Viatris Reports Third Quarter 2025 Results and Updates 2025 Financial Guidance PITTSBURGH – November 6, 2025 – Viatris Inc. (Nasdaq: VTRS) today reported strong third quarter 2025 financial results and updated full-year financial guidance. Executive Commentary "We delivered another strong quarter by staying focused on our 2025 strategic priorities," said Scott A. Smith, Chief Executive Officer, Viatris. "Our performance this quarter reflects the continued strength of our execution across markets. We are adv ...

Revenue Growth - Backblaze reported a revenue growth of 28% for B2 Cloud Storage in the current quarter compared to the same period last year[128]. - The annual recurring revenue (ARR) for B2 Cloud Storage increased to $81.8 million as of September 30, 2025, up from $64.9 million in the previous year, representing a growth of 26%[144]. - Backblaze's total annual recurring revenue reached $147.2 million as of September 30, 2025, compared to $130.5 million in the previous year[144]. - Revenue for the three months ended September 30, 2025, was $37,162 thousand, a 14% increase from $32,589 thousand in the same period of 2024[168]. Customer Retention - The net revenue retention rate for B2 Cloud Storage was 110% as of September 30, 2025, down from 128% in the previous year, attributed to the impact of a price increase announced in October 2023[145]. - Backblaze's gross customer retention rate remained stable at 89% for B2 Cloud Storage and 90% for Computer Backup as of September 30, 2025[144]. Product Development - The company launched B2 Overdrive, a premium cloud storage solution, in April 2025 to cater to data-intensive workloads[139]. - The company is focusing on expanding revenue within existing customers through new features and enhanced customer success programs[136]. - Backblaze's direct sales activities are increasingly contributing to the acquisition of larger customers as the company moves up-market[126]. Financial Performance - Gross margin improved to 62% for the three months ended September 30, 2025, compared to 55% for the same period in 2024, primarily due to a decrease in depreciation expense[174]. - The net loss for the three months ended September 30, 2025, was $3,778 thousand, compared to a net loss of $12,753 thousand in the same period of 2024[168]. - Adjusted gross profit increased to $29,359 thousand for the three months ended September 30, 2025, compared to $25,469 thousand for the same period in 2024, with an adjusted gross margin of 79%[186]. - Adjusted EBITDA increased to $8,387 thousand for the three months ended September 30, 2025, compared to $3,749 thousand for the same period in 2024, with an adjusted EBITDA margin of 23%[189]. Expenses - Research and development expenses for the three months ended September 30, 2025, were $11,235 thousand, representing 30% of total revenue[168]. - Sales and marketing expenses for the three months ended September 30, 2025, were $8,996 thousand, accounting for 24% of total revenue[168]. - The company expects operating expenses, excluding depreciation and stock-based compensation, to remain flat in 2025 compared to the prior year[158]. - Investment in research and development is anticipated to increase in absolute dollars as the company focuses on enhancing cloud service offerings[160]. Cash Flow and Investments - Net cash provided by operating activities was $14,231 thousand for the nine months ended September 30, 2025, compared to $10,272 thousand for the same period in 2024[195]. - Adjusted free cash flow was $(9,485) thousand for the nine months ended September 30, 2025, improving from $(15,603) thousand for the same period in 2024, with an adjusted free cash flow margin of (9%) compared to (17%) in 2024[195]. - The company incurred cash used in investing activities of $22.2 million for the nine months ended September 30, 2025, up from $11.9 million in the same period of 2024[220]. Debt and Financing - The company has $20.0 million available under a senior secured revolving credit facility, with $2.5 million outstanding as of September 30, 2025, and an interest rate of 7.51%[204]. - The company amended its credit agreement in August 2025 to permit share repurchases, allowing up to $10.0 million to be excluded from covenant restrictions[206]. - The company was in compliance with the covenants under the credit agreement as of September 30, 2025, which includes a minimum liquidity requirement of $10.0 million[207]. Market and Currency Risks - The company has minimal foreign currency risk as most sales and operating expenses are denominated in U.S. dollars[230]. - Future international sales increases may expose the company to foreign currency exchange rate fluctuations[230]. - The company may consider using derivatives or other financial instruments in the future to hedge foreign currency exchange risk[230].

Product Development and Pipeline - The company reported a significant focus on expanding its product pipeline, particularly in radiopharmaceutical oncology and precision diagnostics, with a commitment to improving patient outcomes [175]. - The FDA has set a PDUFA target action date of March 29, 2026, for LNTH-2501, a diagnostic kit for Gallium-68 edotreotide Injection, aimed at neuroendocrine tumors [181]. - The company announced the acceptance of its New Drug Application for MK-6240, with a PDUFA target action date of August 13, 2026, following successful pivotal studies [182]. - The company aims to optimize the manufacturing process of its F-18 PSMA PET imaging agent, potentially increasing batch size by approximately 50% [184]. - The company plans to submit an NDA for NAV-4694 in 2026, following an upfront payment of $32.9 million for the investigational asset [223]. Acquisitions and Partnerships - An exclusive licensing agreement was established with GE HealthCare for the development and commercialization of piflufolastat F-18 in Japan, with upfront fees and royalties based on sales [183]. - The acquisition of Life Molecular Imaging Ltd. was completed for an upfront payment of $355.2 million, with potential additional payments of up to $400 million based on milestones [186][187]. - The company acquired Evergreen Theragnostics, Inc. for an upfront payment of $276.4 million, with potential additional payments of up to $727.5 million based on milestone achievements [191][192]. - The company acquired NAV-4694, an investigational PET imaging agent for Alzheimer's disease, for an upfront payment of $32.9 million, with additional payments contingent on regulatory milestones [194][195]. - The company entered into an agreement with Radiopharm for preclinical assets, paying an upfront amount of $2.0 million, and assumed related milestone and royalty obligations [197][198]. - The company entered into a definitive agreement to sell its SPECT business to SHINE, allowing a focus on growing its PET radiodiagnostics portfolio [193]. Financial Performance - The company reported revenues of $384.0 million for the three months ended September 30, 2025, representing a 1.4% increase from $378.7 million in the same period of 2024 [230]. - Cost of goods sold increased by 18.3% to $161.6 million for the three months ended September 30, 2025, compared to $136.6 million in the prior year [230]. - Gross profit decreased by 8.2% to $222.4 million for the three months ended September 30, 2025, down from $242.1 million in 2024 [230]. - Operating expenses rose by 64.9% to $178.8 million for the three months ended September 30, 2025, compared to $108.4 million in the same period of 2024 [230]. - Net income for the three months ended September 30, 2025, was $27.8 million, a decrease of 78.8% from $131.1 million in 2024 [230]. - Revenues for the three months ended September 30, 2025, increased by $5.3 million (1.4%) to $384.0 million compared to the same period in 2024, primarily driven by sales of Neuraceq and increased DEFINITY sales volume [232]. - For the nine months ended September 30, 2025, total revenues decreased by $8.0 million (0.7%) to $1,134.8 million, mainly due to a decrease in the net sales price of PYLARIFY and a decrease in TechneLite sales volume [233]. Expenses and Costs - The company reported a significant increase in general and administrative expenses, which rose by 102.1% to $81.9 million for the three months ended September 30, 2025 [230]. - Sales and marketing expenses increased by $5.1 million for the three months ended September 30, 2025, due to increased sales costs related to Neuraceq and contract manufacturing services [239]. - R&D expenses increased by $23.9 million for the three months ended September 30, 2025, primarily due to the impact of acquisitions and investments in late-stage assets [244]. - General and administrative expenses rose by $41.4 million and $69.4 million for the three and nine months ended September 30, 2025, respectively, driven by the impact of acquisitions and increased professional fees [242]. Cash Flow and Financing - Net cash provided by operating activities was $300.0 million for the nine months ended September 30, 2025, a decrease from $387.0 million in the same period of 2024 [251]. - Net cash used in investing activities was $615.7 million for the nine months ended September 30, 2025, significantly higher than $219.4 million in the same period of 2024, primarily due to acquisitions [254]. - Net cash used in financing activities for the nine months ended September 30, 2025, was approximately $200.0 million, primarily due to stock repurchases [256]. - The company issued $575.0 million in Convertible Senior Notes due 2027, with net proceeds of approximately $557.8 million [262]. - The company amended its revolving credit facility, increasing the commitment from $350.0 million to $750.0 million and extending the maturity date to December 19, 2029 [206][207]. Market Position and Future Outlook - PYLARIFY, an F-18 PET imaging agent, was launched in June 2021 and is expected to maintain its position as the most utilized PSMA PET imaging agent despite increasing competition [208][209]. - DEFINITY is expected to maintain at least an 80% market share in the U.S. for ultrasound enhancing agents in echocardiography procedures [212][213]. - Neuraceq revenue growth will depend on increased adoption of beta-amyloid PET and anti-amyloid therapeutics, along with expanded geographical access and enhanced manufacturing capacity [214]. - Future capital requirements will depend on product sales, pricing environment, and ongoing commercialization costs [266]. - The company may need to finance cash needs through public or private equity offerings or debt financings if capital resources become insufficient [268]. Leadership and Strategic Focus - The leadership transition plan includes the retirement of the CEO by December 31, 2025, with an interim CEO appointed to lead the company during the search for a new CEO [179][180]. - The strategic focus includes expanding into new markets and enhancing development capabilities through acquisitions and partnerships [178]. - The company is focused on expanding its Strategic Partnerships and Other Revenue category, particularly in radiopharmaceuticals for oncology and neurology [215].

Vaccine Development and Approvals - Novavax's COVID-19 Vaccine, Nuvaxovid, received BLA approval from the U.S. FDA for adults 65 and older and individuals aged 12-64 with underlying conditions, triggering a $175 million milestone payment under the Sanofi CLA[137]. - The company entered into a collaboration and license agreement (CLA) with Sanofi in May 2024 to co-commercialize the COVID-19 Vaccine and develop combination vaccines, including seasonal variants[127]. - The U.S. FDA granted Fast Track designation to two Sanofi combination vaccine candidates that include Novavax's COVID-19 Vaccine, currently in Phase 1/2 trials[127]. - In August 2025, the U.S. FDA approved the Nuvaxovid™ 2025-2026 Formula for individuals aged 65 and older, or 12 to 64 years with high-risk conditions[138]. - Sanofi received Fast Track designation from the U.S. FDA for the combination of Nuvaxovid with Fluzone High-Dose and Flublok vaccines[145]. Financial Performance - Total revenue for the three months ended September 30, 2025, was $70.4 million, a decrease of $14.1 million from $84.5 million in the same period in 2024, primarily due to a decline in product sales of COVID-19 Vaccine[169]. - Product sales decreased to $13.4 million in Q3 2025 from $41.5 million in Q3 2024, a decline of $28.1 million, attributed to the transition of commercial lead for sales and distribution to Sanofi[170]. - Licensing, royalties, and other revenue increased to $57.0 million in Q3 2025 from $43.0 million in Q3 2024, an increase of $14.0 million, driven by higher revenue from transition services and technology transfer[172]. - Total revenue for the nine months ended September 30, 2025, was $976.3 million, an increase of $382.5 million from $593.9 million in the same period in 2024[190]. - Product sales for the nine months ended September 30, 2025, were $645.8 million, up $491.9 million from $153.9 million in the same period in 2024[192]. Research and Development - Novavax's late-stage programs include a COVID-19-Influenza combination vaccine candidate and a stand-alone influenza vaccine candidate, both showing robust immune responses in a Phase 3 trial[130]. - The proprietary Matrix-M adjuvant enhances immune responses and allows for lower antigen doses, contributing to increased vaccine supply and manufacturing capacity[135]. - The company is advancing its early-stage pipeline with a focus on high-value assets, including candidates for respiratory syncytial virus (RSV) and pandemic influenza[132]. - The company is actively developing a pandemic influenza vaccine candidate and pursuing funding opportunities for preparedness[143]. - The Phase 3 immunogenicity and safety trial for the COVID-Influenza Combination vaccine completed enrollment with approximately 2,000 participants[153]. Expenses and Losses - Research and development expenses rose to $98.3 million in Q3 2025 from $87.2 million in Q3 2024, an increase of $11.1 million, mainly due to increased expenditures on coronavirus vaccine development[179]. - Selling, general, and administrative expenses decreased to $31.7 million in Q3 2025 from $70.7 million in Q3 2024, a reduction of $39.1 million, due to cost containment measures[181]. - Total expenses for Q3 2025 were $248.5 million, an increase of $29.9 million from $218.5 million in Q3 2024, primarily driven by impairment of assets held for sale[177]. - Net loss for the three months ended September 30, 2025, was $202.4 million, or $1.25 per share, compared to a net loss of $121.3 million, or $0.76 per share, for the same period in 2024, representing an increase of $81.1 million[188]. Cash Flow and Financing - Net cash used in operating activities was $205.2 million for the nine months ended September 30, 2025, compared to a cash inflow of $85.9 million for the same period in 2024, representing a change of $291.1 million[226]. - Net cash used in investing activities decreased to $98.8 million in 2025 from $348.0 million in 2024, a reduction of $249.3 million, primarily due to lower investment in marketable securities[227]. - Net cash provided by financing activities was $34.3 million for the nine months ended September 30, 2025, down from $264.0 million in 2024, a decrease of $229.7 million, mainly due to reduced net proceeds from common stock sales[228]. - The company completed a convertible debt refinancing in August 2025, extending the maturity of existing 2027 Notes to 2031, which supports its long-term growth strategy[168]. - The company anticipates future operations to be funded primarily by milestone payments, royalties, and revenue from product sales[225]. Strategic Partnerships and Collaborations - The company is pursuing partnerships to leverage its technology platform and enhance its pipeline, aiming for a disciplined and capital-efficient R&D investment strategy[125]. - The company has entered into material transfer agreements with three pharmaceutical companies to explore the utility of Matrix-M in new vaccine development[160]. - The company has a sole license agreement with Sanofi for the independent development of a COVID-19 and influenza combination product[145]. - The company received a non-refundable upfront payment of $500 million from the Sanofi collaboration agreement and additional milestone payments totaling $225 million during the nine months ended September 30, 2025[212]. Market and Operational Outlook - The company is focused on expanding the COVID-19 Vaccine label worldwide and exploring new markets and age groups for its products[126]. - The company expects a reduction in annual combined research and development, and selling, general, and administrative spend for the remainder of 2025 due to its Restructuring Plan[183]. - The planned consolidation of Maryland-based facilities is expected to result in $60 million in payments and approximately $230 million in future cost savings over 11 years[168]. - The company evaluated its ability to continue as a going concern and concluded it has sufficient capital to fund operations for at least one year from the date the financial statements were issued[229].

Clinical Study Results - The company reported top-line results from the Phase 2 COG0201 SHINE study, which enrolled 153 adults with mild-to-moderate Alzheimer's disease, demonstrating a 95% reduction in cognitive decline for participants with plasma p-tau217 levels below 1.0 pg/mL[106]. - Zervimesine-treated participants in the SHINE study experienced a mean 38% slowing of cognitive decline at six months compared to placebo, although this difference did not achieve statistical significance[107]. - In the Phase 2 COG1201 SHIMMER study for dementia with Lewy bodies, zervimesine-treated patients scored an average of 86% better than placebo on the neuropsychiatric inventory, indicating significant behavioral improvements[112]. - The MAGNIFY study showed zervimesine-treated participants had 29% slower geographic atrophy lesion growth compared to placebo, with lesions being 28% smaller at 18 months[114]. - The Phase 2 studies of zervimesine were generally well tolerated, with 9.6% of participants experiencing transient treatment-emergent elevations in liver function tests greater than 3xULN[116]. - The company is currently enrolling up to 540 participants in the ongoing Phase 2 study COG0203 (START) for mild cognitive impairment or early Alzheimer's disease[118]. - The company has established an expanded access program for individuals with dementia with Lewy bodies, providing zervimesine to eligible participants for approximately one year[113]. Financial Performance - The company has received approximately $176.7 million in net proceeds from various funding sources since inception, including grants and public offerings[118]. - As of September 30, 2025, the company had cash and cash equivalents of $39.8 million and approximately $36.3 million available from obligated NIA funds for future expenses[118]. - The company completed a follow-on public offering in March 2024, issuing 6,571,428 shares at a price of $1.75 per share, resulting in net proceeds of approximately $11.9 million[122]. - Research and development expenses for Q3 2025 were $3.8 million, a decrease of approximately $7.6 million from $11.4 million in Q3 2024[140]. - General and administrative expenses for Q3 2025 were $2.6 million, down from $3.1 million in Q3 2024, primarily due to a decrease in equity-based compensation[140]. - Grant income for Q3 2025 was $1.2 million, compared to $4.3 million in Q3 2024, reflecting a decrease in eligible reimbursable costs related to clinical trials[141]. - For the nine months ended September 30, 2025, total operating expenses were $34.1 million, down from $43.2 million in the same period of 2024, a reduction of $9.1 million[146]. - Net loss for the nine months ended September 30, 2025, was $20.1 million, compared to a net loss of $26.1 million for the same period in 2024, an improvement of $6 million[146]. - Other income, net was $0.6 million for the nine months ended September 30, 2025, compared to $0.8 million for the same period in 2024, indicating an insignificant change[151]. - Interest expense remained less than $0.1 million for both the nine months ended September 30, 2025, and 2024, showing no significant variation[152]. - Net cash used in operating activities was $21.2 million for the nine months ended September 30, 2025, compared to $20.1 million for the same period in 2024, reflecting a $1.1 million increase in cash used[162]. - Net cash provided by financing activities was $36.0 million for the nine months ended September 30, 2025, significantly higher than $12.2 million for the same period in 2024, primarily due to proceeds from stock offerings[164]. - The company anticipates needing to raise additional funding in the future to support ongoing product development and commercialization efforts[156]. - As of September 30, 2025, the company had $34.8 million available to draw under the Lincoln Park Purchase Agreement[155]. - The total cash flows used in investing activities for the nine months ended September 30, 2025, was zero, compared to less than $0.1 million in 2024[163]. - Contractual obligations as of September 30, 2025, totaled $424,000, with operating lease obligations of $424,000 due over various terms[165]. Future Outlook - The company expects to incur significant and increasing expenses and net losses as it advances product candidates through clinical development and seeks regulatory approval[124]. - The company relies on third parties for the manufacture of zervimesine, which allows it to maintain a more efficient infrastructure[127][128]. - The company will remain an emerging growth company until it achieves at least $1.235 billion in annual revenue[175]. - The company will also be classified as a "large accelerated filer" if the market value of its common stock held by non-affiliates exceeds $700.0 million[175]. - The company must issue more than $1.0 billion in non-convertible debt securities within a three-year period to change its status[175].

Revenue Performance - Total revenue for Q3 2025 reached a record $181.6 million, up 1% year-over-year[4] - Total revenue for Q3 2025 was $181.573 million, a slight increase from $179.651 million in Q3 2024, representing a growth of 1.0%[35] - The company anticipates low-single digit revenue growth for the second half of 2025 based on current market conditions[14] Customer and Dealer Metrics - Dealer revenue grew by 2% year-over-year, driven by increased adoption of websites and appraisal products[6] - The customer base expanded by 271 year-over-year, totaling 19,526 dealer customers, marking a three-year high[2] - The average monthly unique visitors increased by 4% year-over-year to 25.5 million[5] Income and Earnings - Adjusted net income for the quarter was $30.4 million, or $0.48 per diluted share, an 18% increase from the previous year[8] - Adjusted net income for Q3 2025 was $30.381 million, compared to $27.704 million in Q3 2024, representing an increase of 9.1%[42] - Net income for Q3 2025 decreased to $7.658 million compared to $18.719 million in Q3 2024, reflecting a decline of 59.0%[35] - Basic earnings per share for Q3 2025 were $0.12, down from $0.28 in Q3 2024, a decline of 57.1%[35] Operating Performance - Adjusted EBITDA for Q3 2025 was $54.6 million, representing 30.1% of revenue, up from 28.5% in the prior year[8] - Adjusted EBITDA for Q3 2025 was $54.631 million, compared to $51.131 million in Q3 2024, indicating an increase of 6.0%[41] - Operating income increased to $16.805 million in Q3 2025, up from $11.456 million in Q3 2024, marking a growth of 46.0%[35] Cash Flow and Expenses - The company reported a net cash provided by operating activities of $114.521 million for the nine months ended September 30, 2025, compared to $122.517 million for the same period in 2024, a decrease of 6.5%[39] - Net cash provided by operating activities for Q3 2025 was $58,838 million, an increase from $53,795 million in Q3 2024, while free cash flow rose to $52,642 million from $47,254 million[43] - Total operating expenses decreased to $164.8 million, down from $168.2 million in the prior year[7] - Total operating expenses for Q3 2025 were reported at $164,768 million, adjusted to $150,407 million after accounting for adjustments, compared to $168,195 million reported in Q3 2024, adjusted to $156,083 million[44][45] Debt and Financial Position - Total debt outstanding was $455 million, with a net leverage ratio of 1.9x, below the target range of 2.0x to 2.5x[10] - Long-term debt as of September 30, 2025, was $451.206 million, slightly down from $455.288 million at the end of 2024, a decrease of 0.5%[37] Asset Management - Cash and cash equivalents at the end of Q3 2025 were $55.072 million, up from $50.673 million at the end of Q4 2024, a rise of 8.7%[39] - Total assets as of September 30, 2025, were $1.071 billion, a decrease from $1.112 billion at the end of 2024, reflecting a decline of 3.6%[37] Expense Breakdown - The cost of revenue and operations for Q3 2025 was $30,063 million, adjusted to $29,841 million, down from $31,610 million reported in Q3 2024, adjusted to $31,395 million[44][45] - Marketing and sales expenses for Q3 2025 were $59,336 million, adjusted to $57,800 million, compared to $58,288 million in Q3 2024, adjusted to $56,775 million[44][45] - General and administrative expenses for Q3 2025 were $24,325 million, adjusted to $14,036 million, significantly lower than $21,511 million reported in Q3 2024, adjusted to $14,083 million[44][45] Capital Expenditures - The company capitalized $5,637 million on internally developed technology in Q3 2025, slightly up from $5,594 million in Q3 2024[43] - Depreciation and amortization for Q3 2025 remained stable at $23,464 million, consistent with the previous year[44][45]

Exhibit 99.1 News Release Air Products Reports Fiscal 2025 Full-Year and Fourth Quarter Results Exceeded FY25 guidance midpoint | Demonstrated strength and resilience in core business Unlocked value through pricing, operational excellence, and disciplined cost management Restored focus on core industrial gases projects | Rationalized energy transition project portfolio Fiscal 2025 Full-Year Summary of Results: Q4 FY25 Summary of Results: Guidance Fiscal 2025 Full-Year Consolidated Results LEHIGH VALLEY, Pa. ...

Financial Performance - Q3 2025 revenue was $935.0 million, a 9.9% decrease year-over-year, primarily due to lower demand in ETM and SET segments, with an underlying revenue decline of approximately 2% after excluding discrete impacts [4][6]. - Operating loss for Q3 2025 was $102.1 million, compared to earnings of $2.6 million in Q3 2024, reflecting non-cash goodwill impairment charges of $102.0 million [5][6]. - Adjusted EBITDA for Q3 2025 was $16.5 million, a decrease of 36.7% year-over-year, with an adjusted EBITDA margin of 1.8%, down 70 basis points [5][6]. - For the 39-week period ended September 28, 2025, revenue was $3.2 billion, a 1.9% increase compared to the same period in 2024, primarily due to the May 2024 acquisition of MRP [7][8]. - The company expects a total year-over-year revenue decline of 12% to 14% for fiscal 2025, with an underlying revenue decline of 4% to 6% [12]. - Adjusted earnings per share for Q3 2025 were $0.18, down from $0.21 in Q3 2024 [7]. - Total revenue from services for the third quarter of 2025 was $935.0 million, a decrease from $1,038.1 million in the third quarter of 2024, representing a decline of approximately 10% [33]. - The Enterprise Talent Management segment generated $487.9 million in revenue for Q3 2025, down from $561.6 million in Q3 2024, reflecting a decrease of about 13% [33]. - The Science, Engineering & Technology segment reported $304.9 million in revenue for Q3 2025, down from $335.0 million in Q3 2024, a decrease of about 9% [33]. - The company reported a goodwill impairment charge of $102.0 million in Q3 2025, significantly impacting net earnings [31]. - Net loss for 2025 was $125.3 million, compared to a net earnings of $31.2 million in 2024, representing a decline of $156.5 million [19]. - Basic earnings per share for 2025 was $(3.56), a decrease of $(4.42) from $0.86 in 2024 [19]. Cash Flow and Assets - Year-to-date free cash flow improved to $87.2 million in 2025 from $15.8 million in 2024 [28]. - Cash flows from operating activities for the 39 weeks ended September 28, 2025, were $94.0 million, compared to $11.9 million in the same period of 2024 [31]. - The company had a net cash used in financing activities of $131.4 million in 2025, contrasting with a net cash inflow of $217.3 million in 2024 [31]. - Cash, cash equivalents, and restricted cash at the end of the period were $35.4 million, down from $40.4 million at the end of the same period in 2024 [31]. - Total current assets decreased to $1,279.8 million in September 2025 from $1,365.5 million in December 2024 [28]. - Total assets decreased to $2,393.1 million in September 2025 from $2,632.3 million in December 2024 [28]. - Working capital decreased to $473.3 million in September 2025 from $539.0 million in December 2024 [28]. Dividends and Share Repurchases - The company declared a quarterly cash dividend of $0.075 per share, payable on December 3, 2025 [9]. - The company anticipates being active with Class A share repurchases in Q4 2025, indicating confidence in its strategy [6]. Operational Efficiency and Cost Management - Adjusted SG&A expenses declined by 9.7% in Q3 2025, reflecting expense optimization initiatives [6]. - The company’s adjusted earnings from operations for Q3 2025 were $4.3 million, compared to $11.7 million in Q3 2024, reflecting a decline of approximately 63% [40]. - Total Adjusted EBITDA for Q3 2025 was $16.5 million, a decline from $26.2 million in Q3 2024, representing a decrease of about 37.0% [44]. - The Adjusted EBITDA margin for Q3 2025 was 1.8%, down from 2.5% in Q3 2024 [44]. - Integration and realignment costs for Q3 2025 totaled $3.5 million, reflecting ongoing efforts to consolidate operations and align processes [53]. - The company plans to continue focusing on market expansion and integration of recent acquisitions to improve operational efficiency and financial performance [49]. Tax and Impairment Charges - The effective income tax rate for Q3 2025 was -44.8%, compared to 140.8% in Q3 2024, reflecting significant changes in tax expense due to goodwill impairment [17]. - The valuation allowance on deferred tax assets in Q3 2025 was $69.7 million, established due to cumulative losses in recent years [52]. - The company incurred a goodwill impairment charge of $83.6 million in Q3 2025, attributed to reduced demand and integration challenges from recent acquisitions [52]. Segment Performance - Revenue from services in the Science, Engineering & Technology segment increased by 13.5% to $944.6 million in 2025 from $832.3 million in 2024 [26]. - The Education segment reported a revenue increase of 5.0%, reaching $717.6 million in 2025 compared to $683.1 million in 2024 [26].

Exhibit 99.1 Kelly Reports Third-Quarter 2025 Earnings TROY, Mich. (November 6, 2025) – Kelly (Nasdaq: KELYA, KELYB), a leading specialty talent solutions provider, today announced results for the third quarter of 2025. Chris Layden, chief executive officer, said, "As I step into this role at an important moment in Kelly's strategic journey, the operating environment is evolving, driven by a dynamic macroeconomic landscape, global and domestic policy shifts, a sluggish labor market, and the AI boom. While K ...

Financial Performance - Total revenue for Q3 2025 reached $1,601,572, an increase of 8.2% compared to $1,480,710 in Q3 2024[28] - Lease income for the nine months ended September 30, 2025, was $4,199,812, up from $3,958,236 in the same period of 2024, reflecting a growth of 6.1%[28] - Consolidated net income for the nine months ended September 30, 2025, was $1,824,237, a decrease of 6.8% from $1,957,262 in 2024[30] - Operating income before other items for Q3 2025 was $812,914, an increase from $767,769 in Q3 2024, representing a growth of 5.9%[28] - Basic and diluted earnings per common share for Q3 2025 were $1.86, compared to $1.46 in Q3 2024, showing an increase of 27.4%[28] - The company reported a net cash provided by operating activities of $2,932,810 for the nine months ended September 30, 2025, compared to $2,729,106 in 2024, an increase of 7.4%[30] - Total operating expenses for Q3 2025 were $788,658, an increase of 10.6% from $712,941 in Q3 2024[39] - Consolidated net income for the nine months ended September 30, 2025, was $369.135 million, compared to $319.002 million for the same period in 2024, reflecting a year-over-year increase of 15.7%[116] Assets and Liabilities - Cash and cash equivalents increased to $1,552,577 as of September 30, 2025, compared to $1,400,345 at the end of 2024, marking a growth of 10.9%[26] - Total assets rose to $33,602,187 as of September 30, 2025, up from $32,405,691 at the end of 2024, indicating a growth of 3.7%[26] - Total liabilities increased to $30,627,651 as of September 30, 2025, compared to $28,806,239 at the end of 2024, reflecting a rise of 6.3%[26] - Total assets decreased to $11.862 billion as of September 30, 2025, from $12.379 billion at the end of 2024, a decline of 4.2%[122] - Total liabilities as of September 30, 2025, were $15.040 billion, slightly down from $15.171 billion at the end of 2024, a decrease of 0.9%[122] Equity and Distributions - As of March 31, 2025, the total equity stood at $3,025,809,000, with a net income of $479,372,000, excluding preferred interests[32] - The company reported a net loss of $30,830,000 in other comprehensive income for the period ending March 31, 2025[32] - Distributions to common stockholders and limited partners, excluding preferred interests, totaled $812,000,000 for the period ending June 30, 2025[33] - The total preferred units and noncontrolling redeemable interests in properties amounted to $244.965 million, up from $184.729 million at December 31, 2024[150] - Simon paid a common stock dividend of $2.15 per share for Q3 2025, totaling $6.35 per share for the nine months ended September 30, 2025[146] Acquisitions and Investments - The company made acquisitions totaling $961,080 during the nine months ended September 30, 2025[30] - On June 27, 2025, the company acquired a 75% interest in the retail component and 100% of the parking component of Brickell City Centre for $497.7 million, consolidating $544.6 million of investment property[93] - On April 1, 2025, the company acquired a 50% interest in Briarwood Mall for $9.2 million, resulting in the consolidation of $168.6 million of investment property[94] - On January 30, 2025, the company completed the acquisition of two luxury outlet destinations in Italy for $392.4 million, recording $413.5 million of investment property[95] - The company owns a 31.3% noncontrolling interest in Catalyst, which recognized a net pre-tax gain of $71.6 million in 2025[109] Market and Risk Factors - The company experienced a significant unrealized loss on hedging activities amounting to $18,593,000 for the quarter ending March 31, 2025[32] - The company reported a currency translation adjustment loss of $21,976,000 for the quarter ending March 31, 2025[32] - The total accumulated other comprehensive income (loss) related to Simon's currency translation adjustment was ($310.5) million as of September 30, 2025, compared to ($250.2) million as of December 31, 2024[74] - There have been no material changes in market risk assumptions since December 31, 2024, as disclosed in the 2024 Annual Report[277] Lease Income - Total lease income for the nine months ended September 30, 2025, was $4,199.8 million, compared to $3,958.2 million for the same period in 2024, reflecting a year-over-year increase of 6.1%[167] - Fixed lease income for the three months ended September 30, 2025, was $1,173.6 million, up from $1,093.1 million in 2024, representing a 7.3% increase[167] - Variable lease income for the nine months ended September 30, 2025, was $769.3 million, compared to $723.7 million in 2024, indicating a year-over-year increase of 6.3%[167] - Lease income for the three months ended September 30, 2025, was $1,456,774,000, compared to $1,341,424,000 in 2024, showing an increase of 8.6%[179][182] Long-Term Incentive Programs - The total compensation expense related to LTIP and LTI programs for the nine months ended September 30, 2025, was approximately $39.0 million, compared to $17.0 million for the same period in 2024[162] - The 2021 Long-Term Incentive Program (LTI Program) had a maximum potential fair value of $18.4 million, with 209,784 LTIP units earned valued at $5.7 million[155][162] - The 2022 LTI Program had a maximum potential fair value of $20.6 million, with 107,462 LTIP units earned valued at $13.7 million[156][162] - The 2023 LTI Program has a maximum potential fair value of $42.5 million, with LTIP units to be determined in 2026[157][158][162] - The 2024 LTI Program has a maximum potential fair value of $44.1 million, with LTIP units to be determined in 2027[159][162] - The 2025 LTI Program has a maximum potential fair value of $48.0 million, with LTIP units to be determined in 2028[161][162]