Exhibit 99 NEWS RELEASE 22901 Millcreek Boulevard • Suite 600 • Cleveland, Ohio 44122 Tel. (440) 229-5151 FOR FURTHER INFORMATION, CONTACT: Christina Kmetko For Immediate Release (440) 229-5130 Wednesday, November 5, 2025 NACCO INDUSTRIES ANNOUNCES THIRD QUARTER 2025 RESULTS Consolidated Q3 2025 Results: Cleveland, Ohio, Wednesday, November 5, 2025 - NACCO Industries (NYSE: NC) today announced consolidated results for the three and nine months ended September 30, 2025. ® Third-quarter 2025 earnings improved ...

Revenue Performance - Q3 2025 revenue reached $1,113 million, a 2% increase year-over-year, while YTD revenue decreased by 1% to $3,283 million[8]. - Liberty Caribbean reported a 3% revenue growth in Q3 2025, driven by a 5% increase in fixed residential revenue[13]. - C&W Panama achieved a 6% revenue growth in Q3 2025, primarily due to a 14% increase in B2B revenue[13]. - Liberty Networks experienced a 6% revenue growth in Q3 2025, supported by growth in subsea capacity revenue[13]. - Liberty Puerto Rico's revenue declined by 3% year-over-year, attributed to a 7% decrease in residential mobile revenue[13]. - Liberty Costa Rica's revenue grew by 6% on a reported basis, driven by postpaid subscriber growth[14]. - For the three months ended September 30, 2025, total revenue was $661.8 million, representing a 4% increase compared to $636.5 million for the same period in 2024[39]. - Liberty Puerto Rico reported a revenue of $298.2 million for Q3 2025, down 3% from $308.2 million in Q3 2024[41]. - Liberty Costa Rica reported a revenue of CRC 78.0 billion for the three months ended September 30, 2025, reflecting a 3% increase from CRC 76.1 billion in the same period of 2024[45]. Adjusted OIBDA and Operating Income - Adjusted OIBDA for Q3 2025 was $433 million, reflecting an 8% increase year-over-year, with a margin of 39%[8]. - Adjusted OIBDA for Q3 2025 increased by 8% on a reported basis compared to Q3 2024, driven by growth across all operating segments[19]. - Liberty Caribbean's Adjusted OIBDA rose by 9% and 10% on a reported and rebased basis, respectively, supported by improved operating costs[17]. - C&W Panama's Adjusted OIBDA increased by 5% and 4% on a reported and rebased basis, driven by B2B project revenue and network efficiencies[22]. - Liberty Puerto Rico's Adjusted OIBDA increased by 8% and 7% on a reported and rebased basis, despite a rebased revenue decline[22]. - The company returned to positive operating income of $188 million in Q3 2025, compared to a loss of $380 million in Q3 2024[8]. - Operating income for the same period was $152.5 million, a significant increase of 62% from $94.4 million year-over-year[39]. - The operating income for Liberty Puerto Rico improved to $23.8 million, compared to a loss of $486.6 million in the prior year[41]. - Adjusted OIBDA for the three months ended September 30, 2025, was $433.4 million, compared to $403.1 million for the same period in 2024, reflecting a growth of 7.9%[75]. Debt and Financial Ratios - The company’s total third-party debt as of September 30, 2025, was $4.9 billion, with a net carrying amount of $4.5 billion after accounting for cash and cash equivalents[40]. - The Covenant Proportionate Net Leverage Ratio was reported at 3.7x, calculated based on the last two quarters of Covenant EBITDA[40]. - The average tenor of the company’s debt obligations was approximately 5.8 years, excluding vendor financing and debt related to Tower Transactions[40]. - The company reported total debt and finance lease obligations of $8,280.0 million as of September 30, 2025[94]. - The consolidated gross leverage ratio was 4.9x as of September 30, 2025, compared to 5.0x as of June 30, 2025[28]. - The consolidated leverage ratio as of September 30, 2025, was reported at 4.9x, while the net leverage ratio was 4.6x[94]. - The average tenor of Liberty Puerto Rico's debt was approximately 3.0 years as of September 30, 2025, with a fully-swapped borrowing cost of 6.9%[44]. Subscriber Metrics - Organic postpaid additions increased by 101,700 in Q3 2025, marking the strongest quarterly performance in three years[11]. - Total subscribers for Liberty Puerto Rico reached 1,874,100 as of September 30, 2025, with a total of 995,100 RGUs[47]. - Liberty Costa Rica's total subscribers amounted to 2,160,000 as of September 30, 2025, with significant growth in postpaid subscribers due to migration from prepaid plans[48]. - The number of Revenue Generating Units (RGUs) includes video, internet, and telephony services, with a unique premises basis for counting customers[64]. - The company’s mobile subscriber count represents active SIM cards in service, excluding those who do not pay a recurring monthly fee after periods of inactivity[60]. Capital Expenditures and Cash Flow - Capital expenditures for Q3 2025 were $122.2 million, slightly down from $126.5 million in Q3 2024[24]. - Property and equipment additions as a percentage of revenue were 13.4% for Q3 2025, down from 15.7% in Q3 2024[24]. - Net cash provided by operating activities for the three months ended September 30, 2025, was $178.2 million, compared to $177.5 million for the same period in 2024, reflecting a slight increase of 0.4%[78]. - Adjusted Free Cash Flow (FCF) for the three months ended September 30, 2025, was $16.4 million, down from $65.5 million in the prior year, indicating a decrease of 75%[78]. - Cash payments for direct acquisition and disposition costs for the three months ended September 30, 2025, were $4.8 million, compared to $1.7 million in the same period of 2024[78]. Future Outlook - The company anticipates adverse impacts from Hurricane Melissa on Q4 2025 financial results, but expects proceeds from its weather derivative to support recovery efforts[6].

Exhibit 99.1 Liberty Latin America Reports Q3 2025 Results Commercial momentum supporting YoY revenue growth Strongest quarterly mobile postpaid additions in three years Return to positive Operating Income; 7% YoY rebased Adjusted OIBDA growth Strategic initiatives remain in focus Denver, Colorado - November 5, 2025: Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating results for the three months ("Q3") and nine ...

Financial Performance - Operating revenues for Q3 2025 were $971.8 million, a decrease of 10% from $1,079.2 million in Q3 2024[13] - Gross profit for Q3 2025 was $104.8 million, down from $111.2 million in Q3 2024, reflecting a gross margin of approximately 10.8%[13] - Net income for Q3 2025 increased to $13.6 million, compared to $10.7 million in Q3 2024, representing a year-over-year growth of 27.5%[13] - Earnings per common unit for Q3 2025 were $0.34, up from $0.27 in Q3 2024, indicating a 25.9% increase[13] - Total revenues for the three months ended September 30, 2025, were $971,847 thousand, a decrease from $1,079,163 thousand in the same period of 2024[85] - Gross profit for the three months ended September 30, 2025, was $104,770 thousand, compared to $111,226 thousand for the same period in 2024, reflecting a decline of approximately 5.1%[86] - Operating income for the three months ended September 30, 2025, was $28,087 thousand, slightly up from $27,096 thousand in 2024, indicating a year-over-year increase of 3.7%[89] - The company reported a net income before income taxes of $16,453 thousand for the three months ended September 30, 2025, compared to $13,124 thousand in 2024, marking an increase of 25.5%[89] Assets and Liabilities - Total assets as of September 30, 2025, were $998.9 million, a decrease from $1,114.7 million at the end of 2024[11] - Total liabilities decreased to $1,060.9 million as of September 30, 2025, down from $1,139.5 million at the end of 2024[11] - Property and equipment, net, decreased to $568,888,000 as of September 30, 2025, from $656,300,000 as of December 31, 2024, indicating a reduction of about 13.3%[35] - Long-term debt and finance lease obligations totaled $710,989,000 as of September 30, 2025, down from $775,436,000 as of December 31, 2024, a decrease of about 8.3%[37] Cash Flow and Investments - The company’s cash and cash equivalents increased to $5.8 million as of September 30, 2025, compared to $3.4 million at the end of 2024[11] - Cash flows from operating activities for the nine months ended September 30, 2025, were $62.065 million, down from $76.672 million in 2024[18] - The company had a net cash increase of $2.385 million for the nine months ended September 30, 2025, compared to $2.775 million in 2024[18] - The company acquired assets from Applegreen for a total consideration of $16.9 million, transitioning 59 locations to company-operated sites[29] Expenses and Costs - Operating expenses for Q3 2025 were $84.1 million, a decrease from $88.8 million in Q3 2024, reflecting cost management efforts[13] - The company reported depreciation, amortization, and accretion expense of $69.671 million for the nine months ended September 30, 2025, compared to $57.903 million in 2024[18] - Impairment charges recorded during the three months ended September 30, 2025, were $4.2 million, compared to $3.2 million in the same period of 2024, reflecting an increase of approximately 31.3%[35] - Cash paid for interest in the nine months ended September 30, 2025, was $36,112 thousand, slightly down from $36,987 thousand in 2024[95] Inventory and Receivables - Total inventory as of September 30, 2025, was $60,967,000, a decrease from $63,169,000 as of December 31, 2024, representing a decline of approximately 3.4%[33] - Total accounts receivable as of September 30, 2025, was $34,572 thousand, an increase from $32,237 thousand at December 31, 2024[89] - Receivables from fuel and merchandise sales increased to $33,421 thousand as of September 30, 2025, from $30,115 thousand at December 31, 2024[89] Environmental and Tax Liabilities - Environmental liabilities recorded on the balance sheet totaled $9.0 million and $8.4 million at September 30, 2025, and December 31, 2024, respectively[63] - Income tax expense for the three months ended September 30, 2025, was $2.9 million, compared to $2.4 million for the same period in 2024[76] - The effective tax rate differs from the combined federal and state statutory rate primarily because only corporate subsidiaries are subject to income tax[76] Distributions and Common Units - The company paid $60.212 million in distributions during the nine months ended September 30, 2025[18] - Common unit distributions to the Topper Group were $7.7 million for each of the three months ended September 30, 2025, and 2024, indicating stability in distributions[49] - Distributions paid on common units for the three months ended September 30, 2025, were $20,012,000, compared to $19,975,000 in 2024[78] Operational Changes - The company converted 13 sites from lessee dealer sites to company-operated or commission agent sites in the retail segment during the three months ended September 30, 2025[84] - The company has exclusive motor fuel distribution contracts with lessee dealers and independent dealers in the wholesale segment[81]

Financial Performance - Revenue for Q3 2025 was $21.415 billion, a decrease of 3.7% from $22.245 billion in Q3 2024[229] - Operating profit for Q3 2025 was $1.804 billion, down 9.1% from $1.985 billion in Q3 2024[229] - Net income for Q3 2025 was $1.311 billion, a decline of 14.8% compared to $1.539 billion in Q3 2024[229] - Total revenue for Q3 2025 was $14,220 million, a decrease of 2.6% from $14,597 million in Q3 2024, driven by a 12.3% decline in volume[258] - Operating profit for Q3 2025 was $603 million, down 28.5% from $843 million in Q3 2024, resulting in an operating margin of 4.2%[258] - Non-GAAP adjusted operating profit decreased by 1.5% to $905 million in Q3 2025, with a non-GAAP adjusted operating margin of 6.4%[258] Volume and Revenue Trends - Average daily package volume decreased by 9.8% in Q3 2025, driven by planned volume declines from the largest customer[231] - Average daily package volume decreased by 12.3% in Q3 2025 compared to Q3 2024, with significant declines in Next Day Air (10.9%), Deferred (18.6%), and Ground (12.0%) segments[258] - Business-to-consumer volume decreased by 17.6% in Q3 2025, while business-to-business volume decreased by 4.8%[261] - Average daily package volume increased by 4.8% year-over-year in Q3 2025, with domestic volume up 3.6% and export volume up 5.9%[271][274] Cost Management and Expenses - Operating expenses decreased by 3.2% to $19.611 billion in Q3 2025, compared to $20.260 billion in Q3 2024[229] - Operating expenses decreased by 1.0% to $13,617 million in Q3 2025, primarily due to a $398 million decline in facility and transportation-related costs[267] - Total operating expenses decreased by $649 million (down 3.2%) for the quarter and $1.3 billion (down 2.2%) year-to-date, primarily due to the divestiture of Coyote[287][291] - Non-GAAP adjusted operating expenses decreased by $979 million (down 4.8%) for the quarter and $1.6 billion (down 2.6%) year-to-date[291] Strategic Initiatives - The company is undergoing a strategic shift to reduce volume from its largest customer by more than 50% by June 2026[221] - The Fit to Serve initiative resulted in a workforce reduction of approximately 14,000 positions and has achieved savings of approximately $1.0 billion through reductions in compensation and benefit expenses[238] - The Network Reconfiguration initiative has led to a reduction of approximately 34,000 positions and the closure of 93 facilities, with realized cost savings of approximately $2.2 billion as of September 30, 2025, and an expected total of $3.5 billion in savings for 2025[239] Shareholder Returns - The company returned $5.0 billion to shareholders through share repurchases of $1.0 billion and dividends of $4.0 billion during the nine months ended September 30, 2025[228] - Dividends declared per share increased to $4.92 in 2025 from $4.89 in 2024[325] Cash Flow and Liquidity - Net cash from operating activities decreased by $1.7 billion year to date, totaling $5.148 billion, driven by various factors including changes in working capital[313] - As of September 30, 2025, the company had $6.8 billion in cash, cash equivalents, and marketable securities, indicating strong liquidity to fund operations and planned expenditures[312] - Total capital expenditures for the nine months ended September 30, 2025, were $2,969 million, representing 4.6% of revenue, slightly up from 4.3% in 2024[316] Acquisitions and Investments - The acquisition of Frigo-Trans and Andlauer Healthcare Group expanded the company's cold-chain logistics capabilities[223] - Cash paid for acquisitions in the nine months ended September 30, 2025, was $(479) million, primarily for the acquisition of Frigo-Trans[319] Debt and Financing - Total debt outstanding as of September 30, 2025, was $24,782 million, compared to $21,930 million in 2024[324] - Net cash used in financing activities for the nine months ended September 30, 2025, was $(1,947) million, down from $(5,003) million in 2024[324]

Financial Performance - Fiscal 2026 first quarter revenue was $211.9 million, an increase of 28% compared to $165.6 million in the same period last year[5]. - Adjusted EBITDA for the first quarter of fiscal 2026 was $2.5 million, compared to a loss of $(5.9) million in the first quarter of fiscal 2025[9]. - The company reported a net loss of $3.7 million, or $(0.13) per share, an improvement from a net loss of $9.2 million, or $(0.33) per share, in the prior year[9]. - Gross margin improved to 6.7% in the first quarter of fiscal 2026, up from 4.7% in the same period last year[7]. - Operating income for the three months ended September 30, 2025, was a loss of $5,500,000, compared to a loss of $10,767,000 in the same period of 2024, showing an improvement in operational performance[39]. - Adjusted EBITDA for the three months ended September 30, 2025, was $2,461,000, compared to a loss of $5,880,000 for the same period in 2024[51]. - Net loss for the three months ended September 30, 2025, was $3,663,000, an improvement from a net loss of $9,223,000 in the prior year[51]. Revenue Breakdown - The Storage and Terminal Solutions segment revenue increased 40% to $109.5 million, driven by higher volumes for LNG storage and specialty vessel projects[10]. - The Utility and Power Infrastructure segment revenue increased 33% to $74.5 million, benefiting from increased work in power delivery and natural gas projects[11]. - The company recognized revenue of $211,884,000 during the three months ended September 30, 2025, which included $109,459,000 from Storage and Terminal Solutions, $74,501,000 from Utility and Power Infrastructure, and $27,924,000 from Industrial Facilities[39]. Backlog and Book-to-Bill Ratio - Total backlog as of September 30, 2025, was $1.2 billion, with project awards totaling $187.8 million, resulting in a book-to-bill ratio of 0.9x[13]. - The backlog as of September 30, 2025, was $1,161,020,000, down from $1,382,108,000 as of June 30, 2025, reflecting a decrease of approximately 16%[43]. - The book-to-bill ratio for the total projects was 0.9x for the three months ended September 30, 2025, indicating that project awards were lower than revenue recognized[43]. Expenses and Costs - SG&A expenses decreased to $16.3 million from $18.6 million due to cost reductions from organizational realignment[8]. - The company incurred restructuring costs of $3,348,000 during the three months ended September 30, 2025[47]. - Stock-based compensation expense was $1,921,000 in Q3 2025, down from $2,311,000 in Q3 2024[51]. - Depreciation and amortization expenses were $2,461,000 in Q3 2025, slightly down from $2,515,000 in Q3 2024[51]. Guidance and Liquidity - The company reaffirmed its full-year revenue guidance of between $875 million and $925 million, representing a 14% to 20% increase from fiscal 2025[18]. - Liquidity as of September 30, 2025, was $248.9 million, with no outstanding debt[16]. - Cash and cash equivalents at the end of the period were $217,307,000, down from $249,641,000 at the beginning of the period, reflecting a decrease of approximately 13%[37]. - Total current liabilities increased to $443,455,000 as of September 30, 2025, compared to $436,375,000 as of June 30, 2025[34]. Interest and Tax Provisions - Interest expense increased to $127,000 in Q3 2025 from $89,000 in Q3 2024[51]. - Interest income for Q3 2025 was $(1,802,000), compared to $(1,572,000) in Q3 2024[51]. - The provision for federal, state, and foreign income taxes was $69,000 in Q3 2025, with no provision reported in Q3 2024[51].

Revenue and Income - Total operating revenues for the three months ended September 30, 2025, were $986.8 million, a 29.6% increase from $760.9 million in the same period of 2024[84][88] - Total contract revenues for the nine months ended September 30, 2025, reached $2.75 billion, up 30.6% from $2.11 billion in the same period of 2024[86][87] - The company recognized a net increase in revenues of $12.7 million for the three months ended September 30, 2025, related to previously recognized deferred revenues[95] - For the three months ended September 30, 2025, consolidated total operating revenues were $990.724 million, an increase from $765.399 million in the same period of 2024, representing a growth of approximately 29.5%[158] - Net income for the three months ended September 30, 2025, was $56,977,000, compared to $41,767,000 in 2024, reflecting a 36.4% increase[137] - Basic EPS for the three months ended September 30, 2025, was $1.12, up from $0.82 in 2024, marking a 36.6% increase[137] - For the nine months ended September 30, 2025, total consolidated income before income taxes was $188.513 million, compared to $138.762 million for the same period in 2024, marking a growth of approximately 35.8%[159] Costs and Expenses - Costs incurred on uncompleted contracts totaled $7.46 billion as of September 30, 2025, compared to $7.03 billion as of December 31, 2024[90] - Selling, general and administrative expenses for the three months ended September 30, 2025, were $51.8 million, an increase of $15.6 million, or 43.1%, from $36.2 million for the same period in 2024[212] - Interest expense for the three months ended September 30, 2025, was $5.4 million, an increase of $2.6 million, or 92.9%, from $2.8 million for the same period in 2024[215] - Total stock-based compensation expense for the nine months ended September 30, 2025, was $4.8 million, compared to $1.0 million for the same period in 2024[140] - Interest expense for the nine months ended September 30, 2025, was $16.4 million, an increase of $7.6 million, or 86.4%, from $8.8 million for the same period in 2024[229] Assets and Liabilities - The company reported a net contract liability of $19.4 million as of September 30, 2025, compared to $40.3 million as of December 31, 2024, indicating improved cash flow management[90][93] - Remaining performance obligations amounted to $2.69 billion as of September 30, 2025, with $2.23 billion expected to be recognized within 12 months[97] - Contract assets increased to $250.5 million as of September 30, 2025, from $167.0 million as of December 31, 2024[93][94] - The company has a total long-term debt of $270.1 million as of September 30, 2025, down from $280.6 million as of December 31, 2024[114] - Working capital increased to $523.5 million as of September 30, 2025, up from $403.9 million as of December 31, 2024[284] Financial Ratios and Covenants - The Credit Agreement requires the company to maintain a maximum consolidated total net leverage ratio of 3.00 to 1.00 and a minimum interest coverage ratio of 3.00 to 1.00[125] - As of September 30, 2025, the consolidated total net leverage ratio was 3.00:1.00, with an option to increase to 3.50:1.00 for qualifying acquisitions[280] - Compliance with financial covenants was maintained as of both September 30, 2025, and December 31, 2024[283] Backlog and Project Opportunities - Backlog as of September 30, 2025, was estimated at $2,382.5 million, a decrease from $2,946.2 million as of December 31, 2024[264] - E&M backlog increased to $2,087.5 million as of September 30, 2025, compared to $2,570.4 million as of December 31, 2024, reflecting growth in the commercial end market[265] - The Company reported strong project opportunities in specialty contracting markets, particularly in data center, undergrounding, and hospitality work, contributing to a robust backlog[195] Customer Concentration and Risks - Revenue from a single customer accounted for approximately 17% of total operating revenues for the three months ended September 30, 2025, indicating a significant customer concentration risk[161] - For the E&M segment, two customers accounted for approximately 22% and 11% of total E&M segment revenues for the three months ended September 30, 2025, highlighting reliance on key customers[162] - Trade receivables from a single customer accounted for approximately 17% of total trade receivables as of September 30, 2025, indicating potential credit risk exposure[164] Legal and Regulatory Matters - The company accrued estimated litigation-related contingent liabilities of $3.7 million as of September 30, 2025, indicating potential financial exposure from ongoing legal matters[171] Market Conditions and Future Outlook - The Company anticipates continued increases in insurance costs due to economic inflation and rising losses in the insurance industry, impacting future project budgets and profitability[191] - The U.S. construction services industry is highly fragmented, with competition influenced by technical expertise, service pricing, and operational resources[193] - The company is focused on growing total revenues, expanding margins, managing costs, and generating cash to increase operating income despite rising costs[192]

Financial Performance - Voyage revenues for Q3 2025 decreased to $79,921,000, down 19.5% from $99,332,000 in Q3 2024[152]. - Total revenues for the nine months ended September 30, 2025, were $232,130,000, a decline of 28.3% compared to $323,814,000 in the same period of 2024[153]. - Operating income for Q3 2025 was $2,467,000, representing an 89.7% decrease from $24,034,000 in Q3 2024[152]. - Net loss attributable to Genco Shipping & Trading Limited for Q3 2025 was $1,053,000, compared to a net income of $21,459,000 in Q3 2024, marking a 104.9% decline[152]. - EBITDA for Q3 2025 was $21,008,000, down 47.9% from $40,300,000 in Q3 2024[154]. - Total operating expenses for the nine months ended September 30, 2025, were $243,693,000, a decrease of 3.1% from $251,373,000 in the same period of 2024[153]. - Charter hire expenses for Q3 2025 were $106,000, a significant drop of 91.6% from $1,267,000 in Q3 2024[152]. - The company reported a net loss per share of $0.02 for Q3 2025, compared to earnings of $0.50 per share in Q3 2024, reflecting a 104.0% decline[152]. - Voyage revenues for the nine months ended September 30, 2025, decreased by $91.7 million, or 28.3%, to $232.1 million compared to $323.8 million for the same period in 2024[178]. Fleet and Operations - The fleet consists of 43 drybulk vessels with an aggregate carrying capacity of approximately 4,629,000 deadweight tons (dwt) and an average age of approximately 12.8 years[112]. - The company acquired the Genco Courageous, a 2020-built, 182,000 dwt Capesize vessel, for $63.6 million, delivered on October 15, 2025[129]. - The company divested three older, less fuel-efficient vessels in 2024 to opportunistically renew its fleet[131]. - Chartered-in days for Ultramax vessels dropped significantly by 60.7 days, or 85.5%, from 71.0 days in 2024 to 10.3 days in 2025[139]. - Total available days for the owned and chartered-in fleet decreased by 239.1 days, or 6.5%, from 3,696.1 days in 2024 to 3,457.0 days in 2025[139]. - Fleet utilization for Capesize vessels remained stable at 97.1%, a slight decrease of 0.1% compared to 97.2% in 2024[139]. - Daily vessel operating expenses for Capesize vessels increased by $234, or 3.4%, from $6,783 in 2024 to $7,017 in 2025[140]. - The fleet currently consists of 43 drybulk vessels, including 17 Capesize, 15 Ultramax, and 11 Supramax vessels[218]. Environmental Compliance and Regulations - The International Maritime Organization (IMO) has set targets for reducing total annual GHG emissions from shipping by at least 20% by 2030 compared to 2008 levels[125]. - The UK Emission Trading Scheme (UK ETS) for the maritime sector will start on July 1, 2026, covering vessels of 5,000 gross tonnage and above[132]. - The company aims to maintain compliance with evolving environmental regulations, including the IMO Net-Zero Framework expected to enter into force by March 2028[123]. - The company has implemented a fuel efficiency upgrade program for certain vessels to generate fuel savings and increase future earnings potential[218]. Debt and Liquidity - The company has reduced its debt by $279.2 million cumulatively through September 30, 2025, resulting in a debt balance of $170 million, a 62% reduction from January 1, 2021 levels[116]. - As of September 30, 2025, the company had $90 million in cash and undrawn revolver availability of $430 million, totaling $520 million in liquidity[117]. - The company plans to actively manage its debt balance to reduce interest expenses and may draw down debt for growth opportunities, with no mandatory repayments due until 2030[199]. - The company is in compliance with all financial covenants under the $600 Million Revolver as of September 30, 2025[203]. - Net cash provided by financing activities was $47.7 million in 2025, a significant increase from ($170.4) million in 2024, due to a decrease in debt repayments and new drawdowns[213]. Costs and Expenses - General and administrative expenses increased from $6.8 million in Q3 2024 to $7.6 million in Q3 2025, primarily due to higher nonvested stock amortization expenses[169]. - General and administrative expenses increased to $22.5 million for the nine months ended September 30, 2025, up from $20.8 million in 2024, primarily due to higher nonvested stock amortization and legal fees[185]. - Depreciation and amortization expenses rose by $4.2 million, from $50.9 million in 2024 to $55.1 million in 2025, mainly due to increased drydocking amortization for certain vessels[187]. - Voyage expenses decreased from $28.2 million in Q3 2024 to $24.8 million in Q3 2025, primarily due to lower bunker consumption[162]. - Vessel operating expenses decreased by $0.4 million from $24.8 million in Q3 2024 to $24.4 million in Q3 2025[163]. Market Risks - The company has not entered into any forward freight agreements (FFAs) as of September 30, 2025, to manage market risks[217]. - The company is exposed to interest rate changes, with a 1% increase in SOFR resulting in an increase of $0.7 million in interest expense for the nine months ended September 30, 2025[241]. - The company has significant amounts of floating rate debt outstanding, which subjects it to market risks related to changes in SOFR rates[240]. - The majority of the company's revenues and most operating costs are denominated in U.S. Dollars, minimizing foreign exchange risk[247].

Financial Performance - Net income for the three months ended September 30, 2025, was $13.6 million, a decrease of 40.1% compared to $22.8 million in the same period of 2024[134] - Total revenues for the three months ended September 30, 2025, were $197.7 million, a slight decrease of 0.9% from $199.6 million in the same period of 2024[134] - Operating income for the three months ended September 30, 2025, was $39.3 million, down 13.3% from $45.3 million in 2024[134] - Total revenues for the nine months ended September 30, 2025, were $569.046 million, a decrease of 0.2% compared to $570.321 million in 2024[140] - Operating income fell by 13.4% to $100.243 million in 2025 from $115.770 million in 2024[140] - Net income attributable to common unitholders decreased by 35.5% to $37.657 million in 2025 from $58.411 million in 2024[140] - Core FFO attributable to common unitholders for the nine months ended September 30, 2025, was $172.540 million, compared to $191.449 million for the same period in 2024, reflecting a decrease of 9.9%[186] Revenue Breakdown - Rental revenue increased by 3.5% to $158.4 million for the three months ended September 30, 2025, compared to $153.1 million in 2024[134] - Observatory revenue decreased by 8.5% to $36.0 million due to lower visitation levels, primarily from reduced international tourism[134] - Rental revenue increased by 1.5% to $466.492 million in 2025 from $459.469 million in 2024, driven by new lease commencements[140][141] - Observatory revenue decreased by 5.1% to $93.097 million in 2025 from $98.102 million in 2024, attributed to lower international tourism and adverse weather conditions[140][146] - The Observatory hosted 1,705,000 visitors for the nine months ended September 30, 2025, down 8.3% from 1,860,000 visitors in the same period of 2024[189] - Observatory revenue for the nine months ended September 30, 2025, was $93.1 million, a decrease of 5.1% from $98.1 million in the same period of 2024[189] Expenses and Costs - Property operating expenses increased by 2.2% to $46.96 million, attributed to higher repair and maintenance costs and acquisitions[134] - Real estate taxes rose by 3.9% to $33.24 million, driven by higher tax rates and property valuations[137] - Interest income decreased by 83.5% to $1.15 million, primarily due to a decrease in cash and cash equivalents[138] - Net operating income (NOI) for the nine months ended September 30, 2025, was $297.6 million, compared to $306.7 million in 2024[181] - As of September 30, 2025, the company expects to incur approximately $96.8 million in additional costs for tenant improvements and leasing commissions[170] Leasing Activity - Signed a total of 87,880 rentable square feet of new, renewal, and expansion leases during the quarter[132] - Total new leases signed decreased from 82 in 2024 to 51 in 2025, with total square feet leased dropping from 921,671 to 523,002[165] - Weighted average annualized cash rent per square foot for new and renewal leases increased by 3.37% from $66.69 in 2024 to $68.94 in 2025[165] - The percentage of new cash rent over previously escalated rents rose significantly from 3.3% in 2024 to 9.8% in 2025[165] - Total leasing commissions and tenant improvement costs per square foot increased from $77.20 in 2024 to $90.47 in 2025[165] Cash Flow and Liquidity - Net cash provided by operating activities increased by $4.3 million to $215.2 million in 2025, primarily due to changes in working capital[176] - Net cash used in investing activities decreased by $130.4 million to $188.1 million, attributed to a $31.7 million acquisition in 2025 compared to a $143.4 million acquisition in 2024[177] - Distributions to equity holders amounted to $32.4 million in 2025, up from $31.8 million in 2024[174] - The company had $154.1 million in cash and cash equivalents and $620.0 million available under its unsecured revolving credit facility as of September 30, 2025[149] Debt and Financial Position - Total consolidated indebtedness as of September 30, 2025, was approximately $2.1 billion, with a weighted average interest rate of 4.34%[149] - The weighted average interest rate on $2.1 billion of fixed-rate indebtedness outstanding was 4.34% per annum as of September 30, 2025[197] - The fair value of outstanding debt was approximately $2.0 billion, which was about $0.1 billion less than the book value as of September 30, 2025[198] - The company has interest rate SOFR swap and cap agreements with an aggregate notional value of $447.5 million, maturing between December 31, 2026, and November 1, 2033[196] Strategic Positioning - The company believes it is well-positioned with a diversified portfolio across office, retail, multifamily, and the Empire State Building Observatory, despite economic uncertainties[192] - The company has a well-positioned balance sheet with modest leverage and good access to liquidity, providing optionality in capital allocation decisions[193] - The company expects to generate positive cash flows from operations and plans to make quarterly distributions to securityholders[147] - As of September 30, 2025, the company was in compliance with all financial covenants related to its unsecured facilities, including a maximum total leverage of 32.1%[153] - The company has $497.9 million remaining of the authorized $500.0 million repurchase program for Class A common stock and operating partnership units[175]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2025 For the transition period from to Commission File Number: 001-36106 EMPIRE STATE REALTY OP, L.P. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Delaware 45-4685158 111 West 33rd Stre ...