[Executive Summary](index=1&type=section&id=Executive%20Summary) [Second Quarter 2025 Performance Overview](index=1&type=section&id=Second%20Quarter%202025%20Performance%20Overview) Enact reported strong second quarter 2025 results with GAAP Net Income of $168 million and Adjusted Operating Income of $174 million. The company saw a 1% increase in primary insurance in-force, maintained robust PMIERs sufficiency, and increased its full-year capital return guidance to approximately $400 million - **GAAP Net Income**: **$168 million**, or **$1.11 per diluted share**[1](index=1&type=chunk) - **Adjusted Operating Income**: **$174 million**, or **$1.15 per diluted share**[1](index=1&type=chunk) - **Primary Insurance in-force**: **$270 billion**, a **1% increase** from second quarter 2024[1](index=1&type=chunk) - **PMIERs Sufficiency**: **165%** or approximately **$2.0 billion**[1](index=1&type=chunk) - Increased Full-Year Capital Return Guidance to Approximately **$400 million**[1](index=1&type=chunk) [CEO Statement](index=1&type=section&id=CEO%20Statement) CEO Rohit Gupta emphasized the resilience of Enact's business model and consistent execution, highlighting continued growth in insurance in-force, robust risk and expense management, and strong capital returns. He expressed confidence in the housing market fundamentals and the company's ability to deliver long-term value - CEO Rohit Gupta stated, "Our strong second quarter results underscore the resilience of our business model and the consistency of our execution"[2](index=2&type=chunk) - Company continues to grow insurance in-force, maintain robust risk and expense management, and deliver strong capital returns while investing in the business[2](index=2&type=chunk) - Confidence in the fundamentals of the housing market and ability to deliver long-term value for stakeholders[2](index=2&type=chunk) [Key Financial Highlights (Table)](index=1&type=section&id=Key%20Financial%20Highlights%20%28Table%29) This table provides a comparative summary of Enact's key financial and operational metrics for the second quarter of 2025, first quarter of 2025, and second quarter of 2024, illustrating trends in profitability, insurance activity, and financial strength Key Financial Highlights | (In millions, except per share data or otherwise noted) | 2Q25 | 1Q25 | 2Q24 | | :--- | :--- | :--- | :--- | | Net Income (loss) | $168 | $166 | $184 | | Diluted Net Income (loss) per share | $1.11 | $1.08 | $1.16 | | Adjusted Operating Income (loss) | $174 | $169 | $201 | | Adj. Diluted Operating Income (loss) per share | $1.15 | $1.10 | $1.27 | | NIW ($B) | $13 | $10 | $14 | | Primary Persistency Rate | 82% | 84% | 83% | | Primary IIF ($B) | $270 | $268 | $266 | | Net Premiums Earned | $245 | $245 | $245 | | Losses Incurred | $25 | $31 | $(17) | | Loss Ratio | 10% | 12% | (7)% | | Operating Expenses | $53 | $53 | $56 | | Expense Ratio | 22% | 21% | 23% | | Net Investment Income | $66 | $63 | $60 | | Net Investment gains (losses) | $(7) | $(3) | $(8) | | Return on Equity | 13.0% | 13.1% | 15.4% | | Adjusted Operating Return on Equity | 13.4% | 13.4% | 16.9% | | PMIERs Sufficiency ($) | $1,961 | $1,966 | $2,057 | | PMIERs Sufficiency (%) | 165% | 165% | 169% | [Detailed Financial and Operating Review](index=2&type=section&id=Detailed%20Financial%20and%20Operating%20Review) [Second Quarter 2025 Financial and Operating Highlights](index=2&type=section&id=Second%20Quarter%202025%20Financial%20and%20Operating%20Highlights) Enact's second quarter 2025 performance showed stable net premiums earned, improved losses incurred quarter-over-quarter, and increased net investment income. New insurance written surged sequentially, and primary insurance in-force continued to grow, while capital and liquidity remained robust with strong PMIERs sufficiency [Income Statement Performance](index=2&type=section&id=Income%20Statement%20Performance) - **Net Income**: **$168 million** (2Q25), up from **$166 million** (1Q25), but down from **$184 million** (2Q24)[6](index=6&type=chunk) - **Adjusted Operating Income**: **$174 million** (2Q25), up from **$169 million** (1Q25), but down from **$201 million** (2Q24)[6](index=6&type=chunk) - **Net Premiums Earned**: **$245 million** (2Q25), approximately flat from 1Q25 and modestly increased from 2Q24, driven by premium growth from attractive adjacencies and IIF, mostly offset by higher ceded premiums[6](index=6&type=chunk) - **Losses Incurred**: **$25 million** (2Q25) with a **10% loss ratio**, improved from **$31 million** (1Q25) and 12%, but higher than **$(17) million** (2Q24) and (7)%. Reserve release of **$48 million** from favorable cure performance[6](index=6&type=chunk) - **Net Investment Income**: **$66 million** (2Q25), up from **$63 million** (1Q25) and **$60 million** (2Q24), driven by elevated interest rates and higher average invested assets[6](index=6&type=chunk) [Operational Metrics](index=2&type=section&id=Operational%20Metrics) - **New Insurance Written (NIW)**: Approximately **$13 billion** (2Q25), up **35%** from 1Q25, primarily due to seasonality, and modestly down from 2Q24. Comprised of **96% monthly premium policies** and **93% purchase originations**[6](index=6&type=chunk) - **Primary Persistency Rate**: **82%** (2Q25), down from 84% (1Q25) and 83% (2Q24). Approximately **7%** of the mortgages in the portfolio had rates at least **50 basis points** above June 2025's average mortgage rate of **6.8%**[6](index=6&type=chunk) - **Primary Insurance In-Force (IIF)**: **$270 billion** (2Q25), up approximately **1%** from **$268 billion** (1Q25) and **$266 billion** (2Q24)[6](index=6&type=chunk) - **Operating Expenses**: **$53 million** (2Q25) with a **22% expense ratio**, flat QoQ, and down YoY from **$56 million** (2Q24) due to prior year restructuring costs[6](index=6&type=chunk) [Capital and Liquidity](index=2&type=section&id=Capital%20and%20Liquidity) - **PMIERs Sufficiency**: **165%** and **$2.0 billion** above the PMIERs requirements (2Q25), consistent with 1Q25[6](index=6&type=chunk) - **Cash and Invested Assets**: Enact Holdings, Inc. held **$345 million** in cash and cash equivalents plus **$306 million** of invested assets as of June 30, 2025. Combined cash and invested assets decreased **$3 million** from the prior quarter[6](index=6&type=chunk) - **Dividend Paid**: Approximately **$31 million**, or **$0.21 per share**, dividend paid in 2Q25[6](index=6&type=chunk) - **EMICO Dividend**: Approximately **$130 million** dividend completed by EMICO in 2Q25, primarily to support capital returns and bolster financial flexibility[6](index=6&type=chunk) [Corporate Actions and Outlook](index=3&type=section&id=Corporate%20Actions%20and%20Outlook) [Recent Events](index=3&type=section&id=Recent%20Events) Enact actively managed its capital structure through significant share repurchases, completing a $250 million authorization and continuing under a larger $350 million authorization. The company also declared its regular quarterly dividend - **Share Repurchases (2Q25)**: Approximately **2.4 million shares** repurchased at an average price of **$35.45** for a total of approximately **$85 million**[13](index=13&type=chunk) - **Share Repurchases (through July 25, 2025)**: Additional **0.8 million shares** repurchased at an average price of **$35.86** for a total of **$30 million**[13](index=13&type=chunk) - **Repurchase Authorization**: Completed **$250 million** share repurchase authorization announced May 1, 2024. Approximately **$262 million** remained of the **$350 million** repurchase authorization as of July 25, 2025[13](index=13&type=chunk) - **Quarterly Dividend Declared**: **$0.21 per share**, payable on September 8, 2025, to shareholders of record on August 18, 2025[13](index=13&type=chunk) [Capital Return Strategy](index=3&type=section&id=Capital%20Return%20Strategy) Enact increased its full-year 2025 capital return guidance to approximately $400 million, emphasizing that the final amount and form will depend on business performance, market conditions, and regulatory approvals - **Full-Year 2025 Capital Return Guidance**: Increased to approximately **$400 million**[13](index=13&type=chunk) - The final amount and form of capital returned to shareholders will depend on business performance, market conditions, and regulatory approvals[13](index=13&type=chunk) [Company Information and Disclosures](index=3&type=section&id=Company%20Information%20and%20Disclosures) [About Enact](index=3&type=section&id=About%20Enact) Enact (Nasdaq: ACT), operating principally through its wholly owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider. The company partners with lenders to offer best-in-class service, underwriting expertise, and extensive risk and capital management to facilitate homeownership - Enact (Nasdaq: ACT) is a leading U.S. private mortgage insurance provider, operating through its wholly owned subsidiary Enact Mortgage Insurance Corporation since 1981[11](index=11&type=chunk) - Committed to helping more people achieve the dream of homeownership by partnering with lenders to provide best-in-class service, underwriting expertise, and risk/capital management[11](index=11&type=chunk) [Investor Relations Information](index=3&type=section&id=Investor%20Relations%20Information) Enact has posted its second quarter 2025 financial supplement and earnings presentation on its investor relations website. A conference call is scheduled for July 31, 2025, with pre-registration required for Q&A participants, and a live webcast available for others - Press release, second quarter 2025 financial supplement, and earnings presentation are posted on https://ir.enactmi.com[8](index=8&type=chunk) - Conference call to discuss financial results scheduled for Thursday, July 31, 2025, at 8:00 a.m. (Eastern)[9](index=9&type=chunk) - Participants interested in Q&A must pre-register; a live webcast will be available on the company's website for those not asking questions[9](index=9&type=chunk) [Forward-Looking Statements (Safe Harbor)](index=3&type=section&id=Forward-Looking%20Statements%20%28Safe%20Harbor%29) This section outlines the nature of forward-looking statements in the communication, emphasizing that actual results may differ materially due to various risks and uncertainties. These risks include economic downturns, changes in GSEs, competition, and regulatory factors. Enact disclaims any obligation to update these statements, except as required by law - Communication contains "forward-looking statements" regarding expected financial and operational results, capital return guidance, and management quotations[12](index=12&type=chunk) - These views involve risks and uncertainties that are difficult to predict, and actual results may differ materially from those discussed[12](index=12&type=chunk) - Factors that could cause differences include economic downturns, changes in Fannie Mae and Freddie Mac (GSEs), competition, and increases in federal government mortgage insurance programs[12](index=12&type=chunk)[14](index=14&type=chunk) - Enact undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law[14](index=14&type=chunk) [Non-GAAP Financial Measures Explanation](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) Enact uses non-GAAP financial measures such as "adjusted operating income (loss)" and "adjusted operating return on equity" to provide insights into ongoing business operations. These measures exclude non-operating items like net investment gains/losses, restructuring costs, and debt extinguishment gains/losses, which are not considered indicative of fundamental operating activities - Non-GAAP financial measures include "adjusted operating income (loss)," "adjusted operating income (loss) per share," and "adjusted operating return on equity"[15](index=15&type=chunk) - Adjusted operating income (loss) excludes after-tax effects of net investment gains (losses), restructuring costs, and infrequent or unusual non-operating items, and gain (loss) on the extinguishment of debt[15](index=15&type=chunk) - These measures are considered useful to investors and management for identifying income attributable to the ongoing operations of the business, as they exclude items not related to operating performance[16](index=16&type=chunk) - Reconciliations of net income (loss) to adjusted operating income (loss) and U.S. GAAP return on equity to adjusted operating return on equity are provided in tables[17](index=17&type=chunk) [Financial Exhibits](index=5&type=section&id=Financial%20Exhibits) [Consolidated Statements of Income (Exhibit A)](index=5&type=section&id=Consolidated%20Statements%20of%20Income%20%28Exhibit%20A%29) This exhibit presents the detailed consolidated statements of income for Enact for the second quarter of 2025, first quarter of 2025, and second quarter of 2024, providing a breakdown of revenues, losses and expenses, net income, and per-share data, including GAAP and adjusted operating figures Consolidated Statements of Income (Exhibit A) (In thousands) | | 2Q25 | 1Q25 | 2Q24 | | :--- | :--- | :--- | :--- | | REVENUES: | | | | | Premiums | $245,289 | $244,786 | $244,567 | | Net investment income | 65,884 | 63,037 | 59,773 | | Net investment gains (losses) | (7,343) | (3,243) | (7,713) | | Other income | 1,060 | 2,196 | 2,207 | | Total revenues | 304,890 | 306,776 | 298,834 | | LOSSES AND EXPENSES: | | | | | Losses incurred | 25,289 | 30,541 | (16,821) | | Acquisition and operating expenses, net of deferrals | 50,598 | 50,094 | 53,960 | | Amortization of deferred acquisition costs and intangibles | 2,205 | 2,429 | 2,292 | | Interest expense | 12,296 | 12,291 | 13,644 | | Loss on debt extinguishment | 0 | 0 | 10,930 | | Total losses and expenses | 90,388 | 95,355 | 64,005 | | INCOME BEFORE INCOME TAXES | 214,502 | 211,421 | 234,829 | | Provision for income taxes | 46,694 | 45,643 | 51,156 | | NET INCOME | $167,808 | $165,778 | $183,673 | | Net investment (gains) losses | 7,343 | 3,243 | 7,713 | | Costs associated with reorganization | (24) | 629 | 3,435 | | Loss on debt extinguishment | 0 | 0 | 10,930 | | Taxes on adjustments | (1,537) | (813) | (4,636) | | Adjusted Operating Income | $173,590 | $168,837 | $201,115 | | (1) Loss ratio | 10 % | 12 % | (7)% | | (2) Expense ratio | 22 % | 21 % | 23 % | | Earnings Per Share Data: | | | | | Net Income per share | | | | | Basic | $1.12 | $1.09 | $1.17 | | Diluted | $1.11 | $1.08 | $1.16 | | Adj operating income per share | | | | | Basic | $1.16 | $1.11 | $1.28 | | Diluted | $1.15 | $1.10 | $1.27 | | Weighted-average common shares outstanding | | | | | Basic | 149,940 | 151,831 | 157,193 | | Diluted | 150,729 | 152,907 | 158,571 | [Consolidated Balance Sheets (Exhibit B)](index=6&type=section&id=Consolidated%20Balance%20Sheets%20%28Exhibit%20B%29) This exhibit provides the consolidated balance sheets for Enact as of June 30, 2025, March 31, 2025, and June 30, 2024, detailing assets, liabilities, and shareholders' equity. It includes key metrics such as total investments, cash and cash equivalents, loss reserves, total equity, and book value per share Consolidated Balance Sheets (Exhibit B) (In thousands) | Assets | 2Q25 | 1Q25 | 2Q24 | | :--- | :--- | :--- | :--- | | Investments: | | | | | Fixed maturity securities available-for-sale, at | | | | | fair value | $5,896,818 | $5,815,337 | $5,331,345 | | Short term investments | 3,001 | 3,696 | 12,313 | | Total investments | 5,899,819 | 5,819,033 | 5,343,658 | | Cash and cash equivalents | 612,967 | 635,269 | 699,035 | | Accrued investment income | 53,259 | 49,654 | 45,317 | | Deferred acquisition costs | 22,910 | 23,322 | 24,619 | | Premiums receivable | 44,091 | 46,451 | 48,698 | | Other assets | 107,882 | 103,351 | 98,929 | | Deferred tax asset | 32,545 | 44,440 | 89,116 | | Total assets | $6,773,473 | $6,721,520 | $6,349,372 | | Liabilities and Shareholders' Equity | | | | | Liabilities: | | | | | Loss reserves | $551,940 | $542,528 | $508,138 | | Unearned premiums | 101,205 | 107,519 | 129,870 | | Other liabilities | 153,447 | 208,667 | 143,167 | | Long-term borrowings | 743,753 | 743,399 | 742,368 | | Total liabilities | 1,550,345 | 1,602,113 | 1,523,543 | | Equity: | | | | | Common stock | 1,484 | 1,508 | 1,561 | | Additional paid-in capital | 1,927,372 | 2,007,776 | 2,220,903 | | Accumulated other comprehensive income | (104,342) | (152,482) | (236,305) | | Retained earnings | 3,398,614 | 3,262,605 | 2,839,670 | | Total equity | 5,223,128 | 5,119,407 | 4,825,829 | | Total liabilities and equity | $6,773,473 | $6,721,520 | $6,349,372 | | Book value per share | $35.20 | $33.96 | $30.91 | | Book value per share excluding AOCI | $35.90 | $34.97 | $32.43 | | (1) U.S. GAAP ROE | 13.0 % | 13.1 % | 15.4 % | | Net investment (gains) losses | 0.6 % | 0.3 % | 0.6 % | | Costs associated with reorganization | 0.0 % | 0.0 % | 0.3 % | | (Gains) losses on early extinguishment of debt | 0.0 % | 0.0 % | 0.9 % | | Taxes on adjustments | (0.1)% | (0.1)% | (0.4)% | | (2) Adjusted Operating ROE | 13.4 % | 13.4 % | 16.9 % | | Debt to Capital Ratio | 12 % | 13 % | 13 % |

Core Insights - Enact Holdings, Inc. reported strong financial results for the second quarter of 2025, demonstrating resilience in its business model and consistent execution [2][4] Financial Performance - GAAP Net Income was $168 million, or $1.11 per diluted share, compared to $166 million, or $1.08 per diluted share in Q1 2025, and $184 million, or $1.16 per diluted share in Q2 2024 [3][4] - Adjusted Operating Income was $174 million, or $1.15 per diluted share, compared to $169 million, or $1.10 per diluted share in Q1 2025, and $201 million, or $1.27 per diluted share in Q2 2024 [3][4] - New Insurance Written (NIW) was approximately $13 billion, a 35% increase from Q1 2025, but slightly down from Q2 2024 [4] - Primary Insurance In-Force (IIF) reached $270 billion, a 1% increase from $268 billion in Q1 2025 and $266 billion in Q2 2024 [4] Operational Metrics - The Primary Persistency Rate was 82%, down from 84% in Q1 2025 and 83% in Q2 2024 [4] - Net Premiums Earned remained flat at $245 million compared to Q1 2025 and showed a modest increase from Q2 2024 [4] - Losses Incurred were $25 million with a Loss Ratio of 10%, compared to $31 million and 12% in Q1 2025, and $(17) million and (7)% in Q2 2024 [4] Capital and Shareholder Returns - The company increased its full-year capital return guidance to approximately $400 million [4] - A quarterly dividend of $0.21 per share was declared, payable on September 8, 2025 [4] - PMIERs Sufficiency was reported at 165%, approximately $2.0 billion above requirements [4] Investment and Financial Position - Cash and cash equivalents totaled $345 million, with $306 million in invested assets as of June 30, 2025 [4] - The company repurchased approximately 2.4 million shares at an average price of $35.45, totaling around $85 million in the quarter [4]

Core Viewpoint - The market anticipates a year-over-year decline in earnings for Enact Holdings, Inc. despite an increase in revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - Enact Holdings is expected to report quarterly earnings of $1.11 per share, reflecting a year-over-year decrease of 12.6% [3]. - Revenue projections stand at $310.67 million, indicating a 4% increase from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised 0.91% higher in the last 30 days, suggesting a slight positive reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [12]. - The stock currently holds a Zacks Rank of 4, complicating predictions for an earnings beat [12]. Historical Performance - In the last reported quarter, Enact Holdings was expected to earn $1.12 per share but reported $1.10, resulting in a surprise of -1.79% [13]. - Over the past four quarters, the company has exceeded consensus EPS estimates twice [14]. Conclusion - Enact Holdings does not appear to be a strong candidate for an earnings beat, and investors should consider additional factors when evaluating the stock ahead of the earnings release [17].

Core Viewpoint - Aduro Clean Technologies Inc. has joined the Plastics Industry Association and the Polystyrene Recycling Alliance to enhance its efforts in advancing polystyrene recycling solutions and promoting sustainability in the plastics industry [1][3][5] Group 1: Membership and Collaboration - Membership in the Plastics Industry Association connects Aduro to a network of stakeholders committed to sustainability and circularity in the plastics sector [3] - The Polystyrene Recycling Alliance aims to improve polystyrene recovery rates through collaboration among resin producers, recyclers, and technology developers [2][5] - Aduro's participation in these organizations reflects its commitment to innovation and addressing challenges in polystyrene recovery [5][6] Group 2: Technology and Innovation - Aduro's Hydrochemolytic™ Technology (HCT) utilizes water and a catalyst at moderate temperatures to convert waste plastics into valuable hydrocarbon products, achieving higher yields with minimal by-products [4][11] - HCT has demonstrated the ability to convert post-consumer polystyrene into hydrocarbon intermediates such as toluene, ethylbenzene, and cumene, which are compatible with existing chemical infrastructure [4][11] Group 3: Industry Challenges and Goals - Polystyrene recovery rates are low, with less than 6% of polystyrene packaging recycled in the U.S. and only about 10% in Canada [7][8] - The PSRA's mission includes addressing systemic challenges such as limited collection infrastructure and public misconceptions about recycling [5][9] - Aduro's involvement in the PSRA aligns with its broader R&D efforts to enhance recycling solutions and promote circularity in the plastics industry [5][6]

Company Overview - Enact Holdings, Inc. operates primarily through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, and is a leading U.S. private mortgage insurance provider [4] - The company is committed to helping more people achieve homeownership by partnering with lenders to provide best-in-class service, underwriting expertise, and risk management [4] - Enact is headquartered in Raleigh, North Carolina [4] Upcoming Financial Events - Enact will issue its second quarter earnings release after the market closes on July 30, 2025 [1] - A conference call to review the second quarter 2025 financial results is scheduled for July 31, 2025, at 8:00 a.m. (ET) [1] - The earnings release, summary presentation, and financial supplement will be available on the company's website at the time of their public release [1] Participation in Conference Call - Participants interested in the live question and answer session must pre-register to obtain a dial-in number and unique PIN [2] - It is recommended to join the call at least 15 minutes in advance, although registration can occur ahead of the call [2] - A live webcast of the event will also be available on the company's website for those who do not plan to ask questions [2] Archiving of Webcast - The webcast of the conference call will be archived on the company's website for one year [3]

Core Viewpoint - Aduro Clean Technologies Inc. has announced the granting of stock options and restricted share units to its directors, officers, employees, and consultants, aimed at enhancing talent retention and aligning interests with shareholders [1][3]. Summary by Sections Stock Options Grant - The company granted a total of 743,500 stock options, each allowing the purchase of one common share at a price of $13.50, exercisable over a period of 5 years [1][2]. - The options will vest monthly over a two-year period from the date of grant [2]. Restricted Share Units Grant - Additionally, 100,000 restricted share units (RSUs) were granted to a consultant, with vesting occurring in three tranches: 35,000 RSUs vesting immediately, 35,000 RSUs vesting after 6 months, and 30,000 RSUs vesting after 12 months [3]. - All options and RSUs are subject to a hold period of four months and one day from the date of issuance [3]. Company Overview - Aduro Clean Technologies specializes in patented water-based technologies for recycling waste plastics, converting heavy crude into lighter oil, and transforming renewable oils into higher-value fuels or chemicals [5]. - The company's Hydrochemolytic™ Technology utilizes water as a key agent, operating at low temperatures and costs, which is a significant advancement in converting low-value feedstocks into valuable resources for the 21st century [5].

Core Insights - Aduro Clean Technologies Inc. has appointed David Weizenbach as Chief Operating Officer effective July 1, 2025, to support the company's expansion and pilot-scale execution [1][3][4] Company Overview - Aduro Clean Technologies specializes in clean technology, transforming lower-value feedstocks such as waste plastics and heavy bitumen into valuable resources using patented water-based technologies [7] Leadership Appointment - David Weizenbach brings over 30 years of experience in engineering leadership and operations, including 25 years at NOVA Chemicals, where he developed expertise in process automation and capital project delivery [2][5] - His recent consulting role with Aduro involved operational planning and scale-up strategy, facilitating a smooth transition into the COO position [3][4] Operational Focus - Weizenbach's leadership is expected to enhance the commissioning of the Next Generation Process (NGP) pilot plant and establish a foundation for demonstration-scale facilities and commercial deployment [2][4][6] - His background in managing complex technical environments and guiding organizations through technology transitions will be crucial for Aduro's operational framework [2][6] Technology and Innovation - Aduro's Hydrochemolytic™ Technology operates at relatively low temperatures and costs, utilizing water as a critical agent to convert low-value feedstocks into higher-value resources [7]

Core Viewpoint - Aduro Clean Technologies Inc. has successfully completed an underwritten public offering, raising approximately US$1.2 million through the issuance of additional common shares and warrants, which will be utilized for research and development, construction of a demonstration-scale plant, and general corporate purposes [1][3]. Group 1: Offering Details - The company issued 142,180 common shares and 71,090 warrants, with each whole warrant exercisable into one common share at an exercise price of US$10.13, expiring three years from issuance [1][2]. - The offering was managed by D. Boral Capital LLC, which acted as the sole book-running manager [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated to ongoing research and development costs, expenditures for the construction of the demonstration-scale plant, and any remaining funds for general corporate purposes and working capital [3]. Group 3: Regulatory Information - The offering was conducted under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) and a Canadian short form base shelf prospectus, both effective as of May 28, 2025 [4][5]. - The securities were offered and sold exclusively in the United States, with no sales to Canadian purchasers [4]. Group 4: Company Overview - Aduro Clean Technologies specializes in patented water-based technologies aimed at chemically recycling waste plastics, converting heavy crude and bitumen into lighter oil, and transforming renewable oils into higher-value fuels or chemicals [8]. - The company's Hydrochemolytic™ Technology utilizes water as a key agent in a low-temperature chemistry platform, providing a cost-effective solution for converting low-value feedstocks into valuable resources [8].

Core Points - The ACT Foundation, in partnership with Hydro One, has trained over 25,000 students in the Haliburton – Kawartha Lakes area through its High School CPR and AED Program, emphasizing the importance of equipping youth with emergency response skills [1][2][3] - Hydro One's support aims to extend the new Opioid Overdose Response Training to nearly 80% of high schools in Ontario by the end of 2025, enhancing the program's reach and impact [2][3] - The ACT Foundation has trained more than three million students across Ontario, highlighting the program's significant statewide influence [2][5] Company Overview - Hydro One Limited is Ontario's largest electricity transmission and distribution provider, serving 1.5 million customers with $36.7 billion in assets and annual revenues of $8.5 billion as of 2024 [6][7] - The company invested $3.1 billion in its transmission and distribution networks in 2024 and contributed $2.9 billion to the economy through local goods and services [7] - Hydro One's Community Investment program focuses on building safe communities, supporting initiatives like the ACT Foundation's training programs [4][6] Industry Impact - The ACT Foundation is dedicated to establishing CPR and AED training in Canadian high schools, with a community-based model that relies on partnerships for resources [3][10] - The addition of Opioid Overdose Response Training reflects a growing recognition of the need for comprehensive emergency response education in schools [3][10] - Local community leaders and health partners, including AstraZeneca Canada and Amgen Canada, play a crucial role in supporting the ACT Foundation's initiatives, emphasizing the collaborative effort in enhancing public health education [5][6][10]

Core Viewpoint - Enact Holdings is positioned as a leading provider of private mortgage insurance, effectively supporting lenders and homebuyers in the U.S. despite challenging market conditions [1]. Company Overview - Enact operates through well-capitalized insurance subsidiaries, which enhances its ability to navigate the current rate environment [1]. Market Position - The company focuses on small- to mid-cap companies, which are often overlooked by investors, while also occasionally analyzing large-cap names to provide a broader market perspective [1].