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After-tax NPV5% of US$737 million and 25% IRR at US$55/oz silver; average annual production of 5 Moz silver as on-site doré over a 15-year mine life; initial capital of US$633 million

VANCOUVER, British Columbia, Oct. 29, 2026 (GLOBE NEWSWIRE) — Apollo Silver Corp. (“Apollo Silver” or the “Company”) (TSX-V: APGO, OTCQB: APGOF, Frankfurt: 6ZF) announces positive results from the Preliminary Economic Assessment (the “PEA”) for its Calico Silver Project (“Calico” or the “Calico Project”) located in San Bernardino County, California.

The PEA and the updated Mineral Resource Estimate (“MRE”) were prepared by SLR Consulting (Canada) Ltd. (“SLR”) in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards. SLR was responsible for the updated MRE, mine planning, processing, design parameters, and operating and capital cost estimates.

The PEA outlines an open pit mining operation at the Waterloo deposit feeding a conventional 8,000 tonne per day (“tpd”) milling and cyanidation leach plant with an initial planned processing life of approximately 15 years. At a base case silver (“Ag”) price of US$55/oz, the Project has an after-tax net present value at a 5% discount rate (“NPV5%”) of US$737 million, an after-tax internal rate of return (“IRR”) of 25%, and an after-tax payback period of 3 years (Table 1) ¹,².

The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the results of the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Approximately 3% of the mill feed in the PEA mine plan is classified as Inferred Mineral Resources.

Highlights of the Calico Project Preliminary Economic Assessment

• Positive Economic Results:
  • After-tax NPV5% of US$737 million and after-tax IRR of 25% (pre-tax NPV5% of US$ 925 million and pre-tax IRR of 29%) at a base case silver price of US$55 per ounce (“oz”); and
  • Initial capital cost of US$633 million, including a 25% contingency, with an after-tax payback period of 3 years since the start of production.
• Silver Production:
  • 74.4 Moz of recovered silver over a 15-year life of mine (“LOM”), averaging approximately 5 Moz per year.
• Grade and recovery:
  
  • average diluted mill feed grade of 84.8 g/t Ag, with LOM silver recovery of 65% and a LOM strip ratio of 0.5:1.
• Costs:
  • LOM cash costs of US$24.96 per payable ounce of silver and all-in sustaining costs (“AISC”) of US$26.07 per payable ounce of silver (non-IFRS measures; see below).
• Updated MRE³:
  • Measured and Indicated Mineral Resources total 42.2 million tonnes (“Mt”) at 85.1 grams per tonne silver (“g/t Ag”) for 115.6 million ounces (“Moz”), including 88.2 Moz, or approximately 76% of the contained silver, in the Measured category. Inferred Mineral Resources total 24.1 Mt at 66.3 g/t Ag for 51.4 Moz across Waterloo and Langtry. The MRE has an effective date of October 1, 2026
• Upside Outside the Mine Plan:
  • Langtry’s 49.1 Moz of Inferred silver and the Waterloo gold domain are not included in the PEA and represent opportunities for future study.
• U.S. domestic silver:
  • Doré would be produced on site from private land with county-recognized vested rights to surface mining. Silver was added to the U.S. List of Critical Minerals in 2025.

“This PEA shows that Waterloo alone can support a 15-year operation producing about 5 million ounces of silver a year, with an after-tax NPV of US$737 million at US$55 silver, and the base case does not yet draw on Langtry’s 49 million Inferred ounces,” said Colin Sutherland, President and CEO. “Waterloo sits on private land with vested surface mining rights and would produce doré in the United States, at a time when silver has been added to the U.S. List of Critical Minerals. Our focus now is de-risking: studies on water, power and capital inputs are under way, and we are advancing toward a prefeasibility study.”

PEA Summary

The PEA assumes contract open pit mining at Waterloo, with mill feed processed at approximately 2.9 million tonnes per annum (8,000 tpd). The schedule prioritizes higher-grade feed in the first 10 years, averaging 100.8 g/t Ag, while material below 65.0 g/t Ag and above 34.0 g/t Ag is stockpiled and processed later in the mine life. The PEA does not include the Langtry silver Mineral Resource or the Waterloo gold Mineral Resource.

The base case indicates an after-tax payback of 3 years and pre-tax and after-tax NPV5% of US$925 million and US$737 million, respectively (Table 1).

Table 1: 2026 Calico Project Preliminary Economic Assessment Metrics

Key Assumptions
Base Case Silver Price	US$55/oz
Silver Metallurgical Recovery	65%
Royalty	2% NSR
Production Profile	units
Total Tonnes Processed	‘000 tonnes	41,981
Total Tonnes Waste	‘000 tonnes	20,517
Stripping Ratio	W:O	0.49
Ag Grade	g/t	84.78
Mine Life	years	15
Mill Feed	‘000 tonnes	41,981
Contained Ag	koz	114,426
Throughput	tpd	8,000
Total Ag Recovered	koz	74,377
Operating Cost
Open Pit	US$/t moved	2.57
Processing	US$/t milled	28.40
G&A – Site Services	US$/t milled	5.32
Total Unit Operating Cost	US$/t milled	38.48
Capital Cost
Initial Capital (including 25% contingency)	US$ ‘000	632,867
Sustaining Capital	US$ ‘000	28,200
Open Pit Backfilling	US$ ‘000	16,619
Closure Costs	US$ ‘000	37,473
Total Capital Cost	US$ ‘000	715,159

Sensitivity analysis indicates leverage to the silver price (Table 2) with a high case of US$65/oz silver price resulting in an after-tax NPV5% of US$1,113 million and an after-tax IRR of approximately 32%, while maintaining the same mine plan and operation assumptions.

Table 2: Silver Price Sensitivity Analysis

Silver Price (US$/oz)		$ 45 (Low Case)	$ 55 (Base Case)	$ 65 (High Case)
Pre-tax Cash Flow (LOM)	US$ ‘000	788,654	1,516,818	2,244,982
Pre-tax NPV (5%)	US$ ‘000	435,193	924,863	1,414,533
Pre-tax IRR	%	18%	29%	38%
Pre-tax Payback	years	3.8	2.7	2.2
After-tax Cash Flow (LOM)	US$ ‘000	658,661	1,238,027	1,795,719
After tax NPV (5%)	US$ ‘000	347,955	737,263	1,112,698
After tax IRR	%	16%	25%	32%
After-tax Payback	years	3.9	3.0	2.4

Project Description

The Calico Project is in the historic Calico Silver Mining District of the Mojave Desert, San Bernardino County, California, about 15 km northeast of Barstow. It is reached year-round from Interstate 15 by paved and dirt roads. The project covers 8,361 acres (3,384 ha) in three adjoining properties (Waterloo – 1,645 acres, Langtry – 1,166 acres, and Mule – 5,550 acres). The majority of the mineral resources at Waterloo and Langtry are located on private lands with county-recognized vested rights to surface mining. Barstow provides workforce, utilities and services, and the Union Pacific main line runs along I-15. Water for the Project is expected to be secured through the acquisition or lease of water rights within the adjudicated Mojave Basin.

Figure 1: Calico Project Location and Regional Infrastructure

2026 Calico Silver Mineral Resource Estimate

The updated MRE has an effective date of October 1, 2026. The drill hole database remains unchanged from the June 30, 2025 estimate disclosed in Apollo’s news release dated September 4, 2025. The updated MRE reflects revised grade capping, estimation and classification methods, metal-specific reporting, updated commodity prices and operating assumptions, and revised reporting cut-off grades and optimized pit constraints.

At Waterloo, Measured and Indicated silver Mineral Resources total 42.2 Mt at 85.1 g/t Ag for 115.6 Moz of contained Ag, and Inferred silver Mineral Resources total 1.1 Mt at 65.4 g/t Ag for 2.3 Moz. At Langtry, Inferred silver Mineral Resources total 23.0 Mt at 66.3 g/t Ag for 49.1 Moz. Combined Calico Silver Mineral Resources comprise 42.2 Mt at 85.1 g/t Ag for 115.6 Moz in the Measured and Indicated categories and 24.1 Mt at 66.3 g/t Ag for 51.4 Moz in the Inferred category. Inferred gold Mineral Resources in the Waterloo gold domain total 0.53 Mt at 0.80 g/t Au for 0.014 Moz (Tables 3 and 4). All Mineral Resources are constrained within optimized open pit shells.

Silver is the principal commodity at Waterloo and Langtry. Gold is reported separately as an Inferred Mineral Resource within the Waterloo gold domain and is not combined with silver in a silver-equivalent grade. Barite and zinc are not reported in the updated MRE. Mineral Resources are classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014) and are constrained within optimized open pit shells to demonstrate reasonable prospects for eventual economic extraction (“RPEEE”). Reporting cut-off grades are 34 g/t Ag at Waterloo, 0.51 g/t Au in the Waterloo gold domain, and 35 g/t Ag at Langtry.

Mineral Resources are reported in metric units. The MRE uses a silver price of US$50/oz, while the PEA base case uses US$55/oz.

Table 3: Summary of the Calico Silver Open Pit Mineral Resources, Effective Date October 1, 2026

Deposit	Metal	Classification	Cut-off (g/t Ag)	Tonnage (Mt)	Grade (g/t Ag)	Contained Metal (Moz Ag)
Waterloo	Silver	Measured	34	30.6	89.5	88.2
		Indicated		11.6	73.5	27.4
		Measured + Indicated		42.2	85.1	115.6
		Inferred		1.1	65.4	2.3
Langtry		Inferred	35	23.0	66.3	49.1
Total		Measured	34	30.6	89.5	88.2
		Indicated		11.6	73.5	27.4
		Measured + Indicated		42.2	85.1	115.6
		Inferred	34 / 35	24.2	66.3	51.5

Notes:

1. Mineral Resources are classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014).
2. Mineral Resources are reported within optimized pit shells used to establish reasonable prospects for eventual economic extraction (RPEEE). At Waterloo, pit optimization inputs include silver and gold prices of US$50/oz and US$3,000/oz, respectively; metallurgical recoveries of 65% for silver and 70% for gold; payability of 99.9% for both metals; a 2% net smelter return (NSR) royalty; transportation, treatment and refining charges of US$2.16/oz silver and US$5.00/oz gold; a 45° pit slope angle; and a mining cost of US$3.31/t of material moved. At Langtry, pit optimization inputs include a silver price of US$50/oz, metallurgical recovery of 65%, payability of 99.9%, a 2% NSR royalty, transportation, treatment and refining charges of US$2.16/oz silver, a 45° pit slope angle, and a mining cost of US$3.86/t of material moved.
3. At Waterloo the Silver Mineral Resources are reported at a cut-off grade of 34 g/t Ag, and for Langtry the Silver Mineral Resources are reported at a cut-off grade of 35 g/t Ag.
4. The rounded reporting cut-off grade of 34 g/t Ag at Waterloo is based on a silver price of US$50/oz, metallurgical recovery of 65%, payability of 99.9%, a 2% NSR royalty, transportation, treatment and refining charges of US$2.16/oz silver, processing costs of US$28.40/t, and general and administrative (G&A) costs of US$5.14/t, assuming a processing rate of 8,000 t/d. The rounded reporting cut-off grade of 35 g/t Ag at Langtry uses the same assumptions plus a mineralized material transportation cost of US$0.92/t. No gold credit is applied in calculating either silver reporting cut-off grade.
5. A bulk density of 2.44 t/m³ was assigned to the reported Mineral Resources.
6. Contained silver has not been adjusted for metallurgical recovery.
7. The Mineral Resource estimate was prepared by Katharine Masun, P.Geo., Principal Resource Geologist with SLR Consulting (Canada) Ltd., a Qualified Person as defined in NI 43-101 and who is independent of the Company.
8. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
9. Inferred Mineral Resources have a lower level of geological confidence than Measured and Indicated Mineral Resources. There is no certainty that further exploration will result in their conversion to a higher classification.
10. The Total rows combine the Waterloo and Langtry silver Mineral Resources by classification category and are reported on silver only. The Waterloo gold Mineral Resource is reported separately.
11. Totals may not add or multiply accurately due to rounding.

Table 4: Summary of the Waterloo Au Open Pit Mineral Resources, Effective Date October 1, 2026

Deposit	Classification	Cut-off (g/t Au)	Tonnage (Mt)	Grade (g/t Au)	Contained Metal (Moz Au)
Waterloo	Inferred	0.51	0.53	0.80	0.014

Notes:

1. Mineral Resources are classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014).
2. Mineral Resources are reported within an optimized pit shell used to establish reasonable prospects for eventual economic extraction (RPEEE). Pit optimization inputs include silver and gold prices of US$50/oz and US$3,000/oz, respectively; metallurgical recoveries of 65% for silver and 70% for gold; payability of 99.9% for both metals; a 2% net smelter return (NSR) royalty; and transportation, treatment and refining charges of US$2.16/oz silver and US$5.00/oz gold. Pit optimization applies a pit slope angle of 45° and a mining cost of US$3.31/t of material moved.
3. Gold Mineral Resources are reported at a cut-off grade of 0.51 g/t Au (0.0148 oz/short ton Au).
4. The rounded reporting cut-off grade of 0.51 g/t Au is based on a gold price of US$3,000/oz, metallurgical recovery of 70%, payability of 99.9%, a 2% NSR royalty, transportation, treatment and refining charges of US$5.00/oz gold, processing costs of US$28.40/t, and general and administrative (G&A) costs of US$5.14/t, assuming a processing rate of 8,000 t/d. No silver credit is applied in calculating the gold reporting cut-off grade.
5. A bulk density of 2.44 t/m³ was assigned to the reported Mineral Resources.
6. Contained gold has not been adjusted for metallurgical recovery.
7. The Mineral Resource estimate was prepared by Katharine Masun, P.Geo., Principal Resource Geologist with SLR Consulting (Canada) Ltd., a Qualified Person as defined in NI 43-101 and who is independent of the Company.
8. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
9. Inferred Mineral Resources have a lower level of geological confidence than Measured and Indicated Mineral Resources. There is no certainty that further exploration will result in their conversion to a higher classification.
10. Totals may not add or multiply accurately due to rounding.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Other than as described in this news release, including under “Environmental, Permitting and Community” and in the forward-looking statements, the Company is not aware of any known legal, political, environmental or other risks that could materially affect the potential development of the Mineral Resources.

Estimation Methodology

At Waterloo, silver was estimated by ordinary kriging within four hard-boundary domains using domain-specific grade continuity models and locally variable orientations; at Langtry, silver was estimated by inverse-distance-cubed interpolation within a single hard-boundary domain. Domain-specific caps of 330 g/t Ag to 565 g/t Ag at Waterloo and 200 g/t Ag at Langtry were applied to assays before compositing, rather than to composites as in the 2025 estimate. Gold was estimated separately within the Waterloo gold domain and capped at 2 g/t Au. A bulk density of 2.44 t/m³ was applied at both deposits, and the models were validated against capped composites, check estimates, and swath plots. At Waterloo, nominal drill hole spacings of 150 ft, 250 ft, and 350 ft support the Measured, Indicated, and Inferred classifications, respectively; Langtry is classified entirely as Inferred.

The reporting pit shells are conceptual constraints used solely for Mineral Resource reporting. They do not constitute mine designs, Mineral Reserves, or evidence of demonstrated economic viability.

Analytical Methods and Data Verification

The Mineral Resource estimate uses the same drilling and assay database as the estimate effective June 30, 2025, as disclosed in Apollo’s news release dated September 4, 2025; no new drilling or sampling has been completed at Calico since that estimate. Sample preparation was completed at ALS Global Geochemistry in Reno, Nevada, and analyses were completed at ALS Global Geochemistry in Vancouver, British Columbia. ALS is an ISO 9001 and ISO/IEC 17025 accredited laboratory and is independent of Apollo. All samples were analyzed for 48 elements via ICP-MS following a four-acid digestion with reportable ranges for silver of 0.01 to 100 ppm (method ME-MS61). Over-range samples analyzed for silver were re-submitted for analysis using a four-acid digestion and ICP-AES finish with a silver range of 1-1,500 ppm (method Ag-OG62). When results were over 400 ppm silver, they were re-submitted for analysis by fire assay with a gravimetric finish using a 30 g nominal sample weight with reportable silver range of 5-10,000 ppm (method Ag-GRA21). Over-range samples analyzed for copper, lead and zinc were re-submitted for analysis using a four-acid digestion and ICP-AES finish with range of 0.001-50% for copper, 0.001-20% for lead, and 0.001-30% for zinc. Gold was analyzed by fire assay with atomic absorption finish (method Au-AA26) with a reportable range of 0.01-100 ppm Au. The quality assurance and quality control (QA/QC) program comprises certified reference materials, blanks, field duplicates, and external check assays at a secondary umpire laboratory.

The SLR Qualified Person (QP), Ms. Masun, reviewed the sampling, analytical, and QA/QC data and verified the assay database against available laboratory certificates. No limitations were placed on the verification process. The QA/QC results and data verification support the use of the data for Mineral Resource estimation and public disclosure NI 43-101. The SLR Qualified Person (QP), Mr. Engelbrecht, reviewed the metallurgical test work data underlying the PEA recovery assumption. No limitations were placed on the verification process.

Comparison to Previous Estimate

The 2026 MRE supersedes the June 30, 2025 estimate. The drill hole database is unchanged; differences reflect revised grade capping, estimation and classification methods, updated prices and costs, revised pit constraints, and the change to metal-specific reporting. At Waterloo, reporting changed from a 47 g/t AgEq cut-off in 2025, which credited gold, barite, and zinc, to separate 2026 cut-offs of 34 g/t Ag for silver and 0.51 g/t Au for gold. At Langtry, the silver cut-off changed from 43 g/t Ag in 2025 to 35 g/t Ag in 2026. The 2025 Waterloo AgEq cut-off is not directly comparable with the 2026 silver-only cut-off. Gold is reported separately within the Waterloo gold domain at the classification supported by the gold data.

At Waterloo, Measured and Indicated silver tonnage decreased 23% to 42.2 Mt, average grade increased 20% to 85.1 g/t Ag, and contained silver decreased from 125 Moz to 115.6 Moz. Inferred silver tonnage increased 83% to 1.1 Mt, average grade increased 152% to 65.4 g/t Ag, and contained silver increased from 0.51 Moz to 2.3 Moz. The 2026 optimized resource pit shell at Waterloo is shallower than the 2025 reporting shell, and its resource-shell strip ratio decreased from 0.8:1 to 0.6:1.

At Langtry, Inferred silver tonnage decreased 4% to 23.0 Mt, average grade decreased 9% to 66.3 g/t Ag, and contained silver decreased from 57 Moz to 49.1 Moz. The Langtry Mineral Resource remains entirely Inferred. The 2026 optimized resource pit shell at Langtry is shallower than the 2025 reporting shell, and its resource-shell strip ratio decreased from 2.8:1 to 1.7:1. The Waterloo and Langtry reporting-shell strip ratios described above are conceptual Mineral Resource reporting metrics and are not mine-plan strip ratios.

Table 5 summarizes the 2025 and 2026 pit-constrained Mineral Resources by deposit, metal, and classification using the rounded values disclosed for each estimate.

Table 5: Comparison of Previous and Current Pit-Constrained Mineral Resources

Deposit	Metal	Class	2025 Tonnage (Mt)	2025 Grade (g/t)	2025 Contained (Moz)	2026 Tonnage (Mt)	2026 Grade (g/t)	2026 Contained (Moz)	Change in tonnage		Change in grade
Waterloo	Silver	Measured	43	75	104	30.6	89.5	88.2	-29	%	+19	%
		Indicated	12	57	21	11.6	73.5	27.4	-3	%	+29	%
		Measured + Indicated	55	71	125	42.2	85.1	115.6	-23	%	+20	%
		Inferred	0.60	26	0.51	1.1	65.4	2.3	+83	%	+152	%
	Gold	Inferred	17	0.25	0.13	0.53	0.80	0.014	-97	%	+220	%
Langtry	Silver	Inferred	24	73	57	23.0	66.3	49.1	-4	%	-9	%

Notes:

1. The previous estimate is the Calico Mineral Resource estimate effective June 30, 2025. The current estimate is effective October 1, 2026.
2. No drilling has been completed at Calico since the previous estimate. The differences arise from the exclusion of barite and zinc, the reporting of gold within a discrete domain, revised grade capping and estimation methodology, a revised classification model, and updated reporting cut-off grades and pit constraints.
3. The 2025 silver figures are from the Mineral Resources disclosed in the 2025 Technical Report (NI 43-101 Technical Report and Mineral Resource Estimate for the Calico Silver Project, San Bernardino County, California, USA, dated October 16, 2025). The Langtry Mineral Resource is classified entirely as Inferred in both estimates.
4. The 2025 gold figure is the total Inferred gold disclosed in the 2025 Technical Report, reported within and around the Waterloo silver domains. In 2026, gold is reported only within the Waterloo gold domain at the classification supported by the gold data.
5. Change in tonnage is the 2026 tonnage minus the 2025 tonnage, divided by the 2025 tonnage. The tonnage and grade percentage changes are calculated from the rounded values shown and may differ from changes calculated using the underlying unrounded estimates.
6. Change in grade is the 2026 grade minus the 2025 grade, divided by the 2025 grade.
7. Totals may not add or multiply accurately due to rounding.

Figure 2 illustrates the changes in tonnage and average grade for the Waterloo and Langtry silver Mineral Resources from 2025 to 2026.

Figure 2: Calico Silver Mineral Resources, Change in Tonnage and Average Grade, 2025 to 2026

Open Pit Mining

The PEA is based on an open-pit mine feeding a processing plant that treats 8,000 tonnes of mineralized material per day over a 15-year mine life, with an average head grade of 101 g/t Ag over the first 10 years (Figure 3). The pit is designed with 6.1-metre (20-foot) benches and 45-degree overall pit walls. The overall strip ratio is 0.5:1.

To improve early cash flow, the plan prioritizes higher-grade material. Material grading 65 g/t silver or more is classified as high grade and sent directly to the plant. Lower-grade material that is still economic under the PEA assumptions is either fed directly to the plant during mining to keep it at full capacity or placed on a stockpile for later processing. Once mining ends, the plant continues to run on reclaimed stockpile material through Year 15. Reclamation and closure are scheduled for Year 16.

Figure 3: Production Schedule

Processing & Metallurgy

The PEA envisions a conventional 8,000 tpd plant: jaw crushing, SAG and ball milling, and fine grinding in a vertical stirred mill, followed by agitated cyanide leaching, counter-current decantation and Merrill-Crowe zinc precipitation to produce doré on site. Residual cyanide is destroyed, and tailings are filtered and placed in a dry stack facility, which recycles most process water and avoids a conventional tailings dam (Figure 4).

The PEA assumes an overall silver recovery of 65%, based on McClelland Laboratories testwork on five samples from the Waterloo deposit (see news release dated February 23, 2023). Recovery improved significantly with finer grinding: recoveries ranged from 40% to 61% at a grind size of 45 microns and from 64% to 80% at finer grinds. The 65% assumption therefore depends on the fine-grinding stage in the flowsheet and is supported by a limited number of samples. Variability and optimization test work is a priority for the next phase of study.

Figure 4: Process Flowsheet

Infrastructure

The PEA includes an on-site substation fed by a proposed transmission line, access and site roads, water supply and management systems, site buildings, and a dry stack tailings facility (Figure 5). The process plant area covers approximately 30 hectares. Power is planned to come from one of two nearby transmission lines (220 kV and 115 kV). The connection point, available capacity, and ability to add the Project’s load will be confirmed with the regional transmission providers as part of ongoing Project development work.

Figure 5: Site Layout

Capital and Operating Costs

Capital Costs:

For the PEA, a 24-month construction period was assumed (Years -2 and -1). Capital costs are estimated to a PEA level of accuracy of -30% to +50%. Process plant capital is derived from benchmark data adjusted for fine grinding and filtered tailings. Site-wide infrastructure estimate considers access and service roads, site preparation, water systems, site buildings, site terracing, transmission line and main substation, and security hub. Tailings assumes a dry stack tailings facility, which necessitates earthworks, potential liners, drainage, and access roads. Indirect costs include EPCM and Owner’s costs. The Initial capital costs consider a 25% contingency.

Sustaining capital was assessed at 2% of operating costs, excluding early years and end of mine life.

The estimate includes backfilling and recontouring of the Waterloo pit to broadly follow the surrounding topography, as required for open pit metallic mines in California, with backfill waste movement scheduled in Years 11 to 14; reclamation and closure, estimated as a factor of direct processing and infrastructure costs (Table 6).

Table 6: Capital Cost Summary

Capital Costs (US$ ‘000)
Direct Cost
Mine Development	6,000
Processing	276,611
Site Infrastructure	57,325
Tailings Dewatering & Conveyance	40,792
Total Direct Cost	380,728
Indirect Costs
EPCM	47,610
Owner’s Costs	15,870
Other Indirect Costs	62,085
Total Indirect Costs	125,565
Contingency – 25%	126,573
Initial Capital Cost	632,867
Sustaining	28,200
Open Pit backfilling	16,619
Reclamation and closure	37,473
Total Capital Cost	715,159

Operating Costs:

Mining costs are derived from benchmark data from similar US open pit projects and adjusted by tonnes mined, and the cost of rehandling the low-grade stockpile is included. Processing costs, derived from benchmark data adjusted for fine grinding and filtered tailings, are estimated at US$28.40/t milled, driven mainly by labour, reagents and power. General and administrative costs are estimated at US$15.5 million per year, covering site management, support personnel, annual payments, vehicles, insurance, and environmental and social compliance. (Table 7).

Table 7: Operating Cost Summary

Operating Costs
Mining (Open Pit)	US$/t moved		2.57
Mining (Open Pit)	US$/t milled		4.76
Processing	US$/t milled		28.40
G&A	US$/t milled		5.32
Total Unit Operating Cost	US$/t milled		38.48
Mining (Open Pit)	US$ ‘000		200,015
Processing	US$ ‘000		1,192,269
G&A	US$ ‘000		223,200
Total Operating Cost	US$ ‘000		1,615,484

Economic Analysis and Sensitivity Analysis

The economic analysis presented in Calico’s PEA is based on revenue from silver only. An after-tax cash flow projection has been generated from the LOM production schedule and capital and operating cost estimates developed for the PEA. A simplified tax calculation has been added to the Project’s cash flow projection to arrive at the after-tax economic metrics. A simplified combined Federal and State tax rate of 27.98% has been assumed. The tax calculation includes a 7-year MACRS depreciation and depletion.

The base discount rate assumed in the PEA is 5% consistent with standard industry practice for evaluating precious‑metal projects in North America. The base discount date is assumed to be January 1^st of the first year of construction (Year -2).

The economic analysis indicates positive potential economics for the Project; however, the PEA is preliminary in nature, includes Inferred Mineral Resources, and there is no certainty that the results of the PEA will be realized. At a base case Ag price of US$55.00/oz, the Project has an after-tax NPV5% of US$737 million, an after-tax IRR of 25%, and an after-tax payback period of 3.0 years from the start of production. Table 8 summarizes the key pre-tax and after-tax economic metrics.

Table 8: Economic Metrics Summary

Economic Metrics	Units	Amounts
Pre-tax Free Cash Flow (LOM)	US$ ‘000	1,516,818
Pre-tax NPV (5%)	US$ ‘000	924,863
Pre-tax IRR	%	29%
Pre-tax Payback	years	2.7
After-tax Free Cash Flow (LOM)	US$ ‘000	1,238,027
After-tax NPV (5%)	US$ ‘000	737,263
After-tax IRR	%	25%
After-tax Payback	years	3.0

The sensitivity analysis of the Project shows that the after-tax NPV5% is most sensitive to metal prices, metallurgical recoveries, and head grades, followed by operating costs and capital costs. A 10% reduction in metal prices reduces the after-tax NPV at 5% by 29% for the Project’s Base Case. The results of the after-tax NPV5% sensitivity are shown in Figure 6.

Figure 6: After-Tax NPV5% Sensitivity

Environmental, Permitting and Community

The Waterloo and Langtry deposits are on private land with county-recognized vested rights to surface mining. Permitting is expected to proceed principally under the California Environmental Quality Act (CEQA) and the Surface Mining and Reclamation Act (SMARA), with San Bernardino County as lead agency, including approval of a reclamation plan and financial assurance. If the Project’s power connection or another Project element requires a federal permit, or if federal funding is used, federal environmental review under the National Environmental Policy Act could also apply. Environmental baseline studies, including biological and cultural resource surveys, are planned for 2027. No permits required to construct or operate the Project have been obtained, and there is no certainty that they will be obtained on a timely basis or at all. Apollo Silver is committed to early and ongoing engagement with local communities, Tribal Nations and regulators.

Opportunity & Next Steps

The Langtry deposit, which contains 49.1 Moz of Inferred silver, and the Waterloo gold domain sit outside the PEA mine plan and represent opportunities for further work. Further opportunities include metallurgical optimization and assessment of pit shells and cut-off grades using alternative silver price assumptions.

Apollo’s focus is de-risking the mineral resources with next steps including metallurgical variability and optimization test work; geotechnical and metallurgical drilling, securing water rights within the adjudicated Mojave Basin; confirming the power interconnection; advancing environmental baseline studies; and advancing Calico towards a prefeasibility study.

Technical Report

The effective date of the PEA is October 23, 2026, and a NI 43-101 technical report relating to the PEA and the MRE will be filed on SEDAR+ (www.sedarplus.ca) within 45 days of this news release, on or before December 13, 2026.

Qualified Persons

The Mineral Resource estimate disclosed in this news release was prepared by Ms. Katharine Masun, M.Sc., P.Geo., Principal Resource Geologist with SLR Consulting (Canada) Ltd., a Qualified Person under NI 43-101, who is independent of the Company. The Mineral Resources were classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014). Ms. Masun has reviewed and approved the scientific and technical information in this news release relating to the Mineral Resource estimate. The PEA disclosed in this news release was prepared by Mr. David M. Robson, P.Eng., Principal Mining Engineer, Mr. Lance Engelbrecht, P.Eng., Principal Metallurgist, Mr. Hugo M. Miranda, M.Eng., MBA, SME(RM), Principal Mining Engineer, and Mr. Michael Robinson, MMSA(RM), Principal Environmental Advisor, each of SLR are independent Qualified Person under NI 43-101 who have reviewed and approved the information in this news release relating to the PEA.

The scientific and technical data contained in this news release were reviewed and approved by Isabelle Lépine, M.Sc., P.Geo., Apollo Silver’s Director, Mineral Resources. Ms. Lépine is a registered professional geologist in British Columbia and a QP as defined by NI 43-101 and is not independent of the Company.

ABOUT APOLLO SILVER CORP.

Apollo Silver is advancing a primary silver development project in the United States. The Calico Silver Project in San Bernardino County, California, hosts Measured and Indicated Mineral Resources of 115.6 Moz silver (42.2 Mt at 85.1 g/t Ag) and Inferred Mineral Resources of 51.5 Moz silver (24.2 Mt at 66.3 g/t Ag), effective October 1, 2026, and silver was added to the U.S. List of Critical Minerals in 2025. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, a carbonate replacement deposit (“CRD”) project. Led by an experienced management team, Apollo Silver is well positioned to advance the assets and deliver value through exploration and development.

Please visit www.apollosilver.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Colin Sutherland
President & CEO

For further information, please contact:

Email: info@apollosilver.com
Telephone: +1 (604) 428-6128

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

Non-IFRS Financial Measures
This news release refers to cash costs per payable ounce of silver (“cash costs”) and all-in sustaining costs per payable ounce of silver (“AISC”), which are non-IFRS ratios, and to total cash costs and total all-in sustaining costs, which are non-IFRS financial measures used as components of those ratios. These measures are not standardized financial measures under International Financial Reporting Standards (“IFRS”), the financial reporting framework used to prepare the Company’s financial statements, and might not be comparable to similar financial measures disclosed by other issuers. These are forward-looking non-IFRS financial measures and ratios derived from the PEA. The Calico Project is not in production, and the Company has not previously disclosed equivalent historical measures.

Total cash costs include mining, processing, site general and administrative costs, doré transport and refining charges, and royalties, and are estimated at US$[1,854.6] million over the LOM. Cash costs are total cash costs divided by payable ounces of silver, or US$24.96 per payable ounce. Total all-in sustaining costs comprise total cash costs plus sustaining capital, open pit backfilling, and closure and reclamation costs, and are estimated at US$[1,937.1] million over the LOM. AISC is total all-in sustaining costs divided by payable ounces of silver, or US$26.07 per payable ounce.

Capital and operating costs, cash flow, net present value, internal rate of return and payback period are disclosed as part of the PEA economic analysis under NI 43-101. Cash flow figures in this news release correspond to the amounts identified as “free cash flow” in the PEA.

Cash costs and AISC per ounce are commonly used in the precious metals industry to describe the cost of producing an ounce of metal. Management believes these ratios help investors understand the Project’s estimated operating and sustaining cost structure on a per-ounce basis, assess its estimated margin against assumed silver prices, and compare the Project with other silver projects. Management uses these ratios to evaluate the PEA results and to assess alternatives for advancing the Project. They should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

Cautionary Statement Regarding “Forward-Looking” Information

This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, the results of the PEA, including estimates of net present value, internal rate of return, payback period, capital and operating costs, cash costs and AISC, production, mine life, mill feed grades and metallurgical recoveries; the anticipated timing of filing of the technical report; the timing and completion of a prefeasibility study; the acquisition or lease of water rights; permitting; and the Company’s future plans and objectives. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; changes in project parameters as plans continue to be refined; the preliminary nature of the PEA; the inclusion of Inferred Mineral Resources in the PEA; the metallurgical recovery assumptions, which are based on limited testwork; the ability to secure water rights and power on acceptable terms; the ability to obtain required permits; and the availability of doré refining capacity on acceptable terms. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver and gold; the demand for silver; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

---

¹ All dollar figures in this news release are in United States dollars unless otherwise noted.
² The Company cautions that the results of the PEA are preliminary in nature and include Inferred Mineral Resources that are considered too speculative geologically to have economic consideration applied to them to be classified as Mineral Reserves. There is no certainty that the results of the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
³See Tables 3 and 4 for details on the 2026 MRE.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/19e8a2a3-53ea-41ca-9e25-2265df92cd86
https://www.globenewswire.com/NewsRoom/AttachmentNg/1449c7f9-3ade-4c73-ac80-7f748afd7f56
https://www.globenewswire.com/NewsRoom/AttachmentNg/4d9cb736-fe40-4bf0-8cfe-7439dfd8091d
https://www.globenewswire.com/NewsRoom/AttachmentNg/ca3e268c-3fd7-4505-8449-f564f68d3310
https://www.globenewswire.com/NewsRoom/AttachmentNg/66976317-556f-4624-9949-c9cbad30fbc2
https://www.globenewswire.com/NewsRoom/AttachmentNg/f80ae9b3-d5ec-47ca-9554-b1ff761a6f11

MONTREAL, Oct. 29, 2026 (GLOBE NEWSWIRE) — WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”), one of the world’s leading engineering, science and infrastructure solutions firms, today announced that WSP USA Inc. has been selected as a strategic transmission delivery partner for American Electric Power (AEP), supporting project delivery activities across AEP’s West region regulated transmission portfolio, which encompasses Texas, Oklahoma, Arkansas and Louisiana.

AEP is advancing a capital investment program that includes U.S. $37 billion in transmission over the next five years, reflecting growing investment across the energy sector to strengthen reliability, expand capacity and support increasing electricity demand.

WSP’s experience supporting complex infrastructure programs will help advance critical projects at scale across AEP’s western region.

“WSP is honored to be selected as a strategic delivery partner to support AEP’s significant investments in strengthening the electric grid and meeting growing energy needs across its service territory,” said Michael Case, Power and Energy business line executive, WSP in the U.S. “This selection reflects the strength of our integrated energy platform, which combines planning, environmental, permitting, engineering, program management and delivery capabilities to help clients advance critical infrastructure investments that strengthen grid reliability and support future energy demand.”

Across North America, utilities are modernizing aging infrastructure and expanding transmission networks to accommodate economic growth, electrification and evolving energy needs. These investments are creating demand for integrated delivery approaches to accelerate the development of complex infrastructure programs.

Forward-looking statements
Certain information contained in this press release is not based on historical or current facts and may constitute forward-looking statements or forward-looking information (collectively, “forward-looking statements”) under Canadian securities laws. Forward-looking statements may include estimates, plans, strategic ambitions, objectives, expectations, opinions, forecasts, projections, guidance, outlook or other statements that are not statements of fact, including references to assumptions. Forward-looking statements in this press release may include, without limitation, statements regarding AEP’s anticipated capital investment program, including the timing and amount thereof; WSP’s anticipated role and activities as a strategic transmission delivery partner for AEP; and expectations regarding future electricity and energy demand and related investment in transmission infrastructure.

Forward-looking statements are based on a number of assumptions believed by WSP to be reasonable as at the date hereof, including, without limitation, assumptions regarding AEP proceeding with its anticipated capital investment program and transmission projects; continued demand for electricity, energy and transmission infrastructure; capital investments made by the public and private sectors; and WSP’s ability to provide the contemplated services and successfully deliver projects. If any of these assumptions prove to be inaccurate, WSP’s actual results could differ materially from those expressed or implied in forward-looking statements.

Although WSP believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. In evaluating these forward-looking statements, investors should specifically consider various risk factors, which, if realized, could cause WSP’s actual results or events to differ materially from those expressed or implied in forward-looking statements. Such risk factors include, but are not limited to, changes in AEP’s capital investment plans or project timing; changes in electricity demand or capital investment in transmission infrastructure; changes in economic, market, political or regulatory conditions; project delivery and contract performance risks; competition; WSP’s ability to attract and retain qualified personnel; and WSP’s ability to secure and perform future projects, as well as other risks detailed from time to time in reports filed by WSP with securities regulators or securities commissions or other documents that WSP makes public.

These and other risk factors that could cause actual results or events to differ materially from our expectations expressed in, or implied by, our forward-looking statements are discussed in greater detail in section 20, “Risk Factors” of WSP’s MD&A for the fourth quarter and year ended December 31, 2025 and as supplemented by section 17, “Risk Factors” of WSP’s MD&A for the second quarter and six-month period ended June 26, 2026, which are available on SEDAR+ at www.sedarplus.ca and which sections are incorporated herein by reference. Actual results and events may be significantly different from what we currently expect because of the risks associated with our business, industry and global economy and of the assumptions made in relation to these risks. As such, there can be no assurance that actual results will be consistent with forward-looking statements.

The forward-looking statements contained in this press release describe WSP’s expectations as of the date hereof and, accordingly, are subject to change after such date. Except as may be required under Canadian securities laws, WSP does not assume any obligation to publicly update or to revise any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. Readers should not place undue reliance on forward-looking statements.

About WSP
WSP is one of the world’s leading engineering, science and infrastructure solutions firms, uniting its multidisciplinary expertise to shape communities to advance humanity. From local beginnings to a globe-spanning presence today, WSP operates in over 50 countries and employs approximately 83,000 professionals, known as Visioneers. Together, they pioneer solutions and deliver innovative projects in the transportation, infrastructure, environment, building, energy, water, mining, and metals sectors. WSP is publicly listed on the Toronto Stock Exchange (TSX: WSP).

For more information, please contact:

Alain Michaud
Chief Financial Officer
WSP Global Inc.
alain.michaud@wsp.com
Phone: 438-843-7317

NDA supported by the Phase 3 TransportNPC^™ study, data from earlier clinical studies, and an overall survival analysis versus external registry controls

Remibetadex has received Orphan Drug, Fast Track and Rare Pediatric Disease designations from the FDA; approval would make remibetadex eligible for a Rare Pediatric Disease Priority Review Voucher

United States Adopted Names (USAN) Council assigns nonproprietary name “remibetadex” to Trappsol^® Cyclo^™

NEWARK, N.J., Oct. 29, 2026 (GLOBE NEWSWIRE) — Rafael Holdings, Inc. (NYSE: RFL) today announced that its subsidiary, Cyclo Therapeutics, LLC, has submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) seeking approval of remibetadex (Trappsol^® Cyclo^™, previously identified as intravenous hydroxypropyl-β-cyclodextrin), for the proposed indication of the treatment of the neurovisceral manifestations of Niemann-Pick Disease Type C (NPC) in adult and pediatric patients from birth. NPC is a rare, fatal and progressive genetic disorder for which there is no known cure. The Company also announced that the United States Adopted Names (USAN) Council has assigned the nonproprietary name “remibetadex” to the compound known until now as intravenous hydroxypropyl-β-cyclodextrin.

Within 60 days of receiving the application, the FDA will determine whether the application is filed and, if filed, whether Priority Review will be granted. If the application is filed, the FDA will assign a Prescription Drug User Fee Act (PDUFA) target action date.

“This submission is an important milestone for Rafael Holdings and, most importantly, for patients living with NPC,” said Howard Jonas, Chairman and Chief Executive Officer of Rafael Holdings. “I believe the totality of the data, including the Phase 3 trial results and the overall survival analysis, supports the potential of remibetadex for patients with limited treatment options. Pending FDA approval, we are excited to bring remibetadex to patients and families who urgently need new options to treat NPC.”

The NDA includes results from the global, double-blind, placebo-controlled Phase 3 TransportNPC^™ study. Although the study did not achieve statistical significance on its primary endpoint, remibetadex showed a directionally favorable 64% relative slowing of disease progression compared with placebo (p=0.19) and in a prespecified analysis of patients receiving background therapy (approximately 83% of the study population), remibetadex showed a 71% relative slowing of disease progression (p=0.046). The NDA also includes data from earlier clinical studies and an overall survival analysis in which remibetadex was associated with an 85% reduction in the risk of mortality in patients with infantile-onset NPC compared with matched registry controls (p=0.044). Remibetadex was generally well tolerated, with no new safety signals observed, although serious adverse events occurred more frequently with remibetadex than with placebo (35.9% vs. 16.7%). Topline results from TransportNPC^™ were reported on September 30, 2026.

“The remibetadex NDA is the culmination of more than 15 years of research and investment and, if approved, could help address a significant unmet need in a rare, and fatal disease,” said Joshua Fine, Chief Operating Officer of Rafael Holdings. “With the data in the NDA and Orphan Drug, Fast Track and Rare Pediatric Disease designations in place, upon the FDA’s filing of the NDA, we believe remibetadex is well positioned for review, and an approval would make it eligible for a Priority Review Voucher, a potential source of non-dilutive capital. With this important milestone completed, we are preparing for a potential commercial launch, and we look forward to working with the FDA as the regulatory review process advances. We are grateful to the investigators, patients, families and advocates who made this milestone possible.”

About Remibetadex (Trappsol® Cyclo™)
Remibetadex is an investigational, intravenously administered therapy containing a proprietary formulation of hydroxypropyl-β-cyclodextrin and is being developed for the treatment of the neurovisceral manifestations of Niemann-Pick Disease Type C (NPC) in adult and pediatric patients from birth. Remibetadex is designed to mobilize cholesterol from late endosomes and lysosomes, facilitating the transport of accumulated cholesterol out of cells so it can be further processed and excreted. Remibetadex has been granted Orphan Drug, Fast Track and Rare Pediatric Disease designations by the FDA for the treatment of NPC.

Remibetadex is an investigational product and has not been approved by the FDA or any other regulatory agency for any indication.

About Rafael Holdings, Inc.
Rafael Holdings, Inc. is a biotechnology company that develops pharmaceuticals and holds interests in clinical and early-stage companies that develop pharmaceuticals and medical devices. Our lead candidate is remibetadex (Trappsol^® Cyclo^™, previously identified as intravenous hydroxypropyl-β-cyclodextrin) for which we have completed a pivotal Phase 3 study in Niemann-Pick Disease Type C (“NPC”) and submitted an NDA to the FDA in October 2026. NPC is a rare, fatal and progressive genetic disorder. We also hold interests in other clinical-stage and early-stage pharmaceutical development companies and an orthopedic-focused medical device company.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; the FDA’s review of our NDA, including whether the NDA will be accepted for filing or receive Priority Review; our eligibility for a Priority Review Voucher; our commercial preparations; plans regarding the further evaluation of clinical data; and the potential of our pipeline. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the risk that the FDA may not accept for filing or approve an NDA for remibetadex based on the available data; the risk that we may not receive or be able to monetize a Priority Review Voucher; and those disclosed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended July 31, 2026, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

Contact:
Barbara Ryan
Barbara.ryan@rafaelholdings.com
(203) 274-2825

Company generates revenue increase of $10 million, or 5%, and highest level of cash flow from operations in four years

CHICAGO, Oct. 29, 2026 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNO) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced its financial results for the third quarter ended September 30, 2026, which were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).

Third Quarter 2026 Financial Highlights

		For the Three Months Ended,								For the Nine Months Ended,
($ in thousands)		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Revenues, net of Discounts		$	212,443			$	202,810			$	638,539			$	614,891
Gross Profit			100,038				95,237				298,713				307,802
Income from Operations			11,908				9,277				28,150				50,490
Net Loss Attributable to Verano Holdings Corp. & Subsidiaries			(4,065	)			(43,832	)			(35,299	)			(74,497	)
Adjusted EBITDA1			50,353				53,109				150,588				173,660

Third Quarter 2026 Financial Highlights

• Revenues, net of discounts, of $212 million, an increase of 5% versus the third quarter 2025.
• Gross profit of $100 million or 47% of revenue.
• SG&A expenses of $85 million or 40% of revenue.
• Net Loss of $(4) million or (2)% of revenue.
• Adjusted EBITDA¹ of $50 million or 24% of revenue.
• Net cash provided by operating activities of $49 million.
• Capital expenditures of $13 million.

Third Quarter 2026 Year-To-Date Financial Highlights

• Revenues, net of discounts, of $639 million, an increase of 4% year-over-year.
• Gross profit of $299 million or 47% of revenue.
• SG&A expenses of $263 million or 41% of revenue.
• Net Loss of $(35) million or (6)% of revenue.
• Adjusted EBITDA¹ of $151 million or 24% of revenue.
• Net cash provided by operating activities of $98 million.
• Capital expenditures of $40 million.

Management Commentary

“I am proud of our teams for delivering another strong quarter, highlighted by a 5% increase in revenue, robust retail performance, and achieving our highest level of operating cash flow in four years,” said George Archos, Verano founder, Chairman and Chief Executive Officer.

“With year-to-date revenue up 4% by quarter-end on an annual basis, and exciting seasonal products and promotions set to launch during the busy holiday season, the completion of several retail and CPG enhancement projects on schedule by year-end, and multiple catalysts on the horizon – including the exciting launch of retail adult use sales in Virginia – we aim to close 2026 on a high note, and look forward to hitting the ground running in what we anticipate will be an exciting year for Verano and the industry in 2027.”

Third Quarter 2026 Financial Overview

Revenues, net of discounts, for the third quarter 2026 were $212 million, up from $203 million for the third quarter 2025.

Gross profit for the third quarter 2026 was $100 million or 47% of revenue, up from $95 million or 47% of revenue for the third quarter 2025.

SG&A expenses for the third quarter 2026 were $85 million or 40% of revenue, up from $81 million or 40% of revenue for the third quarter 2025.

Net loss for the third quarter 2026 was $(4) million or (2)% of revenue, versus $(44) million or (22)% of revenue for the third quarter 2025.

Adjusted EBITDA¹ for the third quarter 2026 was $50 million or 24% of revenue.

Net cash provided by operating activities for the third quarter 2026 was $49 million, up from $26 million for the third quarter 2025.

Capital expenditures for the third quarter 2026 were $13 million, up from $8 million for the third quarter 2025.

Third Quarter 2026 Year-To-Date Financial Overview

Revenues, net of discounts, for the third quarter 2026 year-to-date were $639 million, up from $615 million year-over-year.

Gross profit for the third quarter 2026 year-to-date was $299 million or 47% of revenue, down from $308 million or 50% of revenue year-over-year.

SG&A expenses for the third quarter 2026 year-to-date were $263 million or 41% of revenue, up from $251 million or 41% of revenue year-over-year.

Net loss for the third quarter 2026 year-to-date was $(35) million or (6)% of revenue, versus $(74) million or (12)% of revenue year-over-year.

Adjusted EBITDA¹ for the third quarter 2026 year-to-date was $151 million or 24% of revenue.

Net cash provided by operating activities for the third quarter 2026 year-to-date was $98 million, up from $39 million year-over-year.

Capital expenditures for the third quarter 2026 year-to-date were $40 million, up from $32 million year-over-year.

2026 Guidance

• The Company raises its 2026 capital expenditures guidance range to $54 million to $60 million.
  
  

Third Quarter 2026 Operational Highlights 

• Expanded Florida retail footprint with the opening of MÜV Bradfordville, the Company’s 86th Florida dispensary and 163rd location nationwide.
• Entered the cannabis beverage category with the debut of Easy Landings, the Company’s first national beverage brand. 

Subsequent Operational Highlights

• Commemorated the opening of Zen Leaf Meriden in a new and enhanced location.
• Opening Zen Leaf Ephrata in Pennsylvania on Friday, October 30th.
• Current operations span 13 states, comprised of 163 dispensaries and 14 production facilities with more than 1.1 million square feet of cultivation capacity.

Balance Sheet and Liquidity

As of September 30, 2026, the Company’s current assets were $416 million, including cash and cash equivalents of $102 million. The Company had working capital of $301 million and total debt, net of issuance costs, of $390 million.

The Company’s outstanding shares of common stock were 72,934,412 as of September 30, 2026.

Conference Call and Webcast

A conference call and webcast with analysts and investors is scheduled for October 29, 2026 at 8:30 a.m. ET / 7:30 a.m. CT to discuss the results.

• Investors and participants can register in advance for the call by visiting: https://register-conf.media-server.com/register/BI10964a36c81a483c80c6a571ef0f9518
• After registering, instructions will be shared on how to join the call for those who wish to dial in.
• On October 29, the live webcast can be accessed via the following link: https://edge.media-server.com/mmc/p/mr3yjhvp
• The live and archived webcast will be available on the Events and Presentations page of the Company’s investor relations website at investors.verano.com.

_________________________

¹Adjusted EBITDA and Adjusted EBITDA as a percentage of revenue (“Adjusted EBITDA Margin”) are non-U.S. GAAP financial measures. Each is derived from EBITDA, another non-U.S. GAAP financial measure, and is defined in this news release in the section below titled “Non-U.S. GAAP Financial Measures.” The most directly comparable U.S. GAAP financial measure to Adjusted EBITDA is net income (loss) and the most directly comparable measure to Adjusted EBITDA Margin is net income (loss) as a percentage of revenue (“net income (loss) margin”). The reconciliation of (i) Adjusted EBITDA to U.S. GAAP net income (loss) and (ii) Adjusted EBITDA Margin to net income (loss) margin is set forth below in the tables included in this news release.

Non-U.S. GAAP Financial Measures

Verano uses non-U.S. GAAP financial information to evaluate the performance of the Company. The terms “EBITDA,” “Adjusted EBITDA,” and “Adjusted EBITDA Margin” do not have any standardized meaning prescribed within U.S. GAAP and therefore may not be comparable to similar measures presented by other companies. Accordingly, this non-U.S. GAAP financial information is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP.

The Company calculates EBITDA as net income (loss) before interest expense, income tax expense, depreciation and amortization; Adjusted EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization and also excludes certain one-time extraordinary items and Adjusted EBITDA Margin as net income (loss) before net interest expense, income tax expense, depreciation and amortization and exclusion of certain one-time extraordinary items as a percentage of revenue. The calculations of the non-U.S. GAAP financial measures used in this news release and the reconciliations to the most comparable U.S. GAAP financial numbers are included in the tables below.

Management believes that this non-U.S. GAAP financial information is useful as a supplement to comparable U.S. GAAP financial information because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP information to supplement their U.S. GAAP results. Management reviews these non-U.S. GAAP financial measures on a regular basis and uses them, together with financial measures included in the Company’s financial statements, to evaluate and manage the performance of the Company’s operations. These measures should be evaluated only in conjunction with the comparable U.S. GAAP financial numbers reported by the Company.

About Verano
Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNO), one of the U.S. cannabis industry’s leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf^™ and MÜV^™ dispensary banners, and produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Savvy^™, The Essence^™, Swift Lifts^™, HYPHEN^™, Encore^™, Easy Landings^™, BITS^™, Avexia^™, MÜV^™, CTPharma^™, and Verano^™. Verano’s active operations span 13 U.S. states, comprised of 14 production facilities with over 1.1 million square feet of cultivation capacity. Learn more at Verano.com.

Contacts:
Investors
Verano
Aaron Miles
Chief Investment Officer
Investors@verano.com

Media
Verano
Steve Mazeika
Vice President, Communications
Steve.Mazeika@verano.com

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans, strategies, or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “future”, “scheduled”, “estimates”, “forecasts”, “projects,” “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risk factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission at www.sec.gov. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.

Financial Information Tables

The following tables include select financial results and the reconciliations of the non-U.S. GAAP financial measures to the respective most directly comparable U.S. GAAP financial measures for the presented periods.

VERANO HOLDINGS CORP.
Highlights from Unaudited Interim Condensed Consolidated Statements of Operations

		For the Three Months Ended,								For the Nine Months Ended,
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
($ in thousands)		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Revenues, net of Discounts		$	212,443			$	202,810			$	638,539			$	614,891
Cost of Goods Sold, net			112,405				107,573				339,826				307,089
Gross Profit		$	100,038			$	95,237			$	298,713			$	307,802
Gross Profit %			47	%			47	%			47	%			50	%
Operating Expenses:
Selling, General and Administrative Expenses			84,506				80,560				262,877				251,484
Loss on Impairment of Held for Sale Assets			3,624				5,400				7,686				5,400
Loss on Impairment of Fixed Assets			—				—				—				428
Total Operating Expenses		$	88,130			$	85,960			$	270,563			$	257,312
Income from Operations		$	11,908			$	9,277			$	28,150			$	50,490
Other Income (Expense):
Loss on Disposal of Property, Plant and Equipment			(796	)			(620	)			(811	)			(916	)
Gain on Deconsolidation			—				—				—				4,739
Gain (Loss) on Debt Extinguishment			—				(946	)			(5,738	)			1,938
Interest Expense, net			(10,760	)			(13,212	)			(34,330	)			(40,981	)
Other Income (Expense), net			2,851				(9,890	)			(754	)			(8,825	)
Total Other Expense, net			(8,705	)			(24,668	)			(41,633	)			(44,045	)
Income (Loss) Before Provision for Income Taxes		$	3,203			$	(15,391	)		$	(13,483	)		$	6,445
Provision for Income Tax Expense			(7,268	)			(28,441	)			(21,816	)			(80,942	)
Net Loss Attributable to Verano Holdings Corp. & Subsidiaries		$	(4,065	)		$	(43,832	)		$	(35,299	)		$	(74,497	)

VERANO HOLDINGS CORP.
Highlights from Condensed Consolidated Balance Sheets

		As of
		September 30, 2026				December 31, 2025
($ in thousands)		(Unaudited)				(Audited)
Cash and Cash Equivalents		$	102,054			$	82,724
Other Current Assets			313,554				321,927
Property, Plant and Equipment, net			497,571				492,473
Intangible Assets, net			536,243				579,090
Goodwill			161,009				161,009
Other Long-Term Assets			96,865				104,371
Total Assets		$	1,707,296			$	1,741,594
Total Current Liabilities			114,139				140,261
Total Long-Term Liabilities			923,085				898,954
Stockholders’ Equity			671,888				704,156
Non-Controlling Interest			(1,816	)			(1,777	)
Total Liabilities and Shareholders’ Equity		$	1,707,296			$	1,741,594

VERANO HOLDINGS CORP.
Reconciliation of Net Loss to EBITDA (Non-U.S. GAAP) and Adjusted EBITDA (Non-U.S. GAAP, Unaudited) 

		For the Three Months Ended,								For the Nine Months Ended,
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
($ in thousands)		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Net Loss Attributable to Verano Holdings Corp. & Subsidiaries		$	(4,065	)		$	(43,832	)		$	(35,299	)		$	(74,497	)
Interest Expense, net			10,760				13,212				34,330				40,981
Income Tax Expense			7,268				28,441				21,816				80,942
Depreciation and Amortization			29,806				31,560				88,425				94,839
EBITDA		$	43,769			$	29,381			$	109,272			$	142,265
COGS Add-backs:
Acquisition, Transaction and Other Non-operating Costs			385				2,146				1,642				6,418
Employee Stock Compensation			94				400				652				1,298
SG&A Add-backs:
Acquisition, Transaction and Other Non-operating Costs			2,263				1,003				11,620				3,637
Employee Stock Compensation			1,009				2,122				8,355				7,866
Impairments			3,624				5,400				7,686				5,828
Acquisition Adjustments and Other (Income) & Expense, net			(791	)			12,657				11,361				6,348
Adjusted EBITDA1		$	50,353			$	53,109			$	150,588			$	173,660
Net Loss Margin			(2	)%			(22	)%			(6	)%			(12	)%
Adjusted EBITDA Margin1			24	%			26	%			24	%			28	%

Third-quarter royalty revenue up 51% year-over-year to $70.3 million

Raises Full-Year 2026 Adjusted Diluted EPS Guidance to $9.50 to $9.75, from $9.00 to $9.50¹; Reaffirms Revenue Guidance

Conference call begins at 8:30 a.m. Eastern Time today

JUPITER, Fla., Oct. 29, 2026 (GLOBE NEWSWIRE) — Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) today reported financial results for the three and nine months ended September 30, 2026, and provided an operating forecast and business update. Ligand management will host a conference call and webcast today at 8:30 a.m. Eastern Time to discuss the results and answer questions.

“Ligand delivered another strong quarter, with royalty revenue growing 51% year-over-year, driven by contribution from the XOMA portfolio and continued commercial momentum across our key royalty assets, including Filspari,” said Todd Davis, CEO of Ligand. “We also continued to put capital to work in differentiated assets, acquiring a royalty interest in Santen’s Ryjunea and entering into a structured financing agreement with AvenCell Therapeutics to advance its next-generation CAR-T pipeline. With a strong balance sheet and a portfolio of over 200 assets, we are well positioned to continue executing our royalty aggregation strategy, and we look forward to sharing an updated five-year outlook at our investor day on December 8th.”

Financial Results

Third Quarter 2026 Financial Results

Third-quarter 2026 results reflect continued strength in the royalty business, with royalty revenue increasing 51% year-over-year to $70.3 million, compared with $46.6 million for the prior-year period. Royalties accounted for 89% of total revenues and income in the quarter, with growth driven by the newly acquired XOMA assets and continued momentum across Ligand’s key commercial portfolio, including Travere Therapeutics’ Filspari and Merck’s Ohtuvayre.

Total revenues and income for the third quarter of 2026 were $78.7 million, compared with $115.5 million for the prior-year period, representing a decrease of 32%. The prior-year period included $53.1 million of Pelthos divestiture-related income (see Pelthos note below). Excluding that income, total revenues and income increased 26%. Captisol^® sales were $7.9 million, compared with $10.7 million, reflecting the timing of customer orders. Contract revenue and income were $0.5 million, compared with $58.2 million, with the decrease primarily due to the prior-year Pelthos divestiture-related income.

Cost of Captisol was $2.7 million for the third quarter of 2026, compared with $3.8 million for the prior-year period, with the decrease primarily attributable to lower Captisol sales. Amortization of intangibles was $10.2 million, compared with $8.1 million for the prior-year period, with the increase attributable to the intangibles acquired from the XOMA acquisition. Research and development expense was $2.8 million, compared with $21.0 million for the prior-year period, with the decrease primarily attributable to a $17.8 million charge recognized in the prior-year period related to the research and development funding arrangement associated with the AVIM Therapy royalty rights acquired in the Orchestra BioMed transaction. General and administrative expense was $72.6 million, compared with $28.4 million for the prior-year period. The increase primarily reflects transaction and integration costs and share-based compensation associated with the XOMA acquisition, as well as higher employee-related costs from the expansion of Ligand’s portfolio management and origination platform to scale its royalty portfolio. Fair value adjustments to contingent liabilities resulted in a $6.3 million loss in the third quarter of 2026, compared with a $0.5 million gain in the prior-year period. The change was primarily driven by fair value adjustments related to contingent liabilities assumed in the XOMA acquisition.

Net non-operating expense was $28.3 million for the third quarter of 2026, compared with net non-operating income of $85.8 million for the prior-year period. The change was primarily attributable to non-cash mark-to-market losses on equity-method investments and other investments, as well as net loss from short-term investments during the third quarter of 2026, compared with gains in the prior-year period.

GAAP net loss was $28.5 million, or $1.43 per share, for the third quarter of 2026, compared with GAAP net income of $117.3 million, or $5.68 per diluted share, for the prior-year period. Results for the third-quarter of 2026 included $39.5 million of pre-tax losses, consisting of a $35.7 million loss from changes in the fair value of equity-method and other investments and a $3.8 million net loss on short-term investments.

Adjusted net income was $57.5 million, or $2.67 per diluted share, compared with $63.8 million, or $3.09 per diluted share, for the prior-year period, representing decreases of 10% and 14%, respectively. The decreases were primarily attributable to the $24.5 million of Pelthos out-license income recognized in the prior-year period (see Pelthos note below) and higher general and administrative expense excluding share-based compensation and transaction and integration costs, partially offset by the 51% increase in royalty revenue. Adjusted net income is a non-GAAP financial measure. See the table below for a reconciliation of GAAP net (loss) income to adjusted net income.

Pelthos note: Prior-year results included $53.1 million of income related to Pelthos. Of that, $24.5 million was attributable to the Zelsuvmi out-license and was included in core revenues, and the $28.6 million gain on the sale was excluded. Growth rates that exclude this income compare the periods on a like-for-like basis.

Year-to-Date Financial Results

Royalty revenue for the nine months ended September 30, 2026 increased 46% to $161.3 million, compared with $110.5 million for the prior-year period, and accounted for 83% of total revenues and income. Royalty growth was primarily driven by the newly acquired XOMA assets and continued momentum across Ligand’s key commercial portfolio, including Travere Therapeutics’ Filspari and Merck’s Ohtuvayre. Total revenues and income were $194.2 million, compared with $208.4 million, representing a decrease of 7%. The prior-year period included $53.1 million of Pelthos divestiture-related income (see Pelthos note above). Excluding that income, total revenues and income increased 25%. Captisol sales were $24.6 million, compared with $32.4 million, reflecting the timing of customer orders. Contract revenue and income were $8.3 million, compared with $65.5 million, with the decrease primarily due to the prior-year Pelthos divestiture-related income.

Cost of Captisol for the nine months ended September 30, 2026 was $9.1 million, compared with $11.6 million for the prior-year period, with the decrease primarily attributable to lower Captisol sales. Amortization of intangibles was $26.4 million, compared with $24.6 million for the prior-year period, with the increase attributable to the intangibles acquired from the XOMA acquisition. Research and development expense was $19.6 million, compared with $77.7 million for the prior-year period, reflecting several prior-year charges: $44.3 million for the research and development funding arrangement associated with the D-Fi royalty rights acquired in the Castle Creek transaction, $17.8 million for the arrangement associated with the AVIM Therapy royalty rights acquired in the Orchestra BioMed transaction, and $6.4 million related to Ligand’s former Pelthos business. This was partially offset by $12.3 million of research and development funding arrangement expense recognized in the current-year period related to Orchestra BioMed. General and administrative expense was $122.6 million, compared with $67.4 million for the prior-year period. The increase primarily reflects transaction and integration costs and share-based compensation associated with the XOMA acquisition, as well as higher employee-related costs, including increased headcount, from the expansion of Ligand’s portfolio management and origination platform to scale its larger royalty portfolio.

Net non-operating expense was $14.7 million for the nine months ended September 30, 2026, compared with net non-operating income of $76.5 million for the prior-year period. The change was primarily attributable to non-cash mark-to-market losses on equity-method investments and other investments during the nine months ended September 30, 2026, compared with non-cash gains recognized in the prior-year period, partially offset by higher gains on short-term investments and higher net interest income.

GAAP net income was $6.7 million, or $0.31 per diluted share, for the nine months ended September 30, 2026, compared with $79.7 million, or $3.95 per diluted share, for the prior-year period. Results for the nine months ended September 30, 2026 included a $49.2 million pre-tax, non-cash loss from change in fair value of equity-method investments and other investments.

Adjusted net income was $142.9 million, or $6.67 per diluted share, compared with $122.4 million, or $6.07 per diluted share, for the prior-year period, representing year-over-year increases of 17% and 10%, respectively. The increase was primarily attributable to the 46% increase in royalty revenue, higher net interest income and realized gains on short-term investments, partially offset by higher general and administrative expense. Adjusted net income is a non-GAAP financial measure. See the table below for a reconciliation of GAAP net (loss) income to adjusted net income.

Adjusted Financial Measures

Ligand reports adjusted net income and adjusted earnings per diluted share in addition to, and not as a substitute for, financial measures calculated in accordance with GAAP, and does not consider such measures superior to GAAP results. The Company also reports “core” versions of these measures, which exclude any gains on the sale of the Pelthos business.

Adjusted earnings per diluted share is a key component of the financial metrics utilized by the Company’s board of directors to evaluate management performance and determine certain elements of management compensation. GAAP results include items such as share‑based compensation expense, amortization of acquisition‑related and intangible assets, changes in contingent liabilities, mark‑to‑market adjustments on investments in public companies, transaction‑related costs and related tax effects, which are excluded from adjusted results and are detailed in the reconciliations included at the end of this press release.

This press release includes adjusted total revenues and income, which excludes all $53.1 million of Pelthos-related income recognized in the prior-year period, including the portion attributed to out-license fees. Ligand believes the adjusted total revenues and income is a more meaningful indicator of its business performance than the GAAP total revenues and income.

Liquidity and Capital Resources

As of September 30, 2026, Ligand had cash, cash equivalents, and short-term investments of $447.4 million, compared with $733.5 million at December 31, 2025. The decrease was primarily driven by cash used for the XOMA acquisition, partially offset by the proceeds from the Company’s issuance of its convertible senior notes due 2031. As of September 30, 2026, including its equity investments and availability under its credit facility, Ligand has approximately $750 million of deployable capital available to pursue additional royalty acquisitions and strategic investments.

2026 Financial Guidance

Ligand is raising its 2026 full year adjusted earnings per diluted share guidance and reaffirming its 2026 revenue guidance. Ligand now expects the following:

• Royalty revenue of $225 million to $250 million (unchanged)
• Captisol sales of $35 million to $40 million (unchanged)
• Contract revenue of $10 million to $20 million (unchanged)
• Total revenue of $270 million to $310 million (unchanged)
• Adjusted earnings per diluted share² of approximately $9.50 to $9.75, raised from approximately $9.00 to $9.50

Third Quarter Corporate Highlights

On July 14, 2026, Ligand completed the acquisition of XOMA Royalty, a biotechnology royalty aggregator. The acquisition strengthens Ligand’s royalty portfolio by adding seven commercial products, including Roche’s VABYSMO® (faricimab-svoa), Servier and Ipsen’s OJEMDA™ (tovorafenib), and Zevra Therapeutics’ MIPLYFFA® (arimoclomol). Additionally, the acquisition adds 14 late-stage development programs, featuring Takeda’s mezagitamab and certain assets from Takeda’s externalized asset portfolio, including osavampator, volixibat, and OHB-607, along with more than 100 additional assets in various stages of development to Ligand’s portfolio. As a result, Ligand’s portfolio has more than doubled in size, now comprising over 200 commercial, clinical, and preclinical stage royalty assets.

On September 22, 2026, Ligand announced the acquisition of a milestone and royalty interest in Santen Pharmaceutical’s Ryjunea from Sydnexis for a $23 million upfront payment. Under the terms of the agreement, Ligand acquired a 100% interest in certain payments and related rights under Sydnexis’s existing license agreement with Santen. The acquired payment rights include a tiered low-double-digit to high-teens royalty on Ryjunea net sales in Europe, the Middle East and Africa, as well as certain milestone payments.

On September 24, 2026, Ligand announced it entered into a financing agreement with AvenCell Therapeutics, Inc., a clinical-stage cell therapy company developing controllable, allogeneic CAR-T therapies for patients with cancer, for up to $47 million. The investment is expected to help advance AvenCell’s pipeline, including AVC-201 for the treatment of relapsed/refractory acute myeloid leukemia (AML) and AVC-203 for the treatment of B-cell malignancies. Under the terms of the agreement, Ligand has committed up to $41 million in exchange for a mid single-digit to low double-digit royalty on worldwide annual net sales of all current and future AvenCell pipeline assets, with the applicable rate determined based on the total amount ultimately funded. The capital will be funded in four tranches, with the first tranche payable at closing, and the remaining three tranches payable upon achievement of certain predetermined clinical milestones and other specified financing conditions. Ligand has also committed up to $6 million in AvenCell’s concomitant Series C financing.

Key Portfolio Developments

Qtorin rapamycin	On August 4, 2026, Palvella announced that it plans to initiate a Phase 3 trial of Qtorin rapamycin for the treatment of cutaneous venous malformations in the fourth quarter of 2026. Palvella is planning a resubmission to the FDA for Breakthrough Therapy Designation incorporating TOIVA patient interview transcripts and new 24-week data. On October 28, 2026, Palvella announced the FDA accepted for filing and granted Priority Review of the New Drug Application (“NDA”) for Qtorin rapamycin for the treatment of microcystic lymphatic malformations (“microcystic LMs”). The FDA has assigned a Prescription Drug User Fee Act (PDUFA) target action date of February 28, 2027. Palvella is preparing for a potential U.S. commercial launch in the first half of 2027, subject to FDA approval.
AVIM Therapy/VIRTUE SAB	On August 10, 2026, Orchestra BioMed highlighted several recent business updates: The FDA granted AVIM Therapy a second FDA Breakthrough Device Designation (“BDD”) specific to patients with uncontrolled hypertension despite anti-hypertensive medication who are indicated for a pacemaker. The Virtue Sirolimus AngioInfusion (“Virtue SAB”) pivotal trial is advancing with further site activations and patient enrollments. On October 1, 2026, Orchestra BioMed announced it surpassed full enrollment in the BACKBEAT global pivotal trial of AVIM Therapy with 330 patients randomized, exceeding its previously announced target of 316 randomized patients.
Zelsuvmi	On August 13, 2026, Pelthos announced several recent business updates: 11,925 Zelsuvmi units were dispensed by 4,571 unique prescribers during the second quarter of 2026, representing a 48% quarter-over-quarter increase. More than 25,000 patients have now been prescribed Zelsuvmi since it was commercially launched in July 2025. Pelthos expects to launch Xepi in the first quarter of 2027.
Lasofoxifene	On August 14, 2026, LeonaBio announced it is on track to complete enrollment of approximately 600 patients in the Phase 3 Elaine-3 clinical trial evaluating lasofoxifene in ER-positive (ER+), HER2-negative, ESR1-mutated metastatic breast cancer in the fourth quarter of 2026 with topline data expected in the second half of 2027.
Ojemda	On September 16, 2026, Ipsen announced the Japanese Ministry of Health, Labour and Welfare (“MHLW”) approved Ojemda for low-grade glioma harboring a BRAF mutation or fusion gene.
Volixibat	On August 5, 2026, Mirum Pharmaceuticals announced volixibat was granted Breakthrough Therapy Designation for cholestatic pruritus due to primary sclerosing cholangitis (PSC). Additionally, a pre-NDA meeting was held for volixibat in cholestatic pruritus due to PSC and additional discussions are planned before potential NDA submission. On August 5, 2026, Mirum Pharmaceuticals announced enrollment was completed in the VANTAGE Phase 2b study of volixibat in cholestatic pruritus due to primary biliary cholangitis (PBC) with topline results expected in the first quarter of 2027.
Ersodetug	On September 9, 2026, Rezolute provided an update on the FDA’s review of data from its Phase 3 sunRIZE study of ersodetug for hypoglycemia due to congenital hyperinsulinism (“HI”). The study’s open-label extension is ongoing, with high participation and several indicators of improved glycemic control, including a notable reduction in the use of background standard-of-care therapies. On October 5, 2026, Rezolute announced that following a preliminary review of detailed data from the Phase 3 sunRIZE study of ersodetug for the treatment of hypoglycemia due to congenital HI, the FDA recommended a pre-BLA meeting with Rezolute as a precursor to submitting a BLA. On October 14, 2026, Rezolute announced completion of enrollment in the Phase 3 study of ersodetug in tumor HI and topline data is expected mid-December 2026.
Soticlestat	On August 13, 2026, Ovid announced a newly formed portfolio company with funds advised by Perceptive Advisors acquired global rights to soticlestat. Ovid secured equity in the company and the potential to receive regulatory and sales milestone payments and royalties upon success. Ligand is entitled to royalties and a share of milestones received by Ovid.
IV ganaxolone	On October 26, 2026, Immedica announced that it will advance the development of intravenous (IV) ganaxolone for the treatment of refractory status epilepticus (RSE) and plans to initiate a new phase 3 clinical study in 2027. Ligand is entitled to royalties, milestones and revenue from Captisol material sales.

Conference Call and Webcast

Ligand management will host a conference call today beginning at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss its results and answer questions. To participate via telephone, please dial (833) 461-5787 using the conference ID 708822080. International participants outside of Canada may use the toll number +1(585) 542-9983. To participate via live or replay webcast, a link is available at www.ligand.com.

About Ligand Pharmaceuticals

Ligand is a leading royalty aggregator, partnering with biopharmaceutical companies to finance and advance late-stage clinical development programs. Ligand owns and manages one of the largest and most diversified portfolios of biopharmaceutical royalties in the industry, with economic interests in more than 200 development and commercial-stage assets. Ligand funds high-value programs in exchange for long-term economic interests, aligning capital with clinical and commercial success. Ligand’s royalty portfolio is designed to deliver consistent and predictable revenue streams across a broad range of therapeutic assets. Ligand also licenses its proprietary technologies, Captisol® and NITRICIL™, to support drug development and formulation across its global partner network. For more information, visit www.ligand.com or follow Ligand on X and LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, regarding Ligand’s current expectations. All statements, other than statements of historical fact, could be deemed to be forward-looking statements. In some instances, words such as “plans,” “believes,” “expects,” “anticipates,” and “will,” and similar expressions, are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect our good faith beliefs (or those of the indicated third parties) and speak only as of the date hereof. These forward-looking statements include, without limitation, Ligand’s ability to expand its portfolio with life sciences royalty opportunities; the timing of clinical and regulatory events of Ligand’s partners and other commercialization and marketing efforts; the timing of the initiation or completion of preclinical studies and clinical trials by Ligand and its partners; the timing of product launches by Ligand or its partners; and guidance regarding projected 2026 financial results. Actual events or results may differ from Ligand’s expectations due to risks and uncertainties inherent in Ligand’s business, including, without limitation: Ligand relies on collaborative partners for milestone payments, royalties, materials revenue, contract payments and other revenue projections and may not receive expected revenue; royalty revenue and income for partners that had not reported product sales as of the date of this press release are based on estimates that may differ from actual results and if such results differ they will be adjusted in future periods; Ligand may not receive expected revenue from Captisol material sales; Ligand and its partners may not be able to timely or successfully advance any product(s) in its internal or partnered pipeline or receive regulatory approval and there may not be a market for the product(s) even if successfully developed and approved; Ligand may not achieve its financial guidance for 2026; Ligand faces competition in acquiring royalties and locating suitable royalties to acquire; Ligand may not be able to create future revenues and cash flows through the acquisition of royalties or by developing innovative therapeutics; products under development by Ligand or its partners may not receive regulatory approval; the total addressable market for our partners’ products may be smaller than estimated; Ligand faces competition with respect to its technology platforms which may demonstrate greater market acceptance or superiority; Ligand is currently dependent on a single source supplier for Captisol and failures by such supplier may result in delays or inability to meet the Captisol demands of its partners; Ligand’s partners may change their development focus and may not execute on their sales and marketing plans for marketed products for which Ligand has an economic interest; Ligand’s collaboration partners may become insolvent; Ligand’s and its partners’ products may not be proved to be safe and efficacious and may not perform as expected and uncertainty regarding the commercial performance of such products; Ligand or its partners may not be able to protect their intellectual property and patents covering certain products and technologies may be challenged or invalidated; cyber-attacks or other failures in telecommunications or information technology systems could result in information theft, data corruption and significant disruption to Ligand’s business operations; Ligand’s partners may terminate any of their agreements or the development or commercialization of any of its products; Ligand and its partners may experience delays in the commencement, enrollment, completion or analysis of clinical testing for its product candidates, or significant issues regarding the adequacy of its clinical trial designs or the execution of its clinical trials, challenges, costs and charges associated with integrating acquisitions with Ligand’s existing businesses; Ligand may not be able to successfully implement its strategic growth plan and continue the development of its proprietary programs; restrictions under Ligand’s credit agreement may limit its flexibility in operating its business and a default under the agreement could result in a foreclosure of the collateral securing such obligations; Ligand may not realize the anticipated benefits from investments in financing instruments such as convertible notes, including the 2031 Notes; Ligand may not successfully integrate the XOMA portfolio or realize the anticipated benefits of the XOMA acquisition; and changes in general economic conditions, including as a result of war, conflict, epidemic diseases, the imposition and/or announcement of tariffs and ongoing or future litigation could expose Ligand to significant liabilities and have a material adverse effect on the Company. The failure to meet expectations with respect to any of the foregoing matters may reduce Ligand’s stock price. Additional information concerning these and other risk factors affecting Ligand can be found in prior press releases available at www.ligand.com as well as in Ligand’s public periodic filings with the Securities and Exchange Commission available at www.sec.gov. Ligand disclaims any intent or obligation to update these forward-looking statements beyond the date of this release, including the possibility of additional license fees and milestone revenues we may receive. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Other Disclaimers and Trademarks

The information in this press release regarding certain third-party products and programs, including Lasofoxifene, a LeonaBio product, AVIM Therapy and Virtue SAB, Orchestra products, Filspari, a Travere Therapeutics product, Ohtuvayre and Capvaxive, Merck products, Qtorin rapamycin, a Palvella Therapeutics product candidate, Vabysmo, a Roche product, Ojemda, a Servier and Ipsen product, Miplyffa, a Zevra Therapeutics product, mezagitamab, osavampator and OHB-607, Takeda product candidates, volixibat, a Mirum Pharmaceuticals product candidate, Ryjunea, a Santen product, AVC-201 and AVC-203, AvenCell Therapeutics product candidates, ersodetug, a Rezolute product candidate, soticlestat, an Ovid Therapeutics product candidate, and Zelsuvmi, a Pelthos Therapeutics product, comes from information publicly released by the owners of such products and programs. Ligand is not responsible for, and has no role in, the development of such products or programs.

Ligand owns or has rights to trademarks and copyrights that it uses in connection with the operation of its business including its corporate name, logos and websites. Other trademarks and copyrights appearing in this press release are the property of their respective owners. The trademarks Ligand owns include Ligand, Captisol, NITRICIL and Zelsuvmi. Solely for convenience, some of the trademarks and copyrights referred to in this press release are listed without the®,© and™ symbols, but Ligand will assert, to the fullest extent under applicable law, its rights to its trademarks and copyrights.

References to “Ligand,” the “Company,” “we,” “our” and similar expressions include Ligand Pharmaceuticals Incorporated and our wholly-owned subsidiaries.

Contacts:

Investors:                                 

Melanie Herman
investors@ligand.com
(858) 550-7761

Media:

Kellie Walsh
media@ligand.com
(914) 315-6072

[Tables Follow]

LIGAND PHARMACEUTICALS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenues and income:
Revenue from intangible royalty assets	$	47,427			$	40,161			$	117,720			$	91,832
Income from financial royalty assets		22,857				6,425				43,554				18,640
Royalties		70,284				46,586				161,274				110,472
Captisol		7,946				10,672				24,578				32,419
Income from Pelthos transaction – Zelsuvmi out-license		—				24,503				—				24,503
Income from Pelthos transaction – gain on the sale of the Pelthos business		—				28,569				—				28,569
Other		516				5,131				8,309				12,458
Contract revenue and income		516				58,203				8,309				65,530
Total revenues and income		78,746				115,461				194,161				208,421
Operating costs and expenses:
Cost of Captisol		2,650				3,801				9,137				11,557
Amortization of intangibles		10,205				8,097				26,399				24,612
Research and development		2,766				21,019				19,582				77,671
General and administrative		72,616				28,446				122,575				67,422
Fair value adjustments to contingent liabilities		6,267				(456	)			5,775				1,475
Fair value adjustments to partner program derivatives		—				(833	)			—				—
Total operating costs and expenses		94,504				60,074				183,468				182,737
Operating (loss) income		(15,758	)			55,387				10,693				25,684
Non-operating income and expenses:
(Loss) gain from short-term investments		(3,817	)			7,798				11,806				(3,630	)
(Loss) gain from change in fair value of equity-method investments and other investments		(35,727	)			75,887				(49,229	)			75,887
Interest income, net		2,594				2,964				13,052				4,336
Other non-operating expense, net		8,614				(899	)			9,629				(97	)
Total non-operating (expenses) income, net		(28,336	)			85,750				(14,742	)			76,496
(Loss) income before income taxes		(44,094	)			141,137				(4,049	)			102,180
Income tax benefit (expense)		15,609				(23,864	)			10,727				(22,511	)
Net (loss) income	$	(28,485	)		$	117,273			$	6,678			$	79,669
Basic net (loss) income per share	$	(1.43	)		$	5.99			$	0.33			$	4.11
Shares used in basic per share calculation		19,962				19,578				19,970				19,367
Diluted net (loss) income per share	$	(1.43	)		$	5.68			$	0.31			$	3.95
Shares used in diluted per share calculation		19,962				20,629				21,822				20,170

LIGAND PHARMACEUTICALS INCORPORATED
SELECTED BALANCE SHEET DATA
(unaudited, in thousands)
	September 30, 2026				December 31, 2025
Cash, cash equivalents and short-term investments	$	447,395			$	733,521
Accounts receivable, net		83,221				59,601
Total current and non-current financial royalty assets, net		800,114				219,669
Goodwill and intangible assets, net		509,899				326,979
Equity method investments		48,445				46,500
Other investments		94,479				121,451
Deferred income taxes, net		104,117				8,345
Total assets		2,237,462				1,560,637
Accounts payable and accrued liabilities		39,760				34,691
Total current and non-current contingent liabilities		38,867				3,221
Convertible senior notes, net		1,128,217				446,192
Total liabilities		1,275,699				543,425
Total stockholders’ equity	$	961,763			$	1,017,212

LIGAND PHARMACEUTICALS INCORPORATED
ADJUSTED FINANCIAL MEASURES
(Unaudited, in thousands, except per share amounts)

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net (loss) income	$	(28,485	)		$	117,273			$	6,678			$	79,669
Adjustments:
Share-based compensation expense(1)		29,026				14,746				53,275				32,579
Non-cash interest expense(2)		1,393				447				2,209				2,263
Amortization of intangible assets		10,205				8,097				26,399				24,612
Amortization of financial royalty assets(3)		4,411				4,327				6,857				11,069
Change in contingent liabilities(4)		6,267				(456	)			5,775				1,475
Pelthos operating loss		—				—				—				13,212
Loss (gain) from short-term investments		3,817				(7,798	)			(11,806	)			3,630
Realized gain (loss) from short-term investments		2,904				(2	)			13,635				(22	)
Transaction and integration costs(5)		23,900				4,815				28,911				4,815
Provision for current expected credit losses on financial royalty assets		6,641				26				6,440				(724	)
R&D funding expenses		—				18,659				12,328				64,686
(Gain) loss from derivative assets		(8,544	)			(111	)			(9,076	)			134
Loss (gain) from change in fair value of equity-method investments and other investments(6)		35,727				(75,887	)			49,229				(75,887	)
Income from Pelthos transaction – gain on the sale of the Pelthos business(7)		—				(28,569	)			—				(28,569	)
Other		(307	)			166				(277	)			(1,612	)
Income tax effect of adjusted reconciling items above		(28,178	)			9,359				(39,832	)			(6,862	)
Excess tax benefit from share-based compensation(8)		(1,325	)			(1,260	)			(7,890	)			(2,073	)
Adjusted net income	$	57,452			$	63,832			$	142,855			$	122,395
Total revenues and income	$	78,746			$	115,461			$	194,161			$	208,421
Less: Income from Pelthos transaction – gain on the sale of the Pelthos business(7)		—				(28,569	)			—				(28,569	)
Core revenues and income	$	78,746			$	86,892			$	194,161			$	179,852
Diluted per-share amounts attributable to common stockholders:
Diluted net (loss) income per share	$	(1.43	)		$	5.68			$	0.31			$	3.95
Adjustments:
Share-based compensation expense(1)		1.35				0.71				2.49				1.62
Non-cash interest expense(2)		0.06				0.02				0.10				0.11
Amortization of intangible assets		0.47				0.39				1.23				1.22
Amortization of financial royalty assets(3)		0.20				0.21				0.32				0.55
Change in contingent liabilities(4)		0.29				(0.02	)			0.27				0.07
Pelthos operating loss		—				—				—				0.66
Loss (gain) from short-term investments		0.18				(0.38	)			(0.55	)			0.18
Realized gain (loss) from short-term investments		0.13				—				0.64				—
Transaction and integration costs(5)		1.11				0.23				1.35				0.24
Provision for current expected credit losses on financial royalty assets		0.31				—				0.30				(0.04	)
R&D funding expenses		—				0.90				0.58				3.21
(Gain) loss from derivative assets		(0.40	)			(0.01	)			(0.42	)			0.01
Loss (gain) from change in fair value of equity-method investments and other investments(6)		1.66				(3.68	)			2.30				(3.76	)
Income from Pelthos transaction – gain on the sale of the Pelthos business(7)		—				(1.38	)			—				(1.42	)
Other		(0.01	)			0.02				(0.01	)			(0.08	)
Income tax effect of adjusted reconciling items above		(1.30	)			0.46				(1.88	)			(0.35	)
Excess tax benefit from share-based compensation(8)		(0.06	)			(0.06	)			(0.37	)			(0.10	)
Adjustment for shares excluded due to anti-dilution effect on GAAP net loss		0.11				—				0.01				—
Adjusted earnings per diluted share	$	2.67			$	3.09			$	6.67			$	6.07
GAAP – weighted average number of common shares – diluted		19,962				20,629				21,822				20,170
Diluted effect of the convertible senior notes		—				—				(420	)			—
Shares excluded due to anti-dilutive effect on GAAP net loss		1,593				—				—				—
Adjusted weighted average number of common shares – diluted		21,555				20,629				21,402				20,170

(1) Amounts include a $10.8 million of share-based compensation expense recognized during the three and nine months ended September 30, 2026, related to the cash settlement of XOMA equity awards, which represents the portion attributable to the post-combination service period.

(2) Amounts represent (a) non-cash interest expense in connection with the royalty and milestone payments purchase agreement assumed as part of the Novan acquisition in September 2023; (b) non-cash debt related costs that are calculated in accordance with the authoritative accounting guidance for our convertible debt instruments that may be settled in cash and revolving credit facility; and (c) non-cash interest income from notes receivable.

(3) Amounts represent a portion of the contract payments and royalty receipts that are applied to reduce the carrying balance of our financial royalty assets.

(4) Amounts represent fair value adjustments to contingent liabilities assumed in the XOMA acquisition and those related to the CyDex and Metabasis transactions.

(5) Amounts represent (a) costs of $14.2 million and $19.1 million for the three and nine months ended September 30, 2026, respectively, related to the acquisition of XOMA, consisting primarily of advisory, legal and accounting fees; (b) severance costs and other integration related costs associated with the XOMA acquisition; and (c) costs related to other business development transactions.

(6) Amounts represent gains or losses from changes in the fair value of the Pelthos equity-method investment and Pelthos Series A Preferred Shares.

(7) During the third quarter of 2025, the Company recognized $53.1 million of income related to the divestiture of its Pelthos subsidiary, consisting of $24.5 million associated with the out-license of Zelsuvmi and a $28.6 million gain on the sale of the business. The full $53.1 million was recognized in contract revenue and income. For purposes of adjusted net income, management included the $24.5 million attributable to the out-license of Zelsuvmi and excluded the $28.6 million gain on the sale of the business. Management believes this presentation enhances transparency and comparability by reflecting the license-related component within ongoing operating results while excluding the gain associated with the sale of the business.

(8) Excess tax benefit from share-based compensation is recorded as a discrete item within the provision for income taxes on the consolidated statements of operations as a result of the adoption of an accounting pronouncement (ASU 2016-09) on January 1, 2017. Prior to the adoption, the amount was recognized in additional paid-in capital on the consolidated statement of stockholders’ equity.

---

¹ A reconciliation of forward-looking non-GAAP adjusted earnings per diluted share to the most directly comparable GAAP measure is not available without unreasonable effort, as certain items cannot be reasonably predicted because of their high variability, complexity and low visibility. Specifically, non-cash adjustments that could be made for changes in contingent liabilities, changes in the market value of its investments in public companies, share-based compensation expense and the effects of any discrete income tax items, directly impact the calculation of our core adjusted earnings per diluted share.
² A reconciliation of forward-looking non-GAAP adjusted earnings per diluted share to the most directly comparable GAAP measure is not available without unreasonable effort, as certain items cannot be reasonably predicted because of their high variability, complexity and low visibility. Specifically, non-cash adjustments that could be made for changes in contingent liabilities, changes in the market value of its investments in public companies, share-based compensation expense and the effects of any discrete income tax items, directly impact the calculation of our core adjusted earnings per diluted share.

SAN JOSE, Calif., Oct. 29, 2026 (GLOBE NEWSWIRE) — Legence Corp. (Nasdaq: LGN) (“Legence” or the “Company”) today announced that it will release results for the third quarter ended September 30, 2026 on Thursday, November 12, 2026, prior to the market open.  

In conjunction with the release, the Company will host an earnings conference call and webcast to review the results and its operations on Thursday, November 12, 2026, at 10:00 am EST. The call will be broadcast live in listen-only mode.   The webcast link to the call and the slide presentation to accompany the earnings release can be accessed on the Company’s website at https://investors.wearelegence.com/. Shortly after completion of the call, a replay of the webcast will be available on the Company’s website using the same link. The replay will be available through December 12, 2026.

About Legence
Legence is a leading provider of engineering, consulting, installation, and maintenance services for mission-critical systems in buildings. The company specializes in designing, fabricating, and installing complex HVAC, process piping, and other mechanical, electrical and plumbing (MEP) systems—enhancing energy efficiency, reliability, and sustainability in new and existing facilities. Legence also delivers long-term performance through strategic upgrades and holistic solutions. Serving some of the world’s most technically demanding sectors, Legence counts over 60% of the Nasdaq-100 Index among its clients.

Contact
Media: media@wearelegence.com
Investor Relations: ir@wearelegence.com

DEL Technology Integrating C4T’s Cereblon Library Can Rapidly Advance Projects Into Hit-To-Lead Stage

WATERTOWN, Mass., Oct. 29, 2026 (GLOBE NEWSWIRE) — C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation (TPD) science, today highlighted its novel DNA-encoded library (DEL) that leverages C4T’s large library of cereblon-binding ligands and screening capabilities in a presentation at the 9^th Annual Targeted Protein Degradation Summit in Boston titled “Target-First Discovery of Molecular Glue Degraders Using DNA-Encoded Libraries.”

“Our new DEL capability captures both our strong track record of investing in cereblon and driving innovation across targeted protein degradation science to create a differentiated engine for generating new drug discovery opportunities,” said Scott Boyle, chief business officer of C4 Therapeutics. “To date, this new technology has shown it can deliver attractive hits against high-value targets within four months and further enhances the speed and precision of our discovery efforts. We are eager to push the boundaries of this library and our rapid screening process with diverse and undruggable targets both for our own internal pipeline and alongside future partners.”

Integrated within C4T’s TORPEDO^® platform, the addition of DEL creates a powerful hit-finding engine that enables the rapid development of targeted protein degraders. C4T has integrated the company’s cereblon-binding ligand libraries into its DEL capability, which has helped develop a diverse library unique to C4T. The target-first approach integrated into C4T’s DEL technology further enables rapid evaluation, validation, characterization and development of molecular glue degraders.

C4T has validated this DEL capability by identifying both known and novel molecular glue degrader hits for VAV1, which C4T does not plan to advance without a partner. Led by its target-first approach, C4T has also screened a range of high-value targets where degradation turns undruggable to druggable or provides a therapeutic benefit relative to inhibitors; this has identified hits for additional undisclosed targets. C4T remains focused on advancing cemsidomide through clinical development and its discovery strategy centered around undisclosed targets that drive inflammation, neuroinflammation and neurodegenerative diseases.

C4T will highlight this new capability and more information on the VAV1 target in a presentation at the 9^th Annual Targeted Protein Degradation Summit on October 29, 2026. The presentation is available on C4T’s website, under Scientific Presentations and Publications.

About the TORPEDO^® Platform
The proprietary TORPEDO^® platform drives C4 Therapeutics’ (C4T) efforts to create a new generation of small molecule medicines centered around heterobivalent degraders (BiDAC^™ degraders), molecular glue degraders (MonoDAC^® degraders) and degrader-antibody conjugates (DACs). A DNA-encoded library (DEL) that leverages C4T’s cereblon binder library alongside machine learning and artificial intelligence serves as a rapid hit-finding engine. Once a hit is identified, the TORPEDO platform utilizes diverse chemical libraries, degrader design assisted by structural biology, ternary complex models and proteomics, allowing C4T’s scientists to rapidly design degraders with properties that enhance catalytic degradation turnover and drug performance that directly impact disease.

About C4 Therapeutics
C4 Therapeutics (C4T) (Nasdaq: CCCC) is a clinical-stage biopharmaceutical company dedicated to delivering on the promise of targeted protein degradation science to create a new generation of medicines that transforms patients’ lives. C4T is progressing targeted oncology programs through clinical studies and leveraging its TORPEDO^® platform to efficiently design and optimize small-molecule medicines to address difficult-to-treat diseases. C4T’s degrader medicines are designed to harness the body’s natural protein recycling system to rapidly degrade disease-causing proteins, offering the potential to overcome drug resistance, drug undruggable targets and improve patient outcomes. For more information, please visit www.c4therapeutics.com.

Forward Looking Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but may not be limited to, express or implied statements regarding our ability to discover or develop potential therapies for patients; the capabilities and potential benefits of our DEL and its ability to accelerate drug discovery; the capabilities of the TORPEDO^® platform; the advancement, timing, progress and potential benefits of our discovery and clinical programs, including cemsidomide; the potential for future collaborations, partnerships, milestone or royalty payments; and our ability to fund its future operations. Any forward-looking statements in this press release are based on management’s current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks inherent in drug discovery and development; the risk that screening results or identified hits may not be reproducible, validated or successfully translated into product candidates; the risk that the results of preclinical studies and/or clinical trials will not be predictive of results from future studies or trials; the timing and outcome of regulatory submissions or interactions; and the risk that any one or more of our programs or product candidates will cost more to develop or may not be successfully developed and commercialized. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in C4 Therapeutics’ most recent Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and C4 Therapeutics undertakes no duty to update this information unless required by law.

Contacts:
Investors: 
Courtney Solberg
Associate Director, Investor Relations
CSolberg@c4therapeutics.com

Media: 
Loraine Spreen 
Senior Director, Corporate Communications & Patient Advocacy 
LSpreen@c4therapeutics.com

NORWOOD, Mass., Oct. 29, 2026 (GLOBE NEWSWIRE) — MariMed Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQB: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced that the Company’s Stockholders approved a proposed reverse stock split of the Company’s common stock (the “Reverse Stock Split”) at a Special Meeting of Stockholders (the “Special Meeting”) held October 28, 2026.

“I want to thank our Shareholders for their overwhelming support in approving the Reverse Stock Split proposal and authorizing our Board to determine whether and when to implement it,” said Jon Levine, Chief Executive Officer of MariMed.

There can be no assurance that the Board will determine to implement the Reverse Stock Split, that MariMed will be eligible for listing on a U.S. national securities exchange, that the Reverse Stock Split will enable the Company to satisfy all applicable listing requirements, or that the Reverse Stock Split will result in a sustained increase in the trading price or liquidity of the Company’s common stock.

Reverse Stock Split Details

The Company’s stockholders approved the following:

• The Board is authorized to determine whether and when to implement the Reverse Stock Split at a ratio of between one for fifty and one for one-hundred, in its discretion. The Board would determine the final ratio based on market conditions and other relevant considerations, including, potentially, the requirements associated with a potential listing of the Company’s common stock on a U.S. national securities exchange.
• The Board retains the discretion not to implement the Reverse Stock Split if it determines that doing so would not be in the best interests of the Company and its stockholders.
   
• No fractional shares would be issued in connection with the Reverse Stock Split. Stockholders who would otherwise be entitled to receive a fractional share as a result of the Reverse Stock Split will instead receive a cash payment in lieu thereof.

If the Reverse Stock Split is implemented:

• The number of shares of MariMed common stock outstanding would be reduced by the applicable split ratio. The Reverse Stock Split would not, by itself, change a stockholder’s proportional ownership or voting power in the Company, except for any adjustments resulting from the treatment of fractional shares.

About MariMed
MariMed Inc. is a leading multi-state cannabis operator, known for developing and managing state-of-the-art cultivation, production, and retail facilities. Our award-winning portfolio of cannabis brands, including Betty’s Eddies™, Bubby’s Baked™, Vibations™, InHouse™, and Nature’s Heritage™, sets us apart as an industry leader. These trusted brands, crafted with quality and innovation, are recognized and loved by consumers across the country. With a commitment to excellence, MariMed continues to drive growth and set new standards in the cannabis industry. For additional information, visit www.marimedinc.com.

Important Caution Regarding Forward-Looking Statements
The information in this release contains “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to several risks and uncertainties. All statements other than statements of historical facts contained in this release, including without limitation statements regarding the potential implementation of the Reverse Split, the proposed listing of the Company’s common stock on a national exchange and the affect and impact of the Reverse Split, are forward-looking statements. Without limiting the foregoing, the words “anticipates,” “believes,” “estimates,” “expects,” “expectations,” “intends,” “may,” “plans,” and other similar language, whether in the negative or affirmative, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Forward-looking statements are based on the Company’s current beliefs and assumptions regarding our business, timing of regulatory approvals, the ability to obtain new licenses, business prospects and strategic growth plan, 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. The Company’s actual results may differ materially from those contemplated in these forward-looking statements due to various risks, uncertainties, and other important factors, including, among others, reductions in customer spending, its ability to recruit and retain key personnel, and disruptions from the integration efforts of acquired companies.

These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect the Company’s business and results of operations. These statements are not a guarantee of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company’s services and products, changes in the law and its enforcement, and changes in the economic environment. Additional information regarding these and other factors can be found in the Company’s reports filed with the U.S. Securities and Exchange Commission. In providing these forward-looking statements, the Company expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.

All trademarks and service marks are the property of their respective owners.

Neither the CSE nor its Regulation Services accepts responsibility for the adequacy or accuracy of this release.

For More Information Contact:

Howard Schacter, Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007

NEWPORT NEWS, Va., Oct. 29, 2026 (GLOBE NEWSWIRE) — HII (NYSE: HII) today reported results for the third quarter of fiscal 2026.

Highlights

• Record third quarter revenues of $3.5 billion
• Third quarter net earnings were $217 million or $5.48 diluted earnings per share
• New contract awards in the third quarter totaled $32.4 billion
• Company raises the FY26 shipbuilding revenue guidance range to between $10.5 and $10.7 billion¹
• Company reaffirms FY26 shipbuilding operating margin² guidance range of 6.0 to 6.5 percent¹
• Company reaffirms previously issued FY26 free cash flow² outlook¹

Third Quarter Results
Third quarter 2026 revenues of $3.5 billion were up 10.8% from the third quarter of 2025, driven by growth at Newport News Shipbuilding and Ingalls Shipbuilding.

Operating income in the third quarter of 2026 was $246 million and operating margin was 7.0%, compared to $161 million and 5.0%, respectively, in the third quarter of 2025.

Segment operating income² in the third quarter of 2026 was $262 million and segment operating margin² was 7.4%, compared to $179 million and 5.6%, respectively, in the third quarter of 2025.

Net earnings in the third quarter of 2026 were $217 million, compared to $145 million in the third quarter of 2025. Diluted earnings per share in the quarter was $5.48, compared to $3.68 in the third quarter of 2025.

Net cash provided by operating activities in the quarter was $520 million and free cash flow² was $429 million, compared to net cash provided by operating activities of $118 million and free cash flow² of $16 million in the third quarter of 2025.

New contract awards in the third quarter of 2026 were $32.4 billion. Year-to-date contract awards totaled $43.1 billion.

Commenting on the Company’s third quarter 2026 results, Chris Kastner, HII’s president and CEO said, “Our third quarter results reflect solid performance across all three segments, and the significant awards we received during the quarter have now secured approximately 90 percent of our expected shipbuilding revenue through 2030. With that visibility, our focus is squarely on shipbuilding execution. At Mission Technologies, we won landmark maritime autonomy awards for the Medium Unmanned Surface Vessel (MUSV) and the Lionfish Small Unmanned Undersea Vehicle (SUUV), demonstrating our continued leadership in unmanned systems and maritime autonomy.”

¹The financial outlook, expectations, and other forward-looking statements provided by the company for 2026 and beyond reflect the company’s judgment based on information available at the time of this release. Please see the “Cautionary Statement Regarding Forward-Looking Statements and Projections” section in this release and the “Forward-Looking Statements and Projections” section in our Quarterly Report on Form 10-Q for factors that may impact the company’s ability to meet expectations.

²Non-GAAP measures. See Exhibit B for definitions and reconciliations.

Results of Operations

		Three Months Ended														Nine Months Ended
		September 30														September 30
($ in millions, except per share amounts)			2026				2025			$ Change			% Change				2026				2025			$ Change			% Change
Sales and service revenues		$	3,537			$	3,192			$	345		10.8	%		$	10,054			$	9,008			$	1,046		11.6	%
Operating income			246				161				85		52.8	%			611				485				126		26.0	%
Operating margin %			7.0	%			5.0	%					191 bps				6.1	%			5.4	%					69 bps
Segment operating income1			262				179				83		46.4	%			658				522				136		26.1	%
Segment operating margin %1			7.4	%			5.6	%					180 bps				6.5	%			5.8	%					75 bps
Net earnings			217				145				72		49.7	%			574				446				128		28.7	%
Diluted earnings per share		$	5.48			$	3.68			$	1.80		48.9	%		$	14.53			$	11.35			$	3.18		28.0	%
1Non-GAAP measures that exclude non-segment factors affecting operating income. See Exhibit B for definitions and reconciliations.

Segment Operating Results

Ingalls Shipbuilding

		Three Months Ended															Nine Months Ended
		September 30															September 30
($ in millions)			2026				2025			$ Change				% Change				2026				2025			$ Change			% Change
Revenues		$	876			$	828			$	48			5.8	%		$	2,446			$	2,189			$	257		11.7	%
Segment operating income			59				65				(6	)		(9.2) %				166				165				1		0.6	%
Segment operating margin %			6.7	%			7.9	%						(112) bps				6.8	%			7.5	%					(75) bps

Ingalls Shipbuilding revenues for the third quarter of 2026 were $876 million, an increase of $48 million, or 5.8%, from the same period in 2025, primarily driven by higher volumes in amphibious assault ships.

Ingalls Shipbuilding segment operating income for the third quarter of 2026 was $59 million, a decrease of $6 million from the same period in 2025. Segment operating margin in the third quarter of 2026 was 6.7%, compared to 7.9% in the same period last year. The decrease in operating income was primarily driven by lower performance in surface combatants.

Key Ingalls Shipbuilding milestones for the quarter:

• Christened guided missile destroyer George M. Neal (DDG 131)
• Expanded distributed shipbuilding to amphibious ships and erected first grand block built by distributed shipbuilding partners on guided missile destroyer Thad Cochran (DDG 135)
• Signed performance-based production agreements with Path Robotics and GrayMatter Robotics designed to accelerate the development and deployment of advanced automation across U.S. Navy shipbuilding programs
• Launched intelligent mechanized automated welding pilot with HD Hyundai Heavy Industries

Newport News Shipbuilding

		Three Months Ended														Nine Months Ended
		September 30														September 30
($ in millions)			2026				2025			$ Change			% Change				2026				2025			$ Change			% Change
Revenues		$	1,910			$	1,617			$	293		18.1	%		$	5,424			$	4,616			$	808		17.5	%
Segment operating income			132				80				52		65.0	%			331				247				84		34.0	%
Segment operating margin %			6.9	%			4.9	%					196 bps				6.1	%			5.4	%					75 bps

Newport News Shipbuilding revenues for the third quarter of 2026 were $1.9 billion, an increase of $293 million, or 18.1%, from the same period in 2025. The increase was primarily driven by higher volumes in submarines and aircraft carriers.

Newport News Shipbuilding segment operating income for the third quarter of 2026 was $132 million, an increase of $52 million from the same period in 2025. Segment operating margin in the third quarter of 2026 was 6.9% compared to 4.9% in the same period last year. The increase in operating income was primarily driven by contract adjustments and incentives in the Virginia-class submarine program and higher submarine and aircraft carrier volumes.

Key Newport News Shipbuilding milestones for the quarter:

• Awarded contracts for the construction of Block VI Virginia-class and Build II Columbia-class submarines
• Achieved preliminary acceptance of John F. Kennedy (CVN 79)
• Awarded long-lead time materials contract for the construction of planned aircraft carrier CVN 82

Mission Technologies

		Three Months Ended														Nine Months Ended
		September 30														September 30
($ in millions)			2026				2025			$ Change			% Change				2026				2025			$ Change				% Change
Revenues		$	792			$	787			$	5		0.6	%		$	2,300			$	2,313			$	(13	)		(0.6) %
Segment operating income			71				34				37		108.8	%			161				110				51			46.4	%
Segment operating margin %			9.0	%			4.3	%					464 bps				7.0	%			4.8	%						224 bps

Mission Technologies revenues for the third quarter of 2026 were $792 million, an increase of $5 million, or 0.6%, from the same period in 2025. The increase was primarily due to higher volumes in Unmanned Systems, partially offset by lower volumes in Global Security.

Mission Technologies segment operating income for the third quarter of 2026 was $71 million, an increase of $37 million from the same period in 2025. Segment operating margin in the third quarter of 2026 was 9.0%, compared to 4.3% in the same period last year. The increase in operating income was primarily due to a successful milestone achievement and higher volumes in Unmanned Systems and higher equity income from nuclear and environmental joint ventures.

Mission Technologies results included approximately $18 million of amortization of purchased intangible assets in the third quarter of 2026, compared to approximately $22 million in the same period last year.

Mission Technologies EBITDA margin¹ in the third quarter of 2026 was 11.9%, compared to 7.8% in the third quarter of 2025.

Key Mission Technologies milestones for the quarter:

• Achieved third quarter 2026 book-to-bill of 2.4x
• Awarded contract for 10 ROMULUS USVs, accelerating deployment of proven autonomous capability
• Awarded option year contract for U.S. Navy Lionfish Small Unmanned Undersea Vehicle (SUUV) production
• Awarded $2.2 billion contract to advance U.S. surveillance and intelligence capabilities for the Western Hemisphere
• Expanded unmanned production facility by 25% to meet growing global maritime demand

¹Non-GAAP measures. See Exhibit B for definitions and reconciliations.

HII Financial Outlook¹

• FY26 shipbuilding revenue between $10.5 and $10.7 billion; expect shipbuilding operating margin² between 6.0% and 6.5%
• FY26 Mission Technologies revenue between $3.0 and $3.2 billion
• FY26 Mission Technologies segment operating margin of approximately 6%; and Mission Technologies EBITDA margin² of approximately 9%
• FY26 free cash flow² between $500 and $600 million
• Cumulative FY26 & FY27 free cash flow² target of between $1.2 billion and $1.3 billion

		Prior FY26 Outlook	Current FY26 Outlook1
Shipbuilding Revenue		$10.2B – $10.4B	$10.5B – $10.7B
Shipbuilding Operating Margin2		6.0% – 6.5%	6.0% – 6.5%
Mission Technologies Revenue		$3.0B – $3.2B	$3.0B – $3.2B
Mission Technologies Segment Operating Margin		~5%	~6%
Mission Technologies EBITDA Margin2		8.4% – 8.6%	~9%
Operating FAS/CAS Adjustment		($44M)	($40M)
Non-current State Income Tax Expense3		~($20M)	($27M)
Interest Expense		($105M)	($100M)
Non-operating Retirement Benefit		$213M	$213M
Effective Tax Rate		~17%	~17%
Depreciation & Amortization		~$330M	~$330M
Capital Expenditures		4% – 5% of Sales	~$500M
Free Cash Flow2		$500M – $600M	$500M – $600M

¹The financial outlook, expectations, and other forward-looking statements provided by the company for 2026 and beyond reflect the company’s judgment based on the information available at the time of this release. Please see the “Cautionary Statement Regarding Forward-Looking Statements and Projections” section in this release and the “Forward-Looking Statements and Projections” section in our Quarterly Report on Form 10-Q for factors that may impact the company’s ability to meet expectations.

²Non-GAAP measures. See Exhibit B for definitions. In reliance upon Item 10(e)(1)(i)(B) of Regulation S-K, reconciliations of forward–looking GAAP and non–GAAP measures are not provided because of the unreasonable effort associated with providing such reconciliations due to the variability in the occurrence and the amounts of certain components of GAAP and non-GAAP measures. For the same reasons, we are unable to address the significance of the unavailable information, which could be material to future results.

³Outlook is based on current tax law. Variability exists based on how and when individual states conform to recent federal tax law changes.

About HII

HII is America’s Seapower Company. The nation’s largest shipbuilder, HII builds the manned and unmanned maritime systems and all-domain mission technologies that project U.S. and allied power around the world. With a more than 140-year history of advancing U.S. national security, HII is headquartered in Virginia and employs 46,000 people across three divisions. For more information, visit www.HII.com.

Conference Call Information

HII will webcast its earnings conference call at 9 a.m. Eastern time today. A live audio broadcast of the conference call and supplemental presentation will be available on the investor relations page of the company’s website: www.HII.com. A replay of the call will be available on the website for a limited time.

Cautionary Statement Regarding Forward-Looking Statements and Projections

Statements in this earnings release and in our other filings with the SEC, as well as other statements we may make from time to time, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “guidance,” “outlook,” “predicts,” “potential,” “continue,” and similar words or phrases or the negative of these words or phrases. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable when made, we cannot guarantee future results, levels of activity, performance, or achievements. There are a number of important factors that could cause our actual results to differ materially from the results anticipated by our forward-looking statements, which include, but are not limited to:

• our dependence on the U.S. Government for substantially all of our business;
• significant delays or reductions in appropriations for our programs and/or changes in customer priorities and requirements (including government budgetary constraints, government shutdowns, shifts in defense spending, and changes in customer short-range and long-range plans);
• our ability to estimate our future contract costs, including cost increases due to inflation, labor challenges, changes in trade policy, or other factors and our efforts to recover or offset such costs and/or changes in estimated contract costs, and perform our contracts effectively;
• changes in business practices, procurement processes and government regulations, including changes through executive orders, contract terms, or other policies or practices applicable to our industry, and our ability to comply with such requirements;
• adverse economic conditions in the United States and globally;
• our level of indebtedness and ability to service our indebtedness;
• our ability to deliver our products and services at an affordable life cycle cost and compete within our markets;
• our ability to attract, retain, and train a qualified workforce;
• subcontractor and supplier performance and the availability and pricing of raw materials and components;
• our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures, and strategic acquisitions;
• investigations, claims, disputes, enforcement actions, litigation (including criminal, civil, and administrative), and/or other legal proceedings, and improper conduct of employees, agents, subcontractors, suppliers, business partners, or joint ventures in which we participate, including the impact on our reputation or ability to do business;
• changes in key estimates and assumptions regarding our pension and retiree health care costs;
• security threats, including cyber security threats, and related disruptions;
• natural and environmental disasters and political instability;
• health epidemics, pandemics and similar outbreaks; and
• other risk factors discussed herein and in our other filings with the SEC.

There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update or revise any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.

This release also contains non-GAAP financial measures and includes a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures.

Exhibit A: Financial Statements

HUNTINGTON INGALLS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)

		Three Months Ended September 30								Nine Months Ended September 30
(in millions, except per share amounts)			2026				2025				2026				2025
Sales and service revenues
Product sales		$	2,437			$	2,072			$	6,712			$	5,742
Service revenues			1,100				1,120				3,342				3,266
Sales and service revenues			3,537				3,192				10,054				9,008
Cost of sales and service revenues
Cost of product sales			2,100				1,815				5,826				4,962
Cost of service revenues			957				983				2,909				2,863
Income from operating investments, net			26				12				52				33
Other income and gains (losses), net			(3	)			—				(3	)			1
General and administrative expenses			257				245				757				732
Operating income			246				161				611				485
Other income (expense)
Interest expense			(26	)			(23	)			(75	)			(79	)
Non-operating retirement benefit			53				48				159				143
Other, net			2				18				22				30
Earnings before income taxes			275				204				717				579
Federal and foreign income tax expense			58				59				143				133
Net earnings		$	217			$	145			$	574			$	446
Basic earnings per share		$	5.49			$	3.69			$	14.57			$	11.35
Weighted-average common shares outstanding			39.5				39.3				39.4				39.3
Diluted earnings per share		$	5.48			$	3.68			$	14.53			$	11.35
Weighted-average diluted shares outstanding			39.6				39.4				39.5				39.3
Dividends declared per share		$	1.38			$	1.35			$	4.14			$	4.05
Net earnings from above		$	217			$	145			$	574			$	446
Other comprehensive income
Change in unamortized benefit plan costs			2				1				6				3
Tax expense for items of other comprehensive income			(1	)			(1	)			(2	)			(1	)
Other comprehensive income, net of tax			1				—				4				2
Comprehensive income		$	218			$	145			$	578			$	448

HUNTINGTON INGALLS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

($ in millions)		September 30, 2026				December 31, 2025
Assets
Current Assets
Cash and cash equivalents		$	387			$	774
Accounts receivable, net of allowance for expected credit losses of $3 million as of 2026 and $2 million as of 2025			361				339
Contract assets			2,125				1,758
Inventoried costs			240				219
Income taxes receivable			250				284
Prepaid expenses and other current assets			100				77
Total current assets			3,463				3,451
Property, plant, and equipment, net of accumulated depreciation of $2,892 million as of 2026 and $2,754 million as of 2025			3,849				3,726
Operating lease assets			275				267
Goodwill			2,650				2,650
Other intangible assets, net of accumulated amortization of $1,285 million as of 2026 and $1,222 million as of 2025			631				694
Pension plan assets			1,668				1,544
Miscellaneous other assets			444				417
Total assets		$	12,980			$	12,749
Liabilities and Stockholders’ Equity
Current Liabilities
Trade accounts payable		$	709			$	556
Accrued employees’ compensation			403				443
Current portion of postretirement plan liabilities			119				119
Current portion of workers’ compensation liabilities			214				217
Contract liabilities			780				1,220
Other current liabilities			513				490
Total current liabilities			2,738				3,045
Long-term debt			2,704				2,700
Pension plan liabilities			155				155
Other postretirement plan liabilities			187				200
Workers’ compensation liabilities			437				442
Long-term operating lease liabilities			225				223
Deferred tax liabilities			694				572
Other long-term liabilities			348				339
Total liabilities			7,488				7,676
Commitments and Contingencies
Stockholders’ Equity
Common stock, $0.01 par value; 150,000,000 shares authorized; 53,990,247 shares issued and 39,405,538 shares outstanding as of 2026, and 53,826,236 shares issued and 39,241,527 shares outstanding as of 2025			1				1
Additional paid-in capital			2,096				2,087
Retained earnings			5,893				5,487
Treasury stock			(2,449	)			(2,449	)
Accumulated other comprehensive loss			(49	)			(53	)
Total stockholders’ equity			5,492				5,073
Total liabilities and stockholders’ equity		$	12,980			$	12,749

HUNTINGTON INGALLS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

		Nine Months Ended September 30
($ in millions)			2026				2025
Operating Activities:
Net earnings		$	574			$	446
Adjustments to reconcile net cash provided by operating activities:
Depreciation			167				164
Amortization of purchased intangibles			63				78
Stock-based compensation			47				43
Deferred income taxes			120				121
Gain on investments in marketable securities			(18	)			(28	)
Other non-cash transactions, net			17				15
Change in
Accounts receivable			(22	)			(162	)
Contract assets			(367	)			(186	)
Inventoried costs			(21	)			(13	)
Prepaid expenses and other assets			(2	)			(23	)
Accounts payable and accruals			(327	)			207
Retiree benefits			(132	)			(116	)
Net cash provided by operating activities			99				546
Investing Activities:
Capital expenditures
Capital expenditure additions			(288	)			(268	)
Grant proceeds for capital expenditures			7				6
Proceeds from sale of investments			—				5
Acquisitions of businesses			—				(132	)
Other investing activities, net			1				2
Net cash used in investing activities			(280	)			(387	)
Financing Activities:
Repayment of long-term debt			—				(500	)
Proceeds from line of credit borrowings			17				—
Repayment of line of credit borrowings			(17	)			—
Dividends paid			(163	)			(159	)
Employee taxes on certain share-based payment arrangements			(43	)			(14	)
Other financing activities, net			—				(5	)
Net cash used in financing activities			(206	)			(678	)
Change in cash and cash equivalents			(387	)			(519	)
Cash and cash equivalents, beginning of period			774				831
Cash and cash equivalents, end of period		$	387			$	312
Supplemental Cash Flow Disclosure
Cash paid for income taxes (net of refunds)		$	19			$	71
Cash paid for interest		$	96			$	86
Non-Cash Investing and Financing Activities
Capital expenditures accrued in accounts payable		$	14			$	7

Exhibit B: Non-GAAP Measures Definitions & Reconciliations

This earnings release contains non-GAAP (accounting principles generally accepted in the United States of America) financial measures as defined by SEC Regulation G and indicated by a footnote in the text of this release. Definitions for the non-GAAP measures, and related reconciliations, are provided below. Because not all companies use identical definitions or calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies.

Segment Operating Income and Segment Operating Margin. We internally manage our operations by reference to segment operating income and segment operating margin and use these measures to evaluate our core operating performance. We believe that segment operating income and segment operating margin reflect additional ways of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These measures should be considered in addition to, and not as alternatives for, operating income and operating margin or any other performance measure presented in accordance with GAAP.

Segment operating income is defined as operating income for the relevant segment(s) before the Operating FAS/CAS Adjustment and non-current state income taxes.

Segment operating margin is defined as segment operating income as a percentage of sales and service revenues.

Shipbuilding operating margin, Mission Technologies EBITDA and Mission Technologies EBITDA margin. We use shipbuilding operating margin, Mission Technologies EBITDA and Mission Technologies EBITDA margin to evaluate our core operating performance. We believe these measures reflect additional ways of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These measures should be considered in addition to, and not as alternatives for, operating income and operating margin or any other performance measure presented in accordance with GAAP.

Shipbuilding operating margin is defined as the combined segment operating income of our Newport News Shipbuilding segment and Ingalls Shipbuilding segment as a percentage of shipbuilding revenue. Shipbuilding revenue is the sum of revenues of our Newport News Shipbuilding segment and Ingalls Shipbuilding segment.

Mission Technologies EBITDA is defined as Mission Technologies segment operating income before interest expense, income taxes, depreciation, and amortization.

Mission Technologies EBITDA margin is defined as Mission Technologies EBITDA as a percentage of Mission Technologies revenues.

Free cash flow. We use free cash flow as a key operating metric in assessing the performance of our business and as a key performance measure in evaluating management performance and determining incentive compensation. We believe free cash flow is an important liquidity measure that may be useful to investors and other users of our financial statements because it provides insight into our current and period-to-period performance and our ability to generate cash from continuing operations. Free cash flow has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity.

Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures net of related grant proceeds.

In reliance upon Item 10(e)(1)(i)(B) of Regulation S-K, reconciliations of forward-looking GAAP and non-GAAP measures are not provided because of the unreasonable effort associated with providing such reconciliations due to the variability in the occurrence and the amounts of certain components of GAAP and non-GAAP measures. For the same reasons, we are unable to address the significance of the unavailable information, which could be material to future results.

Reconciliations of Segment Operating Income and Segment Operating Margin

		Three Months Ended								Nine Months Ended
		September 30								September 30
($ in millions)			2026				2025				2026				2025
Ingalls revenues		$	876			$	828			$	2,446			$	2,189
Newport News revenues			1,910				1,617				5,424				4,616
Mission Technologies revenues			792				787				2,300				2,313
Intersegment eliminations			(41	)			(40	)			(116	)			(110	)
Sales and Service Revenues			3,537				3,192				10,054				9,008
Operating Income			246				161				611				485
Operating FAS/CAS Adjustment			12				9				29				25
Non-current state income taxes			4				9				18				12
Segment Operating Income			262				179				658				522
As a percentage of sales and service revenues			7.4	%			5.6	%			6.5	%			5.8	%
Ingalls segment operating income			59				65				166				165
As a percentage of Ingalls revenues			6.7	%			7.9	%			6.8	%			7.5	%
Newport News segment operating income			132				80				331				247
As a percentage of Newport News revenues			6.9	%			4.9	%			6.1	%			5.4	%
Mission Technologies segment operating income			71				34				161				110
As a percentage of Mission Technologies revenues			9.0	%			4.3	%			7.0	%			4.8	%

Reconciliation of Free Cash Flow

		Three Months Ended								Nine Months Ended
		September 30								September 30
($ in millions)			2026				2025				2026				2025
Net cash provided by operating activities		$	520			$	118			$	99			$	546
Less capital expenditures:
Capital expenditure additions			(95	)			(105	)			(288	)			(268	)
Grant proceeds for capital expenditures			4				3				7				6
Free cash flow		$	429			$	16			$	(182	)		$	284

Reconciliation of Mission Technologies EBITDA and EBITDA Margin

		Three Months Ended								Nine Months Ended
		September 30								September 30
($ in millions)			2026				2025				2026				2025
Mission Technologies sales and service revenues		$	792			$	787			$	2,300			$	2,313
Mission Technologies segment operating income		$	71			$	34			$	161			$	110
Mission Technologies depreciation expense			3				3				9				9
Mission Technologies amortization expense			18				22				53				67
Mission Technologies state tax expense			2				2				6				6
Mission Technologies EBITDA		$	94			$	61			$	229			$	192
Mission Technologies EBITDA margin			11.9	%			7.8	%			10.0	%			8.3	%

Contacts:
Brooke Hart (Media)
brooke.hart@hii.com
202-264-7108

Christie Thomas (Investors)
christie.thomas@hii.com
757-380-2104