Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 (State or other jurisdiction of incorporation or organization) Delaware 85-4314201 (I.R.S. Employer Identification Number) 44 Milton Avenue Alpharetta, GA 30009 (Address of Principal Executive Offices) (866) 620-8655 (Registrant's telephone number) or ☐ TRANSIT ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39811 Dogwood Therapeutics, Inc. (Exact name of registrant as specified in its charter) (State or other j ...

Financial Performance - Preliminary net income for Q4 2025 was $117.6 million, or $0.21 per diluted share, a 27% increase from the previous quarter and a recovery from a net loss of $84.7 million in Q4 2024[2] - Adjusted net income for Q4 2025 was $357.5 million, a 36% increase from the previous quarter, with adjusted diluted earnings per share at $0.67[6] - Net income attributable to Franklin Resources, Inc. was $117.6 million in Q4 2025, a significant recovery from a net loss of $84.7 million in Q4 2024[12] - Earnings per share (EPS) for Q4 2025 were $0.21, compared to a loss of $0.19 per share in Q4 2024[12] - Operating income for Q4 2025 was $85.4 million, a turnaround from an operating loss of $150.7 million in Q4 2024[12] - Total operating revenues for Q4 2025 reached $2,343.7 million, a 6% increase from $2,211.2 million in Q4 2024[12] - Total operating revenues for the twelve months ended September 30, 2025, were $8,770.7 million, up from $8,478.0 million in the previous year, representing a 3.4% growth[25] - Adjusted net income for the three months ended September 30, 2025, was $357.5 million, compared to $263.4 million for the previous quarter, indicating a 35.7% increase[26] - Diluted earnings per share for the twelve months ended September 30, 2025, were $0.91, up from $0.85 in the previous year, marking a 7.1% increase[26] - Adjusted diluted earnings per share for the three months ended September 30, 2025, was $0.67, compared to $0.49 for the previous quarter, reflecting a 36.7% increase[26] Assets Under Management (AUM) - Total assets under management (AUM) reached $1,661.2 billion, up $49.4 billion during the quarter, despite $11.9 billion in long-term net outflows[6] - Alternative AUM reached a record $270 billion, bolstered by the Apera Asset Management acquisition and strong fundraising of $26.2 billion[3] - Total AUM at September 30, 2025, was $1,661.2 billion, a 3% increase from $1,611.8 billion at June 30, 2025[16] - The average AUM for the three months ended September 30, 2025, was $1,633.7 billion, a 4% increase from $1,565.2 billion for the previous quarter[15] - Equity AUM increased by 5% to $686.2 billion from $656.6 billion at June 30, 2025[15] - Fixed Income AUM decreased by 1% to $438.7 billion from $441.7 billion at June 30, 2025[15] - Total international AUM decreased by 1% to $489.7 billion from $496.9 billion at June 30, 2025[16] Cash Flow and Shareholder Returns - The company returned $930 million to shareholders through dividends and share repurchases during the fiscal year[4] - Cash and cash equivalents totaled $5.5 billion, with total stockholders' equity at $13.0 billion as of September 30, 2025[7] - The company declared dividends of $0.32 per share in Q4 2025, a 3% increase from $0.31 per share in Q4 2024[12] Operating Performance - The company reported an operating margin of 3.6% for Q4 2025, down from 7.5% in the previous quarter[6] - Total operating expenses decreased by 4% to $2,258.3 million in Q4 2025, down from $2,361.9 million in Q4 2024[12] - Operating margin improved to 3.6% in Q4 2025, compared to a negative margin of 6.8% in Q4 2024[12] - The adjusted operating margin for the twelve months ended September 30, 2025, was 24.5%, compared to 26.1% in the previous year[25] Inflows and Outflows - Long-term inflows increased to $84.6 billion, a 12% rise from the prior quarter, while long-term net outflows totaled $11.9 billion[2] - Excluding Western Asset Management, the company achieved $11.4 billion in net inflows, marking the eighth consecutive quarter of positive flows[2] - Long-term inflows for the three months ended September 30, 2025, were $84.6 billion, compared to $82.5 billion for the same period in 2024[14] - Long-term net flows for the twelve months ended September 30, 2025, were $(97.4) billion, a significant increase in outflows compared to $(32.6) billion for the previous year[14] - Cash management net flows for the three months ended September 30, 2025, were $7.2 billion, a recovery from $(0.2) billion in the same period last year[14] Future Outlook - The institutional pipeline of won-but-unfunded mandates stands at $20.4 billion, indicating a healthy outlook for future funding[2] - The company is focusing on enhancing its product offerings and expanding its market presence to drive future growth[19] Impairment and Expenses - Impairment of intangible assets decreased by 48% to $202.2 million in Q4 2025, down from $389.2 million in Q4 2024[12] - Acquisition-related retention expenses for the twelve months ended September 30, 2025, totaled $162.4 million, down from $263.6 million in the previous year[26]

Financial Performance - Gross Merchandise Value (GMV) for Q3 2025 was $89.1 million, a 5.2% increase from $84.6 million in Q3 2024[94] - Net revenue for Q3 2025 was $22.0 million, up 4% from $21.2 million in Q3 2024, driven by an increase in average order value[111] - Net revenue for the nine months ended September 30, 2025, was $66.7 million, up $1.2 million or 2% from $65.5 million in 2024, driven by an increase in GMV and average order value[121] Order and Buyer Metrics - Number of Orders decreased to 31,960 in Q3 2025 from 33,347 in Q3 2024, representing a decline of 4.1%[94] - Active Buyers remained stable at 63,195 in Q3 2025 compared to 62,527 in Q3 2024, showing a slight increase of 1.1%[94] Profitability and Loss - Adjusted EBITDA for Q3 2025 was $(243) thousand, an improvement from $(2,983) thousand in Q3 2024[94] - Loss from operations improved to $(4.7) million in Q3 2025 compared to $(7.4) million in Q3 2024[109] - Net loss for Q3 2025 was $(3.5) million, a decrease from $(5.7) million in Q3 2024, reflecting a 38.4% improvement[109] Revenue Composition - Marketplace transaction fees accounted for 74% of net revenue in both Q3 2025 and Q3 2024, while subscription fees represented 21% and 22% respectively[112] Expenses - Total operating expenses decreased to $21.0 million in Q3 2025 from $22.4 million in Q3 2024, a reduction of 6.3%[109] - Cost of revenue decreased to $5.6 million for the three months ended September 30, 2025, down $0.5 million or 8% from $6.2 million in 2024, primarily due to lower shipping expenses and credit card processing fees[113] - Sales and marketing expenses were $8.0 million for the three months ended September 30, 2025, a decrease of $1.2 million or 13% from $9.1 million in 2024, mainly due to reduced performance-based marketing[115] - Technology development expenses rose to $5.9 million for the three months ended September 30, 2025, an increase of $0.4 million or 8% from $5.5 million in 2024, primarily due to higher salaries and benefits[116] Cash Flow and Investments - As of September 30, 2025, the company had cash, cash equivalents, and short-term investments totaling $93.4 million, with an accumulated deficit of $345.0 million[135] - Net cash used in operating activities for the nine months ended September 30, 2025, was $6.7 million, compared to $5.7 million for the same period in 2024[142][144] - For the nine months ended September 30, 2025, net cash provided by investing activities was $4.2 million, primarily from $56.8 million in maturities and sales of short-term investments[145] Future Outlook and Risks - The company continues to face challenges from macroeconomic factors, including housing market volatility and global economic developments, impacting GMV and net revenue[111] - The company expects to continue incurring substantial expenditures to support ongoing activities and may need to borrow funds or raise additional equity for long-term objectives[136][137] - The company performed a goodwill impairment assessment, indicating that goodwill may be at risk of impairment in the future due to a decline in stock price[149] - A hypothetical 100 basis point change in interest rates could result in an approximate $0.7 million increase or decrease in cash, cash equivalents, and short-term investments[156] - An adverse 10% change in current exchange rates could lead to a decrease of no more than $2.4 million in net revenue for the nine months ended September 30, 2025[158] Accounting and Compliance - The company has maintained provisions for potential credit losses, with no single customer accounting for more than 10% of net revenue for the periods ended September 30, 2025, and 2024[159] - The company is classified as an emerging growth company and has elected to delay adopting new accounting standards until they apply to private companies[152] Stock Repurchase Program - The 2023 Stock Repurchase Program authorized repurchases of up to $25.5 million, with 4,926,635 shares repurchased at a cost basis of $25.4 million as of September 30, 2025[138][140]

Investment Income - Total investment income for Q3 2025 was $1.6 million, a decrease of $639,000, or 29%, compared to the same period last year[4] - Total investment income for the three months ended September 30, 2025, was $1,579,623, a decrease from $2,218,454 for the same period in 2024, representing a decline of 29%[22] - Net investment income increased to $993,000, or $0.33 per share, compared to $887,000, or $0.34 per share in Q3 2024[11] - Net investment income before income taxes for the nine months ended September 30, 2025, was $4,666,715, compared to $1,208,254 for the same period in 2024, showing an increase of 287%[22] - The company reported a net investment income of $992,579 for the three months ended September 30, 2025, compared to $887,035 for the same period in 2024, an increase of 12%[25] - For the three months ended September 30, 2025, the net investment income per share was $0.33, a decrease from $0.34 for the same period in 2024[31] - For the nine months ended September 30, 2025, the net investment income per share was $1.60, significantly higher than $0.47 for the same period in 2024[31] - Adjusted net investment income per share for the three months ended September 30, 2025, was $0.33, compared to $0.46 for the same period in 2024[31] - Adjusted net investment income per share for the nine months ended September 30, 2025, was $1.06, down from $1.27 for the same period in 2024[31] Investment Portfolio - The investment portfolio had a fair value of $44.3 million across 19 portfolio companies, a decrease of $26.5 million, or 37%, from December 31, 2024[7] - The annualized weighted average yield on debt investments, including PIK interest, was 12.2%, down from 13.8% at year-end 2024[7] - Net realized loss on sales and dispositions of investments for the three months ended September 30, 2025, was $(2,927,329), compared to a gain of $7,230,082 for the same period in 2024[25] - The net change in unrealized appreciation/depreciation on investments for the nine months ended September 30, 2025, was $(11,812,832), compared to $(544,037) for the same period in 2024[25] Liquidity and Expenses - Rand ended the quarter with nearly $28 million in total liquidity and no debt outstanding[4] - The company received $8.3 million in loan repayments and funded $2.9 million in new and follow-on investments during the third quarter[4] - Adjusted expenses were $596,000, a decrease from $1.0 million in Q3 2024[11] - Total expenses for the nine months ended September 30, 2025, were $523,109, significantly lower than $5,213,568 for the same period in 2024, indicating a reduction of 90%[28] - Adjusted total expenses for the nine months ended September 30, 2025, were $2,088,109, down from $3,147,268 for the same period in 2024, a decrease of 34%[28] Dividends - A quarterly dividend of $0.29 per share was paid during the third quarter[13] - The company declared dividends totaling $861,246 for the three months ended September 30, 2025, compared to $748,496 for the same period in 2024, reflecting an increase of 15%[25] Shareholder Information - The weighted average shares outstanding increased to 2,969,814 for the three months ended September 30, 2025, compared to 2,581,021 for the same period in 2024[30] - The increase in shares outstanding was partly due to the fourth quarter 2024 dividend being paid in shares of common stock[30] - The company reported expenses (credits) for capital gains incentive fees of $0.12 per share for the three months ended September 30, 2024, and $(0.54) per share for the nine months ended September 30, 2025[31] Financial Performance Insights - The company emphasizes that Adjusted Net Investment Income should not be considered in isolation from GAAP financial results[29] - The presentation of Adjusted Net Investment Income per Share is intended to provide useful information regarding financial performance and trends[29] - The company believes that the Adjusted Net Investment Income per Share is a useful measure for investors to assess financial and business trends[29]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition Period from to Commission File No. 001-32141 ASSURED GUARANTY LTD. (Exact name of registra ...

Revenue and Profit Performance - Revenues for the thirteen weeks ended September 28, 2025, decreased by approximately $2.9 million (9.8%) to $26.895 million, primarily due to a 12.0% reduction in billed hours driven by lower demand and increased competition[116] - Gross profit for the same period decreased by approximately $1.0 million (9.7%) to $9.660 million, consistent with the revenue decline, partially offset by higher permanent placement business[117] - For the thirty-nine weeks ended September 28, 2025, revenues decreased by approximately $8.8 million (11.0%) to $71.284 million, attributed to a 12.3% reduction in billed hours[120] - Gross profit for the thirty-nine weeks decreased by approximately $4.0 million (13.5%) to $25.630 million, aligning with the revenue decline[120] - The company recorded a net loss from continuing operations of $3.078 million for the thirteen weeks ended September 28, 2025, compared to a net loss of $1.812 million for the same period in 2024[115] - Net loss from continuing operations for the thirty-nine weeks ended September 28, 2025, was $10.3 million, an increase from a loss of $5.9 million in the same period of 2024[127] - Adjusted EBITDA for the thirteen weeks ended September 28, 2025, was $980,000, representing a margin of 3.6% of revenue, compared to $75,000 and 0.3% for the same period in 2024[127] - Adjusted EBITDA from discontinued operations was $144,000 for the thirteen weeks ended September 28, 2025, compared to $3.9 million for the same period in 2024[127] Expenses and Cost Management - Selling, general, and administrative expenses decreased by $1.1 million (10.0%) to $10.223 million, mainly due to reduced compensation costs from a lower headcount[117] - Interest expense, net increased by $1.1 million (30.6%) primarily due to adjustments related to debt issuance costs and the repayment of the existing Term Loan and Revolving Facility[121] - Cash used in operating activities from continuing operations was $1.8 million for Fiscal 2025, a decrease of $18.2 million compared to $16.4 million provided in Fiscal 2024[134] Cash Flow and Liquidity - Cash provided by investing activities included net proceeds from the sale of BGSF Professional of approximately $91.5 million, with minimal capital expenditures in Fiscal 2025[135] - The company declared a special dividend of $2.00 per share, totaling approximately $20.0 million in available cash as of September 30, 2025[129] - Working capital from continuing operations increased to $31.5 million as of September 28, 2025, compared to $6.9 million as of December 29, 2024[132] - The company paid off its Term Loan, Revolving Facility, and Convertible Note totaling $47.3 million during Fiscal 2025[137] - The company’s primary sources of liquidity included cash generated from operations and borrowings under a revolving credit facility, with a focus on maintaining sufficient liquidity for operational needs[129] - Future growth opportunities may require new debt or equity financing, which could be adversely affected if favorable terms are not secured[130] Strategic Initiatives and Market Position - The company announced a cost restructuring plan in December 2024 as part of its strategic review process to maximize shareholder value[112] - The company operates primarily in the Property Management segment across 44 states and D.C., providing workforce solutions for property management companies[112] - The company experienced seasonal fluctuations, with demand typically peaking in the second and third quarters due to increased activity in multifamily units during summer[113] Tax and Regulatory Considerations - The current provision for income taxes includes estimated amounts payable or refundable for the year, with penalties recognized as part of selling, general, and administrative expenses[151] - Deferred tax assets and liabilities are recorded for estimated future tax effects of temporary differences, with net deferred tax assets subject to a valuation allowance if future tax benefits may not be realized[151] Risk Factors - The company is primarily exposed to inflation risks, which have been moderated through adjustments in the pricing model[153]

Financial Performance - Revenues for Q3 2025 were $26.9 million, a 14.4% increase from $23.5 million in Q2 2025, driven by increased billed hours from seasonal demand[6] - Gross profit for Q3 2025 was $9.7 million, up from $8.4 million in Q2 2025, primarily due to higher sales[6] - Net loss for Q3 2025 was $3.1 million, or $0.28 per diluted share, compared to a net loss of $4.9 million, or $0.44 per diluted share in Q2 2025[6] - Adjusted EBITDA for Q3 2025 was $980,000, representing 3.6% of revenues, compared to a loss of $1.1 million, or (4.9%) of revenues in Q2 2025[6] - Revenues for the thirteen weeks ended September 28, 2025, were $26,895,000, a decrease of 10.0% compared to $29,824,000 for the same period in 2024[15] - Gross profit for the thirty-nine weeks ended September 28, 2025, was $25,630,000, down 13.5% from $29,635,000 in 2024[15] - Net loss from continuing operations for the thirteen weeks ended September 28, 2025, was $3,078,000, compared to a loss of $1,812,000 in 2024, representing a 70% increase in losses[15] - Operating loss for the thirty-nine weeks ended September 28, 2025, was $7,135,000, significantly higher than the $3,737,000 loss in 2024[15] - Adjusted EPS from continuing operations was $0.08 for the thirteen weeks ended September 28, 2025, compared to $0.01 for the same period in 2024[28] - The operating loss for the thirteen weeks ended September 28, 2025, was $937 million, slightly improved from a loss of $1,003 million in the same period of 2024[26] Cash Flow and Assets - Cash flows from operating activities resulted in a net cash used of $1,544,000 for the thirty-nine weeks ended September 28, 2025[18] - Total current assets as of September 28, 2025, were $63.99 million, an increase from $45.35 million as of December 29, 2024[14] - Total assets as of September 28, 2025, were $41,881,000, down from $50,241,000 in 2024[17] - The company reported a net cash provided by investing activities of $91,213,000 for the thirty-nine weeks ended September 28, 2025[19] Liabilities and Expenses - Total liabilities as of September 28, 2025, were $32.89 million, down from $67.84 million as of December 29, 2024[14] - Interest expense for the thirty-nine weeks ended September 28, 2025, was $4,595,000, compared to $3,518,000 in 2024, indicating a 30.6% increase[15] - Interest expense, net, increased to $1,570 million for the thirteen weeks ended September 28, 2025, from $1,222 million in the same period of 2024[26] - Share-based compensation expenses were $545 million for the thirteen weeks ended September 28, 2025, compared to $286 million in the same period of 2024[26] Dividends and Stock Repurchase - A special dividend of $2 per share was paid on September 30, 2025, following the sale of BGSF's Professional division[7] - The company declared cash dividends of $2.00 per common share for the thirty-nine weeks ended September 28, 2025[15] - The Board approved a stock repurchase program allowing for the repurchase of up to $5 million of common stock[2] Future Outlook and Investments - The company is investing in AI-powered sales and recruiting technologies, expected to enhance efficiency in the upcoming quarters[7] - BGSF anticipates revenue growth in 2026 compared to 2025, supported by the execution of strategic initiatives[7] Tax and Contingent Considerations - The company reported an income tax benefit of $571 million for the thirteen weeks ended September 28, 2025, compared to an expense of $(413) million in the same period of 2024[26] - The company incurred a gain on contingent consideration of $450 million for the thirty-nine weeks ended September 28, 2025[26]

Financial Performance - Net sales for Q2 fiscal 2026 were $66,027, an increase of $12,464 or 23% compared to Q2 fiscal 2025, with a 32% increase in defense industry sales[70]. - Gross profit for Q2 fiscal 2026 was $14,306, up $1,507 or 12% from Q2 fiscal 2025, but gross profit margin declined by 220 basis points to 21.7%[70]. - Net income for Q2 fiscal 2026 was $3,090, with diluted earnings per share of $0.28, compared to $3,281 and $0.30 in Q2 fiscal 2025[74]. - Net income for the first six months of fiscal 2026 was $7,685 million, an increase of $1,438 million or 23% from $6,247 million in the prior year[97]. - Adjusted net income for the first six months of fiscal 2026 was $8,367 million, compared to $6,999 million in the same period of fiscal 2025[97]. - The effective tax rate for the second quarter of fiscal 2026 was 27%, up from 24% in the same quarter of fiscal 2025[95]. - Net income for the three months ended September 30, 2025, was $3,090 million, a decrease from $3,281 million in the same period of 2024, while net income for the six months ended September 30, 2025, was $7,685 million compared to $6,247 million in 2024[102]. - Adjusted EBITDA for the three months ended September 30, 2025, was $6,295 million, representing 9.5% of net sales, compared to $5,615 million and 10.5% in the same period of 2024[102]. Orders and Backlog - Orders booked in Q2 fiscal 2026 increased to $83,200 from $63,678 in Q2 fiscal 2025, resulting in a record backlog of $500,072[74]. - The company reported a book-to-bill ratio of 1.3 for the three months ended September 30, 2025, and 1.7 for the six months ended September 30, 2025, indicating strong order growth relative to sales[116]. - Total orders for the three months ended September 30, 2025, were $83,200 million, a 31% increase from $63,678 million in the same period of 2024, while total orders for the six months ended September 30, 2025, were $209,098 million, up 75% from $119,445 million in 2024[116]. - Backlog increased by $17,212 million (4%) during the quarter and $87,837 million (21%) for the first six months of fiscal 2026, reaching $500,072 million at September 30, 2025[116]. - Total backlog reached $500,072, representing a 23% increase from $407,009 in the prior year, with defense orders making up 85% of the backlog[117]. - The company expects to recognize revenue on approximately 35% to 40% of the backlog within one year[117]. Market and Sales Insights - The defense market comprised 85% of the total backlog at September 30, 2025, indicating strong demand driven by defense budget plans and geopolitical tensions[82]. - Domestic sales accounted for 83% of total sales in the second quarter of fiscal 2026, slightly down from 85% in the same quarter of fiscal 2025[87]. - Aftermarket sales to the Energy & Process and Defense markets increased by 15% year-over-year, totaling $20,230 million[88]. - The defense industry saw a 32% increase in sales, contributing $9,853 million to the overall growth, driven by project milestones and new programs[86]. - The company expects continued growth in alternative and clean energy opportunities, particularly in hydrogen production and small modular reactors[79]. Capital and Cash Management - Cash and cash equivalents at September 30, 2025, were $20,579, down from $21,577 at March 31, 2025, with no debt outstanding[74]. - Capital expenditures for the first six months of fiscal 2026 were $11,148 million, with expectations for total capital expenditures for fiscal 2026 to be between $15,000 million and $18,000 million[105]. - Cash and cash equivalents decreased to $20,579 million at September 30, 2025, from $21,577 million at March 31, 2025, primarily due to capital expenditures[106]. - The company entered into a five-year revolving credit facility with Wells Fargo providing a $50,000 million line of credit, with $5,319 million in letters of credit outstanding as of September 30, 2025[107]. - The company did not pay any dividends during the six months ended September 30, 2025, and currently has no intention to pay dividends for the foreseeable future[109]. Future Outlook - Fiscal 2026 outlook projects net sales between $225,000 and $235,000, with adjusted EBITDA estimated at $22,000 to $28,000[118]. - SG&A expenses are expected to be 17.5% to 18.5% of sales, including $6,000 to $7,000 for performance bonuses and ERP conversion costs[118]. - The company anticipates an increase in tariffs impacting financials by approximately $2,000 to $4,000 compared to the prior year[118]. - The company aims for 8% to 10% average annualized organic revenue growth and adjusted EBITDA margins in the low to mid-teens by fiscal 2027[120]. Tariffs and Foreign Currency - The company estimates the impact of tariffs on its financial statements to be approximately $1,000 million for the first six months of fiscal 2026[90]. - The estimated impact of tariffs for the first six months of fiscal 2026 is approximately $1,000, with a full-year range of $2,000 to $4,000[134]. - International sales constituted 17% of total sales in the first six months of fiscal 2026, with foreign currency fluctuations increasing cash balances by $65[131]. - The company has limited exposure to foreign currency purchases, representing about 4% of the cost of products sold[132].

Financial Performance - Net sales for Q3 2025 were $485.3 million, a decrease of 12.4% from $554.3 million in Q3 2024[3] - Net income attributable to Koppers increased to $23.8 million, up 4.4% from $22.8 million in the prior year[3] - Adjusted EBITDA for Q3 2025 was $70.9 million, down 8.4% from $77.4 million in Q3 2024[3] - Net income attributable to Koppers for the nine months ended September 30, 2025, was $26.3 million, down 58.0% from $62.6 million in 2024[26] - Operating profit for the three months ended September 30, 2025, was $51.8 million, an increase of 4.2% from $49.7 million in the same period of 2024[26] - Adjusted net income attributable to Koppers for the nine months ended September 30, 2025, was $68.9 million, compared to $71.5 million for the same period in 2024, reflecting a decrease of 3.6%[35] - Basic earnings per share attributable to Koppers common shareholders for the three months ended September 30, 2025, were $1.21, up from $1.12 in 2024[26] - Diluted earnings per share for the three months ended September 30, 2025, were $1.17, up from $1.09 in the prior year, indicating a growth of 7.3%[35] Sales and Revenue Forecast - Koppers is revising its 2025 sales forecast to approximately $1.9 billion, down from a previous range of $1.9 billion to $2.0 billion[11] - Total net sales for the three months ended September 30, 2025, were $485.3 million, a decrease of 12.5% compared to $554.3 million for the same period in 2024[33] - Performance Chemicals segment net sales decreased to $144.3 million in Q3 2025 from $176.7 million in Q3 2024, a decline of 18.3%[33] Operational Efficiency and Strategy - The company completed the sale of its Railroad Structures business in August 2025, simplifying its business portfolio[4] - The Catalyst transformation process is in its final phase, focusing on operational efficiency and financial performance improvements[7] - The company aims to grow adjusted EPS by an average of 10% annually and maintain EBITDA margins above 15% by 2028[10] Cash Flow and Capital Expenditures - Operating cash flow for the nine months ending September 30, 2025, was $77.4 million, compared to $44.7 million in the prior year[8] - Capital expenditures for 2025 are expected to be between $52 million and $55 million, down from $77 million in 2024[12] - Capital expenditures for the nine months ended September 30, 2025, were $38.4 million, down from $58.8 million in 2024[30] Assets and Liabilities - Total assets as of September 30, 2025, were $1,894.8 million, slightly up from $1,890.2 million at the end of 2024[28] - Cash and cash equivalents decreased to $37.9 million as of September 30, 2025, from $43.9 million at the end of 2024[28] - Long-term debt as of September 30, 2025, was $918.3 million, a slight decrease from $925.9 million at the end of 2024[28] Costs and Expenses - The company incurred impairment and restructuring costs of $10.2 million for the three months ended September 30, 2025, compared to $0.0 million in the same period of 2024[26] - Interest expense for the three months ended September 30, 2025, was $16.7 million, down from $20.2 million in the same period last year, a reduction of 17.3%[34] Adjusted EBITDA - Adjusted EBITDA for the three months ended September 30, 2025, was $70.9 million, down from $77.4 million in the prior year, representing a decline of 8.4%[34] - The adjusted EBITDA margin for Railroad and Utility Products and Services improved to 12.5% in Q3 2025 from 10.0% in Q3 2024[33] - Total adjustments to arrive at adjusted EBITDA for the three months ended September 30, 2025, amounted to $0.8 million, compared to $9.7 million in Q3 2024[34]