Revenue Performance - For the three months ended September 30, 2025, total revenue was $196.2 million, a decrease of $11.6 million, or 5.6%, compared to the same period in 2024[105]. - The Drilling and Completions segment generated revenue of $117.5 million, down $6.1 million, or 5.0%, from the prior year, primarily due to a decline in global drilling activity[105]. - The Artificial Lift and Downhole segment reported revenue of $79.0 million, a decrease of $5.2 million, or 6.2%, attributed to tariff impacts and lower market activity[106]. - Revenue for the nine months ended September 30, 2025 was $589.3 million, a decrease of $26.1 million, or 4.2%, compared to $615.4 million for the same period in 2024[115]. - Drilling and Completions segment revenue was $350.3 million for the nine months ended September 30, 2025, a decrease of $9.4 million, or 2.6%, compared to $359.7 million for the same period in 2024[115]. - Artificial Lift and Downhole segment revenue was $239.3 million for the nine months ended September 30, 2025, a decrease of $16.4 million, or 6.4%, compared to $255.7 million for the same period in 2024[116]. Operating Performance - The operating loss for the Drilling and Completions segment was $13.55 million, compared to an operating income of $7.03 million in Q3 2024, reflecting a significant decline[104]. - Segment operating loss for the three months ended September 30, 2025 was $10.2 million, a decrease of $19.6 million compared to income of $9.4 million for the same period in 2024, resulting in an operating margin percentage of (5.2)% compared to 4.5%[107]. - Segment operating income for the nine months ended September 30, 2025 was $6.9 million, a decrease of $20.9 million compared to $27.9 million for the same period in 2024, with an operating margin percentage of 1.2% compared to 4.5%[117]. Net Loss and Financial Position - The company reported a net loss of $20.55 million for the three months ended September 30, 2025, compared to a net loss of $14.82 million in the same period last year, representing a 38.7% increase in losses[104]. - Net cash provided by operating activities decreased to $48.0 million for the nine months ended September 30, 2025, down from $53.7 million in the same period of 2024, reflecting a decline of approximately 13%[130]. - Net working capital provided cash of $18.6 million in 2025, compared to $30.8 million in 2024, indicating a decrease of about 40%[130]. - The net decrease in cash, cash equivalents, and restricted cash was $12.97 million in 2025, slightly higher than the decrease of $12.85 million in 2024[129]. Orders and Market Activity - Total inbound orders for the three months ended September 30, 2025, were $239.99 million, a decrease from $263.13 million in the previous quarter[103]. - The global active rig count decreased by 7.7% in Q3 2025 compared to Q3 2024, driven by lower oil prices and increased production efficiencies[99]. - The average number of active drilling rigs in the U.S. was 540 in Q3 2025, down from 586 in Q3 2024[103]. - Average global oil prices for WTI were $65.78 per barrel in Q3 2025, down from $76.43 in Q3 2024, while average natural gas prices at Henry Hub increased to $3.03 per Mcf from $2.11[100]. Capital Expenditures and Share Repurchase - The company expects total capital expenditures for 2025 to be below $10.0 million, primarily for replacement of end-of-life machinery and equipment[126]. - The company repurchased 966 thousand shares of common stock for approximately $21.3 million during the nine months ended September 30, 2025, with remaining authorization under the repurchase program of $53.7 million[128]. - The company repurchased $21.1 million in stock during the nine months ended September 30, 2025, compared to $73.0 million in repurchases of 9.00% Senior Convertible Secured Notes in 2024[132]. Tax and Interest Expenses - Interest expense for the nine months ended September 30, 2025 was $14.1 million, a decrease of $11.0 million compared to $25.1 million for the same period in 2024, due to decreased borrowings[121]. - Tax expense for the nine months ended September 30, 2025 was $20.1 million, an increase of $9.4 million compared to $10.6 million for the same period in 2024[123]. Cash Flow Activities - Net cash provided by investing activities was $10.3 million in 2025, primarily from $14.6 million in sale-leaseback transactions, contrasting sharply with a net cash outflow of $155.9 million in 2024 due to the Variperm acquisition[131]. - Net cash used in financing activities was $72.4 million in 2025, a significant change from the $89.4 million cash inflow in 2024, primarily due to $47.6 million in net repayments of the revolving Credit Facility[132]. Accounting and Controls - There were no material changes in critical accounting policies and estimates during the nine months ended September 30, 2025[133]. - The company's disclosure controls and procedures were evaluated as effective at the reasonable assurance level as of September 30, 2025[135]. - No changes in internal control over financial reporting were reported that materially affected the company's financial reporting during the quarter ended September 30, 2025[136].

Financial Performance - For fiscal year 2025, the company recorded a net cash outflow from operations of A$8,307,183, an improvement from A$9,330,767 in fiscal year 2024[49]. - The company reported a loss after tax of A$26,016,967 for fiscal year 2025, compared to a loss of A$14,408,346 in fiscal year 2024[49]. - Total revenue for fiscal year 2025 was A$1,377,921, a substantial increase of A$815,609 or approximately 145% compared to A$562,312 in fiscal year 2024[237]. - The company's cash balance decreased to A$2,084,674 as of June 30, 2025, down from A$3,544,837 on June 30, 2024[235]. - The net liability position changed to A$1,381,647 at June 30, 2025, from a net asset position of A$2,558,544 on June 30, 2024, primarily due to increased losses and higher payables[235]. - Employee salaries and benefits increased to A$5,708,574 in fiscal year 2025, up from A$5,504,592 in fiscal year 2024, reflecting additional costs from new employees due to the BJJLink acquisition[235]. - Investor relations and corporate advisory expenses surged to A$4,780,451 in fiscal year 2025, up from A$160,586 in fiscal year 2024, a significant increase of A$4,619,865[235]. - Share-based payments expense rose to A$9,716,016 in fiscal year 2025, up from A$4,521,598 in fiscal year 2024, an increase of A$5,194,418 due to the issuance of restricted stock units and performance rights[235]. - Revenue from the Warrior Training Program represented greater than 70% of net revenues during fiscal years 2025 and 2024[226]. - SaaS revenue was earned for the first time in fiscal 2025 with the acquisitions of Hype and BJJLink, providing strong growing recurring revenue streams[227]. Operational Risks - There is substantial doubt about the company's ability to continue as a going concern due to its financial position and operating losses[51]. - The company relies heavily on technology for operations, and any security breaches or outages could disrupt business and harm its reputation[55]. - The company faces significant competition in the fitness and entertainment sectors, which could impact revenue generation[54]. - The company is subject to risks related to content moderation and compliance with laws due to user-generated content on its platform[59]. - The company may experience fluctuations in reported results due to exchange rate movements affecting its international operations[65]. - The company faces risks related to payment processing, including potential increases in fees and software malfunctions that could impact revenue[78][79]. - The company is dependent on maintaining strong relationships with partner gyms and may face adverse effects from disputes or contract terminations[70][72]. - The company must adapt to technological changes and competition in the fitness industry to avoid losing clients and revenue[87][88]. - The company is subject to various international market risks, including political instability and unfavorable economic conditions[90]. - The company faces risks related to government regulation, including potential adverse impacts from political instability and unfavorable economic conditions in international markets[98]. Strategic Initiatives - The company expects operating expenses to increase as it invests in sales, marketing, research and development, and expands its operating infrastructure[50]. - The company has experienced growth in partner gyms, but future expansion may strain management and operational resources[77]. - The company is expanding into new markets, which may lead to increased risks due to unfamiliarity and different competitive conditions, potentially resulting in higher operating expenses[92]. - The company plans to launch a Community and Fan platform in 2026, targeting an estimated 700 million global fans of MMA, supported by the Solana blockchain network[147]. - The company aims to convert the interest of 700 million combat sports fans into active participation through its training programs and platforms[178]. - The company is developing a blockchain- and AI-powered rewards platform to enhance engagement and monetization in martial arts[156]. - The company anticipates launching its Community and Commerce Platform in 2026, targeting a global martial arts community of 700 million fans[190]. - The company plans to introduce a tokenized rewards and loyalty platform supported by the Solana blockchain in early 2026, allowing users to earn cryptocurrency rewards[183]. - The company is developing a Web 3.0 ecosystem that integrates combat sports, blockchain, and artificial intelligence, with a testnet release already underway[199]. Compliance and Governance - The company is required to comply with economic sanctions laws, which may restrict transactions in certain markets and could lead to fines or damage to its reputation[108]. - The company must assess and report on the effectiveness of its internal controls over financial reporting starting with the annual report for the year ending June 30, 2024[115]. - The company has identified material weaknesses in its internal controls over financial reporting, including a lack of a formally implemented system and insufficient resources and key accounting personnel[117]. - There is a reasonable possibility that material misstatements in the annual financial statements could occur due to inadequate segregation of duty controls[118]. - The company is enhancing its finance and reporting function with additional key hires and professional education to remediate identified weaknesses[121]. - Increased costs are expected as a result of being a listed public company, including legal, accounting, and compliance expenses[123]. - The company may face significant compliance costs if it ceases to be an "emerging growth company," with estimated costs of compliance being around $210,000 per annum[114]. - As a foreign private issuer, the company is permitted to file less information with the SEC than domestic issuers, which may result in less publicly available information[134]. - The company may lose its foreign private issuer status, which would require compliance with more extensive U.S. domestic reporting requirements and increase legal and compliance costs[135]. Market Position and Growth - MMA.INC operates four core business units, with over 5 million social media followers, 530,000 user profiles, and 75,000 active students across 16 countries[144]. - In September 2024, MMA.INC entered a three-year revenue share agreement with UFC Gym Group, where the company will receive 30% of program revenue from over 150 gyms in 40 countries[150]. - The company completed a private placement of ordinary shares in November 2024, raising US$1,815,451 at US$1.68 per share, indicating strong management confidence[153]. - MMA.INC acquired BJJLink for up to US$13 million, enhancing its position in the martial arts management sector[154]. - The company successfully completed a US$5 million public offering in June 2025, further strengthening its financial position[155]. - The company's business model is subscription-driven, with a projected growth in the martial arts industry to 67,000 gyms by the end of 2025, generating approximately US$19.4 billion in annual revenues[179][180]. - The strategic partnership with UFC Gym includes the selection of BJJLink as the official software platform for its new Brazilian Jiu-Jitsu franchise studios[157].

Financial Performance - Net income attributable to Amerant Bancorp Inc. for the three months ended September 30, 2025, was $14,756 thousand, a significant recovery from a net loss of $48,164 thousand in the same period of 2024[11]. - For the nine months ended September 30, 2025, the net income was $49.716 million, a significant improvement compared to a net loss of $32.633 million in the same period of 2024[16]. - Basic earnings per share for the three months ended September 30, 2025, was $0.35, compared to a loss of $1.43 per share in the same period of 2024[12]. - The net income attributable to Amerant Bancorp Inc. for the three months ended September 30, 2025, was $14.76 million, compared to $23.00 million for the three months ended June 30, 2025[14]. - The company reported a net unrealized holding gain on debt securities available for sale of $24.9 million for the three months ended September 30, 2025[134]. Asset and Liability Management - Total assets increased to $10,410,199 thousand as of September 30, 2025, up from $9,901,734 thousand at December 31, 2024, representing a growth of 5.1%[10]. - Total liabilities increased to $9,465,259 thousand as of September 30, 2025, from $9,011,267 thousand at December 31, 2024, reflecting a growth of 5.0%[10]. - The company’s retained earnings increased to $620,542 thousand as of September 30, 2025, up from $582,231 thousand at December 31, 2024, indicating a positive trend in profitability[10]. - As of September 30, 2025, Amerant Bancorp's total stockholders' equity was $944.94 million, a decrease from $906.26 million at June 30, 2025[14]. - The estimated fair value of loans as of September 30, 2025, was $2.65 billion, compared to a carrying value of $2.66 billion[151]. Credit Quality and Loss Provisions - Provision for credit losses decreased to $14,600 thousand for the three months ended September 30, 2025, down from $19,000 thousand in the same period of 2024, indicating improved credit quality[11]. - The Allowance for Credit Losses (ACL) increased by $10.0 million, or 11.7%, to $94.9 million as of September 30, 2025, compared to December 31, 2024[75]. - The ACL as a percentage of total loans held for investment rose to 1.37% at September 30, 2025, up from 1.18% at December 31, 2024[75]. - Nonaccrual loans totaled $122.9 million as of September 30, 2025, compared to $100.0 million as of December 31, 2024, representing an increase of 22.9%[67]. - The company believes the ACL is sufficient to absorb expected credit losses in the loan portfolio as of September 30, 2025[85]. Deposits and Funding - Total deposits rose to $8,300,969 thousand as of September 30, 2025, compared to $7,854,595 thousand at December 31, 2024, marking an increase of 5.7%[10]. - Time deposits of $100,000 or more totaled approximately $1.3 billion as of September 30, 2025, compared to $1.27 billion as of December 31, 2024[111]. - Time deposits maturing in less than 3 months accounted for 40.1% of total time deposits as of September 30, 2025, up from 30.4% as of December 31, 2024[112]. - The company reported cash paid for interest of $184.259 million for the nine months ended September 30, 2025, down from $207.389 million in 2024[17]. - The loan to deposit ratio was 83.6% as of September 30, 2025, down from 92.6% at December 31, 2024[208]. Securities and Investments - The company reported total debt securities available for sale of $2,122.416 million as of September 30, 2025, with an amortized cost of $2,132.882 million[46]. - The company reported cash held as collateral for derivatives margin calls of $5.9 million as of September 30, 2025[128]. - The total notional amount of derivative instruments was $3.52 billion as of September 30, 2025, with fair values of $40.8 million in assets and $39.9 million in liabilities[116]. - The company recognized unrealized gains of $0.1 million in Q3 2025 related to interest rate swap contracts, compared to $0.2 million in Q3 2024[118]. - The fair value of other real estate owned (OREO) is reported at $15,606 thousand as of September 30, 2025, with total write-downs of $1,872 thousand[141]. Operational Changes and Strategic Focus - The company plans to dissolve its Cayman Bank subsidiary, with completion expected in 2025 pending regulatory approval[19]. - The company is transitioning its mortgage business to focus on Florida, reducing its mortgage-focused full-time equivalent count from 77 to 17[20]. - The Company is executing a plan for the dissolution of the Cayman Bank, expected to be completed in 2025[164]. - The Company opened a new banking center in Miami Beach in September 2025 and plans to open another later this year[167]. - The strategic focus includes updates on the mortgage business and Amerant Mortgage, LLC, indicating potential market expansion[154]. Economic and Market Conditions - The economic outlook remains uncertain, with signs of an economic slowdown and elevated recession odds compared to long-term averages[174]. - Job growth showed negative trends in the third quarter of 2025, indicating a sharp deceleration in employment[173]. - The Federal Reserve cut rates by 25 basis points in both the third quarter of 2025 and on October 29, 2025[172]. - The Company has not experienced a material impact on its business or financial condition despite industry volatility[176]. - Noninterest expenses generally increase as the business grows, with various components including salaries, occupancy, and professional services[190].

Exhibit 99.1 FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC. (United States dollars in millions, except per share figures) (Unaudited) Prepared in accordance with U.S. GAAP | 2023 | 2024 | 2025 | Note 1st Q | 2nd Q | 3rd Q | 4th Q | TOTAL | 1st Q | 2nd Q | 3rd Q | 4th Q | TOTAL | 1st Q | 2nd Q | 3rd Q | TOTAL | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Financial Performance - Net revenue for the three months ended September 27, 2025, was $556,527, an increase of 9.7% compared to $507,461 for the same period in 2024[12]. - Gross profit for the six months ended September 27, 2025, was $263,913, representing a 20.2% increase from $219,524 in the prior year[12]. - Net income for the six months ended September 27, 2025, was $104,023, up 33.0% from $78,244 for the same period in 2024[12]. - Home sales revenue for the three months ended September 27, 2025, was $509,750, a 8.5% increase from $469,676 in the same period of 2024[23]. - The company’s comprehensive income for the six months ended September 27, 2025, was $104,233, compared to $78,501 for the same period in 2024, marking a 32.8% increase[12]. - Net income for the three months ended September 27, 2025, was $52,381,000, compared to $43,815,000 for the same period in 2024, representing a 19% increase[51]. - The company’s total net revenue for the six months ended September 27, 2025, was $1,113,384,000, compared to $985,060,000 for the same period in 2024, reflecting a 13% increase[55]. Cash Flow and Liquidity - Cash provided by operating activities for the six months ended September 27, 2025, was $133,994, compared to $102,074 in the prior year, reflecting a 31.1% increase[14]. - The company reported a net cash increase of $24,609 for the six months ended September 27, 2025, compared to an increase of $17,464 in the same period of 2024[14]. - The company’s cash, cash equivalents, and restricted cash at the end of the period were $399,954, compared to $386,217 at the end of the same period in 2024[14]. - Cash, cash equivalents, and restricted cash at the end of the period increased by $13,737,000 to $399,954,000 as of September 27, 2025, from $386,217,000 in the prior year[88]. Expenses and Profitability - Selling, general and administrative expenses for the three months ended September 27, 2025, were $72,229, up 7.4% from $66,997 in the same period of 2024[12]. - Gross profit for the three months ended September 27, 2025, increased by 15.7% to $134,407,000 compared to $116,122,000 for the same period in 2024[79]. - Financial services gross profit surged by 158.9% to $11,914,000 for the three months ended September 27, 2025, driven by higher insurance premiums and lower claim losses[80]. Assets and Investments - The company’s total assets as of September 27, 2025, were estimated at $1,041,977,000, reflecting an increase from $1,033,411,000 as of June 29, 2024[50]. - Total consolidated assets as of September 27, 2025, were $1,449,069,000, an increase from $1,406,645,000 on March 29, 2025[58]. - Investments increased from $37,909 thousand in March 2025 to $41,206 thousand in September 2025, representing an increase of 8.0%[25]. - The fair value of available-for-sale debt securities rose from $21,415 thousand in March 2025 to $23,197 thousand in September 2025, an increase of 8.3%[25]. Loans and Financing - Consumer loans receivable decreased from $58,162 thousand in March 2025 to $54,428 thousand in September 2025, a decline of 6.3%[28]. - Commercial loans receivable increased from $100,297 thousand in March 2025 to $108,038 thousand in September 2025, an increase of 7.3%[30]. - The weighted average contractual interest rate for consumer loans held for investment was 7.8% in September 2025, slightly down from 7.9% in March 2025[28]. - The company had outstanding interest rate lock commitments with a notional amount of $25.2 million as of September 27, 2025, up from $16.3 million as of March 29, 2025[46]. Stock and Equity - The total stockholders' equity increased to $1,086,137 thousand as of September 27, 2025, from $1,064,582 thousand as of March 29, 2025[49]. - The stock repurchase plan announced on October 31, 2024, approved $100 million in stock repurchases, with no remaining balance as of September 27, 2025[100]. - The stock repurchase plan announced on May 22, 2025, approved $150 million in stock repurchases, with $142 million remaining as of September 27, 2025[100]. - During the second quarter of fiscal year 2026, a total of 67,070 shares were repurchased, with an average price paid per share of $549.73[99]. Market and Operational Insights - The factory-built housing segment generated net revenue of $535,117,000 for the three months ended September 27, 2025, up from $486,343,000 in the same period of 2024, reflecting a 10% growth[55]. - The number of factory-built homes sold by company-owned retail sales centers increased by 15.0% to 1,187 homes for the three months ended September 27, 2025[76]. - The backlog of orders as of September 27, 2025, was $210 million, up from $197 million at March 29, 2025, but down from $276 million at September 28, 2024[73]. - The average net revenue per factory-built home sold increased by 4.4% to $103,344 for the three months ended September 27, 2025[76]. - The company operates 31 homebuilding production lines across various states and two international lines in Mexico[65]. - The company is focused on building energy-efficient homes and exploring niche market opportunities to enhance competitiveness[68]. Strategic Acquisitions - The company completed the acquisition of American Homestar Corporation for $190 million, enhancing its manufacturing and retail presence in the South Central U.S.[59]. - The company plans to acquire American Homestar and continue evaluating potential acquisitions and strategic investments[86].

Revenue Performance - Revenue for YTD 2025 decreased by 3% to $3,184 million compared to $3,268 million in YTD 2024, primarily due to a decrease in service and other revenue from GRAIL and Core Illumina[130] - Total consolidated revenue for YTD 2025 was $3,184 million, down $84 million or 2.6% from YTD 2024[133] - Total revenue for the three months ended September 28, 2025, was $1,084 million, a slight increase from $1,080 million in the same period last year[18] - Product revenue reached $927 million, compared to $914 million in the prior year, while service and other revenue decreased to $157 million from $166 million[18] - Revenue from Core Illumina consumables increased by 1% to $2,395 million in YTD 2025, driven by demand for high-throughput consumables[133] - Instruments revenue decreased by 5% to $324 million in YTD 2025, primarily due to fewer shipments of high- and mid-throughput sequencing instruments[133] - Revenue in the Greater China region decreased by $23 million and $41 million in Q3 2025 and YTD 2025, respectively, due to regulatory challenges[133] Profitability and Margins - Gross margin increased to 66.3% in YTD 2025 from 65.3% in YTD 2024, driven by the Spin-Off of GRAIL[130] - Core Illumina's gross profit decreased by $12 million, or 2%, in Q3 2025 compared to Q3 2024, with a year-to-date (YTD) decrease of $70 million, or 3%[135] - Consolidated gross margin for Q3 2025 was 67.6%, down from 68.9% in Q3 2024, and YTD gross margin decreased from 67.6% to 66.3%[135] Operating Income and Expenses - Income from operations for YTD 2025 was $606 million, a significant improvement from a loss of $1,008 million in YTD 2024, primarily due to a decrease in operating expenses[130] - Core Illumina's income from operations for Q3 2025 was $227 million, a significant decline from $741 million in Q3 2024, and YTD income from operations decreased to $606 million from $1,298 million[115] - Operating expenses decreased significantly in YTD 2025, primarily due to a reduction in GRAIL operating expenses[130] - Total consolidated operating expense was $506 million in Q3 2025, compared to $4 million in Q3 2024, reflecting a significant increase[138] Taxation - The effective tax rate for YTD 2025 was 27.2%, compared to (3.2)% in YTD 2024, influenced by recent U.S. tax legislation changes[130] - The effective tax rate for Q3 2025 was 31.8%, significantly higher than 2.1% in Q3 2024, primarily due to changes in U.S. tax legislation[146] Cash and Investments - Cash, cash equivalents, and short-term investments totaled $1,278 million at the end of Q3 2025, with approximately $501 million held by foreign subsidiaries[130] - Cash and cash equivalents as of September 28, 2025, totaled $1,050 million, a decrease of $77 million from December 29, 2024[149] - Net cash provided by operating activities for YTD 2025 was $758 million, up from $473 million in YTD 2024[159] - The company invested $93 million in capital expenditures and $63 million in strategic investments during YTD 2025[161] Share Repurchase and Equity - A new share repurchase program was authorized to repurchase up to $1.5 billion of outstanding common stock, with approximately $684 million remaining available as of September 28, 2025[154] - A total of 1,236 thousand shares were repurchased from June 30, 2025, to September 28, 2025, at an average price of $97.10 per share[173] - The approximate dollar value of shares that may yet be purchased under the program is $684,405 thousand[173] Acquisitions and Strategic Initiatives - Illumina entered into a Stock Purchase Agreement to acquire SomaLogic for $350 million, expected to close in the first half of 2026[125] - The company is in the process of acquiring SomaLogic, Inc. and certain assets from Standard BioTools Inc., with expectations regarding regulatory approvals and integration[10] Research and Development - Research and development expenses totaled $229 million, compared to $253 million in the prior year, indicating a reduction in R&D spending[18] - Core Illumina's research and development (R&D) expense decreased by $24 million, or 9%, in Q3 2025, and by $4 million, or 1%, YTD 2025[138] Legal and Regulatory Challenges - The company is currently involved in multiple securities class actions related to its acquisition of GRAIL, with ongoing litigation and motions to dismiss being filed[105][106] - The company faces uncertainties regarding its inclusion on the "unreliable entities list" by regulatory authorities in China, affecting its ability to export sequencing instruments[11] - The company is monitoring potential reductions in funding for the National Institutes of Health (NIH), which could negatively impact demand for its products[11] Other Financial Metrics - Net income for Q3 2025 was $150 million, a decrease of $555 million or 79% compared to Q3 2024[144] - Net income for the nine months ended September 28, 2025, was $516 million, a significant improvement compared to a net loss of $1,410 million for the same period in 2024[26] - The company reported a basic earnings per share of $0.98, down from $4.43 in the same quarter last year[18]

Financial Performance - Net sales for Q3 2025 reached $1,054.0 million, a 34.8% increase from $782.0 million in Q3 2024[100] - Gross profit for Q3 2025 was $394.7 million, with a gross margin of 37.4%, down from 39.8% in Q3 2024[100] - Operating income for Q3 2025 was $166.3 million, representing 15.8% of net sales, a decrease of 1.2 percentage points from the previous year[100] - For the nine months ended September 30, 2025, net sales increased by 25.4% to $2,826.4 million compared to $2,253.9 million in the same period of 2024[102] - Net sales for the Systems Protection segment increased by 50.0% to $715.6 million in Q3 2025, and by 36.7% to $1,855.8 million for the first nine months of 2025 compared to 2024[111] - Electrical Connections segment net sales rose by 11.0% to $338.4 million in Q3 2025, and by 8.3% to $970.6 million for the first nine months of 2025 compared to 2024[115] Segment Performance - Segment income for Systems Protection was $146.2 million in Q3 2025, a 40.0% increase from $104.4 million in Q3 2024, and $387.5 million for the first nine months of 2025, up 27.9% from $303.0 million in the same period of 2024[111] - Segment income for Electrical Connections increased by 9.7% to $101.6 million in Q3 2025, and by 4.2% to $281.6 million for the first nine months of 2025 compared to the same periods in 2024[115] - Organic sales growth contributed approximately 23.2% in Q3 2025 and 11.4% in the first nine months of 2025 for Systems Protection, while Electrical Connections saw organic growth of 4.7% in Q3 2025 and 5.1% in the first nine months of 2025[112][116] Cash Flow and Investments - The company reported a net cash provided by operating activities of $426.6 million in the first nine months of 2025, compared to $324.1 million in the same period of 2024[123][124] - Net cash used for investing activities from continuing operations was $1,029.8 million in the first nine months of 2025, primarily for the Electrical Products Group acquisition[125] - Free cash flow for the nine months ended September 30, 2025, was $371.7 million, up from $277.1 million in the same period of 2024[148] Tax and Income - The effective tax rate decreased to 20.6% in the nine months ended September 30, 2025, down from 22.1% in the prior year[102] - The effective tax rate decreased by 4.8 percentage points in Q3 2025 and 1.5 percentage points in the first nine months of 2025 compared to 2024, mainly due to a $3.2 million non-cash benefit from the release of a valuation allowance[107] - Income from discontinued operations, net of tax, was $278.7 million in the first nine months of 2025, primarily from the gain on the sale of the Thermal Management business[108] Acquisitions and Financing - The company completed the acquisition of Trachte, LLC for approximately $687.5 million on July 16, 2024, enhancing its Systems Protection segment[95] - nVent entered into a five-year $275.0 million senior unsecured term loan facility and a $600.0 million senior unsecured revolving credit facility in June 2025[136] - As of September 30, 2025, the borrowing capacity under the Revolving Credit Facility was $569.6 million[137] Shareholder Returns - During the nine months ended September 30, 2025, nVent repurchased 4.8 million ordinary shares for $253.1 million under the 2024 Authorization[144] - Dividends paid during the nine months ended September 30, 2025, totaled $98.0 million, or $0.60 per ordinary share, compared to $95.3 million, or $0.57 per ordinary share in the same period of 2024[145] - The Board of Directors declared a quarterly cash dividend of $0.20 per ordinary share on September 22, 2025, payable on November 7, 2025[146] - nVent's 2021 share repurchase authorization of $300.0 million expired on July 22, 2024, and a new authorization of $500.0 million began on July 23, 2024[143] Market Conditions - The company expects continued inflationary cost increases and supply chain challenges throughout 2025 and beyond[99] - There have been no material changes in market risk during the quarter ended September 30, 2025[151] - The company has no significant restrictions on obtaining funds from its subsidiaries by dividend or loan[134]

Store Operations - As of September 30, 2025, the company owned or had ownership interests in 2,427 operating stores, an increase from 2,401 stores as of September 30, 2024, representing a growth of approximately 1.1%[128] - The company managed a total of 2,222 stores for unconsolidated joint ventures and third parties as of September 30, 2025, compared to 1,921 stores as of September 30, 2024, indicating a growth in management operations[131] - The total number of tenants leasing storage units at the company's operating stores was approximately 2,460,000 as of September 30, 2025[124] - The company operates in competitive markets, with seasonal fluctuations in occupancy levels, generally higher in summer months due to increased moving activity[122] - The self-storage business experiences seasonal fluctuations, with the highest occupancy typically at the end of July and the lowest in late February and early March[162] Financial Performance - Total revenues for the three months ended September 30, 2025, were $858,460,000, a 4.1% increase from $824,804,000 in the same period of 2024[129] - Tenant reinsurance revenues rose by 7.5% to $90,341,000 for the three months ended September 30, 2025, driven by an increase in the number of stores operated[130] - Same-store rental revenues for the three months ended September 30, 2025, decreased by 0.2% to $673,982 compared to $675,351 in 2024[150] - Same-store net operating income for the nine months ended September 30, 2025, decreased by 2.3% to $1,418,799 from $1,451,818 in 2024[151] - Total cash flows from operating activities for the nine months ended September 30, 2025, increased to $1,482,396 compared to $1,479,151 in 2024[152] Expenses - Total expenses for the three months ended September 30, 2025, were $474,212, an increase of $12,871 or 2.8% compared to $461,341 in 2024[132] - Property operations expenses increased by $26,451 or 12.7% for the three months ended September 30, 2025, primarily due to acquisitions completed in 2024 and 2025[133] - General and administrative expenses rose by $3,729 or 9.4% for the three months ended September 30, 2025, attributed to the company's increased size from acquisitions[135] - Depreciation and amortization expenses decreased by $17,580 or 9.0% for the three months ended September 30, 2025, due to the full expensing of customer intangibles from a merger[136] Debt and Interest - The total face value of debt as of September 30, 2025, was $13,162,058 with a weighted average interest rate of 4.4%[155] - Interest expense increased by $6,795 or 4.8% for the three months ended September 30, 2025, primarily due to higher outstanding debt, totaling approximately $13,162,058[138] - Interest income rose by $8,641 or 24.7% for the three months ended September 30, 2025, driven by an increase in bridge loans outstanding, which totaled $1,544,719[140] - A 100 basis point increase or decrease in SOFR would result in an annual change in interest expense of approximately $21.4 million, impacting future earnings and cash flows[167] Tax and Regulatory - The company recorded an income tax expense increase of $1,105 or 10.2% for the three months ended September 30, 2025, due to higher book income[144] - The One Big Beautiful Bill Act (OBBBA) was enacted on July 4, 2025, permanently extending the 20% deduction for "qualified REIT dividends" for individuals and non-corporate taxpayers[164] - The OBBBA increased the percentage limit under the REIT asset test for taxable REIT subsidiaries from 20% to 25% of the REIT's total assets, effective for taxable years beginning after December 31, 2025[164] - The company is evaluating the provisions of the OBBBA but does not expect it to have a material impact on its financial position or results of operations[164] Cash and Liquidity - As of September 30, 2025, the company had $111,931 in cash and cash equivalents available[154] - The company expects to generate positive cash flow from operations in 2025, primarily from rents paid by tenants[153] - The company established a commercial paper program with a maximum outstanding amount of $1,000,000, with $540,000 in issuances as of September 30, 2025[157] - The company entered into an equity distribution agreement allowing for the issuance of up to $800,000 in common stock, with no shares sold as of September 30, 2025[160] Market and Risk Factors - The company does not currently have any relationships with unconsolidated entities or financial partnerships that could expose it to financing, liquidity, market, or credit risk[161] - Market risk is influenced by adverse changes in market prices and interest rates, affecting future income and cash flows[165] - Interest rate risk is sensitive to various factors, including governmental monetary and tax policies, and economic conditions[166] - The analyses of interest rate risk do not consider the effects of changes in overall economic activity, assuming no changes in the company's financial structure[168]

Financial Performance - Net income for the three months ended September 30, 2025, was $67.90 million, up 32.9% from $51.06 million in the same period of 2024[10]. - Basic earnings per share for the three months ended September 30, 2025, was $0.57, up from $0.45 in the same period of 2024, reflecting a growth of 27%[10]. - Net income for the nine months ended September 30, 2025, was $175,249 thousand, an increase of 36.5% compared to $128,390 thousand for the same period in 2024[20]. - Total comprehensive income for the nine months ended September 30, 2025, was $291.66 million, compared to $240.20 million in the same period of 2024, representing an increase of 21.4%[14]. - Total non-interest income for the nine months ended September 30, 2025, was $100.94 million, an increase of 4.2% from $96.90 million in the same period of 2024[10]. Assets and Liabilities - Total assets increased to $29.02 billion as of September 30, 2025, compared to $27.90 billion at December 31, 2024, representing a growth of 4.0%[9]. - Total liabilities increased to $25.41 billion as of September 30, 2025, from $24.68 billion at December 31, 2024, reflecting a growth of 2.9%[9]. - Total stockholders' equity increased to $3,608,288 thousand as of September 30, 2025, up from $3,245,050 thousand as of September 30, 2024, representing a growth of 11.2%[18]. Credit Losses and Provisions - The allowance for credit losses increased to $229.08 million as of September 30, 2025, compared to $206.04 million at December 31, 2024, indicating a rise of 11.2%[9]. - The provision for credit losses for the nine months ended September 30, 2025, was $35,737 thousand, compared to $19,772 thousand for the same period in 2024, indicating an increase of 80.8%[20]. - The allowance for credit losses for off-balance sheet credit exposures was $26,800,000 as of September 30, 2025, up from $20,419,000 at December 31, 2024, indicating a growth of about 31%[72]. Loans and Deposits - As of September 30, 2025, total loans receivable amounted to $18,790,986,000, an increase from $17,261,849,000 in the previous year, representing a growth of approximately 8.9%[121]. - The net increase in deposits for the nine months ended September 30, 2025, was $245,924 thousand, a turnaround from a decrease of $227,255 thousand in the same period of 2024[21]. - The company’s residential real estate loans increased to $1,926,448,000 from $1,858,929,000, reflecting a growth of about 3.6%[121]. Acquisitions - The Company completed its acquisition of Bank of Idaho Holding Co. on April 30, 2025, with results included in consolidated financial statements from the acquisition date[30]. - The Company acquired Bank of Idaho Holding Co. for a total fair value of consideration transferred amounting to $204,988,000, which included 5,029,102 shares of common stock and $2,000 in cash[192]. - The Company completed the acquisition of Guaranty Bancshares, Inc. for a preliminary value of $559,978,000, issuing 11,375,648 shares of common stock to former Guaranty shareholders[199]. Interest Income and Expenses - Net interest income after provision for credit losses rose to $217.72 million for the three months ended September 30, 2025, compared to $172.23 million in the prior year, reflecting a year-over-year increase of 26.4%[10]. - The Company’s interest income on investment securities for the nine months ended September 30, 2025, was $22,148,000, compared to $7,776,000 for the same period in 2024, representing an increase of 184%[159]. - Total other expenses for the nine months ended September 30, 2025, were $82,984,000, compared to $78,947,000 for the same period in 2024, reflecting an increase of 5.8%[161]. Fair Value Measurements - Total assets measured at fair value on a recurring basis as of September 30, 2025, amounted to $3.96 billion, with no transfers between fair value hierarchy levels during the nine-month periods ended September 30, 2025, and 2024[176][166]. - The fair value of available-for-sale debt securities as of September 30, 2025, included $2.1 billion in residential mortgage-backed securities and $979.2 million in commercial mortgage-backed securities[176]. Other Comprehensive Income - The balance of accumulated other comprehensive losses decreased from $(377.7) million at January 1, 2024, to $(263.7) million at September 30, 2024[11]. - The company reported a net current period other comprehensive income of $111.8 million for the three months ended September 30, 2024[11].

Financial Overview - As of September 30, 2025, Bank of America had $3.4 trillion in assets and approximately 213,000 employees[17]. - The corporation serves approximately 69 million consumer and small business clients through about 3,600 retail financial centers and 15,000 ATMs[18]. - The corporation operates in more than 35 countries and jurisdictions, enhancing its global reach[17]. - Total assets increased by $142.2 billion to $3.4 trillion from December 31, 2024, primarily driven by growth in commercial loans and residential mortgages[24]. - Total liabilities increased by $133.6 billion to $3.1 trillion from December 31, 2024, mainly due to higher deposits in Global Banking and increased long-term debt issuances[25]. - Shareholders' equity rose by $8.6 billion from December 31, 2024, primarily due to net income and preferred stock issuances[26]. - Total common shareholders' equity reached $278.2 billion as of September 30, 2025, up from $272.4 billion as of December 31, 2024[24]. Income and Revenue - Net interest income increased by $1.3 billion to $15.2 billion for the three months ended September 30, 2025, and by $2.6 billion to $44.3 billion for the nine months ended September 30, 2025 compared to the same periods in 2024[27]. - Noninterest income rose by $1.5 billion to $12.9 billion for the three months ended September 30, 2025, and by $2.7 billion to $37.6 billion for the nine months ended September 30, 2025 compared to the same periods in 2024[28]. - Total revenue, net of interest expense, reached $28,088 million in the third quarter of 2025, compared to $26,463 million in the second quarter[44]. - Net income applicable to common shareholders for the third quarter of 2025 was $8,040 million, up from $6,825 million in the second quarter[44]. - Total revenue for the nine months increased by $1.8 billion to $18.8 billion, primarily due to higher sales and trading revenue and investment banking fees[102]. Expenses and Losses - Noninterest expense increased by $858 million to $17.3 billion for the three months ended September 30, 2025, and by $2.3 billion to $52.3 billion for the nine months ended September 30, 2025 compared to the same periods in 2024[32]. - The provision for credit losses decreased by $247 million to $1.3 billion for the three months ended September 30, 2025, remaining relatively unchanged at $4.4 billion for the nine months ended September 30, 2025[30]. - Noninterest expense for the third quarter of 2025 was $17,337 million, compared to $17,183 million in the second quarter[44]. - The provision for credit losses increased by $40 million to $269 million, primarily driven by the commercial and industrial portfolio[82]. Capital and Shareholder Returns - A $40 billion common stock repurchase program was authorized on July 23, 2025, replacing a previous $25 billion program[21]. - A quarterly common stock dividend of $0.28 per share was declared on October 23, 2025, payable on December 26, 2025[22]. - During the three months ended September 30, 2025, the Corporation repurchased $5.3 billion of common stock[120]. - Common stock dividends paid during the same period amounted to $2.1 billion[122]. Client and User Engagement - Approximately 49 million active users are utilizing Bank of America's digital banking platforms, with around 41 million being active mobile users[18]. - Bank of America provides industry-leading support to approximately four million small business households[18]. - Active mobile banking users increased by approximately two million, reflecting client growth and changes in banking preferences[63]. Risk and Regulatory Compliance - The corporation's operations are impacted by various risks, including economic conditions, regulatory changes, and geopolitical instability[12]. - The Common Equity Tier 1 (CET1) ratio was 11.6% as of September 30, 2025, exceeding the minimum requirement of 10.0%[119]. - Risk-weighted assets increased by $55.2 billion to $1,751 billion during 2025, driven by client activity in Global Markets and lending in Global Banking[129]. - The liquidity held in cash on deposit was $260 billion as of September 30, 2025, down from $315 billion at December 31, 2024[158]. Loan and Deposit Growth - Total loans and leases amounted to $1,153,035 million in the third quarter of 2025, up from $1,128,453 million in the second quarter[44]. - Total deposits reached $1,991,434 million in the third quarter of 2025, compared to $1,973,761 million in the second quarter[44]. - Average deposits grew by $9.1 billion to $947.4 billion, mainly due to a $15.5 billion increase in time deposits and $11.2 billion in net inflows in checking[57]. - Total deposits increased by $36.7 billion from December 31, 2024, reaching $2.00 trillion as of September 30, 2025, primarily due to growth in Global Banking[163]. Consumer Banking Performance - Net income for Consumer Banking increased by $750 million to $3.4 billion, primarily due to higher revenue and lower provision for credit losses[54]. - Net interest income rose by $710 million to $9.0 billion, driven by higher deposit spreads and increased loan and deposit balances[54]. - Total credit card purchase volumes increased by $2.5 billion and debit card purchase volumes increased by $10.7 billion, indicating higher consumer spending[64]. Wealth Management and Investment - Net income for Global Wealth & Investment Management (GWIM) increased by $204 million to $1.3 billion, primarily due to higher revenue, with an operating margin of 27% compared to 25%[69]. - Noninterest income rose by $459 million to $4.5 billion, driven by a 12% increase in asset management fees to $3.9 billion, attributed to higher average equity market valuations and positive AUM flows[69]. - Total client balances increased by $446.9 billion, or 11%, to $4.6 trillion, mainly due to higher market valuations and positive net client flows[78]. Market and Trading Performance - Net income for Global Markets increased by $99 million to $1.6 billion for the three months ended September 30, 2025, compared to the same period in 2024[97]. - Revenue increased by $594 million to $6.2 billion, primarily due to higher sales and trading revenue and investment banking fees[98]. - Total trading-related assets increased by 5% to $676.621 billion for the three months ended September 30, 2025, compared to the same period in 2024[99].