EQT Reports Third Quarter 2025 Results PITTSBURGH, October 21, 2025 -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the third quarter of 2025. Third Quarter 2025 Results: Recent Highlights: President and CEO Toby Z. Rice stated, "Third quarter results built upon EQT's extensive track record of delivering operational and financial outperformance. Production, operating expenses, capital spending and price realizations were all at the favorable end of guidance, highlighting ...

KKR REAL ESTATE FINANCE TRUST INC. REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS New York, NY, October 21, 2025 - KKR Real Estate Finance Trust Inc. (the "Company" or "KREF") (NYSE: KREF) today reported its financial results for the quarter ended September 30, 2025. Reported net income attributable to common stockholders of $8.1 million, or $0.12 per diluted share of common stock, for the three months ended September 30, 2025, compared to net loss attributable to common stockholders of ($35.4) million, or ($ ...

[Company Announcement](index=1&type=section&id=Company%20Announcement) Cathay General Bancorp announced its unaudited third quarter 2025 financial results, showing growth in net income and diluted earnings per share [Third Quarter 2025 Results Overview](index=1&type=section&id=Third%20Quarter%202025%20Results%20Overview) Cathay General Bancorp reported unaudited third quarter 2025 financial results, with increases in net income and diluted earnings per share | Metric | September 30, 2025 (Q3) | June 30, 2025 (Q2) | September 30, 2024 (Q3) | | :--------------------------------- | :------------------- | :------------------- | :------------------- | | Net Income (million USD) | $77.7 | $77.5 | $67.5 | | Basic Earnings per Common Share (USD) | $1.13 | $1.11 | $0.94 | | Diluted Earnings per Common Share (USD) | $1.13 | $1.10 | $0.94 | | Return on Average Assets | 1.29% | 1.33% | 1.15% | | Return on Average Total Shareholders' Equity | 10.60% | 10.72% | 9.50% | | Efficiency Ratio | 41.84% | 45.34% | 51.11% | [Third Quarter Highlights](index=1&type=section&id=Third%20Quarter%20Highlights) The CEO highlighted continued growth in net interest margin and significant common stock repurchases during the third quarter - Net interest margin continued to grow compared to the second quarter of 2025[5](index=5&type=chunk) - Repurchased **1,070,000 shares** of common stock at an average cost of **$46.81 per share**, totaling **$50.1 million** in the third quarter[5](index=5&type=chunk) [Income Statement Review](index=1&type=section&id=Income%20Statement%20Review) This section reviews the company's income statement performance, highlighting key revenue, expense, and profitability metrics [Q3 2025 vs Q2 2025 Performance](index=1&type=section&id=Q3%202025%20vs%20Q2%202025%20Performance) Third quarter 2025 saw growth in net income and diluted EPS, a slight decrease in average asset and equity returns, and a significant improvement in efficiency ratio Comparison of Key Financial Metrics: Q3 2025 vs Q2 2025 | Metric | September 30, 2025 (Q3) | June 30, 2025 (Q2) | Change (QoQ) | | :--------------------------------- | :------------------- | :------------------- | :--------- | | Net Income (million USD) | $77.7 | $77.5 | +$0.2 (0.3%) | | Diluted Earnings per Common Share (USD) | $1.13 | $1.10 | +$0.03 | | Return on Average Assets | 1.29% | 1.33% | -0.04% | | Return on Average Total Shareholders' Equity | 10.60% | 10.72% | -0.12% | | Efficiency Ratio | 41.84% | 45.34% | -3.50% | - Net interest margin increased from **3.27%** in Q2 to **3.31%** in Q3[8](index=8&type=chunk) - Gross loans (excluding loans held for sale) increased by **1.6%** from **$19.78 billion** in Q2 to **$20.10 billion** in Q3[8](index=8&type=chunk) - Total deposits increased by **$514.8 million**, or **2.6%**, in Q3, reaching **$20.52 billion**[8](index=8&type=chunk) [Net Interest Income Before Provision for Credit Losses](index=2&type=section&id=Net%20Interest%20Income%20Before%20Provision%20for%20Credit%20Losses) Net interest income before provision for credit losses and net interest margin both increased, driven by higher loan and securities interest income, partially offset by increased deposit expenses Net Interest Income and Margin Analysis | Metric | September 30, 2025 (Q3) | June 30, 2025 (Q2) | Change (QoQ) | | :--------------------------------- | :------------------- | :------------------- | :--------- | | Net Interest Income Before Provision for Credit Losses (million USD) | $189.6 | $181.2 | +$8.4 (4.6%) | | Net Interest Margin | 3.31% | 3.27% | +0.04% | | Yield on Average Interest-Earning Assets | 5.84% | 5.83% | +0.01% | | Cost of Average Interest-Bearing Liabilities | 3.32% | 3.37% | -0.05% | | Cost of Average Interest-Bearing Deposits | 3.28% | 3.35% | -0.07% | | Net Interest Spread | 2.52% | 2.46% | +0.06% | - The decrease in the cost of average interest-bearing liabilities was primarily due to lower re-pricing rates on maturing time deposits in Q3[10](index=10&type=chunk) - The increase in the yield on average interest-earning assets was mainly due to higher loan interest rates[10](index=10&type=chunk) [Provision for Credit Losses](index=2&type=section&id=Provision%20for%20Credit%20Losses) Provision for credit losses significantly increased in Q3 due to additional provisions for two cinema loans and CECL model changes, leading to higher allowance for credit losses and its ratio to total loans Provision for Credit Losses and Net Charge-offs | Metric | September 30, 2025 (Q3) | June 30, 2025 (Q2) | Change (QoQ) | | :--------------------------------- | :------------------- | :------------------- | :--------- | | Provision for Credit Losses (million USD) | $28.7 | $11.2 | +$17.5 | | Allowance for Credit Losses (million USD) | $196.5 | $183.4 | +$13.1 | | Allowance for Credit Losses to Total Loans | 0.98% | 0.93% | +0.05% | | Net Charge-offs (million USD) | $15.646 | $12.741 | +$2.905 | - Q3 provision for credit losses included **$9.1 million** in additional provisions for two cinema loans and **$3.8 million** from CECL model changes[11](index=11&type=chunk) - Commercial loan charge-offs increased from **$9.117 million** in Q2 to **$16.173 million** in Q3[12](index=12&type=chunk) [Non-interest Income](index=3&type=section&id=Non-interest%20Income) Non-interest income grew significantly in Q3, primarily driven by increased gains on equity securities and wealth management fees Non-interest Income Composition | Metric | September 30, 2025 (Q3) | June 30, 2025 (Q2) | Change (QoQ) | | :--------------------------------- | :------------------- | :------------------- | :--------- | | Total Non-interest Income (million USD) | $21.0 | $15.4 | +$5.6 (36.4%) | | Increase in Equity Securities Gains (million USD) | - | - | +$4.7 | | Increase in Wealth Management Fees (million USD) | - | - | +$1.3 | [Non-interest Expense](index=3&type=section&id=Non-interest%20Expense) Non-interest expense slightly decreased in Q3, mainly due to reduced professional service fees, contributing to an improved efficiency ratio Non-interest Expense and Efficiency Ratio | Metric | September 30, 2025 (Q3) | June 30, 2025 (Q2) | Change (QoQ) | | :--------------------------------- | :------------------- | :------------------- | :--------- | | Total Non-interest Expense (million USD) | $88.1 | $89.1 | -$1.0 (1.2%) | | Decrease in Professional Service Fees (million USD) | - | - | -$1.5 | | Efficiency Ratio | 41.84% | 45.34% | -3.50% | - An increase of **$1.0 million** in amortization of low-income housing and alternative energy partnership investments partially offset the decrease in professional service fees[15](index=15&type=chunk) [Income Taxes](index=3&type=section&id=Income%20Taxes) The effective tax rate decreased in Q3, primarily influenced by low-income housing tax credits Effective Tax Rate | Metric | September 30, 2025 (Q3) | June 30, 2025 (Q2) | Change (QoQ) | | :--------------------------------- | :------------------- | :------------------- | :--------- | | Effective Tax Rate | 17.18% | 19.56% | -2.38% | - The effective tax rates for both Q2 and Q3 2025 included the impact of low-income housing tax credits[16](index=16&type=chunk) [Balance Sheet Review](index=3&type=section&id=Balance%20Sheet%20Review) This section provides an overview of the company's balance sheet, focusing on changes in assets, liabilities, and equity [Gross Loans and Composition](index=3&type=section&id=Gross%20Loans%20and%20Composition) Gross loans (excluding loans held for sale) increased as of September 30, 2025, driven by growth in residential mortgage, commercial real estate, and construction loans Gross Loans and Composition (million USD) | Loan Type | September 30, 2025 | June 30, 2025 | Change (QoQ) | | :--------------------------------- | :-------------- | :-------------- | :--------- | | Gross Loans (excluding loans held for sale) | $20,104.7 | $19,784.7 | +$320.0 (1.62%) | | Residential Mortgage Loans | $5,815.1 | $5,692.1 | +$123.0 (2.2%) | | Commercial Real Estate Loans | $10,484.9 | $10,363.1 | +$121.8 (1.2%) | | Construction Loans | $356.2 | $301.1 | +$55.1 (18.3%) | | Commercial Loans | $3,212.9 | $3,194.7 | +$18.2 (0.6%) | [Deposits and Composition](index=4&type=section&id=Deposits%20and%20Composition) Total deposits increased as of September 30, 2025, with growth across non-interest bearing demand, NOW, money market, and savings deposits, while time deposits remained relatively stable Deposits Composition (million USD) | Deposit Type | September 30, 2025 | June 30, 2025 | Change (QoQ) | | :--------------------------------- | :-------------- | :-------------- | :--------- | | Total Deposits | $20,521.1 | $20,006.3 | +$514.8 (2.6%) | | Non-interest Bearing Demand Deposits | $3,574.6 | $3,381.4 | +$193.2 | | NOW Deposits | $2,226.2 | $2,174.1 | +$52.1 | | Money Market Deposits | $3,586.3 | $3,431.1 | +$155.2 | | Savings Deposits | $1,424.2 | $1,317.1 | +$107.1 | | Time Deposits | $9,709.9 | $9,702.7 | +$7.2 | [Asset Quality Review](index=4&type=section&id=Asset%20Quality%20Review) This section reviews the company's asset quality, including non-accrual loans, allowance for loan losses, and non-performing assets [Non-accrual Loans and Allowance for Loan Losses](index=4&type=section&id=Non-accrual%20Loans%20and%20Allowance%20for%20Loan%20Losses) Total non-accrual loans decreased as of September 30, 2025, while the allowance for loan losses balance and coverage ratio both improved, reflecting stronger coverage for potential credit risks Non-accrual Loans and Allowance for Loan Losses | Metric | September 30, 2025 | June 30, 2025 | Change (QoQ) | | :--------------------------------- | :-------------- | :-------------- | :--------- | | Total Non-accrual Loans (million USD) | $165.6 | $174.2 | -$8.6 (4.9%) | | Allowance for Loan Losses (million USD) | $186.6 | $173.5 | +$13.1 | | Allowance for Loan Losses to Period-End Total Loans | 0.93% | 0.88% | +0.05% | | Allowance for Loan Losses to Non-performing Loans | 112.61% | 96.12% | +16.49% | [Non-performing Assets and Loan Modifications](index=4&type=section&id=Non-performing%20Assets%20and%20Loan%20Modifications) Total non-performing assets slightly decreased as of September 30, 2025, but Other Real Estate Owned (OREO) significantly increased, alongside a substantial rise in accruing loan modifications for financially distressed borrowers Non-performing Assets and Loan Modifications (million USD) | Metric | September 30, 2025 | June 30, 2025 | Change (QoQ) | | :--------------------------------- | :-------------- | :-------------- | :--------- | | Total Non-performing Assets | $198.7 | $199.5 | -$0.8 (0.4%) | | Accruing Loans 90 Days or More Past Due | $0.110 | $6.389 | -$6.279 (98%) | | Total Non-accrual Loans | $165.632 | $174.153 | -$8.521 (5%) | | Other Real Estate Owned (OREO) | $32.983 | $18.990 | +$13.993 (74%) | | Accruing Loan Modifications to Borrowers Experiencing Financial Difficulty | $63.355 | $10.485 | +$52.870 (504%) | - Non-performing assets as a percentage of total assets were **0.83%**, slightly lower than **0.84%** in the previous quarter[22](index=22&type=chunk) [Capital Adequacy Review](index=5&type=section&id=Capital%20Adequacy%20Review) As of September 30, 2025, the company's capital adequacy ratios, calculated under Basel III capital rules, exceeded regulatory requirements, maintaining its 'well capitalized' status Capital Adequacy Ratios | Metric | September 30, 2025 | June 30, 2025 | Regulatory Requirement (Well Capitalized) | | :--------------------------------- | :-------------- | :-------------- | :------------------ | | Tier 1 Risk-Based Capital Ratio | 13.15% | 13.35% | ≥ 8% | | Total Risk-Based Capital Ratio | 14.76% | 14.92% | ≥ 10% | | Tier 1 Leverage Ratio | 10.88% | 11.09% | ≥ 5% | [Year-to-Date Review](index=5&type=section&id=Year-to-Date%20Review) For the nine months ended September 30, 2025, the company reported year-over-year growth in net income, diluted EPS, net interest margin, return on average assets, and return on average equity, with a significant improvement in efficiency ratio Year-to-Date Key Financial Metrics Comparison | Metric | September 30, 2025 (YTD) | September 30, 2024 (YTD) | Change (YoY) | | :--------------------------------- | :-------------------- | :-------------------- | :--------- | | Net Income (million USD) | $224.6 | $205.8 | +$18.8 (9.1%) | | Diluted Earnings per Common Share (USD) | $3.21 | $2.83 | +$0.38 | | Net Interest Margin | 3.28% | 3.03% | +0.25% | | Return on Average Assets | 1.28% | 1.18% | +0.10% | | Return on Average Total Shareholders' Equity | 10.39% | 9.84% | +0.55% | | Efficiency Ratio | 44.18% | 53.28% | -9.10% | [Additional Information](index=6&type=section&id=Additional%20Information) This section provides details on the upcoming conference call, an overview of Cathay General Bancorp, and important forward-looking statements [Conference Call](index=6&type=section&id=Conference%20Call) Cathay General Bancorp will host a conference call on October 21, 2025, at 3:00 PM PT to discuss its Q3 2025 financial results - Conference call scheduled for **Tuesday, October 21, 2025, at 3:00 PM Pacific Time**[27](index=27&type=chunk) - Dial-in number: **1-833-816-1377**, Conference ID: **10203604**[27](index=27&type=chunk) - Presentation and webcast available on the company's website www.cathaygeneralbancorp.com, with a replay archived for one year within 24 hours[27](index=27&type=chunk) [About Cathay General Bancorp](index=6&type=section&id=About%20Cathay%20General%20Bancorp) Cathay General Bancorp is the holding company for Cathay Bank, established in 1962, offering a wide range of financial services with branches and representative offices in the US and overseas - Cathay General Bancorp (Nasdaq: CATY) is the holding company for Cathay Bank, a California-chartered bank[28](index=28&type=chunk) - Cathay Bank, founded in 1962, operates over **60 branches** across California, New York, Washington, Texas, Illinois, Massachusetts, Maryland, Nevada, and New Jersey in the United States[28](index=28&type=chunk) - Overseas operations include a branch in Hong Kong and representative offices in Beijing, Shanghai, and Taipei[28](index=28&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements regarding beliefs, forecasts, and assumptions about future results and events, which are subject to various risks and uncertainties that could cause actual results to differ materially from expectations - Forward-looking statements are based on management's estimates, beliefs, forecasts, and assumptions, and are not guarantees of future performance[29](index=29&type=chunk) - Risks and uncertainties include, but are not limited to: macroeconomic conditions, credit risk, regulatory changes, interest rate fluctuations, real estate market conditions, natural disasters, and cybersecurity risks[29](index=29&type=chunk) - The company undertakes no obligation to update or review any forward-looking statements to reflect subsequent circumstances or events, except as required by law[30](index=30&type=chunk) [Consolidated Financial Highlights](index=7&type=section&id=Consolidated%20Financial%20Highlights) This section presents Cathay General Bancorp's unaudited consolidated financial highlights, covering income statement, earnings per share, key ratios, and capital ratios across various reporting periods Consolidated Financial Highlights (thousand USD, except per share data) | Metric | September 30, 2025 (Q3) | September 30, 2025 (Q2) | September 30, 2024 (Q3) | September 30, 2025 (YTD) | September 30, 2024 (YTD) | | :--------------------------------- | :------------------- | :------------------- | :------------------- | :-------------------- | :-------------------- | | Net Interest Income Before Provision for Credit Losses | $189,587 | $181,221 | $169,155 | $547,447 | $503,043 | | Provision for Credit Losses | $28,731 | $11,200 | $14,500 | $55,431 | $23,000 | | Net Income | $77,651 | $77,450 | $67,514 | $224,607 | $205,778 | | Diluted Earnings per Share | $1.13 | $1.10 | $0.94 | $3.21 | $2.83 | | Return on Average Assets | 1.29% | 1.33% | 1.15% | 1.28% | 1.18% | | Net Interest Margin | 3.31% | 3.27% | 3.04% | 3.28% | 3.03% | | Tier 1 Risk-Based Capital Ratio | 13.15% | 13.35% | 13.32% | - | - | | Total Risk-Based Capital Ratio | 14.76% | 14.92% | 14.87% | - | - | | Tier 1 Leverage Ratio | 10.88% | 11.09% | 10.82% | - | - | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides Cathay General Bancorp's unaudited condensed consolidated balance sheets, detailing the composition of assets, liabilities, and shareholders' equity across different reporting periods Condensed Consolidated Balance Sheets (thousand USD) | Item | September 30, 2025 | June 30, 2025 | September 30, 2024 | | :--------------------------------- | :-------------- | :-------------- | :-------------- | | **Assets** | | | | | Cash and Due from Banks | $166,167 | $190,011 | $182,542 | | Net Loans | $19,903,082 | $19,597,337 | $19,199,355 | | Total Assets | $24,075,644 | $23,723,847 | $23,274,443 | | **Liabilities and Shareholders' Equity** | | | | | Total Deposits | $20,521,149 | $20,006,330 | $19,943,941 | | Federal Home Loan Bank Borrowings | $190,000 | $412,000 | $60,000 | | Total Liabilities | $21,173,368 | $20,837,552 | $20,444,130 | | Shareholders' Equity | $2,902,276 | $2,886,295 | $2,830,313 | | Book Value per Common Share | $42.50 | $41.62 | $39.66 | | Common Shares Outstanding | 68,286,591 | 69,343,395 | 71,355,869 | [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section presents Cathay General Bancorp's unaudited condensed consolidated statements of operations, detailing interest and dividend income, interest expense, non-interest income and expense, and net income across various reporting periods Condensed Consolidated Statements of Operations (thousand USD, except per share data) | Item | September 30, 2025 (Q3) | September 30, 2025 (Q2) | September 30, 2024 (Q3) | September 30, 2025 (YTD) | September 30, 2024 (YTD) | | :--------------------------------- | :------------------- | :------------------- | :------------------- | :-------------------- | :-------------------- | | **Interest and Dividend Income** | | | | | | | Loans Receivable | $308,945 | $296,857 | $310,311 | $899,786 | $916,175 | | Total Interest and Dividend Income | $334,195 | $322,918 | $339,491 | $976,508 | $1,004,993 | | **Interest Expense** | | | | | | | Time Deposits | $93,087 | $94,364 | $119,786 | $283,517 | $347,408 | | Total Interest Expense | $144,608 | $141,697 | $170,336 | $429,061 | $501,950 | | Net Interest Income Before Provision for Credit Losses | $189,587 | $181,221 | $169,155 | $547,447 | $503,043 | | Provision for Credit Losses | $28,731 | $11,200 | $14,500 | $55,431 | $23,000 | | **Non-interest Income** | | | | | | | Net Gains/(Losses) on Equity Securities | $3,263 | ($1,390) | $4,253 | ($2,318) | ($6,204) | | Total Non-interest Income | $21,021 | $15,391 | $20,365 | $47,616 | $40,191 | | **Non-interest Expense** | | | | | | | Salaries and Employee Benefits | $43,462 | $43,123 | $40,859 | $129,012 | $124,850 | | Total Non-interest Expense | $88,117 | $89,134 | $96,867 | $262,907 | $289,458 | | Net Income | $77,651 | $77,450 | $67,514 | $224,607 | $205,778 | | Diluted Earnings per Share | $1.13 | $1.10 | $0.94 | $3.21 | $2.83 | [Average Balances – Selected Consolidated Financial Information](index=11&type=section&id=Average%20Balances%20%E2%80%93%20Selected%20Consolidated%20Financial%20Information) This section provides Cathay General Bancorp's unaudited average balance information, including interest-earning assets, interest-bearing liabilities, their corresponding yields/costs, and average total assets and equity Average Balances – Selected Consolidated Financial Information (thousand USD) | Item | September 30, 2025 (Q3) Average Balance | September 30, 2025 (Q3) Average Yield/Cost | June 30, 2025 (Q2) Average Balance | June 30, 2025 (Q2) Average Yield/Cost | | :--------------------------------- | :-------------------- | :----------------------- | :-------------------- | :----------------------- | | **Interest-Earning Assets** | | | | | | Loans | $19,951,853 | 6.14% | $19,489,400 | 6.11% | | Total Interest-Earning Assets | $22,716,625 | 5.84% | $22,231,538 | 5.83% | | **Interest-Bearing Liabilities** | | | | | | Total Interest-Bearing Deposits | $16,864,447 | 3.28% | $16,633,658 | 3.35% | | Total Interest-Bearing Liabilities | $17,279,475 | 3.32% | $16,855,853 | 3.37% | | Total Average Assets | $23,843,380 | - | $23,349,928 | - | | Total Average Equity | $2,907,596 | - | $2,898,960 | - | Average Balances – Selected Consolidated Financial Information (thousand USD) - Year-to-Date | Item | September 30, 2025 (YTD) Average Balance | September 30, 2025 (YTD) Average Yield/Cost | September 30, 2024 (YTD) Average Balance | September 30, 2024 (YTD) Average Yield/Cost | | :--------------------------------- | :-------------------- | :----------------------- | :-------------------- | :----------------------- | | **Interest-Earning Assets** | | | | | | Loans | $19,593,553 | 6.14% | $19,464,496 | 6.29% | | Total Interest-Earning Assets | $22,321,937 | 5.85% | $22,174,039 | 6.05% | | **Interest-Bearing Liabilities** | | | | | | Total Interest-Bearing Deposits | $16,633,409 | 3.35% | $16,492,441 | 3.89% | | Total Interest-Bearing Liabilities | $16,957,498 | 3.38% | $16,995,140 | 3.95% | | Total Average Assets | $23,462,799 | - | $23,380,360 | - | | Total Average Equity | $2,890,581 | - | $2,794,384 | - | [GAAP to Non-GAAP Reconciliation](index=13&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation) This section provides a reconciliation of GAAP to non-GAAP financial measures, including tangible equity, tangible assets, tangible book value per share, and return on average tangible common equity, offering supplementary information consistent with industry practice - The company uses non-GAAP financial measures such as tangible equity and tangible assets ratios, which are commonly used in the banking industry and by bank regulators and analysts[42](index=42&type=chunk) GAAP to Non-GAAP Reconciliation (thousand USD) | Metric | September 30, 2025 | June 30, 2025 | September 30, 2024 | | :--------------------------------- | :-------------- | :-------------- | :-------------- | | Shareholders' Equity | $2,902,276 | $2,886,295 | $2,830,313 | | Less: Goodwill | ($375,696) | ($375,696) | ($375,696) | | Less: Other Intangible Assets | ($2,667) | ($2,888) | ($3,590) | | Tangible Equity | $2,523,913 | $2,507,711 | $2,451,027 | | Total Assets | $24,075,644 | $23,723,847 | $23,274,443 | | Less: Goodwill | ($375,696) | ($375,696) | ($375,696) | | Less: Other Intangible Assets | ($2,667) | ($2,888) | ($3,590) | | Tangible Assets | $23,697,281 | $23,345,263 | $22,895,157 | | Tangible Book Value per Common Share | $36.96 | $36.16 | $34.35 | | Tangible Equity to Tangible Assets Ratio | 10.65% | 10.74% | 10.71% | | Return on Average Tangible Common Equity (Q3) | 12.33% | 12.39% | 11.05% | | Return on Average Tangible Common Equity (YTD) | 11.90% | - | 11.23% |

[Third Quarter 2025 Results Overview](index=1&type=section&id=Third%20Quarter%202025%20Results%20Overview) This section provides a comprehensive overview of PennyMac Financial Services, Inc.'s financial and operational performance for the third quarter of 2025, highlighting key achievements and strategic initiatives [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) PennyMac Financial Services, Inc. achieved significant financial growth in Q3 2025, with substantial increases in net income and EPS, alongside rising book value and stable cash dividends | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :--- | :--- | :--- | :--- | | Net Income | $181.5 Million | $136.5 Million | $69.4 Million | | Diluted EPS | $3.37 | $2.54 | $1.30 | | Total Net Revenue | $632.9 Million | $444.7 Million | $411.8 Million | | Book Value Per Share | $81.12 | $78.04 (as of June 30) | - | | Cash Dividend Per Share | $0.30 | $0.30 | $0.30 | [Key Operational Highlights](index=1&type=section&id=Key%20Operational%20Highlights) The company demonstrated strong operational performance in Q3, with significant pretax income growth in both production and servicing, driven by direct lending expansion, successful hedging, and strategic MSR sales | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :--- | :--- | :--- | :--- | | Pretax Income | $236.4 Million | $76.4 Million | $93.9 Million | | Production Segment Pretax Income | $122.9 Million | $57.8 Million | $129.4 Million | | Servicing Segment Pretax Income | $157.4 Million | $54.2 Million | $3.3 Million | | Corporate and Other Pretax Loss | $43.9 Million | $35.5 Million | $38.8 Million | | Total Loan Acquisitions and Originations (UPB) | $36.5 Billion | Down 4% QoQ | Up 15% YoY | | Servicing Portfolio (UPB) | $716.6 Billion | Up 2% QoQ | Up 11% YoY | - The company completed the sale of a **$12 billion UPB MSR portfolio** to Annaly Capital Management, Inc., retaining all subservicing and recapture agreements to accelerate capital-light subservicing growth and deploy capital into higher-coupon MSRs[6](index=6&type=chunk)[7](index=7&type=chunk) - Repurchased **50,300 shares** of common stock at an average price of **$94.19 per share**, totaling **$4.7 million**[6](index=6&type=chunk) - Issued **$650 million** of 8.5-year unsecured senior notes (due February 2034) and **$300 million** of 5-year term notes secured by Ginnie Mae MSRs and servicing advances[6](index=6&type=chunk) - Improved efficiency and performance by integrating AI and advanced data optimization tools, adopting Vesta's next-generation loan origination platform, and launching new non-QM products to expand market reach[7](index=7&type=chunk) [Segment Performance](index=4&type=section&id=Segment%20Performance) This section details the financial and operational results of PennyMac Financial Services, Inc.'s Production, Servicing, and Corporate and Other segments for the third quarter of 2025 [Production Segment](index=4&type=section&id=Production%20Segment) The Production segment achieved significant growth in pretax and net income in Q3, driven by increased direct lending channel activity and higher volumes across all channels, despite some PMT acquisition volume decline - The Production segment includes correspondent acquisitions of newly originated government-guaranteed and conventional conforming loans, fulfillment services for PMT, and direct lending through consumer direct and broker direct channels[9](index=9&type=chunk) | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :--- | :--- | :--- | :--- | | Pretax Income | $122.9 Million | $57.8 Million | $129.4 Million | | Net Income | $361.8 Million | Up 29% QoQ | Up 23% YoY | | Loan Production Activity (UPB) | $36.5 Billion | Down 4% QoQ | Up 15% YoY | | PFSI Proprietary Loan Production (UPB) | $33.2 Billion | - | - | | PMT Fee-Based Fulfillment Activity (UPB) | $3.3 Billion | Up 8% QoQ | Down 44% YoY | | Total Locks (UPB) | $43.2 Billion | Flat QoQ | Up 11% YoY | | PFSI and Direct Lending IRLCs (UPB) | $38.8 Billion | Down 2% QoQ | Up 24% YoY | | PMT Correspondent Locks (UPB) | $4.4 Billion | Up 24% QoQ | Down 42% YoY | | Fulfillment Service Fees | $6.2 Million | Up 6% QoQ | Down 46% YoY | | Net Interest Income | $13.7 Million | Up 29.2% QoQ | - | | Production Segment Expenses | $238.9 Million | Up 8% QoQ | Up 44% YoY | Net Gain on Loans Held for Sale Breakdown | Item | September 30, 2025 | June 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | :--- | | MSRs received | $700,326 | $814,538 | $578,982 | | Gain on loans sold to PMT (net of MSR recapture) | $17,454 | $7,075 | $2,506 | | Provision (net) | $(2,354) | $(1,834) | $(589) | | Cash loss (including cash hedging results) | $(284,589) | $(678,982) | $(382,148) | | Fair value changes in pipeline, inventory, and hedges | $(116,382) | $93,862 | $58,068 | | Net gain on mortgage loans held for sale | $314,455 | $234,659 | $256,819 | | Production segment net gain on mortgage loans held for sale | $280,092 | $203,961 | $235,902 | - Under the renewed mortgage banking services agreement with PMT, correspondent production is initially acquired by PFSI as of July 1, 2025. PMT retains the right to purchase up to **100% of non-government correspondent production**. PMT is expected to acquire all jumbo correspondent production and **15% to 25% of conventional conforming correspondent production** in Q4 2025[14](index=14&type=chunk) [Servicing Segment](index=6&type=section&id=Servicing%20Segment) The Servicing segment achieved significant pretax and net income growth in Q3, driven by continued MSR portfolio expansion and successful hedging offsetting MSR fair value declines - Servicing segment revenue is derived from owned MSRs and subservicing. Total servicing portfolio UPB grew to **$716.6 billion**, with owned MSR portfolio UPB increasing to **$477.6 billion** and subservicing UPB to **$239.0 billion**[17](index=17&type=chunk) | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :--- | :--- | :--- | :--- | | Pretax Income | $157.4 Million | $54.2 Million | $3.3 Million | | Net Income | $259.5 Million | $153.4 Million | $105.9 Million | | Net Loan Servicing Fees | $241.2 Million | $150.4 Million | $75.8 Million | | Loan Servicing Fees | $535.1 Million | $506.7 Million | $462.0 Million | | Cash Flow Realized | $289.7 Million | $263.1 Million | $225.8 Million | | MSR Fair Value Loss | $102.5 Million | $15.9 Million (Gain) | $402.4 Million (Loss) | | Hedging Gains | $98.3 Million | $109.1 Million (Loss) | $242.1 Million (Gain) | | Net Valuation-Related Losses | $4.2 Million | - | - | | Net Interest Expense | $15.1 Million | $28.8 Million | $9.5 Million (Income) | | Servicing Segment Expenses | $102.1 Million | $99.2 Million | - | Servicing Portfolio UPB Breakdown | Item | September 30, 2025 | June 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | :--- | | **Owned MSR** | | | | | Originated | $455,894,902 | $448,312,667 | $393,947,146 | | Purchased | $14,404,290 | $14,837,637 | $16,104,333 | | **Loans Held for Sale** | $7,303,091 | $6,783,240 | $6,366,787 | | **Subservicing** | | | | | For PMT | $227,101,009 | $228,838,699 | $231,378,323 | | For U.S. Department of Veterans Affairs | $65,286 | $822,525 | $257,696 | | For other unaffiliated parties | $11,863,843 | $72,153 | - | | **Total Serviced Loans** | $716,632,421 | $699,666,921 | $648,054,285 | - Servicing segment revenue includes **$34.4 million** in net gain on loans held for sale, primarily from early buyout loans (EBOs) successfully returned to performing status through servicing efforts[22](index=22&type=chunk) [Corporate and Other](index=8&type=section&id=Corporate%20and%20Other) The Corporate and Other segment recorded a pretax loss in Q3, primarily due to increased expenses from technology initiatives and higher performance incentive compensation - Corporate and Other includes corporate activities not directly attributable to the Production and Servicing segments, along with management fees received from PMT[25](index=25&type=chunk) | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :--- | :--- | :--- | :--- | | Pretax Loss | $43.9 Million | $35.5 Million | $38.8 Million | | Net Income | $11.6 Million | - | - | | Management Fees | $6.9 Million | $6.9 Million | $7.2 Million | | Other Income | $4.4 Million | - | - | | Net Interest Income | $0.3 Million | - | - | | Expenses | $55.5 Million | $47.2 Million | $49.8 Million | | Net Assets Under Management | $1.9 Billion | Flat QoQ | Flat YoY | - Expense increase was primarily driven by technology initiative-related costs and higher performance incentive compensation[26](index=26&type=chunk) - No performance incentive fees were earned in the third quarter[26](index=26&type=chunk)[28](index=28&type=chunk) [Consolidated Financials](index=9&type=section&id=Consolidated%20Financials) This section presents PennyMac Financial Services, Inc.'s consolidated expenses and tax information for the third quarter of 2025 [Consolidated Expenses](index=9&type=section&id=Consolidated%20Expenses) The company's total consolidated expenses increased in Q3, primarily due to rising costs in the Production and Corporate segments | Metric | Q3 2025 | Q2 2025 | | :--- | :--- | :--- | | Total Expenses | $396.5 Million | $368.3 Million | | QoQ Change | Up 7.6% | - | - The increase in total expenses was primarily due to higher expenses in the Production and Corporate segments[29](index=29&type=chunk) [Taxes](index=9&type=section&id=Taxes) The company recorded **$54.9 million** in income tax expense in Q3, resulting in an effective tax rate of **23.2%** | Metric | Q3 2025 | | :--- | :--- | | Income Tax Expense | $54.9 Million | | Effective Tax Rate | 23.2% | [Company Information](index=10&type=section&id=Company%20Information) This section provides background on PennyMac Financial Services, Inc., including its business focus, operational scale, and important forward-looking statements [About PennyMac Financial Services, Inc.](index=10&type=section&id=About%20PennyMac%20Financial%20Services%2C%20Inc.) PennyMac Financial Services, Inc., established in 2008, is a leading financial services company specializing in U.S. mortgage production, servicing, and related investments - The company was founded in **2008** and employs approximately **4,700 individuals** across the United States[33](index=33&type=chunk) - Total loan originations over the past twelve months reached **$139 billion UPB** as of September 30, 2025, positioning it as one of the nation's top originators[33](index=33&type=chunk) - Total loans serviced amounted to **$717 billion UPB** as of September 30, 2025, making it one of the nation's top mortgage servicers[33](index=33&type=chunk) [Forward-Looking Statements](index=11&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements regarding future financial performance, operations, business plans, and market conditions, which are subject to various risks and uncertainties - Forward-looking statements are subject to various factors that could cause actual results to differ materially from expectations, including changes in interest rates, housing prices, sales, real estate values, and macroeconomic, consumer, and real estate market conditions[35](index=35&type=chunk) - Additional risk factors include federal government shutdowns, compliance with evolving federal, state, and local laws and regulations, litigation or governmental actions, mortgage regulations, difficulties in scaling operations, MSR purchase opportunities, significant indebtedness, increased loan delinquencies and foreclosures, reliance on U.S. government-sponsored entities, maintaining capital and liquidity, indemnification obligations, investment management and incentive fees, accuracy of estimates, conflicts of interest, cybersecurity risks, AI developments, reputational impacts, natural disaster risks, and the ability to effectively manage and hedge risks[35](index=35&type=chunk) - The company undertakes no obligation to publicly update or revise any forward-looking statements, and statements in this press release are valid only as of the date of its issuance[35](index=35&type=chunk) [Financial Statements](index=12&type=section&id=Financial%20Statements) This section presents PennyMac Financial Services, Inc.'s unaudited consolidated balance sheets and statements of income for the specified periods [Consolidated Balance Sheets](index=12&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2025, PennyMac Financial Services, Inc.'s consolidated balance sheet shows growth in total assets and stockholders' equity, reflecting business expansion and a strengthened capital base Consolidated Balance Sheets (Unaudited) | Item | September 30, 2025 | June 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash | $621,921 | $162,186 | $145,814 | | Short-term investments (fair value) | $62,228 | $462,262 | $667,934 | | Loans held for sale (fair value) | $7,490,473 | $6,961,224 | $6,565,704 | | Mortgage servicing rights (fair value) | $9,653,942 | $9,531,249 | $7,752,292 | | Total assets | $25,401,120 | $24,221,904 | $22,871,538 | | **Liabilities** | | | | | Assets sold under agreements to repurchase | $7,130,423 | $7,344,254 | $6,600,997 | | Unsecured senior notes | $4,829,113 | $4,185,012 | $3,162,239 | | Total liabilities | $21,193,234 | $20,189,404 | $19,132,360 | | **Stockholders' Equity** | | | | | Retained earnings | $4,121,201 | $3,955,504 | $3,684,758 | | Total stockholders' equity | $4,207,886 | $4,032,500 | $3,739,178 | [Consolidated Statements of Income](index=13&type=section&id=Consolidated%20Statements%20of%20Income) PennyMac Financial Services, Inc.'s consolidated statements of income for Q3 2025 show significant growth in total net revenue and net income, driven by increased net gain on loans held for sale and net loan servicing fees Consolidated Statements of Income (Unaudited) | Item | September 30, 2025 | June 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | :--- | | **Revenue** | | | | | Net gain on loans held for sale (fair value) | $314,455 | $234,659 | $256,819 | | Loan origination fees | $61,696 | $59,091 | $49,430 | | Net loan servicing fees | $241,238 | $150,395 | $75,830 | | Total net revenue | $632,898 | $444,730 | $411,834 | | **Expenses** | | | | | Compensation | $205,314 | $187,541 | $171,316 | | Total expenses | $396,524 | $368,288 | $317,909 | | **Profit** | | | | | Pretax income | $236,374 | $76,442 | $93,925 | | Income tax expense | $54,871 | $(60,021) | $24,557 | | Net income | $181,503 | $136,463 | $69,368 | | Diluted earnings per share | $3.37 | $2.54 | $1.30 |

[Executive Summary](index=1&type=section&id=Executive%20Summary) Weatherford reported mixed Q3 2025 financials with sequential revenue growth but declining profitability, while strengthening its financial foundation and launching new digital technologies [Third Quarter 2025 Key Financials](index=1&type=section&id=Third%20Quarter%202025%20Key%20Financials) Weatherford reported third-quarter 2025 revenue of $1,232 million, a 2% sequential increase, but experienced sequential declines in operating income, net income, and basic income per share. Adjusted EBITDA, however, increased by 6% sequentially, with an improved margin | Metric | Q3 2025 Value | Sequential Change | YoY Change | | :-------------------------- | :------------ | :---------------- | :--------- | | Revenue | $1,232 million | +2% | -13% | | Operating Income | $178 million | -25% | -27% | | Net Income | $81 million | -40% | -48% | | Net Income Margin | 6.6% | -472 bps | -457 bps | | Adjusted EBITDA* | $269 million | +6% | -24% | | Adjusted EBITDA Margin* | 21.8% | +74 bps | -336 bps | | Basic Income Per Share | $1.13 | -40% | -48% | | Diluted Income Per Share | $1.12 | -40% | -46% | | Cash Provided by Operating Activities | $138 million | +8% | -47% | | Adjusted Free Cash Flow* | $99 million | +25% | -46% | [Strategic and Operational Achievements](index=1&type=section&id=Strategic%20and%20Operational%20Achievements) The company strengthened its financial foundation through credit facility expansion and debt refinancing, achieved credit rating upgrades, and returned capital to shareholders. Operationally, Weatherford hosted its FWRD 2025 conference, launching an AI-driven digital portfolio - Expanded credit facility by **$280 million**, reaching aggregate commitments of **$1 billion**[2](index=2&type=chunk) - Announced an offer of **$1,200 million** in **6.75% Senior Notes due 2033** and a cash tender offer to purchase **$1,300 million** of outstanding **8.625% Senior Notes due 2030**[2](index=2&type=chunk) - Received credit rating upgrades from Moody's (to '**Ba2**' Positive Outlook), S&P Global Ratings (to '**BB**' Stable Outlook), and Fitch Ratings (to '**BB**' Stable Outlook)[2](index=2&type=chunk) - Returned **$25 million** to shareholders for the quarter, comprising **$18 million** in dividends and **$7 million** in share repurchases. The Board approved a quarterly cash dividend of **$0.25 per share**[2](index=2&type=chunk) - Hosted the **2025 FWRD conference**, showcasing digital transformation and launching Weatherford's Industrial Intelligence Digital Portfolio with AI-driven, edge-enabled technologies[2](index=2&type=chunk) [Third Quarter 2025 Financial Performance](index=2&type=section&id=Third%20Quarter%202025%20Financial%20Performance) Weatherford's Q3 2025 financial performance showed sequential revenue growth but declines in operating and net income, while cash flow from operations and adjusted free cash flow improved [Consolidated Financial Results](index=2&type=section&id=Consolidated%20Financial%20Results) Weatherford's third-quarter 2025 consolidated financial results showed sequential revenue growth but declines in profitability metrics like operating income, net income, and EPS. Adjusted EBITDA, however, improved sequentially | Metric | Q3 2025 ($M) | Sequential Change | Year-over-Year Change | | :-------------------- | :----------- | :---------------- | :-------------------- | | Revenues | 1,232 | +2% | -13% | | Operating Income | 178 | -25% | -27% | | Net Income | 81 | -40% | -48% | | Net Income Margin | 6.6% | -472 bps | -457 bps | | Adjusted EBITDA* | 269 | +6% | -24% | | Adjusted EBITDA Margin* | 21.8% | +74 bps | -336 bps | | Basic Income Per Share | $1.13 | -40% | -48% | | Diluted Income Per Share | $1.12 | -40% | -46% | [Cash Flow and Capital Expenditures](index=2&type=section&id=Cash%20Flow%20and%20Capital%20Expenditures) Cash flow from operating activities and adjusted free cash flow both increased sequentially in Q3 2025, while capital expenditures decreased | Metric | Q3 2025 ($M) | Sequential Change | Year-over-Year Change | | :-------------------------------- | :----------- | :---------------- | :-------------------- | | Cash Provided by Operating Activities | 138 | +8% | -47% | | Adjusted Free Cash Flow* | 99 | +25% | -46% | | Capital Expenditures | 44 | -19% | -44% | [Management Commentary & Business Outlook](index=2&type=section&id=Management%20Commentary%20%26%20Business%20Outlook) Management highlighted strong Q3 performance exceeding guidance, reinforced the company's financial foundation and innovation, and maintained a positive mid-to-long term market outlook despite anticipated muted activity in early 2026 [CEO's Remarks](index=2&type=section&id=CEO%27s%20Remarks) CEO Girish Saligram highlighted the team's strong performance in a challenging quarter, delivering improvements in margins and commercial wins that exceeded guidance, attributing success to effective operating paradigms - CEO Girish Saligram expressed pride in the team's performance, delivering across the board despite industry headwinds[6](index=6&type=chunk) - Noted noticeable improvements in Q3, including ramp-up of margins and commercial wins, with financial performance exceeding guidance[6](index=6&type=chunk) [Financial Foundation & Innovation](index=2&type=section&id=Financial%20Foundation%20%26%20Innovation) Weatherford strengthened its financial foundation through credit facility expansion, debt refinancing, and credit rating upgrades. The company also showcased innovation at its FWRD 2025 conference, launching the Weatherford Intelligence platform - Strengthened financial foundation through credit facility expansion, debt refinancing at improved terms, and recent credit rating upgrades[7](index=7&type=chunk) - Showcased innovation at the **FWRD 2025 conference**, highlighting over **20 product launches** and introducing **Weatherford Intelligence**, a platform for efficiency, automation, and smarter decision-making[8](index=8&type=chunk) [Market Outlook](index=2&type=section&id=Market%20Outlook) The company remains on track to meet its full-year 2025 guidance, despite expectations for muted activity in the first half of 2026, maintaining a positive mid-to-long term market outlook - On track to meet full-year **2025 guidance**, with Latin America collections identified as a timing factor in adjusted free cash flow projections[9](index=9&type=chunk) - Anticipates muted activity in the **first half of 2026** but remains positive on the mid-to-long term market outlook, positioning for strong performance in the coming years[9](index=9&type=chunk) [Operational & Commercial Highlights](index=3&type=section&id=Operational%20%26%20Commercial%20Highlights) Weatherford secured numerous significant contracts across various regions and services, including multi-year agreements for Tubular Running Services, real-time monitoring, Managed Pressure Drilling, Downhole Valves, Cementation Products, Drilling Fluids, Downhole Deployment Valve Technology, Fishing/Milling, Liner Hangers, and Artificial Lift Equipment - Awarded a **three-year, $147 million contract** by Petrobras for Tubular Running Services (TRS) in deepwater Brazil[10](index=10&type=chunk) - Secured an **eight-year contract** from SNGN Romgaz S.A. for real-time monitoring services in onshore Romania[10](index=10&type=chunk) - Awarded contracts by Talos Energy for Managed Pressure Drilling (MPD) and TRS in the Gulf of America, and by Crescent Petroleum Diyala West Limited for Downhole Valves and related services in Iraq[10](index=10&type=chunk) - Received a **two-year contract** from Shell for Cementation Products in offshore U.S. and a **four-year contract** from Petronas Indonesia for MPD services[10](index=10&type=chunk) - Secured a **one-year contract extension** from YPF S.A. for Drilling Fluids in Central Argentina and a **two-year contract** from Pertamina for Downhole Deployment Valve Technology in Indonesia[10](index=10&type=chunk) - Awarded a **five-year contract extension** by Brunei Shell Petroleum for Fishing, Milling and Associated Services in Brunei, and a **two-year contract** by Kuwait Energy for Fishing tools and services in onshore Iraq[10](index=10&type=chunk) - Received a **three-year contract extension** from bp for Liner Hangers, Annular Safety Valves, and Sand Screens in offshore Azerbaijan[10](index=10&type=chunk) - Secured **four six-year contracts** from Ecopetrol S.A. for Artificial Lift Equipment and Services in onshore Colombia[10](index=10&type=chunk) [Technology Highlights](index=4&type=section&id=Technology%20Highlights) Weatherford achieved significant technological advancements across its DRE, WCC, and PRI segments, including faster well evaluation, record-breaking extended-reach drilling, remote sliding sleeve installations, and integrated well testing solutions [Drilling & Evaluation (DRE)](index=4&type=section&id=Drilling%20%26%20Evaluation%20(DRE)) In the DRE segment, Weatherford achieved faster well evaluation in Kuwait with its MultiView tool and drilled the region's longest extended-reach well in Bahrain using the Magnus 675 tool, demonstrating efficiency and record-breaking capabilities - Completed the first deployment of the **MultiView tool** in Kuwait, enabling faster evaluation of three targeted barriers in a gas injection well, reducing operating time and improving efficiency[11](index=11&type=chunk) - Drilled the region's longest extended-reach well for an NOC in Bahrain, achieving over **12,000 feet** in a single run using the **Magnus 675 tool**, marking a significant milestone outside the U.S[11](index=11&type=chunk) [Well Construction and Completions (WCC)](index=4&type=section&id=Well%20Construction%20and%20Completions%20(WCC)) The WCC segment saw successful installations of the RFID OptiROSS remotely operated sliding sleeve in Brazil, reducing rig time and improving well integrity. In Kuwait, the first deployment of the Pressure Isolation Tool delivered significant cost savings and reliable performance - Completed **seven installations** of the **RFID OptiROSS remotely operated sliding sleeve** for Petrobras in Brazil, reducing rig time, minimizing personnel exposure, and optimizing acid stimulation logistics[11](index=11&type=chunk) - Achieved the first deployment of the **Pressure Isolation Tool** in Kuwait for KOC, leveraging existing liner hanger inventory for significant cost savings and ensuring reliable performance[11](index=11&type=chunk) [Production and Intervention (PRI)](index=4&type=section&id=Production%20and%20Intervention%20(PRI)) In the PRI segment, Weatherford's Advanced Formation Testing and Sampling Service in Thailand demonstrated operational advancements and reliability, providing precise reservoir fluid characterization and cost savings - Completed **two runs** of the **Advanced Formation Testing and Sampling Service** in Thailand, showcasing significant operational advancements and reliability for PTTEP[11](index=11&type=chunk) - Equipped with new fluid density and viscosity sensors, the service enabled precise characterization of reservoir fluids, improved sampling efficiency, and delivered meaningful cost savings[11](index=11&type=chunk) [Other Innovations](index=4&type=section&id=Other%20Innovations) Weatherford successfully completed well testing across four zones in Colombia's first stratigraphic well for La Luna, integrating multiple services to advance gas deliverability insights and open new market opportunities - Completed well testing across **four zones** in Colombia's first stratigraphic well for La Luna, advancing gas deliverability insights for the region[11](index=11&type=chunk) - The integrated operation combined Wireline, Pressure Pumping, Completions, ISDT, TRS, and Digital Solutions, demonstrating execution in complex scenarios and opening new opportunities in Colombia's gas markets[11](index=11&type=chunk) [Corporate Treasury & Financial Structure](index=5&type=section&id=Corporate%20Treasury%20%26%20Financial%20Structure) Weatherford enhanced its financial structure by returning capital to shareholders, expanding its credit facility, refinancing debt, and receiving multiple credit rating upgrades, significantly improving its liquidity position [Shareholder Return](index=5&type=section&id=Shareholder%20Return) Weatherford returned $25 million to shareholders in Q3 2025 through dividends and share repurchases, with a total of $148 million returned year-to-date. The Board declared a quarterly cash dividend of $0.25 per share | Shareholder Return Component | Q3 2025 ($M) | YTD Sep 30, 2025 ($M) | | :--------------------------- | :----------- | :-------------------- | | Dividends Paid | 18 | 54 | | Share Repurchases | 7 | 94 | | **Total Shareholder Return** | **25** | **148** | - On October 15, 2025, the Board declared a cash dividend of **$0.25 per share**, payable on December 4, 2025, to shareholders of record as of November 6, 2025[14](index=14&type=chunk) [Credit Facility & Debt Management](index=5&type=section&id=Credit%20Facility%20%26%20Debt%20Management) Weatherford expanded its credit facility to $1 billion, extending its maturity to 2030, and initiated a private offering of $1,200 million in new senior notes to fund a tender offer for existing senior notes, enhancing its liquidity to approximately $1.6 billion - Expanded credit facility by **$280 million** on September 18, 2025, bringing aggregate commitments to **$1 billion**, with maturity extended from 2028 to 2030[15](index=15&type=chunk) - As of September 30, 2025, the Company's pro forma liquidity stands at approximately **$1.6 billion**[15](index=15&type=chunk) - Announced a private offering of **$1,200 million** in **6.75% Senior Notes due 2033** to fund a cash tender offer for up to **$1,300 million** of **8.625% Senior Notes due 2030**, with approximately **$893 million** of the 2030 Notes tendered and paid as of the release date[15](index=15&type=chunk) [Credit Rating Upgrades](index=5&type=section&id=Credit%20Rating%20Upgrades) Weatherford received credit rating upgrades from Moody's, S&P Global Ratings, and Fitch Ratings, reflecting improved financial health and outlook - Moody's upgraded to '**Ba2**' (Positive Outlook) from 'Ba3'[15](index=15&type=chunk) - S&P Global Ratings upgraded to '**BB**' (Stable Outlook) from 'BB-'[15](index=15&type=chunk) - Fitch Ratings upgraded to '**BB**' (Stable Outlook) from 'BB-'[15](index=15&type=chunk) [Segment and Geographic Performance](index=6&type=section&id=Segment%20and%20Geographic%20Performance) Weatherford's Q3 2025 performance showed sequential revenue and adjusted EBITDA growth in DRE and WCC segments, while PRI remained flat in revenue with decreased EBITDA, and Latin America led geographic revenue growth [Drilling and Evaluation (DRE) Segment](index=6&type=section&id=Drilling%20and%20Evaluation%20(DRE)%20Segment) The DRE segment saw sequential revenue and adjusted EBITDA growth in Q3 2025, driven by higher Drilling Services activity in Latin America and Middle East/North Africa/Asia, despite year-over-year declines | Metric | Q3 2025 ($M) | Sequential Change | Year-over-Year Change | | :---------------------- | :----------- | :---------------- | :-------------------- | | Revenue | 346 | +3% | -20% | | Segment Adjusted EBITDA | 83 | +20% | -25% | | Segment Adj EBITDA Margin | 24.0% | +339 bps | -153 bps | - Sequential revenue increase primarily from higher Drilling Services activity in Latin America, and Middle East/North Africa/Asia[16](index=16&type=chunk) - Sequential adjusted EBITDA increase primarily from higher Drilling Services and Wireline activity and fall through[17](index=17&type=chunk) [Well Construction and Completions (WCC) Segment](index=6&type=section&id=Well%20Construction%20and%20Completions%20(WCC)%20Segment) The WCC segment experienced sequential increases in both revenue and adjusted EBITDA in Q3 2025, mainly due to higher Completions activity in Middle East/North Africa/Asia and North America, despite year-over-year decreases | Metric | Q3 2025 ($M) | Sequential Change | Year-over-Year Change | | :---------------------- | :----------- | :---------------- | :-------------------- | | Revenue | 468 | +3% | -8% | | Segment Adjusted EBITDA | 125 | +6% | -17% | | Segment Adj EBITDA Margin | 26.7% | +83 bps | -296 bps | - Sequential revenue increase primarily from higher Completions activity in Middle East/North Africa/Asia and North America[18](index=18&type=chunk) - Sequential adjusted EBITDA increase primarily from higher Completions and Well Services activity and fall through[19](index=19&type=chunk) [Production and Intervention (PRI) Segment](index=7&type=section&id=Production%20and%20Intervention%20(PRI)%20Segment) The PRI segment's revenue was largely flat sequentially in Q3 2025, while adjusted EBITDA decreased, primarily due to lower Sub-sea Intervention and ISDT activity, with significant year-over-year declines across all geographies | Metric | Q3 2025 ($M) | Sequential Change | Year-over-Year Change | | :---------------------- | :----------- | :---------------- | :-------------------- | | Revenue | 326 | —% | -12% | | Segment Adjusted EBITDA | 59 | -6% | -29% | | Segment Adj EBITDA Margin | 18.1% | -117 bps | -427 bps | - Sequential revenue largely flat, primarily from lower Sub-sea Intervention and ISDT activity, partly offset by higher Artificial Lift and Digital Solutions activity in Middle East/North Africa/Asia[20](index=20&type=chunk) - Sequential adjusted EBITDA decrease primarily from lower Sub-sea Intervention activity and fall through[21](index=21&type=chunk) [Revenue by Geography](index=7&type=section&id=Revenue%20by%20Geography) Total revenue increased sequentially by 2% to $1,232 million but decreased by 13% year-over-year. Latin America showed the strongest sequential growth (+10%), while North America and Middle East/North Africa/Asia also saw slight increases. Europe/Sub-Sahara Africa/Russia experienced a minor sequential decline | Region | Q3 2025 ($M) | Sequential Change | Year-over-Year Change | | :-------------------------- | :----------- | :---------------- | :-------------------- | | North America | 243 | +1% | -9% | | International | 989 | +3% | -13% | | Latin America | 214 | +10% | -40% | | Middle East/North Africa/Asia | 533 | +2% | -2% | | Europe/Sub-Sahara Africa/Russia | 242 | -1% | —% | | **Total Revenue** | **1,232** | **+2%** | **-13%** | - North America revenue increased sequentially by **1%** due to higher Completions activity in Canada, offset by lower Artificial Lift and Cementation Products activity in the U.S[23](index=23&type=chunk) - Latin America revenue increased sequentially by **10%** primarily from higher Drilling Services activity in Mexico, partly offset by lower Sub-sea intervention activity in Brazil[25](index=25&type=chunk) - Middle East/North Africa/Asia revenue increased sequentially by **2%** primarily from higher Completions and Artificial Lift activity, partly offset by lower Cementation Products activity[26](index=26&type=chunk) - Europe/Sub-Sahara Africa/Russia revenue decreased sequentially by **1%** primarily from lower activity across all segments, partly offset by higher Wireline activity in Europe[27](index=27&type=chunk) [Company Overview](index=9&type=section&id=Company%20Overview) Weatherford International plc is a global energy services company operating in approximately 75 countries with 17,000 team members. It delivers innovative energy services, integrating proven technologies with advanced digitalization to optimize resources and maximize value for customers - Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization for sustainable offerings and maximized value[28](index=28&type=chunk) - Operates in approximately **75 countries** with about **17,000 team members**, representing **110 nationalities** and **310 operating locations**[28](index=28&type=chunk) [Conference Call & Investor Information](index=9&type=section&id=Conference%20Call%20%26%20Investor%20Information) Weatherford hosted a conference call on October 22, 2025, to discuss Q3 2025 results, with details provided for live webcast and dial-in access. A telephonic replay and transcript are available until November 5, 2025 - Weatherford hosted a conference call on Wednesday, **October 22, 2025**, at **8:30 a.m. Eastern Time** to discuss Q3 2025 results[29](index=29&type=chunk) - Listeners could participate via live webcast or by dialing in, with presentation slides available on the investor relations section of the company's website[29](index=29&type=chunk)[30](index=30&type=chunk) - A telephonic replay of the conference call is available until **November 5, 2025**, and a replay and transcript will also be available on the investor relations website[31](index=31&type=chunk) [Forward-Looking Statements & Non-GAAP Measures](index=10&type=section&id=Forward-Looking%20Statements%20%26%20Non-GAAP%20Measures) This section outlines the company's forward-looking statements, which are subject to various risks and uncertainties, and defines key non-GAAP financial measures used by management to assess performance [Forward-Looking Statements](index=10&type=section&id=Forward-Looking%20Statements) This news release contains forward-looking statements regarding future financial results, business outlook, and strategic plans, which are subject to significant risks, assumptions, and uncertainties, including global economic conditions, geopolitical conflicts, and industry-specific factors. Readers are cautioned not to place undue reliance on these statements, as actual results may vary materially - The news release contains forward-looking statements concerning adjusted EBITDA, adjusted free cash flow, shareholder return, business outlook, and future financial results[33](index=33&type=chunk) - Such statements are based on current beliefs and are subject to significant risks, assumptions, and uncertainties, including global political, economic, and market conditions, conflicts, cybersecurity, and climate change initiatives[33](index=33&type=chunk) - Readers are cautioned that forward-looking statements are estimates and may differ materially from actual future events or results, and the company undertakes no obligation to update them except as required by law[33](index=33&type=chunk)[34](index=34&type=chunk) [Non-GAAP Financial Measures Defined](index=14&type=section&id=Non-GAAP%20Financial%20Measures%20Defined) Weatherford provides several non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow, Net Debt, and Net Leverage, which management believes offer additional meaningful comparisons for understanding operating performance and financial health, but should not be considered substitutes for GAAP results - **Adjusted EBITDA*** is defined as consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes restructuring charges, share-based compensation, and other charges/credits, used to assess normalized operating performance[44](index=44&type=chunk) - **Adjusted Free Cash Flow*** represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from asset disposition, used to understand cash generation performance[46](index=46&type=chunk) - **Net Debt*** is calculated as short and long-term debt less cash and cash equivalents and restricted cash, used to assess the level of debt in excess of cash and ability to repay debt[47](index=47&type=chunk) - **Net Leverage*** is **Net Debt*** divided by **Adjusted EBITDA*** for the trailing 12 months, used to understand the ability to repay and service debt[48](index=48&type=chunk) [Financial Statements (Unaudited)](index=11&type=section&id=Financial%20Statements%20(Unaudited)) This section presents Weatherford's unaudited selected financial statements, including statements of operations, balance sheet data, cash flow information, and reconciliations of GAAP to non-GAAP financial measures for Q3 2025 and prior periods [Selected Statements of Operations](index=11&type=section&id=Selected%20Statements%20of%20Operations) The Selected Statements of Operations provide detailed unaudited financial results for the three and nine months ended September 30, 2025, and 2024, including revenues by segment, operating income components, other expenses, income before taxes, income tax provision, and net income attributable to Weatherford | ($ in Millions, Except Per Share Amounts) | Three Months Ended Sep 30, 2025 | Three Months Ended Jun 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :---------------------------------------- | :------------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | **Revenues:** | | | | | | | DRE Revenues | $346 | $335 | $435 | $1,031 | $1,284 | | WCC Revenues | 468 | 456 | 509 | 1,365 | 1,471 | | PRI Revenues | 326 | 327 | 371 | 987 | 1,088 | | All Other | 92 | 86 | 94 | 246 | 329 | | **Total Revenues** | **1,232** | **1,204** | **1,409** | **3,629** | **4,172** | | **Operating Income:** | | | | | | | DRE Segment Adjusted EBITDA | $83 | $69 | $111 | $226 | $371 | | WCC Segment Adjusted EBITDA | 125 | 118 | 151 | 371 | 416 | | PRI Segment Adjusted EBITDA | 59 | 63 | 83 | 184 | 241 | | All Other | 14 | 19 | 23 | 37 | 73 | | Corporate | (12) | (15) | (13) | (42) | (45) | | Depreciation and Amortization | (67) | (64) | (89) | (193) | (260) | | Share-based Compensation | (10) | (9) | (10) | (26) | (35) | | Gain on Sale of Business | — | 70 | — | 70 | — | | Restructuring Charges | (11) | (11) | — | (51) | (8) | | Other Charges, Net | (3) | (3) | (13) | (19) | (13) | | **Operating Income** | **178** | **237** | **243** | **557** | **740** | | **Other Expense:** | | | | | | | Interest Expense, Net | (23) | (21) | (24) | (70) | (77) | | Loss on Blue Chip Swap Securities | — | (1) | — | (1) | (10) | | Other Expense, Net | (16) | (24) | (41) | (60) | (83) | | **Income Before Income Taxes** | **139** | **191** | **178** | **426** | **570** | | Income Tax Provision | (52) | (46) | (12) | (108) | (144) | | **Net Income** | **87** | **145** | **166** | **318** | **426** | | Net Income Attributable to Noncontrolling Interests | 6 | 9 | 9 | 25 | 32 | | **Net Income Attributable to Weatherford** | **$81** | **$136** | **$157** | **$293** | **$394** | | Basic Income Per Share | $1.13 | $1.87 | $2.14 | $4.04 | $5.39 | | Basic Weighted Average Shares Outstanding | 71.9 | 72.2 | 73.2 | 72.4 | 73.1 | | Diluted Income Per Share | $1.12 | $1.87 | $2.06 | $4.02 | $5.25 | | Diluted Weighted Average Shares Outstanding | 72.2 | 72.4 | 75.2 | 72.7 | 75.0 | [Selected Balance Sheet Data](index=12&type=section&id=Selected%20Balance%20Sheet%20Data) The Selected Balance Sheet Data provides unaudited financial position as of September 30, 2025, and December 31, 2024, detailing assets, liabilities, and shareholders' equity | ($ in Millions) | September 30, 2025 | December 31, 2024 | | :-------------------------- | :----------------- | :---------------- | | **Assets:** | | | | Cash and Cash Equivalents | $967 | $916 | | Restricted Cash | 64 | 59 | | Accounts Receivable, Net | 1,282 | 1,261 | | Inventories, Net | 880 | 880 | | Property, Plant and Equipment, Net | 1,118 | 1,061 | | Intangibles, Net | 294 | 325 | | **Liabilities:** | | | | Accounts Payable | 690 | 792 | | Accrued Salaries and Benefits | 281 | 302 | | Current Portion of Long-term Debt | 126 | 17 | | Long-term Debt | 1,462 | 1,617 | | **Shareholders' Equity:** | | | | Total Shareholders' Equity | 1,567 | 1,283 | [Selected Cash Flows Information](index=13&type=section&id=Selected%20Cash%20Flows%20Information) The Selected Cash Flows Information presents unaudited cash flow data for the three and nine months ended September 30, 2025, and 2024, detailing cash flows from operating, investing, and financing activities | ($ in Millions) | Three Months Ended Sep 30, 2025 | Three Months Ended Jun 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :---------------------------------------- | :------------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | **Cash Flows From Operating Activities:** | | | | | | | Net Cash Provided By Operating Activities | $138 | $128 | $262 | $408 | $543 | | **Cash Flows From Investing Activities:** | | | | | | | Net Cash Provided by (Used In) Investing Activities | (46) | 43 | (92) | (82) | (207) | | **Cash Flows From Financing Activities:** | | | | | | | Net Cash Used In Financing Activities | $(47) | $(97) | $(89) | $(277) | $(378) | [GAAP to Non-GAAP Financial Measures Reconciled](index=16&type=section&id=GAAP%20to%20Non-GAAP%20Financial%20Measures%20Reconciled) This section provides reconciliations of GAAP financial measures to non-GAAP measures such as Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Net Debt, and Net Leverage for the three and nine months ended September 30, 2025, and 2024, and for trailing 12 months | ($ in Millions, Except Margin in Percentages) | Three Months Ended Sep 30, 2025 | Three Months Ended Jun 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :---------------------------------------- | :------------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Revenues | $1,232 | $1,204 | $1,409 | $3,629 | $4,172 | | Net Income Attributable to Weatherford | $81 | $136 | $157 | $293 | $394 | | Net Income Margin | 6.6 % | 11.3 % | 11.1 % | 8.1 % | 9.4 % | | Adjusted EBITDA* | $269 | $254 | $355 | $776 | $1,056 | | Adjusted EBITDA Margin* | 21.8 % | 21.1 % | 25.2 % | 21.4 % | 25.3 % | | Adjusted Free Cash Flow* | $99 | $79 | $184 | $244 | $362 | | ($ in Millions) | September 30, 2025 | June 30, 2025 | September 30, 2024 | | :-------------------------- | :----------------- | :------------ | :----------------- | | Total Debt | $1,588 | $1,591 | $1,648 | | Total Cash | $1,031 | $1,003 | $978 | | Net Debt* | $557 | $588 | $670 | | Adjusted EBITDA* for trailing 12 months | $1,102 | $1,188 | $1,377 | | Net Leverage* (Net Debt*/Adjusted EBITDA*) | 0.51 x | 0.49 x | 0.49 x |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Minneapolis, MN 55402 (Address of principal executive offices, including zip code) Date of Report (Date of earliest event reported): October 21, 2025 Sezzle Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation) (Commission File Number) Delaware 001-41781 81-0971660 (I.R.S. Employer Identific ...

Financial Performance - Net income for Q3 2025 was $208.1 million, up from $168.7 million in Q3 2024, representing a 23.4% increase[6] - Operating income increased to $276.1 million from $206.7 million, a rise of 33.5% year-over-year[6] - Net sales reached $1.08 billion, compared to $997.8 million in the same quarter last year, marking an 8.2% increase[6] - Diluted EPS rose to $1.88, up from $1.48, reflecting a 27.0% increase[6] - Consolidated net income for the nine months ended September 27, 2025, was $618,018, an increase of 29.6% compared to $476,939 for the same period in 2024[18] - Net cash provided by operating activities increased to $614,233, up from $505,787, reflecting a growth of 21.5% year-over-year[18] Tax and Expenses - The effective income tax rate increased to 26% from 23% in the prior year, with an expected annualized rate of 25% for fiscal year 2025[6] - Depreciation and amortization expenses rose to $51,635, compared to $31,140 in the previous year, reflecting a 65.7% increase[18] Cash Flow and Liquidity - Cash generated from operations was $310.1 million, with a cash balance of $1.3 billion and no debt[6] - Cash, cash equivalents, and restricted cash at the end of the period reached $1,262,886, up from $965,605, indicating a growth of 30.9%[20] - Cash flows from investing activities showed a net cash used of $32,787, significantly improved from $571,250 in the previous year[18] - The effect of exchange rate changes on cash resulted in an increase of $9,836, contrasting with a decrease of $4,709 in the previous year[20] Dividends and Stock Repurchase - Dividends paid to stockholders increased to $81,723, compared to $66,796 in the prior year, marking a rise of 22.3%[20] - The company repurchased common stock amounting to $243,615, a substantial increase from $48,681 in the previous year[20] Segment Performance - The Piping Systems Segment reported net sales of $718.4 million, up from $653.9 million, a 9.9% increase[14] - The Industrial Metals Segment saw net sales of $248.9 million, compared to $238.0 million, a 4.0% increase[14] - The Climate Segment's net sales were $126.7 million, slightly down from $128.5 million, a decrease of 1.4%[14] Strategic Initiatives - Mueller Industries plans to enhance domestic manufacturing capabilities in response to market demand for locally produced products[7] Financial Management - Current liabilities increased significantly by $95,493, from $25,303 to $120,796, indicating a strategic shift in financial management[18] - The company reported a gain on disposals of properties amounting to $26,654, compared to a loss of $3,953 in the previous year[18]

Financial Performance - Net income for Q3 2025 was $22.1 million, a 45.9% increase from $15.1 million in Q2 2025, translating to $0.73 per diluted share compared to $0.50[3][7] - Net income for the quarter was $22,061,000, a 45.9% increase from $15,117,000 in the previous quarter[45] - Net income increased by 23.2% to $54,850,000, compared to $44,506,000 for the same period in 2024[47] - Basic and diluted earnings per share both rose to $1.82, up from $1.47 in the prior year[47] Loan Production and Receivables - Loan production reached $571 million, up 73% from the previous quarter, with loans receivable totaling $6.53 billion, a 3.5% increase from Q2 2025[4][7] - New loan production for Q3 2025 was $570.8 million, with commercial and industrial loans contributing $211.5 million and residential mortgage loans contributing $103.2 million[22][23] - Loans receivable increased to $6,304,435 thousand, up 0.7% from Q2-2025 and 3.1% from Q3-2024[12] - As of September 30, 2025, total loans receivable increased to $6.53 billion, reflecting a 2.8% increase from the previous quarter and a 3.5% increase year-over-year[21] Interest Income and Margin - Net interest income increased by $3.9 million to $61.1 million, reflecting a 6.9% rise from $57.1 million in Q2 2025, with a net interest margin of 3.22%[7][9] - The net interest margin improved to 3.22% in Q3-2025, up from 3.07% in Q2-2025[13] - Net interest income after credit loss expense increased by 19.0% to $58,934,000 compared to $49,508,000 in the previous quarter[45] - Total interest and dividend income increased by 2.4% to $305,815,000 for the nine months ended September 30, 2025, compared to $298,670,000 in 2024[46] Asset Management - Total assets remained at $7.86 billion as of September 30, 2025, with a $219.3 million increase in loans, net of allowance for credit losses[19] - Total assets as of September 30, 2025, were $7,784,033,000, compared to $7,702,363,000 in 2024[49] - The tangible common equity to tangible assets ratio stood at 9.80% as of September 30, 2025, compared to 9.41% a year earlier, indicating improved capital strength[55] Deposits - Deposits grew to $6.77 billion, a 0.6% increase from Q2 2025, with noninterest-bearing demand deposits at 30.8% of total deposits[7][9] - Deposits reached $6.77 billion at the end of Q3 2025, up $37.5 million or 0.6% from the prior quarter, driven by a $57.9 million increase in time deposits[24] - Total deposits rose by 0.6% to $6,766,639,000, up from $6,729,122,000 in the previous quarter[43] Credit Quality - Credit loss expense decreased to $2.1 million, down $5.5 million from the previous quarter, with nonperforming assets at $21.4 million, a 17.7% decline[7][9] - Nonperforming loans decreased to $19.4 million, down from $26.0 million in the prior quarter, primarily due to loan upgrades and charge-offs[30] - The allowance for credit losses rose to $69.8 million, or 1.07% of loans, reflecting proactive asset management practices[7][9] - Gross charge-offs for Q3 2025 were $2.6 million, a significant decrease from $12.4 million in the preceding quarter, primarily due to an $8.6 million charge-off in Q2 2025[32] Efficiency and Cost Management - The efficiency ratio improved to 52.65%, down from 55.74% in Q2 2025, indicating better cost management[7][9] - Noninterest expense increased to $37,357 thousand, a 2.8% rise from Q2 2025, primarily due to higher professional fees[18] - Total noninterest expense increased by 1.8% to $108,689,000, up from $106,800,000 year-over-year[47] Future Outlook - The company anticipates future operating and financial performance improvements, although actual results may differ due to various risks[40][41] - Unused commitments to extend credit were $952.5 million as of September 30, 2025[36] Shareholder Returns - The company declared a cash dividend of $0.27 per share for Q3 2025, payable on August 20, 2025[37] - The company repurchased 199,698 common shares at a weighted average price of $23.45 during the third quarter[7][9]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides an overview of Waste Connections' strong Q3 2025 financial performance, operational achievements, and strategic capital allocation [Q3 2025 Performance Overview](index=1&type=section&id=Q3%202025%20Performance%20Overview) Waste Connections reported better-than-expected financial results for Q3 2025, driven by superior execution and improved operating trends, including reduced employee turnover and record low safety incident rates. The company achieved solid waste margin expansion and is on track to meet its full-year 2025 outlook. Strategic capital allocation included an 11.1% increase in the quarterly cash dividend, significant acquisition activity, and share repurchases - Superior execution led to better than expected financial results, supported by improved operating trends, a reduction in employee turnover, and new record low safety incident rates[3](index=3&type=chunk) - Underlying solid waste margin expanded by approximately **80 basis points** in Q3 2025, despite incremental commodity headwinds[3](index=3&type=chunk) - The company increased its regular quarterly cash dividend by **11.1%** and completed share repurchases of approximately **1% of shares outstanding**, demonstrating strong operating performance and free cash flow generation[3](index=3&type=chunk)[5](index=5&type=chunk) [Q3 2025 Key Financial Highlights](index=1&type=section&id=Q3%202025%20Key%20Financial%20Highlights) Waste Connections exceeded expectations in Q3 2025 with revenue of $2.458 billion and strong adjusted profitability metrics. Adjusted net income attributable to Waste Connections reached $372.0 million, or $1.44 per diluted share, and Adjusted EBITDA was $830.3 million, representing a 33.8% margin. The company also reported approximately $300 million in annualized revenue from year-to-date acquisitions Q3 2025 Key Financial Highlights | Metric | Q3 2025 (Millions USD) | Q3 2024 (Millions USD) | Change (%) | | :-------------------------------- | :--------------------- | :--------------------- | :--------- | | Revenue | $2,458.378 | $2,338.488 | 5.1% | | Operating Income | $439.591 | $475.343 | -7.5% | | Net Income | $286.271 | $308.046 | -7.0% | | Diluted EPS | $1.11 | $1.19 | -6.7% | | Adjusted Net Income | $372.0 | $350.0 | 6.3% | | Adjusted Diluted EPS | $1.44 | $1.35 | 6.7% | | Adjusted EBITDA | $830.3 | $787.4 | 5.5% | | Adjusted EBITDA Margin | 33.8% | 33.7% | 0.1 pp | | Cash Dividends per Common Share | $0.315 | $0.285 | 10.5% | - Acquisitions year-to-date contributed approximately **$300 million** in annualized revenue, either closed or under definitive agreement[5](index=5&type=chunk) - The full year 2025 outlook remains unchanged from the guidance provided in July[5](index=5&type=chunk) [Detailed Financial Results](index=1&type=section&id=Detailed%20Financial%20Results) This section presents Waste Connections' GAAP and non-GAAP financial performance for Q3 and the nine months ended September 30, 2025, including income statements, balance sheets, and cash flow [Third Quarter 2025 Results (GAAP)](index=1&type=section&id=Third%20Quarter%202025%20Results%20(GAAP)) For the third quarter of 2025, Waste Connections reported GAAP revenue of $2.458 billion, an increase from the prior year. Operating income decreased to $439.6 million, primarily due to $60.1 million in impairments and other operating items. Net income was $286.3 million, or $1.11 per diluted share, compared to $308.0 million, or $1.19 per diluted share, in Q3 2024 Third Quarter 2025 Results (GAAP) | Metric | Q3 2025 (Millions USD) | Q3 2024 (Millions USD) | YoY Change | | :----------------- | :--------------------- | :--------------------- | :--------- | | Revenue | $2,458.378 | $2,338.488 | +5.1% | | Operating Income | $439.591 | $475.343 | -7.5% | | Net Income | $286.271 | $308.046 | -7.0% | | Diluted EPS | $1.11 | $1.19 | -6.7% | - Operating income in Q3 2025 included **$60.1 million** in impairments and other operating items, primarily related to contract write-downs, a non-operating E&P waste facility permit, and an environmental liability[4](index=4&type=chunk) [Nine Months Year to Date Results (GAAP)](index=3&type=section&id=Nine%20Months%20Year%20to%20Date%20Results%20(GAAP)) For the nine months ended September 30, 2025, Waste Connections' revenue increased to $7.094 billion. Operating income saw a slight increase to $1.289 billion, despite higher impairments and transaction-related expenses. Net income for the period was $818.1 million, or $3.16 per diluted share, showing a modest improvement over the prior year Nine Months Year to Date Results (GAAP) | Metric | 9M 2025 (Millions USD) | 9M 2024 (Millions USD) | YoY Change | | :----------------- | :--------------------- | :--------------------- | :--------- | | Revenue | $7,093.609 | $6,659.308 | +6.5% | | Operating Income | $1,289.346 | $1,266.849 | +1.8% | | Net Income | $818.057 | $813.577 | +0.5% | | Diluted EPS | $3.16 | $3.15 | +0.3% | - Operating income for the nine months ended September 30, 2025, included **$70.6 million** from impairments and other operating items, and **$20.3 million** primarily from transaction-related expenses and fair value changes to equity awards[7](index=7&type=chunk) [Condensed Consolidated Statements of Net Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Net%20Income) The condensed consolidated statements of net income detail the company's financial performance for the three and nine months ended September 30, 2024 and 2025. Key changes include an increase in revenues and operating expenses, particularly impairments and other operating items, which impacted operating income and net income Three Months Ended September 30: | Item | 2024 (in thousands) | 2025 (in thousands) | YoY Change | | :-------------------------------- | :------------------ | :------------------ | :--------- | | Revenues | $2,338,488 | $2,458,378 | +5.1% | | Cost of operations | $1,344,079 | $1,406,854 | +4.7% | | Selling, general and administrative | $222,526 | $236,476 | +6.3% | | Impairments and other operating items | $2,897 | $60,127 | +1975.5% | | Operating income | $475,343 | $439,591 | -7.5% | | Net income attributable to Waste Connections | $308,046 | $286,271 | -7.0% | | Diluted EPS | $1.19 | $1.11 | -6.7% | Nine Months Ended September 30: | Item | 2024 (in thousands) | 2025 (in thousands) | YoY Change | | :-------------------------------- | :------------------ | :------------------ | :--------- | | Revenues | $6,659,308 | $7,093,609 | +6.5% | | Cost of operations | $3,866,932 | $4,091,153 | +5.8% | | Selling, general and administrative | $672,110 | $729,576 | +8.5% | | Impairments and other operating items | $11,441 | $70,598 | +517.0% | | Operating income | $1,266,849 | $1,289,346 | +1.8% | | Net income attributable to Waste Connections | $813,577 | $818,057 | +0.5% | | Diluted EPS | $3.15 | $3.16 | +0.3% | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2025, Waste Connections reported an increase in total assets to $20.782 billion from $19.818 billion at December 31, 2024. This was primarily driven by increases in accounts receivable, property and equipment, and goodwill. Total liabilities also increased to $12.689 billion, with a notable rise in long-term debt, while total equity grew to $8.093 billion Condensed Consolidated Balance Sheets | Item | December 31, 2024 (in thousands) | September 30, 2025 (in thousands) | Change | | :----------------------------------- | :------------------------------- | :-------------------------------- | :------- | | **ASSETS** | | | | | Total current assets | $1,226,912 | $1,403,640 | +14.4% | | Property and equipment, net | $8,035,929 | $8,422,847 | +4.8% | | Goodwill | $7,950,406 | $8,275,386 | +4.1% | | Total assets | $19,817,809 | $20,782,495 | +4.9% | | **LIABILITIES AND EQUITY** | | | | | Total current liabilities | $1,878,834 | $2,087,623 | +11.1% | | Long-term portion of debt and notes payable | $8,072,928 | $8,621,371 | +6.8% | | Total liabilities | $11,957,455 | $12,689,127 | +6.1% | | Total Waste Connections' equity | $7,860,354 | $8,093,368 | +3.0% | | Total liabilities and equity | $19,817,809 | $20,782,495 | +4.9% | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2025, net cash provided by operating activities increased to $1.857 billion. However, net cash used in investing activities significantly decreased due to lower payments for acquisitions. Net cash from financing activities shifted from a net inflow in 2024 to a net outflow in 2025, primarily due to increased principal payments on debt and payments for share repurchases Nine Months Ended September 30: | Cash Flow Activity | 2024 (in thousands) | 2025 (in thousands) | Change | | :----------------------------------- | :------------------ | :------------------ | :------- | | Net cash provided by operating activities | $1,659,998 | $1,857,190 | +11.9% | | Net cash used in investing activities | $(2,645,810) | $(1,433,913) | +45.8% | | Net cash provided by (used in) financing activities | $1,040,357 | $(331,492) | -131.9% | | Net increase in cash, cash equivalents and restricted cash | $54,470 | $92,412 | +69.7% | | Cash, cash equivalents and restricted cash at end of period | $238,508 | $290,585 | +21.8% | - Payments for acquisitions, net of cash acquired, decreased significantly from **$2.010 billion** in 2024 to **$627.310 million** in 2025[17](index=17&type=chunk) - The company made payments for repurchase of common shares totaling **$442.176 million** in 2025, compared to none in 2024[17](index=17&type=chunk) [Operational and Statistical Data](index=8&type=section&id=Operational%20and%20Statistical%20Data) This section details Waste Connections' solid waste internal growth drivers, revenue breakdown by service type, acquisition contributions, and other key operational metrics [Solid Waste Internal Growth](index=8&type=section&id=Solid%20Waste%20Internal%20Growth) Waste Connections' solid waste internal growth for Q3 2025 was 1.8%, primarily driven by a strong core price increase of 6.3%. This growth was partially offset by negative impacts from volume, recycling, foreign exchange, and closed operations Solid Waste Internal Growth Components (Q3 2025): | Component | Three months ended Sep 30, 2025 | | :------------------ | :------------------------------ | | Core Price | 6.3% | | Surcharges | (0.1%) | | Volume | (2.7%) | | Recycling | (0.8%) | | Foreign Exchange Impact | (0.1%) | | Closed Operation | (0.8%) | | **Total** | **1.8%** | Solid Waste Internal Growth Components (Nine Months Ended Sep 30, 2025): | Component | Nine months ended Sep 30, 2025 | | :------------------ | :----------------------------- | | Core Price | 6.6% | | Surcharges | (0.2%) | | Volume | (2.7%) | | Recycling | (0.4%) | | Foreign Exchange Impact | (0.4%) | | Closed Operation | (0.9%) | | **Total** | **2.0%** | [Revenue Breakdown by Service Type](index=8&type=section&id=Revenue%20Breakdown%20by%20Service%20Type) In Q3 2025, Solid Waste Collection remained the largest revenue contributor at 70.1%, increasing from 69.2% in Q3 2024. E&P Waste Treatment, Recovery and Disposal also saw an increase in its revenue share, while Solid Waste Disposal and Transfer, Solid Waste Recycling, and Intermodal and Other services experienced slight decreases in their percentage contributions Revenue Breakdown (Three Months Ended September 30): | Service Type | Q3 2024 Revenue (Millions USD) | Q3 2024 % | Q3 2025 Revenue (Millions USD) | Q3 2025 % | | :------------------------------------ | :----------------------------- | :-------- | :----------------------------- | :-------- | | Solid Waste Collection | $1,617.410 | 69.2% | $1,724.606 | 70.1% | | Solid Waste Disposal and Transfer | $459.786 | 19.6% | $456.402 | 18.6% | | Solid Waste Recycling | $67.137 | 2.9% | $56.241 | 2.3% | | E&P Waste Treatment, Recovery and Disposal | $147.279 | 6.3% | $179.137 | 7.3% | | Intermodal and Other | $46.876 | 2.0% | $41.992 | 1.7% | | **Total** | **$2,338.488** | **100.0%** | **$2,458.378** | **100.0%** | [Contribution from Acquisitions](index=8&type=section&id=Contribution%20from%20Acquisitions) Revenue from acquisitions, net of divestitures, decreased in Q3 2025 compared to the prior year, but increased for the nine-month period. This indicates a continued, albeit fluctuating, impact of M&A activity on the company's top line Revenue from Acquisitions, Net of Divestitures: | Period | 2024 (Millions USD) | 2025 (Millions USD) | | :-------------------- | :------------------ | :------------------ | | Three months ended Sep 30 | $161,024 | $76,621 | | Nine months ended Sep 30 | $318,789 | $359,716 | [Other Financial Statistics](index=10&type=section&id=Other%20Financial%20Statistics) Waste Connections' debt to book capitalization stood at 52% as of September 30, 2025. The company maintained an internalization rate of 60% and Days Sales Outstanding (DSO) of 40 days (25 net of deferred revenue) for Q3 2025. Cash interest paid increased for the nine-month period, while cash taxes paid decreased Other Cash Flow Items (Nine Months Ended September 30): | Item | 2024 (Millions USD) | 2025 (Millions USD) | | :---------------- | :------------------ | :------------------ | | Cash Interest Paid | $223,196 | $239,038 | | Cash Taxes Paid | $164,615 | $141,535 | - Debt to Book Capitalization as of September 30, 2025: **52%**[20](index=20&type=chunk) - Internalization for the three months ended September 30, 2025: **60%**[20](index=20&type=chunk) - Days Sales Outstanding for the three months ended September 30, 2025: **40** (25 net of deferred revenue)[20](index=20&type=chunk) [Non-GAAP Financial Measures Reconciliation](index=11&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section reconciles key non-GAAP financial measures, including Adjusted EBITDA, Adjusted Free Cash Flow, and Adjusted Net Income, to their most directly comparable GAAP measures [Reconciliation of Adjusted EBITDA](index=11&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) Adjusted EBITDA, a key non-GAAP performance measure, increased to $830.3 million in Q3 2025, up from $787.4 million in Q3 2024, resulting in a margin of 33.8%. For the nine-month period, Adjusted EBITDA grew to $2.329 billion, with a margin of 32.8%. These adjustments primarily exclude impairments and acquisition-related items to provide a clearer view of operating performance Adjusted EBITDA Reconciliation: | Metric | Q3 2024 (Millions USD) | Q3 2025 (Millions USD) | 9M 2024 (Millions USD) | 9M 2025 (Millions USD) | | :-------------------- | :--------------------- | :--------------------- | :--------------------- | :--------------------- | | Net income attributable to Waste Connections | $308,046 | $286,271 | $813,577 | $818,057 | | Plus: Income tax provision | $92,012 | $88,503 | $232,008 | $258,852 | | Plus: Interest expense | $83,520 | $84,449 | $244,385 | $248,074 | | Plus: Depreciation and amortization | $293,643 | $315,330 | $841,976 | $912,936 | | Plus: Impairments and other operating items | $2,897 | $60,127 | $11,441 | $70,598 | | **Adjusted EBITDA** | **$787,436** | **$830,337** | **$2,169,916** | **$2,328,964** | | **As % of revenues** | **33.7%** | **33.8%** | **32.6%** | **32.8%** | [Reconciliation of Adjusted Free Cash Flow](index=12&type=section&id=Reconciliation%20of%20Adjusted%20Free%20Cash%20Flow) Adjusted free cash flow, a non-GAAP liquidity measure, increased to $384.6 million in Q3 2025, up from $316.3 million in Q3 2024, representing 15.6% of revenues. For the nine-month period, it reached $1.084 billion, or 15.3% of revenues. This measure adjusts net cash provided by operating activities for capital expenditures and other specific items to reflect cash available for discretionary uses Adjusted Free Cash Flow Reconciliation: | Metric | Q3 2024 (Millions USD) | Q3 2025 (Millions USD) | 9M 2024 (Millions USD) | 9M 2025 (Millions USD) | | :------------------------------------ | :--------------------- | :--------------------- | :--------------------- | :--------------------- | | Net cash provided by operating activities | $558,310 | $677,449 | $1,659,998 | $1,857,190 | | Less: Capital expenditures for property and equipment | $(272,132) | $(297,172) | $(659,302) | $(794,937) | | **Adjusted free cash flow** | **$316,276** | **$384,580** | **$1,043,709** | **$1,083,668** | | **As % of revenues** | **13.5%** | **15.6%** | **15.7%** | **15.3%** | [Reconciliation of Adjusted Net Income and EPS](index=13&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Income%20and%20EPS) Adjusted net income attributable to Waste Connections increased to $372.0 million, or $1.44 per diluted share, in Q3 2025, compared to $350.0 million, or $1.35 per diluted share, in Q3 2024. For the nine-month period, adjusted net income rose to $998.3 million, or $3.86 per diluted share. These adjustments primarily remove the impact of non-cash amortization of intangibles, impairments, and transaction-related expenses Adjusted Net Income and EPS Reconciliation: | Metric | Q3 2024 (Millions USD) | Q3 2025 (Millions USD) | 9M 2024 (Millions USD) | 9M 2025 (Millions USD) | | :------------------------------------ | :--------------------- | :--------------------- | :--------------------- | :--------------------- | | Reported net income attributable to Waste Connections | $308,046 | $286,271 | $813,577 | $818,057 | | Plus: Amortization of intangibles | $45,170 | $51,331 | $129,584 | $149,209 | | Plus: Impairments and other operating items | $2,897 | $60,127 | $11,441 | $70,598 | | Plus: Transaction-related expenses | $8,067 | $3,835 | $25,169 | $19,778 | | **Adjusted net income attributable to Waste Connections** | **$350,004** | **$372,050** | **$938,718** | **$998,266** | | **Adjusted diluted EPS** | **$1.35** | **$1.44** | **$3.63** | **$3.86** | [Corporate Information](index=4&type=section&id=Corporate%20Information) This section provides details on the Q3 2025 earnings conference call, a company profile, and important safe harbor statements regarding forward-looking information [Q3 2025 Earnings Conference Call Details](index=4&type=section&id=Q3%202025%20Earnings%20Conference%20Call%20Details) Waste Connections hosted a conference call on October 22nd at 8:30 A.M. Eastern Time to discuss its third-quarter earnings. A live audio webcast was available, and a replay was accessible until October 29, 2025 - A live audio webcast of the conference call was accessible via investors.wasteconnections.com[11](index=11&type=chunk) - A replay of the conference call was available until October 29, 2025, via a dedicated dial-in number and passcode[11](index=11&type=chunk) [About Waste Connections (Company Profile)](index=4&type=section&id=About%20Waste%20Connections%20(Company%20Profile)) Waste Connections is an integrated solid waste services company providing non-hazardous waste collection, transfer, and disposal, including resource recovery through recycling and renewable fuels. The company serves approximately nine million residential, commercial, and industrial customers across 46 U.S. states and six Canadian provinces, focusing on exclusive and secondary markets. It also offers non-hazardous oilfield waste services and intermodal services, with a strong commitment to ESG initiatives for long-term value creation - Waste Connections provides non-hazardous waste collection, transfer, and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation[12](index=12&type=chunk) - The company serves approximately **nine million** residential, commercial, and industrial customers in mostly exclusive and secondary markets across **46 states** in the U.S. and **six provinces** in Canada[12](index=12&type=chunk) - Waste Connections views its Environmental, Social and Governance ("ESG") efforts as integral to its business, focusing on reducing emissions, increasing resource recovery, improving safety, and enhancing employee engagement[12](index=12&type=chunk) [Safe Harbor and Forward-Looking Information](index=4&type=section&id=Safe%20Harbor%20and%20Forward-Looking%20Information) This press release contains forward-looking statements, subject to risks and uncertainties, made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. These statements reflect current beliefs and expectations regarding future events and operating performance, including expected 2025 financial results and acquisition activity. Readers are cautioned not to place undue reliance on these statements, and Waste Connections undertakes no obligation to update them unless required by law - The press release contains forward-looking statements regarding expected 2025 financial results, outlook, related assumptions, and potential acquisition activity[13](index=13&type=chunk) - Forward-looking statements are subject to risks and uncertainties, and actual results could differ materially from those indicated[13](index=13&type=chunk) - Waste Connections undertakes no obligation to update these statements unless required by applicable securities laws[13](index=13&type=chunk)

Exhibit 99.1 October 21, 2025 Bridgewater Bancshares, Inc. Announces Third Quarter 2025 Financial Results Third Quarter 2025 Highlights (1) Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details. Media Contact: Emily Karpenske | Senior Communication Specialist Emily.Karpenske@bwbmn.com | 952.653.0624 Investor Contact: Justin Horstman | VP Investor Relations Justin.Horstman@bwbmn.com | 952.542.5169 (2) Core deposits are defined as total deposits less brokered deposits ...