[Executive Summary & Headline Results](index=1&type=section&id=Executive%20Summary%20%26%20Headline%20Results) This section presents Nexstar's Q2 2025 financial performance, highlighting key operational achievements and strategic initiatives despite a decline in political advertising [CEO Statement & Key Financial Overview](index=1&type=section&id=CEO%20Statement%20%26%20Key%20Financial%20Overview) Nexstar Media Group reported solid second-quarter 2025 financial results, with year-over-year impacts primarily from lower non-election year political advertising, partially offset by strong expense management - Q2 2025 results were impacted by lower non-election year political advertising revenue, partially offset by strong expense management[3](index=3&type=chunk) - The CW ascended to the **8-ranked network overall** in the first half of 2025, reflecting five consecutive quarters of primetime ratings growth and a strategic pivot to sports programming, which now accounts for over **40% of its programming hours**[3](index=3&type=chunk) - NewsNation was ranked the fastest growing network overall year-over-year, shortly after celebrating its one-year anniversary as a 24/7 cable news network[3](index=3&type=chunk) - The company refinanced senior secured term loans and revolving credit facilities, reducing interest rate margin, expanding revolver capacity, and extending maturities[2](index=2&type=chunk) - Nexstar returned **$106 million** to shareholders and repaid **$101 million** of debt during the quarter[2](index=2&type=chunk) Q2 2025 Key Financial Highlights (YoY Change) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | H1 2025 ($M) | H1 2024 ($M) | % Change | | :-------------------------------- | :----------- | :----------- | :--------- | :----------- | :----------- | :--------- | | Net Revenue | $1,229 | $1,269 | (3.2%) | $2,462 | $2,553 | (3.6%) | | Net Income | $91 | $106 | (14.2%) | $188 | $273 | (31.1%) | | Net Income % Margin | 7.4% | 8.4% | (1.0) pp | 7.6% | 10.7% | (3.1) pp | | Adjusted EBITDA | $389 | $414 | (6.0%) | $770 | $866 | (11.1%) | | Adjusted EBITDA % Margin | 31.7% | 32.6% | (0.9) pp | 31.3% | 33.9% | (2.6) pp | | Net Cash Provided by Operating Activities | $247 | $176 | 40.3% | $584 | $452 | 29.2% | | Adjusted Free Cash Flow | $101 | $77 | 31.2% | $449 | $466 | (3.6%) | [Company and Business Highlights](index=2&type=section&id=Company%20and%20Business%20Highlights) This section details Nexstar's strategic achievements, including capital structure enhancements, significant viewership growth for NewsNation and The CW, and industry recognition for journalism [Operational and Strategic Achievements](index=2&type=section&id=Operational%20and%20Strategic%20Achievements) Nexstar strengthened its capital structure through successful refinancings and received shareholder approval for key proposals - Completed refinancings for revolving credit facilities, Term Loan A, and Term Loan B, strengthening the Company's capital structure and financial flexibility by extending maturities, reducing interest rate margin, and expanding revolver capacity[8](index=8&type=chunk) - Shareholders approved all proposals at the 2025 Annual Shareholder Meeting, including electing Board nominees and affirming executive compensation with approximately **95.5% support**[8](index=8&type=chunk) - NewsNation celebrated its one-year anniversary of 24/7 news programming, ranking as the **1 basic cable network for year-over-year growth** with overall viewership growing nearly **50%** and **67%** among adults aged 25-54[8](index=8&type=chunk) - The CW achieved five consecutive quarters of audience growth, becoming the **8 network in total audience** for the first half of 2025[8](index=8&type=chunk) - Continued to build sports programming at The CW, renewing the Pac-12 Conference agreement for college football and announcing a multi-year partnership with the Professional Bowlers Association[8](index=8&type=chunk) - Finalized agreements to move three additional CW affiliations to Nexstar stations in Charlotte, NC, Erie, PA, and Elmira, NY, by September 2025[8](index=8&type=chunk) - Earned **52 Regional Edward R. Murrow Awards** for outstanding journalism and locally produced news programming[8](index=8&type=chunk) [Detailed Financial Performance](index=3&type=section&id=Detailed%20Financial%20Performance) This section provides a comprehensive breakdown of Nexstar's second-quarter financial results, analyzing changes in net revenue, distribution, advertising, net income, EBITDA, and cash flows [Net Revenue](index=3&type=section&id=Net%20Revenue) Second quarter net revenue declined by **3.2%** year-over-year to **$1.23 billion**, primarily driven by a reduction in political advertising revenue Net Revenue (Q2 YoY) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | | :--------- | :----------- | :----------- | :--------- | | Net Revenue | $1,229 | $1,269 | (3.2%) | - The decline was primarily due to reduced political advertising revenue[12](index=12&type=chunk) [Distribution Revenue](index=3&type=section&id=Distribution%20Revenue) Distribution revenue for the second quarter saw a marginal decrease of **0.1%** year-over-year to **$733 million** Distribution Revenue (Q2 YoY) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | | :----------------- | :----------- | :----------- | :--------- | | Distribution Revenue | $733 | $734 | (0.1%) | - Primarily reflects modest subscriber renewals in 2024 vs 2023 and MVPD subscriber attrition[12](index=12&type=chunk) - Partially offset by increased rates, contractual commitments, growth in vMVPD subscribers, and the addition of CW affiliations[12](index=12&type=chunk) [Advertising Revenue](index=3&type=section&id=Advertising%20Revenue) Second quarter advertising revenue decreased by **9.0%** year-over-year to **$475 million**, primarily attributable to a **$36 million** decrease in political advertising Advertising Revenue (Q2 YoY) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | | :----------------- | :----------- | :----------- | :--------- | | Advertising Revenue | $475 | $522 | (9.0%) | - Political advertising decreased by **$36 million** to **$9 million**[12](index=12&type=chunk) - Non-political advertising revenue decreased by **$11 million (2.5%)** due to television advertising market softness[12](index=12&type=chunk) [Net Income](index=3&type=section&id=Net%20Income) Net income for the second quarter decreased by **14.2%** year-over-year to **$91 million**, with the Net Income margin declining from **8.4% to 7.4%** Net Income (Q2 YoY) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | | :--------- | :----------- | :----------- | :--------- | | Net Income | $91 | $106 | (14.2%) | | Net Income Margin | 7.4% | 8.4% | (1.0) pp | - Primarily reflects lower revenue, increased one-time corporate expenses from debt refinancing, and reduced income from equity investments related to TV Food Network LLC[12](index=12&type=chunk) - Offset, in part, by lower amortization of broadcast rights at The CW, lower interest expense, income tax, and operating expenses[12](index=12&type=chunk) [Adjusted EBITDA](index=3&type=section&id=Adjusted%20EBITDA) Second quarter Adjusted EBITDA decreased by **6.0%** year-over-year to **$389 million**, with the margin at **31.7%** compared to **32.6%** in the prior year Adjusted EBITDA (Q2 YoY) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | | :-------------- | :----------- | :----------- | :--------- | | Adjusted EBITDA | $389 | $414 | (6.0%) | | Adjusted EBITDA Margin | 31.7% | 32.6% | (0.9) pp | - Primarily reflects lower revenue and reduced income from equity method investments, mainly from TV Food Network LLC[12](index=12&type=chunk) - Offset, in part, by lower amortization of broadcast rights at The CW and lower operating expenses from restructuring initiatives[12](index=12&type=chunk) [Net Cash Provided by Operating Activities](index=3&type=section&id=Net%20Cash%20Provided%20by%20Operating%20Activities) Net Cash Provided by Operating Activities for the second quarter increased significantly by **40.3%** year-over-year to **$247 million** Net Cash Provided by Operating Activities (Q2 YoY) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | | :-------------------------------- | :----------- | :----------- | :--------- | | Net Cash Provided by Operating Activities | $247 | $176 | 40.3% | - Increase primarily due to changes in operating assets and liabilities reflecting the timing of receipts and payments[12](index=12&type=chunk) - Offset, in part, by a reduction in net income excluding other non-cash items[12](index=12&type=chunk) [Adjusted Free Cash Flow](index=3&type=section&id=Adjusted%20Free%20Cash%20Flow) Second quarter Adjusted Free Cash Flow increased by **31.2%** year-over-year to **$101 million**, driven by lower interest expense, capital expenditures, cash taxes, and operating expenses Adjusted Free Cash Flow (Q2 YoY) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | | :-------------------- | :----------- | :----------- | :--------- | | Adjusted Free Cash Flow | $101 | $77 | 31.2% | - Increase primarily due to lower interest expense (from reduced SOFR and debt reduction), lower capital expenditures, lower cash taxes, and lower operating expenses[12](index=12&type=chunk) - Offset, in part, by lower advertising revenues[12](index=12&type=chunk) [Capital Allocation](index=4&type=section&id=Capital%20Allocation) This section outlines Nexstar's capital allocation strategy for Q2 2025, detailing debt repayment, dividend distributions, and share repurchases [Q2 2025 Capital Allocation Summary](index=4&type=section&id=Q2%202025%20Capital%20Allocation%20Summary) In the second quarter of 2025, Nexstar utilized cash on hand and operating cash flow to repay **$101 million** of debt, distribute **$56 million** in dividends, and repurchase **$50 million** worth of common stock - Used cash on hand and cash flow from operations to repay **$101 million** of debt in Q2 2025[13](index=13&type=chunk) - Paid **$56 million** in dividends and repurchased **311,998 shares** for **$50 million**, totaling **$106 million** in shareholder returns in Q2 2025[13](index=13&type=chunk) Capital Allocation (Q2 & H1 YoY) | Cash Used For | Q2 2025 ($M) | Q2 2024 ($M) | H1 2025 ($M) | H1 2024 ($M) | | :-------------------- | :----------- | :----------- | :----------- | :----------- | | Debt repayment | $101 | $31 | $132 | $61 | | Acquisitions | - | - | $22 | - | | Stockholder return | $106 | $190 | $238 | $358 | | Common stock dividends | $56 | $55 | $113 | $112 | | Stock repurchases | $50 | $135 | $125 | $246 | | Shares Outstanding (End of period, in thousands) | 30,315 | 32,486 | 30,315 | 32,486 | | % Change in shares outstanding | (0.1%) | (1.7%) | (1.0%) | (3.3%) | [Debt, Cash and Leverage](index=5&type=section&id=Debt%2C%20Cash%20and%20Leverage) This section provides an overview of Nexstar's consolidated debt, cash balances, and leverage ratios as of June 30, 2025, including updated calculation methodologies [Debt and Leverage Ratios](index=5&type=section&id=Debt%20and%20Leverage%20Ratios) As of June 30, 2025, Nexstar's consolidated debt stood at **$6.4 billion**, with a first lien net leverage ratio of **1.81x** and a total net leverage ratio of **3.19x** - Consolidated debt of Nexstar and Mission Broadcasting, Inc. was **$6.4 billion** as of June 30, 2025, including senior secured debt of **$3.7 billion**[18](index=18&type=chunk) - The Company updated its leverage ratio calculation to reflect the average of the last two years of EBITDA[18](index=18&type=chunk) - As of June 30, 2025, the first lien net leverage ratio was **1.81x** (compared to a covenant of **4.25x**) and the total net leverage ratio was **3.19x**[18](index=18&type=chunk) Cash Balances and Debt Obligations | ($ in millions) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :---------------- | | Unrestricted Cash | $234 | $144 | | Revolving Credit Facilities | $206 | $62 | | First Lien Term Loans | 3,465 | 3,750 | | 5.625% Senior Unsecured Notes due 2027 | 1,716 | 1,716 | | 4.75% Senior Unsecured Notes due 2028 | 996 | 995 | | Total Debt | $6,383 | $6,523 | [Non-GAAP Financial Measures & Reconciliations](index=7&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section defines Nexstar's key non-GAAP financial measures and provides detailed reconciliations for Adjusted EBITDA, Free Cash Flow, and Adjusted Free Cash Flow [Definitions of Non-GAAP Measures](index=7&type=section&id=Definitions%20of%20Non-GAAP%20Measures) This section provides the definitions for key non-GAAP financial measures used by Nexstar, explaining their calculation methodologies and purpose as indicators of operating performance and liquidity - Adjusted EBITDA is considered an indicator of the assets' operating performance, calculated by adjusting net income for various non-cash and one-time items[21](index=21&type=chunk) - Free Cash Flow is calculated as net cash provided by operating activities less capital expenditures[22](index=22&type=chunk) - Adjusted Free Cash Flow is considered a liquidity measure, providing useful information about cash generated for ongoing operations, debt payments, dividends, share repurchases, and acquisitions, by adjusting Free Cash Flow for specific items[23](index=23&type=chunk) [Adjusted EBITDA Reconciliation](index=11&type=section&id=Adjusted%20EBITDA%20Reconciliation) This section presents the reconciliation of Net Income to Adjusted EBITDA for the three and six months ended June 30, 2025, and 2024, detailing the adjustments made to arrive at this non-GAAP measure Reconciliation of Adjusted EBITDA | ($ in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $91 | $106 | $188 | $273 | | Add (Less): | | | | | | Transaction, other one-time and restructuring expenses | 10 | - | 10 | 1 | | Stock-based compensation expense | 21 | 20 | 39 | 38 | | Depreciation and amortization expense | 197 | 208 | 402 | 398 | | (Amortization) of broadcast rights expense | (79) | (87) | (168) | (156) | | Amortization of basis difference of equity method investments | 17 | 17 | 35 | 35 | | Interest expense, net | 97 | 113 | 194 | 227 | | Pension and other postretirement plans (credit), net | (8) | (7) | (16) | (14) | | Income tax expense | 39 | 43 | 80 | 105 | | Gain on disposal of an investment | - | - | - | (40) | | Other | 4 | 1 | 6 | (1) | | **Adjusted EBITDA** | **$389** | **$414** | **$770** | **$866** | [Free Cash Flow and Adjusted Free Cash Flow Reconciliation](index=12&type=section&id=Free%20Cash%20Flow%20and%20Adjusted%20Free%20Cash%20Flow%20Reconciliation) This section provides the reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow for the three and six months ended June 30, 2025, and 2024 Reconciliation of Free Cash Flow and Adjusted Free Cash Flow | ($ in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $247 | $176 | $584 | $452 | | Add (Less): | | | | | | Capital expenditures | (29) | (37) | (64) | (81) | | **Free Cash Flow** | **$218** | **$139** | **$520** | **$371** | | Add (Less): | | | | | | Transaction, other one-time and restructuring expenses | 10 | - | 10 | 1 | | Changes in operating assets and liabilities | (21) | 75 | (18) | 150 | | Changes in income tax payable | (92) | (130) | (38) | (59) | | Taxes paid on sale of assets | - | 11 | - | 11 | | Pension and other postretirement plans (credit), net | (8) | (7) | (16) | (14) | | Payments for capitalized software obligations | (7) | (10) | (10) | (11) | | Proceeds from disposal of assets and insurance recoveries | 1 | 1 | 1 | 2 | | Cash contribution from noncontrolling interests | - | - | - | 19 | | Other | - | (2) | - | (4) | | **Adjusted Free Cash Flow** | **$101** | **$77** | **$449** | **$466** | [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) This section presents Nexstar's condensed consolidated statements of operations and cash flows for the specified periods, offering a statutory view of financial performance [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section provides the condensed consolidated statements of operations for the three and six months ended June 30, 2025, and 2024, detailing net revenue, operating expenses, income from operations, net income, and earnings per share Condensed Consolidated Statements of Operations | (in millions, except for share and per share amounts) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net revenue | $1,229 | $1,269 | $2,462 | $2,553 | | Operating expenses: | | | | | | Direct operating | 557 | 552 | 1,108 | 1,100 | | Selling, general and administrative | 198 | 216 | 404 | 432 | | Corporate | 64 | 54 | 116 | 108 | | Depreciation and amortization | 197 | 208 | 402 | 398 | | Other | - | (1) | - | (1) | | Total operating expenses | 1,016 | 1,029 | 2,030 | 2,037 | | Income from operations | 213 | 240 | 432 | 516 | | Income from equity method investments, net | 11 | 16 | 19 | 35 | | Interest expense, net | (97) | (113) | (194) | (227) | | Pension and other postretirement plans credit, net | 8 | 7 | 16 | 14 | | Gain on disposal of an investment | - | - | - | 40 | | Other expenses, net | (5) | (1) | (5) | - | | Income before income taxes | 130 | 149 | 268 | 378 | | Income tax expense | (39) | (43) | (80) | (105) | | Net income | 91 | 106 | 188 | 273 | | Net loss attributable to noncontrolling interests | 6 | 12 | 17 | 20 | | Net income attributable to Nexstar Media Group, Inc. | $97 | $118 | $205 | $293 | | Net income per share available to common stockholders: | | | | | | Basic | $3.09 | $3.59 | $6.50 | $8.85 | | Diluted | $3.06 | $3.54 | $6.43 | $8.71 | | Weighted average number of common shares outstanding: | | | | | | Basic (in thousands) | 30,221 | 32,816 | 30,375 | 33,133 | | Diluted (in thousands) | 30,514 | 33,287 | 30,719 | 33,656 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents the condensed consolidated statements of cash flows for the six months ended June 30, 2025, and 2024, detailing cash flows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows | ($ in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | | Cash flows from operating activities: | | | | Net income | $188 | $273 | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | Depreciation and amortization | 402 | 398 | | Stock-based compensation expense | 39 | 38 | | Amortization of debt financing costs, debt discounts and premium | 5 | 5 | | Loss on extinguishment of debt | 5 | - | | Gain on disposal of an investment | - | (40) | | Deferred income taxes | (24) | (14) | | Payments for broadcast rights | (161) | (166) | | Income from equity method investments, net | (19) | (35) | | Distribution from equity method investments – return on capital | 125 | 139 | | Changes in operating assets and liabilities, net of acquisitions and dispositions: | | | | Accounts receivable | 6 | 48 | | Prepaid and other current assets | (6) | (12) | | Other noncurrent assets | 5 | (11) | | Accounts payable | 60 | (94) | | Accrued expenses and other current liabilities | 20 | (1) | | Income tax payable | (38) | (59) | | Other noncurrent liabilities | (29) | (21) | | Other | 6 | 4 | | Net cash provided by operating activities | 584 | 452 | | Cash flows from investing activities: | | | | Purchases of property and equipment | (64) | (81) | | Payments for acquisitions | (22) | - | | Proceeds from disposal of an investment | - | 40 | | Other investing activities, net | (3) | 2 | | Net cash used in investing activities | (89) | (39) | | Cash flows from financing activities: | | | | Proceeds from debt issuance, net of debt discounts | 3,393 | 55 | | Repayments of long-term debt | (3,543) | (116) | | Purchase of treasury stock | (125) | (246) | | Common stock dividends paid | (113) | (112) | | Payments for capitalized software obligations | (10) | (11) | | Contribution from noncontrolling interests | - | 19 | | Payment for excise tax on stock repurchases | (5) | - | | Other financing activities, net | (2) | (3) | | Net cash used in financing activities | (405) | (414) | | Net increase (decrease) in cash and cash equivalents | 90 | (1) | | Cash and cash equivalents at beginning of period | 144 | 147 | | Cash and cash equivalents at end of period | $234 | $146 | [Other Information](index=5&type=section&id=Other%20Information) This section provides details on Nexstar's Q2 2025 conference call, forward-looking statement disclaimers, and investor and media contact information [Second Quarter Conference Call](index=5&type=section&id=Second%20Quarter%20Conference%20Call) Details for Nexstar's second quarter 2025 earnings conference call, including dial-in numbers, conference ID, and webcast access for investors and interested parties - Nexstar hosted a conference call on August 7, 2025, at 10:00 a.m. ET to discuss financial results[17](index=17&type=chunk) - Dial-in number: **+1 877-407-9208** or **+1 201-493-6784**, conference ID **13753994**[17](index=17&type=chunk) - A live webcast and replay are available through nexstar.tv under 'Events and Presentations' / 'Investor Relations'[17](index=17&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section serves as a standard disclaimer, indicating that the communication contains forward-looking statements based on current expectations, which are subject to various risks and uncertainties - The communication includes forward-looking statements based on current expectations and projections about future events[19](index=19&type=chunk) - These statements involve risks and uncertainties, and are subject to change based on various important factors, including economic conditions, debt servicing, acquisitions, advertising pricing, regulatory actions, competition, programming costs, and technological developments[19](index=19&type=chunk) - Nexstar undertakes no obligation to update or revise any forward-looking statements[19](index=19&type=chunk) [Investor and Media Contacts](index=8&type=section&id=Investor%20and%20Media%20Contacts) This section provides contact information for investor relations and media inquiries, listing key personnel and their respective contact details - Investor Contacts: Lee Ann Gliha (EVP and Chief Financial Officer) and JCIR (Joe Jaffoni, Jennifer Neuman)[27](index=27&type=chunk) - Media Contact: Gary Weitman (EVP and Chief Communications Officer)[27](index=27&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: 001-38335 Liberty Latin America Ltd. (Exact name of Registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Or ...

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: 001-38335 Liberty Latin America Ltd. (Exact name of Registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Or ...

[Executive Summary and Business Highlights](index=1&type=section&id=1.%20Executive%20Summary%20and%20Business%20Highlights) Akebia Therapeutics reported strong Q2 2025 financial results, driven by continued growth of Vafseo, with total net product revenues reaching $60.5 million [Second Quarter 2025 Overview](index=1&type=section&id=1.1.%20Second%20Quarter%202025%20Overview) Akebia Therapeutics reported strong Q2 2025 financial results, driven by continued growth of Vafseo, with total net product revenues reaching $60.5 million - Vafseo Q2 2025 net product revenues increased to **$13.3 million**[1](index=1&type=chunk) - Total Q2 2025 net product revenues increased to **$60.5 million**[1](index=1&type=chunk) - DaVita physicians are expected to begin treating patients with Vafseo in August 2025 as part of an operational pilot[1](index=1&type=chunk) - Patient enrollment completed in VOICE, a collaborative clinical trial of Vafseo[1](index=1&type=chunk) [Vafseo U.S. Commercial Updates](index=1&type=section&id=1.2.%20Vafseo%20U.S.%20Commercial%20Updates) Vafseo's U.S. launch gained momentum in Q2 2025, marked by a significant increase in prescription demand and expanded patient access - Vafseo net product revenue in Q2 2025 totaled **$13.3 million**[3](index=3&type=chunk) - Prescription demand grew by approximately **55%** over Q1 2025[3](index=3&type=chunk) - More than **725 prescribers** wrote a prescription for Vafseo in Q2, with an average of more than **13 prescriptions per prescriber**[3](index=3&type=chunk) - By the end of Q3, dialysis organizations are expected to enable Vafseo prescribing access to more than **75,000 patients**, an increase from about **40,000 patients** at the end of Q2[3](index=3&type=chunk) - DaVita is expected to enable prescribing Vafseo to patients in an operational pilot this month, having placed an order to supply over **100 clinics**[3](index=3&type=chunk) [Additional Key Business Updates](index=2&type=section&id=1.3.%20Additional%20Key%20Business%20Updates) Akebia made significant strides in its clinical development programs for Vafseo, completing enrollment for the VOICE trial and initiating the VOCAL trial [Clinical Development Programs](index=2&type=section&id=1.3.1.%20Clinical%20Development%20Programs) Akebia advanced its clinical pipeline by completing enrollment for the VOICE trial, initiating the VOCAL trial, and planning the VALOR Phase 3 trial for vadadustat by year-end - U.S. Renal Care (USRC) completed enrollment of **2,116 patients** in VOICE, a collaborative clinical trial of Vafseo, with top-line data expected in early 2027[6](index=6&type=chunk) - Akebia initiated the VOCAL trial to evaluate three times per week (TIW) dosing of vadadustat in approximately **350 patients** across **18 DaVita hemodialysis clinics**[6](index=6&type=chunk) - Akebia is working towards initiating VALOR, a Phase 3 clinical trial for vadadustat in late-stage CKD patients not on dialysis, by the end of this year[6](index=6&type=chunk) [Auryxia Performance](index=2&type=section&id=1.3.2.%20Auryxia%20Performance) Auryxia generated **$47.2 million** in net product revenue in Q2 2025, maintaining market presence with only one authorized generic despite loss of exclusivity - Auryxia® (ferric citrate) net product revenue in Q2 2025 totaled **$47.2 million**[6](index=6&type=chunk) - Despite loss of exclusivity on March 20, 2025, no Abbreviated New Drug Application has been approved for Auryxia to date, and there is only one authorized generic[6](index=6&type=chunk) [Financial Performance](index=2&type=section&id=2.%20Financial%20Performance) Akebia's Q2 2025 financial performance showed significant revenue growth and a shift to net income, supported by improved cash and working capital positions [Consolidated Statements of Operations](index=2&type=section&id=2.1.%20Consolidated%20Statements%20of%20Operations) Akebia reported a significant increase in total revenues for Q2 2025, reaching **$62.5 million**, primarily driven by Vafseo sales and an increase in Auryxia sales Three Months Ended June 30, (in thousands) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | | **Revenues** | | | | | Product revenue, net | $60,461 | $41,209 | +46.7% | | License, collaboration and other revenue | $2,011 | $2,439 | -17.6% | | **Total revenues** | **$62,472** | **$43,648** | **+43.1%** | | **Cost of Goods Sold** | | | | | Cost of product and other revenue | $9,919 | $8,036 | +23.4% | | Amortization of intangible asset | $— | $9,011 | -100.0% | | **Total cost of goods sold** | **$9,919** | **$17,047** | **-41.8%** | | **Operating Expenses** | | | | | Research and development | $11,013 | $7,647 | +44.0% | | Selling, general and administrative | $26,555 | $26,917 | -1.3% | | License | $896 | $762 | +17.6% | | **Total operating expenses** | **$38,464** | **$35,326** | **+8.9%** | | Income (loss) from operations | $14,089 | $(8,725) | N/A | | Other expense, net | $(6,862) | $(2,188) | +213.6% | | Change in fair value of warrant liability | $(6,980) | $2,331 | N/A | | **Net income (loss)** | **$247** | **$(8,582)** | **N/A** | | Net income (loss) per share - basic | $0.00 | $(0.04) | N/A | | Net income (loss) per share - diluted | $0.00 | $(0.04) | N/A | | Weighted-average common shares - basic | 262,565,500 | 209,705,397 | +25.2% | | Weighted-average common shares - diluted | 271,104,020 | 209,705,397 | +29.3% | - Net income was **$0.2 million** in Q2 2025, compared to a net loss of **$8.6 million** in Q2 2024, driven by increased net product revenues, partially offset by **$7.0 million** in non-cash expense related to warrant liability and **$5.4 million** in non-cash interest expense related to settlement royalty liability[13](index=13&type=chunk) [Selected Balance Sheet Data](index=3&type=section&id=2.2.%20Selected%20Balance%20Sheet%20Data) Akebia significantly improved its cash position and working capital as of June 30, 2025, compared to December 31, 2024, reflecting a stronger financial standing Selected Balance Sheet Data (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | | :---------------------- | :------------ | :---------------- | :----- | | Cash and cash equivalents | $137,308 | $51,870 | +164.7% | | Working capital | $115,940 | $32,917 | +252.2% | | Total assets | $345,595 | $220,670 | +56.6% | | Total stockholders' equity (deficit) | $29,224 | $(49,185) | N/A | - Cash and cash equivalents as of June 30, 2025, were approximately **$137.3 million**[13](index=13&type=chunk) - Akebia believes it is financed to achieve profitability based on its current operating plan, which includes pursuing label expansion for Vafseo and advancing other existing programs[13](index=13&type=chunk) [Product Information: Vafseo® (vadadustat) tablets](index=3&type=section&id=3.%20Product%20Information%3A%20Vafseo%C2%AE%20%28vadadustat%29%20tablets) This section provides detailed information on Vafseo (vadadustat) tablets, including its description, approved indications, and critical safety information [Product Description and Indication](index=3&type=section&id=3.1.%20Product%20Description%20and%20Indication) Vafseo (vadadustat) is a once-daily oral hypoxia-inducible factor prolyl hydroxylase inhibitor approved in **37 countries** for the treatment of anemia due to chronic kidney disease (CKD) in adults who have been receiving dialysis for at least three months - Vafseo® (vadadustat) tablets is a once-daily oral hypoxia-inducible factor prolyl hydroxylase inhibitor[10](index=10&type=chunk) - VAFSEO is indicated for the treatment of anemia due to chronic kidney disease (CKD) in adults who have been receiving dialysis for at least three months[11](index=11&type=chunk) - Vafseo is approved for use in **37 countries**[10](index=10&type=chunk) [Important Safety Information](index=3&type=section&id=3.2.%20Important%20Safety%20Information) Vafseo carries a Boxed Warning due to increased risks of thrombotic vascular events, including death, MI, stroke, and VTE [Boxed Warning and Limitations of Use](index=3&type=section&id=3.2.1.%20Boxed%20Warning%20and%20Limitations%20of%20Use) Vafseo carries a Boxed Warning for increased risks of thrombotic vascular events and is not indicated for immediate anemia correction or in non-dialysis CKD patients - WARNING: VAFSEO increases the risk of death, myocardial infarction, stroke, venous thromboembolism, and thrombosis of vascular access[15](index=15&type=chunk) - VAFSEO has not been shown to improve quality of life, fatigue, or patient well-being[14](index=14&type=chunk) - VAFSEO is not indicated as a substitute for red blood cell transfusions in patients requiring immediate correction of anemia, nor in patients with anemia due to CKD not on dialysis[14](index=14&type=chunk) [Contraindications and Warnings & Precautions](index=4&type=section&id=3.2.2.%20Contraindications%20and%20Warnings%20%26%20Precautions) Vafseo is contraindicated in patients with hypersensitivity or uncontrolled hypertension, with warnings for thrombotic events, hepatotoxicity, hypertension, seizures, and GI erosion - Contraindications include known hypersensitivity to VAFSEO or any of its components, and uncontrolled hypertension[21](index=21&type=chunk) - Warnings and Precautions include increased risk of death, MI, stroke, VTE, and thrombosis of vascular access (especially with rapid Hb rise or levels >**11 g/dL**)[17](index=17&type=chunk) - Other warnings include Hepatotoxicity, Hypertension, Seizures, and Gastrointestinal (GI) Erosion[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk)[22](index=22&type=chunk) - VAFSEO is not recommended in patients with cirrhosis or active, acute liver disease, or in patients with active malignancies[18](index=18&type=chunk)[24](index=24&type=chunk) [Adverse Reactions, Drug Interactions, and Specific Populations](index=6&type=section&id=3.2.3.%20Adverse%20Reactions%2C%20Drug%20Interactions%2C%20and%20Specific%20Populations) Common adverse reactions include hypertension and diarrhea, with specific drug interaction guidelines for iron supplements and statins, and precautions for pregnant, breastfeeding, and hepatically impaired patients - The most common adverse reactions (occurring at ≥ **10%**) were hypertension and diarrhea[25](index=25&type=chunk) - Drug interactions require specific administration timing for iron supplements/phosphate binders and monitoring for BCRP substrates and statins (limiting simvastatin to **20 mg** and rosuvastatin to **5 mg**)[27](index=27&type=chunk) - Use in specific populations: May cause fetal harm in pregnancy, breastfeeding not recommended until two days after the final dose, and not recommended in patients with hepatic impairment (cirrhosis or active, acute liver disease)[27](index=27&type=chunk) [Corporate Information](index=3&type=section&id=4.%20Corporate%20Information) This section provides an overview of Akebia Therapeutics, details of its Q2 2025 earnings conference call, and important disclaimers regarding forward-looking statements and trademarks [About Akebia Therapeutics](index=3&type=section&id=4.1.%20About%20Akebia%20Therapeutics) Akebia Therapeutics, Inc. is a fully integrated biopharmaceutical company dedicated to improving the lives of people impacted by kidney disease, headquartered in Cambridge, Massachusetts - Akebia Therapeutics, Inc. is a fully integrated biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease[9](index=9&type=chunk) - Akebia was founded in 2007 and is headquartered in Cambridge, Massachusetts[9](index=9&type=chunk) [Conference Call Details](index=3&type=section&id=4.2.%20Conference%20Call%20Details) Akebia hosted a conference call on Thursday, August 7, 2025, at **8:00 a.m. ET** to discuss its second quarter 2025 earnings, with access available via registration link and a live webcast on the company's investor relations website - Akebia hosted a conference call on Thursday, August 7 at **8:00 a.m. Eastern Time** to discuss second quarter 2025 earnings[7](index=7&type=chunk) - A live webcast of the conference call was available via the 'Investors' section of Akebia's website at: https://ir.akebia.com/[8](index=8&type=chunk) [Forward-Looking Statements](index=6&type=section&id=4.3.%20Forward-Looking%20Statements) The report contains forward-looking statements regarding Akebia's strategy, plans, and expectations for Vafseo's launch, clinical trials, and financial performance, which are subject to various risks and uncertainties that could cause actual results to differ materially - Statements in this press release regarding Akebia's strategy, plans, prospects, expectations, beliefs, intentions and goals are forward-looking statements[26](index=26&type=chunk) - Actual results, performance or experience may differ materially from those expressed or implied by any forward-looking statement as a result of various risks, uncertainties and other factors, including those identified in Akebia's SEC filings[29](index=29&type=chunk) [Trademarks and Contact](index=7&type=section&id=4.4.%20Trademarks%20and%20Contact) The document includes information on Akebia's registered trademarks and contact details for investor inquiries - Akebia Therapeutics®, Auryxia® and Vafseo® are registered trademarks of Akebia Therapeutics, Inc. and its affiliates[30](index=30&type=chunk) - Contact information for Mercedes Carrasco (mcarrasco@akebia.com) is provided for Akebia Therapeutics[31](index=31&type=chunk)

[Financial and Business Highlights](index=1&type=section&id=Financial_and_Business_Highlights) [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second_Quarter_2025_Financial_Highlights) Datadog reported strong financial results for the second quarter of 2025, with revenue growing 28% year-over-year to $827 million, generating significant cash flow while maintaining a non-GAAP operating margin of 20% Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Year-over-Year Change | | :--- | :--- | :--- | | Revenue | $827 million | +28% | | GAAP Operating Loss | $(36) million | N/A (was $12.6M income) | | GAAP Operating Margin | (4)% | N/A (was 2%) | | Non-GAAP Operating Income | $164 million | +4% | | Non-GAAP Operating Margin | 20% | from 24% | | GAAP Net Income per Diluted Share | $0.01 | -92% | | Non-GAAP Net Income per Diluted Share | $0.46 | +7% | | Operating Cash Flow | $200 million | +22% | | Free Cash Flow | $165 million | +15% | - The company ended the quarter with approximately **3,850 customers** having an Annual Recurring Revenue (ARR) of **$100,000 or more**, a **14% increase** from about **3,390** in the prior year[3](index=3&type=chunk)[6](index=6&type=chunk) - As of June 30, 2025, cash, cash equivalents, and marketable securities totaled **$3.9 billion**[6](index=6&type=chunk) [Second Quarter & Recent Business Highlights](index=1&type=section&id=Second_Quarter_&_Recent_Business_Highlights) The company emphasized significant product innovation, unveiling over 125 new products and features at its DASH 2025 conference, particularly focusing on AI and security, while gaining industry recognition - At the DASH 2025 user conference, Datadog announced over **125 new innovations** for observing and securing cloud environments and AI tech stacks[3](index=3&type=chunk)[4](index=4&type=chunk) - New AI-powered product launches include: - **Bits AI Agents:** Interactive investigation and code-fixing agents for SRE, Dev, and Security teams - **AI Agent Monitoring & LLM Experiments:** Tools for end-to-end visibility and testing of AI agents - **Toto and BOOM:** An open-weights time series model and a new benchmark for observability metrics from Datadog AI Research[7](index=7&type=chunk) - Key business and strategic achievements include: - Named a Leader in the Gartner Magic Quadrant for Observability Platforms for the fifth consecutive year - Joined the S&P 500 Index - Advancing toward Federal Risk and Authorization Management Program (FedRAMP) High authorization[7](index=7&type=chunk) [Financial Outlook](index=4&type=section&id=Financial_Outlook) [Third Quarter 2025 Outlook](index=4&type=section&id=Third_Quarter_2025_Outlook) Datadog projects third-quarter 2025 revenue to be between $847 million and $851 million, with non-GAAP operating income between $176 million and $180 million, and non-GAAP net income per share between $0.44 and $0.46 Q3 2025 Guidance | Metric | Guidance Range | | :--- | :--- | | Revenue | $847 million - $851 million | | Non-GAAP Operating Income | $176 million - $180 million | | Non-GAAP Net Income per Share | $0.44 - $0.46 | [Full Year 2025 Outlook](index=4&type=section&id=Full_Year_2025_Outlook) For the full year 2025, the company anticipates revenue between $3.312 billion and $3.322 billion, with non-GAAP operating income between $684 million and $694 million, and non-GAAP net income per share projected at $1.80 to $1.83 Full Year 2025 Guidance | Metric | Guidance Range | | :--- | :--- | | Revenue | $3.312 billion - $3.322 billion | | Non-GAAP Operating Income | $684 million - $694 million | | Non-GAAP Net Income per Share | $1.80 - $1.83 | [Consolidated Financial Statements](index=9&type=section&id=Consolidated_Financial_Statements) [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed_Consolidated_Statements_of_Operations) For Q2 2025, revenue increased to $826.8 million from $645.3 million in Q2 2024, but a significant rise in operating expenses led to a GAAP operating loss of $35.5 million and a net income decrease to $2.6 million Statement of Operations Summary (Three Months Ended June 30) | (In thousands) | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $826,760 | $645,279 | +28.1% | | Gross Profit | $660,782 | $521,780 | +26.6% | | Total Operating Expenses | $696,282 | $509,162 | +36.7% | | Operating (Loss) Income | $(35,500) | $12,618 | N/A | | Net Income | $2,647 | $43,824 | -94.0% | [Condensed Consolidated Balance Sheets](index=11&type=section&id=Condensed_Consolidated_Balance_Sheets) As of June 30, 2025, Datadog's balance sheet shows total assets of $5.82 billion, a decrease in total liabilities to $2.63 billion, and a growth in total stockholders' equity to $3.20 billion Balance Sheet Summary | (In thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, and marketable securities | $3,910,970 | $4,189,059 | | Total Assets | $5,822,415 | $5,785,339 | | Total Liabilities | $2,626,658 | $3,070,976 | | Total Stockholders' Equity | $3,195,757 | $2,714,363 | [Condensed Consolidated Statements of Cash Flow](index=12&type=section&id=Condensed_Consolidated_Statements_of_Cash_Flow) In Q2 2025, Datadog generated $200.1 million in net cash from operating activities, while net cash used in investing activities was $191.1 million and financing activities used $605.5 million, primarily due to convertible senior note repayment Cash Flow Summary (Three Months Ended June 30) | (In thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $200,055 | $164,424 | | Net cash used in investing activities | $(191,067) | $(59,711) | | Net cash (used in) provided by financing activities | $(605,454) | $24,235 | | Net (Decrease) Increase in Cash | $(590,824) | $128,745 | [Reconciliation of GAAP to Non-GAAP Measures](index=13&type=section&id=Reconciliation_of_GAAP_to_Non-GAAP_Measures) This section provides a detailed reconciliation between GAAP and non-GAAP financial figures, adjusting GAAP operating loss for non-cash and non-recurring items to derive non-GAAP operating income and free cash flow Reconciliation of GAAP Operating Loss to Non-GAAP Operating Income (Q2 2025) | (In thousands) | Amount | | :--- | :--- | | **GAAP operating loss** | **$(35,500)** | | Plus: Stock-based compensation expense | $180,462 | | Plus: Amortization of acquired intangibles | $1,706 | | Plus: Employer payroll taxes on employee stock transactions | $16,067 | | Plus: M&A transaction costs | $1,373 | | **Non-GAAP operating income** | **$164,108** | Reconciliation to Free Cash Flow (Q2 2025) | (In thousands) | Amount | | :--- | :--- | | Net cash provided by operating activities | $200,055 | | Less: Purchases of property and equipment | $(15,152) | | Less: Capitalized software development costs | $(19,550) | | **Free cash flow** | **$165,353** | [Supplementary Information](index=5&type=section&id=Supplementary_Information) [Forward-Looking Statements and Risk Factors](index=5&type=section&id=Forward-Looking_Statements_and_Risk_Factors) This section contains standard legal disclaimers regarding forward-looking statements related to strategy, market opportunities, and financial outlook, cautioning that actual results may differ materially due to various risks and uncertainties - The press release contains forward-looking statements concerning strategy, product capabilities, market opportunities, and financial performance, which are based on current assumptions and subject to substantial risks[13](index=13&type=chunk) - Key risks cited include: rapid growth not being indicative of future growth, a history of operating losses, dependence on customer renewals and new customer attraction, security breach risks, and intense market competition[14](index=14&type=chunk) [About Non-GAAP Financial Measures](index=6&type=section&id=About_Non-GAAP_Financial_Measures) Datadog explains its use of non-GAAP financial measures for internal budgeting, forecasting, and performance evaluation, believing these supplemental measures are useful to investors by excluding certain non-cash or non-recurring expenses - Datadog uses non-GAAP measures to supplement GAAP results for internal planning and to evaluate financial performance[16](index=16&type=chunk) - Primary adjustments to derive non-GAAP figures from GAAP balances include excluding: stock-based compensation, amortization of acquired intangibles, employer payroll taxes on stock transactions, and M&A transaction costs[18](index=18&type=chunk) - Free cash flow is defined as net cash from operating activities minus capital expenditures and capitalized software development costs[18](index=18&type=chunk)[24](index=24&type=chunk) [Operating Metrics Definition](index=8&type=section&id=Operating_Metrics_Definition) This section defines key operating metrics used by the company, including customer count based on unique active subscription accounts and Annual Recurring Revenue (ARR) derived from annualized Monthly Recurring Revenue (MRR) - A customer is defined as an account with a unique identifier and an active subscription; free trial users are not included[26](index=26&type=chunk) - Annual Recurring Revenue (ARR) is defined as the monthly recurring revenue (MRR) multiplied by 12; MRR aggregates revenue from committed contracts, additional usage, and monthly subscriptions[27](index=27&type=chunk)

Exhibit 99.1 SolarEdge Announces Second Quarter 2025 Financial Results MILPITAS, Calif. — August 7, 2025. SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the second quarter ended June 30, 2025. "I'm proud of the steady progress we made in turning SolarEdge around this quarter," said Shuki Nir, CEO of SolarEdge. "This was our second consecutive quarter of year-over-year and sequential revenue growth, along with margin expansio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) For the quarterly period ended June 30, 2025 OR ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ 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: 001-40522 Monte Rosa Therapeutics, Inc. (Exact name of registrant as specified in its charter) (I.R.S. Emplo ...

Warner Bros. Discovery Reports Second-Quarter 2025 Results NM - Not Meaningful (*) A non-GAAP financial measure; see the section starting on page 13 titled Definitions & Sources for additional details. Q2 2025 Highlights · Total revenues were $9.8 billion, up modestly from the prior year quarter. Q2 2025 Earnings Press Release | August 7, 2025 1 · Distribution revenues were relatively unchanged, as growth in global streaming subscribers was offset by continued domestic linear pay TV subscriber declines. · A ...

August 7, 2025 For release: Immediately Refer to: Ashley Hennessey; gentry_ashley_jo@lilly.com; (317) 416-4363 (Media) Mike Czapar; czapar_michael_c@lilly.com; (317) 617-0983 (Investors) Lilly reports second-quarter 2025 financial results and raises guidance INDIANAPOLIS, August 7, 2025 - Eli Lilly and Company (NYSE: LLY) today announced its financial results for the second-quarter of 2025. "Lilly delivered another quarter of strong performance, achieving 38% year-over-year revenue growth driven by robust s ...

Tecnoglass Q2 2025 Earnings Release [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Tecnoglass achieved record Q2 2025 results, with **$255.5 million** revenue, **44.7%** gross margin, **$79.8 million** Adjusted EBITDA, and a **$1.2 billion** backlog Key Financial & Operational Metrics | Metric | Q2 2025 Value | Year-over-Year Change | | :--- | :--- | :--- | | Total Revenue | $255.5 Million | +16.3% | | Single-Family Residential Revenue | $109.6 Million | +14.5% | | Gross Margin | 44.7% | +400 bps | | Net Income | $44.1 Million | - | | Adjusted Net Income | $48.5 Million | - | | Adjusted EBITDA | $79.8 Million | +24.5% | | Adjusted EBITDA Margin | 31.2% | - | | Backlog | $1.2 Billion | +17.2% | - Strategic operational highlights include the completion of the **Continental Glass Systems** asset acquisition to diversify production into the U.S., signing a lease for a West Coast showroom to promote the new **"Legacy"** aluminum product line, and continuing a feasibility study for a new automated facility in Florida[2](index=2&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management attributed record quarterly performance to the vertically integrated platform, successful pricing, and strategic diversification, with a **$1.2 billion** backlog providing visibility into 2026 - CEO José Manuel Daes emphasized that the company's vertically integrated platform, successful pricing, and the **Continental Glass** acquisition are key drivers of growth and margin expansion[4](index=4&type=chunk) - COO Christian Daes noted that the record **$1.2 billion** backlog provides project visibility well into 2026, supported by a solid uptick in single-family residential orders and an expanding geographic footprint, including a new California showroom[4](index=4&type=chunk) [Detailed Financial Performance (Q2 2025)](index=2&type=section&id=Detailed%20Financial%20Performance%20(Q2%202025)) Q2 2025 saw record revenue of **$255.5 million** (+16.3% YoY), gross margin improvement to **44.7%**, and Adjusted EBITDA growth of **24.5%** to **$79.8 million** [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Total revenues for Q2 2025 reached a record **$255.5 million**, increasing **16.3%** YoY, driven by strong growth in both multi-family/commercial and single-family residential segments Revenue Breakdown by Segment | Revenue Segment | Q2 2025 Revenue | YoY Growth | | :--- | :--- | :--- | | **Total Revenues** | **$255.5 Million** | **+16.3%** | | Multi-family/Commercial | - | +17.8% | | Single-family Residential | - | +14.5% | - A portion of the single-family residential growth was attributed to customers accelerating orders ahead of anticipated tariff-related price adjustments[5](index=5&type=chunk) [Profitability Analysis](index=2&type=section&id=Profitability%20Analysis) Gross margin expanded by **400 basis points** to **44.7%** in Q2 2025, contributing to a **24.5%** increase in Adjusted EBITDA to **$79.8 million** despite higher SG&A Key Profitability Metrics | Profitability Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Gross Profit | $114.3 Million | $89.6 Million | | Gross Margin | 44.7% | 40.8% | | Net Income | $44.1 Million | $35.0 Million | | Diluted EPS | $0.94 | $0.75 | | Adjusted Net Income | $48.5 Million | $40.5 Million | | Adjusted Diluted EPS | $1.03 | $0.86 | | Adjusted EBITDA | $79.8 Million | $64.1 Million | | Adjusted EBITDA Margin | 31.2% | 29.2% | - SG&A expenses increased mainly due to **$5.9 million** in aluminum tariffs paid in April and higher transportation and personnel expenses, partially offset by late-quarter price adjustments[7](index=7&type=chunk) [Cash Flow, Capital Allocation & Liquidity](index=3&type=section&id=Cash%20Flow%2C%20Capital%20Allocation%20%26%20Liquidity) Tecnoglass generated **$17.9 million** in operating cash flow, invested **$32.5 million** in capex (including **Continental Glass**), and maintained strong liquidity of **$310 million** Cash Flow & Liquidity Summary | Metric | Q2 2025 Value | | :--- | :--- | | Cash from Operating Activities | $17.9 Million | | Capital Expenditures | $32.5 Million | | Cash Dividends Paid | $7.0 Million | | Total Liquidity (End of Q2) | $310 Million | | Cash and Cash Equivalents | $137.9 Million | | Total Debt | $109.2 Million | - The company has approximately **$76.5 million** remaining under its current share repurchase program as of August 7, 2025[12](index=12&type=chunk) [Strategic Initiatives & Corporate Developments](index=3&type=section&id=Strategic%20Initiatives%20%26%20Corporate%20Developments) Tecnoglass is pursuing strategic growth through the **Continental Glass Systems** acquisition and advancing U.S. expansion with a new Florida facility feasibility study and West Coast showroom [Continental Glass Asset Acquisition](index=3&type=section&id=Continental%20Glass%20Asset%20Acquisition) In April 2025, Tecnoglass acquired assets from **Continental Glass Systems** for approximately **$30 million** to strengthen its U.S. market presence and create operational synergies - Acquired certain assets of **Continental Glass Systems** for approximately **$30 million** in April 2025[15](index=15&type=chunk) - The acquisition is aimed at strengthening U.S. market presence, broadening client reach, and creating synergies in the architectural glass industry[15](index=15&type=chunk) [U.S. Expansion Plans](index=1&type=section&id=U.S.%20Expansion%20Plans) The company is advancing U.S. expansion with a West Coast showroom for its **"Legacy"** aluminum product line and a feasibility study for a new automated Florida manufacturing facility - A feasibility study is underway for a new, fully automated facility in Florida to address future growth, diversify operations, and improve logistics[2](index=2&type=chunk)[14](index=14&type=chunk) - A lease was signed for a West Coast showroom to promote the new **"Legacy"** aluminum product line and support geographical expansion[2](index=2&type=chunk) [Full Year 2025 Guidance](index=3&type=section&id=Full%20Year%202025%20Guidance) Tecnoglass raised its full-year 2025 guidance, projecting revenues between **$980 million** and **$1.02 billion** and Adjusted EBITDA of **$310 million** to **$325 million** Full Year 2025 Financial Guidance | Guidance Metric | Full Year 2025 Range | Midpoint Growth | | :--- | :--- | :--- | | Revenues | $980 Million - $1.02 Billion | ~12% | | Adjusted EBITDA | $310 Million - $325 Million | ~15% | - The updated outlook assumes that pricing initiatives will more than compensate for a projected **$25 million** full-year impact from elevated input costs and tariffs[16](index=16&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) The consolidated financial statements show total assets of **$1.18 billion**, net income of **$86.3 million** for six months, and **$64.8 million** cash from operations [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$1.18 billion**, driven by property, plant, and equipment and inventories, with shareholders' equity reaching **$736.0 million** Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $137,907 | $134,882 | | Total current assets | $639,399 | $560,010 | | Total assets | $1,181,209 | $1,016,648 | | Total current liabilities | $320,481 | $265,826 | | Total liabilities | $445,208 | $385,465 | | Total shareholders' equity | $736,001 | $631,183 | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 operating revenues were **$255.5 million**, yielding a gross profit of **$114.3 million** and net income of **$44.1 million** (**$0.94** per diluted share) Consolidated Statements of Operations (Q2, in thousands) | Income Statement Item | 2025 | 2024 | | :--- | :--- | :--- | | Total operating revenues | $255,546 | $219,654 | | Gross profit | $114,335 | $89,577 | | Operating income | $61,204 | $51,134 | | Net income | $44,083 | $35,028 | | Diluted income per share | $0.94 | $0.75 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, cash provided by operating activities was **$64.8 million**, with a net cash increase of **$3.0 million** for the period Consolidated Statements of Cash Flows (Six Months Ended June 30, in thousands) | Cash Flow Item | 2025 | 2024 | | :--- | :--- | :--- | | Cash Provided by Operating Activities | $64,760 | $67,945 | | Cash Used in Investing Activities | $(48,627) | $(27,802) | | Cash Used in Financing Activities | $(14,924) | $(40,327) | | Net Increase/(Decrease) in Cash | $3,024 | $(2,703) | [Supplemental Information](index=9&type=section&id=Supplemental%20Information) This section provides geographic revenue breakdown, with the U.S. as the dominant market, and reconciliations of non-GAAP measures like Adjusted EBITDA and Free Cash Flow [Revenues by Region](index=9&type=section&id=Revenues%20by%20Region) In Q2 2025, U.S. revenues grew **15.5%** to **$242.2 million**, comprising the majority of sales, while other countries saw significant **62.9%** growth Revenues by Geographic Region (Q2 2025, in thousands) | Region | Q2 2025 Revenue | YoY Change | | :--- | :--- | :--- | | United States | $242,205 | +15.5% | | Colombia | $6,620 | +13.5% | | Other Countries | $6,722 | +62.9% | | **Total** | **$255,546** | **+16.3%** | [Reconciliation of Non-GAAP Measures](index=10&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) Detailed reconciliations are provided for non-GAAP metrics, including Adjusted EBITDA of **$79.8 million** and Free Cash Flow of **$0.474 million** for Q2 2025 Reconciliation to Adjusted EBITDA (Q2 2025, in thousands) | Reconciliation to Adjusted EBITDA | Amount | | :--- | :--- | | Net income | $44,083 | | Add: Interest expense | $1,350 | | Add: Income tax provision | $18,148 | | Add: Depreciation & amortization | $9,145 | | Add/Subtract: Other adjustments | $7,053 | | **Adjusted EBITDA** | **$79,779** | Reconciliation to Free Cash Flow (Q2 2025, in thousands) | Reconciliation to Free Cash Flow | Amount | | :--- | :--- | | Cash Provided by Operating Activities | $17,862 | | Less: Acquisition of property and equipment | $(32,515) | | Add back: Portion of asset acquisition in capex | $15,127 | | **Free Cash Flow** | **$474** |