New West Public Affairs Welcomes Dr. Ian Brodie as Senior Advisor
Brodie brings to New West a remarkable depth of experience at the highest levels of politics, academia, and public policy. A former Chief of Staff to Prime Minister Stephen Harper, Brodie has advised on some of the most significant policy, political, and governance decisions of the past two decades. He also spent four years working with the InterAmerican Development Bank based in Washington, DC. His understanding of Canadian political institutions, legislative strategy, and strategic communications will be a tremendous asset to New West clients.
'Ian's strategic insight, academic pedigree, and public service experience are unique,' said Monte Solberg, CEO of New West Public Affairs. 'He combines experience as a researcher and academic expert with decades of expertise as a political adviser at the highest levels in Canada.'
Currently a professor of political science at the University of Calgary, a fellow at the Centre for Military, Security and Strategic Studies, and program Director at the Canadian Global Affairs Institute, Brodie's work focuses on public administration, political leadership, and institutional reform. His bestselling 2019 book
At the Centre of Government
offers one of the most compelling insider accounts of Canadian federal politics in recent years.
'New West is a firm I've long respected and I'm excited to contribute to the team and support their clients,' said Brodie.
'At a time when Canada needs to find real pathways to nation-build, Ian brings the kind of national perspective and strategic clarity our clients need,' added Solberg.
About Dr. Ian Brodie
Ian Brodie is Professor in the Department of Political Science and a Fellow at the Centre for Military, Security and Strategic Studies. He is also Program Director at the Canadian Global Affairs Institute, a Fellow of the Halifax International Security Forum, and Chair of the Research Committee at the Institute for Research on Public Policy. His newsletter,
The Thursday Question
, is closely read by political insiders in Ottawa and he appears regularly on
The CGAI Podcast Network
, and 'The Chiefs' through
The Herle Burly Podcast
.
A double alumnus, Brodie finished his PhD in the Department of Political Science under the supervision of Dr. F.L. Morton. Brodie then taught for six years at the University of Western Ontario before heading to Ottawa. In 2009, Brodie was Visiting Fellow at the McGill Institute for the Study of Canada.
About New West Public Affairs
New West Public Affairs is one of Canada's leading public affairs firms with deep experience in government relations, strategic communications, and public policy. With a team of seasoned political experts across the country, New West helps clients navigate complex political environments and achieve their goals with clarity, confidence, and impact.
To learn more about how New West Public Affairs is expanding its capabilities to better serve clients across Canada, visit
here
.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/84d8c53d-8c75-483a-b35b-77de2898dff2
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STEP Energy Services Ltd. Reports Second Quarter 2025 Results
CALGARY, Alberta--(BUSINESS WIRE)--STEP Energy Services Ltd. (the 'Company' or 'STEP') (TSX: STEP) is pleased to announce its financial and operating results for the three and six months ended June 30, 2025. The following Press Release should be read in conjunction with the management's discussion and analysis ('MD&A') and the unaudited condensed consolidated financial statements and notes thereto as at June 30, 2025 (the 'Financial Statements'). Readers should also refer to the 'Forward-looking information & statements' legal advisory and the section regarding 'Non-IFRS Measures and Ratios' at the end of this Press Release. All financial amounts and measures are expressed in Canadian dollars unless otherwise indicated. Additional information about STEP is available on the SEDAR+ website at including the Company's Annual Information Form for the year ended December 31, 2024 dated March 11, 2025 (the 'AIF'). CONSOLIDATED HIGHLIGHTS FINANCIAL REVIEW ($000s except percentages and per share amounts) Three months ended Six months ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Consolidated revenue $ 228,003 $ 231,375 $ 535,744 $ 551,521 Net income $ 5,853 $ 10,469 $ 30,004 $ 51,826 Per share-basic $ 0.08 $ 0.15 $ 0.42 $ 0.72 Per share-diluted $ 0.08 $ 0.14 $ 0.41 $ 0.70 Adjusted EBITDA (1) $ 34,769 $ 41,692 $ 93,729 $ 112,827 Adjusted EBITDA % (1) 15% 18% 17% 20% Free Cash Flow (1) $ 17,327 $ 20,460 $ 49,499 $ 73,943 Per share-basic (1) $ 0.24 $ 0.29 $ 0.69 $ 1.03 Per share-diluted (1) $ 0.24 $ 0.28 $ 0.67 $ 1.00 (1) Adjusted EBITDA, Free Cash Flow, Free Cash Flow per share-basic and Free Cash Flow per share-diluted are non-IFRS financial measures, Adjusted EBITDA % is a non-IFRS financial ratio. These metrics are not defined and have no standardized meaning under IFRS. See Non-IFRS Measures and Ratios. Expand ($000s except shares) June 30, December 31 2025 2024 Cash and cash equivalents $ 3,230 $ 4,362 Working capital (including cash and cash equivalents) (2) $ 76,992 $ 35,355 Total assets $ 613,516 $ 580,635 Total long-term financial liabilities (2) $ 69,713 $ 83,394 Net Debt (2) $ 43,912 $ 52,668 Shares outstanding 72,873,113 72,037,391 (2) Working Capital, Total long-term financial liabilities and Net Debt are non-IFRS financial measures. They are not defined and have no standardized meaning under IFRS. See Non-IFRS Measures and Ratios. Expand OPERATIONAL REVIEW ($000s except days, proppant, pumped, horsepower and units) Three months ended Six months ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Fracturing services Fracturing operating days (1)(2) 312 377 799 944 Proppant pumped (tonnes) (3) 533,000 638,000 1,319,000 1,470,000 Fracturing crews 6 8 6 8 Dual fuel horsepower ('HP'), end of period 369,550 349,800 369,550 349,800 Total HP, end of period 478,400 490,000 478,400 490,000 Coiled tubing services Coiled tubing operating days (1) 1,227 1,368 2,611 2,720 Active coiled tubing units, end of period 21 23 21 23 Total coiled tubing units, end of period 35 35 35 35 (1) An operating day is defined as any coiled tubing or fracturing work that is performed in a 24-hour period, exclusive of support equipment. (2) Includes operational results from terminated operations of the U.S. fracturing cash generating unit ('CGU') of nil and 54 days for the three and six months ended June 30, 2025 (72 and 189 days for three and six months ended June 30, 2024). (3) Includes proppant pumped (tonnes) from terminated operations of the U.S. fracturing cash generating unit ('CGU') of nil and 155,330 for the three and six months ended June 30, 2025 (137,000 and 409,000 for three and six months ended June 30, 2024). Expand SECOND QUARTER 2025 HIGHLIGHTS Consolidated revenue for the three months ended June 30, 2025 of $228.0 million, was in line with revenue of $231.4 million for the three months ended June 30, 2024 and down 26% from $307.7 million for the three months ended March 31, 2025, which is typically the busiest quarter for the Company and the industry. Net income for the three months ended June 30, 2025 was $5.9 million ($0.08 per diluted share) compared to $10.5 million ($0.14 per diluted share) in the same period of 2024 and $24.2 million ($0.33 per diluted share) for the three months ended March 31, 2025. Included in net income for three months ended June 30, 2025 was share based compensation expense of $1.7 million, compared to $1.3 million during the three months ended March 31, 2025 and $2.1 million during the three months ended June 30, 2024. For the three months ended June 30, 2025, Adjusted EBITDA was $34.8 million (15% of revenue) compared to $41.7 million (18% of revenue) in Q2 2024 and $59.0 million (19% of revenue) in Q1 2025. Free Cash Flow for the three months ended June 30, 2025 was $17.3 million compared to $20.5 million in Q2 2024 and $32.2 million in Q1 2025. During the second quarter of 2025, STEP repurchased and cancelled 166,100 shares at an average price of $3.90 per share under its Normal Course Issuer Bid ('NCIB'). STEP continues to strengthen its balance sheet while investing into the long-term sustainability of the business: The Company had Net Debt of $43.9 million at June 30, 2025, compared to $52.7 million at December 31, 2024 and $84.7 million at March 31, 2025. The Company invested $13.5 million for the three months ended June 30, 2025 into sustaining and optimization capital budget expenditures, ensuring that the fleet maintains a high level of operational readiness while also selectively investing into technology to further STEP's strategy of displacing diesel with natural gas. Working Capital as at June 30, 2025 of $77.0 million was $41.6 million higher than the $35.4 million at December 31, 2024 and $26.5 million lower than the $103.5 million as at March 31, 2025. Working capital fluctuations are typical and are influenced by activity levels and timing of client receipts. SECOND QUARTER 2025 OVERVIEW Commodity prices were volatile throughout the second quarter of 2025, with both oil and natural gas prices down approximately 10% quarter over quarter. The decline in gas prices is partially attributable to the shoulder season, when the reduced demand from winter heating has yet to be replaced by power demand for summer cooling. In addition to the ongoing turmoil created by the U.S. tariffs, oil prices were also impacted by the supply announcements from the Organization of the Petroleum Exporting Countries ('OPEC') and allied non-OPEC nations ('OPEC+') and the eruption of open hostilities between Israel and Iran. Oil prices traded in a wide range from $57 to $75 (USD) per barrel, with the benchmark West Texas Intermediate ('WTI') crude price averaging $63.72 (USD) per barrel in Q2 2025, down from $71.42 (USD) per barrel in Q1 2025. Henry Hub averaged $3.52 (USD) per million cubic feet ('Mcf') in Q2 2025, down from $3.87 (USD) per Mcf in Q1 2025, while AECO-C Daily averaged $1.75 (CAD) per Mcf in Q2 2025, down from $2.12 (CAD) per Mcf in Q1 2025. Natural gas prices typically benefit from the winter heating season, with colder weather driving higher demand. Oilfield service levels are primarily reflected in drilling rig counts publicly reported by Baker Hughes and estimates made by Primary Vision for fracturing crews in the U.S. Land based drilling rigs in the U.S. averaged 556 rigs in the second quarter, down from 572 rigs in the first quarter. Canadian rig counts were down due to spring break up, averaging 127 during the second quarter, compared to 214 in the first quarter, which is typically the busiest drilling season in Canada. U.S. fracturing fleets declined in the second quarter to an average of 192, down from 202 in the first quarter of 2025. STEP's consolidated revenue in the second quarter was $228.0 million, down from $307.7 million in the first quarter of 2025 and in line with the $231.4 million recorded in the same period from the prior year despite the termination of the U.S. fracturing business. Despite the spring break up conditions, the fracturing service line had good utilization through the quarter, with 312 operating days across six crews, pumping 533 thousand tons of sand. Coiled tubing services were also well utilized, operating 1,227 days across 21 units. Adjusted EBITDA of $34.8 million (15% Adjusted EBITDA %) was down from the $59.0 million (19% Adjusted EBITDA %) in the first quarter of 2025 and down from $41.7 million (18% Adjusted EBITDA %) in the same period last year. The Company's margins continue to be impacted by the cumulative effect of several years of high inflation which increase the cost profile, oversupply of fracturing capacity in the market causing pricing pressure, and increased sand volumes which are generally at lower margins. Net income was $5.9 million in Q2 2025 ($0.08 diluted income per share), lower than the $24.2 million in Q1 2025 ($0.33 diluted income per share) and the $10.5 million net income in Q2 2024 ($0.14 diluted income per share). Net income included $1.7 million in share‐based compensation expense (Q1 2025 ‐ $1.3 million, Q2 2024 ‐ $2.1 million expense) and $1.7 million in finance costs (Q1 2025 ‐ $2.0 million, Q2 2024 ‐ $2.8 million). Free Cash Flow was $17.3 million in Q2 2025 ($0.24 diluted Free Cash Flow per share), sequentially lower than the $32.2 million ($0.43 diluted Free Cash Flow per share) in Q1 2025 and lower than the $20.5 million ($0.28 diluted Free Cash Flow per share) in Q2 2024. While working capital decreased by $26.5 million from the first quarter of 2025 to land at $77.0 million at the end of the second quarter, this was still significantly higher than the $35.4 million at the end of the fourth quarter of 2024. While the build in working capital is typical for the first half of the year, which follows a slower Q4 that realizes a sizable working capital recovery, the increase in the current year was inflated by the inclusion of $11.4 million in assets held for sale reclassified from property and equipment related to the terminated U.S. fracturing operations. Net Debt decreased to $43.9 million from $52.7 million at the close of 2024. The decrease in Net Debt and improvement in Adjusted EBITDA resulted in a 12-month trailing Funded Debt to Adjusted Bank EBITDA of 0.42:1.00, well under the limit of 3.00:1 in the Company's Credit Facilities (as defined in Capital Management – Debt below). The Company continued its Normal Course Issuer Bid in the second quarter and acquired 166,100 shares at a weighted average price of $3.90 per share in the quarter. Late in the first quarter of 2025, management committed to a plan to terminate the Company's U.S. fracturing operations. Active operations were terminated and equipment has been marshalled to STEP's yards for sale or transfer to Canada. Certain costs associated with legacy fracturing operations and decommissioning were incurred in the second quarter, resulting in Adjusted EBITDA from terminated operations of negative $2.9 million, which is not included in the Q2 reported Adjusted EBITDA of $34.8 million. These costs are expected to reduce to more modest levels for the balance of the year. Market Outlook The initial uncertainty stemming from the decisions made by the U.S. administration has lessened as markets discover that the tactical nature of these decisions means that they are likely to change through the course of negotiations. Similarly, the geopolitical tensions created by the conflict in the Middle East have also eased as the primary actors have backed away from deeper confrontation. Commodity prices continue to look for direction, drifting sideways until a clear catalyst for growth or recession becomes apparent. North American gas prices are shifting from the shoulder season in Q2 to the more pronounced summer power demand season, although high storage levels will limit upside to price until the anticipated draw from new LNG offtake facilities begins to be felt in the markets. Canada's first shipment of liquified natural gas ('LNG') departed the LNG Canada facility on June 30, 2025, marking the successful start of operations for Canada's first large scale LNG export facility. The multiyear outlook for natural gas continues to show promise, with approximately 10 billion cubic feet ('BCF') per day of demand from additional LNG facilities in Canada and the U.S. expected by 2030, in addition to the demand for more power generation. Oil prices have retreated from the second quarter spikes back to the mid $60s (USD) per barrel. Demand has remained relatively resilient, absorbing the additional OPEC+ supply that has been added to the market this year. Global crude oil and related product inventory levels are near the bottom of their five-year range, providing some buffer in the event that demand from the summer driving season isn't enough to consume supply. Oil demand is expected to grow modestly, but catalysts for increased oil production in North America are limited, given the global market dynamics. STEP's revenue is largely driven by natural gas and natural gas liquids ('NGLs'), which should shield STEP's schedule from the worst of the commodity price volatility. However, if the volatility continues and commodity prices weaken it is likely that clients could defer work into later quarters or trim their core capital programs. STEP maintains close contact with its clients and will adjust its operations if activity slows. The third quarter fracturing schedule is expected to see a modest uptick in activity, although more client supplied sand, along with shifting client schedules and competitive pressures will likely result in flat to down sequential revenue. Margins on work with client supplied sand are typically higher relative to margins on work with STEP supplied sand, given the high volumes of sand pumped by many STEP clients. Offsetting this higher margin work is inflation on input costs, driven in many instances by the escalating tariff actions taken by governments around the world. The remission of tariffs on proppant imported from the U.S. provides some relief, but the ongoing tariffs on many products entering the U.S. and Canada are resulting in cost inflation that can be difficult to pass through to clients. STEP's trial of the NGx, Canada's first 100% natural gas powered fracturing pump is expected to see steady utilization as clients respond positively to the increased diesel displacement that this pump offers. Coiled tubing activity is expected to stay relatively steady across all regions, with a slight increase in activity relative to the second quarter. Increased market penetration with STEP's Coil+ split string technology is expected to offset the lower industry demand associated with a slowing rig count. Similar to fracturing, tariffs continue to impact the industry, particularly on the cost of coiled tubing strings, which is tariffed when it enters the U.S. as raw steel and then again when it enters Canada and is tariffed by the Canadian government. STEP has submitted a request for remission of the Canadian tariffs and is optimistic that it will be successful given the recent reversal of tariffs on proppant entering Canada. Expectations for the fourth quarter remain modest. This quarter is typically characterized by slower activity as clients exhaust their annual capital budgets, resulting in margin compression for service providers as increased competition and lower fixed cost leverage weigh on results. The slower than expected ramp in demand coming from newly commissioned LNG facilities in Canada and the U.S. is limiting drawdown of natural gas inventories and is not expected to create sufficient market incentive for producers to add to their capital budgets for the year. Further clarity on this is likely to be forthcoming late in the third quarter or early in the fourth quarter. Views on 2026 are beginning to clarify, with activity in the first quarter expected to be in line with the first quarter of 2025. Activity levels through the year will likely be affected by the ramp in production at LNG Canada, which will process approximately 2 BCF per day when fully operational. On balance, pricing is largely in line with what was expected in 2025. Increased oilfield service capacity and limited producer growth has put downward pressure on margins relative to 2024. Cost control remains a focus for STEP as it navigates the current economic uncertainty. Free Cash Flow will be committed towards additional fleet investments required for sustaining and optimization needs, as well as additional debt repayment. The increase in STEP's share price and the cautious outlook meant that the NCIB was used only sparingly in the second quarter. The Company will retain the flexibility to engage opportunistically on the NCIB if conditions change. FINANCIAL REVIEW Revenue For the three and six months ended June 30, 2025, revenue decreased 1% to $228.0 million and 3% to $535.7 million compared to $231.4 million and $551.5 million for the three and six months ended June 30, 2024. Alignment with large scale operators continues to provide a strong baseline of utilization for fracturing and coiled tubing operations in both the quarter and for the year to date. STEP operated six fracturing crews during the quarter, down from eight for the same period of the prior year. Fracturing operating days for the quarter were down 17% and have decreased by 15% for the year to date. The reduction in fracturing crews and operating days is all associated with the termination of U.S. fracturing operations during 2025. Despite the declines in operating days and active fleets, fracturing revenue was up 4% for the quarter and only declined by 2% for the year to date reflecting the increased proppant pumped for the Canadian Frac CGU as a result of higher pumping intensity. STEP deactivated one coiled tubing spread during the quarter bringing the total active spreads back down to 21 which is down two spreads from the prior year. Coiled tubing operating days for the quarter were down 10% and have decreased by 4% for the year to date. New technology offerings and strategic client alignment in all operating basins have allowed the Company to maintain utilization levels per active spread despite the decrease in activity in the market as whole. Operating expenses Operating expenses includes employee costs, direct operating expenses such as repairs, transportation and facility costs, material and inventory costs, depreciation of equipment and share-based compensation for operational employees. The following table provides a summary of operating expenses: Employee costs and general operating expenses decreased slightly compared to the prior year for both the quarter and year to date as the wind down of U.S. fracturing operations was partially offset by inflationary impacts. Material and inventory costs increased significantly compared to the prior year for both the quarter and year to date as changes in sand mix, increases in STEP supplied sand and currency fluctuations increased the cost of materials. Selling, general and administrative expenses The following table provides a summary of selling, general and administrative expenses: Selling, general and administrative expenses were in line with the prior year for both the quarter and year to date. Share-based compensation expense was slightly lower in the second quarter of 2025 compared to the same period of 2024 as the share price was lower, however this was largely offset by higher employee costs. For the year to date, the higher employee costs in 2025 compared to the prior year have been largely offset by reduced general expenses. Terminated Operations Results from consolidated operations include the results from the terminated operations presented below. In the first quarter of 2025, the U.S. fracturing CGU was subject to changes in business conditions that materially impacted its expected economic performance. As a result, STEP decided to exit this market and terminated all further work related to these operations. The results of the terminated operations are as follows: ($000's) Three months ended Six months ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 U.S. Fracturing services terminated operations Fracturing operating days (1) - 72 54 189 Proppant pumped (tonnes) - 137,000 155,330 409,000 Fracturing crews - 2 - 2 (1) An operating day is defined as any coiled tubing or fracturing work that is performed in a 24-hour period, exclusive of support equipment. Expand NON-IFRS MEASURES AND RATIOS This Press Release includes terms and performance measures commonly used in the oilfield services industry that are not defined under IFRS. The terms presented are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS measures have no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The non-IFRS measures should be read in conjunction with the Company's quarterly financial statements and Annual Financial Statements and the accompanying notes thereto. 'Adjusted EBITDA' is a financial measure not presented in accordance with IFRS and is equal to net (loss) income before finance costs, depreciation and amortization, (gain) loss on disposal of property and equipment, current and deferred income tax provisions and recoveries, equity and cash settled share-based compensation, transaction costs, unrealized (gain) loss on derivatives, foreign exchange (gain) loss, impairment losses and Adjusted EBITDA from terminated operations (1). 'Adjusted EBITDA %' is a non-IFRS ratio and is calculated as Adjusted EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA % are presented because they are widely used by the investment community as they provide an indication of the results generated by the Company's normal course business activities prior to considering how the activities are financed and the results are taxed. The Company uses Adjusted EBITDA and Adjusted EBITDA % internally to evaluate operating and segment performance, because management believes they provide better comparability between periods. (1) STEP has expanded the definition of Adjusted EBITDA to exclude the Adjusted EBITDA from terminated operations in order to provide clarity on the Company's normal course business activities to users of these documents. As a reminder, in Q1 2025, the U.S. fracturing CGU was subject to changes in business conditions that materially impacted its expected future economic performance. As a result, STEP began an orderly process to terminate operations of this CGU following completion of the work scope in Q1 2025. The Company expects to transfer the U.S. fracturing CGU's recently refurbished Tier 4 dual fuel equipment to Canada and will dispose of the remaining equipment over the next several quarters. As not all the equipment is being disposed of, the accounting presentation does not meet the test for the IFRS standard for discontinued operations. The following table presents a reconciliation of the non-IFRS financial measure of Adjusted EBITDA to the IFRS financial measure of net income: (1) Adjusted EBITDA from terminated operations is calculated in the same manner as the calculation of Adjusted EBITDA but does not include non-applicable items, such as unrealized (gain) loss on derivatives nor foreign exchange losses (gain) amounts. The calculation of Adjusted EBITDA from terminated operations is as follows: 'Free Cash Flow' is a financial measure not presented in accordance with IFRS and is equal to net cash provided by operating activities adjusted for changes in non-cash Working Capital from operating activities, sustaining capital expenditures, term loan principal repayments and lease payments (net of sublease receipts). The Company may deduct or include additional items in its calculation of Free Cash Flow that are unusual, non-recurring or non-operating in nature. Free Cash Flow is presented as this measure is widely used in the investment community as an indication of the level of cash flow generated by ongoing operations. Management uses Free Cash Flow to evaluate the adequacy of internally generated cash flows to manage debt levels, invest in the growth of the business or return capital to shareholders. The following table presents a reconciliation of the non-IFRS financial measure of Free Cash Flow to the IFRS financial measure of net cash provided by operating activities. 'Free Cash Flow per share-basic' is a financial measure not presented in accordance with IFRS and is equal to Free Cash Flow divided by the weighted average number of shares outstanding – basic. Management uses Free Cash Flow per share-basic to evaluate the adequacy of internally generated cash flows to manage debt levels, invest in the growth of the business or return capital to shareholders on a normalized per basic share basis. The following table presents a reconciliation of the non-IFRS financial measure of Free Cash Flow per share-basic to the IFRS financial measure of net cash provided by operating activities. 'Free Cash Flow per share-diluted' is a financial measure not presented in accordance with IFRS and is equal to Free Cash Flow divided by the weighted average number of shares outstanding – diluted. Management uses Free Cash Flow per share-basic to evaluate the adequacy of internally generated cash flows to manage debt levels, invest in the growth of the business or return capital to shareholders on a normalized per diluted share basis. The following table presents a reconciliation of the non-IFRS financial measure of Free Cash Flow per share-basic to the IFRS financial measure of net cash provided by operating activities. 'Working Capital', 'Total long-term financial liabilities' and 'Net Debt' are financial measures not presented in accordance with IFRS. 'Working Capital' is equal to total current assets less total current liabilities. 'Total long-term financial liabilities' is comprised of loans and borrowings, long-term lease obligations and other liabilities. 'Net Debt' is equal to loans and borrowings before deferred financing charges less cash and cash equivalents and CCS derivatives. The data presented is intended to provide additional information about items on the statement of financial position and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. The following table represents the composition of the non-IFRS financial measure of Working Capital (including cash and cash equivalents). The following table presents the composition of the non-IFRS financial measure of Total long-term financial liabilities. The following table presents the composition of the non-IFRS financial measure of Net Debt. The oilfield services industry involves many risks, which may influence the ultimate success of the Company. The risks and uncertainties set out in the AIF and Annual MD&A are not the only ones the Company is facing. There are additional risks and uncertainties that the Company does not currently know about or that the Company currently considers immaterial which may also impair the Company's business operations and can cause the price of the Common Shares to decline. Readers should review and carefully consider the disclosure provided under the heading ' Risk Factors ' in the AIF and ' Risk Factors and Risk Management ' in the Annual MD&A, both of which are available on and the disclosure provided in the MD&A under the headings ' Market Outlook '. In addition, global and national risks associated with market uncertainty due to changing tariffs and other trade barriers may adversely affect the Company by, among other things, reducing economic activity resulting in lower demand, and pricing, for crude oil and natural gas products, and thereby the demand and pricing for the Company's services. Other than as supplemented in this Press Release, the Company's risk factors, and management thereof has not changed substantially from those disclosed in the AIF and Annual MD&A. FORWARD-LOOKING INFORMATION & STATEMENTS Certain statements contained in this Press Release constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities laws (collectively, 'forward-looking statements'). These statements relate to the expectations of management about future events, results of operations and the Company's future performance (both operational and financial) and business prospects. All statements other than statements of historical fact are forward-looking statements. The use of any of the words 'anticipate', 'plan', 'contemplate', 'continue', 'estimate', 'expect', 'intend', 'propose', 'might', 'may', 'will', 'shall', 'project', 'should', 'could', 'would', 'believe', 'predict', 'forecast', 'pursue', 'potential', 'objective' and 'capable' and similar expressions are intended to identify forward-looking statements. These statements 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. While the Company believes the expectations reflected in the forward-looking statements included in this Press Release are reasonable, such statements are not guarantees of future performance or outcomes and may prove to be incorrect and should not be unduly relied upon. In particular, but without limitation, this Press Release contains forward-looking statements pertaining to: 2025 and 2026 industry conditions and outlook, including commodity pricing and demand for oil and gas; the effect of LNG facilities on export capacity, natural gas storage, and industry activity levels; anticipated utilization and activity levels, revenue, pricing, and schedule; capabilities of the NGx, including fuel savings, and the Company's intent to invest in the technology; the oil and gas industry's ability to withstand volatility; the Company's ability to transfer assets where economic returns are most favorable; the Company's ability to test and evaluate next generation technologies; the effect large clients and their programs may have on the Company's activity levels; the Company's intention to invest in the development of next generation coiled tubing and fracturing technologies; the effect of tariffs and other trade barriers, inflation and cost increases on the Company and its margins; the Company's view that the NCIB is an effective means to provide value to shareholders; the impact of weather and break up on the Company's operations; the Company's ability to meet all financial commitments including interest payments over the next twelve months; the Company's plans regarding equipment; the Company's ability to manage its capital structure and adjust the Company's budget in light of market conditions; expected debt repayment and Funded Debt to Adjusted Bank EBITDA ratios; expected income tax and derivative liabilities; adequacy of resources to funds operations, financial obligations and planned capital expenditures; the Company's ability to retain its existing clients; the monitoring of impairment, amount and age of balances owing, and the Company's financial assets and liabilities denominated in U.S. dollars, and exchange rates; the Company's expected compliance with covenants under its Credit Facilities and its ability to satisfy its financial commitments thereunder. The forward-looking information and statements contained in this Press Release reflect several material factors and expectations and assumptions of the Company including, without limitation: the effect of macroeconomic factors, including global energy security concerns and levels of oil and gas inventories; 2025 and 2026 activity levels; the effect of tariffs, trade barriers, and related market concerns; levels of oil and gas production and LNG demand and export capacity on the market for the Company's services; that the Company will continue to conduct its operations in a manner consistent with past operations; the Company will continue as a going concern; the general continuance of current or, where applicable, assumed industry conditions; pricing of the Company's services; the Company's ability to market successfully to current and new clients; actual performance and availability of the NGx; predictable effect of seasonal weather and break up on the Company's operations; the Company's ability to utilize its equipment; the Company's ability to collect on trade and other receivables; Client demand for dual fuel fleets and emissions reduction technologies; the Company's ability to obtain and retain qualified staff and equipment in a timely and cost effective manner; levels of deployable equipment; future capital expenditures to be made by the Company; future funding sources for the Company's capital program; the Company's future debt levels; the expected receipt of tax amounts previously paid by the Company; the availability of unused credit capacity on the Company's credit lines; the impact of competition on the Company; the Company's ability to obtain financing on acceptable terms; the Company's continued compliance with financial covenants; the amount of available equipment in the marketplace; and client activity levels and spending. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable, but no assurance can be given that these factors, expectations and assumptions will prove correct. Actual results could also differ materially from those anticipated in these forward‐looking statements due to the risk factors set forth under the heading 'Risk Factors' in the AIF and under the heading Risk Factors and Risk Management in this Press Release. Any financial outlook or future orientated financial information contained in this Press Release regarding prospective financial performance, financial position or cash flows is based on the assumptions about future events, including economic conditions and proposed courses of action based on management's assessment of the relevant information that is currently available. Projected operational information, including the Company's capital program, contains forward looking information and is based on a number of material assumptions and factors, as are set out above. These projections may also be considered to contain future oriented financial information or a financial outlook. The actual results of the Company's operations will likely vary from the amounts set forth in these projections and such variations may be material. Readers are cautioned that any such financial outlook and future oriented financial information contains herein should not be used for purposes other than those for which it is disclosed herein. The forward-looking information and statements contained in this Press Release speak only as of the date of the document, and none of the Company or its subsidiaries assumes any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws. The reader is cautioned not to place undue reliance on forward-looking information. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS STEP will host a conference call on Thursday, August 7, 2025 at 9:00 a.m. MT to discuss the results for the second quarter. To listen to the webcast of the conference call, please click on the following URL: You can also visit the Investors section of our website at and click on 'Reports, Presentations & Key Dates'. To participate in the Q&A session, please call the conference call operator at: 1-800-717-1738 (toll free) 15 minutes prior to the call's start time and ask for 'STEP Energy Services Second Quarter 2025 Earnings Results Conference Call' The conference call will be archived on STEP's website at About Step STEP is an energy services company that provides coiled tubing, fluid and nitrogen pumping and hydraulic fracturing solutions. Our combination of modern equipment along with our commitment to safety and quality execution has differentiated STEP in plays where wells are deeper, have longer laterals and higher pressures. STEP has a high-performance, safety-focused culture and its experienced technical office and field professionals are committed to providing innovative, reliable and cost-effective solutions to its clients. Founded in 2011 as a specialized deep capacity coiled tubing company, STEP has grown into a North American service provider delivering completion and stimulation services to exploration and production ('E&P') companies in Canada and the U.S. Our Canadian services are focused in the Western Canadian Sedimentary Basin ('WCSB'), while in the U.S., our coiled tubing services are concentrated in the Permian and Eagle Ford in Texas, the Uinta-Piceance, and Niobrara-DJ basins in Colorado and the Bakken in North Dakota. Our four core values; Safety, Trust, Execution and Possibilities inspire our team of professionals to provide differentiated levels of service, with a goal of flawless execution and an unwavering focus on safety.
Business Wire
7 hours ago
- Business Wire
DATA Communications Management Corp. Reports Q2 2025 Financial Results
BRAMPTON, Ontario--(BUSINESS WIRE)--DATA Communications Management Corp. (TSX: DCM; OTCQX: DCMDF) ('DCM' or the "Company"), a leading Canadian provider of print and digital solutions that help simplify complex marketing communications and workflow, today reported second quarter 2025 financial results. MANAGEMENT COMMENTARY 'Despite challenging market conditions and stronger than expected revenue headwinds in the second quarter, we continued to deliver solid operating performance with essentially flat adjusted EBITDA and higher adjusted EBITDA margin compared to last year,' said Richard Kellam, President & CEO of DCM. 'Uncertainty about trade policies, including tariffs, the direction of the economy, and the ongoing labour issues at Canada Post have driven continued market headwinds. These factors have negatively impacted business confidence, resulting in client budget reductions, delayed orders, and inventory drawdowns. As such, revenues in the quarter were down 9.5% compared to last year. Given this ongoing uncertainty, the Company has decided to withdraw all financial guidance until there is greater clarity on these external challenges.' 'We are well-positioned financially to manage through the current market conditions with our strong cash flow, a disciplined focus on maintaining margins, and managing overhead costs. We continue to be encouraged by our strong and growing pipeline of new business opportunities, the highest level of which we've seen in years. We expect to more fully realize these efforts as market conditions improve. Additionally, we have the flexibility to pursue M&A opportunities to strengthen our product and service offerings and create more value for our clients,' added Kellam. DCM continues to be guided by four strategic priorities for 2025: Maintain our focus on profitable organic growth Deliver a return on our new capital investments Continue to drive gross margin improvement through operating efficiencies Demonstrate agility and adaptability to effectively navigate an uncertain environment. OTHER BUSINESS HIGHLIGHTS Dividend Declaration On August 6, 2025, DCM's board of directors declared a quarterly dividend of $0.025 per common share, payable on September 24, 2025, to shareholders of record at the close of business on September 10, 2025. This dividend is designated as an 'eligible' dividend for the purpose of the Income Tax Act (Canada) and any similar provincial legislation. Normal Course Issuer Bid Commenced On June 10, 2025, DCM announced that the Toronto Stock Exchange (the 'TSX') accepted a notice filed by the Company of its intention to make a normal course issuer bid with respect to its outstanding common shares (the 'Common Shares'). The notice provided that the Company may, during the 12 month period commencing June 12, 2025 and ending no later than June 11, 2026, purchase, through the facilities of the TSX, up to 4,220,210 Common Shares, being approximately 10% of the 'public float' (as such term is defined in the policies of the TSX) of such Common Shares as at May 31, 2025. In June 2025, the Company repurchased and cancelled 79,400 common shares for total consideration of $0.1 million, including transaction costs. Amended Senior Revolving Credit Facility On June 2, 2025, DCM entered into a fourth amended and restated credit agreement (the 'Bank Credit Facility') with a Canadian chartered bank, extending the maturity date of its senior secured revolving credit facility to May 31, 2028. The Bank Credit Facility also included an expanded leasing facility to finance future equipment purchases along with a number of reporting enhancements. Amended Senior Term Credit Facility On July 17, 2025, a third amended and restated credit agreement with Fiera Private Debt ("FPD") was entered into to update certain definitions and incorporate qualitative changes, with no impact to the financial terms of the FPD Facilities. Q2 2025 EARNINGS CALL DETAILS The Company will host a conference call and webcast on Thursday, August 7, 2025 at 9:00 a.m. EST Mr. Kellam and James Lorimer, CFO, will present the second quarter 2025 results followed by a live Q&A. Register for the webcast prior to the start of the event: Microsoft Virtual Events Powered by Teams All attendees must register for the webinar prior to the call. Please complete the phone field in the form at the above link (prior to the start of the event) if you wish to dial in. The Company's full results will be posted on its Investor Relations page and on SEDAR+. A video message from Mr. Kellam will also be posted on the Company's website. Footnotes: 1 Adjusted EBITDA, Adjusted EBITDA as a percentage of revenues, Adjusted net income (loss), Adjusted net income (loss) as percentage of revenues, Net Debt to Adjusted EBITDA and Free cash flow are non-IFRS Accounting Standards measures. For a description of the composition of these and other non-IFRS Accounting Standards measures used in this press release, and a reconciliation to their most comparable IFRS Accounting Standards measure, where applicable, see the information under the heading 'Non-IFRS Accounting Standards Measures', the information set forth on Table 2 and Table 3 herein, and our most recent Management Discussion & Analysis filed on SEDAR+. TABLE 1 The following table sets out selected historical consolidated financial information for the periods noted. TABLE 2 The following table provides reconciliations of net income to EBITDA and of net income to Adjusted EBITDA for the periods noted. EBITDA and Adjusted EBITDA reconciliation For the periods ended June 30, 2025 and 2024 April 1 to June 30, 2025 April 1 to June 30, 2024 January 1 to June 30, 2025 January 1 to June 30, 2024 (in thousands of Canadian dollars, unaudited) Net income for the period $ 3,714 $ 4,064 $ 8,828 $ 5,539 Interest expense, net 5,120 5,366 10,268 10,919 Debt modification gain (867 ) — (867 ) — Amortization of transaction costs 131 140 271 280 Current income tax expense 1,445 16 3,516 1,358 Deferred income tax recovery (359 ) 947 (1,270 ) (216 ) Depreciation of property, plant, and equipment 1,792 1,783 3,514 3,306 Amortization of intangible assets 326 306 709 1,034 Depreciation of right-of-use-assets 5,029 4,329 9,831 8,814 EBITDA $ 16,331 $ 16,951 $ 34,800 $ 31,034 Acquisition and integration costs — 243 — 526 Restructuring expenses 58 1,101 58 2,186 Net fair value losses (gains) on financial liabilities at fair value through profit or loss 179 (1,407 ) 298 1,807 Adjusted EBITDA $ 16,568 $ 16,888 $ 35,156 $ 35,553 Expand TABLE 3 The following table provides reconciliations of net income (loss) to Adjusted net income and a presentation of Adjusted net income per share for the periods noted. Adjusted net income reconciliation About DATA Communications Management Corp. DCM is a leading Canadian tech-enabled provider of print and digital solutions that help simplify complex marketing communications and operations workflow. DCM serves over 2,500 clients including 70 of the 100 largest Canadian corporations and leading government agencies. Our core strength lies in delivering individualized services to our clients that simplify their communications, including customized printing, highly personalized marketing communications, campaign management, digital signage, and digital asset management. From omnichannel marketing campaigns to large-scale print and digital workflows, our goal is to make complex tasks surprisingly simple, allowing our clients to focus on what they do best. Additional information relating to DATA Communications Management Corp. is available on and in the disclosure documents filed by DATA Communications Management Corp. on SEDAR+ at FORWARD-LOOKING STATEMENTS Certain statements in this press release constitute 'forward-looking' statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of DCM, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking statements. When used in this press release, words such as 'may,' 'would,' 'could,' 'will,' 'expect,' 'anticipate,' 'estimate,' 'believe,' 'intend,' 'plan,' and other similar expressions are intended to identify forward-looking statements. These statements reflect DCM's current views regarding future events and operating performance, are based on information currently available to DCM, and speak only as of the date of this press release. These forward-looking statements involve a number of risks, uncertainties, and assumptions. They should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Many factors could cause the actual results, performance, objectives or achievements of DCM to be materially different from any future results, performance, objectives or achievements that may be expressed or implied by such forward-looking statements. We caution readers of this press release not to place undue reliance on our forward-looking statements since a number of factors could cause actual future results, conditions, actions, or events to differ materially from the targets, expectations, estimates or intentions expressed in these forward-looking statements. The principal factors, assumptions and risks that DCM made or took into account in the preparation of these forward-looking statements and which could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are described in further detail in our most recent annual and interim Management Discussion and Analysis filed on SEDAR+, and include but are not limited to the following: industry conditions are influenced by numerous factors over which the Company has no control, including: declines in print consumption; labour disruptions at suppliers and customers, including Canada Post; the impact of tariffs and responses thereto (including by governments, trade partners and customers), which may include, without limitation, retaliatory tariffs, export taxes, restrictions on exports to the U.S. or other measures, increases in our input costs, and the effect of governmental regulations and policies in general; our ability to achieve and meet our revenue, profitability, free cash flow and debt reduction targets for 2025 and in the future; while we have received consents from our lenders for the declaration and payment of the special dividend and regular recurring dividend, including the exclusion of the special dividend from our fixed charge coverage ratios, our financial leverage may increase, and there is no guarantee that we will pay such dividends in the future; and, our ability to comply with our financial and other covenants under our credit facilities, which may preclude us from paying future dividends if our outlook and future financial liquidity changes. Additional factors are discussed elsewhere in this press release and under the headings "Liquidity and capital resources" and 'Risks and Uncertainties' in DCM's Management Discussion and Analysis and in DCM's other publicly available disclosure documents, as filed by DCM on SEDAR+. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated, or expected. Unless required by applicable securities law, DCM does not intend and does not assume any obligation to update these forward-looking statements. NON-IFRS ACCOUNTING STANDARDS MEASURES NON-IFRS ACCOUNTING STANDARDS AND OTHER FINANCIAL MEASURES This press release includes certain non-IFRS Accounting Standards measures, ratios and other financial measures as supplementary information. This supplementary information does not represent earnings measures recognized by IFRS Accounting Standards and does not have any standardized meanings prescribed by IFRS Accounting Standards. Therefore, these non-IFRS Accounting Standards measures, ratios and other financial measures are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that this supplementary information should not be construed as alternatives to net income (loss) determined in accordance with IFRS Accounting Standards as an indicator of DCM's performance. Definitions of such supplementary information, together with a reconciliation of net income (loss) to such supplementary financial measures, can be found in our most recent annual and interim Management Discussion and Analysis and filed on SEDAR+ at Condensed interim consolidated statements of operations (in thousands of Canadian dollars, except per share amounts, unaudited) For the three months ended June 30, 2025 For the three months ended June 30, 2024 For the six months ended June 30, 2025 For the six months ended June 30, 2024 Revenues $ 113,794 $ 125,751 $ 237,469 $ 255,005 Cost of revenues 83,286 91,417 170,701 183,360 Gross profit 30,508 34,334 66,768 71,645 Expenses Selling, commissions and expenses 9,649 10,178 20,609 21,042 General and administration expenses 10,222 12,295 22,721 25,566 Research & development expenses 1,216 1,391 2,336 2,638 Restructuring expenses 58 1,101 58 2,186 Acquisition and integration costs — 243 — 526 Net fair value losses (gains) on financial liabilities at fair value through profit or loss 179 (1,407 ) 298 1,807 21,324 23,801 46,022 53,765 Income before finance costs and income taxes 9,184 10,533 20,746 17,880 Finance costs Interest expense on long term debt and pensions, net 1,837 2,307 3,708 4,805 Interest expense on lease liabilities 3,283 3,059 6,560 6,114 Amortization of transaction costs 131 140 271 280 Debt modification gain (867 ) — (867 ) — 4,384 5,506 9,672 11,199 Income before income taxes 4,800 5,027 11,074 6,681 Income tax expense Current 1,445 16 3,516 1,358 Deferred (359 ) 947 (1,270 ) (216 ) 1,086 963 2,246 1,142 Net income for the period $ 3,714 $ 4,064 $ 8,828 $ 5,539 Other comprehensive income: Foreign currency translation (110 ) 14 (115 ) 44 (110 ) 14 (115 ) 44 Items that will not be reclassified to net income Re-measurements of pension and other post-employment benefit obligations s 1,816 1,755 1,431 8,768 Taxes related to pension and other post-employment benefit adjustment above (461 ) (406 ) (363 ) (2,248 ) 1,355 1,349 1,068 6,520 Other comprehensive income for the period, net of tax $ 1,245 $ 1,363 $ 953 $ 6,564 Comprehensive income for the period $ 4,959 $ 5,427 $ 9,781 $ 12,103 Basic earnings per share 0.07 0.07 0.16 0.10 Diluted earnings per share 0.06 0.07 0.15 0.10 Expand Condensed interim consolidated statements of cash flows (in thousands of Canadian dollars, unaudited) For the six months ended June 30, 2025 For the six months ended June 30, 2024 $ $ Cash provided by Operating activities Net income for the period $ 8,828 $ 5,539 Items not affecting cash Depreciation of property, plant, and equipment 3,514 3,306 Amortization of intangible assets 709 1,034 Depreciation of right-of-use-assets 9,831 8,814 Share-based compensation expense 89 321 Net fair value losses on financial liabilities at fair value through profit or loss 298 1,807 Pension expense 742 943 Gain on disposal of sale and leaseback — (11 ) Loss on disposal of property, plant and equipment — 149 Provisions 58 2,186 Debt modification gain (867 ) — Amortization of transaction costs 271 280 Accretion of asset retirement obligations 54 65 Other post-employment benefit plan expense 87 298 Right-of-use assets impairment — 97 Income tax expense 2,246 1,142 Changes in non cash working capital (12,173 ) 764 Contributions made to pension plans (675 ) (604 ) Contributions made to other post-employment benefit plans (189 ) (115 ) Provisions paid (5,460 ) (6,526 ) Income taxes paid (1,448 ) (1,599 ) Total cash generated from operating activities 5,915 17,890 Investing activities Proceeds on sale and leaseback transaction 6,694 8,661 Purchase of property, plant, and equipment (2,536 ) (6,989 ) Purchase of intangible assets (23 ) — Purchase of non-current assets (143 ) (6,499 ) Proceeds on disposal of property, plant, and equipment — 431 Total cash provided by (used in) investing activities 3,992 (4,396 ) Financing activities Exercise of options — 337 Proceeds from credit facilities 53,733 30,185 Repayment of credit facilities (48,054 ) (43,726 ) Decrease in bank overdrafts (880 ) (1,564 ) Transaction costs (417 ) — Dividends paid (13,829 ) — Principal portion of lease payments (4,005 ) (3,500 ) Repurchases of shares (213 ) — Total cash (used in) financing activities (13,665 ) (18,268 ) Change in cash and cash equivalents during the period (3,758 ) (4,774 ) Cash and cash equivalents – beginning of period 6,773 17,652 Effects of foreign exchange on cash balances (128 ) 51 Cash and cash equivalents – end of period $ 2,887 $ 12,929 Expand
Business Wire
7 hours ago
- Business Wire
Granite REIT Announces 2025 Second Quarter Results, the Closing of $49.5 Million of New Acquisitions, and the Issuance of Its 2024 Global ESG+R Report
TORONTO--(BUSINESS WIRE)-- Granite Real Estate Investment Trust (TSX: NYSE: GRP.U) ("Granite" or the "Trust") announced today its condensed consolidated combined results for the three and six month periods ended June 30, 2025 and also announced that it has completed the acquisition of two income-producing properties in the United States comprising approximately 0.1 million square feet at a combined purchase price of approximately $49.5 million. Further, Granite announced that today it released its 2024 Environmental, Social, Governance + Resilience (ESG+R) Report. SECOND QUARTER 2025 HIGHLIGHTS Highlights for the three month period ended June 30, 2025 are set out below: Financial: Granite's net operating income ("NOI") was $123.4 million in the second quarter of 2025 compared to $116.8 million in the prior year period, an increase of $6.6 million primarily as a result of contractual rent adjustments and consumer price index based increases, renewal and re-leasing activity, and the lease commencement of three completed development and expansion projects in Canada, the United States and Netherlands during 2024; Same property NOI - cash basis (4) increased by 4.6% for the second quarter of 2025, excluding the impact of foreign exchange; Funds from operations ("FFO") (1) was $85.4 million ($1.39 per unit) in the second quarter of 2025 compared to $83.5 million ($1.32 per unit) in the second quarter of 2024; Adjusted funds from operations ("AFFO") (2) was $75.1 million ($1.23 per unit) in the second quarter of 2025 compared to $73.8 million ($1.17 per unit) in the second quarter of 2024; During the three month period ended June 30, 2025, the Canadian dollar weakened against the Euro and the US dollar relative to the prior year period. The impact of foreign exchange on FFO and AFFO for the three month period ended June 30, 2025, relative to the same period in 2024, was favourable by $0.03 per unit for each measure. Relative to the three month period ended March 31, 2025, the Canadian dollar strengthened against the US dollar and weakened against the Euro, resulting in an unfavourable impact of $0.02 per unit on FFO and $0.01 per unit on AFFO. In addition, Granite recognized net foreign exchange losses of $1.1 million due to the remeasurement of certain short-term monetary assets and liabilities in the second quarter of 2025, which negatively impacted both FFO and AFFO by $0.02 per unit. As a result, the total impact of foreign exchange on Granite's second quarter results relative to the first quarter was unfavourable by $0.04 per unit on FFO and $0.03 per unit on AFFO; AFFO payout ratio (3) was 69% for the second quarter of 2025 compared to 70% in the second quarter of 2024; Occupancy as at June 30, 2025 was 95.8%, representing an increase of 100 basis points relative to March 31, 2025. Committed occupancy as at August 6, 2025 is 96.5%, representing an increase of 70 basis points relative to June 30, 2025; Net leverage as at June 30, 2025 was 36%, representing an increase of 400 basis points relative to March 31, 2025. The increase was primarily driven by the classification of certain assets as held for sale, which reduced investment properties by $310.5 million, as well as increased unsecured debt of $81.0 million, from draws on the credit facility to fund, in the short-term, unit repurchases under the normal course issuer bid ("NCIB"); Granite recognized $16.8 million in net fair value gains on investment properties in the second quarter of 2025, primarily attributable to contractual rent increases and new leases in Canada and the US, partially offset by the expansion in the discount and terminal capitalization rates at select properties in the US due to market conditions. The value of investment properties was decreased by unrealized foreign exchange losses of $188.6 million in the second quarter of 2025 primarily resulting from the relative strengthening of the Canadian dollar against the US dollar, partially offset by the relative weakening of the Canadian dollar against the Euro as at June 30, 2025 compared to March 31, 2025; and Granite's net income attributable to unitholders in the second quarter of 2025 was $95.0 million in comparison to $76.2 million in the prior year period primarily due to a favourable change in the fair value adjustments on investment properties of $17.6 million, a $6.6 million increase in net operating income as noted above, and a $3.2 million favourable change in fair value gains on financial instruments, partially offset by a $3.0 million increase in income tax expense, a $2.3 million increase in general and administrative expenses, a $1.8 million increase in interest expense and other financing costs, and a $1.2 million increase in foreign exchange losses. Investments: During the second quarter of 2025, Granite completed the following new income-producing property acquisitions: 3850 NW and 3872 NW 126th Avenue, Coral Springs, Florida On June 30, 2025, Granite acquired two modern distribution facilities, comprising approximately 0.1 million square feet in Broward County, Florida for $49.5 million (US$36.4 million). The properties were constructed in 2021 and are 100% leased to two well established tenants with a weighted average remaining lease term of 6.6 years and were acquired at an in-going yield of 5.0%, which is estimated to increase more than 15% within two years. The properties are strategically positioned adjacent to the Sawgrass Expressway, connecting to Florida's Turnpike, I-595, I-75 and I-95. This central infill location supports last-mile logistics across the tri-county area, providing access to over 6.6 million people within a 90-minute drive and connecting to South Florida's most densely populated Metropolitan Statistical Areas, including Miami, Broward County, and Palm Beach County. Operations: As at June 30, 2025, five income producing properties located in the United States and Netherlands were classified as assets held for sale with a fair value of $310.5 million; During the second quarter of 2025, Granite achieved average rental rate spreads of 18% over expiring rents representing approximately 973,000 square feet of new leases and renewals taking effect in the quarter; A new lease commenced on June 1, 2025 at Granite's approximate 631,000 square foot, previously vacant, property in Louisville, Kentucky for a 62 month term with a global logistics/B2B e-commerce provider; A new lease commenced on July 1, 2025 at Granite's approximate 251,000 square foot, previously vacant, property in Locust Grove, Georgia for a 123 month term with a U.S. power grid and telecommunications infrastructure provider; and Subsequent to the second quarter of 2025, Granite has executed a lease commencing September 30, 2025 for the previously vacant unit comprising approximately 178,000 square feet, at its approximate 291,000 square foot property, newly developed in 2023, located in Avon, Indiana for a 125 month term with a leading global healthcare company. Financing: During the second quarter of 2025, Granite repurchased 1,226,312 units under the NCIB at an average unit cost of $66.04 for total consideration of $81.0 million, excluding commissions and taxes on net repurchases of units. In total, for the six month period ended June 30, 2025, Granite repurchased 2,157,281 units at an average unit cost of $67.01 for total consideration of $144.6 million, excluding commissions and taxes on net repurchases of units. GRANITE'S FINANCIAL, OPERATING AND PROPERTY HIGHLIGHTS Three Months Ended June 30, Six Months Ended June 30, (in millions, except as noted) 2025 2024 2025 2024 Revenue $ 149.3 $ 140.3 $ 303.9 $ 279.2 Net operating income ("NOI") $ 123.4 $ 116.8 $ 249.0 $ 231.3 NOI - cash basis (4) $ 121.1 $ 113.7 $ 244.0 $ 225.1 Constant currency same property NOI - cash basis (4) 4.6 % 6.0 % 4.5 % 4.2 % Net income attributable to unitholders $ 95.0 $ 76.2 $ 138.9 $ 165.3 Funds from operations ("FFO") (1) $ 85.4 $ 83.5 $ 176.5 $ 166.0 Adjusted funds from operations ("AFFO") (2) $ 75.1 $ 73.8 $ 163.6 $ 151.8 Diluted FFO per unit (1) $ 1.39 $ 1.32 $ 2.85 $ 2.62 Diluted AFFO per unit (2) $ 1.23 $ 1.17 $ 2.64 $ 2.39 Monthly distributions paid per unit $ 0.85 $ 0.83 $ 1.70 $ 1.65 AFFO payout ratio (3) 69 % 70 % 64 % 69 % As at June 30, 2025 and December 31, 2024 2025 2024 Fair value of investment properties $ 9,022.8 $ 9,397.3 Assets held for sale (10) $ 310.5 $ — Cash and cash equivalents $ 86.4 $ 126.2 Total debt (5) $ 3,302.5 $ 3,087.8 Net leverage ratio (6) 36 % 32 % Number of income-producing properties 135 138 Gross leasable area ('GLA'), square feet 60.6 63.3 Occupancy, by GLA 95.8 % 94.9 % Committed occupancy, by GLA (9) 96.5 % 95.0 % Magna as a percentage of annualized revenue (8) 28 % 26 % Magna as a percentage of GLA 20 % 19 % Weighted average lease term in years, by GLA 5.5 5.7 Overall capitalization rate (7) 5.5 % 5.3 % Expand The above disclosure includes certain non-GAAP performance measures and non-GAAP ratios (see "NON-GAAP PERFORMANCE MEASURES, RATIOS AND RECONCILIATIONS"). A more detailed discussion of Granite's condensed consolidated combined financial results for the three and six month periods ended June 30, 2025 and 2024 is contained in Granite's Management's Discussion and Analysis of Results of Operations and Financial Position ("MD&A") and the unaudited condensed consolidated combined financial statements for those periods and the notes thereto, which are available through the internet on the Canadian Securities Administrators' System for Electronic Data Analysis and Retrieval Plus ('SEDAR+') and can be accessed at and on the United States Securities and Exchange Commission's (the 'SEC') Electronic Data Gathering, Analysis and Retrieval System ('EDGAR'), which can be accessed at 2024 GLOBAL ENVIRONMENTAL, SOCIAL, GOVERNANCE + RESILIENCE (ESG+R) REPORT Today, Granite released its 2024 ESG+R report which highlights Granite's ESG+R program initiatives and updates from the 2024 calendar year. A copy of the report can be found on Granite's website at 2025 OUTLOOK Granite is increasing its 2025 guidance relative to estimates presented at the commencement of the year on February 26, 2025. Granite's current outlook reflects lease renewals and new leasing of vacant space completed year-to-date which have increased overall NOI estimates including constant currency same property NOI – cash basis estimates. The current outlook reflects the acquisition of the Florida properties completed June 30, 2025, but does not include any assumption for potential property dispositions since the timing of such dispositions cannot be accurately determined at this time. In addition, the current outlook reflects year-to-date financing and NCIB activity. Granite's FFO per unit forecast represents an approximate 6% to 9% increase over 2024 and the AFFO per unit forecast represents an approximate 1% to 4% increase over 2024, partially impacted by higher maintenance capital expenditures relative to the prior year. The high and low ranges of Granite's forecast are driven by foreign currency exchange rate assumptions for the six-month forecast period between July and December 2025, which have been modified relative to guidance provided on February 26, 2025 and May 7, 2025, reflecting a weakening of the Canadian dollar relative to the Euro offset by the strengthening of the Canadian dollar against the U.S. dollar. The table below outlines Granite's current forecast for the year ending December 31, 2025: (1) Foreign exchange rate assumptions pertain to forecast period only of the respective outlook. Expand Granite's 2025 forecast assumes no incremental acquisitions and dispositions, and assumes no favourable reversals of tax provisions relating to prior years which cannot be determined at this time. Non-GAAP performance measures are included in Granite's 2025 forecast above (see ' NON-GAAP PERFORMANCE MEASURES, RATIOS AND RECONCILIATIONS '). See also ' FORWARD-LOOKING STATEMENTS '. CONFERENCE CALL Granite will hold a conference call and live audio webcast to discuss its financial results. The conference call will be chaired by Kevan Gorrie, President and Chief Executive Officer. To hear a replay of the webcast, please visit The replay will be available for 90 days. OTHER INFORMATION Additional property statistics as at June 30, 2025 have been posted to our website at 2 -2025. Copies of financial data and other publicly filed documents are available through the internet on SEDAR+, which can be accessed at and on EDGAR, which can be accessed at Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 141 investment properties representing approximately 60.6 million square feet of gross leasable area. For further information, please see our website at or contact Teresa Neto, Chief Financial Officer, at (647) 925-7560. NON-GAAP PERFORMANCE MEASURES, RATIOS AND RECONCILIATIONS Readers are cautioned that certain terms used in this press release such as FFO, AFFO, FFO payout ratio, AFFO payout ratio, same property NOI - cash basis, constant currency same property NOI - cash basis, total debt and net debt, net leverage ratio, and any related per unit amounts used by management to measure, compare and explain the operating results and financial performance of the Trust do not have standardized meanings prescribed under IFRS ® Accounting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards' or 'GAAP') and, therefore, should not be construed as alternatives to net income, cash provided by operating activities or any other measure calculated in accordance with IFRS Accounting Standards. Additionally, because these terms do not have a standardized meaning prescribed by IFRS Accounting Standards, they may not be comparable to similarly titled measures presented by other publicly traded entities. (1) FFO is a non-GAAP performance measure that is widely used by the real estate industry in evaluating the operating performance of real estate entities. Granite calculates FFO as net income attributable to unitholders excluding fair value gains (losses) on investment properties and financial instruments, gains (losses) on sale of investment properties including the associated current income tax, foreign exchange gains (losses) on certain monetary items not forming part of a net investment in a foreign operation, deferred income taxes, corporate restructuring costs and certain other items, net of non-controlling interests in such items. The Trust's determination of FFO follows the definition prescribed by the Real Property Association of Canada ('REALPAC') guidelines on Funds From Operations & Adjusted Funds From Operations for IFRS Accounting Standards dated January 2022 ('REALPAC Guidelines') except for the exclusion of corporate restructuring costs. Granite considers FFO to be a meaningful supplemental measure that can be used to determine the Trust's ability to service debt, fund capital expenditures and provide distributions to unitholders. FFO is reconciled to net income, which is the most directly comparable GAAP measure (see table below). FFO should not be construed as an alternative to net income or cash flow provided by operating activities determined in accordance with IFRS Accounting Standards. (2) AFFO is a non-GAAP performance measure that is widely used by the real estate industry in evaluating the recurring economic earnings performance of real estate entities after considering certain costs associated with sustaining such earnings. Granite calculates AFFO as net income attributable to unitholders including all adjustments used to calculate FFO and further adjusts for actual maintenance capital expenditures that are required to sustain Granite's productive capacity, leasing costs such as leasing commissions and tenant allowances incurred and non-cash straight-line rent and tenant incentive amortization, net of non-controlling interests in such items. The Trust's determination of AFFO follows the definition prescribed by the REALPAC Guidelines except for the exclusion of corporate restructuring costs as noted above. Granite considers AFFO to be a meaningful supplemental measure that can be used to determine the Trust's ability to service debt, fund expansion capital expenditures, fund property development and provide distributions to unitholders after considering costs associated with sustaining operating earnings. AFFO is also reconciled to net income, which is the most directly comparable GAAP measure (see table below). AFFO should not be construed as an alternative to net income or cash flow provided by operating activities determined in accordance with IFRS Accounting Standards. Expand Three Months Ended June 30, Six Months Ended June 30, (in millions, except per unit amounts) 2025 2024 2025 2024 Net income attributable to unitholders $ 95.0 $ 76.2 $ 138.9 $ 165.3 Add (deduct): Fair value (gains) losses on investment properties, net (16.8 ) 0.8 31.4 (11.8 ) Fair value (gains) losses on financial instruments, net (0.7 ) 2.5 (0.8 ) 4.5 Deferred tax expense 8.0 5.4 7.8 9.2 Fair value remeasurement of the Executive Deferred Unit Plan (0.4 ) (1.2 ) (0.7 ) (1.0 ) Fair value remeasurement of the Directors Deferred Unit Plan 0.2 (1.2 ) (0.1 ) (1.2 ) Corporate restructuring costs — 0.9 — 1.1 Non-controlling interests relating to the above 0.1 0.1 — (0.1 ) FFO [A] $ 85.4 $ 83.5 $ 176.5 $ 166.0 Add (deduct): Maintenance or improvement capital expenditures incurred (3.8 ) (5.8 ) (4.2 ) (6.4 ) Leasing costs (4.1 ) (0.3 ) (4.4 ) (0.5 ) Tenant allowances (0.1 ) (1.0 ) (0.1 ) (1.6 ) Tenant incentive amortization — — — 0.1 Straight-line rent amortization (2.3 ) (2.6 ) (4.2 ) (5.8 ) Non-controlling interests relating to the above — — — — AFFO [B] $ 75.1 $ 73.8 $ 163.6 $ 151.8 Basic FFO per unit [A]/[C] $ 1.40 $ 1.33 $ 2.87 $ 2.63 Diluted FFO per unit [A]/[D] $ 1.39 $ 1.32 $ 2.85 $ 2.62 Basic AFFO per unit [B]/[C] $ 1.23 $ 1.17 $ 2.66 $ 2.40 Diluted AFFO per unit [B]/[D] $ 1.23 $ 1.17 $ 2.64 $ 2.39 Basic weighted average number of units [C] 61.0 63.0 61.6 63.2 Diluted weighted average number of units [D] 61.3 63.2 61.9 63.4 Expand (3) The FFO and AFFO payout ratios are calculated as monthly distributions, which exclude special distributions, declared to unitholders divided by FFO and AFFO (non-GAAP performance measures), respectively, in a period. FFO payout ratio and AFFO payout ratio may exclude revenue or expenses incurred during a period that can be a source of variance between periods. The FFO payout ratio and AFFO payout ratio are supplemental measures widely used by investors in evaluating the sustainability of the Trust's monthly distributions to unitholders. Expand Three Months Ended June 30, Six Months Ended June 30, (in millions, except as noted) 2025 2024 2025 2024 Monthly distributions declared to unitholders [A] $ 51.7 $ 51.9 $ 104.5 $ 104.2 FFO [B] 85.4 83.5 176.5 166.0 AFFO [C] 75.1 73.8 163.6 151.8 FFO payout ratio [A]/[B] 61 % 62 % 59 % 63 % AFFO payout ratio [A]/[C] 69 % 70 % 64 % 69 % Expand (4) Same property NOI — cash basis refers to the NOI — cash basis (NOI excluding lease termination and close-out fees, and the non-cash impact from straight-line rent and tenant incentive amortization) for those properties owned by Granite throughout the entire current and prior year periods under comparison. Same property NOI — cash basis excludes properties that were acquired, disposed of, classified as development properties or assets held for sale during the periods under comparison. Granite believes that same property NOI — cash basis is a useful supplementary measure in understanding period-over-period organic changes in NOI — cash basis from the same stock of properties owned. Expand Sq ft (1) Three Months Ended June 30, Sq ft (1) Six Months Ended June 30, (in millions) 2025 2024 $ change % change (in millions) 2025 2024 $ change % change Revenue $ 149.3 $ 140.3 9.0 $ 303.9 $ 279.2 24.7 Less: Property operating costs 25.9 23.5 2.4 54.9 47.9 7.0 NOI $ 123.4 $ 116.8 6.6 5.7 % $ 249.0 $ 231.3 17.7 7.7 % Add (deduct): Lease termination and close-out fees — (0.5 ) 0.5 (0.8 ) (0.5 ) (0.3 ) Straight-line rent amortization (2.3 ) (2.6 ) 0.3 (4.2 ) (5.8 ) 1.6 Tenant incentive amortization — — — — 0.1 (0.1 ) NOI - cash basis 63.4 $ 121.1 $ 113.7 7.4 6.5 % 63.4 $ 244.0 $ 225.1 18.9 8.4 % Less NOI - cash basis for: Acquisitions 0.1 — — — 0.1 — — — Developments — — — — 0.4 (2.9 ) (1.4 ) (1.5 ) Dispositions and assets held for sale 2.8 (4.0 ) (4.7 ) 0.7 2.8 (9.3 ) (9.2 ) (0.1 ) Same property NOI - cash basis 60.5 $ 117.1 $ 109.0 8.1 7.4 % 60.1 $ 231.8 $ 214.5 17.3 8.1 % Constant currency same property NOI - cash basis (2) 60.5 $ 117.1 $ 112.0 5.1 4.6 % 60.1 $ 231.8 $ 221.8 10.0 4.5 % Expand (1) The square footage relating to the NOI — cash basis represents GLA of 63.4 million square feet as at June 30, 2025. The square footage relating to the same property NOI — cash basis represents the aforementioned GLA excluding the impact from the acquisitions, dispositions, assets held for sale and developments during the relevant period. (2) Constant currency same property NOI - cash basis is calculated by converting the comparative same property NOI - cash basis at current period average foreign exchange rates. Expand (5) Total debt is calculated as the sum of all current and non-current debt, the net mark to market fair value of derivatives and lease obligations. Net debt subtracts cash and cash equivalents from total debt. Granite believes that it is useful to include the derivatives and lease obligations for the purposes of monitoring the Trust's debt levels. (6) The net leverage ratio is calculated as net debt (a non-GAAP performance measure defined above) divided by the fair value of investment properties (excluding assets held for sale). The net leverage ratio is a non-GAAP ratio used in evaluating the Trust's degree of financial leverage, borrowing capacity and the relative strength of its balance sheet. Expand As at June 30, 2025 and December 31, 2024 2025 2024 Unsecured debt, net $ 3,176.9 $ 3,078.5 Derivatives, net 90.8 (25.1 ) Lease obligations 34.8 34.4 Total debt $ 3,302.5 $ 3,087.8 Less: cash and cash equivalents 86.4 126.2 Net debt [A] $ 3,216.1 $ 2,961.6 Investment properties [B] $ 9,022.8 $ 9,397.3 Net leverage ratio [A]/[B] 36 % 32 % Expand (7) Overall capitalization rate is calculated as stabilized net operating income (property revenue less property expenses) divided by the fair value of the income-producing property. (8) Annualized revenue for each period presented is calculated as the contractual base rent for the month subsequent to the quarterly reporting period multiplied by 12 months. Annualized revenue excludes revenue from properties classified as assets held for sale. (9) Committed occupancy as at August 6, 2025. (10) Assets held for sale are excluded from investment properties and related property metrics. Accordingly, five such assets that were held for sale as at June 30, 2025 were excluded from investment properties and related metrics as at June 30, 2025. There were no assets classified as held for sale as at December 31, 2024. Expand FORWARD-LOOKING STATEMENTS This press release may contain statements that, to the extent they are not recitations of historical fact, constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities legislation, including the United States Securities Act of 1933, as amended, the United States Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation. Forward-looking statements and forward-looking information may include, among others, statements regarding Granite's future plans, goals, strategies, intentions, beliefs, estimates, costs, objectives, capital structure, cost of capital, tenant base, tax consequences, economic performance or expectations, or the assumptions underlying any of the foregoing. Words such as 'outlook', 'may', 'would', 'could', 'should', 'will', 'likely', 'expect', 'anticipate', 'believe', 'intend', 'plan', 'forecast', 'project', 'estimate', 'seek' and similar expressions are used to identify forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information should not be read as guarantees of future events, performance or results and will not necessarily be accurate indications of whether or the times at or by which such future performance will be achieved. Undue reliance should not be placed on such statements. There can also be no assurance that Granite's expectations regarding various matters, including the following, will be realized in a timely manner, with the expected impact or at all: the effectiveness of measures intended to mitigate such impact, and Granite's ability to deliver cash flow stability and growth and create long-term value for unitholders; Granite's ability to advance its ESG+R program and related targets and goals; the expansion and diversification of Granite's real estate portfolio and the reduction in Granite's exposure to Magna and the special purpose properties; Granite's ability to dispose of assets held for sale; Granite's ability to accelerate growth and to grow its net asset value, FFO and AFFO per unit, and constant currency same property NOI - cash basis; Granite's ability to execute on its strategic plan and its priorities in 2025; Granite's 2025 outlook for FFO per unit, AFFO per unit and constant currency same property NOI, including the anticipated impact of future foreign currency exchange rates on FFO and AFFO per unit and expectations regarding Granite's business strategy; fluctuations in foreign currency exchange rates and the effect on Granite's revenues, expenses, cash flows, assets and liabilities; Granite's ability to offset interest or realize interest savings relating to its term loans, debentures and cross currency interest rate swaps; Granite's ability to find and integrate satisfactory acquisition, joint venture and development opportunities and to strategically deploy the proceeds from recently sold properties and financing initiatives; Granite's intended use of available liquidity, its ability to obtain secured funding against its unencumbered assets and its expectations regarding the funding of its ongoing operations and future growth; any future offerings under Granite's base shelf prospectuses; obtaining site planning approval of a 0.7 million square foot distribution facility on the 34.0 acre site in Brantford, Ontario; obtaining site plan approval for the future phases of its development for up to 0.7 million square feet on the 68.7 acre site in Houston, Texas and up to 0.4 million square feet on the 30.8 acre site in Houston, Texas and the expected timing and potential yield from each project; the development of 12.9 acres of land in West Jefferson, Ohio and the potential yield from that project; the development of a 0.6 million square foot multi-phased business park on the remaining 36.0 acre parcel of land in Brantford, Ontario and the potential yield from that project; the development of a 0.2 million square foot modern distribution/logistics facility on the 10.1 acres of land in Brant County, Ontario and the potential yield of the project; the potential yield of the facilities acquired by Granite in Broward County, Florida; estimates regarding Granite's development properties and expansion projects, including square footage of construction, total construction costs and total costs; Granite's ability to meet its target occupancy goals; Granite's ability to secure sustainability or other certifications for any of its properties; Granite's ability to generate peak solar capacity on its properties; the impact of the refinancing of the term loans on Granite's returns and cash flow; the amount of any distributions; and the effect of any legal proceedings on Granite. Forward-looking statements and forward-looking information are based on information available at the time and/or management's good faith assumptions and analyses made in light of Granite's perception of historical trends, current conditions and expected future developments, as well as other factors Granite believes are appropriate in the circumstances. Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond Granite's control, that could cause actual events or results to differ materially from such forward-looking statements and forward-looking information. Important factors that could cause such differences include, but are not limited to, the risk of changes to tax or other laws and treaties that may adversely affect Granite's mutual fund trust status under the Income Tax Act (Canada) or the effective tax rate in other jurisdictions in which Granite operates; the risk related to tariffs, global trade and supply chains that may adversely impact Granite's tenants' operations and in turn impact Granite's operations and financial performance; economic, market and competitive conditions and other risks that may adversely affect Granite's ability to expand and diversify its real estate portfolio; and the risks set forth under 'Risks and Uncertainties' in Granite's Management's Discussion and Analysis for the quarter ended June 30, 2025 filed on August 6, 2025 and in the "Risk Factors" section in Granite's AIF for 2024 dated February 26, 2025, filed on SEDAR+ at and attached as Exhibit 1 to the Trust's Annual Report on Form 40-F for the year ended December 31, 2024 filed with the SEC and available online on EDGAR at all of which investors are strongly advised to review. The 'Risk Factors' section also contains information about the material factors or assumptions underlying such forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information speak only as of the date the statements and information were made and unless otherwise required by applicable securities laws, Granite expressly disclaims any intention and undertakes no obligation to update or revise any forward-looking statements or forward-looking information contained in this press release to reflect subsequent information, events or circumstances or otherwise.
