Western Window Systems' Series 8000 Vantage Line Featured in Qualified Remodeler 's 2025 Remodelers' Choice 100
'We're thrilled that the Series 8000 Vantage Line has earned a place in Qualified Remodeler magazine's Remodelers' Choice 100.' -- Brian Leizerowicz, Vice President of Sales, Western Window Systems
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Selected from more than 250 product listings, Qualified Remodeler 's annual Remodelers' Choice 100 highlights the top 100 products that generated the most interest, interaction, and engagement across its website from April 1, 2024, through March 31, 2025. The list reflects the products remodeling professionals are actively researching, specifying, and installing on current projects.
'We're thrilled that the Series 8000 Vantage Line has earned a place in Qualified Remodeler magazine's Remodelers' Choice 100,' said Brian Leizerowicz, Vice President of Sales, Western Window Systems. 'The Series 8000 showcases Western Window System's latest innovations, combining narrow sightlines and outstanding thermal performance to offer modern, versatile solutions for builders and architects.'
The Series 8000 Vantage Line features modern Euro Groove technology, enabling sleek, thin frames while enhancing durability and simplifying installation. The line also incorporates advanced thermal break technology that allows it to meet stringent energy codes, including ENERGY STAR® 7 and California Title 24.
View Qualified Remodeler 's full 2025 Remodelers' Choice 100 here. For more information about the Series 8000 Vantage Line, visit www.westernwindowsystems.com.
About Western Window Systems
Western Window Systems, part of the MITER Brands portfolio, designs and manufactures moving glass walls and windows that bring indoor and outdoor spaces together. Inspired by contemporary living, our high-quality products are available in custom sizes, standardized sets, and massive dimensions for unlimited design possibilities in residential, multi-family, and commercial projects. From superior craftsmanship and timeless design to exceptional customer service, Western Window Systems is a preferred choice of architects, builders, and homeowners throughout North America. For additional information, visit www.westernwindowsystems.com.
About MITER Brands
Founded in 1947, MITER Brands is a residential window and door manufacturer that produces a portfolio of window and door brands for the new construction and replacement segments with an owner-operated, family-first approach. With more than 20 manufacturing facilities throughout the United States, MITER Brands is a nationwide supplier of precision-built and energy-efficient products. Through optimized manufacturing, valued relationships, and dedicated team members coast to coast, MITER Brands instills confidence and drives quality customer experiences.
For more information, visit www.miterbrands.com.
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Arkema: Second-Quarter 2025 Results
Arkema (PARIS:AKE): EBITDA down at €364 million (€451 million in Q2'24) and a solid EBITDA margin at 15.2% (17.8% in Q2'24): Good resilience of High Performance Polymers and Adhesive Solutions Significant decline in Coating Solutions and Intermediates Weakening of the US dollar and several other currencies against the euro Strengthening of cost saving initiatives Adjusted net income of €118 million (€214 million in Q2'24), representing €1.56 per share (€2.87 in Q2'24) Recurring cash flow of €111 million (€132 million in Q2'24), reflecting the strict management of working capital in response to market conditions Net debt and hybrid bonds of €3,580 million at end-June 2025, including the dividend payment (€272 million) last May Adjustment of the annual EBITDA guidance to take into account continuing weakness in demand, geopolitical uncertainties and the evolution of exchange rates. The Group expects to achieve EBITDA of between €1.3 billion and €1.4 billion in 2025. Recurring cash flow should adjust accordingly to between €300 million and €400 million. Cost-cutting efforts will be strongly reinforced, with Arkema doubling its target for fixed and variable cost savings to €100 million for the year. Chairman and CEO Thierry Le Hénaff said: "The macroeconomic environment remained difficult in the second quarter, marked notably by the wait-and-see attitude of customers in response to tariffs and by the unfavorable evolution of exchange rates. Arkema's teams continue to adapt with agility and commitment, as they have done in the past in similar contexts, and to work simultaneously across both short- and long-term time horizons. "In the short term, cost and cash management actions are being significantly strengthened. Furthermore, operating with a long-term perspective, the Group is pursuing its strategy of development centered on innovative materials with the execution of its major projects and its innovation dynamic focused on its large growth platforms such as batteries, sustainable consumer goods or efficient buildings. "The ramp-up of our bio-based polyamide plant and the announcement of a new Rilsan ® Clear transparent polyamide unit on our Singapore platform, where we gathered a large number of clients and the local authorities in mid-July, as well as the start-up of our additives plant for refining and biofuels in Texas are all assets which are serving this strategy.' KEY FIGURES in millions of euros Q2'25 Q2'24 Change H1'25 H1'24 Change Sales 2,395 2,536 -5.6% 4,776 4,877 -2.1% EBITDA (a) 364 451 -19.3% 693 801 -13.5% Specialty Materials 333 390 -14.6% 664 732 -9.3% Intermediates 54 84 -35.7% 78 123 -36.6% Corporate -23 -23 -49 -54 EBITDA margin (a) 15.2% 17.8% 14.5% 16.4% Specialty Materials 15.2% 17.2% 15.0% 16.5% Intermediates 28.7% 33.1% 22.6% 29.9% Recurring operating income (REBIT) (a) 198 302 -34.4% 358 504 -29.0% REBIT margin (a) 8.3% 11.9% 7.5% 10.3% Adjusted net income (a) 118 214 -44.9% 217 352 -38.4% Adjusted net income per share (in €) (a) 1.56 2.87 -45.6% 2.87 4.71 -39.1% Operating income 117 217 -46.1% 219 352 -37.8% Net income - Group share 47 145 -67.6% 96 224 -57.1% Recurring cash flow (a) 111 132 -27 72 Free cash flow (a) 91 117 -64 35 Net debt and hybrid bonds (a) 3,580 3,270 3,580 3,270 €3,241m as of 31/12/2024 (a) Alternative performance indicator: refer to sections 6 and 8 of the consolidated financial information at the end of June 2025 available at the end of the document for reconciliation tables and definitions Expand SECOND-QUARTER 2025 BUSINESS PERFORMANCE At €2,395 million, Group sales were down 5.6% year-on-year, impacted by a negative 3.3% currency effect reflecting the weakening of the US dollar and of certain Asian currencies against the euro. At constant exchange rates, sales decreased by 2.3%. In a demand environment broadly disappointing in Europe and the United States, and positively oriented in Asia, volumes declined slightly by 1.3%, down in most end-markets. They were supported by Arkema's growth in several attractive sectors such as sports, batteries, efficient buildings and 3D printing, benefiting from the Group's innovation focus. The negative 2.5% price effect reflected market conditions, the geographical mix and the evolution of certain raw materials. The 1.5% positive scope effect corresponded essentially to the integration of Dow's laminating adhesives. At €364 million, Group EBITDA was down on the previous year (€451 million in Q2'24) and the EBITDA margin remained solid at 15.2% (17.8% in Q2'24). This result benefited from the good resilience of High Performance Polymers and Adhesive Solutions, but reflected the significant decline in Coating Solutions and the decrease in Intermediates compared with the high comparison base of last year. Furthermore, this performance integrated the strengthening of cost control initiatives and included an unfavorable currency effect estimated at around €15 million on EBITDA for the quarter. Recurring depreciation and amortization totaled €166 million, up €17 million on the second quarter of 2024, reflecting the start-up of new production units during 2024, partially offset by a favorable currency effect. Recurring operating income (REBIT) therefore amounted to €198 million (€302 million in Q2'24) and REBIT margin came in at 8.3% (11.9% in Q2'24). Operating income came in at €117 million (€217 million in Q2'24). It included €47 million of exceptional expenses, mainly corresponding to restructuring costs in Hydrogen Peroxides linked notably to the reorganization of the Jarrie site in order to ensure its future by refocusing on activities in which Arkema is one of the world leaders, and resulting in the shutdown of certain production lines of the site. Adjusted net income amounted to €118 million (€214 million in Q2'24), i.e. €1.56 per share. CASH FLOW AND NET DEBT AT 30 JUNE 2025 Cash generation was solid with recurring cash flow of €111 million (€132 million in Q2'24). It included a small change in working capital, reflecting the Group's strict management in response to market conditions. At end-June 2025, working capital represented 17.0% of the annualized sales (15.7% at end-June 2024). Recurring cash flow also included lower capital expenditure at €151 million (€170 million in Q2'24), in line with the annual guidance. Free cash flow amounted to €91 million (€117 million in Q2'24), including a non-recurring cash outflow of €20 million, linked notably to restructuring costs and reorganization costs at the Jarrie site in France. Net debt and hybrid bonds came in at €3,580 million at end-June 2025 (€3,425 million at end-March 2025), integrating the €3.60 per share dividend payment in May 2025 for a total amount of €272 million. The net debt and hybrid bonds to last-twelve-months EBITDA ratio stood at 2.5x. in millions of euros Q2'25 Q2'24 Change Sales 716 706 +1.4% EBITDA (a) 103 109 -5.5% EBITDA margin (a) 14.4% 15.4% Recurring operating income (REBIT) (a) 78 88 -11.4% REBIT margin (a) 10.9% 12.5% (a) Alternative performance indicator : refer to sections 6 and 8 of the consolidated financial information at the end of June 2025 available at the end of the document for reconciliation tables and definitions Expand At €716 million (€706 million in Q2'24), sales in the Adhesive Solutions segment were up 4.8% year-on-year excluding the currency effect, supported by an 8.0% positive scope effect corresponding to the acquisition of Dow's flexible packaging laminating adhesives business. Down 2.6%, volumes decreased in industrial adhesives, notably in North America, while construction grew slightly, benefiting from an improved dynamic in Asia and Europe. Prices were stable overall at negative 0.6 % and the currency effect was a negative 3.4%. In this weak demand environment, segment EBITDA amounted to €103 million (€109 million in Q2'24) and EBITDA margin held up well at 14.4% (15.4% in Q2'24), despite the 50 bps dilutive effect linked to the consolidation of Dow's laminating adhesives, reflecting notably the strict management of prices and operations. ADVANCED MATERIALS (38% OF TOTAL GROUP SALES) in millions of euros Q2'25 Q2'24 Change Sales 917 918 -0.1% EBITDA (a) 177 190 -6.8% EBITDA margin (a) 19.3% 20.7% Recurring operating income (REBIT) (a) 77 103 -25.2% REBIT margin (a) 8.4% 11.2% (a) Alternative performance indicator : refer to sections 6 and 8 of the consolidated financial information at the end of June 2025 available at the end of the document for reconciliation tables and definitions Expand Sales in the Advanced Materials segment amounted to €917 million (€918 million in Q2'24), supported by an organic growth of 3.3%. Volumes were significantly up 5.7%, with progress in most of the segment's businesses, more particularly in High Performance Polymers in Asia. They were supported by Arkema's growth in several attractive sectors such as sports, batteries, efficient buildings and 3D printing, benefiting from the Group's innovation focus. Prices were down 2.4%, reflecting mainly the evolution of certain raw materials, as well as an unfavorable geographical mix and the current market conditions in Performance Additives. Lastly, the currency effect was a negative 3.4%. At €177 million (€190 million in Q2'24), segment EBITDA was impacted essentially by the decrease in Performance Additives, while High Performance Polymers were more resilient. In this context, the EBITDA margin for the segment remained at the good level of 19.3% (20.7% in Q2'24). COATING SOLUTIONS (24% OF TOTAL GROUP SALES) in millions of euros Q2'25 Q2'24 Change Sales 565 648 -12.8% EBITDA (a) 53 91 -41.8% EBITDA margin (a) 9.4% 14.0% Recurring operating income (REBIT) (a) 22 61 -63.9% REBIT margin (a) 3.9% 9.4% (a) Alternative performance indicator : refer to sections 6 and 8 of the consolidated financial information at the end of June 2025 available at the end of the document for reconciliation tables and definitions Expand Sales in the Coating Solutions segment decreased significantly by 12.8% year-on-year to €565 million. In a weak demand environment, volumes were down 6.6%, notably in the industrial coatings and construction markets, and affected in particular by North America. The negative 3.1% price effect reflected mainly the less favorable market conditions in upstream acrylics. Lastly, the currency effect was a negative 3.1%. In this context, segment EBITDA declined sharply to €53 million (€91 million in Q2'24), reflecting low cycle margins in upstream acrylics as well as weak volumes in the segment's downstream activities, and the EBITDA margin came in at 9.4% (14.0% in Q2'24). INTERMEDIATES (8% OF TOTAL GROUP SALES) in millions of euros Q2'25 Q2'24 Change Sales 188 254 -26.0% EBITDA (a) 54 84 -35.7% EBITDA margin (a) 28.7% 33.1% Recurring operating income (REBIT) (a) 47 74 -36.5% REBIT margin (a) 25.0% 29.1% (a) Alternative performance indicator : refer to sections 6 and 8 of the consolidated financial information at the end of June 2025 available at the end of the document for reconciliation tables and definitions Expand At €188 million (€254 million in Q2'24), sales in the Intermediates segment were down sharply 26.0% compared to last year. Volumes decreased by 9.0% and prices by 6.6%, impacted essentially by refrigerant gases, which nevertheless improved compared to the first quarter. The scope effect was a negative 7.3%, corresponding to the disposal of non-strategic assets in sebacic acid in China finalized in fourth-quarter 2024. The currency effect was a negative 3.1%. At €54 million (€84 million in Q2'24), EBITDA was affected by the significant decline in refrigerant gases on last year's high comparison base but benefited from the slight growth in acrylics in China. The EBITDA margin stood at the high level of 28.7% (33.1% in Q2'24). OUTLOOK The start of the second half of the year follows the trend of recent months, within a macroeconomic environment marked by continuing weakness in demand, geopolitical uncertainties and unfavorable evolution of exchange rates relative to the euro. In this context, Arkema is focusing as a priority on the elements that are within its control, and is significantly strengthening its cost-cutting initiatives, aiming to achieve €100 million of fixed and variable cost savings over the year, i.e., double the original target. Cash will continue to receive a particular attention, notably through strict management of working capital and capital expenditures. The Group will also rely on the ramp-up of its major projects in high value-added innovative applications and in fast growing regions. Their additional EBITDA contribution is now expected to reach around €50 million in 2025 compared to 2024, with the Group also reaffirming its target of over €400 million in 2028. Furthermore, Arkema anticipates a limited direct impact from the increase in tariffs thanks to its industrial footprint close to customers in the three major regions of the world but will nevertheless remain vigilant about their indirect impact on the macroeconomic environment and the wait-and-see attitude of customers. Based on these elements, the Group now expects to achieve EBITDA of between €1.3 billion and €1.4 billion in 2025, including an unfavorable impact linked to the evolution of exchange rates of around €50 million compared to last year. Recurring cash flow should adjust accordingly to between €300 million and €400 million. Finally, beyond the short-term priorities, Arkema will also continue to implement its strategic roadmap, notably its innovation focus and the development of high-performance solutions for a less carbon-intensive and more sustainable world, in close partnership with its customers. Relying also on its balanced geographical footprint, the Group will thus reinforce its positioning and its resilience, while benefiting from numerous growth opportunities. Further details concerning the Group's second quarter 2025 results are provided in the "Second quarter 2025 results and outlook" presentation and the "Factsheet", both available on Arkema's website at: The half-year financial report for the six months ended 30 June 2025 is available on the Group's website ( under Investors/Financials/Financial results. FINANCIAL CALENDAR 7 November 2025: Publication of third-quarter 2025 results 26 February 2026: Publication of full-year 2025 results DISCLAIMER The information disclosed in this press release may contain forward-looking statements with respect to the financial position, results of operations, business and strategy of Arkema. In a context of significant geopolitical tensions, where the outlook for the global economy remains uncertain, the retained assumptions and forward-looking statements could ultimately prove inaccurate. Such statements are based on management's current views and assumptions that could ultimately prove inaccurate and are subject to risk factors such as changes in raw materials prices, currency fluctuations, and the pace at which cost-reduction projects are implemented, escalating geopolitical tensions, and changes in general economic and financial conditions. Arkema does not assume any liability to update such forward-looking statements whether as a result of any new information or any unexpected event or otherwise. Further information on factors which could affect Arkema's financial results is provided in the documents filed with the French Autorité des marchés financiers. Balance sheet, income statement and cash flow statement data, as well as data relating to the statement of changes in shareholders' equity and information by segment included in this press release are extracted from the condensed consolidated interim financial statements at 30 June 2025, as approved by Arkema's Board of Directors on 30 July 2025. Quarterly financial information is not audited. Information by segment is presented in accordance with Arkema's internal reporting system used by management. Definitions and concordance tables for the main alternative performance indicators used by the Group are provided in Notes 6 and 8 to the consolidated financial information at the end of June 2025 provided at the end of this document. For the purpose of tracking changes in its results, and particularly its sales figures, the Group analyzes the following effects (unaudited analyses): scope effect: the impact of changes in the Group's scope of consolidation, which arise from acquisitions and divestments of entire businesses or as a result of the first-time consolidation or deconsolidation of entities. Increases or reductions in capacity are not included in the scope effect; currency effect: the mechanical impact of consolidating accounts denominated in currencies other than the euro at different exchange rates from one period to another. The currency effect is calculated by applying the foreign exchange rates of the prior period to the figures for the period under review; price effect: the impact of changes in average selling prices is estimated by comparing the weighted average net unit selling price of a range of related products in the period under review with their weighted average net unit selling price in the prior period, multiplied, in both cases, by the volumes sold in the period under review; and volume effect: the impact of changes in volumes is estimated by comparing the quantities delivered in the period under review with the quantities delivered in the prior period, multiplied, in both cases, by the weighted average net unit selling price in the prior period. Building on its unique set of expertise in materials science, Arkema offers a portfolio of first-class technologies to address ever-growing demand for new and more sustainable materials. With the ambition to become a pure player in Specialty Materials in 2024, the Group is structured into three complementary, resilient and highly innovative segments dedicated to Specialty Materials - Adhesive Solutions, Advanced Materials, and Coating Solutions - accounting for some 92% of Group sales in 2024, and a well-positioned and competitive Intermediates segment. Arkema offers cutting-edge technological solutions to meet the challenges of, among other things, new energies, access to water, recycling, urbanization and mobility, and fosters a permanent dialogue with all its stakeholders. The Group reported sales of around €9.5 billion in 2024 and operates in some 55 countries with 21,150 employees worldwide. ARKEMA financial statements Consolidated financial information - At the end of June 2025 Half-year information is subject to a limited review by auditors. Consolidated financial statements as of December 2024 have been audited. 2. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 2 nd quarter 2025 2 nd quarter 2024 (In millions of euros) Net income 47 149 Hedging adjustments 11 12 Other items 0 0 Deferred taxes on hedging adjustments and other items 0 0 Change in translation adjustments (320) 14 Other recyclable comprehensive income (309) 26 Impact of remeasuring unconsolidated investments 0 (1) Actuarial gains and losses 3 5 Deferred taxes on actuarial gains and losses (1) (1) Other non-recyclable comprehensive income 2 3 Total other comprehensive income (307) 29 Total comprehensive income (260) 178 Attributable to non-controlling interest (1) (1) Total comprehensive income - Group share (259) 179 End of June 2025 End of June 2024 (In millions of euros) Net income 97 229 Hedging adjustments 21 (3) Other items 0 0 Deferred taxes on hedging adjustments and other items 0 0 Change in translation adjustments (522) 71 Other recyclable comprehensive income (501) 68 Impact of remeasuring unconsolidated investments (1) (1) Actuarial gains and losses 11 18 Deferred taxes on actuarial gains and losses (1) (4) Other non-recyclable comprehensive income 9 13 Total other comprehensive income (492) 81 Total comprehensive income (395) 310 Attributable to non-controlling interest (17) (6) Total comprehensive income - Group share (378) 316 Expand 3. CONSOLIDATED CASH FLOW STATEMENT End of June 2025 End of June 2024 (In millions of euros) Net income 97 229 Depreciation, amortization and impairment of assets 404 382 Other provisions and deferred taxes (4) 23 (Gains)/Losses on sales of long-term assets 0 4 Undistributed affiliate equity earnings 0 3 Change in working capital (231) (279) Other changes 9 18 Cash flow from operating activities 275 380 Intangible assets and property, plant, and equipment additions (240) (269) Change in fixed asset payables (107) (50) Acquisitions of operations, net of cash acquired — (29) Increase in long-term loans (30) (55) Total expenditures (377) (403) Proceeds from sale of intangible assets and property, plant and equipment 3 3 Change in fixed asset receivables 8 (2) Proceeds from sale of operations, net of cash transferred — — Repayment of long-term loans 20 16 Total divestitures 31 17 Cash flow from investing activities (346) (386) Issuance/(Repayment) of shares and paid-in surplus — — Acquisition/sale of treasury shares (27) (14) Issuance of hybrid bonds 399 399 Redemption of hybrid bonds — — Dividends paid to parent company shareholders (272) (261) Interest paid to bearers of subordinated perpetual notes (24) (5) Dividends paid to non-controlling interests and buyout of minority interests (3) (1) Increase in long-term debt 11 3 Decrease in long-term debt (67) (750) Increase / (Decrease) in short-term debt (718) 685 Cash flow from financing activities (701) 56 Net increase/(decrease) in cash and cash equivalents (772) 50 Effect of exchange rates and changes in scope 70 (1) Cash and cash equivalents at beginning of period 2,013 2,045 Cash and cash equivalents at end of the period 1,311 2,094 Expand 4. CONSOLIDATED BALANCE SHEET 31 December 2024 (In millions of euros) ASSETS Goodwill 2,898 3,071 Other intangible assets, net 2,194 2,373 Property, plant and equipment, net 3,902 4,227 Investments in equity affiliates 10 11 Other investments 48 50 Deferred tax assets 139 155 Other non-current assets 316 327 TOTAL NON-CURRENT ASSETS 9,507 10,214 Inventories 1,309 1,348 Accounts receivable 1,435 1,312 Other receivables and prepaid expenses 216 201 Income taxes recoverable 103 101 Current financial derivative assets 35 20 Cash and cash equivalents 1,311 2,013 Assets held for sale — — TOTAL CURRENT ASSETS 4,409 4,995 TOTAL ASSETS 13,916 15,209 LIABILITIES AND SHAREHOLDERS' EQUITY Share capital 761 761 Paid-in surplus and retained earnings 6,678 6,439 Treasury shares (49) (22) Translation adjustments (156) 348 SHAREHOLDERS' EQUITY - GROUP SHARE 7,234 7,526 Non-controlling interests 216 235 TOTAL SHAREHOLDERS' EQUITY 7,450 7,761 Deferred tax liabilities 412 435 Provisions for pensions and other employee benefits 361 391 Other provisions and non-current liabilities 433 456 Non-current debt 3,644 3,680 TOTAL NON-CURRENT LIABILITIES 4,850 4,962 Accounts payable 935 1,074 Other creditors and accrued liabilities 429 424 Income tax payables 89 82 Current financial derivative liabilities 16 32 Current debt 147 874 Liabilities associated with assets held for sale — — TOTAL CURRENT LIABILITIES 1,616 2,486 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 13,916 15,209 Expand 5. CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY Shares issued Treasury shares Shareholders' equity - Group share Non-controlling interests Shareholders' equity (In millions of euros) Number Amount Paid-in surplus Hybrid bonds Retained earnings Translation adjustments Number Amount At 1 st January 2025 76,060,831 761 1,117 700 4,622 348 (257,160) (22) 7,526 235 7,761 Cash dividend — — — — (296) — — — (296) (6) (302) Issuance of share capital — — — — — — — — — — — Capital reduction by cancellation of treasury shares — — — — — — — — — — — Acquisition/sale of treasury shares — — — — — — (378,429) (27) (27) — (27) Grants of treasury shares to employees — — — — 0 — 109 0 0 — 0 Share-based payments — — — — 10 — — — 10 — 10 Issuance of hybrid bonds — — — 400 (1) — — — 399 — 399 Redemption of hybrid bonds — — — — — — — — — — — Other — — — — 0 — — — 0 4 4 Transactions with shareholders — — — 400 (287) — (378,320) (27) 86 (2) 84 Net income — — — — 96 — — — 96 1 97 Total income and expense recognized directly through equity — — — — 30 (504) — — (474) (18) (492) Total comprehensive income — — — — 126 (504) — — (378) (17) (395) At 30 June 2025 76,060,831 761 1,117 1,100 4,461 (156) (635,480) (49) 7,234 216 7,450 Expand 6. ALTERNATIVE PERFORMANCE INDICATORS The Group uses performance indicators that are not directly defined in the consolidated financial statements under IFRS and which are used as monitoring and analysis tools. The purpose of these indicators is to provide additional information to illustrate the Group's financial performance and its various activities, notably by eliminating exceptional or non-recurring items in certain cases, to ensure period-on-period comparability. In some cases, the indicators may also provide a consistent basis for comparison with the financial performance of our peers. A reconciliation with the aggregates of the IFRS consolidated financial statements is presented in this note. RECURRING OPERATING INCOME (REBIT) AND EBITDA (In millions of euros) End of June 2025 End of June 2024 2 nd quarter 2025 2 nd quarter 2024 OPERATING INCOME 219 352 117 217 - Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses (70) (75) (34) (37) - Other income and expenses (69) (77) (47) (48) RECURRING OPERATING INCOME (REBIT) 358 504 198 302 - Recurring depreciation and amortization of property, plant and equipment and intangible assets (335) (297) (166) (149) EBITDA 693 801 364 451 Details of depreciation and amortization of property, plant and equipment and intangible assets: (In millions of euros) End of June 2025 End of June 2024 2 nd quarter 2025 2 nd quarter 2024 Depreciation and amortization of property, plant and equipment and intangible assets (404) (382) (199) (193) Of which: Recurring depreciation and amortization of property, plant and equipment and intangible assets (335) (297) (166) (149) Of which: Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses (70) (75) (34) (37) Of which: Impairment included in other income and expenses 1 (10) 1 (7) ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE (In millions of euros) End of June 2025 End of June 2024 2 nd quarter 2025 2 nd quarter 2024 NET INCOME - GROUP SHARE 96 224 47 145 - Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses (70) (75) (34) (37) - Other income and expenses (69) (77) (47) (48) - Other income and expenses attributable to non-controlling interests — — — — - Taxes on depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses 16 16 8 7 - Taxes on other income and expenses 6 12 4 11 - One-time tax effects (4) (4) (2) (2) ADJUSTED NET INCOME 217 352 118 214 Weighted average number of ordinary shares 75,597,121 74,748,618 Weighted average number of potential ordinary shares 75,987,210 75,043,514 ADJUSTED EARNINGS PER SHARE (in euros) 2.87 4.71 1.56 2.87 DILUTED ADJUSTED EARNINGS PER SHARE (in euros) 2.86 4.69 1.56 2.85 RECURRING CAPITAL EXPENDITURE (In millions of euros) End of June 2025 End of June 2024 2 nd quarter 2025 2 nd quarter 2024 INTANGIBLE ASSETS AND PROPERTY, PLANT, AND EQUIPMENT ADDITIONS 240 269 151 170 - Exceptional capital expenditure — — — — - Investments relating to portfolio management operations — — — — - Capital expenditure with no impact on net debt — — — — RECURRING CAPITAL EXPENDITURE 240 269 151 170 CASH FLOWS (In millions of euros) End of June 2025 End of June 2024 2 nd quarter 2025 2 nd quarter 2024 Cash flow from operating activities 275 380 253 295 + Cash flow from investing activities (346) (386) (164) (198) NET CASH FLOW (71) (6) 89 97 - Net cash flow from portfolio management operations (7) (41) (2) (20) FREE CASH FLOW (64) 35 91 117 - Exceptional capital expenditure — — — — - Non-recurring cash flow (37) (37) (20) (15) RECURRING CASH FLOW (27) 72 111 132 - Recurring capital expenditure (240) (269) (151) (170) OPERATING CASH FLOW 213 341 262 302 Expand NET DEBT (In millions of euros) End of June 2025 End of December 2024 Non-current debt 3,644 3,680 + Current debt 147 874 - Cash and cash equivalents 1,311 2,013 NET DEBT 2,480 2,541 + Hybrid bonds 1,100 700 NET DEBT AND HYBRID BONDS 3,580 3,241 Last twelve months EBITDA 1,424 1,532 NET DEBT AND HYBRID BONDS TO EBITDA RATIO 2.5 2.1 WORKING CAPITAL (In millions of euros) End of June 2025 End of December 2024 Inventories 1,309 1,348 + Accounts receivable 1,435 1,312 + Other receivables including income taxes recoverable 319 302 + Current financial derivative assets 35 20 - Accounts payable (operating suppliers) 935 1,074 - Other liabilities including income taxes 518 506 - Current financial derivative liabilities 16 32 WORKING CAPITAL 1,629 1,370 CAPITAL EMPLOYED (In millions of euros) End of June 2025 End of December 2024 Goodwill, net 2,898 3,071 + Intangible assets (excluding goodwill), and property, plant and equipment, net 6,096 6,600 + Investments in equity affiliates 10 11 + Other investments and other non-current assets 364 377 + Working capital 1,629 1,370 CAPITAL EMPLOYED 10,997 11,429 Expand 7. INFORMATION BY SEGMENT 2 nd quarter 2025 (In millions of euros) Adhesive Solutions Advanced Materials Coating Solutions Intermediates Corporate Total Sales 716 917 565 188 9 2,395 EBITDA (a) 103 177 53 54 (23) 364 Recurring depreciation and amortization of property, plant and equipment and intangible assets (a) (25) (100) (31) (7) (3) (166) Recurring operating income (REBIT) (a) 78 77 22 47 (26) 198 Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses (24) (9) (1) — — (34) Other income and expenses (9) (33) — 3 (8) (47) Operating income 45 35 21 50 (34) 117 Equity in income of affiliates — 0 — — — 0 Intangible assets and property, plant, and equipment additions 16 71 53 6 5 151 Of which: recurring capital expenditure (a) 16 71 53 6 5 151 2 nd quarter 2024 (In millions of euros) Adhesive Solutions Advanced Materials Coating Solutions Intermediates Corporate Total Sales 706 918 648 254 10 2,536 EBITDA (a) 109 190 91 84 (23) 451 Recurring depreciation and amortization of property, plant and equipment and intangible assets (a) (21) (87) (30) (10) (1) (149) Recurring operating income (REBIT) (a) 88 103 61 74 (24) 302 Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses (26) (10) (1) — — (37) Other income and expenses (11) (28) 0 (1) (8) (48) Operating income 51 65 60 73 (32) 217 Equity in income of affiliates — (1) — — — (1) Intangible assets and property, plant, and equipment additions 16 113 28 4 9 170 Of which: recurring capital expenditure (a) 16 113 28 4 9 170 (a) Alternative performance indicator: refer to sections 6 and 8 for reconciliation tables and definitions. Expand 7. INFORMATION BY SEGMENT End of June 2025 (In millions of euros) Adhesive Solutions Advanced Materials Coating Solutions Intermediates Corporate Total Sales 1,431 1,811 1,172 345 17 4,776 EBITDA (a) 202 351 111 78 (49) 693 Recurring depreciation and amortization of property, plant and equipment and intangible assets (a) (51) (197) (63) (15) (9) (335) Recurring operating income (REBIT) (a) 151 154 48 63 (58) 358 Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses (49) (18) (3) — — (70) Other income and expenses (19) (43) — 3 (10) (69) Operating income 83 93 45 66 (68) 219 Equity in income of affiliates — 0 0 0 — — — 0 0 Intangible assets and property, plant, and equipment additions 26 121 76 7 10 240 Of which: recurring capital expenditure (a) 26 121 76 7 10 240 End of June 2024 (In millions of euros) Adhesive Solutions Advanced Materials Coating Solutions Intermediates Corporate Total Sales 1,386 1,796 1,263 412 20 4,877 EBITDA (a) 214 352 166 123 (54) 801 Recurring depreciation and amortization of property, plant and equipment and intangible assets (a) (44) (169) (61) (20) (3) (297) Recurring operating income (REBIT) (a) 170 183 105 103 (57) 504 Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses (53) (19) (3) — — (75) Other income and expenses (16) (51) 0 (1) (9) (77) Operating income 101 113 102 102 (66) 352 Equity in income of affiliates — (2) — — — (2) Intangible assets and property, plant, and equipment additions 27 176 43 11 12 269 Of which: recurring capital expenditure (a) 27 176 43 11 12 269 (a) Alternative performance indicator: refer to sections 6 and 8 for reconciliation tables and definitions. Expand 8. DEFINITIONS OF ALTERNATIVE PERFORMANCE INDICATORS Recurring depreciation and amortization of property, plant and equipment and intangible assets This alternative performance indicator corresponds to depreciation, amortization and impairment of property, plant and equipment and intangible assets before taking into account: depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses, and impairment included in other income and expenses. The indicator facilitates period-to-period comparisons by eliminating non-recurring items. Working capital This alternative performance indicator corresponds to the net amount of current assets and liabilities relating to operating activities, capital expenditure and financing activities. It reflects the Group's short-term financing requirements resulting from cash flow timing differences between outflows and inflows relating to operating activities. Capital employed This alternative performance indicator corresponds to the sum of the following: the net book value of goodwill, the net book value of intangible assets (excluding goodwill) and property, plant and equipment, the amount of investments in equity affiliates, the amount of other investments and other non-current assets, and working capital. Capital employed is used to analyze the amount of capital invested by the Group to conduct its business. Adjusted capital employed This alternative performance indicator corresponds to capital employed adjusted for divestments and acquisitions, to ensure consistency between the numerator and denominator items used to calculate ROCE. In the case of an announced divestment of a business announced and not finalized by 31 December, the operating income of this business remains consolidated in the income statement, and is therefore included in the calculation of REBIT, whereas items relating to capital employed are classified as assets/liabilities held for sale and are therefore excluded from the calculation of capital employed. To ensure consistency between the numerator and denominator items used to calculate ROCE, capital employed at 31 December is increased by the capital employed relating to the business being sold. When an acquisition is finalized during the year, operating results are only consolidated in the income statement from the date of acquisition, and not for the full year, while capital employed is recognized in full at 31 December. When the acquisition has not generated a material contribution to the year's earnings, in order to ensure consistency between the numerator and denominator items used to calculate ROCE, capital employed at 31 December is reduced by the capital employed relating to the acquired business, unless they are considered as not material. Net debt This alternative performance indicator corresponds to the sum of current and non-current debt less cash and cash equivalents. Net debt and hybrid bonds This alternative performance indicator corresponds to the amount of net debt and hybrid bonds. Net debt and hybrid bonds to EBITDA ratio This alternative performance indicator corresponds to the ratio of net debt and hybrid bonds to EBITDA. The indicator measures the level of debt in relation to the Group's operating performance, and provides a consistent basis for comparison with our peers. Earnings Before Interest Taxes Depreciation & Amortization (EBITDA) The IFRS item most similar to this alternative performance indicator is operating income. The indicator corresponds to operating income before taking into account: recurring depreciation and amortization of property, plant and equipment and intangible assets, other income and expenses, and depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses. This indicator is used to assess the Group's operating profitability and its ability to generate operating cash flow before changes in working capital, capital expenditure and cash flow from financing and tax expenses. It also facilitates period-to-period comparisons by eliminating non-recurring items, and provides a consistent basis for comparison with our peers. Recurring cash flow This alternative performance indicator corresponds to free cash flow excluding non-recurring or exceptional items, i.e., non-recurring cash flow and exceptional capital expenditure. The indicator enables period-to-period comparisons by eliminating the impact of exceptional or non-recurring items and portfolio management, and provides a consistent basis for comparison with our peers. It is used to assess the Group's ability to generate cash to finance its shareholder returns, non-recurring or exceptional items and acquisitions. Free cash flow This alternative performance indicator corresponds to net cash flow before taking into account net cash flow from portfolio management operations. It enables period-to-period comparisons by eliminating portfolio management, and provides a consistent basis for comparison with our peers. Net cash flow This alternative performance indicator corresponds to the sum of two IFRS items, cash flow from operations and cash flow from net investments. It provides an estimate of Group cash flow before changes in cash flow from financing activities. Net cash flow from portfolio management operations This alternative performance indicator corresponds to cash flows from acquisitions and divestments as described in notes 3.2.2 'Acquisitions during the year' and 3.3 'Business divestments'. Non-recurring cash flow This alternative performance indicator corresponds to cash flow from other income and expenses, as described in note 6.1.5 'Other income and expenses'. Operating cash flow This alternative performance indicator corresponds to free cash flow before taking into account intangible assets and property, plant and equipment additions, adjusted for non-recurring cash flows. It is used to assess the Group's ability to generate cash to finance its intangible assets and property, plant and equipment additions, shareholder returns and acquisitions. It corresponds to and replaces the "Operating cash flow" indicator defined at the Capital Markets Day on 27 September 2023. Recurring capital expenditure The IFRS item most similar to this alternative performance indicator is intangible assets and property, plant and equipment additions. Recurring capital expenditure includes all intangible assets and property, plant and equipment additions, adjusted for exceptional capital expenditure, investments linked to portfolio management operations and investments with no impact on net debt (financed by third parties). This indicator enables period-to-period comparisons by eliminating exceptional items, and provides a consistent basis for comparison with our peers. Exceptional capital expenditure Alternative performance indicator corresponding to a very limited number of capital expenditure items for major development projects that the Group presents separately in its financial communication due to their size and nature. REBIT margin This alternative performance indicator corresponds to the recurring operating income (REBIT) to sales ratio. It facilitates period-to-period comparisons by eliminating non-recurring items, and provides a consistent basis for comparison with our peers. EBITDA margin This alternative performance indicator corresponds to the EBITDA to sales ratio. It facilitates period-to-period comparisons by eliminating non-recurring items, and provides a consistent basis for comparison with our peers. It is also one of the financial performance criteria linked to performance share plans. Recurring operating income (REBIT) The IFRS item most similar to this alternative performance indicator is operating income. The indicator corresponds to operating income before taking into account: depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses, and other income and expenses. The indicator assesses the Group's operating profitability before tax and excluding non-recurring items, whatever the financing structure, since it does not take into account financial result. It facilitates period-to-period comparisons by eliminating non-recurring items, and provides a consistent basis for comparison with our peers. Adjusted net income The IFRS item most similar to this alternative performance indicator is net income – Group share. This indicator corresponds to net income – Group share before non-recurring items. Exceptional or non-recurring items correspond to: other income and expenses, net of applicable taxes, depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses, net of applicable taxes, and one-time tax effects unrelated to other income and expenses and relating to events that are exceptional in terms of frequency and amount, such as the recognition or impairment of deferred tax assets, or the impact of a change in tax rates on deferred taxes. This indicator enables us to assess the Group's profitability by taking account of not only operating items, but also the Group's financing structure and income taxes. It facilitates period-to-period comparisons by eliminating non-recurring items, and provides a consistent basis for comparison with our peers. Adjusted earnings per share This alternative performance indicator is calculated by dividing adjusted net income for the period by the weighted average number of ordinary shares outstanding during the period. Diluted adjusted earnings per share This alternative performance indicator corresponds to earnings per share adjusted for the dilutive effect of all potential ordinary shares. It is calculated by dividing adjusted net income for the period by the weighted average number of potential ordinary shares outstanding during the period. Return on capital employed (ROCE) This alternative performance indicator corresponds to the ratio of recurring operating income (REBIT) for the period to capital employed at the end of the period. It is used to assess the profitability of capital expenditure over time. Return on adjusted capital employed This alternative performance indicator corresponds to the ratio of recurring operating income (REBIT) for the period to the adjusted capital employed at the end of the period. It is used to assess the profitability of capital expenditure over time, by adjusting items relating to capital employed acquired during the period or in the course of disposal to bring them into line with the items used in REBIT. EBITDA to cash conversion rate This alternative performance indicator corresponds to the ratio of recurring cash flow to EBITDA. The indicator is used to assess the Group's ability to generate cash to finance, in particular, returns to shareholders, exceptional capital expenditure and acquisitions. This alternative performance indicator corresponds to the ratio of operating cash flow to EBITDA. The indicator provides a consistent basis for comparison between periods and with our peers, whatever the growth strategy adopted, whether external growth through acquisitions or internal growth through capital expenditure. It is also one of the financial performance criteria linked to performance share plans. It corresponds to and replaces the "Operating cash conversion rate" indicator defined at the Capital Markets Day on 27 September 2023.
Hamilton Spectator
4 hours ago
- Hamilton Spectator
Ipsen delivers strong results in the first half of 2025 and upgrades its full-year guidance
PARIS, FRANCE, 31 July 2025 - Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-care biopharmaceutical company, today presents its financial results for the first half of 2025. 'Our half year results reflect continued strong momentum, with growth across all three therapeutic areas, particularly in our rare liver disease franchise, which is expanding rapidly and progressing well,' said David Loew, Chief Executive Officer, Ipsen. 'Building on that performance, I am pleased to increase our full year guidance in terms of sales and profitability.' 'I'm also delighted to report robust progression in our pipeline and portfolio, including the recent European Commission approval of Cabometyx® in advanced neuroendocrine tumors, an area where Ipsen has a strong legacy. In the second half of the year, we are anticipating the readout of our pivotal study of fidrisertib in fibrodysplasia ossificans progressiva and the proof-of-concept trial of our long-acting neurotoxin in aesthetics. Our focused strategy, our culture of excellence in execution and our commitment to science with purpose position us to provide a positive impact for patients and society.' Full-year 2025 guidance Based on the strong performance in the first half, Ipsen upgrades its financial guidance for 2025: Guidance includes a negative impact on Somatuline sales due to a potential increased generic competition in the U.S. and Europe. It excludes any impact from potential late-stage (Phase III clinical development or later) business development transactions. Pipeline update since Q1 2025 In May 2025, Ipsen presented data on Iqirvo® (elafibranor) from the Phase II ELMWOOD study at the European Association for the Study of the Liver congress. It showed a favorable safety profile and demonstrated dose-dependent efficacy over 12 weeks for people living with PSC5, a rare liver disease with no approved treatment options. In June 2025, Ipsen initiated a Phase II study of LANT (IPN10200), in cervical dystonia. This marked the fourth study in the global long-acting neurotoxin development plan in therapeutics and aesthetics indications. On 23 July 2025, Ipsen received European Commission approval for Cabometyx® (cabozantinib) in previously treated advanced neuroendocrine tumors. This approval was based on positive outcomes from the Phase III CABINET trial. Consolidated financial statements The Board of Directors approved the condensed consolidated financial statements on 30 July 2025. The Company's auditors performed a limited review of the H1 2025 condensed consolidated financial statements. The interim financial report, with regards to the regulated information, will be available on in due course, under the Reports and Accounts tab in the Investor Relations section. Conference call A conference call and webcast for investors and analysts will begin today at 1pm CET. Participants can access the call and its details by registering here ; webcast details can be found here . Calendar Ipsen intends to publish its year-to-date and third-quarter sales update on 22 October 2025. Notes All financial figures are in € millions (€m). The performance shown in this announcement covers the six-month period to 30 June 2025 (H1 2025) and the three-month period to 30 June 2025 (Q2 2025), compared to the six-month period to 30 June 2024 (H1 2024) and the three-month period to 30 June 2024 (H1 2024), respectively, unless stated otherwise. Commentary is based on the performance in H1 2025, unless stated otherwise. ABOUT IPSEN We are a global biopharmaceutical company with a focus on bringing transformative medicines to patients in three therapeutic areas: Oncology, Rare Disease and Neuroscience. Our pipeline is fueled by external innovation and supported by nearly 100 years of development experience and global hubs in the U.S., France and the U.K. Our teams in more than 40 countries and our partnerships around the world enable us to bring medicines to patients in more than 80 countries. Ipsen is listed in Paris (Euronext: IPN) and in the U.S. through a Sponsored Level I American Depositary Receipt program (ADR: IPSEY). For more information, visit . IPSEN CONTACTS Investors Khalid Deojee +33 6 66 01 95 26 Media Sally Bain +1 857 32 00 517 Anne Liontas +33 7 67 34 72 96 1 At constant exchange rates (CER), which exclude any foreign-exchange impact by recalculating the performance for the relevant period by applying the exchange rates used for the prior period. 2 Excluding any impact from potential late-stage (Phase III clinical development or later) external-innovation transactions. 3 Long-acting neurotoxin. 4 Fibrodysplasia ossificans progressiva. 5 Primary sclerosing cholangitis Attachment
Hamilton Spectator
11 hours ago
- Hamilton Spectator
Badger Infrastructure Solutions Ltd. Delivers Double Digit Growth in 2025 Second Quarter Revenue, Adjusted EBITDA and Adjusted Net Earnings
CALGARY, Alberta, July 30, 2025 (GLOBE NEWSWIRE) — Badger Infrastructure Solutions Ltd. ('Badger', the 'Company', 'we', 'our' or 'us') (TSX:BDGI) reported second quarter results today. All results are presented in U.S. dollars unless otherwise stated. 'In the second quarter, we built on the strong momentum from Q1, delivering revenue growth of 11% to $208.2 million. Adjusted EBITDA increased 18% year-over-year, reflecting our continued attention on margin expansion and profitability. These results underscore the successful execution of our business strategies focused on supporting our customers' growing demand across our diverse range of end markets.' said Rob Blackadar, President & Chief Executive Officer. 'With the busy construction season well underway, we are maximizing revenue and fleet utilization through disciplined pricing and targeted sales efforts. Year-to-date, we've grown revenue by 9%, Adjusted EBITDA by 17%, and Adjusted net earnings per share by 32%. This performance is a testament to the strength of our field team's ability to deliver safe, efficient and reliable services. Badger remains well positioned as North America's leading provider of non-destructive excavation services, supporting long-term growth.' FINANCIAL HIGHLIGHTS (1) 'Adjusted EBITDA', 'Adjusted EBITDA per share', 'Adjusted EBITDA margin', 'Adjusted net earnings', 'Adjusted net earnings per share', 'Compliance EBITDA', 'Total debt' and 'RPT' are not standardized financial measures prescribed by IFRS® Accounting Standards ('IFRS') and may not be comparable to similar measures presented by other companies or entities. See 'Non-IFRS Financial Measures' and p.15-18 of the Management's Discussion and Analysis for the year ended December 31, 2024 (the 'Annual MD&A) for additional detail on the definition and calculation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings, Compliance EBITDA and Total debt. See 'Key Financial Metrics and Other Operational Metrics' and p.13 of the Annual MD&A for additional details on RPT. Per share, basic and diluted measures are calculated by dividing the financial measure with the weighted average common shares outstanding for the period. . (2) Effective January 31, 2025, the Company changed the reporting segment disclosure to one consolidated segment. As a result, RPT is presented as a consolidated total in U.S. dollars. Comparative periods were restated to reflect the change. (3) See 'Share Capital' in the Company's Management's Discussion and Analysis ('MD&A') for the three and six months ended June 30, 2025 and 2024 for additional details and Note 12 of the Company's interim condensed consolidated financial statements for the three and six months ended June 30, 2025 and 2024 for additional details on the changes to share capital. For the remainder of 2025, we see continued opportunities for growth, particularly in the U.S.. Accordingly, Badger's focus remains unchanged. We will continue to leverage our customer relationships through our Sales and National Account strategies to drive higher activity levels across our broad branch network, capturing more density in major markets. Further, we are increasingly focused on our operating efficiency and leveraging our overhead support functions. Badger is focused on fleet management and utilization opportunities to support its organic growth and will continue to leverage its vertically integrated manufacturing capabilities. Our planned investments in our hydrovac fleet remain unchanged, with planned growth of 4% to 7% in 2025. Together with our programs to capture pricing opportunities, the capacity in our current fleet and our disciplined 2025 capital program, Badger is well positioned to meet our growing customer needs. (1) Total capital spend includes the cost to manufacture new hydrovacs, refurbishments, ancillary equipment and other capital projects and does not include the potential impact of tariffs or retaliatory tariffs. Badger continues to manage its financial leverage. We have capacity to continue investing in the business to grow organically. We intend to renew our NCIB, maintaining our ability to make opportunistic share purchases in addition to returning capital to our shareholders through dividends. Badger Infrastructure Solutions Ltd. (TSX:BDGI) is North America's largest provider of non-destructive excavating and related services. Badger works for contractors and facility owners in a broad range of infrastructure industries and in general commercial construction. Badger's customers typically operate near high concentrations of underground power, communication, water, gas and sewer lines, where safety and economic risks are high and where non-destructive excavation provides a safe alternative for certain customer excavation requirements. The Company's key technology is the Badger HydrovacTM, which is used primarily for safe excavation around critical infrastructure and in congested underground conditions. The Badger Hydrovac uses a pressurized water stream to liquify the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. Badger is unique in the non-destructive excavation industry because it designs and manufactures all of its hydrovac units at its plant in Red Deer, Alberta, which has an annual production capacity of more than 350 hydrovac units. The Company has a refurbishment program to extend the service life of certain units when it is financially prudent to do so based on the condition of the unit at the end of its normal useful life. To complement the Badger Hydrovac and extend the Company's service offerings, the Company has a select number of specialty units, mainly combo trucks, sewer and flusher units, and airvacs. A conference call and webcast for investors, analysts and brokers to discuss the 2025 second quarter results is scheduled for 7:00 a.m. MT on Thursday, July 31 2025. To join the call and ask a question during the live questions and answers session, or to join the call with audio only: ses/8jbOzr1-z8bKOSf0OBqnLA~~ . Badger's second quarter 2025 MD&A and interim condensed consolidated financial statements for the three and six months ended June 30, 2025, along with all Badger's previous public filings may be found on SEDAR+ at . This press release contains references to certain financial measures, including some that do not have any standardized meaning prescribed by IFRS and that may not be comparable to similar measures presented by other companies or entities. These financial measures are identified and defined below. See 'Non-IFRS Financial Measures' in the Company's Annual MD&A for detailed reconciliations of non-IFRS financial measures. 'Adjusted EBITDA' is earnings before interest, taxes, depreciation and amortization, share-based compensation, gains and losses on derivative instruments, gains and losses on sale of property, plant and equipment and right of use assets, and gains and losses on foreign exchange. Adjusted EBITDA is a measure of the Company's operating profitability and is therefore useful to management and investors as it provides improved continuity with respect to the comparison of operating results over time. Adjusted EBITDA provides an indication of the results generated by the Company's principal business activities prior to how these activities are financed, the results are taxed in various jurisdictions and assets are amortized. In addition, Adjusted EBITDA excludes gains and losses on sale of property, plant and equipment and right of use assets as these gains and losses are considered incidental and secondary to the principal business activities, gains and losses on foreign exchange as such gains and losses can vary significantly based on factors beyond the Company's control; and share-based compensation and gains and losses on derivative instruments as these expenses can vary significantly with changes in the price of the Company's common shares. 'Adjusted EBITDA margin' is Adjusted EBITDA as defined above, expressed as a percentage of revenues. 'Adjusted net earnings' is net earnings adjusted for share-based compensation, gains and losses on derivative instruments, gains and losses on sale of property, plant and equipment and right of use assets, and gains and losses on foreign exchange, tax impacted using the effective tax rate. 'Revenue per truck per month' ('RPT') is a measure of non-destructive excavation fleet utilization. It is calculated using non-destructive excavation revenue only. RPT is calculated on a consolidated basis by dividing non-destructive excavation revenue only, in the Company's reporting currency, by the average number of non-destructive excavation units in service in the Company during the period. See 'Key Financial Metrics and Other Operational Metrics' on page 11 of the Company's 2025 second quarter MD&A for additional details on RPT. Certain statements and information contained in this press release and other continuous disclosure documents of the Company referenced herein, including statements and information that contain words such as 'could', 'should', 'can', 'anticipate', 'expect', 'believe', 'will', 'may', 'continue', 'position to', 'focus on', 'grow', 'intend', 'plans' and similar expressions relating to matters that are not historical facts, constitute 'forward-looking information' within the meaning of applicable Canadian securities legislation. These statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and information. The Company believes the expectations reflected in such forward-looking statements and information are reasonable, but no assurance can be given that these expectations will prove to be correct. Such forward-looking statements and information included in this press release should not be unduly relied upon. These forward-looking statements and information speak only as of the date of this press release. In particular, forward-looking information and statements in this press release include, but are not limited to the following: The forward-looking information and statements made in this press release rely on certain expected economic conditions and overall demand for Badger's services and are based on certain assumptions. The assumptions used to generate this forward-looking information and statements are, among other things, that: Risks and other uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements include, but are not limited to: political and economic conditions; industry competition; price fluctuations for oil and natural gas and related products and services; Badger's ability to attract and retain key personnel; the availability of future debt and equity financing; changes in laws or regulations, including taxation and environmental regulations which may adversely impact the labour supply and operating costs of Badger; extreme or unsettled weather patterns; and fluctuations in foreign exchange or interest rates. Readers are cautioned that the foregoing factors are not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results is included in reports on file with securities regulatory authorities in Canada and may be accessed through the SEDAR+ website ( or at the Company's website. The forward-looking statements and information contained in this press release are expressly qualified by this cautionary statement. The Company does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Source: Badger Infrastructure Solutions Ltd.
