving the system behind every kitchen, the frying performance and oil management that determine what lands on the plate. The Company’s patented technology, cleared by the FDA and Health Canada, integrates into existing kitchen workflows to improve frying performance and oil management, helping operators deliver more consistent food, strengthen operational control and reduce oil waste. Beyond Oil’s solution serves restaurant chains, supermarkets, hotels, catering, institutions and industrial frying operations worldwide, turning frying into a measurable, repeatable and scalable brand standard. The result is a better frying standard, helping every fryer, every shift and every plate live up to the food people love. For more information, please visit: www.beyondoil.co.

Forward-Looking Statements and Information

This news release contains “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of other relevant securities legislation, including applicable securities laws in Canada, which reflect Beyond Oil Ltd.’s current views with respect to, among other things, its operations and financial performance (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions and which are in turn based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Beyond Oil Ltd. are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions. In particular, this news release contains forward-looking statements regarding: the appointment of Mr. Altman to the Company’s Advisory Board; the anticipated contribution of Mr. Altman to the Company’s commercial strategy and initiatives in North America; the Company’s ability to accelerate revenue growth, expand national chain account penetration, and scale partnerships across North America; the potential for Beyond Oil’s product to achieve widespread commercial adoption across quick-service restaurant chains, casual dining operators, food retail networks and other foodservice segments; and management’s expectations regarding the expansion of commercial operations. Forward-looking statements are subject to specific risks and uncertainties, including: the risk that Mr. Altman’s appointment does not result in the anticipated commercial benefits; the risk that the Company is unable to convert prospective customer discussions or trial programs into commercial supply agreements; the timing, pace, and extent of customer adoption; supply chain and distribution capabilities in the United States; competitive pressures in commercial kitchen and oil management solutions; and general economic and market conditions affecting the foodservice industry. Although Beyond Oil Ltd. believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, certain factors, risks and uncertainties, which are described from time to time in our documents filed with the securities regulators in the USA and Canada, as well as factors not presently known to Beyond Oil Ltd. or that Beyond Oil Ltd. currently believes are not material, could cause actual results to differ materially from those contemplated or implied by forward-looking statements. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release. Except as required by law, Beyond Oil Ltd. undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

Company Contact:
Adi Olesker, VP of Investor Relations
Phone: +972-50-694-2517
adio@beyondoil.co

Investor Relations Contact:
Arx Investor Relations
North American Equities Desk
BOIL@arxhq.com

NEW YORK, Oct. 29, 2026 (GLOBE NEWSWIRE) — SIGA Technologies, Inc. (SIGA) (Nasdaq: SIGA), a commercial-stage pharmaceutical company, today announced that management will host a webcast and conference call to provide a business update at 4:30 P.M. ET on Monday, November 9, 2026. Participating in the call will be Diem Nguyen, Chief Executive Officer, and Daniel Luckshire, Chief Financial Officer.

A live webcast of the call will also be available on the Company’s website at http://www.siga.com in the Investor Relations section of the site, or by clicking here. Please log in approximately 5-10 minutes prior to the scheduled start time.

Participants may access the call by dialing 1-800-717-1738 for domestic callers or 1-646-307-1865 for international callers.

A replay of the call will be available for two weeks by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers and using Conference ID: 1130564. The archived webcast will be available in the Investor Relations section of the Company’s website.

About SIGA
SIGA is a commercial-stage pharmaceutical company and leader in global health focused on the development of innovative medicines to treat and prevent infectious diseases. With a primary focus on orthopoxviruses, we are dedicated to protecting humanity against the world’s most severe infectious diseases, including those that occur naturally, accidentally, or intentionally. Through partnerships with governments and public health agencies, we work to build a healthier and safer world by providing essential countermeasures against these global health threats. For more information about SIGA, visit www.siga.com.

Contact:
Suzanne Harnett
sharnett@siga.com

MONTREAL, Oct. 29, 2026 (GLOBE NEWSWIRE) — Knight Therapeutics Inc. (TSX: GUD) (“Knight”), a pan-American (ex-US) pharmaceutical company, will release its third quarter 2026 financial results on Thursday, November 5, 2026 prior to market opening. Following the release, Knight will hold a conference call and audio webcast. Knight cordially invites all interested parties to participate in this call.

Date: Thursday, November 5, 2026

Time: 8:30 a.m. ET

Telephone: Toll Free: 1-888-699-1199 or International 1-416-945-7677

Webcast: www.knighttx.com or Webcast
This is a listen-only audio webcast. Media Player is required to listen to the broadcast.

Replay: An archived replay will be available for 30 days at www.knighttx.com.

About Knight Therapeutics Inc.

Knight Therapeutics Inc., headquartered in Montreal, Canada, is a pharmaceutical company focused on acquiring, in-licensing and commercializing pharmaceutical products for Canada and Latin America. Knight’s Latin American subsidiaries operate under United Medical, Biotoscana Farma and Laboratorio LKM. Knight Therapeutics Inc.’s shares trade on the TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company’s web site at www.knighttx.com or www.sedarplus.ca.

Forward-Looking Statement

This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.’s Annual Report and in Knight Therapeutics Inc.’s Annual Information Form for the year ended December 31, 2025, as filed on www.sedarplus.ca. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information or future events, except as required by law.

Investor Contact:
Knight Therapeutics Inc.
Samira Sakhia		Arvind Utchanah
President & Chief Executive Officer		Chief Financial Officer
T: 514.484.4483		T. 514.484.4483
Email: IR@knighttx.com		Email: IR@knighttx.com
Website: www.knighttx.com		Website: www.knighttx.com

VANCOUVER, British Columbia, Oct. 29, 2026 (GLOBE NEWSWIRE) — Aventis Energy Inc. (CSE: AVE | FRA: C0O0 | OTC: VBAMF) (“Aventis” or the “Company”) is pleased to report preliminary results from the fall 2026 surface exploration program (the “Program”) at the Corvo Uranium Project (“Corvo” or the “Project”) in northern Saskatchewan (Please see Figure 1). The Program was funded by Aventis and carried out by Standard Uranium Ltd. (TSX-V: STND) (“Standard Uranium”), the operator of the Project, under the three-year earn-in option agreement between the two companies.

Between October 1 and 9, 2026, crews mapped, prospected and sampled the historical uranium showings and other zones of interest across the 12,363-hectare Project. The work confirmed multiple zones of strong radioactivity at surface and found showings that had not previously been documented on the Project (Please see Figure 2).

Highlights

• Up to 48,000 cps at the Manhattan East showing. Handheld scintillometer readings of 20,000 to 48,000 counts per second (“cps”) in outcrop at the historical Manhattan East showing, where previous work reported readings up to 10,600 cps.¹
• Strong readings beyond Manhattan East. Up to 36,000 cps at a known occurrence on the Brooklyn trend and 30,000 cps at Manhattan NE, approximately 130 m northeast of the Manhattan East showing (Please see Figure 2). In total, fifty-six (56) readings above the 300 cps anomalous* threshold were recorded, eight (8) of them above 10,000 cps.
• New showing on the Brooklyn trend. Prospecting discovered a previously undocumented radioactive occurrence reading up to 13,400 cps in altered pegmatite outcrop along the Brooklyn trend.
• The right host rocks. Mapping along the structural and electromagnetic (“EM”) trends confirmed deformed and hydrothermally altered basement rocks, including metasedimentary, calc-silicate and granitic units, favourable hosts for uranium and rare earth element (“REE”) mineralization.
• Assays pending. Nine (9) outcrop grab samples are at Saskatchewan Research Council Geoanalytical Laboratories (“SRC”) in Saskatoon for uranium, REE and whole-rock analysis.
• Next steps. Geophysical surveys are being designed to refine drill targets ahead of a second drill program planned for 2027.

Michael Mulberry, Chief Executive Officer of Aventis, commented: “The team took the Manhattan East showing from a historical 10,600 cps to 48,000 cps, found a new showing on the Brooklyn trend, and tied the surface geology to last winter’s drill holes. All of this data will provide valuable feedback as we build new drill targets.”

Fall 2026 Surface Program

The Program ran from October 1 to 9, 2026, and focused on ground-truthing historical uranium showings and extending them along the Manhattan and Brooklyn trends, with additional coverage of the Dorward, Unnamed, Finger, Hook and Sheppard Lake areas. It followed up on the winter 2026 inaugural drill program, the first drilling on the Project in more than forty (40) years, which returned anomalous uranium in all nine (9) completed holes.

• More than one hundred (100) geological observations, structural measurements and scintillometer readings were recorded from outcrop across the Project.
• A total of fifty-six (56) scintillometer readings above the 300 cps anomalous* threshold were recorded, eight (8) of them above 10,000 cps (Please see Figure 2).
• At the Manhattan East showing (Dorward Lake area), readings of 20,000 cps to 48,000 cps were measured in outcrop. Mineralization occurs as black vitreous minerals in structures with secondary iron oxide alteration (Please see Figure 3). A further reading of 30,000 cps was recorded approximately 130 m to the northeast (Manhattan NE), where mineralization is associated with a fracture system in paragneiss (Please see Figure 5). Samples were collected at both locations.
• Along the Brooklyn trend, a new showing in altered pegmatitic orthogneiss returned readings up to 13,400 cps (Please see Figure 4), and a known occurrence returned readings up to 36,000 cps (Please see Figure 2).
• Nine (9) outcrop grab samples were submitted to SRC (as defined below) for whole-rock, uranium and REE geochemical analysis. Results will be released once received and reviewed.
• Readings were taken with handheld RS-120 Super-Scintillometers and RS-125 Super-Spectrometers manufactured by Radiation Solutions Inc.

Figure 1. Regional location of the Corvo Project at the eastern margin of the Athabasca Basin, Saskatchewan. Corvo lies 60 km due east of Cameco’s McArthur River mine and 45 km northeast of Atha Energy’s Gemini Mineralized Zone (“GMZ”).

Figure 2. Compilation of anomalous* scintillometer readings from the 2025 and 2026 surface programs on the Corvo Project. Inset: Manhattan Zone, showing the 2026 readings of 48,000 cps (Manhattan East) and 30,000 cps (Manhattan NE). Map prepared by Standard Uranium Ltd., operator of the Project.

Figure 3. Manhattan East showing (Dorward Lake area): sample locations A and B with close-up photos of structure-controlled mineralization (black vitreous minerals) and secondary iron oxide alteration at surface, reading above 20,000 cps on the RS-120 Super-Scintillometer.

Figure 4. New showing on the Brooklyn trend: altered pegmatitic orthogneiss reading up to 13,400 cps.

Figure 5. Manhattan NE: 30,000 cps reading approximately 130 m northeast of the Manhattan East showing. Mineralization is associated with a fracture system with secondary iron oxide alteration in paragneiss.

Next Steps

Assay results from the nine (9) grab samples will be released when they are received from SRC and reviewed by the qualified person. Standard Uranium is designing supplementary geophysical programs to refine drill targets, integrating the new surface data with the winter 2026 drilling and geochemical datasets. A second drill program is planned for 2027.

About the Corvo Uranium Project

Corvo lies just outside the eastern margin of the Athabasca Basin near Wollaston Lake, Saskatchewan, 60 km due east of Cameco’s McArthur River mine and 45 km northeast of Atha Energy’s Gemini Mineralized Zone. The Project is comprised of fourteen (14) mineral dispositions totalling 12,363 hectares and covers more than 29 km of structural corridors defined by magnetic lows and EM conductors, with bedrock under minimal glacial till cover and shallow drill targets.

Aventis entered into a three-year earn-in option agreement with Standard Uranium on May 8, 2025, under which Aventis may earn a 75% interest in the Project. Standard Uranium is the operator of the Project.

The Project targets shallow, high-grade** basement-hosted uranium of the type found at the Rabbit Lake deposit and the nearby Gemini and Ackio Mineralized Zones. Surface work has identified several outcrop showings of mineralized veins and fractures, including the Manhattan showing, where 2025 sampling returned up to 8.10% U₃O₈ at surface.² The winter 2026 inaugural drill program, the first drilling on the Project in more than forty years, completed 2,457 metres in ten (10) reconnaissance holes at the Manhattan, Brooklyn and Tribeca target areas. Nine (9) holes were completed and one was abandoned due to ground conditions. All nine (9) completed holes returned anomalous uranium, including 13 metres of highly anomalous uranium (>100 ppm U, partial digestion). Intervals are drilled core lengths and true widths are not known.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Sean Hillacre, P.Geo., President and VP Exploration of Standard Uranium, the operator of the Project, and a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Samples were submitted to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan, accredited to ISO/IEC 17025:2017 by the Standards Council of Canada (“SRC”), for preparation and ICP-MS or ICP-OES multi-element analysis by total and partial digestion, with boron by fusion. Blanks, standard reference materials and repeats were inserted into the sample stream at regular intervals under the operator’s quality assurance/quality control (“QA/QC”) protocols. Assay results remain subject to QA/QC review before release.

Scintillometer readings reported in this news release were measured in cps with handheld RS-125 super-spectrometers and RS-120 super-scintillometers supplied by Radiation Solutions Inc. (“RSI”). The units are calibrated by RSI on purpose-built test pads, and the operator checks for instrument drift against three internal test pads of known radioactivity. Scintillometer readings are not uniformly or directly related to the uranium grade of the rock measured and are only a preliminary indication of the presence of radioactive minerals. Pending assays will determine uranium content.

Historical results from previous operators cited in this news release have not been verified by the Company or by a qualified person, and investors should not place undue reliance on them. The Company treats historical results as an exploration guide only. Grab samples are selected samples and may not represent the underlying mineralization.

* Readings above 300 cps on a handheld RS-125 Super-Spectrometer are considered anomalous.

** Uranium mineralization above 1.0 wt% U₃O₈ is considered high-grade.

References

¹ Mineral Assessment Report MAW00047: Eagle Plains Resources Inc., 2011-2012.

² Aventis Energy Confirms High-Grade Uranium Mineralization up to 8.10% U3O8 at Surface on the Corvo Project, news release, October 20, 2025.

About Aventis Energy Inc.

Aventis Energy Inc. (CSE: AVE | FRA: C0O0 | OTC: VBAMF) is a mineral exploration company dedicated to the development of strategic projects comprised of battery, base and precious metals in stable jurisdictions. The Company is working to advance its Corvo Uranium & Sting Copper Project.

On Behalf of the Board of Directors

Michael Mulberry

Chief Executive Officer and Director

+1 (604) 229-9772 | info@aventisenergy.com

Disclaimer for Forward-Looking Information

This news release includes certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, expect”, “target”, “plan”, “forecast”, “may”, “would”, “could”, “schedule” and similar words or expressions, identify forward-looking statements or information.

Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Aventis, future growth potential for Aventis and its business, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of uranium, copper, gold and other metals; costs of exploration and development; the estimated costs of development of exploration projects; Aventis’ ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

This news release contains “forward-looking information” within the meaning of the Canadian securities laws. Statements, other than statements of historical fact, may constitute forward looking information and include, without limitation, statements with respect to the Project and its mineralization potential; the Company’s objectives, goals, or future plans with respect to the Project; further exploration work on the Project in the future; the expected benefits of completing the Program; the commencement of additional drilling program(s) on the Project in the future. With respect to the forward-looking information contained in this news release, the Company has made numerous assumptions regarding, among other things, the geological, metallurgical, engineering, financial and economic advice that the Company has received is reliable and are based upon practices and methodologies which are consistent with industry standards. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of well results and the geology, continuity and grade of uranium, copper, gold and other metal deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; increased costs and restrictions on operations due to compliance with environmental and other requirements; increased costs affecting the metals industry and increased competition in the metals industry for properties, qualified personnel, and management. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

The Canadian Securities Exchange (CSE) does not accept responsibility for the adequacy

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DETROIT, Oct. 29, 2026 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced third quarter 2026 reported net income of $118 million, or $1.16 per diluted share and Operating Earnings of $118 million, or $1.16 per diluted share. Adjusted EBITDA for the quarter was $301 million.

Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

The company also announced that the DT Midstream Board of Directors declared a $0.88 per share dividend on its common stock payable January 15, 2027 to stockholders of record at the close of business December 15, 2026.

“We continue to deliver strong performance in 2026,” said David Slater, Chairman and CEO. “We are also advancing our organic growth backlog, with $2.4 billion of projects now committed.”

Slater highlighted the following significant growth projects that reached final investment decision during the quarter:

• The MIST Southbound Phase 1 expansion of Midwestern Gas Transmission, which will add approximately 300 MMcf/d of capacity—a 20% increase in total pipeline capacity
• A new pipeline lateral from Midwestern Gas Transmission to serve a utility-scale power plant in Indiana
• The second phase of the Guardian Pipeline modernization program 

“Our year-to-date results are ahead of plan,” said Jeff Jewell, Executive Vice President and CFO. “Based on our strong performance and outlook for the remainder of the year, we are raising our 2026 Adjusted EBITDA guidance to a range of $1,185-$1,225 million.”

The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 833.461.5787, and the toll number is 585.542.9983; the conference ID is 362887253. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

About DT Midstream

DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. For more information, please visit the DT Midstream website at www.dtmidstream.com.

Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and gains or losses from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream, further adjusted for certain items we consider non-routine and other non-cash items. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

Adjusted EBITDA and DCF are not measures calculated in accordance with GAAP and should be viewed as a supplement to and not a substitute for the results of operations presented in accordance with GAAP. There are significant limitations to using Adjusted EBITDA and DCF as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect our net income or loss. Additionally, because Adjusted EBITDA and DCF exclude some, but not all, items that affect net income and are defined differently by different companies in our industry, Adjusted EBITDA and DCF do not intend to represent net income attributable to DT Midstream, the most comparable GAAP measure, as an indicator of operating performance and are not necessarily comparable to similarly titled measures reported by other companies.

In this release, DT Midstream provides 2026 and 2027 Adjusted EBITDA guidance. The reconciliation of net income to Adjusted EBITDA as projected for full-year 2026 and 2027 is not provided. DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.

Forward-looking Statements

This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “would,” “could,” “should,” “see,” “guidance,” “outlook,” “confident,” “may,” “continue,” “intend,” “goal,” “potential,” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; changes in global trade policies and tariffs; global and domestic supply chain disruptions; actions taken by third-party operators, producers, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation, sand mining, and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; our ability to realize the anticipated benefits from acquisitions and our ability to manage the risks associated with acquisition activity; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act and the One Big Beautiful Bill Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; our ability to qualify for federal income tax credits; our ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2025 and our reports and registration statements filed from time to time with the SEC.

The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2025, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not place undue reliance on any forward-looking statements.

Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

DT Midstream, Inc. Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)
	Three Months Ended
	September 30,												June 30,
		2026											2026
	Reported Earnings			Pre-tax Adjustments			Income Taxes (1)			Operating Earnings			Reported Earnings			Pre-tax Adjustments			Income Taxes (1)			Operating Earnings
	(millions)
Adjustments				$	—		$	—								$	—		$	—
Net Income Attributable to DT Midstream	$	118		$	—		$	—		$	118		$	112		$	—		$	—		$	112
	Nine Months Ended
	September 30,												September 30,
		2026											2025
	Reported Earnings			Pre-tax Adjustments			Income Taxes (1)			Operating Earnings			Reported Earnings			Pre-tax Adjustments			Income Taxes (1)			Operating Earnings
	(millions)
Adjustments					—			—									—			—
Net Income Attributable to DT Midstream	$	360		$	—		$	—		$	360		$	330		$	—		$	—		$	330
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments

DT Midstream, Inc. Reconciliation of Reported to Operating Earnings per diluted share (1) (non-GAAP, unaudited)
		Three Months Ended
		September 30,												June 30,
		2026												2026
		Reported Earnings			Pre-tax Adjustments			Income Taxes (2)			Operating Earnings			Reported Earnings			Pre-tax Adjustments			Income Taxes (2)			Operating Earnings
		(per share)
Adjustments					$	—		$	—								$	—		$	—
Net Income Attributable to DT Midstream		$	1.16		$	—		$	—		$	1.16		$	1.09		$	—		$	—		$	1.09
		Nine Months Ended
		September 30,												September 30,
		2026												2025
		Reported Earnings			Pre-tax Adjustments			Income Taxes (2)			Operating Earnings			Reported Earnings			Pre-tax Adjustments			Income Taxes (2)			Operating Earnings
		(per share)
Adjustments						—			—									—			—
Net Income Attributable to DT Midstream		$	3.51		$	—		$	—		$	3.51		$	3.22		$	—		$	—		$	3.22
(1) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations
(2) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)
		Three Months Ended								Nine Months Ended
		September 30,				June 30,				September 30,				September 30,
		2026				2026				2026				2025
Consolidated		(millions)
Net Income Attributable to DT Midstream		$	118			$	112			$	360			$	330
Plus: Interest expense			40				42				122				120
Plus: Income tax expense			41				53				130				104
Plus: Depreciation and amortization			71				68				208				191
Plus: EBITDA from equity method investees (1)			69				66				213				206
Less: Gain from financing activities			(1	)			(1	)			(2	)			—
Less: Interest income			(2	)			(1	)			(4	)			(2	)
Less: Earnings from equity method investees			(34	)			(33	)			(110	)			(101	)
Less: Depreciation and amortization attributable to noncontrolling interests			(1	)			(1	)			(3	)			(3	)
Adjusted EBITDA		$	301			$	305			$	914			$	845
(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
		Three Months Ended								Nine Months Ended
		September 30,				June 30,				September 30,				September 30,
		2026				2026				2026				2025
		(millions)
Earnings from equity method investees		$	34			$	33			$	110			$	101
Plus: Depreciation and amortization attributable to equity method investees			22				20				63				63
Plus: Interest expense attributable to equity method investees			13				13				40				42
EBITDA from equity method investees		$	69			$	66			$	213			$	206

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment (non-GAAP, unaudited)
		Three Months Ended								Nine Months Ended
		September 30,				June 30,				September 30,				September 30,
		2026				2026				2026				2025
Pipeline		(millions)
Net Income Attributable to DT Midstream		$	93			$	86			$	287			$	277
Plus: Interest expense			14				14				42				38
Plus: Income tax expense			33				41				104				87
Plus: Depreciation and amortization			29				28				86				83
Plus: EBITDA from equity method investees (1)			69				66				213				206
Less: Gain from financing activities			—				(1	)			(1	)			—
Less: Interest income			(1	)			—				(2	)			(1	)
Less: Earnings from equity method investees			(34	)			(33	)			(110	)			(101	)
Less: Depreciation and amortization attributable to noncontrolling interests			(1	)			(1	)			(3	)			(3	)
Adjusted EBITDA		$	202			$	200			$	616			$	586
(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
		Three Months Ended								Nine Months Ended
		September 30,				June 30,				September 30,				September 30,
		2026				2026				2026				2025
		(millions)
Earnings from equity method investees		$	34			$	33			$	110			$	101
Plus: Depreciation and amortization attributable to equity method investees			22				20				63				63
Plus: Interest expense attributable to equity method investees			13				13				40				42
EBITDA from equity method investees		$	69			$	66			$	213			$	206

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment (non-GAAP, unaudited)
	Three Months Ended								Nine Months Ended
	September 30,				June 30,				September 30,				September 30,
	2026				2026				2026				2025
Gathering	(millions)
Net Income Attributable to DT Midstream	$	25			$	26			$	73			$	53
Plus: Interest expense		26				28				80				82
Plus: Income tax expense		8				12				26				17
Plus: Depreciation and amortization		42				40				122				108
Less: Gain from financing activities		(1	)			—				(1	)			—
Less: Interest income		(1	)			(1	)			(2	)			(1	)
Adjusted EBITDA	$	99			$	105			$	298			$	259

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)
		Three Months Ended								Nine Months Ended
		September 30,				June 30,				September 30,				September 30,
		2026				2026				2026				2025
Consolidated		(millions)
Net Income Attributable to DT Midstream		$	118			$	112			$	360			$	330
Plus: Interest expense			40				42				122				120
Plus: Income tax expense			41				53				130				104
Plus: Depreciation and amortization			71				68				208				191
Less: Gain from financing activities			(1	)			(1	)			(2	)			—
Less: Earnings from equity method investees			(34	)			(33	)			(110	)			(101	)
Less: Depreciation and amortization attributable to noncontrolling interests			(1	)			(1	)			(3	)			(3	)
Plus: Dividends and distributions from equity method investees			64				40				160				139
Less: Cash interest expense			(2	)			(77	)			(79	)			(75	)
Less: Cash taxes			(4	)			(3	)			(9	)			(3	)
Less: Maintenance capital investment (1)			(19	)			(24	)			(54	)			(33	)
Less: Other non-cash adjustments			(3	)			(2	)			(5	)			—
Distributable Cash Flow		$	270			$	174			$	718			$	669
(1) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.

CONTACT: Investor Relations

Todd Lohrmann, DT Midstream, 313.774.2424
investor_relations@dtmidstream.com

• Revenue: $1.1 billion, up 11% year-over-year
• Net Earnings: $115 million, up 60% year-over-year
• Adjusted EBITDA: $149 million, up 27% year-over-year
• Diluted EPS: $0.43, up 65% year-over-year
• Adjusted Diluted EPS: $0.46, up 59% year-over-year
• Bookings: $1.6 billion (book-to-bill ratio of 1.5x)
• Record Funded Backlog: $5.6 billion, up 21% year-over-year
• Raises 2026 guidance for Revenue, Adjusted EBITDA and Adjusted Diluted EPS
• Dividend: Company declares cash dividend of $0.09 per share to be paid on November 25, 2026

ARLINGTON, Va., Oct. 29, 2026 (GLOBE NEWSWIRE) — Leonardo DRS, Inc. (Nasdaq: DRS), a leading provider of advanced defense technologies, today reported financial results for the third quarter 2026, which ended September 30, 2026.

CEO Commentary
“Leonardo DRS delivered a strong third quarter, with 11% organic revenue growth and profitability growing even faster. Bookings exceeded $1.6 billion, representing a 1.5x book-to-bill ratio — both our strongest since becoming a public company four years ago. These results reinforce a strategy that is working — investing ahead of demand, in both differentiated capability and capacity, to help our customers maintain overmatch and enable us to scale when the mission requires it. Our record funded backlog, together with improved visibility into the fourth quarter, gives us confidence to raise and narrow our full-year revenue and profitability outlook,” said John Baylouny, President and CEO of Leonardo DRS.

Summary Financial Results

(In millions, except per share amounts)	Three Months Ended,						Nine Months Ended
	September 30,						September 30,
	2026		2025		Change		2026		2025		Change
Revenues	$1,066		$960		11%		$2,825		$2,588		9%
Net Earnings	$115		$72		60%		$263		$176		49%
Net Margin	10.8%		7.5%		330 bps		9.3%		6.8%		250 bps
Diluted weighted average number of shares outstanding (WASO)	268.275		268.426				268.617		268.749
Diluted Earnings Per Share (EPS)	$0.43		$0.26		65%		$0.98		$0.65		51%
Non-GAAP Financial Measures (1)
Adjusted EBITDA	$149		$117		27%		$382		$295		29%
Adjusted EBITDA Margin	14.0%		12.2%		180 bps		13.5%		11.4%		210 bps
Adjusted Net Earnings	$124		$78		59%		$287		$195		47%
Adjusted Diluted EPS	$0.46		$0.29		59%		$1.07		$0.73		47%

(1) The company reports its financials in accordance with U.S. generally accepted accounting principles (“GAAP”). Information about the company’s use of non-GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with U.S. GAAP, is provided under “Non-GAAP Financial Measures.”

The company reported 11% revenue growth in the third quarter 2026. The year-over-year growth was primarily led by programs related to tactical radars, naval power and propulsion programs and progress on our space sensing programs.

Rigorous program execution across the portfolio, favorable mix and operating leverage of greater volume drove meaningful Adjusted EBITDA growth and margin expansion. The strong operational performance, coupled with a lower tax rate, supported year-over-year growth in third quarter net earnings, Adjusted Net Earnings, diluted EPS and Adjusted Diluted EPS.

Cash Flow
Net cash provided by operating activities was $96 million for the third quarter. The company’s free cash flow generation was $61 million in the quarter. Both operating and free cash flow generation were lower than the third quarter 2025 due to higher cash used to fund working capital, partially offset by increased earnings.

Year to date, both operating and free cash flow remain well ahead of the prior-year period, driven by higher profitability and more efficient working capital management.

Dividends and Stock Repurchases
During the third quarter, dividends paid to stockholders totaled approximately $24 million or $0.09 per share of common stock. Today, Leonardo DRS announced that its Board of Directors declared a cash dividend of $0.09 per share of common stock payable on November 25, 2026, to stockholders of record on November 12, 2026.

In addition, the company repurchased 288,633 shares of its common stock for approximately $12 million in the third quarter, pursuant to a previously announced stock repurchase program.

Balance Sheet
At the end of the third quarter, the company held $294 million of cash and had no outstanding borrowings under its credit facility. The company’s strong balance sheet provides flexibility to pursue organic and inorganic growth opportunities to create shareholder value.

Bookings and Funded Backlog

(Dollars in millions)	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Bookings	$1,639		$1,307		$3,609		$3,151
Book-to-Bill	1.5x		1.4x		1.3x		1.2x
Funded Backlog	$5,640		$4,678		$5,640		$4,678

New funded bookings totaled $1.6 billion. Customer demand remained robust, led by contributions from naval power and propulsion, tactical radars and force protection programs. Funded backlog at quarter end reached a new record of $5.6 billion, a 21% increase year-over-year.

Segment Results
Advanced Sensing and Computing (ASC) Segment

(Dollars in millions)	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2026		2025		Change		2026		2025		Change
Revenues	$659		$580		14%		$1,805		$1,633		11%
Operating Earnings	$57		$45		27%		$146		$107		36%
Operating Margin	8.6%		7.8%		80 bps		8.1%		6.6%		150 bps
Bookings	$1,017		$757				$2,137		$1,985
Book-to-Bill	1.5x		1.3x				1.2x		1.2x
Non-GAAP Financial Measures (1)
Segment Adjusted EBITDA	$78		$64		22%		$209		$164		27%
Segment Adjusted EBITDA Margin	11.8%		11.0%		80 bps		11.6%		10.0%		160 bps

(1) The company reports its financials in accordance with U.S. GAAP. Information about the company’s use of non-GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with U.S. GAAP, is provided under “Non-GAAP Financial Measures.”

Healthy demand for naval network computing and tactical radars supported ASC quarterly bookings. The segment’s revenue growth was driven primarily by programs associated with tactical radars and space sensing programs. Adjusted EBITDA and margin rose versus third quarter 2025 on strong operational delivery, favorable mix and volume leveraging.

Integrated Mission Systems (IMS) Segment

(Dollars in millions)	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2026		2025		Change		2026		2025		Change
Revenues	$428		$383		12%		$1,056		$964		10%
Operating Earnings	$64		$48		33%		$154		$115		34%
Operating Margin	15.0%		12.5%		250 bps		14.6%		11.9%		270 bps
Bookings	$622		$550				$1,472		$1,166
Book-to-Bill	1.5x		1.4x				1.4x		1.2x
Non-GAAP Financial Measures (1)
Segment Adjusted EBITDA	$71		$53		34%		$173		$131		32%
Segment Adjusted EBITDA Margin	16.6%		13.8%		280 bps		16.4%		13.6%		280 bps

(1) The company reports its financials in accordance with U.S. GAAP. Information about the company’s use of non-GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with U.S. GAAP, is provided under “Non-GAAP Financial Measures.”

Quarterly IMS bookings were well balanced across electric power and propulsion and force protection programs, and revenue growth reflected strength across naval power and propulsion programs. Adjusted EBITDA and margin expanded significantly over third quarter 2025, supported by operational leverage from higher volume and strong execution within electric power and propulsion programs, despite increased investment in internal research and development.

2026 Guidance
Leonardo DRS is increasing 2026 guidance for Revenue, Adjusted EBITDA and Adjusted Diluted EPS based on strong year-to-date performance, as specified in the table below:

Measure	Current 2026 Guidance	Prior 2026 Guidance
Revenue	$3,950 million – $3,985 million	$3,900 million – $3,975 million
Adjusted EBITDA	$545 million – $555 million	$525 million – $540 million
Tax Rate	13.0%	16.5%
Diluted WASO	269.0 million	269.0 million
Adjusted Diluted EPS	$1.50 – $1.53	$1.34 – $1.39

The guidance excludes the pending acquisition of Raft LLC (“Raft”).

The company does not provide a reconciliation of forward-looking Adjusted EBITDA and Adjusted Diluted EPS due to the inherent difficulty in forecasting and quantifying the adjustments that are necessary to calculate such non-GAAP measures without unreasonable effort. Material changes to any one of these items could have a significant effect on future GAAP results.

Conference Call
Leonardo DRS management will host a conference call beginning at 10:00 a.m. ET on October 29, 2026 to discuss the financial results for its third quarter 2026.

A live audio broadcast of the conference call along with a supplemental presentation will be available to the public through links on the Leonardo DRS Investor Relations website (https://investors.leonardodrs.com).

A replay of the conference call will be available on the Leonardo DRS website approximately 2 hours after the conclusion of the conference call.

About Leonardo DRS
Leonardo DRS, Inc. (Nasdaq: DRS) is at the forefront of developing transformative defense technologies using its proven agility and delivering innovative solutions for U.S. national security customers and allies worldwide. We specialize in rapidly providing high-performance, multi-domain capabilities across next-generation advanced sensing, network computing, force protection, and electric power and propulsion. Our reputation as a trusted provider is built on a continuous focus on practical innovation, delivering quality, and meeting our customers’ most demanding mission requirements. For further information on our complete range of capabilities, visit www.LeonardoDRS.com.

Leonardo DRS Contacts

Investors		Media
Camilla Yanushevsky		Charles Jones
Director, Investor Relations		Director, Marketing and Corporate Communications
+1 571 309 8216		+1 571 737 8800
investorrelations@drs.com		charles.jones@drs.com

Forward-Looking Statements
In this press release, when using the terms the “company”, “Leonardo DRS”, “we”, “us” and “our,” unless otherwise indicated or the context otherwise requires, we are referring to Leonardo DRS, Inc. This press release contains forward-looking statements and cautionary statements within the meaning of the Private Securities Litigation Reform Act of 1995. Some of the forward-looking statements can be identified by the use of forward-looking terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “strives,” “targets,” “projects,” “guidance,” “intends,” “plans,” “estimates,” “anticipates” or other comparable terms. Forward-looking statements include, without limitation, all matters that are not historical facts. They appear in a number of places throughout this press release and include, without limitation, statements regarding our intentions, beliefs, assumptions or current expectations concerning, among other things, financial goals, financial position, results of operations, cash flows, prospects, strategies or expectations, the proposed acquisition of Raft, including the expected timing of completion of the transaction, the satisfaction of closing conditions, the receipt of regulatory approvals, the anticipated benefits of the transaction, the expected impact of the transaction on DRS or Raft’s financial results, including expected accretion and tax benefits, the expected financing of the transaction, plans for the integration of the acquired business, and the impact of prevailing economic conditions.

Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if future performance and outcomes are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. New factors emerge from time to time that may cause our business not to develop as we expect and it is not possible for us to predict all of them. Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, without limitation: disruptions, including from government shutdowns, or deteriorations in our relationship with the relevant agencies of the U.S. government, as well as any failure to pass routine audits or otherwise comply with governmental requirements including those related to security clearance or procurement rules, including the False Claims Act; significant delays, including from government shutdowns, or reductions in appropriations for our programs and changes in U.S. government priorities and spending levels more broadly; any failure to comply with the amended and restated proxy agreement with the U.S. Department of War (“DoW”); the effect of inflation and other cost pressures on our supply chain and/or our labor costs; our mix of fixed-price, cost-plus and time-and-materials type contracts and any resulting impact on our cash flows due to cost overruns; failure to properly comply with various covenants of the agreements governing our debt could negatively impact our business; our dependence on U.S. government contracts, which often are only partially funded and are subject to immediate termination, some of which are classified and the concentration of our customer base in the U.S. defense industry; our use of estimates in pricing and accounting for many of our programs that are inherently uncertain and which may not prove to be accurate; our ability to realize the full value of our backlog; our ability to predict future capital needs or to obtain additional financing if needed, on terms acceptable to us, if at all; our ability to respond to the rapid technological changes in the markets in which we compete; the effect of global and regional economic downturns and rising interest rates; our ability to maintain an effective system of internal control over financial reporting; our inability to appropriately manage our inventory; our inability to fully realize the value of our total estimated contract value or bookings; our ability to compete efficiently, including due to U.S. government organizational conflict of interest rules which may limit new contract opportunities or require us to wind down existing contracts; our relationships with other industry participants, including any contractual disputes or the inability of our key suppliers to timely deliver our components, parts or services; preferences or set-asides for small or small disadvantaged businesses could impact our ability to be a prime contractor; any failure to meet our contractual obligations including due to potential impacts to our business from supply chain risks, such as longer lead times and shortages of electronics and other components; any security breach, including any cyber-attack, cyber intrusion, insider threat, or other significant disruption of our IT networks and related systems, as well as any act of terrorism or other threat to our physical security and personnel; our ability to fully exploit or obtain patents or other intellectual property protections necessary to secure our proprietary technology, including our ability to avoid infringing upon the intellectual property of third parties or prevent third parties from infringing upon our own intellectual property; the conduct of our employees, agents, affiliates, subcontractors, suppliers, business partners or joint ventures in which we participate which may impact our reputation and ability to do business; the outcome of litigation, arbitration, investigations, claims, disputes, enforcement actions and other legal proceedings in which we are involved; various geopolitical and economic factors, laws and regulations including the Foreign Corrupt Practices Act, the Arms Export Control Act, the International Traffic in Arms Regulations, the Export Administration Regulations, recent U.S. tariffs imposed or threatened to be imposed on other countries and any related retaliatory actions taken by such countries and those that we are exposed to as a result of our international business; our ability to obtain export licenses necessary to conduct certain operations abroad, including any attempts by Congress to prevent proposed sales to certain foreign governments; our ability to attract and retain technical and other key personnel; the occurrence of prolonged work stoppages; the unavailability or inadequacy of our insurance coverage, customer indemnifications or other liability protections to cover all of our significant risks or to pay for material losses we incur; future changes in U.S. tax laws and regulations or interpretations thereof; future changes in the DoW’s and other governments’ budgets; certain limitations on our ability to use our net operating losses to offset future taxable income; termination of our leases or our inability to renew our leases on acceptable terms; changes in estimates used in accounting for our pension plans, including with respect to the funding status thereof; changes in future business or other market conditions that could cause business investments and/or recorded goodwill or other long-term assets to become impaired; risks related to our proposed acquisition of Raft, including the failure to complete the transaction on the anticipated timeline or at all, the failure to realize the anticipated benefits of the transaction, including expected accretion and tax benefits, integration difficulties, retention of key personnel, transaction and integration costs, and increased indebtedness incurred to fund the transaction; adverse consequences from any acquisitions such as operating difficulties, dilution and other harmful consequences or any modification, delay or prevention of any future acquisition or investment activity by the Committee on Foreign Investment in the United States; natural disasters, severe weather or other significant disruptions; failure to properly contain a global pandemic in a timely manner could materially affect how we and our business partners operate; our compliance with environmental laws and regulations and any environmental liabilities that may affect our reputation or financial position; any conflict of interest that may arise because Leonardo US Holding, LLC, our majority stockholder, or Leonardo S.p.A., our indirect majority stockholder, may have interests that are different from, or conflict with, those of our other stockholders, including as a result of any ongoing business relationships Leonardo S.p.A. may have with us and their significant ownership in us may discourage change of control transactions (our amended and restated certificate of incorporation provides that we waive any interest or expectancy in corporate opportunities presented to Leonardo S.p.A.); or our obligations to provide certain services to Leonardo S.p.A., which may divert human and financial resources from our business.

You should read this press release completely and with the understanding that actual future results may be materially different from expectations. All forward-looking statements made in this press release are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this press release and we do not undertake any obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise and changes in future operating results over time or otherwise.

Other risks, uncertainties and factors, including those discussed in our SEC filings under “Risk Factors” of our latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, all of which may be viewed or obtained through the investor relations section of our website at www.LeonardoDRS.com, could cause our actual results to differ materially from those projected in any forward-looking statements we make. Readers should read the discussion of these factors carefully to better understand the risks and uncertainties inherent in our business and underlying any forward-looking statements.

Consolidated Statements of Earnings (Unaudited)
(Dollars in millions, except per share amounts)	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2026				2025				2026				2025
Revenues		1,066				960				2,825				2,588
Cost of revenues		(803	)			(738	)			(2,113	)			(1,988	)
Gross profit		263				222				712				600
General and administrative expenses		(142	)			(123	)			(401	)			(361	)
Amortization of acquired intangible assets		(5	)			(5	)			(16	)			(16	)
Other operating expenses, net		—				(1	)			—				(1	)
Operating earnings		116				93				295				222
Interest income (expense), net		1				(4	)			3				(7	)
Other, net		(1	)			(2	)			(5	)			(3	)
Earnings before taxes		116				87				293				212
Income tax provision		(1	)			(15	)			(30	)			(36	)
Net earnings	$115				$72				$263				$176
Net earnings per share from common stock:
Basic earnings per share	$0.43				$0.27				$0.99				$0.66
Diluted earnings per share	$0.43				$0.26				$0.98				$0.65

Consolidated Balance Sheets (Unaudited)
(Dollars in millions, except per share amounts)	September 30,				December 31,
		2026				2025
ASSETS
Current assets:
Cash and cash equivalents	$294				$647
Accounts receivable, net		358				334
Contract assets		1,083				931
Inventories		374				352
Prepaid expenses		45				26
Other current assets		25				36
Total current assets		2,179				2,326
Noncurrent assets:
Property, plant and equipment, net		572				512
Intangible assets, net		94				112
Goodwill		1,238				1,238
Deferred tax assets		87				88
Other noncurrent assets		204				210
Total noncurrent assets		2,195				2,160
Total assets	$4,374				$4,486
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt	$10				$26
Accounts payable		257				351
Contract liabilities		594				585
Other current liabilities		296				269
Total current liabilities		1,157				1,231
Noncurrent liabilities:
Long-term debt		165				321
Pension and other postretirement benefit plan liabilities		28				35
Deferred tax liabilities		3				3
Other noncurrent liabilities		131				166
Total noncurrent liabilities	$327				$525
Stockholders’ equity:
Preferred stock, $0.01 par value: 10,000,000 shares authorized; none issued		$—				$—
Common stock, $0.01 par value: 350,000,000 shares authorized; 266,711,588 and 265,822,404 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		3				3
Additional paid-in capital		4,983				5,083
Accumulated deficit		(2,052	)			(2,315	)
Accumulated other comprehensive loss		(44	)			(41	)
Total stockholders’ equity		2,890				2,730
Total liabilities and stockholders’ equity	$4,374				$4,486

Consolidated Statements of Cash Flows (Unaudited)
(Dollars in millions)	Nine Months Ended
	September 30,
		2026				2025
Operating activities
Net earnings	$263				$176
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization		77				69
Deferred income taxes		(4	)			—
Stock-based compensation expense		17				19
Changes in assets and liabilities:
Accounts receivable		(24	)			(74	)
Contract assets		(153	)			(182	)
Inventories		(22	)			(46	)
Prepaid expenses		(19	)			(5	)
Other current assets		7				19
Other noncurrent assets		14				13
Defined benefit obligations		(7	)			(6	)
Accounts payable		(85	)			(80	)
Contract liabilities		9				41
Other current liabilities		33				9
Other noncurrent liabilities		(41	)			(12	)
Net cash provided by (used in) operating activities		65				(59	)
Investing activities
Capital expenditures		(97	)			(90	)
Proceeds from sales of assets		1				—
Purchases of investments		—				(15	)
Other		1				—
Net cash used in investing activities		(95	)			(105	)
Financing activities
Net decrease in borrowings (maturities of 90 days or less)		(5	)			(1	)
Repayments of borrowings		(191	)			(9	)
Proceeds from stock issuance		8				9
Repurchases of common stock		(28	)			(24	)
Payments of employee taxes withheld from stock-based awards		(25	)			(21	)
Dividends paid		(21	)			(21	)
Dividends paid to related party		(51	)			(51	)
Other		(10	)			(7	)
Net cash used in financing activities		(323	)			(125	)
Effect of exchange rate changes on cash and cash equivalents		—				—
Net decrease in cash and cash equivalents		(353	)			(289	)
Cash and cash equivalents at beginning of year		647				598
Cash and cash equivalents at end of period	$294				$309

Non-GAAP Financial Measures (Unaudited)
In addition to the results reported in accordance with U.S. GAAP included throughout this document, the company has provided information regarding “Adjusted EBITDA,” “Adjusted EBITDA Margin,” “Segment Adjusted EBITDA,” “Segment Adjusted EBITDA Margin,” “Adjusted Net Earnings,” “Adjusted Diluted Earnings Per Share” and “Free Cash Flow” (each, a non-GAAP financial measure).

We believe the non-GAAP financial measures presented in this document will help investors understand our financial condition and operating results and assess our future prospects. We believe these non-GAAP financial measures, each of which is discussed in greater detail below, are important supplemental measures because they exclude unusual or non-recurring items as well as non-cash items that are unrelated to or may not be indicative of our ongoing operating results. Further, when read in conjunction with our GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as a tool to help make financial, operational and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our industry by providing more comparable measures that are less affected by factors such as capital structure.

We recognize that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations discussed below, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any single financial measure to evaluate our business.

We define these non-GAAP financial measures as:

Adjusted EBITDA and Adjusted EBITDA Margin are defined as net earnings before income taxes, net interest expense, amortization of acquired intangible assets, depreciation, deal-related transaction costs, restructuring costs and other one-time non-operational events (which include non-service pension expense, legal liability accrual reversals, executive transition costs and foreign exchange impacts), then in the case of Adjusted EBITDA Margin dividing Adjusted EBITDA by revenues.

(Dollars in millions)	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2026				2025				2026				2025
Net earnings	$115				$72				$263				$176
Income tax provision		1				15				30				36
Interest (income) expense, net		(1	)			4				(3	)			7
Amortization of intangibles		5				5				16				16
Depreciation		22				18				61				53
Deal-related transaction costs		4				—				4				—
Restructuring costs		—				1				—				1
Other one-time non-operational events		3				2				11				6
Adjusted EBITDA	$149				$117				$382				$295
Adjusted EBITDA Margin		14.0	%			12.2	%			13.5	%			11.4	%

Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin are defined as operating earnings before amortization of acquired intangible assets, depreciation, deal-related transaction costs, restructuring costs and other one-time non-operational events, then in the case of Segment Adjusted EBITDA Margin dividing Segment Adjusted EBITDA by revenues.

Advanced Sensing and Computing (ASC) Segment Adjusted EBITDA

(Dollars in millions)	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2026				2025				2026				2025
Operating earnings	$57				$45				$146				$107
Amortization of intangibles		5				5				16				16
Depreciation		15				12				42				36
Restructuring costs		—				1				—				1
Other one-time non-operational events		1				1				5				4
Segment Adjusted EBITDA	$78				$64				$209				$164
Segment Adjusted EBITDA Margin		11.8	%			11.0	%			11.6	%			10.0	%

Integrated Mission Systems (IMS) Segment Adjusted EBITDA

(Dollars in millions)	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2026				2025				2026				2025
Operating earnings	$64				$48				$154				$115
Depreciation		7				6				19				17
Other one-time non-operational events		—				(1	)			—				(1	)
Segment Adjusted EBITDA	$71				$53				$173				$131
Segment Adjusted EBITDA Margin		16.6	%			13.8	%			16.4	%			13.6	%

Adjusted Net Earnings and Adjusted Diluted EPS are defined as net earnings excluding amortization of acquired intangible assets, deal-related transaction costs, restructuring costs and other one-time non-operational events (which include non-service pension expense, legal liability accrual reversals, executive transition costs and foreign exchange impacts) and the related tax impacts, then in the case of Adjusted Diluted EPS dividing Adjusted Net Earnings by the diluted weighted average number of shares outstanding (WASO).

(In millions, except per share amounts)	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2026				2025				2026				2025
Net earnings	$115				$72				$263				$176
Amortization of intangibles		5				5				16				16
Deal-related transaction costs		4				—				4				—
Restructuring costs		—				1				—				1
Other one-time non-operational events		3				2				11				6
Tax effect of adjustments (1)		(3	)			(2	)			(7	)			(4	)
Adjusted Net Earnings	$124				$78				$287				$195
Per share information
Diluted WASO		268.275				268.426				268.617				268.749
Diluted EPS	$0.43				$0.26				$0.98				$0.65
Adjusted Diluted EPS	$0.46				$0.29				$1.07				$0.73

(1) Calculation uses an estimated statutory tax rate on non-GAAP adjustments.

Free Cash Flow is defined as the sum of the cash flows provided by (used in) operating activities, transaction-related expenditures (net of tax), capital expenditures and proceeds from sale of assets.

(Dollars in millions)	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2026				2025				2026				2025
Net cash provided by (used in) operating activities	$96				$107				$65				($	59	)
Transaction-related expenditures, net of tax		3				—				3				—
Capital expenditures		(38	)			(30	)			(97	)			(90	)
Proceeds from sales of assets		—				—				1				—
Free Cash Flow	$61				$77				($	28	)		($	149	)