UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ Form 10-Q ______________________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 or Table of Contents ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-33202 __________________________ ...

Exhibit 99.1 Plains All American Reports Fourth-Quarter and Full-Year 2025 Results Houston, TX – February 6, 2026 – Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported fourth-quarter and full-year 2025 results, announced 2026 guidance and provided the following highlights: Fourth Quarter and Full-Year 2025 Results 2026 Outlook and Key Highlights "Last year we took significant steps to transition the company toward becoming the premier North American pure pla ...

Financial Performance - Fourth-quarter 2025 net income attributable to Plains All American was $342 million, with full-year net income reaching $1.435 billion, an 86% increase compared to 2024[4] - Fourth-quarter 2025 adjusted EBITDA attributable to Plains All American was $738 million, while full-year adjusted EBITDA totaled $2.833 billion, reflecting a 2% increase from 2024[4] - Operating income for the twelve months ended December 31, 2025, was $1,434 million, compared to $868 million in 2024, reflecting a significant increase[26] - Total net income for the twelve months ended December 31, 2025, reached $1.169 billion, a significant increase from $514 million in 2024[29] - Net income attributable to PAA for the three months ended December 31, 2025, was $342 million, up from $36 million in the same period of 2024[26] - Basic net income per Class A share for continuing operations was $0.77 for the twelve months ended December 31, 2025, compared to $0.19 in 2024[64] - Basic net income per common unit for the three months ended December 31, 2025, was $0.41, compared to a loss of $0.04 in the same period of 2024[36] Cash Flow and Distributions - Plains All American anticipates strong adjusted free cash flow generation of approximately $1.80 billion for 2026, excluding changes in assets and liabilities[4] - Adjusted Free Cash Flow after Distributions for the year was impacted by cash distributions paid to preferred and common unitholders, which are critical for assessing available cash for distributions and debt repayments[22] - Cash provided by operating activities for continuing operations was $2.452 billion for the twelve months ended December 31, 2025, compared to $2.236 billion in 2024, reflecting a 9.7% increase[31] - Cash distributions paid to common unitholders in Q4 2025 totaled $268 million, up from $223 million in Q4 2024, a 20.2% increase[40] - Adjusted Free Cash Flow for Q4 2025 was $(1,219) million, compared to $365 million in Q4 2024, showing a significant decline[43] Assets and Liabilities - Total assets increased to $30,169 million as of December 31, 2025, compared to $26,562 million in 2024, indicating growth in the company's asset base[27] - Total debt rose to $11,262 million as of December 31, 2025, from $7,621 million in 2024, leading to a long-term debt-to-total book capitalization ratio of 52%[28] - Current liabilities decreased slightly to $4,902 million as of December 31, 2025, from $4,924 million in 2024[61] - Senior notes increased to $9,118 million as of December 31, 2025, compared to $7,141 million in 2024, indicating a rise of 28%[61] Acquisitions and Divestitures - Plains All American successfully raised $750 million in senior unsecured notes in November 2025, aimed at reducing commercial paper and funding the Cactus III acquisition[4] - The company completed the acquisition of Cactus III in the fourth quarter of 2025, contributing to the growth strategy despite a flat Permian production profile expected for 2026[3] - The pending sale of the Canadian NGL business is expected to close by the end of Q1 2026, with the company retaining all NGL assets in the U.S. and crude oil assets in Canada[5] - The company is undergoing a divestiture of its Canadian NGL Business, which may impact business relationships and operating results[66] Operational Metrics - Revenues for the three months ended December 31, 2025, were $10,565 million, a decrease of 12.2% from $12,035 million in the same period of 2024[26] - Total revenues for the twelve months ended December 31, 2025, were $44,262 million, a decrease of 9% from $48,889 million in 2024[59] - Crude oil pipeline tariff volumes for Q4 2025 totaled 10,079 thousand barrels per day, an increase of 11.7% from 9,028 thousand barrels per day in Q4 2024[53] - NGL fractionation volumes for Q4 2025 were 150 thousand barrels per day, up 8.7% from 138 thousand barrels per day in Q4 2024[53] Cost Management - The company is focused on achieving approximately $100 million in cost savings through efficiency initiatives by 2027, with about half expected to be realized in 2026[4] - Total capital expenditures for the twelve months ended December 31, 2025, amounted to $719 million, up from $571 million in 2024, indicating a 25.9% increase[33] - The company’s total maintenance capital expenditures for the twelve months ended December 31, 2025, were $211 million, down from $242 million in 2024, indicating a decrease of 12.8%[33] Market and Economic Conditions - Economic conditions, including potential recession and high inflation, could affect demand for crude oil and midstream services[66] - There is a risk of significant declines in North American crude oil and NGL production due to reduced producer cash flow and other factors[66] - The company faces competition that may exert downward pressure on rates, volumes, and margins[66] - Future performance may be impacted by the successful operation of joint ventures and the integration of acquired assets[66] - The company is exposed to environmental liabilities and litigation that may not be covered by insurance[66] - The impact of societal sentiment regarding the hydrocarbon energy industry could influence consumer preferences and regulatory actions[66] - The company is monitoring the pace of natural gas infrastructure development and its effect on crude oil production growth in the Permian Basin[69] - The company is subject to risks related to capital markets, including increased costs of capital and liquidity concerns[69]

Employee Engagement and Support - As of December 31, 2025, the company had approximately 9,300 employees, emphasizing a commitment to community and team member support [60] - The company achieved a 90% participation rate in its annual Employee Engagement Survey in 2025, indicating strong employee engagement [62] - The company offers a comprehensive benefits package, including competitive pay, healthcare, retirement benefits, and paid development time, to attract and retain talent [65] - The company’s approach to talent development and inclusivity is aimed at remaining competitive in attracting and retaining exceptional team members [64] Financial Performance and Risk Management - The company forecasts a net interest income sensitivity of -$35 million for a hypothetical 100 basis point increase in interest rates over the next 12 months [300] - The company has limited exposure to other market risks, including foreign exchange rates, equity prices, and commodity prices, which are not considered material to its operations [302] - The company’s finance receivables consist of fixed-rate consumer loans and credit cards, which are not viewed as interest rate sensitive [299] Social Responsibility and Community Engagement - The company is committed to social responsibility, focusing on building trust with stakeholders and providing responsible credit solutions [67] - The company’s Impact Executive Council, consisting of senior executives, monitors Impact issues and risks, reflecting its commitment to social responsibility [69] - The company has delivered financial education curriculum to over 4,900 schools and 600,000 students through its partnership with EVERFI, aiming to enhance financial literacy [70]

Revenue Growth - Total revenues for the three months ended December 31, 2025, increased by 13% to $459,940,000 compared to $407,417,000 for the same period in 2024[125] - Revenues from entertainment offerings rose by 13% to $360,453,000, up from $318,276,000 year-over-year[125] - Food, beverage, and merchandise revenues increased by 8% to $64,324,000, compared to $59,321,000 in the prior year[125] - Arena license fees and other leasing revenue grew by 18% to $35,163,000 from $29,820,000[125] - Total revenues for the six months ended December 31, 2025, increased by $72,071, or 13%, compared to the prior year period, reaching $618,202[129] - Revenues from entertainment offerings for the six months ended December 31, 2025, increased by $58,406, or 13%, primarily driven by higher revenues from the Christmas Spectacular production and other live events[134] Income and Expenses - Operating income for the three months ended December 31, 2025, was $163,815,000, an increase of 18% from $139,001,000 in 2024[125] - Net income for the three months ended December 31, 2025, was $92,715,000, reflecting a 22% increase from $75,893,000 in the same period last year[125] - Direct operating expenses for entertainment offerings increased by 7% to $176,062,000, up from $164,294,000[125] - Selling, general, and administrative expenses rose by 20% to $68,359,000 compared to $57,189,000 in the prior year[125] - Net income for the six months ended December 31, 2025, was $71,061, reflecting an increase of $14,489, or 26%, compared to the prior year[129] - Direct operating expenses for the six months ended December 31, 2025, increased by $20,243, or 7%, totaling $315,026[143] - Selling, general, and administrative expenses for the six months ended December 31, 2025, rose by $22,009, or 21%, primarily due to increased employee compensation and benefits[148] Interest and Financing - Interest income surged by 123% to $813,000, compared to $365,000 in the previous year[125] - Interest expense decreased by 20% to $10,423,000 from $12,955,000 year-over-year[125] - Interest income for the six months ended December 31, 2025, increased by $596, or 81%, due to higher average balances in cash and cash equivalents[152] - Interest expense decreased by $2,532 for the three months and $5,547 for the six months ended December 31, 2025, compared to the prior year periods due to lower average borrowing rates[153] - A hypothetical 200 basis point increase in floating interest rates as of December 31, 2025 would increase the Company's interest expense on outstanding amounts under credit facilities by $11,883[185] Cash Flow and Assets - Cash flow from operating activities for the six months ended December 31, 2025, was $184,194, compared to $85,499 in the prior year[176] - The company had a net increase in cash, cash equivalents, and restricted cash of $114,039 for the six months ended December 31, 2025, compared to $21,664 in the prior year[176] - As of December 31, 2025, the company's unrestricted cash and cash equivalents were $157,056, with total debt outstanding at $594,141 and available borrowing capacity of $132,573[166] - Net cash provided by operating activities for the six months ended December 31, 2025 increased by $98,695 compared to the prior year period, driven by higher net income adjusted for non-cash items of $15,236 and an increase in cash flows from changes in working capital of $83,459[177] - Net cash used in investing activities for the six months ended December 31, 2025 decreased by $992 to $15,290 compared to the prior year period, primarily due to a reduction in capital expenditures[179] - Net cash used in financing activities for the six months ended December 31, 2025 increased by $7,312 to $54,865 compared to the prior year period, mainly due to a decrease in proceeds from the National Properties Revolving Credit Facility[180] Performance Metrics - Adjusted operating income (AOI) for the three months ended December 31, 2025, was $190,430, an increase of $26,418 or 16% compared to $164,012 in the prior year[160] - AOI for the six months ended December 31, 2025, was $197,511, reflecting an increase of $31,590 or 19% from $165,921 in the prior year[162] - The Company earns a disproportionate share of its revenues and operating income in the second and third quarters of the fiscal year, with the first and fourth quarters being disproportionately lower[181] Asset Impairment - Impairment of long-lived assets for the six months ended December 31, 2025, increased by $13,782, primarily due to losses recognized on right-of-use lease assets[149] Performance Highlights - The company had 215 Christmas Spectacular performances during the holiday season, selling over 1.2 million tickets, compared to approximately 1.1 million tickets sold in the prior year[131] - Arena license fees and other leasing revenue for the six months ended December 31, 2025, increased by $4,800, driven by higher fees from MSG Sports due to more games played[141] - Other expense, net decreased by $372 for the three months and $969 for the six months ended December 31, 2025, primarily due to lower net periodic benefit costs and an increase in unrealized gains[154] - The National Properties Credit Agreement requires a minimum debt service coverage ratio of 2.50:1 and a maximum leverage ratio of 3.50:1, with compliance as of December 31, 2025[172] - The company has $44,796 remaining under its share repurchase program as of December 31, 2025[165]

Exhibit 99.1 CONTACT: Rob Seelig (603) 640-2212 WHITE MOUNTAINS REPORTS FOURTH QUARTER RESULTS HAMILTON, Bermuda (February 6, 2026) - White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $2,188 as of December 31, 2025, an increase of 18% for the fourth quarter of 2025 and 25% for the year ended December 31, 2025, including dividends. Liam Caffrey, CEO, commented, "We had an excellent year, with BVPS growth of 18% in the quarter and 25% for the year. The largest contributor in b ...

Financial Performance - Net revenue for the quarter ended December 31, 2025, was $23,577,000, a decrease of 25.2% compared to $31,416,000 for the same quarter in 2024[13] - Gross profit for the quarter was $6,755,000, down 22.1% from $8,668,000 in the prior year[13] - Operating income decreased to $3,101,000, a decline of 32.7% from $4,624,000 year-over-year[13] - Net income for the quarter was $3,442,000, compared to $3,817,000 in the same quarter of 2024, representing a decrease of 9.8%[13] - For the quarter ended December 31, 2025, net revenue was $23,577,000, a decrease of 25.1% compared to $31,416,000 for the same quarter in 2024[50] - The net income for the quarter ended December 31, 2025, was $3,442,000, resulting in a basic and diluted net income per share of $0.23, down from $0.26 in the prior year[41] - Net revenue from the United States for the quarter ended December 31, 2025, was $22,677,000, a decrease of 24.5% from $29,991,000 in the same quarter of 2024[67] Cash Flow and Assets - Cash provided by operating activities was $11,117,000, down from $14,809,000 in the previous year, a decline of 25.3%[19] - Total assets increased to $228,913,000 as of December 31, 2025, compared to $222,596,000 at September 30, 2025, reflecting a growth of 2.0%[11] - Cash and cash equivalents at the end of the period were $36,731,000, compared to $26,587,000 at the end of the previous quarter, an increase of 38.1%[11] - The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to their short-term nature[36] Liabilities and Equity - Total liabilities rose to $13,669,000, an increase of 26.5% from $10,794,000 at the end of the previous quarter[11] - Retained earnings increased to $201,188,000, up from $197,746,000 at September 30, 2025, indicating a growth of 2.3%[15] Inventory and Contract Assets - Slow-moving and obsolete inventory reserves increased to $15,843,000 as of December 31, 2025, compared to $15,569,000 at September 30, 2025[39] - Contract assets decreased to $5,091,000 as of December 31, 2025, from $12,208,000 at September 30, 2025[51] - Customer deposits related to contracts with customers rose to $6,022,000 as of December 31, 2025, up from $3,889,000 at September 30, 2025[55] - The company anticipates that all contract assets at December 31, 2025, will be billed and collected within one year[51] Credit Losses and Provisions - The company reported a provision for credit losses of $95,000 for the quarter, indicating a proactive approach to managing credit risk[19] - The provision for credit losses increased to $95,000 for the quarter ended December 31, 2025, compared to no provision in the same quarter of 2024[59] - The balance for the allowance for credit losses at the end of the quarter was $498,000, up from $425,000 at the end of December 31, 2024, representing a 17.1% increase[59] Marketable Securities - As of December 31, 2025, the total fair value of marketable securities was $111,003,000, with Level 1 investments valued at $80,212,000 and Level 2 investments at $30,791,000[34] - The company recognized net unrealized gains of $169,000 on trading securities during the quarter ended December 31, 2025[34] Customer Concentration - Three customers accounted for 33% of net revenues for the quarter ended December 31, 2025, compared to two customers accounting for 37.6% in the same quarter of 2024[43] Lease Obligations - Operating lease costs for the quarter ended December 31, 2025, were $115,000, compared to $112,000 for the same quarter in 2024, reflecting a 2.7% increase[62] - The total long-term assets attributed to the United States as of December 31, 2025, were $16,422,000, an increase from $16,055,000 as of September 30, 2025[67] - The weighted average remaining lease term as of December 31, 2025, was 0.67 years, down from 0.92 years as of September 30, 2025[63] - The current operating lease liability as of December 31, 2025, was $248,000, consistent with the amount reported as of September 30, 2025[63] - The company recorded a right-of-use asset totaling $370,000 upon extending the lease term through August 31, 2026[61] Subsequent Events - The company did not identify any subsequent events that would require adjustment to or disclosure in the condensed consolidated financial statements[68]

Exhibit 99.1 UNDER ARMOUR REPORTS THIRD QUARTER FISCAL 2026 RESULTS; UPDATES FISCAL 2026 OUTLOOK BALTIMORE, Feb. 6, 2026 – Under Armour, Inc. (NYSE: UAA, UA) released its unaudited financial results for the third quarter of fiscal 2026, which ended on December 31, 2025. The company reports its financial performance in accordance with United States Generally Accepted Accounting Principles ("GAAP"). This press release includes references to "currency neutral" and "adjusted" amounts, which are non-GAAP financi ...

Revenue Performance - Third quarter revenue decreased 5% to $1.33 billion, with North America revenue declining 10% to $757 million and international revenue increasing 3% to $577 million[3]. - Fiscal 2026 revenue is expected to decline approximately 4%, with an 8% decline in North America and a 6% decline in Asia-Pacific[7]. - Net revenues for the three months ended December 31, 2025, were $1,327,761, a decrease of 5.2% compared to $1,401,039 in the same period of 2024[18]. - North America segment revenues decreased by 10.3% to $756,726 for the three months ended December 31, 2025, compared to $843,620 in 2024[18]. - Direct-to-consumer revenues decreased by 3.9% to $646,845 for the three months ended December 31, 2025, compared to $672,948 in 2024[20]. - The total net revenue growth (decline) for the nine months ended December 31, 2025, was (4.7)% according to GAAP, with a currency-neutral net revenue decline of (5.5)%[31]. Profitability and Loss - Gross margin declined 310 basis points to 44.4%, primarily due to higher tariffs and pricing headwinds[3]. - The company recorded a net loss of $431 million, including a $247 million valuation allowance on U.S. federal deferred tax assets[6]. - Diluted loss per share was $1.01, while adjusted diluted earnings per share was $0.09[6]. - Gross profit for the three months ended December 31, 2025, was $589,740, representing a gross margin of 44.4%, down from 47.5% in 2024[18]. - The company reported a net loss of $430,827 for the three months ended December 31, 2025, compared to a net income of $1,234 in 2024[18]. - Basic net loss per share for Class A, B, and C common stock was $(1.01) for the three months ended December 31, 2025, compared to $0.00 in 2024[18]. - For the nine months ended December 31, 2025, the net income was $(452,253) thousand, compared to $(133,810) thousand for the same period in 2024, indicating a significant decline[29]. - The adjusted income from operations for the nine months ended December 31, 2025, was $104,221 thousand, compared to $233,710 thousand in 2024[35]. - The company reported an adjusted net income of $60,736 thousand for the nine months ended December 31, 2025, down from $169,767 thousand in 2024[37]. Expenses and Cost Management - Selling, general and administrative (SG&A) expenses increased 4% to $665 million, but adjusted SG&A declined 7% to $563 million[3]. - SG&A expenses for fiscal 2026 are expected to decline at a low-double-digit rate, driven by lower marketing costs and restructuring savings[7]. - Adjusted selling, general and administrative expenses for the nine months ended December 31, 2025, were $1,662,599 thousand, a decrease from $1,690,252 thousand in 2024[33]. Future Outlook - Operating loss for fiscal 2026 is expected to be approximately $154 million, with adjusted operating income expected to be around $110 million[7]. - The company expects to recognize remaining restructuring charges by the end of fiscal 2026, with total costs of the restructuring plan now expected to be up to $255 million[5]. - The outlook for the year ending March 31, 2026, includes an estimated adjusted income from operations of approximately $110 thousand[42]. - The GAAP diluted net loss per share for the year ending March 31, 2026, is estimated to be between $(1.25) and $(1.24)[43]. Balance Sheet and Cash Flow - Total current assets increased to $2,989,031 as of December 31, 2025, from $2,329,097 as of March 31, 2025[26]. - Total liabilities rose to $3,194,924 as of December 31, 2025, compared to $2,410,593 as of March 31, 2025[26]. - The company reported a net cash provided by operating activities of $257,079 thousand for the nine months ended December 31, 2025, compared to $142,880 thousand in 2024[29]. - The net cash used in investing activities was $(673,703) thousand for the nine months ended December 31, 2025, compared to $(99,194) thousand in 2024[29]. Restructuring Charges - The company experienced a significant increase in restructuring charges, which amounted to $74,980 for the three months ended December 31, 2025, compared to $13,945 in 2024[18]. - The company-owned and operated door count increased to 450 as of December 31, 2025, from 448 in 2024, with North America total doors rising to 199[45].

Financial Performance - Total Company net sales increased by 31% to $140.9 million in the first fiscal quarter compared to $107.6 million in the prior year[4] - Gross margin improved to 36.6%, up from 29.9% in the prior year quarter, due to better overhead absorption and cost savings[5] - Operating loss decreased to $(2.9) million from $(20.2) million in the prior year first quarter[5] - Net loss was $(3.3) million, or $(0.33) per diluted share, compared to $(15.3) million, or $(1.49) per diluted share in the previous year's first quarter[6] Revenue Growth - Fishing revenue increased by 36% primarily due to successful new product launches and improved trade inventory levels[9] - Camping & Watercraft Recreation sales rose by 12% driven by new product success and growth in the e-commerce channel[9] - Diving sales increased by 15%, supported by improvements across global markets[9] Cash and Investments - Cash and short-term investments totaled $130.7 million as of January 2, 2026[7] - Capital spending for the current quarter was $4.3 million, compared to $4.1 million in the prior year period[7] Strategic Management - The Company plans to continue managing costs strategically while protecting investments to strengthen the business[8]