Montauk Renewables Q2 2025 Earnings Report [Second Quarter Highlights](index=1&type=section&id=Second%20Quarter%20Highlights) The company advanced strategic projects but faced profitability headwinds from regulatory delays and lower RIN prices - Key operational and strategic developments in Q2 2025 include the completion of the **second Apex RNG facility**, a **10-year power purchase agreement** for the Montauk Ag project, and the formation of the **GreenWave Energy Partners JV**[3](index=3&type=chunk) - Regulatory actions by the EPA temporarily impacted RIN timing, leaving approximately **3.0 million RINs unseparated** and unavailable for sale as of June 30, 2025[4](index=4&type=chunk)[6](index=6&type=chunk) - The EPA proposed new RFS Standards and a partial waiver for 2025 Cellulosic Biofuel Volume, citing limitations in RNG transportation usage[4](index=4&type=chunk) [Second Quarter Financial Results](index=1&type=section&id=Second%20Quarter%20Financial%20Results) Revenues grew slightly due to contract timing, but higher operating expenses led to a net loss and a decline in Adjusted EBITDA Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $45.1M | $43.3M | +4.1% | | Operating (Loss) Income | ($2.4M) | $0.8M | - | | Net Loss | ($5.5M) | ($0.7M) | Increased Loss | | Non-GAAP Adjusted EBITDA | $5.0M | $6.96M | -27.7% | | Average Realized RIN Price | $2.42 | $3.12 | -22.4% | - The increase in total revenues was primarily related to the timing of revenues recognized under a short-term fixed-price contract, which offset the negative impact of lower RIN prices[5](index=5&type=chunk) - Operating expenses increased due to a **$3.1 million (22.0%) rise in RNG O&M** from maintenance programs and a **$0.3 million (3.5%) increase in General & Administrative costs** from stock-based compensation[5](index=5&type=chunk) [Second Quarter Operational Results](index=2&type=section&id=Second%20Quarter%20Operational%20Results) RNG production was flat year-over-year while Renewable Electricity generation saw a slight decrease due to preventative maintenance timing Q2 2025 Production Volumes (vs. Q2 2024) | Product | Q2 2025 Production | Q2 2024 Production | Change | | :--- | :--- | :--- | :--- | | RNG | 1.4 million MMBtu | 1.4 million MMBtu | Flat | | Renewable Electricity | 42 thousand MWh | 45 thousand MWh | -3 thousand MWh | - The flatness in RNG production was a result of a **67 MMBtu increase at the Rumpke facility**, offset by the absence of production from the Southern facility which was sold in Q4 2024[7](index=7&type=chunk) [Reaffirmed 2025 Full Year Outlook](index=2&type=section&id=Reaffirmed%202025%20Full%20Year%20Outlook) The company reaffirmed its full-year 2025 guidance for revenues and production volumes across both its RNG and REG segments Full Year 2025 Guidance (Unchanged) | Category | Metric | Expected Range | | :--- | :--- | :--- | | **RNG** | Revenues | $150 - $170 million | | | Production Volumes | 5.8 - 6.0 million MMBtu | | **REG** | Revenues | $17 - $18 million | | | Production Volumes | 178 - 186 thousand MWh | Financial Statements [Consolidated Balance Sheets](index=5&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) Total assets and liabilities increased, driven by capital investments and higher debt, while cash and cash equivalents decreased Balance Sheet Summary (as of June 30, 2025 vs. Dec 31, 2024) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $29.1 million | $45.6 million | | Total current assets | $42.6 million | $57.2 million | | Property, plant and equipment, net | $294.6 million | $252.3 million | | **Total assets** | **$382.5 million** | **$349.0 million** | | Total current liabilities | $55.5 million | $33.5 million | | Long-term debt | $57.8 million | $43.8 million | | **Total liabilities** | **$127.8 million** | **$91.6 million** | | **Total stockholders' equity** | **$254.7 million** | **$257.4 million** | [Consolidated Statements of Operations](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The company reported a wider net loss for the quarter as growth in operating expenses outpaced the increase in revenues Q2 2025 Income Statement Highlights (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total operating revenues | $45,127 | $43,338 | | Total operating expenses | $47,482 | $42,470 | | Operating (loss) income | $(2,355) | $868 | | Net (loss) income | $(5,487) | $(712) | | Diluted (loss) per share | $(0.04) | $(0.01) | YTD 2025 Income Statement Highlights (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total operating revenues | $87,730 | $82,125 | | Total operating expenses | $89,676 | $78,889 | | Operating (loss) income | $(1,946) | $3,236 | | Net (loss) income | $(5,951) | $1,138 | | Diluted (loss) per share | $(0.04) | $0.01 | [Consolidated Statements of Cash Flows](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Cash from operations increased slightly, while significant capital expenditures were funded by new debt and cash on hand Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $17,346 | $14,485 | | Net cash used in investing activities | $(47,446) | $(41,555) | | Net cash provided (used) in financing activities | $13,614 | $(4,427) | | **Net decrease in cash** | **$(16,486)** | **$(31,497)** | | Cash at end of period | $29,518 | $42,745 | - Capital expenditures were the primary use of cash, totaling **$45.3 million** for the six-month period, an increase from $40.8 million in the prior year[21](index=21&type=chunk) Supplementary Information [Reconciliation of Non-GAAP Financial Measures](index=8&type=section&id=NON-GAAP%20FINANCIAL%20MEASURES) Adjusted EBITDA decreased in Q2 2025 compared to the prior year, reflecting the period's operating loss Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net loss | $(5,487) | $(712) | | Depreciation, depletion and amortization | $7,029 | $5,823 | | Interest expense | $1,216 | $1,286 | | Income tax expense | $1,876 | $344 | | **Consolidated EBITDA** | **$4,634** | **$6,741** | | Adjustments (Impairment, etc.) | $398 | $220 | | **Adjusted EBITDA** | **$5,032** | **$6,961** | [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) The company will host a conference call on August 7, 2025, to discuss its second quarter financial and operational results - A conference call to discuss Q2 2025 results is scheduled for **August 7, 2025, at 8:30 a.m. ET**[10](index=10&type=chunk) [About Montauk Renewables, Inc.](index=3&type=section&id=About%20Montauk%20Renewables%2C%20Inc.) The company is an experienced renewable energy firm specializing in converting biogas into valuable energy products - The company specializes in managing, recovering, and converting biogas into **RNG and Renewable Electricity**[13](index=13&type=chunk) [Safe Harbor Statement](index=4&type=section&id=Safe%20Harbor%20Statement) This report contains forward-looking statements that are subject to substantial risks and uncertainties affecting future results - The report includes forward-looking statements concerning future performance, which are subject to **significant risks and uncertainties** detailed in the company's SEC filings[14](index=14&type=chunk)[15](index=15&type=chunk)

[Executive Summary & Q2 2025 Highlights](index=1&type=section&id=News%20Release) [Q2 2025 Highlights and CEO Commentary](index=1&type=section&id=Q2%202025%20Highlights%20and%20CEO%20Commentary) Edgewise Therapeutics reported Q2 2025 results, highlighting positive sevasemten data and EDG-7500 progress - Announced positive top-line data from the open-label extension MESA trial of sevasemten in participants with Becker muscular dystrophy[1](index=1&type=chunk) - Announced encouraging top-line data from the Phase 2 LYNX and FOX trials of sevasemten in Duchenne muscular dystrophy[1](index=1&type=chunk) - Advanced the Phase 2 CIRRUS-HCM trial of EDG-7500 in Hypertrophic Cardiomyopathy (HCM)[1](index=1&type=chunk) - Company is advancing skeletal and cardiac muscle programs and building commercial infrastructure for a potential U.S. launch of sevasemten in Becker, while exploring Phase 3 trial designs in HCM and Duchenne[2](index=2&type=chunk) [Recent Business Highlights](index=1&type=section&id=Recent%20Highlights) [Muscular Dystrophy Program](index=1&type=section&id=Muscular%20Dystrophy%20Program) Edgewise advanced its muscular dystrophy program with positive sevasemten trial results for Becker and Duchenne [Sevasemten and Becker Muscular Dystrophy](index=1&type=section&id=Sevasemten%20and%20Becker) Sevasemten showed sustained disease stabilization in Becker muscular dystrophy, with GRAND CANYON data expected Q4 2026 - Sevasemten is an orally administered first-in-class fast skeletal myosin inhibitor designed to protect against contraction-induced muscle damage in muscular dystrophies[3](index=3&type=chunk) - Becker muscular dystrophy is a rare, genetic, life-shortening, debilitating, and degenerative neuromuscular disorder with no currently approved therapies[4](index=4&type=chunk) - Positive data from the MESA open-label extension trial showed sustained disease stabilization in NSAA scores for Becker participants, with a favorable safety profile after up to **three years of treatment**[5](index=5&type=chunk)[6](index=6&type=chunk) - The global pivotal placebo-controlled GRAND CANYON trial completed enrollment of **175 adults** in February 2025 and is on track for top-line data in **Q4 2026**[7](index=7&type=chunk)[8](index=8&type=chunk) - The Company completed a successful Type C meeting with the FDA, providing a clear path to registration of sevasemten as the first therapy for Becker[8](index=8&type=chunk) [Sevasemten and Duchenne Muscular Dystrophy](index=2&type=section&id=Duchenne) Sevasemten Phase 2 trials in Duchenne showed encouraging results, identifying a **10 mg** dose for Phase 3 - Duchenne is the most common type of muscular dystrophy, a severe degenerative muscle disorder with high unmet medical need despite existing therapies[9](index=9&type=chunk) - LYNX Phase 2 trial showed encouraging observations across functional measures (SV95C, NSAA, 4 stair-climb) and identified a **10 mg dose** for Phase 3[10](index=10&type=chunk) - FOX Phase 2 trial in Duchenne boys previously treated with gene therapy supports the potential of sevasemten **10 mg** to reduce the rate of functional decline[11](index=11&type=chunk) - The Company plans to meet with the FDA in **Q4 2025** to discuss Phase 3 design and initiate a pivotal study in **2026**[12](index=12&type=chunk) [Cardiovascular and Cardiometabolic Programs](index=3&type=section&id=Cardiovascular%20and%20Cardiometabolic%20Programs) Edgewise advances cardiovascular programs with EDG-7500 in Phase 2 for HCM and EDG-15400 entering Phase 1 [EDG-7500 and Hypertrophic Cardiomyopathy (HCM)](index=3&type=section&id=EDG-7500%20and%20HCM) The CIRRUS-HCM Phase 2 trial for EDG-7500 is recruiting for Part D, with an update expected in Q4 2025 - EDG-7500 is a novel oral, selective, cardiac sarcomere modulator designed to slow early contraction velocity and address impaired cardiac relaxation associated with HCM[14](index=14&type=chunk) - HCM is the most common form of genetic heart disease, affecting approximately **one in 500 people**, with significant unmet needs for additional therapeutic approaches, particularly for nonobstructive HCM (nHCM)[14](index=14&type=chunk) - The multi-part, open-label CIRRUS-HCM Phase 2 trial is actively recruiting participants for Part D (**12-week study** in oHCM and nHCM), with an update expected in **Q4 2025**[15](index=15&type=chunk) [Heart Failure and Preclinical Programs](index=3&type=section&id=Heart%20failure%20and%20preclinical%20programs) Edgewise plans to initiate a Phase 1 trial for EDG-15400 in heart failure in Q3 2025 - The Company expects to begin dosing in a first-in-human Phase 1 trial of EDG-15400 for heart failure during **Q3 2025**[16](index=16&type=chunk) - Edgewise continues to advance its preclinical cardiometabolic programs[16](index=16&type=chunk) [Strengthened Engagement with the Scientific and Patient Communities](index=3&type=section&id=Strengthened%20Engagement%20with%20the%20Scientific%20and%20Patient%20Communities) Edgewise continued engagement with muscular dystrophy and HCM communities through educational outreach and conferences - The Company participated in the Parent Project Muscular Dystrophy annual conference, CureDuchenne Futures conference, and the Annual Congress of the Heart Failure Association of the ESC[17](index=17&type=chunk) - Edgewise continues to sponsor and participate in numerous other clinician and patient-focused events[17](index=17&type=chunk) [Second Quarter Financial Results](index=3&type=section&id=Second%20Quarter%20Financial%20Results) [Financial Position (Cash, Cash Equivalents, Marketable Securities)](index=3&type=section&id=Financial%20Position%20(Cash%2C%20Cash%20Equivalents%2C%20Marketable%20Securities)) Edgewise Therapeutics maintained a strong liquidity position with **$594.0 million** in cash, cash equivalents, and marketable securities Cash, Cash Equivalents and Marketable Securities | Metric | June 30, 2025 | | :----- | :------------ | | Cash, cash equivalents and marketable securities | **$594.0 million** | [Operating Expenses](index=3&type=section&id=Operating%20expenses) Total operating expenses for Q2 2025 decreased to **$42.6 million**, primarily due to reduced R&D activities Total Operating Expenses (QoQ) | Metric | Q2 2025 | Q1 2025 | Change | | :----- | :------ | :------ | :----- | | Total operating expenses | **$42.610 million** | **$45.959 million** | **-$3.349 million** | [Research and Development (R&D) Expenses](index=3&type=section&id=Research%20and%20development) R&D expenses decreased by **$3.2 million** to **$33.6 million** in Q2 2025, driven by reduced clinical development and personnel costs Research and Development Expenses (QoQ) | Metric | Q2 2025 | Q1 2025 | Change | | :----- | :------ | :------ | :----- | | R&D expenses | **$33.6 million** | **$36.8 million** | **-$3.2 million** | - Decrease primarily driven by a **$2.6 million** decrease in sevasemten clinical development, a **$0.9 million** decrease in EDG-7500 clinical development, and a **$1.1 million** decrease in personnel-related costs, offset by a **$1.7 million** increase in manufacturing expenses[19](index=19&type=chunk) [General and Administrative (G&A) Expenses](index=4&type=section&id=General%20and%20administrative) G&A expenses remained stable at **$9.1 million** for Q2 2025 General and Administrative Expenses (QoQ) | Metric | Q2 2025 | Q1 2025 | Change | | :----- | :------ | :------ | :----- | | G&A expenses | **$9.1 million** | **$9.2 million** | **-$0.1 million** | [Net Loss and Net Loss Per Share](index=4&type=section&id=Net%20loss) Edgewise reported a net loss of **$36.1 million** (or **$0.34 per share**) for Q2 2025, an improvement Net Loss and Net Loss Per Share (QoQ) | Metric | Q2 2025 | Q1 2025 | Change | | :----- | :------ | :------ | :----- | | Net loss | **$(36.1) million** | **$(40.8) million** | **+$4.7 million** | | Net loss per share | **$(0.34)** | **$(0.43)** | **+$0.09** | [Company Overview](index=4&type=section&id=About%20Edgewise%20Therapeutics) [Company Mission and Product Pipeline](index=4&type=section&id=Company%20Mission%20and%20Product%20Pipeline) Edgewise Therapeutics develops novel therapeutics for muscular dystrophies and cardiac conditions, with sevasemten and EDG-7500 as key candidates - Edgewise Therapeutics is a leading muscle disease biopharmaceutical company developing novel therapeutics for muscular dystrophies and serious cardiac conditions[21](index=21&type=chunk) - Sevasemten is an orally administered first-in-class fast skeletal myosin inhibitor in late-stage clinical trials for Becker and Duchenne muscular dystrophies[21](index=21&type=chunk) - EDG-7500 is a novel cardiac sarcomere modulator for hypertrophic cardiomyopathy and other diseases of diastolic dysfunction, currently in Phase 2 clinical development[21](index=21&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) [Condensed Statement of Operations](index=6&type=section&id=Condensed%20Statement%20of%20Operations) The condensed statement of operations shows a net loss of **$36.1 million** for Q2 2025, an improvement driven by reduced R&D expenses Condensed Statement of Operations (Three months ended, in thousands) | Operating expenses: | June 30, 2025 | March 31, 2025 | | :------------------ | :------------ | :------------- | | Research and development | **$33,558** | **$36,757** | | General and administrative | **$9,052** | **$9,202** | | Total operating expenses | **$42,610** | **$45,959** | | Loss from operations | **$(42,610)** | **$(45,959)** | | Interest income | **$6,495** | **$5,161** | | Net loss | **$(36,115)** | **$(40,798)** | | Net loss per share - basic and diluted | **$(0.34)** | **$(0.43)** | | Weighted-average shares outstanding, basic and diluted | **104,940,493** | **95,130,053** | [Condensed Balance Sheet Data](index=6&type=section&id=Condensed%20Balance%20Sheet%20Data) Total assets increased to **$613.3 million** as of June 30, 2025, driven by increased cash and marketable securities Condensed Balance Sheet Data (in thousands) | Assets | June 30, 2025 | December 31, 2024 | | :----- | :------------ | :---------------- | | Cash, cash equivalents and marketable securities | **$593,992** | **$470,170** | | Other assets | **$19,342** | **$16,647** | | Total assets | **$613,334** | **$486,817** | | Liabilities | **$24,263** | **$27,601** | | Stockholders' equity | **$589,071** | **$459,216** | | Total liabilities and stockholders' equity | **$613,334** | **$486,817** | [Additional Information](index=4&type=section&id=Additional%20Information) [Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section outlines forward-looking statements, emphasizing inherent risks and uncertainties that could cause actual results to differ - The press release contains forward-looking statements regarding product candidates, clinical trials, potential launches, market opportunities, and financial expectations[22](index=22&type=chunk) - Actual results could differ materially due to numerous risks and uncertainties, including those related to early development, lack of approved products, need for capital, dependence on product candidates, clinical trial outcomes, regulatory approvals, and intellectual property[22](index=22&type=chunk) [Company Contacts](index=6&type=section&id=Edgewise%20Contacts) Contact information is provided for investor relations and media inquiries - Investors can contact Michael Carruthers, Chief Financial Officer, at ir@edgewisetx.com[28](index=28&type=chunk) - Media inquiries can be directed to Maureen Franco, VP Corporate Communications, at media@edgewisetx.com[28](index=28&type=chunk)

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 June 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: 001-39405 MarketWise, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 87-1767914 (State or other jurisdiction of incorpora ...

Part I. Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) NCR Voyix's financial statements for the period ended June 30, 2025, reflect decreased total revenue primarily from lower product sales, a shift from net loss to slight net income from continuing operations due to reduced expenses, a decrease in total assets driven by reduced cash, and negative operating cash flow heavily impacted by a large tax payment related to the Digital Banking Sale [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the second quarter of 2025, total revenue decreased to $666 million from $722 million in Q2 2024, an 8% decline driven by a 24% drop in product revenue, yet the company improved its operating results to $14 million income from operations and achieved breakeven net income attributable to NCR Voyix, a significant improvement from prior-year losses Consolidated Statements of Operations Summary (Q2 & H1) | In millions, except per share data | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total revenue** | **$666** | **$722** | **$1,283** | **$1,432** | | Product revenue | $185 | $244 | $338 | $465 | | Service revenue | $481 | $478 | $945 | $967 | | **Income (loss) from operations** | **$14** | **($34)** | **($6)** | **($53)** | | **Net income (loss) attributable to NCR Voyix** | **$0** | **($73)** | **($17)** | **($113)** | | **Diluted net income (loss) per common share** | **($0.03)** | **($0.53)** | **($0.18)** | **($0.84)** | - The company successfully reversed its operating loss from the prior year, achieving **$14 million in operating income** for Q2 2025, compared to a **$34 million loss** in Q2 2024, primarily due to reductions in cost of services, SG&A, and R&D expenses[12](index=12&type=chunk) [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, NCR Voyix's total assets decreased to **$3.98 billion** from **$4.45 billion** at year-end 2024, primarily due to a significant reduction in cash and cash equivalents, while total liabilities also decreased to **$2.84 billion**, and total stockholders' equity saw a slight decline Balance Sheet Summary | In millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | **$1,222** | **$1,671** | | Cash and cash equivalents | $276 | $722 | | **Total assets** | **$3,984** | **$4,452** | | **Total current liabilities** | **$1,054** | **$1,420** | | **Long-term debt** | **$1,099** | **$1,098** | | **Total liabilities** | **$2,841** | **$3,245** | | **Total stockholders' equity (deficit)** | **$867** | **$931** | - The company's cash position decreased substantially by **$446 million** during the first six months of 2025[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, the company experienced a net cash outflow of **$284 million** from operating activities, a sharp reversal from the prior year due to a significant tax payment, with investing activities using **$75 million** and financing activities using **$86 million**, resulting in an overall **$440 million** decrease in cash, cash equivalents, and restricted cash Cash Flow Summary (Six Months Ended June 30) | In millions | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | **($284)** | **$27** | | **Net cash provided by (used in) investing activities** | **($75)** | **($81)** | | **Net cash provided by (used in) financing activities** | **($86)** | **$15** | | Effect of exchange rate changes | $5 | ($14) | | **Increase (decrease) in cash, cash equivalents, and restricted cash** | **($440)** | **($53)** | | Cash, cash equivalents and restricted cash at beginning of period | $758 | $285 | | **Cash, cash equivalents and restricted cash at end of period** | **$318** | **$232** | - Financing activities included **$69 million** for repurchases of common stock in the first half of 2025, a change from zero repurchases in the prior-year period[18](index=18&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant corporate actions including the completed spin-off of NCR Atleos and the sale of the Digital Banking business, both now discontinued operations, alongside the transition of its hardware business to an outsourced model, segment information for Retail and Restaurants, approximately **$1.1 billion** in debt obligations, and ongoing commitments and contingencies, notably significant environmental liabilities related to the Kalamazoo River - The company completed the spin-off of NCR Atleos on October 16, 2023, and the sale of its Digital Banking segment on September 30, 2024, with both now reported as discontinued operations[24](index=24&type=chunk)[26](index=26&type=chunk) - NCR Voyix announced a commercial agreement with Ennoconn to transition its self-checkout and point-of-sale hardware businesses to an outsourced design and manufacturing (ODM) model[27](index=27&type=chunk) - As of June 30, 2025, the company's remaining performance obligations were approximately **$1.1 billion**, with over three-quarters expected to be recognized as revenue in the next 12 months[40](index=40&type=chunk) - The company has a total reserve of **$134 million** for the Kalamazoo River environmental matter as of June 30, 2025, but notes that potential liability could more than double this amount[117](index=117&type=chunk)[118](index=118&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the 8% YoY revenue decline in Q2 2025 to **$666 million**, primarily due to lower hardware sales, offset by 4% recurring revenue growth and a 20% increase in Adjusted EBITDA to **$95 million**, while liquidity was impacted by a **$284 million** tax payment leading to negative operating cash flow, with strategic focus on an outsourced hardware model and software/services-led offerings [Overview](index=32&type=section&id=Overview) NCR Voyix, a global provider of digital commerce solutions for retail and restaurants, has undergone significant transformation, completing the spin-off of NCR Atleos and the sale of its Digital Banking business, transitioning its hardware business to an outsourced model, and continues to manage the financial impact of a 2023 cyber ransomware incident and fraudulent ACH disbursements - The company completed the spin-off of NCR Atleos on October 16, 2023, and the sale of its Digital Banking business on September 30, 2024, with both now treated as discontinued operations[153](index=153&type=chunk)[154](index=154&type=chunk) - The company is transitioning its self-checkout and point-of-sale hardware business to an outsourced design and manufacturing (ODM) model with Ennoconn, which will change its revenue recognition for hardware to a net commission basis[156](index=156&type=chunk) - As of June 30, 2025, the company has incurred **$47 million** in expenses related to a 2023 cyber ransomware incident and has recovered **$36 million** through insurance[160](index=160&type=chunk) - Fraudulent ACH disbursements totaling **$34 million** were identified in February 2024, with approximately **$16 million** recovered as of June 30, 2025[161](index=161&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) For Q2 2025, total revenue fell 8% YoY to **$666 million**, and 10% for H1 2025 to **$1.28 billion**, driven by a significant drop in product revenue, though service revenue grew 1% and recurring revenue increased 4% to 63.4% of total revenue, while gross margin improved to 23.0% and operating expenses decreased, leading to a **$14 million** operating income in Q2, reversing a prior-year loss Q2 2025 vs Q2 2024 Performance | In millions | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total revenue | $666 | $722 | (8)% | | Product revenue | $185 | $244 | (24)% | | Service revenue | $481 | $478 | 1% | | Total gross margin | $153 | $126 | 21% | | Income (loss) from operations | $14 | ($34) | n/m | - Recurring revenue grew **4%** in Q2 2025 to **$422 million** and now constitutes **63.4%** of total revenue, up from 56.2% in the prior year, highlighting the company's strategic shift[175](index=175&type=chunk) - The Retail segment's revenue decreased by **12%** in Q2 2025 due to lower hardware and software license sales, while the Restaurants segment's revenue increased by **2%**, driven by payments processing and hardware maintenance[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk) - Adjusted EBITDA for Q2 2025 was **$95 million**, a **20% increase** from **$79 million** in Q2 2024[178](index=178&type=chunk)[182](index=182&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=45&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held **$276 million** in cash and **$1.1 billion** in total debt, with liquidity significantly impacted by a **$284 million** tax payment that led to negative **$284 million** operating cash flow and negative **$40 million** adjusted free cash flow, though **$478 million** remains available under its revolving credit facility, providing sufficient liquidity for obligations Liquidity Position as of June 30, 2025 | In millions | Amount | | :--- | :--- | | Cash and cash equivalents | $276 | | Total debt | $1,100 | | Borrowing capacity under credit facility | $478 | - Operating cash flow was negative **$284 million** for the first six months of 2025, compared to a positive **$27 million** in the prior year, driven by a **$284 million** tax payment on the Digital Banking Sale[229](index=229&type=chunk) - The company repurchased **$69 million** of its common stock during the first six months of 2025 under its share repurchase program[231](index=231&type=chunk) - Adjusted free cash flow for the six months ended June 30, 2025 was negative **$40 million**[233](index=233&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is primarily exposed to market risks from foreign currency exchange rates across approximately 25 functional currencies, managed through hedging, and interest rates, with approximately 100% of borrowings at a fixed rate as of June 30, 2025, minimizing interest rate risk, while credit risk from customers is monitored with no significant concentrations reported - The company has exposure to approximately **25 functional currencies** and uses financial instruments like forward contracts to hedge its main transactional exposures[248](index=248&type=chunk) - As of June 30, 2025, approximately **100%** of the company's debt was on a fixed-rate basis, mitigating exposure to interest rate fluctuations, with no interest rate derivative contracts outstanding[251](index=251&type=chunk) - A sensitivity analysis showed that a hypothetical **10% appreciation** of the U.S. dollar would decrease the fair value of the hedge portfolio by **$2 million**, while a **10% depreciation** would increase it by **$3 million**[249](index=249&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, ensuring timely and accurate reporting of SEC-required information, with no material changes to internal control over financial reporting during the second quarter of 2025 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[255](index=255&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[256](index=256&type=chunk) Part II. Other Information [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including a pending appeal in a class-action lawsuit concerning deferred compensation plans where a court ruled against it, and manages significant environmental liabilities from historical operations, notably the Kalamazoo River, for which it holds a **$134 million** reserve, with NCR Atleos obligated to contribute **50%** of costs for certain matters after an annual threshold - A court entered a final judgment against the company in a class-action lawsuit regarding deferred compensation plans, and the company has appealed the decision and filed a **$45 million** supersedeas bond to stay the judgment[98](index=98&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - The company retains responsibility for historical environmental liabilities, with NCR Atleos obligated to contribute **50%** of costs for certain matters (including the Kalamazoo River) after an annual **$15 million** funding threshold is met[103](index=103&type=chunk) - The reserve for the Kalamazoo River environmental matter was **$134 million** as of June 30, 2025, and the company notes that the ultimate liability could potentially more than double this amount[117](index=117&type=chunk)[118](index=118&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors from those described in its Annual Report on Form 10-K for the year ended December 31, 2024, and investors are advised to consider the previously disclosed risk factors - The company states that there have been no material changes in its risk factors from those described in the 2024 Annual Report on Form 10-K[260](index=260&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On May 6, 2025, the Board amended the company's share repurchase program, increasing total authority to **$200 million** and expanding it to include Series A preferred stock, under which approximately **0.83 million** shares were repurchased for about **$7.3 million** during Q2 2025, with **$200 million** remaining available for future repurchases as of June 30, 2025 - On May 6, 2025, the Board amended the share repurchase program, increasing the total aggregate authority to **$200 million** and expanding it to include both common and Series A preferred stock[261](index=261&type=chunk) Share Repurchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | Remaining Authority (in millions) | | :--- | :--- | :--- | :--- | :--- | | April 2025 | 830,385 | $8.86 | 825,808 | $28 | | May 2025 | 32,456 | $10.56 | — | $200 | | June 2025 | 2,129 | $10.82 | — | $200 | - The company's ability to repurchase stock is subject to restrictions under its credit facilities and senior note indentures, which are based on formulas including consolidated net income and leverage tests[264](index=264&type=chunk) [Other Information](index=52&type=section&id=Item%205.%20Other%20Information) During the fiscal quarter ended June 30, 2025, no director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the second quarter of 2025[266](index=266&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including certifications by the principal executive and financial officers and the Interactive Data File (iXBRL) - The exhibits include CEO and CFO certifications pursuant to the Sarbanes-Oxley Act and the company's financial statements formatted in iXBRL[269](index=269&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 June 30, 2025 ☐ 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: 814-00899 BLACKROCK TCP CAPITAL CORP. (Exact Name of Registrant as Specified in its Charter) Delaware 56-2594706 (State ...

[Fiscal 2025 Performance Highlights & Outlook](index=1&type=section&id=Fiscal%202025%20Performance%20Highlights%20%26%20Outlook) The company reported record fiscal 2025 results driven by strong margin expansion and provided a positive outlook for fiscal 2026 [Fiscal 2025 Fourth Quarter Highlights](index=1&type=section&id=Fiscal%202025%20Fourth%20Quarter%20Highlights) The company achieved record Q4 sales, net income, and EPS, with significant margin improvement and strategic capital deployment | Metric | FY25 Q4 (Reported) | Change YoY | FY25 Q4 (Adjusted) | Change YoY | | :------------------------- | :----------------- | :--------- | :----------------- | :--------- | | Sales | $5.2 billion | 2% organic | - | - | | Net Income | $923 million | 18% | $992 million | 12% | | EPS | $7.15 | 19% | $7.69 | 14% | | Segment Operating Margin | 23.9% | +170 bps | 26.9% | +160 bps | - Repurchased **$851 million** of shares[5](index=5&type=chunk) - Announced an agreement to acquire Curtis Instruments, Inc, expanding its electrification offering[5](index=5&type=chunk) [Fiscal 2025 Full Year Highlights](index=1&type=section&id=Fiscal%202025%20Full%20Year%20Highlights) The company achieved record full-year performance in net income, EPS, and operating margins, generating substantial cash flow | Metric | FY25 (Reported) | Change YoY | FY25 (Adjusted) | Change YoY | | :------------------------- | :-------------- | :--------- | :-------------- | :--------- | | Sales | $19.9 billion | 1% organic | - | - | | Net Income | $3.5 billion | 24% | $3.6 billion | 7% | | EPS | $27.12 | 24% | $27.33 | 7% | | EBITDA Margin | 27.3% | +210 bps | 26.4% | +80 bps | | Segment Operating Margin | 23.0% | +150 bps | 26.1% | +120 bps | - Cash flow from operations **increased 12% to $3.8 billion**, representing 19.0% of sales[5](index=5&type=chunk) - Repurchased **$1.6 billion** of shares[5](index=5&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) The CEO attributed record fiscal 2025 performance to 'The Win Strategy™' and anticipates continued growth in fiscal 2026 - Achieved a record year for safety, engagement, earnings per share, margins, and cash flow[3](index=3&type=chunk) - Generated full year cash flow of **$3.8 billion** and increased the quarterly cash dividend by **10 percent**[3](index=3&type=chunk) - Forecasts Aerospace to remain the fastest-growing business and a return to positive organic growth in Industrial businesses for fiscal year 2026[4](index=4&type=chunk) [Fiscal 2026 Outlook](index=1&type=section&id=Fiscal%202026%20Outlook) The company projects continued sales growth and strong margins for fiscal year 2026, with adjusted EPS expected to reach $28.40 to $29.40 | Metric | FY26 Guidance (Reported) | FY26 Guidance (Adjusted) | | :----------------------------------- | :----------------------- | :----------------------- | | Sales Growth | 2% to 5% | ~3% organic (midpoint) | | Total Segment Operating Margin | 23.3% to 23.7% | 26.3% to 26.7% | | EPS | $24.68 to $25.68 | $28.40 to $29.40 | - Forecasted sales growth includes previously completed divestitures of 1% and favorable currency of 1.5%[6](index=6&type=chunk) [Segment Performance Analysis](index=3&type=section&id=Segment%20Performance%20Analysis) This section details the performance of the Diversified Industrial and Aerospace Systems segments, including sales, operating income, and order rates [Diversified Industrial Segment](index=3&type=section&id=Diversified%20Industrial%20Segment) The Diversified Industrial segment saw mixed results, with declining sales in North America but growth and record margins in International businesses [North America Businesses](index=3&type=section&id=North%20America%20Businesses) North American operations experienced a sales decline but achieved a significant improvement in operating margin | Metric | FY25 Q4 | FY24 Q4 | Change | Organic Growth | | :----------------------- | :----------- | :----------- | :--------- | :------------- | | Sales | $2,075 million | $2,229 million | -6.9% | -1.4% | | Segment Operating Income | $513 million | $505 million | +1.6% | - | | Segment Operating Margin | 24.7% | 22.7% | +200 bps | - | | Adjusted Segment Operating Margin | 26.7% | 25.0% | +170 bps | - | [International Businesses](index=3&type=section&id=International%20Businesses) International businesses delivered sales growth and a record adjusted operating margin, driven by strength in APAC and Latin America | Metric | FY25 Q4 | FY24 Q4 | Change | Organic Growth | | :----------------------- | :----------- | :----------- | :--------- | :------------- | | Sales | $1,492 million | $1,430 million | +4.3% | +0.6% | | Segment Operating Income | $334 million | $312 million | +7.1% | - | | Segment Operating Margin | 22.4% | 21.8% | +60 bps | - | | Adjusted Segment Operating Margin | 24.7% | 23.9% | +80 bps | - | - Achieved **record adjusted segment operating margin**[8](index=8&type=chunk) - Organic growth turned positive in the quarter with **6% in APAC** and **4% in Latin America**, while EMEA was (3%)[8](index=8&type=chunk) [Aerospace Systems Segment](index=3&type=section&id=Aerospace%20Systems%20Segment) The Aerospace Systems segment delivered strong performance with record sales, margins, and a backlog of $7.4 billion | Metric | FY25 Q4 | FY24 Q4 | Change | Organic Growth | | :----------------------- | :----------- | :----------- | :--------- | :------------- | | Sales | $1,676 million | $1,528 million | +9.7% | +8.6% | | Segment Operating Income | $407 million | $332 million | +22.6% | - | | Segment Operating Margin | 24.3% | 21.7% | +260 bps | - | | Adjusted Segment Operating Margin | 29.0% | 27.1% | +190 bps | - | - Achieved **record sales** on continued aftermarket strength[9](index=9&type=chunk) - Aerospace backlog increased to a **record $7.4 billion**[9](index=9&type=chunk) [Order Rates](index=3&type=section&id=Order%20Rates) Overall company order rates increased by 5%, led by a 12% surge in the Aerospace Systems segment | Segment | FY25 Q4 Order Rate | | :---------------------------------------- | :----------------- | | Parker (Total) | +5% | | Diversified Industrial Segment - North America Businesses | +2% | | Diversified Industrial Segment - International Businesses | 0% | | Aerospace Systems Segment | +12% | - Parker order rates remain strong at **5%**, reflecting a transformed portfolio[10](index=10&type=chunk) - Aerospace order rates were **up 12%**, driven by continued strength in both commercial and defense[11](index=11&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated statements of income, balance sheet, and cash flows for fiscal year 2025 [Consolidated Statement of Income](index=5&type=section&id=Consolidated%20Statement%20of%20Income) Net income and diluted EPS increased for both the fourth quarter and full fiscal year 2025, reflecting improved profitability | Metric | Q4 FY25 ($M) | Q4 FY24 ($M) | FY25 ($M) | FY24 ($M) | | :-------------------------------------- | :----------- | :----------- | :----------- | :----------- | | Net sales | 5,243 | 5,187 | 19,850 | 19,930 | | Income before income taxes | 1,071 | 986 | 4,107 | 3,595 | | Net income | 923 | 785 | 3,532 | 2,845 | | Diluted EPS | $7.15 | $6.01 | $27.12 | $21.84 | | Cash dividends per common share | $1.80 | $1.63 | $6.69 | $6.07 | [Business Segment Sales and Operating Income](index=5&type=section&id=Business%20Segment%20Sales%20and%20Operating%20Income) The Aerospace Systems segment drove growth in Q4 and FY25, offsetting a slight decline in the Diversified Industrial segment | Segment | Q4 FY25 Sales ($M) | Q4 FY24 Sales ($M) | FY25 Sales ($M) | FY24 Sales ($M) | | :------------------------ | :----------------- | :----------------- | :-------------- | :-------------- | | Diversified Industrial | 3,567 | 3,659 | 13,665 | 14,458 | | Aerospace Systems | 1,676 | 1,528 | 6,185 | 5,472 | | **Total Net Sales** | **5,243** | **5,187** | **19,850** | **19,930** | | | | | | | | Segment | Q4 FY25 Op. Income ($M) | Q4 FY24 Op. Income ($M) | FY25 Op. Income ($M) | FY24 Op. Income ($M) | | :------------------------ | :-------------------- | :-------------------- | :------------------- | :------------------- | | Diversified Industrial | 847 | 817 | 3,120 | 3,176 | | Aerospace Systems | 407 | 332 | 1,441 | 1,111 | | **Total Segment Op. Income** | **1,254** | **1,149** | **4,561** | **4,287** | [Consolidated Balance Sheet](index=8&type=section&id=Consolidated%20Balance%20Sheet) Total assets increased slightly as of June 30, 2025, while a reduction in debt contributed to a significant increase in shareholders' equity | Metric | June 30, 2025 ($M) | June 30, 2024 ($M) | | :-------------------------------------- | :----------------- | :----------------- | | Total assets | 29,494 | 29,298 | | Cash and cash equivalents | 467 | 422 | | Total current assets | 6,950 | 6,799 | | Goodwill | 10,694 | 10,507 | | Notes payable and long-term debt payable within one year | 1,791 | 3,403 | | Total current liabilities | 5,819 | 7,313 | | Long-term debt | 7,494 | 7,157 | | Shareholders' equity | 13,682 | 12,072 | [Consolidated Statement of Cash Flows](index=9&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) The company generated significantly higher cash from operations in FY25, driven by strong earnings and effective working capital management | Cash Flow Activity | FY25 ($M) | FY24 ($M) | | :-------------------------------------- | :-------- | :-------- | | Net cash provided by operating activities | 3,776 | 3,384 | | Net cash provided by (used in) investing activities | 224 | (298) | | Net cash used in financing activities | (3,977) | (3,115) | | Net increase (decrease) in cash and cash equivalents | 45 | (53) | | Cash and cash equivalents at end of period | $467 | $422 | - Proceeds from the sale of businesses significantly contributed to positive investing cash flow in FY25 (**$623 million** vs $78 million in FY24)[26](index=26&type=chunk) - Net payments for common stock activity increased to **$1,762 million** in FY25 from $328 million in FY24[26](index=26&type=chunk) [Non-GAAP Financial Reconciliations](index=6&type=section&id=Non-GAAP%20Financial%20Reconciliations) This section provides reconciliations of GAAP to non-GAAP measures to clarify underlying operational performance [Adjusted Segment Operating Income and Organic Sales Growth](index=6&type=section&id=Adjusted%20Segment%20Operating%20Income%20and%20Organic%20Sales%20Growth) Adjusted segment operating margins were higher than reported figures due to the exclusion of amortization and realignment charges | Metric | Q4 FY25 (Reported) | Q4 FY25 (Adjusted) | FY25 (Reported) | FY25 (Adjusted) | | :-------------------------------------- | :----------------- | :----------------- | :-------------- | :-------------- | | Total Segment Operating Income ($M) | 1,254 | 1,410 | 4,561 | 5,189 | | Total Segment Operating Margin | 23.9% | 26.9% | 23.0% | 26.1% | | Total Organic Sales Growth | 2.1% | - | 1.3% | - | | Diversified Industrial North America Organic Sales Growth | (1.4)% | - | (3.7)% | - | | Diversified Industrial International Organic Sales Growth | 0.6% | - | (1.9)% | - | | Aerospace Systems Organic Sales Growth | 8.6% | - | 12.6% | - | - Adjustments primarily include amortization of acquired intangibles, business realignment charges, and integration costs[19](index=19&type=chunk) **Diversified Industrial International Businesses - Organic Sales Growth Supplement (Q4 FY25):** | Region | Reported Sales Growth | Currency | Organic Sales Growth | | :---------- | :-------------------- | :------- | :------------------- | | Europe | 3.0% | 6.2% | (3.2)% | | Asia Pacific| 6.9% | 1.3% | 5.6% | | Latin America | 0% | (3.8)% | 3.8% | [Adjusted Net Income and Diluted EPS](index=7&type=section&id=Adjusted%20Net%20Income%20and%20Diluted%20EPS) Adjusted net income and EPS were higher than reported figures after excluding non-recurring items and discrete tax benefits | Metric | Q4 FY25 (Reported) | Q4 FY25 (Adjusted) | FY25 (Reported) | FY25 (Adjusted) | | :---------------------- | :----------------- | :----------------- | :-------------- | :-------------- | | Net Income ($M) | 923 | 992 | 3,531 | 3,559 | | Diluted EPS | $7.15 | $7.69 | $27.12 | $27.33 | - Adjustments include amortization of acquired intangibles, business realignment charges, integration costs, gains on sale of buildings, gains on divestitures, and discrete tax benefits[21](index=21&type=chunk) [Adjusted EBITDA](index=7&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA and its corresponding margin were higher than reported figures after accounting for non-recurring charges and gains | Metric | Q4 FY25 (Reported) | Q4 FY25 (Adjusted) | FY25 (Reported) | FY25 (Adjusted) | | :---------------------- | :----------------- | :----------------- | :-------------- | :-------------- | | EBITDA ($M) | 1,400 | 1,403 | 5,423 | 5,233 | | EBITDA Margin | 26.7% | 26.8% | 27.3% | 26.4% | - Adjustments to EBITDA include business realignment charges, integration costs to achieve, gain on sale of buildings, gain on divestitures, and the Saegertown incident[24](index=24&type=chunk) [Forecasted Non-GAAP Reconciliations](index=10&type=section&id=Forecasted%20Non-GAAP%20Reconciliations) Fiscal year 2026 forecasts are adjusted to exclude currency impacts, divestitures, and other charges for a clearer operational view **Forecasted Sales Growth to Organic Sales Growth (FY26):** | Metric | Fiscal Year 2026 | | :---------------------- | :--------------- | | Forecasted net sales | 2.0% to 5.0% | | Currency | ~(1.5)% | | Divestitures | ~1.0% | | Adjusted forecasted net sales | 1.5% to 4.5% | **Forecasted Segment Operating Margin to Adjusted Forecasted Segment Operating Margin (FY26):** | Metric | Fiscal Year 2026 | | :-------------------------------------- | :--------------- | | Forecasted segment operating margin | 23.3% to 23.7% | | Business realignment charges | ~0.3% | | Amortization of acquired intangibles | ~2.7% | | Adjusted forecasted segment operating margin | 26.3% to 26.7% | **Forecasted Earnings Per Diluted Share to Adjusted Forecasted Earnings Per Diluted Share (FY26):** | Metric | Fiscal Year 2026 | | :-------------------------------------- | :--------------- | | Forecasted earnings per diluted share | $24.68 to $25.68 | | Business realignment charges | 0.54 | | Amortization of acquired intangibles | 4.26 | | Tax effect of adjustments | (1.08) | | Adjusted forecasted earnings per diluted share | $28.40 to $29.40 | [Company Information and Disclosures](index=4&type=section&id=Company%20Information%20and%20Disclosures) This section provides company background, notes on financial reporting methodologies, and forward-looking statement disclaimers [About Parker Hannifin](index=4&type=section&id=About%20Parker%20Hannifin) Parker Hannifin is a Fortune 250 global leader in motion and control technologies with over a century of engineering breakthroughs - Parker Hannifin is a **Fortune 250** global leader in motion and control technologies[12](index=12&type=chunk) - The company has been enabling engineering breakthroughs for **over a century**[12](index=12&type=chunk) - A webcast of the fiscal 2025 fourth quarter and full year results is available at investors.parker.com[12](index=12&type=chunk) [Note on Orders](index=4&type=section&id=Note%20on%20Orders) Order comparisons are reported at constant currency rates and exclude divestitures, using different averaging methods for each segment - Order comparisons are at **constant currency exchange rates**, excluding divestitures[13](index=13&type=chunk) - Diversified Industrial comparisons use **3-month average** computations[13](index=13&type=chunk) - Aerospace Systems comparisons use **rolling 12-month average** computations[13](index=13&type=chunk) [Note on Non-GAAP Financial Measures](index=4&type=section&id=Note%20on%20Non-GAAP%20Financial%20Measures) Non-GAAP measures are used to provide a comparable basis for evaluating performance, with reconciliations provided in financial tables - Non-GAAP measures include adjusted net income, adjusted EPS, adjusted segment operating margin, organic sales growth, and EBITDA margin[14](index=14&type=chunk) - These measures are used to meaningfully evaluate changes in performance on a **comparable basis** from period to period[14](index=14&type=chunk) - EBITDA is defined as earnings before interest, taxes, depreciation, and amortization[14](index=14&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially - Forward-looking statements are based on known events and circumstances but are subject to **unforeseen uncertainties and risks**[15](index=15&type=chunk) - Future performance may differ materially from expectations due to factors such as changes in customer relationships, raw material costs, and economic conditions[16](index=16&type=chunk) - Readers should consider risk factors discussed in Parker's Annual Report on **Form 10-K** and other SEC filings[16](index=16&type=chunk)

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Net loss for Q2 2025 significantly increased to $256.4 million due to discontinued operations and debt extinguishment losses, with total assets decreasing and stockholders' deficit widening [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 revenue slightly decreased to $687.1 million, but operating income improved, though a significant loss on debt extinguishment led to a $256.4 million net loss Consolidated Statements of Operations Highlights (Three Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | **Revenue** | $687,149 | $695,050 | | **Operating income** | $89,134 | $48,722 | | **Loss from continuing operations** | ($201,018) | ($69,731) | | **(Loss) income from discontinued operations** | ($55,514) | $246 | | **Net loss** | ($256,532) | ($69,485) | | **Net loss per common share** | ($0.65) | ($0.18) | Consolidated Statements of Operations Highlights (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | **Revenue** | $1,389,275 | $1,408,683 | | **Operating income** | $180,529 | $137,917 | | **Loss from continuing operations** | ($204,395) | ($136,821) | | **Loss from discontinued operations** | ($16,588) | ($3,769) | | **Net loss** | ($220,983) | ($140,590) | | **Net loss per common share** | ($0.57) | ($0.37) | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $4.42 billion by June 30, 2025, primarily due to reduced cash, while total stockholders' deficit widened to $1.80 billion Consolidated Balance Sheet Highlights | Metric | June 30, 2025 (in thousands) | Dec 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Cash and cash equivalents** | $426,118 | $724,479 | | **Total current assets** | $952,558 | $1,163,218 | | **Total assets** | $4,419,145 | $4,634,929 | | **Long-term debt** | $4,997,092 | $4,834,776 | | **Total liabilities** | $6,223,459 | $6,226,700 | | **Total stockholders' deficit** | ($1,804,310) | ($1,604,699) | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash used in operating activities significantly increased to $281.8 million in H1 2025, primarily due to interest payments, leading to a $298.4 million decrease in total cash Cash Flow Summary (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | **Cash used in operating activities** | ($281,841) | ($29,856) | | **Cash used in investing activities** | ($30,083) | ($45,850) | | **Cash provided by financing activities** | $34,500 | $54,124 | | **Decrease in cash, cash equivalents and restricted cash** | ($298,375) | ($35,592) | - A key driver for the increased cash used in operations was a **$199.9 million payment of previously paid-in-kind interest** in H1 2025, which did not occur in H1 2024[16](index=16&type=chunk) [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the Hospitality Solutions sale, now a single segment, with H1 2025 revenue of $1.11 billion from Distribution and $274.4 million from IT Solutions, and $5.04 billion total debt after refinancing - The company sold its Hospitality Solutions business, which is now presented as discontinued operations. As a result, Sabre now manages and reports its business in a single reportable segment[22](index=22&type=chunk)[23](index=23&type=chunk) Disaggregated Revenues (Six Months Ended June 30) | Category | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | Distribution | $1,114,881 | $1,122,852 | | IT Solutions | $274,394 | $285,831 | | **Total Sabre Revenue** | **$1,389,275** | **$1,408,683** | - On July 3, 2025, the company closed the sale of its Hospitality Solutions business for estimated net cash proceeds of **$960 million to $980 million**. A gain on the sale is expected to be recognized in Q3 2025[36](index=36&type=chunk) - Total outstanding debt was **$5.04 billion** as of June 30, 2025. In June 2025, the company issued **$1.325 billion in new notes** and repaid **$1.225 billion of existing debt**, resulting in an **$85 million loss on extinguishment of debt**[53](index=53&type=chunk)[64](index=64&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Hospitality Solutions sale, Q2 2025 revenue decrease, improved operating income due to cost cuts, and projected full-year 2025 pro forma free cash flow of $100-$140 million [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Q2 2025 revenue decreased 1% to $687.1 million, but operating income significantly increased to $89.1 million due to cost reductions, despite a large debt extinguishment loss - **Q2 2025 vs Q2 2024:** - Revenue decreased by **$8 million (1%)** due to lower transaction volumes and IT solutions de-migrations[147](index=147&type=chunk) - Technology costs fell by **$27 million (13%)** due to cost reduction plans and cloud migration savings[149](index=149&type=chunk) - SG&A expenses decreased by **$25 million (16%)** from lower tax litigation reserves and cost savings[151](index=151&type=chunk) - Operating income increased by **$40.4 million (83%)**[152](index=152&type=chunk) - **H1 2025 vs H1 2024:** - Revenue decreased by **$19 million (1%)**[158](index=158&type=chunk) - Technology costs fell by **$53 million (13%)**[159](index=159&type=chunk) - SG&A expenses decreased by **$25 million (9%)**[161](index=161&type=chunk) - Operating income increased by **$42.6 million (31%)**[161](index=161&type=chunk) [Non-GAAP Financial Measures](index=27&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA increased to $118.3 million in Q2 2025, while H1 2025 Free Cash Flow showed a $321.0 million usage, primarily due to debt refinancing interest payments Non-GAAP Reconciliation Highlights (in thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Adjusted Net Loss from continuing operations** | ($7,821) | ($22,224) | ($5,037) | ($27,484) | | **Adjusted EBITDA** | $118,255 | $110,335 | $249,075 | $236,619 | | **Free Cash Flow** | N/A | N/A | ($320,991) | ($75,406) | [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and equivalents were $426.1 million, with liquidity deemed sufficient due to the Hospitality Solutions sale proceeds used for debt repayment, and projected full-year 2025 pro forma free cash flow of $100-$140 million - Cash and cash equivalents were **$426.1 million** at June 30, 2025, down from **$724.5 million** at December 31, 2024[166](index=166&type=chunk) - The company projects full-year 2025 pro forma free cash flow to range from **$100 million to $140 million**, adjusted for the Hospitality Solutions sale and a **$227 million payment-in-kind interest payment**[170](index=170&type=chunk) - Following the Hospitality Solutions sale on July 3, 2025, the company used net proceeds to repay a total of **$798 million** across its 2021, 2022, and 2024 Term Loans, and **$23 million** of its Securitization Facility[117](index=117&type=chunk)[177](index=177&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include interest rates, foreign exchange, credit, and inflation, managed with derivatives, with no material changes since December 31, 2024 - Primary market risks include interest rates, foreign exchange rates, credit risk, and inflation[197](index=197&type=chunk) - The company uses derivative instruments to mitigate interest rate risk on its floating-rate borrowings[197](index=197&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[198](index=198&type=chunk) - No material changes to internal control over financial reporting occurred during the most recent fiscal quarter[199](index=199&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal proceedings, with material cases detailed in Note 13 of the consolidated financial statements - The company is involved in various routine legal proceedings. For details on material cases, refer to Note 13, which discusses ongoing income and service tax litigation in India[201](index=201&type=chunk)[109](index=109&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) Key risks include dependence on travel volumes, intense competition, significant indebtedness of $5.0 billion, IT system vulnerabilities, and potential costs from a Q3 2023 cybersecurity incident - The business is highly dependent on global travel transaction volumes and susceptible to disruptions from economic downturns, health crises, and political events[203](index=203&type=chunk)[204](index=204&type=chunk) - The company faces significant competition, requiring substantial and ongoing investment in technology and innovation, such as New Distribution Capability and AI, to remain competitive[206](index=206&type=chunk)[208](index=208&type=chunk) - A significant level of indebtedness (**$5.0 billion** as of June 30, 2025) poses risks, including increased vulnerability to economic conditions and the need to divert cash flow to service debt[264](index=264&type=chunk) - The company is exposed to security incidents and cyberattacks. A Q3 2023 incident where an unauthorized actor extracted company data has led to a class-action lawsuit and could result in significant future costs[248](index=248&type=chunk)[250](index=250&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The $500 million share repurchase program remains suspended, with no repurchases in H1 2025 and $287 million still authorized - The company's share repurchase program remains suspended[284](index=284&type=chunk) - No shares were repurchased in the six months ended June 30, 2025. Approximately **$287 million** remains authorized under the program[284](index=284&type=chunk) [Other Information](index=56&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during Q2 2025 - No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during the second quarter of 2025[285](index=285&type=chunk) [Exhibits](index=56&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the 10-Q, including agreements, CEO/CFO certifications, and XBRL data files - Exhibits filed include forms of executive compensation agreements, debt indentures, and certifications required by the Sarbanes-Oxley Act[286](index=286&type=chunk)

Exhibit 99.1 Playtika Holding Corp. Reports Q2 2025 Financial Results Revenue of $696.0 million and Direct-to-Consumer ("DTC") Revenue of $175.9 million Revenue Decreased (1.4)% Sequentially and Increased 11.0% Year Over Year DTC Platforms Revenue Decreased (1.8)% Sequentially and Increased 1.3% Year Over Year Herzliya, Israel - August 7, 2025 - Playtika Holding Corp. (NASDAQ: PLTK) today released financial results for its second quarter for the period ending June 30, 2025. Financial Highlights "We are plea ...

[GCM Grosvenor 2025 Second Quarter Results](index=1&type=section&id=GCM%20Grosvenor%202025%20Second%20Quarter%20Results) GCM Grosvenor reported strong Q2 2025 financial performance, marked by significant growth in AUM, FPAUM, and net income, alongside record fundraising and a declared dividend [Q2 2025 Financial Highlights](index=7&type=section&id=Second%20Quarter%202025%20Results) GCM Grosvenor reported strong Q2 2025 results, with AUM and FPAUM up **9%** to **$85.9 billion** and **$69.1 billion** respectively, GAAP Net Income surging **222%**, and record fundraising of **$8.9 billion** LTM Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | June 30, 2025 | % Change vs Q2 2024 | | :--- | :--- | :--- | | **AUM** | $85.9 billion | 9% | | **FPAUM** | $69.1 billion | 9% | | **GAAP Revenue (Q2)** | $119.7 million | 2% | | **GAAP Net Income (Q2)** | $15.4 million | 222% | | **Diluted EPS (Q2)** | $0.05 | 25% | | **Fee-Related Earnings (Q2)** | $41.6 million | 6% | | **Adjusted EBITDA (Q2)** | $49.5 million | 9% | | **Adjusted Net Income (Q2)** | $32.1 million | 9% | - The company achieved record fundraising, raising **$8.9 billion** over the last twelve months, a **46%** increase year-over-year. Year-to-date fundraising reached **$5.3 billion**, up **52%** compared to the first half of 2024[8](index=8&type=chunk)[15](index=15&type=chunk) - The firm's share of unrealized carried interest increased by **$36 million** from the first quarter of 2025 to **$451 million**[15](index=15&type=chunk) - The Board of Directors approved a quarterly dividend of **$0.11 per share**[4](index=4&type=chunk) [Business Overview and Growth Drivers](index=9&type=section&id=Business%20Overview%20and%20Growth%20Drivers) This section details GCM Grosvenor's robust adjusted earnings growth, key business drivers, strategic focus on private markets, diversified fundraising, and expanding carried interest potential [Adjusted Earnings Trends](index=9&type=section&id=Adjusted%20Earnings) GCM Grosvenor demonstrated strong year-to-date growth in adjusted earnings metrics, with Fee-Related Earnings up **14%**, Adjusted EBITDA up **17%**, and Adjusted Net Income up **19%**, reflecting significant longer-term expansion since 2020 Year-to-Date Adjusted Earnings Growth (vs. YTD 2024) | Metric | YTD 2024 | YTD 2025 | % Growth | | :--- | :--- | :--- | :--- | | Fee-Related Earnings | $77.4M | $88.3M | 14% | | Adjusted EBITDA | $87.8M | $102.9M | 17% | | Adjusted Net Income | $56.6M | $67.4M | 19% | Longer-Term Adjusted Earnings Growth (LTM) | Metric | 2020 LTM | Q2 2025 LTM | % Growth | | :--- | :--- | :--- | :--- | | Fee-Related Earnings | $95.1M | $177.3M | 86% | | Adjusted EBITDA | $147.0M | $228.9M | 56% | | Adjusted Net Income | $91.0M | $151.5M | 67% | [Key Business and Growth Drivers](index=11&type=section&id=Growth%20in%20Key%20Business%20Drivers) Since December 2020, GCM Grosvenor has achieved substantial growth in AUM to **$86 billion**, driven by a strategic shift to direct-oriented strategies and improved LTM FRE Margin, supported by high client retention and channel expansion Growth of Key Metrics (Dec 2020 vs. June 2025) | Metric | Dec 31, 2020 | June 30, 2025 | | :--- | :--- | :--- | | AUM | $62bn | $86bn | | Private Markets % of AUM | 59% | 71% | | Direct-Oriented Strategies % of Private Markets AUM | 39% | 53% | | LTM FRE Margin | 31% | 44% | | Firm Share of Unrealized Carried Interest | $133mm | $451mm | - Key long-term growth drivers include[23](index=23&type=chunk) - **Client Retention:** Approximately **90%** private markets re-up rate - **Individual Investor Channel:** Raised **$3.6 billion** since 2020 - **Real Assets:** Raised **$17 billion** for real assets since 2020 - **Margin Expansion:** LTM FRE margin has expanded by approximately **1,300 basis points** since Q4 2020 [Company Profile and Strategy](index=15&type=section&id=GCM%20Grosvenor%3A%20Central%20to%20the%20Alternatives%20Ecosystem) GCM Grosvenor, a global alternative asset manager with **$86 billion** in AUM, leverages its open architecture across diverse strategies, achieving an **8% CAGR** in AUM since Q4 2020, primarily from Private Markets and Real Assets growth - The firm has **$86 billion** in AUM, with **71%** in customized separate accounts, and operates across **five main alternative strategies**[26](index=26&type=chunk)[29](index=29&type=chunk) AUM by Strategy (June 30, 2025) | Strategy | AUM (bn) | | :--- | :--- | | Private Equity | $31.7 | | Absolute Return | $25.0 | | Infrastructure | $16.9 | | Alternative Credit | $16.1 | | Real Estate | $6.6 | AUM Growth (CAGR since Q4 2020) | Strategy | CAGR | | :--- | :--- | | Total AUM | 8% | | Private Markets | 12% | | Real Assets | 23% | | Absolute Return Strategies | 0% | [Fundraising Analysis](index=19&type=section&id=Diversified%20Fundraising%20Drives%20Stability%20%26%20Growth) GCM Grosvenor's diversified fundraising, totaling **$8.9 billion** LTM and **$2.4 billion** in Q2 2025, is primarily driven by Americas and Pension channels, ensuring stability and growth - Total fundraising for Q2 2025 was **$2.4 billion**, and LTM fundraising was **$8.9 billion**[37](index=37&type=chunk)[38](index=38&type=chunk) LTM Fundraising Diversification | Category | Breakdown | | :--- | :--- | | **By Geography** | Americas: **62%**, EMEA: **20%**, APAC: **18%** | | **By Channel** | Pensions: **60%**, Government/Sovereign: **11%**, Individual Investor: **7%**, Financial Institutions: **7%**, Insurance: **6%** | [Private Markets Focus](index=21&type=section&id=Private%20Markets%20Growth) Private Markets AUM grew to **$61.0 billion** (**12% CAGR** since Q4 2020), driven by **$12.3 billion** in specialized fund closings and a strategic shift to direct-oriented strategies, enhancing the firm's earnings power - Cumulative closings for selected private market specialized funds reached **$12.3 billion** through Q2 2025[42](index=42&type=chunk) - Private Markets AUM has grown from **$36.8 billion** in Q4 2020 to **$61.0 billion** in Q2 2025, a **12% CAGR**[46](index=46&type=chunk) - There has been a significant shift to direct-oriented strategies, which now constitute **53%** of Private Markets AUM, up from **39%** at the end of 2020[21](index=21&type=chunk)[46](index=46&type=chunk)[48](index=48&type=chunk) Funds Currently in Market | Name | Asset Class | Investment Implementation | | :--- | :--- | :--- | | Private Credit funds | Private credit | Co-investments, Secondaries, Primaries | | Advance Fund II (Advance II) | Private equity | Co-investments, Secondaries, Primaries | | Secondary Opportunities Fund IV (GSF IV) | Private equity | Secondaries | [Carried Interest and Incentive Fees](index=25&type=section&id=Growing%20Carried%20Interest%20Earnings%20Power) GCM Grosvenor's incentive-based earnings potential expanded significantly, with total unrealized carried interest reaching **$909 million** and the firm's share growing to **$451 million**, supported by a **10% CAGR** in incentive-fee AUM Growth in Firm Share of Unrealized Carried Interest | Date | Total Unrealized Carry | Firm Share | Firm % of Total | | :--- | :--- | :--- | :--- | | Q4 2020 | $395M | $133M | 34% | | Q2 2025 | $909M | $451M | 50% | - The growth in unrealized carry is supported by an increase in AUM subject to incentive fees, which has grown at a **10% CAGR** since 2020 to **$61.7 billion**[57](index=57&type=chunk) - Despite the growth in unrealized carry, realized gross incentive fees have been relatively muted, indicating **significant embedded value**[53](index=53&type=chunk)[54](index=54&type=chunk) [Other Key Items & Financial Position](index=29&type=section&id=Other%20Key%20Items%20%26%20Financial%20Position) This section outlines GCM Grosvenor's strong capital position, including cash, investments, and unrealized carried interest, alongside its share repurchase program and management ownership [Capital Management and Ownership](index=29&type=section&id=Other%20Key%20Items) As of June 30, 2025, GCM Grosvenor held **$355 million** in cash and investments, with total potential value of **$806 million**, supported by an increased share repurchase authorization and **73%** management ownership Key Financial Metrics as of June 30, 2025 ($mm) | Metric | Amount | | :--- | :--- | | Cash and Cash Equivalents | $136 | | Investments | $219 | | **Cash and Investments** | **$355** | | Unrealized Carried Interest (Firm Share) | $451 | | **Total Cash, Investments & Unrealized Carry** | **$806** | - The Board increased the share repurchase authorization by **$30 million** to **$220 million** in August 2025. As of June 30, 2025, **$57 million** remained available under the prior authorization[60](index=60&type=chunk)[62](index=62&type=chunk) - Management holds **73%** of total shares outstanding, indicating strong insider alignment[61](index=61&type=chunk) [Supplemental Information](index=31&type=section&id=Supplemental%20Information) This section provides detailed GAAP financial statements, non-GAAP reconciliations, AUM and fee specifics, investment performance metrics, and comprehensive definitions for key financial terms [GAAP Financial Statements](index=33&type=section&id=GAAP%20Financial%20Statements) GAAP Statements of Income for Q2 2025 show **$119.7 million** in revenues and **$15.4 million** net income, with the balance sheet reporting **$636.9 million** in total assets and **$657.5 million** in liabilities GAAP Statement of Income Highlights (Three Months Ended June 30) | ($000) | 2024 | 2025 | | :--- | :--- | :--- | | Total operating revenues | $116,954 | $119,657 | | Operating income | $20,835 | $19,245 | | Net income attributable to GCM Grosvenor Inc. | $4,800 | $15,437 | GAAP Balance Sheet Highlights | ($000) | Dec 31, 2024 | Jun 30, 2025 | | :--- | :--- | :--- | | Total assets | $612,731 | $636,859 | | Total liabilities | $703,070 | $657,498 | | Total deficit | ($90,339) | ($20,639) | [Non-GAAP Financial Measures & Reconciliations](index=39&type=section&id=Summary%20of%20Non-GAAP%20Financial%20Measures) This section details GCM Grosvenor's non-GAAP financial performance, with YTD 2025 Fee-Related Earnings at **$88.3 million**, Adjusted EBITDA at **$102.9 million**, and Adjusted Net Income at **$67.4 million**, along with reconciliations to GAAP figures Non-GAAP Performance (Six Months Ended June 30) | ($000) | 2024 | 2025 | % Change | | :--- | :--- | :--- | :--- | | Fee-Related Revenue | $192,386 | $206,120 | 7% | | Fee-Related Earnings | $77,373 | $88,274 | 14% | | Adjusted EBITDA | $87,840 | $102,892 | 17% | | Adjusted Net Income | $56,598 | $67,364 | 19% | | Adjusted Net Income per Share | $0.30 | $0.34 | 13% | - The reconciliation tables show adjustments for items such as **non-cash compensation**, **amortization**, **transaction expenses**, and **changes in the fair value of warrant liabilities** to bridge from GAAP Net Income to Adjusted Net Income and Adjusted EBITDA[78](index=78&type=chunk)[81](index=81&type=chunk) [AUM and Fee Details](index=49&type=section&id=Change%20in%20FPAUM%20and%20AUM) In Q2 2025, AUM increased **5%** to **$85.9 billion** and FPAUM grew **4%** to **$69.1 billion**, driven by new capital and market value changes, with consistent average management fee rates across strategies FPAUM Rollforward - Q2 2025 ($mm) | Description | Amount | | :--- | :--- | | Beginning Balance (April 1, 2025) | $66,399 | | Contributions (New Capital & CNYFPAUM) | $1,992 | | Withdrawals & Distributions | ($792) | | Change in Market Value & FX | $1,474 | | **End of Period Balance (June 30, 2025)** | **$69,073** | Average Management Fee Rates (Q2 2025) | Strategy | Average Fee Rate | | :--- | :--- | | Private Markets | 0.54% | | Absolute Return Strategies (Mgmt Fee Only) | 0.67% | [Investment Performance Metrics](index=53&type=section&id=Private%20Markets%20Strategies%20Performance%20Metrics) This section presents investment performance metrics, highlighting Private Equity Co-Investments/Direct Investments with a net TVPI of **1.76x** and net IRR of **17.0%**, and Absolute Return Strategies achieving a **7.3%** five-year annualized net return Performance of All Private Equity Investments (as of 3/31/25) | Strategy | Investment Net TVPI | Investment Net IRR | | :--- | :--- | :--- | | Primary Fund Investments | 1.63x | 12.5% | | Secondary Investments | 1.42x | 13.4% | | Co-Investments/Direct Investments | 1.76x | 17.0% | Annualized Net Returns of Absolute Return Strategies (as of 6/30/25) | Period | Overall Net Return | | :--- | :--- | | One Year | 10.8% | | Three Year | 8.9% | | Five Year | 7.3% | | Since Inception (1996) | 6.0% | [Notes and Definitions](index=59&type=section&id=Notes%20and%20Definitions) This section provides detailed notes and definitions for financial metrics, including non-GAAP measures like **Adjusted EBITDA** and operational KPIs such as **AUM** and **FPAUM**, along with context for performance data and the share repurchase plan - Defines key non-GAAP measures used for evaluating profitability, including **Adjusted Net Income**, **Adjusted EBITDA**, and **Fee-Related Earnings (FRE)**[114](index=114&type=chunk)[116](index=116&type=chunk)[119](index=119&type=chunk) - Defines key performance indicators used to measure assets, including **Fee-Paying AUM (FPAUM)**, **Contracted, Not Yet Fee-Paying AUM (CNYFPAUM)**, and **Assets Under Management (AUM)**[122](index=122&type=chunk)[124](index=124&type=chunk) - Details the share repurchase plan, which was increased by **$30.0 million** in August 2025 to a total authorization of **$220.0 million** for repurchasing Class A common stock and warrants[129](index=129&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 June 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: 001-39539 PMV PHARMACEUTICALS, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 46-3218129 (State or other jurisdi ...