Financial Position - As of September 30, 2025, the company reported cash and cash equivalents totaling $3,106,527.3 thousand and debt of $950,769.1 thousand[152]. - As of September 30, 2025, the company had $3,106,527.3 million in cash and cash equivalents, with $950,769.1 million in debt[205]. - As of September 30, 2025, the company held trading securities valued at $584,865.1, a significant increase from $0.0 at December 31, 2024[230]. - The company reported a maximum exposure to loss from unconsolidated VIEs limited to $0 as of September 30, 2025, and December 31, 2024[227]. - As of September 30, 2025, the company had $309,000.0 of cash restricted covering unexpired put options[233]. - The company does not hold any investments classified as available-for-sale as of September 30, 2025[231]. Revenue and Expenses - Revenue for the three months ended September 30, 2025 decreased by $38.0 thousand, or 4%, to $972.9 thousand compared to $1,010.9 thousand for the same period in 2024, primarily due to advertising economics and early-stage advertising initiatives[180]. - Revenue for the nine months ended September 30, 2025 increased by $59.1 thousand, or 2%, to $2,677.4 thousand compared to $2,618.3 thousand for the same period in 2024, driven by paid subscriptions to the Truth+ streaming service[192]. - Cost of revenue increased by $323.5 thousand, or 262%, to $446.8 thousand for the three months ended September 30, 2025, driven by content license and data center lease costs for the Truth+ platform[181]. - Cost of revenue for the nine months ended September 30, 2025 rose by $873.5 thousand, or 345%, to $1,126.4 thousand, mainly due to content license and data center lease costs[193]. - The change in fair value of digital assets resulted in an expense of $16,204.6 thousand for the nine months ended September 30, 2025, compared to $0.0 thousand in the prior year, reflecting market price changes of bitcoin and Cronos investments[197]. Operating Activities - Net cash provided by operating activities was $2,638.8 million for the nine months ended September 30, 2025, an improvement of $55,278.8 million compared to the prior year[217]. - Net cash used in investing activities was $1,973,108.2 million for the nine months ended September 30, 2025, significantly higher than $312,773.7 million in the same period of 2024, primarily due to digital asset purchases[218]. - Net cash provided by financing activities was $2,302,144.8 million for the nine months ended September 30, 2025, compared to $734,976.7 million in the prior year, driven by proceeds from convertible notes and PIPE financing[219]. Investment and Digital Assets - The company has filed registration statements for three cryptocurrency ETFs and five equity ETFs, focusing on digital assets and traditional securities[166]. - TMTG's digital asset strategy includes acquiring bitcoin and related securities, with plans to monitor market conditions for future purchases[168][171]. - The company entered into a business combination agreement to establish a digital asset treasury company focused on acquiring Cronos cryptocurrency[172]. - Expected funding for the digital asset treasury includes $1 billion in Cronos and $200 million in cash, aiming to create the largest digital asset treasury company by market cap ratio[173]. - The company plans to implement a forward-looking digital asset treasury strategy centered on the accumulation and management of Cronos, enhancing capital efficiency[174]. - The company has invested in bitcoin and bitcoin-related assets, with bitcoin prices fluctuating between $66,000 and $126,000 in the past 12 months, indicating high volatility[238]. - The company’s digital assets consist of investments in bitcoin and Cronos, with ownership and control retained by the company[234]. - The company’s trading securities primarily consist of equity exchange-traded funds that invest in digital assets[230]. Expenses and Financial Performance - Research and development expenses rose by $4,408.5 thousand, or 113%, to $8,302.2 thousand for the three months ended September 30, 2025, largely due to increased stock-based compensation and IT consulting costs[182]. - General and administration expenses increased by $13,359.1 thousand, or 75%, to $31,056.1 thousand for the three months ended September 30, 2025, attributed to higher stock-based compensation and legal fees[184]. - Interest income surged by $8,731.4 thousand, or 188%, to $13,384.4 thousand for the three months ended September 30, 2025, due to higher cash and investment balances[187]. - Interest expense skyrocketed by $11,227.7 thousand, or 4,551%, to $11,474.4 thousand for the three months ended September 30, 2025, primarily from accreted interest on loans related to acquisitions[188]. - Depreciation and amortization expense increased by $4,745.3, or 615%, to $5,516.8 million for the nine months ended September 30, 2025, compared to $771.5 million for the same period in 2024[198]. - Interest income rose by $31,401.6, or 461%, to $38,216.1 million for the nine months ended September 30, 2025, due to higher cash and investment balances[199]. - Interest expense increased by $12,859.8, or 442%, to $15,766.3 million for the nine months ended September 30, 2025, attributed to accreted interest on loans from acquisitions[200]. - Investment income reached $12,069.5 million for the nine months ended September 30, 2025, a 100% increase from $0.0 million in the prior year[201]. Corporate Strategy - TMTG is focusing on diversifying into new sectors and pursuing mergers and acquisitions to evolve into a larger holding company for various products and services[177]. - The company authorized a Share Repurchase Program of up to $400,000.0 million, having repurchased 355,208 shares at an average price of $18.02 per share[215]. - The Standby Equity Purchase Agreement allows the company to sell up to $2,500,000.0 million of common stock, with no shares sold under this agreement during the nine months ended September 30, 2025[208]. - The company has consolidated Yorkville America in its financial statements, reflecting its status as the primary beneficiary with no material assets or liabilities upon initial consolidation[224]. - The company has not provided any guarantees related to Yorkville America, and no creditors of Yorkville America have recourse to the general credit of the company[225]. - The company has determined that it has a variable interest in four VIEs for which it is not the primary beneficiary[226].

Financial Performance - For the three months ended September 30, 2025, net interest income increased to $17,102,000, up from $15,343,000 in the same period of 2024, representing a growth of 11.4%[10] - Net income for the three months ended September 30, 2025, was $4,517,000, a substantial increase from $265,000 in the same period of 2024, representing a growth of 1,607.5%[10] - Earnings per common share for the three months ended September 30, 2025, were $0.52, compared to a loss of $(0.04) per share in the same period of 2024[10] - Comprehensive income for the three months ended September 30, 2025, was $5,560,000, compared to $1,934,000 in 2024, indicating an increase of 187.5%[12] - Net income for the nine months ended September 30, 2025, was $11,560,000, an increase from $6,187,000 in the same period of 2024, representing an 87.5% growth[15] - Net income available to common shareholders for the nine months ended September 30, 2025, was $9,943,000, up from $4,570,000 in 2024, indicating a year-over-year growth of 117%[95] Income and Expenses - Non-interest income for the nine months ended September 30, 2025, totaled $3,126,000, an increase from $2,446,000 in the same period of 2024, reflecting a growth of 27.8%[10] - Total non-interest expense decreased to $12,667,000 for the three months ended September 30, 2025, down from $13,219,000 in 2024, a reduction of 4.2%[10] - The total interest expense for the three months ended September 30, 2025, decreased to $15,362,000 from $18,248,000 in 2024, a decline of 15.3%[10] - The company reported a net cash provided by operating activities of $8,234,000 for the nine months ended September 30, 2025, compared to $9,287,000 in the same period of 2024, a decrease of 11.3%[15] - Stock-based compensation expense for the nine months ended September 30, 2025, was $1,885,000, compared to $2,082,000 in the same period of 2024, a decrease of 9.5%[15] Credit Quality and Losses - The provision for credit losses on loans was $(66,000) for the three months ended September 30, 2025, compared to $3,125,000 in the same period of 2024, indicating a significant improvement in credit quality[10] - The total charge-offs for the three months ended September 30, 2025, amounted to $235,000, compared to $1.91 million for the same period in 2024[47] - The allowance for credit losses on loans was $18.83 million as of September 30, 2025, down from $19.45 million on December 31, 2024, reflecting a reduction of approximately 3.2%[47] - Total non-accrual loans as of September 30, 2025, amounted to $23,386,000, with no allowance recorded[48] - The provision for credit losses for the nine months ended September 30, 2025, was a negative $593,000, indicating a reversal compared to the previous year[47] Assets and Equity - Total stockholders' equity increased to $218,363,000 as of September 30, 2025, up from $207,991,000 at the end of 2024, reflecting a growth of 5.5%[13] - Cash and cash equivalents decreased to $127,294,000 at the end of September 2025, down from $232,114,000 at the end of September 2024, a decline of 45.4%[15] - The company’s total assets as of September 30, 2025, were not explicitly stated but can be inferred to have increased given the growth in equity and net income[16] Loans and Investments - The total gross loans decreased to $1.81 billion as of September 30, 2025, from $1.83 billion on December 31, 2024, representing a decline of approximately 1.4%[43] - The net loans stood at $1.79 billion as of September 30, 2025, compared to $1.81 billion as of December 31, 2024, indicating a decrease of about 1.5%[43] - The balance of investments in new market tax credits was $11.2 million, up from $9.4 million on December 31, 2024[41] - The company periodically invests in New Market Tax Credit (NMTC) opportunities related to community development projects[40] Regulatory and Compliance - The Company completed the registration of its common stock with the SEC on April 18, 2019, and is now classified as an accelerated filer effective with the filing of the December 31, 2024 Annual Report on Form 10-K[17] - The Company was approved to list shares of common stock on the Nasdaq Capital Market under the symbol "MNSB" as of April 22, 2019[18] Segment Performance - Segment profit for Core Banking for the three months ended September 30, 2025, was $5,801,000, while the Financial Technology segment reported a loss of $388,000[99] - Total consolidated interest income for the nine months ended September 30, 2025, was $102,839,000, with Core Banking contributing $101,503,000[100] Miscellaneous - The company plans to pivot away from certain Banking as a Service (BaaS) services, which may impact future financial results[103] - The software solution related to Avenu was deployed in October 2024, leading to changes in cost capitalization practices[103]

Financial Performance - For the three months ended September 30, 2025, net interest income increased to $17,102,000, up from $15,343,000 in the same period of 2024, representing a growth of 11.4%[10] - Net income for the three months ended September 30, 2025, was $4,517,000, compared to $265,000 in the same period of 2024, marking a substantial increase of 1,607.5%[10] - Earnings per common share for the three months ended September 30, 2025, were $0.52, compared to a loss of $(0.04) per share in 2024[10] - Comprehensive income for the three months ended September 30, 2025, was $5,560,000, significantly higher than $1,934,000 in 2024, representing an increase of 187.5%[12] - Net income for the nine months ended September 30, 2025, was $11,560,000, an increase from $6,187,000 in the same period of 2024, representing an 87.5% growth[15] - Net income available to common shareholders for the nine months ended September 30, 2025, was $9,943,000, up from $4,570,000 in 2024, indicating a year-over-year growth of 117%[95] Income and Expenses - Non-interest income for the nine months ended September 30, 2025, totaled $3,126,000, an increase from $2,446,000 in 2024, reflecting a growth of 27.8%[10] - Total non-interest expense decreased to $12,667,000 for the three months ended September 30, 2025, down from $13,219,000 in 2024, a decline of 4.2%[10] - Total consolidated interest expense for the three months ended September 30, 2025, was $15,362,000, leading to a segment gross profit of $18,224,000[99] - The total accumulated other comprehensive loss as of September 30, 2025, was $6,421,000, an improvement from $7,711,000 as of December 31, 2024[96] Credit Losses and Provisions - The provision for credit losses on loans was $(66,000) for the three months ended September 30, 2025, compared to $3,125,000 in the same period of 2024, indicating a significant reduction in credit loss provisions[10] - The allowance for credit losses on loans was $18.83 million as of September 30, 2025, down from $19.45 million as of December 31, 2024, reflecting a reduction of approximately 3.2%[47] - The total allowance for credit losses reflects the company's proactive approach to managing potential credit risks associated with its loan portfolio[55] - The company reported charge-offs of $235,000 for the three months ended September 30, 2025, compared to $1.91 million for the same period in 2024, indicating a significant decrease in charge-offs[47] Assets and Equity - Total stockholders' equity increased to $218,363,000 as of September 30, 2025, up from $207,991,000 at the end of 2024, reflecting a growth of 5.5%[13] - Cash and cash equivalents decreased to $127,294,000 at the end of September 2025, down from $232,114,000 at the end of September 2024, a decline of 45.1%[15] - The company’s total assets as of September 30, 2025, were not explicitly stated but can be inferred to have increased given the growth in equity and net income[16] Loans and Loan Portfolio - The company experienced a net decrease in loan portfolio of $15,223,000 for the nine months ended September 30, 2025, contrasting with a significant decrease of $96,444,000 in the same period of 2024[15] - The total gross loans decreased to $1.81 billion as of September 30, 2025, from $1.83 billion as of December 31, 2024, representing a decline of approximately 1.6%[43] - The net loans amount was $1.79 billion as of September 30, 2025, compared to $1.81 billion as of December 31, 2024, indicating a decrease of about 1.5%[43] - Total non-accrual loans as of September 30, 2025, amounted to $23,386,000, an increase from $1,162,000 in single-family residential real estate loans as of December 31, 2024[48] Investments and Securities - As of September 30, 2025, the total fair value of available-for-sale investment securities was $58,338,000, with unrealized losses of $8,376,000[33] - The amortized cost of held-to-maturity (HTM) securities was $14,293,000 as of September 30, 2025, with a fair value of $14,221,000[35] - The company did not record an allowance for credit losses on its securities available-for-sale or held-to-maturity portfolio as of September 30, 2025, and December 31, 2024[32] Strategic Initiatives - The company made a strategic decision to pivot away from certain Banking as a Service (BaaS) services, incurring nonrecurring costs related to this transition[103] - MainStreet Community Capital, LLC, a wholly owned subsidiary, was established in September 2021 to provide loans and investments in Low-Income Communities, certified as a registered CDE in January 2022[19] Miscellaneous - The financial statements are unaudited but include all necessary adjustments for fair presentation, with balances as of December 31, 2024 derived from audited consolidated financial statements[22] - The Company completed the registration of its common stock with the SEC on April 18, 2019, and is now classified as an accelerated filer effective with the filing of the December 31, 2024 Annual Report on Form 10-K[17] - The Company was approved to list shares of its common stock on the Nasdaq Capital Market under the symbol "MNSB" as of April 22, 2019[18]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of November, 2025 Commission File Number 1-15106 PETRÓLEO BRASILEIRO S.A. – PETROBRAS (Exact name of registrant as specified in its charter) Brazilian Petroleum Corporation – PETROBRAS (Translation of Registrant's name into English) Avenida Henrique Valadares, 28 – 9th floor 20231-030 – Rio de Janeiro, RJ Fede ...

Financial Performance - Net income for the three months ended September 30, 2025, was $13.6 million, or $0.88 per diluted share, compared to $13.5 million, or $0.97 per diluted share, for the same period in 2024[155]. - Net interest income for the three months ended September 30, 2025, was $77.9 million, an increase of $5.6 million, or 7.8%, compared to $72.3 million for the same period in 2024[160]. - Net interest income for the nine months ended September 30, 2025, was $230.7 million, an increase of $30.0 million, or 15.0%, compared to $200.7 million for the same period in 2024[175]. - Noninterest income for the three months ended September 30, 2025, was $66.8 million, a decrease of $12.0 million, or 15.2%, from $78.8 million in the same quarter of 2024[202]. - For the nine months ended September 30, 2025, noninterest income was $172.9 million, down $61.2 million or 26.1% from $234.1 million in the prior year, primarily due to lower BaaS indemnification income[204]. Loan and Deposit Growth - Total loans increased by $163.5 million, or 4.6%, during the three months ended September 30, 2025, with community bank loans up by $39.6 million, or 2.1%, and CCBX loans up by $123.9 million, or 7.4%[151]. - Loans receivable totaled $3.70 billion as of September 30, 2025, an increase of $217.3 million, or 6.2%, compared to December 31, 2024[251]. - Total deposits as of September 30, 2025, were $3.97 billion, an increase of $387.2 million, or 10.8%, compared to $3.59 billion as of December 31, 2024[302]. - CCBX total deposits increased by $310.9 million, or 15.1%, to $2.37 billion as of September 30, 2025, compared to $2.06 billion as of December 31, 2024[303]. Interest Income and Expense - Interest income from interest-earning deposits with other banks increased by $3.2 million, or 67.5%, to $8.0 million for the quarter ended September 30, 2025[162]. - Interest expense decreased by $1.8 million to $31.1 million for the quarter ended September 30, 2025, with interest on deposits at $30.5 million, down from $32.1 million in the prior year[163]. - The average rate paid on total deposits decreased to 3.04% for the three months ended September 30, 2025, down from 3.59% for the same period in 2024[309]. Credit Quality and Losses - The provision for credit losses for the nine months ended September 30, 2025, was $143.6 million, a decrease of $69.4 million compared to $213.0 million for the same period in 2024[198]. - Net charge-offs for the nine months ended September 30, 2025, totaled $146.8 million, compared to $158.7 million for the same period in 2024[290]. - The allowance for credit losses as a percentage of loans was 4.69% at September 30, 2025, compared to 5.03% at September 30, 2024[192]. Asset Management - As of September 30, 2025, total assets were $4.55 billion, total loans receivable were $3.70 billion, total deposits were $3.97 billion, and total shareholders' equity was $475.3 million[149]. - Total interest earning assets for Q3 2025 were $4.41 billion, generating interest income of $109.03 million, compared to $3.88 billion and $105.17 million in Q3 2024[170]. - The company sold $3.66 billion in CCBX loans during the nine months ended September 30, 2025, as part of its strategy to optimize the CCBX portfolio[246]. Operational Efficiency - The efficiency ratio improved to 48.50% for the three months ended September 30, 2025, down from 60.98% in the previous quarter[346]. - Return on average assets improved to 1.19% for the three months ended September 30, 2025, up from 0.99% in the previous quarter[346]. - Return on average equity increased to 11.52% for the three months ended September 30, 2025, compared to 9.72% in the previous quarter[346]. Noninterest Expenses - Total noninterest expense for the nine months ended September 30, 2025, was $215.0 million, an increase of $36.0 million or 20.2% from $178.9 million in the prior year[212]. - Salaries and employee benefits for the three months ended September 30, 2025, increased by $3.1 million or 18.1% to $20.1 million compared to $17.1 million in 2024[211]. - Noninterest expenses for CCBX increased by $25.4 million, or 20.0%, to $152.2 million as of September 30, 2025, compared to $126.9 million as of September 30, 2024[246]. Strategic Initiatives - Six existing partner programs are being expanded to include new products such as lines of credit and credit cards, with Robinhood's deposit program expected to ramp up in Q4 2025[154]. - The company expects to continue selling CCBX loans as part of its ongoing strategy to manage the loan portfolio and credit quality[267]. - The company has portfolio limits with partners to manage loan concentration risk, with capital call lines outstanding balance totaling $177.5 million as of September 30, 2025[338].

Financial Performance - For the three months ended September 30, 2025, net interest income was $68.2 million, a decrease of $3.7 million (approximately 5.1%) compared to $71.8 million for the same period in 2024[223] - Net loss for the three months ended September 30, 2025, was $67.5 million, compared to a net income of $21.8 million for the same period in 2024, representing a decrease of $89.3 million[224] - Pre-provision net revenue (PPNR) for the three months ended September 30, 2025, was $28.8 million, down from $35.2 million for the same period in 2024, a decrease of approximately 18.2%[225] - For the nine months ended September 30, 2025, net interest income was $201.6 million, a decrease of $16.3 million (approximately 7.5%) compared to $217.9 million for the same period in 2024[223] - PPNR for the nine months ended September 30, 2025, was $87.9 million, significantly higher than $3.7 million for the same period in 2024, indicating a substantial improvement[226] Credit Losses - The provision for credit losses for the three months ended September 30, 2025, was $113.2 million, an increase of $103.1 million compared to $10.1 million for the same period in 2024[223] - The significant increase in the provision for credit losses was the primary driver for the net loss reported for the three and nine months ended September 30, 2025[224] - Provision for credit losses for loans increased significantly to $113.2 million in Q3 2025 from $10.1 million in Q3 2024, reflecting a rise in net charge-offs[246] - The total charge-offs for the nine months ended September 30, 2025, amounted to $236.7 million, significantly higher than $29.5 million for the same period in 2024, with net charge-offs of $235.9 million[308] - The qualitative reserve for credit losses increased due to continued uncertainty in the commercial real estate market, particularly in the office sector[249] Noninterest Income and Expenses - Noninterest income for the three months ended September 30, 2025, was $2.5 million, a decrease of $4.5 million (approximately 64.2%) compared to $7.0 million for the same period in 2024[223] - Noninterest expense for the three months ended September 30, 2025, was $41.9 million, a decrease of $1.7 million (approximately 3.9%) compared to $43.6 million for the same period in 2024[223] - Total noninterest expense for Q3 2025 decreased by $1.7 million or 4% compared to Q3 2024, primarily due to lower legal, accounting, and professional fees[262] - For the first nine months of 2025, total noninterest expense decreased by $99.3 million or 43% compared to the same period in 2024, largely due to a $104.2 million goodwill impairment in 2024[263] Assets and Equity - As of September 30, 2025, total assets were $10.82 billion, a decrease of $314 million from $11.13 billion as of December 31, 2024, driven by a $630.2 million decrease in loans held for investment[270] - Total shareholders' equity decreased by 8% to $1.12 billion as of September 30, 2025, compared to $1.23 billion as of December 31, 2024[232] - The ratio of common equity to total assets decreased to 10.39% as of September 30, 2025, from 11.02% as of December 31, 2024[232] - Book value per share decreased by 8.87% to $37.00 as of September 30, 2025, from $40.60 as of December 31, 2024[275] Loan Portfolio - Loans held for investment decreased by $630.2 million or 7.9% to $7.3 billion as of September 30, 2025, with a notable shift towards commercial lending[279] - The loan portfolio consisted of 82% real estate-related loans as of September 30, 2025, with non-owner occupied commercial real estate representing 61% of the total[281] - The total loan portfolio as of September 30, 2025, was $7.3 billion, with $2.99 billion maturing in one year or less[296] - The Company has executed balance sheet optimization actions to reduce commercial real estate loan concentration, reflecting a strategic focus on improving portfolio resilience and risk-adjusted returns[294] Liquidity and Capital - As of September 30, 2025, the Company had primary sources of liquidity amounting to $2.1 billion, which included interest-bearing deposits and other short-term investments[363] - The total secondary sources of liquidity available as of September 30, 2025, were $4.8 billion, including FHLB unused availability and other brokered deposit programs[363] - The Company believes it has sufficient liquidity sources to meet current and projected funding needs, totaling $6.9 billion as of September 30, 2025[363] - The Company and the Bank exceeded all Basel III capital requirements, including a minimum CET1 ratio of 7.0%[372] Interest Rates and Margin - The cost of funds was 3.16% for the three months ended September 30, 2025, compared to 3.69% for the same period in 2024[236] - The net interest margin was 2.43% for the three months and 2.37% for the nine months ended September 30, 2025, compared to 2.37% and 2.40% for the same periods in 2024, reflecting a 6 basis point increase and a 3 basis point decrease, respectively[229] - The simulation analysis indicated a 26.2% increase in net interest income with a 400 basis point increase in interest rates over the next 12 months[398] - The Company experienced a decrease in 12-month net interest income of 6.8% with a 100 basis point decrease in market interest rates as of September 30, 2025[400] Nonperforming Assets - Nonperforming assets totaled $133.3 million as of September 30, 2025, representing 1.23% of total assets, down from $211.4 million or 1.90% of total assets as of December 31, 2024[312] - Total nonperforming loans had an amortized cost of $118.6 million as of September 30, 2025, representing 1.62% of total loans, a decrease from $208.7 million or 2.63% of total loans as of December 31, 2024[314] - The performing office coverage ratio was 11.36% as of September 30, 2025, up from 3.81% as of December 31, 2024[306] Dividends - The Company announced a quarterly cash dividend of $0.010 per share, payable on November 14, 2025[373]

Revenue and Profitability - For the three months ended September 30, 2025, revenue was approximately $725.1 million, an increase of $459.4 million, or 172.9%, from $265.7 million for the same period in 2024[226] - North America revenue increased by $454.9 million, or 184.1%, primarily due to the Alani Nu Acquisition, contributing approximately $332.0 million[227] - Gross profit for the three months ended September 30, 2025, increased by $250.1 million to $372.3 million, a 204.6% increase from $122.2 million in the same period in 2024[229] - Gross profit margin improved to 51.3% for the three months ended September 30, 2025, compared to 46.0% for the same period in 2024[229] - For the nine months ended September 30, 2025, revenue was approximately $1,793.6 million, an increase of $770.2 million, or 75.3%, from $1,023.4 million for the same period in 2024[239] - North America revenue increased by $754.0 million, or 77.8%, primarily driven by the Alani Nu Acquisition, contributing approximately $633.2 million[240] - Gross profit for the nine months ended September 30, 2025, increased by $412.0 million to $925.5 million, an increase of 80.2%, with a gross profit margin of 51.6%[243] Expenses and Losses - Selling, general and administrative expenses for the three months ended September 30, 2025, were $205.6 million, an increase of $80.2 million, or 64.0%, from $125.4 million in 2024[230] - Selling, general and administrative expenses for the nine months ended September 30, 2025, were $563.8 million, an increase of $224.5 million, or 66.2%, from $339.3 million for the same period in 2024[244] - Net loss attributed to common stockholders for the three months ended September 30, 2025, was $70.7 million, representing a basic loss per share of $(0.27)[238] Cash Flow and Financing - Cash flows provided by operating activities totaled $478.9 million for the nine months ended September 30, 2025, compared to $187.2 million for the same period in 2024, reflecting a $291.7 million increase[257] - Cash flows used in investing activities totaled $1,278.7 million for the nine months ended September 30, 2025, primarily due to the Alani Nu Acquisition[258] - Cash flows provided by financing activities totaled $839.9 million for the nine months ended September 30, 2025, driven by debt incurred for the Alani Nu Acquisition[259] - The company had unrestricted cash and cash equivalents of approximately $806.0 million as of September 30, 2025[250] Tax and Interest Rates - The effective tax rate for the nine months ended September 30, 2025, was 18.7%, compared to 20.1% for the same period in 2024[247] - The interest rate on the company's $897.8 million term loan related to the Alani Nu Acquisition was 7.29%[267] - If the applicable interest rate increased by 1%, the company's annual debt service would increase by approximately $8.8 million[267] Strategic Partnerships and Market Presence - The strategic partnership with Pepsi was expanded, designating Pepsi as the primary distributor of Alani Nu and Rockstar products in the U.S. and Canada[222] - Celsius continues to expand its global presence, with international markets contributing approximately $5.4 million in revenue for the three months ended September 30, 2025[228] - The company introduced CELSIUS Hydration in 2025, a line of non-caffeinated, zero-sugar hydration powders[215] Acquisitions and Valuation - Termination fees of $246.7 million were incurred for the three months ended September 30, 2025, due to the termination of certain former Alani Nu distributors[232] - Total other expense for the three months ended September 30, 2025, was $8.0 million, reflecting an unfavorable change of $19.4 million compared to other income of $11.4 million in 2024[233] - The company engages third-party valuation specialists for fair value analyses of acquisitions and preferred stock[265] - Key assumptions for preferred stock valuation include equity volatility and the probability of meeting triggering conditions[265] - The company accounts for acquisitions using the acquisition method, recognizing identifiable assets and liabilities at fair value[262] - Any excess of purchase consideration over fair values of identifiable net assets is recorded as goodwill[263] Market Risk - The company does not currently use hedging agreements or financial instruments to manage commodity price risks[266] - The company is exposed to fluctuations in commodity prices, including aluminum cans and sweeteners, which may affect raw material costs[266] - There have been no material changes to market risk information since the last annual report[269]

Financial Performance - Net operating revenues for Q3 2025 totaled $382,661,000, an increase of 12.5% compared to $340,198,000 in Q3 2024, driven by an 8.7% increase in same-facility revenues and the acquisition of White Oak Management[1] - Adjusted net income for Q3 2025 was $24,744,000, a 24.3% increase from $19,910,000 in Q3 2024, while GAAP net income was $39,239,000 compared to $42,789,000 in the same period last year[2] - GAAP diluted earnings per share for Q3 2025 were $2.50, down from $2.73 in Q3 2024, while adjusted diluted earnings per share increased to $1.58 from $1.27[2] - The company reported a total of $352,283,000 in costs and expenses for Q3 2025, up from $317,409,000 in Q3 2024[8] Patient Care Metrics - Total skilled nursing patient days increased to 740,373 in Q3 2025, up from 673,378 in Q3 2024, reflecting growth in Medicare and Managed Care patient days[9] - Average skilled nursing per diem for Medicare increased to $613.12 in Q3 2025 from $578.12 in Q3 2024, while Managed Care per diem decreased to $417.32 from $459.94[9] Assets and Cash Position - Cash, cash equivalents, and marketable securities rose to $297,383,000 as of September 30, 2025, compared to $216,185,000 at the end of 2024[8] - Total assets increased to $1,572,142,000 as of September 30, 2025, compared to $1,524,429,000 at the end of 2024[8] Dividends and Shareholder Returns - Dividends declared per common share increased to $0.64 in Q3 2025 from $0.61 in Q3 2024[8] Operational Overview - NHC affiliates operate 80 skilled nursing facilities with 10,329 beds, alongside 26 assisted living communities and other health care services[4]

Premiums and Revenue - Direct written premiums for the three months ended September 30, 2025, increased by 5.0% to $334,181, compared to $318,182 in the same period of 2024[127]. - For the nine months ended September 30, 2025, direct written premiums rose to $978,980, a 8.6% increase from $901,032 in 2024[127]. - Net written premiums for Q3 2025 rose by $16,603, or 5.7%, to $309,215 from $292,612 in Q3 2024[154]. - Net earned premiums for Q3 2025 increased by $32,364, or 12.5%, to $291,021 compared to $258,657 in Q3 2024[155]. - Total revenue for the nine months ended September 30, 2025 was $944,397, up from $833,298 in the same period of 2024[152]. Losses and Expenses - Losses and loss adjustment expenses for the three months ended September 30, 2025, increased by $22,493, or 12.3%, to $204,982 from $182,489 in 2024[129]. - The loss ratio for the three months ended September 30, 2025, decreased to 70.4% from 70.6% in 2024, while the expense ratio improved to 28.5% from 30.1%[136]. - Underwriting, operating, and related expenses for the three months ended September 30, 2025 increased by $5,159, or 6.6%, to $83,027 from $77,868 in the comparable 2024 period[175]. - Losses and loss adjustment expenses for Q3 2025 were $204,982, compared to $182,489 in Q3 2024[152]. Income and Profitability - Non-GAAP operating income for the three months ended September 30, 2025, was $21,883, up from $16,524 in the same period of 2024, representing a 32.5% increase[130]. - Net income for the three months ended September 30, 2025 was $28,310, compared to $25,889 for the same period in 2024, reflecting a year-over-year increase of 9.3%[178]. - Non-GAAP operating income for Q3 2025 was $21,883, compared to $16,524 in Q3 2024, reflecting a significant increase[152]. Investment Performance - Net investment income for Q3 2025 grew by $3,325, or 27.2%, to $15,535 from $12,210 in Q3 2024[157]. - The net effective annualized yield on the investment portfolio was 4.0% for both Q3 2025 and the nine months ended September 30, 2025, compared to 3.4% and 3.9% respectively in the comparable periods of 2024[157]. - The company uses a systematic methodology to evaluate declines in fair values of investments, considering factors such as issuer financial condition and historical volatility[234]. Market Position and Ratings - The company has established a strong market position, being the third largest private passenger automobile carrier with a 9.7% market share in Massachusetts[123]. - A.M. Best reaffirmed the company's "A (Excellent)" rating on June 20, 2025[124]. Reserves and Capital - The total net reserves for losses and loss adjustment expenses (LAE) were estimated at $577,917 as of September 30, 2025, with a range of estimations between $537,736 and $603,892[208]. - The company’s total net reserves for losses and LAE include retained reserves of $544,632 and assumed reserves of $33,285 as of September 30, 2025[217]. - The company reported total capital of $758,789 as of December 31, 2024, exceeding the minimum statutory capital requirement of $236,219[196]. Dividends and Share Repurchase - The maximum dividend available for 2025 without prior approval of the Commissioner was $75,879, based on a statutory surplus of $758,789 as of December 31, 2024[190]. - The company paid quarterly dividends of $0.90 per share for the first two quarters of 2025, increasing to $0.92 per share in the third quarter, totaling $13,370, $13,384, and $13,641 in dividends paid and accrued respectively[193]. - As of September 30, 2025, the company had authorized a cumulative share repurchase program of up to $200,000, with no shares repurchased during the three and nine months ended September 30, 2025[194]. Forward-Looking Statements and Risks - Forward-looking statements regarding the company’s strategy for growth and financial results are subject to risks and uncertainties that could materially affect actual outcomes[238]. - The company does not undertake any obligation to update forward-looking statements after their initial date[240].

Financial Position - Total assets increased by $45.5 million, or 2.2%, to $2.11 billion as of September 30, 2025, compared to $2.07 billion at December 31, 2024[187] - Cash and cash equivalents rose by $37.1 million, or 15.8%, totaling $272.4 million at September 30, 2025, primarily due to a $22.8 million increase in deposits[188] - Total deposits reached $1.78 billion as of September 30, 2025, reflecting a $22.8 million, or 1.3%, increase from $1.76 billion at December 31, 2024[207] - Stockholders' equity increased to $179.3 million at September 30, 2025, a rise of $10.9 million, or 6.4%, from $168.4 million at December 31, 2024[215] - Total liquidity available increased to $671.1 million at September 30, 2025, compared to $616.6 million at December 31, 2024[258] Loan Performance - Net loans and leases increased by $6.3 million, or 0.4%, to $1.73 billion at September 30, 2025, driven by a $54.3 million increase in commercial real estate loans[190] - Nonperforming loans decreased by $5.0 million to $10.0 million at September 30, 2025, resulting in a ratio of 0.57% to total loans[196] - Total past due loans decreased by $6.9 million to $5.6 million at September 30, 2025, representing 0.3% of the loan portfolio[201] - The level of total criticized and classified loans decreased by $7.2 million, or 21.8%, during the nine months ended September 30, 2025[199] Income and Expenses - As of September 30, 2025, net income totaled $2.3 million, a decrease of 45.2% from $4.2 million for the same period in 2024[218] - Net interest income for the quarter ended September 30, 2025 was $13.8 million, an increase of $2.3 million, or 20.3%, compared to $11.5 million for the same quarter in 2024[219] - Noninterest income for the quarter ended September 30, 2025 was $1.7 million, an increase of $112,000, or 7.0%, from $1.6 million in the same quarter of 2024[225] - Noninterest expense increased to $23.4 million for the nine months ended September 30, 2025, up $1.9 million, or 9.0%, from $21.5 million in 2024, primarily due to increased salaries and employee benefits[238] Credit Losses - The allowance for credit losses on loans decreased by $633,000, or 3.6%, to $16.8 million at September 30, 2025, with a ratio of 0.97% to total loans[191] - The provision for credit losses expense increased to $5.1 million for the quarter ended September 30, 2025, up from $558,000 in the same quarter of 2024[223] - Provision for credit losses increased to $7.1 million for the nine months ended September 30, 2025, reflecting an increase of $1.7 million compared to $5.4 million in 2024[236] Interest Income and Expense - Interest income increased to $89.9 million for the nine months ended September 30, 2025, up $1.5 million, or 1.7%, from $88.4 million in 2024, primarily due to a $52.3 million, or 3.1%, increase in average loans and leases outstanding[234] - Interest expense decreased to $49.2 million for the nine months ended September 30, 2025, down $5.1 million, or 9.3%, from $54.3 million in 2024, attributed to a 54bps decrease in the average rate of interest-bearing deposits[235] - Interest expense decreased to $16.6 million for the quarter ended September 30, 2025, down $2.0 million, or 10.6%, compared to $18.5 million for the same quarter in 2024[221] Taxation - Income tax expense was $2.9 million for the nine months ended September 30, 2025, an increase of $878,000, or 43.7%, compared to $2.0 million in 2024[239] - The effective tax rate for the nine months ended September 30, 2025, was approximately 19.7%, compared to approximately 18.3% for the same period in 2024[239] Operational Efficiency - The net interest margin improved to 2.76% for the quarter ended September 30, 2025, an increase of 35 basis points from 2.41% in the third quarter of 2024[219] - The net interest margin for the nine months ended September 30, 2025, was 2.74%, an increase of 36bps from 2.38% in 2024[247] - Average interest-earning assets increased to $1.976 billion for the nine months ended September 30, 2025, with total interest-earning assets generating $89.9 million in interest income[247] Liquidity and Borrowing - Additional borrowing capacity at the FHLB decreased by $4.7 million, or 2.5%, to $181.6 million due to a decline in pledged collateral[259] - Additional borrowing capacity at the FRB increased by $18.3 million, or 14.4%, to $145.7 million, providing access to short-term funds[260] - The Holding Company had an outstanding balance of $43.0 million on its credit facility as of September 30, 2025[270] - Annual debt service on subordinated debentures is approximately $370,000, with an interest rate of 7.11% as of September 30, 2025[268] - The annual debt service on the Company's $10 million fixed-to-floating rate subordinated notes is approximately $840,000, with an interest rate of 8.40% as of September 30, 2025[269] Internal Controls and Compliance - The company maintains effective disclosure controls and procedures as of September 30, 2025, ensuring timely reporting and decision-making[277] - There were no changes in internal controls over financial reporting in Q3 2025 that materially affected the company's internal control[278]