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Cision Canada
19 minutes ago
- Cision Canada
Manulife to Acquire Comvest Credit Partners, Creating a Leading Private Credit Platform Français
Consistent with Manulife's strategy to increase earnings from its highest potential businesses Comvest is a rapidly growing, middle market private credit manager Alignment creates a comprehensive US$18.4 billion 1 private credit asset management platform Comvest leadership will lead the aligned private credit platform and there will be no changes to investment process or strategy Financially attractive transaction for Manulife shareholders, expected to be immediately accretive to core EPS, core ROE, and core EBITDA margin TSX/NYSE/PSE: MFC SEHK: 945 C$ unless otherwise stated TORONTO, Aug. 6, 2025 /CNW/ - Manulife Financial Corporation (TSX: MFC), through its more than US$900 billion Global Wealth and Asset Management ("Global WAM") segment, today announced it has signed an agreement to acquire 75% 2 of Comvest Credit Partners 3 ("Comvest") for US$937.5 million in upfront consideration. Comvest is a rapidly growing, middle market direct lending private credit manager with US$14.7 billion 4 on its platform. As part of the agreement, Manulife will align its US$3.7 billion Senior Credit team with Comvest, creating a leading US$18.4 billion 1 private credit asset management platform. Manulife intends to co-brand the new platform as Manulife | Comvest. "With a continued focus on disciplined, strategic capital deployment, our acquisition of Comvest Credit Partners further enhances our private markets platform by adding differentiated capabilities in private credit. The transaction is expected to be immediately accretive to core EPS, core ROE and core EBITDA margin, it will contribute to the strong growth trajectory of our broader Global Wealth and Asset Management business." - Phil Witherington, Manulife President & Chief Executive Officer "We are excited to see the continued growth and maturity of private credit as an asset class, providing flexible, tailored financing to businesses that are underserved by traditional lenders, while offering investors attractive, risk-adjusted returns. We are thrilled to welcome Comvest's exceptionally talented team of investment professionals. This acquisition, coupled with our acquisition last year of CQS, demonstrates our commitment to thoughtfully grow our business and offer a broader range of investment solutions to our institutional, retail, and retirement clients." - Paul Lorentz, President & CEO of Manulife Wealth and Asset Management "This partnership is an important step forward for Comvest and will meaningfully strengthen our market position. From the outset, the synergies between Comvest and Manulife have been clear, we share a disciplined approach to credit, a client-first mindset, and a strong focus on team culture. Manulife's deep relationships with private equity sponsors, robust sourcing capabilities, financial strength, and broad distribution platform will help us scale our differentiated private credit strategy and unlock new opportunities." - Robert O'Sullivan, Comvest Credit Partners Chief Executive Officer Transaction Details Comvest Credit Partners has built a differentiated approach to private credit, offering investors a diversified strategy encompassing non-sponsor lending, specialty finance sector exposure and traditional sponsor lending in the core mid-market. The firm has a demonstrated track record of fundraising and a history of delivering strong risk-adjusted returns through market cycles. Manulife's existing Senior Credit business and Comvest are highly complementary given the different areas of the market they focus upon. Comvest is focused on non-sponsor backed middle market direct lending and other specialty lending, while Manulife has built a strong reputation over the last decade serving the private equity sponsor-backed market, and these deep sponsor relationships will benefit the aligned platform going forward. In addition to the upfront consideration, Comvest will be eligible for additional consideration of up to US$337.5 million, contingent on achieving certain performance targets. The agreement provides Manulife the ability to purchase the remaining 25% through a put/call mechanism. The transaction is immediately accretive to core EPS, core ROE and GWAM's core EBITDA margin and will be funded entirely with cash on hand, resulting in less than a 3-point reduction to Manulife's LICAT ratio. Michael Falk, Founder of Comvest, will assume a role as Senior Advisor and Board Member where he will continue to offer strategic advice and guidance. Robert O'Sullivan, Co-Founder and CEO of Comvest, will be appointed Head of the newly aligned business. He will report directly to Anne Valentine Andrews, Global Head of Private Markets, and will join the Private Markets Executive Committee. In addition to significantly enhancing and scaling Manulife's Private Markets business, the new Manulife | Comvest private credit platform will also complement our existing public market alternative credit platform, Manulife | CQS Investment Management, positioning the company to offer the full spectrum of credit solutions to clients. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions and approvals. Morgan Stanley & Co. LLC is acting as exclusive financial advisor to Manulife on the transaction and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor. Conference Call A live webcast and conference call are scheduled for Thursday August 7, 2025, at 8:00 a.m. (ET), where Phil Witherington, President and CEO, Colin Simpson, Chief Financial Officer, Paul Lorentz, President and CEO of Manulife Wealth and Asset Management, and other members of Manulife's executive leadership team will discuss Manulife's second quarter 2025 results and the acquisition of Comvest Credit Partners, followed by a question and answer period with analysts. To access the conference call, dial 1-800-806-5484 or 1-416-340-2217 (Passcode: 8528599#). Please call in 15 minutes before the scheduled start time. Slides related to this announcement are available on the Manulife website. Media Inquiries Jeff Cathie (857) 944-9017 [email protected] Investor Relations Derek Theobalds (416) 254-1774 [email protected] About Manulife Manulife Financial Corporation is a leading international financial services provider, helping our customers make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States, providing financial advice and insurance for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2024, we had more than 37,000 employees, over 109,000 agents, and thousands of distribution partners, serving over 36 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong. Not all offerings are available in all jurisdictions. For additional information, please visit About Manulife Wealth & Asset Management As part of Manulife Financial Corporation, Manulife Wealth & Asset Management provides global investment, financial advice, and retirement plan services to 19 million individuals, institutions, and retirement plan members worldwide. Our mission is to make decisions easier and lives better by empowering people today to invest for a better tomorrow. As a committed partner to our clients and as a responsible steward of investor capital, we offer a heritage of risk management, deep expertise across public and private markets, and comprehensive retirement plan services. We seek to provide better investment and impact outcomes and to help people confidently save and invest for a more secure financial future. Not all offerings are available in all jurisdictions. For additional information, please visit About Comvest Credit Partners Comvest Credit Partners, the direct lending platform of Comvest Partners, focuses on providing flexible financing solutions to middle-market companies. Comvest Credit Partners provides senior secured, unitranche, and second lien capital to sponsored and non-sponsored companies in support of growth, acquisitions, buyouts, refinancings, and recapitalizations, with credit facilities up to US$300 million-plus. For more information, please visit Non-GAAP and other financial measures Manulife prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. We use a number of non-GAAP and other financial measures to evaluate overall performance and to assess each of our businesses. This section includes information required by National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure in respect of "specified financial measures" (as defined therein). Non-GAAP financial measures in this document include AUM. For more information on the non-GAAP and other financial measures in this document, please see "Non-GAAP and Other Financial Measures" of the 2Q25 MD&A which is incorporated by reference and available on the SEDAR+ website at CAUTION REGARDING FORWARD-LOOKING STATEMENTS: This document contains forward-looking statements within the meaning of the "safe harbour" provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995 including with respect to the expected closing of the transaction described herein and the expected benefits of such transaction. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: the anticipated benefits from the transaction; changes in general economic and market conditions, laws and regulations, the expected business performance of Comvest Credit Partners, and the expected time to close the transaction. Additional information about material risk factors that could cause actual results to differ materially from expectations may be found in our most recent annual and interim reports and elsewhere in our filings with Canadian and U.S. securities regulators. The forward-looking statements in this document are, unless otherwise indicated, stated as of the date hereof. We do not undertake to update any forward-looking statements, except as required by law.
Cision Canada
19 minutes ago
- Cision Canada
Manulife Reports Second Quarter 2025 Results
TSX/NYSE/PSE: MFC SEHK: 945 C$ unless otherwise stated TORONTO, Aug. 6, 2025 /CNW/ - Manulife Financial Corporation ("Manulife" or the "Company") reported its second quarter results for the period ended June 30, 2025, delivering continued strong momentum in new business growth and strong earnings growth in our highest potential businesses. 1 Key highlights for the second quarter of 2025 ("2Q25") include: Core earnings 2 of $1.7 billion, a 2% decrease on a constant exchange rate basis 3 compared with the second quarter of 2024 ("2Q24") Excluding the impact of the change in expected credit loss ("ECL"), core earnings was $1.8 billion, up 2% from 2Q24 2,3 Net income attributed to shareholders of $1.8 billion, an increase of $0.7 billion compared with 2Q24 Core EPS 4 of $0.95, up 2% 3 from 2Q24. EPS of $0.98, up 88% 3 from 2Q24 Excluding the impact of the change in ECL, core EPS was $0.99, up 7% from 2Q24 3,4 Core ROE 4 of 15.0% and ROE of 15.6% LICAT ratio 5 of 136% APE sales up 15% 6, new business CSM up 37% 3 and new business value ("NBV") up 20% 6 from 2Q24 7,8 Global Wealth and Asset Management ("Global WAM") net inflows 6 of $0.9 billion, up from $0.1 billion in 2Q24 Announced today the agreement to acquire a 75% stake in Comvest Credit Partners, adding US$14.7 billion 9 to our Global WAM platform. The transaction is expected to close in the fourth quarter of 2025 10 "Our second-quarter results underscore the strength and resilience of our global franchise, as we continue to deliver high-quality growth across a diversified portfolio. All three insurance segments achieved over 30% growth year over year in new business CSM, clear evidence of our momentum and future earnings potential. Notably, Asia continued to generate strong APE sales and increased NBV margin sequentially. 6 Global WAM further expanded its core EBITDA margin 4 and delivered double-digit core earnings growth compared with the prior year quarter. 7 "It's an incredible privilege to lead Manulife and I'm energized by the passion and performance of this team. We are building on a strong foundation and are well-positioned to navigate a dynamic macroeconomic landscape with clarity and purpose. As we write Manulife's next chapter, I'm confident our strong commitment to customers, digital and AI-enabled solutions, will set new standards for excellence, efficiency, and sustainable growth across our global franchise. "Investing in our high-potential businesses with strategically focused intent is critical, and I'm excited to announce our acquisition of Comvest Credit Partners, adding highly complementary and scaled capabilities in private credit, an asset-strategy that we believe will contribute to future growth across our Global Wealth and Asset Management lines of business." — Phil Witherington, Manulife President & Chief Executive Officer "While core EPS growth was dampened by headwinds related to unfavourable life insurance claims experience in the U.S. and strengthened expected credit loss provisions, the underlying fundamentals of our businesses remained robust and we are reporting strong earnings growth in Global WAM, Asia and Canada. This is supported by our continued expense discipline which drove a 3% reduction in overall core expenses compared with 2Q24. 2 Book value per common share was resilient with a 5% increase year over year, and we continue buying back common shares, including $1.1 billion since the start of the year, demonstrating our steadfast commitment to enhancing shareholder value." — Colin Simpson, Manulife Chief Financial Officer Results by Segment ($ millions, unless otherwise stated) Quarterly Results YTD Results 2Q25 2Q24 Change 6 2025 2024 Change 6 Asia (US$) Net income attributed to shareholders $ 600 $ 424 44 % $ 1,035 $ 694 49 % Core earnings 7 520 449 13 % 1,012 914 10 % APE sales 1,233 920 31 % 2,645 1,870 41 % New business CSM 480 349 34 % 978 713 36 % NBV 7 451 346 28 % 908 669 35 % Canada Net income attributed to shareholders $ 390 $ 79 394 % $ 612 $ 352 74 % Core earnings 419 402 4 % 793 766 4 % APE sales 345 520 (34) % 836 970 (14) % New business CSM 100 76 32 % 191 146 31 % NBV 161 159 1 % 341 316 8 % U.S. (US$) Net income attributed to shareholders $ 26 $ 98 (73) % $ (371) $ 18 – % Core earnings 141 303 (53) % 392 638 (39) % APE sales 130 93 40 % 250 206 21 % New business CSM 86 54 59 % 156 126 24 % NBV 46 41 12 % 94 78 21 % Global WAM Net income attributed to shareholders $ 482 $ 350 36 % $ 925 $ 715 25 % Core earnings 7 463 386 19 % 917 735 22 % Gross flows ($ billions) 6 43.8 41.4 5 % 94.1 86.9 5 % Average AUMA ($ billions) 6 1,005 933 7 % 1,022 917 9 % Core EBITDA margin (%) 30.1 % 26.3 % 380 bps 29.2 % 25.9 % 330 bps Strategic Highlights We are embedding AI across our business, accelerating our journey to become a Digital, Customer Leader and earning the top spot for AI maturity in our industry In Global WAM, we launched an AI-powered sales enablement solution in U.S. Retirement, delivering real-time insights and personalized content to enhance our sales operation and productivity, improve our sales close ratio, and drive revenue growth. This doubled the number of sales opportunities compared with 2Q24 and reduced the time spent on information searches by over 50%. In Asia, we rolled out VOICE in Singapore and Japan, a multi-signal dashboard that includes call trend analysis, net sentiment scores, topic trends and deep dive insights from call center transcripts. VOICE utilizes GenAI to categorize data, find correlations, and customize insights by analyzing near real-time trends from customer interactions. These insights help us to better understand customer sentiment and key interests, enhance services, improve training, and identify opportunities to better deliver value to our customers. In the U.S., we launched a GenAI functionality in long-term care ("LTC") to enhance automated claims processing to strengthen the value of our LTC business and provide insights for future innovations. In Canada, we launched an end-to-end digital travel insurance platform that modernizes the distributor experience and simplifies the purchasing process for Canadians and their families. We were ranked first in the life insurance sector for AI maturity in the inaugural Evident AI Index for Insurance 11, ranking in the top five across the insurance industry overall. Our strong performance, particularly around Leadership and Transparency, is a testament to the multi-year investments in AI across the Company, reflecting our capability in scaling AI effectively. We continue to strengthen our distribution capabilities and expand product offerings to meet evolving customer needs In Asia, we demonstrated the strength of our agency force with a 23% year-over-year increase in the number of Million Dollar Round Table ("MDRT") members for Manulife Asia, positioning us as the third largest globally in 2025 MDRT membership. 12 In addition, we became the first international life insurer to establish an office in the Dubai International Financial Centre 13 dedicated to advising on and offering life insurance contracts to high-net-worth ("HNW") customers. This strategic move deepens our presence in the Middle East and enhances our ability to address the growing wealth and protection needs of HNW and ultra-HNW individuals in the region. In Global WAM, we continued to deliver comprehensive investment solutions by expanding our Global Retail product lineup with the launch of a diversified real assets strategy in Malaysia to help investors navigate market volatility. In addition, we introduced four new actively managed ETF series in Canada, enhancing access to diversified equity and fixed income exposures, to meet evolving investor needs. Furthermore, we enhanced the Manulife iFUNDS platform, making it the first integrated digital wealth solution in Singapore that offers advisors a unified view of clients' Unit Trust and Investment-Linked Plan ("ILP") holdings. By integrating these into a single platform and incorporating AI-powered ILP analytics capabilities, the enhancements streamline portfolio oversight, accelerate transaction execution, and empower advisors to deliver more personalized and insightful financial guidance. In Canada, we partnered with Maven Clinic, the world's largest virtual clinic for women's and family health 14, to offer eligible Group Benefits members 24/7 virtual access to personalized support during some of their most important stages of life, including fertility, maternity, parenting, and menopause. This initiative addresses critical care gaps that impact women's health and workforce participation. In the U.S., we expanded our wholesaling team to pursue more targeted growth strategies and accelerate our penetration within the U.S. HNW and mass affluent markets. Core earnings of $1.7 billion in 2Q25, down 2% from 2Q24 Core earnings decreased as strong business growth in Global WAM, Asia and Canada was offset by unfavourable life insurance claims experience in the U.S. and strengthened ECL provisions. Asia core earnings increased 13%, reflecting continued business growth, favourable claims experience and improved impact of new business, partially offset by strengthened ECL provisions. Global WAM core earnings increased 19%, driven by higher net fee income from favourable market impacts over the past 12 months and positive net flows, higher performance fees and continued expense discipline, partially offset by the impact of lower fee spreads and higher taxes. Canada core earnings were up 4%, as business growth in Group Insurance and higher investment spreads more than offset the impacts of a release in ECL provision in 2Q24 and the RGA Canadian universal life reinsurance transaction. 16 U.S. core earnings decreased 53%, reflecting unfavourable life insurance claims experience, lower investment spreads and strengthened ECL provisions. Corporate and Other core earnings improved by $12 million, primarily driven by lower long-term incentive compensation. Net Income attributed to shareholders of $1.8 billion in 2Q25, $0.7 billion higher compared with 2Q24 The $0.7 billion increase in net income was driven by improved market experience. The net gain from market experience in 2Q25 reflects higher-than-expected returns on public equities and gains from derivatives and hedge accounting ineffectiveness, partially offset by lower-than-expected returns on alternative long-duration assets, mainly related to real estate and private equity investments. APE sales, new business CSM and NBV increased 15%, 37% and 20%, respectively, reflecting continued sales momentum and margin expansions Asia continued to generate strong growth in APE sales, new business CSM and NBV, with a year-over-year increase of 31%, 34% and 28%, respectively, reflecting higher sales volumes in Hong Kong and Asia Other. 17 NBV margin of 40.0% was approximately in line with the prior year quarter and increased sequentially. In Canada, APE sales decreased 34%, as strong participating life insurance sales were more than offset by the non-recurrence of a large-case Group Insurance sale in 2Q24. These sales results, combined with a more favourable product mix, drove a 1% increase in NBV. New business CSM increased 32%, reflecting the strong sales growth in Individual Insurance. U.S. delivered strong new business growth this quarter, increasing APE sales, new business CSM and NBV by 40%, 59% and 12%, respectively, reflecting continued demand for our accumulation insurance products. Global WAM net inflows of $0.9 billion in 2Q25, $0.8 billion higher compared with net inflows of $0.1 billion in 2Q24 Retirement net inflows of $2.0 billion in 2Q25 increased compared with net outflows of $1.3 billion in 2Q24, reflecting higher retirement plan sales across all geographies and a large-case retirement plan redemption in the U.S. in 2Q24. Retail net outflows of $3.2 billion in 2Q25 increased compared with net outflows of $0.1 billion in 2Q24, driven by lower net sales through third-party intermediaries in North America and in money markets funds in mainland China. This is partially offset by higher net sales through our retail wealth platform. Institutional Asset Management net inflows of $2.1 billion in 2Q25 increased compared with net inflows of $1.4 billion in 2Q24, driven by lower redemptions in fixed income mandates, partially offset by higher redemptions in equity mandates. New business growth continued to drive higher organic CSM and CSM balance CSM 18 was $22,316 million as at June 30, 2025 CSM increased $189 million compared with December 31, 2024. Organic CSM movement contributed $1,162 million of the increase for the first half of 2025, representing an 11% 6 growth on an annualized basis, primarily driven by the impact of new business, interest accretion and net favourable insurance experience, partially offset by amortization recognized in core earnings. Inorganic CSM movement was a decrease of $973 million for the same period, primarily driven by the impacts of changes in foreign currency exchange rates. Post-tax CSM net of NCI 2 was $18,527 million as at June 30, 2025. __________ (1) Highest potential businesses include Asia segment, Global Wealth and Asset Management, Canada group benefits and North American behavioural insurance products. (2) Core earnings, core earnings excluding the impact of the change in ECL, core expenses and post-tax contractual service margin net of NCI ("post-tax CSM net of NCI") are non-GAAP financial measures. For more information on non-GAAP and other financial measures, see "Non-GAAP and other financial measures" below and in our 2Q25 Management's Discussion and Analysis ("2Q25 MD&A"). (3) Percentage growth/declines in core earnings, core earnings excluding the impact of the change in ECL, diluted core earnings per common share ("core EPS"), diluted earnings (loss) per share ("EPS"), core EPS excluding the impact of the change in ECL, new business contractual service margin net of NCI ("new business CSM"), and net income attributed to shareholders are stated on a constant exchange rate basis and are non-GAAP ratios. (4) Core EPS, core EPS excluding the impact of the change in ECL, core ROE, core EBITDA margin, financial leverage ratio and adjusted book value per common share ("adjusted BV per common share") are non-GAAP ratios. (5) Life Insurance Capital Adequacy Test ("LICAT") ratio of The Manufacturers Life Insurance Company ("MLI") as at June 30, 2025. LICAT ratio is disclosed under the Office of the Superintendent of Financial Institutions Canada's ("OSFI's") Life Insurance Capital Adequacy Test Public Disclosure Requirements guideline. (6) For more information on annualized premium equivalent ("APE") sales, new business value ("NBV"), net flows, gross flows, average asset under management and administration ("average AUMA") and new business value margin ("NBV margin"), see "Non-GAAP and other financial measures" below. In this news release, percentage growth/decline in APE sales, NBV, net flows, gross flows, average AUMA and organic CSM are stated on a constant exchange rate basis. (7) 2024 quarterly and year-to-date core earnings, NBV, core EPS, core ROE, adjusted BV per common share, and financial leverage ratio have been updated to align with the presentation of Global Minimum Taxes ("GMT") in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 2Q25 MD&A for more information. (8) Refers to "Results at a Glance" for 2Q25 and 2Q24 results. (9) Includes Comvest fee paying AUM of US$11 billion and Comvest committed capital of US$3.7 billion. (10) Subject customary closing conditions and approvals. See "Caution regarding forward-looking statements" below. See the press release announcing the acquisition for further details on the transaction and Comvest Credit Partners. (11) The Evident AI Index for Insurance assesses AI maturity across 30 of the most prominent insurance companies in North America and Europe, measuring progress across four key categories: Talent, Innovation, Leadership, and Transparency. (12) Announced in July 2025, based on 2024 new business sales. (13) The Dubai International Financial Centre is a special economic zone in Dubai designed to facilitate financial and business activities in the Middle East, Africa and South Asia region. (14) Maven Clinic, Meet Maven, 2024. (15) See section A1 "Profitability" in our 2Q25 MD&A for more information on notable items attributable to core earnings and net income attributed to shareholders. (16) The reinsurance transaction with RGA Life Reinsurance Company of Canada ("RGA Canadian Reinsurance transaction") closed April 1, 2024. (17) Asia Other excludes Hong Kong and Japan. (18) Net of non-controlling interests ("NCI"). Earnings Results Conference Call Manulife will host a conference call and live webcast on its Second Quarter 2025 results on August 7, 2025, at 8:00 a.m. (ET). To access the conference call, dial 1-800-806-5484 or 1-416-340-2217 (Passcode: 8528599#). Please call in 15 minutes before the scheduled start time. You will be required to provide your name and organization to the operator. You may access the webcast at The archived webcast will be available following the call at the same URL as above. A replay of the call will also be available until September 6, 2025, by dialing 1-800-408-3053 or 1-905-694-9451 (Passcode: 1098664#). The Second Quarter 2025 Statistical Information Package is also available on the Manulife website at This earnings news release should be read in conjunction with the Company's Second Quarter 2025 Report to Shareholders, including our unaudited interim Consolidated Financial Statements for the three and six months ended June 30, 2025, prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, which is available on our website at The Company's 2Q25 MD&A and additional information relating to the Company is available on the SEDAR+ website at and on the U.S. Securities and Exchange Commission's ("SEC") website at Any information contained in, or otherwise accessible through, websites mentioned in this news release does not form a part of this document unless it is expressly incorporated by reference. Investor Relations Derek Theobalds (416) 254-1774 [email protected] Earnings The following table presents net income attributed to shareholders, consisting of core earnings and details of the items excluded from core earnings: Quarterly Results YTD Results ($ millions) 2Q25 1Q25 2Q24 2025 2024 Core earnings (1) Asia $ 720 $ 705 $ 616 $ 1,425 $ 1,242 Canada 419 374 402 793 766 U.S. 194 361 415 555 867 Global Wealth and Asset Management 463 454 386 917 735 Corporate and Other (70) (127) (82) (197) (163) Total core earnings $ 1,726 $ 1,767 $ 1,737 $ 3,493 $ 3,447 Items excluded from core earnings Market experience gains (losses) 113 (1,332) (665) (1,219) (1,444) Restructuring charge - - - - - Reinsurance transactions, tax-related items and other (1) (50) 50 (30) - (95) Net income attributed to shareholders $ 1,789 $ 485 $ 1,042 $ 2,274 $ 1,908 (1) 2024 quarterly and year-to-date core earnings by segment, and 1Q24 total core earnings have been updated to align with the presentation of GMT in 2025, with a corresponding offset in items excluded from core earnings. See section A7 "Global Minimum Tax (GMT)" in our 2Q25 MD&A for more information. Global Minimum Taxes ("GMT") On June 20, 2024, the Canadian government passed the Global Minimum Tax Act into law. Canada's GMT is applied retroactively to fiscal periods commencing on or after December 31, 2023. As additional local jurisdictions are expected to enact the GMT in 2025, GMT is now recognized in net income in the reporting segments whose earnings are subject to this tax. GMT is reported in both core earnings and items excluded from core earnings in line with our definition of core earnings in section E3 "Non-GAAP and Other Financial Measures" of the 2Q25 MD&A. To improve the comparability of results between 2025 and 2024, we have updated certain 2024 non-GAAP and other financial measures to reflect the impact of GMT, including quarterly core earnings, core ROE, core EPS, financial leverage ratio, adjusted book value per common share, new business value, and post-tax CSM net of NCI. For further information and a complete list of the impacted financial measures, please see section A7 "Global Minimum Taxes (GMT)" of the 2Q25 MD&A, which is incorporated by reference. Non-GAAP and other financial measures The Company prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. We use a number of non-GAAP and other financial measures to evaluate overall performance and to assess each of our businesses. This section includes information required by National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure in respect of "specified financial measures" (as defined therein). Non-GAAP financial measures include core earnings (loss); core earnings excluding the impact of the change in ECL; core earnings available to common shareholders excluding the impact of the change in ECL; core earnings available to common shareholders; core earnings before interest, taxes, depreciation and amortization ("core EBITDA"); core expenses; adjusted book value; post-tax contractual service margin; post-tax contractual service margin net of NCI ("post-tax CSM net of NCI"); assets under management ("AUM"); and core revenue. In addition, non-GAAP financial measures include the following stated on a constant exchange rate ("CER") basis: any of the foregoing non-GAAP financial measures; net income attributed to shareholders; and common shareholders' net income. Non-GAAP ratios include core return on common shareholders' equity ("core ROE"); diluted core earnings per common share ("core EPS"); diluted core earnings per common share excluding the impact of the change in ECL ("core EPS excluding the impact of the change in ECL"); expense efficiency ratio; adjusted book value per common share; financial leverage ratio; core EBITDA margin; and percentage growth/decline on a constant exchange rate basis in any of the above non-GAAP financial measures and non-GAAP ratios; net income attributed to shareholders; diluted earnings per common share ("EPS"), CSM, and new business CSM. Other specified financial measures include NBV; APE sales; gross flows; net flows; average assets under management and administration ("average AUMA"); NBV margin; and percentage growth/decline in these foregoing specified financial measures. In addition, explanations of the components of the CSM movement, other than the new business CSM were provided in the 2Q25 MD&A. Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under GAAP and, therefore, might not be comparable to similar financial measures disclosed by other issuers. Therefore, they should not be considered in isolation or as a substitute for any other financial information prepared in accordance with GAAP. For more information on non-GAAP financial measures, including those referred to above, see the section "Non-GAAP and other financial measures" in our 2Q25 MD&A, which is incorporated by reference. 2Q25 Asia Canada U.S. Global WAM Corporate and Other Total Income (loss) before income taxes $ 1,092 $ 526 $ 31 $ 575 $ 37 $ 2,261 Income tax (expenses) recoveries Core earnings (94) (110) (37) (89) 32 (298) Items excluded from core earnings (55) (5) 42 (4) (18) (40) Income tax (expenses) recoveries (149) (115) 5 (93) 14 (338) Net income (post-tax) 943 411 36 482 51 1,923 Less: Net income (post-tax) attributed to Non-controlling interests 49 - - - - 49 Participating policyholders 64 21 - - - 85 Net income (loss) attributed to shareholders (post-tax) 830 390 36 482 51 1,789 Less: Items excluded from core earnings (post-tax) Market experience gains (losses) 161 (27) (158) 16 121 113 Changes in actuarial methods and assumptions that flow directly through income - - - - - - Restructuring charge - - - - - - Reinsurance transactions, tax related items and other (51) (2) - 3 - (50) Core earnings (post-tax) $ 720 $ 419 $ 194 $ 463 $ (70) $ 1,726 Income tax on core earnings (see above) 94 110 37 89 (32) 298 Core earnings (pre-tax) $ 814 $ 529 $ 231 $ 552 $ (102) $ 2,024 Core earnings, CER basis and U.S. dollars – 2Q25 ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) 2Q25 Asia Canada U.S. Global WAM Corporate and Other Total Core earnings (post-tax) $ 720 $ 419 $ 194 $ 463 $ (70) $ 1,726 CER adjustment (1) - - - - - - Core earnings, CER basis (post-tax) $ 720 $ 419 $ 194 $ 463 $ (70) $ 1,726 Income tax on core earnings, CER basis (2) 94 110 37 89 (32) 298 Core earnings, CER basis (pre-tax) $ 814 $ 529 $ 231 $ 552 $ (102) $ 2,024 Core earnings (U.S. dollars) – Asia and U.S. segments Core earnings (post-tax) (3), US $ $ 520 $ 141 CER adjustment US $ (1) - - Core earnings, CER basis (post-tax), US $ $ 520 $ 141 (1) The impact of updating foreign exchange rates to that which was used in 2Q25. (2) Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q25. (3) Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 2Q25. Reconciliation of core earnings to net income attributed to shareholders – 1Q25 ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) 1Q25 Asia Canada U.S. Global WAM Corporate and Other Total Income (loss) before income taxes $ 870 $ 305 $ (731) $ 528 $ (273) $ 699 Income tax (expenses) recoveries Core earnings (101) (89) (84) (86) 29 (331) Items excluded from core earnings (30) 30 246 2 7 255 Income tax (expenses) recoveries (131) (59) 162 (84) 36 (76) Net income (post-tax) 739 246 (569) 444 (237) 623 Less: Net income (post-tax) attributed to Non-controlling interests 67 - - 1 (2) 66 Participating policyholders 48 24 - - - 72 Net income (loss) attributed to shareholders (post-tax) 624 222 (569) 443 (235) 485 Less: Items excluded from core earnings (post-tax) Market experience gains (losses) (77) (152) (930) (11) (162) (1,332) Changes in actuarial methods and assumptions that flow directly through income - - - - - - Restructuring charge - - - - - - Reinsurance transactions, tax related items and other (4) - - - 54 50 Core earnings (post-tax) $ 705 $ 374 $ 361 $ 454 $ (127) $ 1,767 Income tax on core earnings (see above) 101 89 84 86 (29) 331 Core earnings (pre-tax) $ 806 $ 463 $ 445 $ 540 $ (156) $ 2,098 Core earnings, CER basis and U.S. dollars – 1Q25 ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) (1) The impact of updating foreign exchange rates to that which was used in 2Q25. (2) Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q25. (3) Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for 1Q25. Reconciliation of core earnings to net income attributed to shareholders – 2Q24 (1) ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) 2Q24 Asia Canada U.S. Global WAM Corporate and Other Total Income (loss) before income taxes $ 763 $ 141 $ 156 $ 383 $ (59) $ 1,384 Income tax (expenses) recoveries Core earnings (95) (107) (95) (59) 36 (320) Items excluded from core earnings (20) 68 74 27 (81) 68 Income tax (expenses) recoveries (115) (39) (21) (32) (45) (252) Net income (post-tax) 648 102 135 351 (104) 1,132 Less: Net income (post-tax) attributed to Non-controlling interests 38 - - 1 - 39 Participating policyholders 28 23 - - - 51 Net income (loss) attributed to shareholders (post-tax) 582 79 135 350 (104) 1,042 Less: Items excluded from core earnings (post-tax) Market experience gains (losses) (58) (364) (280) (7) 44 (665) Changes in actuarial methods and assumptions that flow directly through income - - - - - - Restructuring charge - - - - - - Reinsurance transactions, tax related items and other 24 41 - (29) (66) (30) Core earnings (post-tax) $ 616 $ 402 $ 415 $ 386 $ (82) $ 1,737 Income tax on core earnings (see above) 95 107 95 59 (36) 320 Core earnings (pre-tax) $ 711 $ 509 $ 510 $ 445 $ (118) $ 2,057 (1) This reconciliation and related core earnings reconciliations below have been updated to align with the presentation of GMT in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 2Q25 MD&A for more information. Core earnings, CER basis and U.S. dollars – 2Q24 ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) 2Q24 Asia Canada U.S. Global WAM Corporate and Other Total Core earnings (post-tax) $ 616 $ 402 $ 415 $ 386 $ (82) $ 1,737 CER adjustment (1) 19 - 4 3 - 26 Core earnings, CER basis (post-tax) $ 635 $ 402 $ 419 $ 389 $ (82) $ 1,763 Income tax on core earnings, CER basis (2) 96 107 97 59 (36) 323 Core earnings, CER basis (pre-tax) $ 731 $ 509 $ 516 $ 448 $ (118) $ 2,086 Core earnings (U.S. dollars) – Asia and U.S. segments Core earnings (post-tax) (3), US $ $ 449 $ 303 CER adjustment US $ (1) 10 - Core earnings, CER basis (post-tax), US $ $ 459 $ 303 (1) The impact of updating foreign exchange rates to that which was used in 2Q25. (2) Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q25. (3) Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for 2Q24. Reconciliation of core earnings to net income attributed to shareholders – YTD 2025 ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) YTD 2025 Asia Canada U.S. Global WAM Corporate and Other Total Income (loss) before income taxes $ 1,962 $ 831 $ (700) $ 1,103 $ (236) $ 2,960 Income tax (expenses) recoveries Core earnings (195) (199) (121) (175) 61 (629) Items excluded from core earnings (85) 25 288 (2) (11) 215 Income tax (expenses) recoveries (280) (174) 167 (177) 50 (414) Net income (post-tax) 1,682 657 (533) 926 (186) 2,546 Less: Net income (post-tax) attributed to Non-controlling interests 116 - - 1 (2) 115 Participating policyholders 112 45 - - - 157 Net income (loss) attributed to shareholders (post-tax) 1,454 612 (533) 925 (184) 2,274 Less: Items excluded from core earnings (post-tax) Market experience gains (losses) 84 (179) (1,088) 5 (41) (1,219) Changes in actuarial methods and assumptions that flow directly through income - - - - - - Restructuring charge - - - - - - Reinsurance transactions, tax related items and other (55) (2) - 3 54 - Core earnings (post-tax) $ 1,425 $ 793 $ 555 $ 917 $ (197) $ 3,493 Income tax on core earnings (see above) 195 199 121 175 (61) 629 Core earnings (pre-tax) $ 1,620 $ 992 $ 676 $ 1,092 $ (258) $ 4,122 Core earnings, CER basis and U.S. dollars – YTD 2025 ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) YTD 2025 Asia Canada U.S. Global WAM Corporate and Other Total Core earnings (post-tax) $ 1,425 $ 793 $ 555 $ 917 $ (197) $ 3,493 CER adjustment (1) (16) - (13) (11) - (40) Core earnings, CER basis (post-tax) $ 1,409 $ 793 $ 542 $ 906 $ (197) $ 3,453 Income tax on core earnings, CER basis (2) 193 199 118 173 (61) 622 Core earnings, CER basis (pre-tax) $ 1,602 $ 992 $ 660 $ 1,079 $ (258) $ 4,075 Core earnings (U.S. dollars) – Asia and U.S. segments Core earnings (post-tax) (3), US $ $ 1,012 $ 392 CER adjustment US $ (1) 6 - Core earnings, CER basis (post-tax), US $ $ 1,018 $ 392 (1) The impact of updating foreign exchange rates to that which was used in 2Q25. (2) Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q25. (3) Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for the respective quarters that make up 2025 year-to-date core earnings. Reconciliation of core earnings to net income attributed to shareholders – YTD 2024 (1) ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) YTD 2024 Asia Canada U.S. Global WAM Corporate and Other Total Income (loss) before income taxes $ 1,357 $ 522 $ 2 $ 809 $ (54) $ 2,636 Income tax (expenses) recoveries Core earnings (193) (198) (198) (125) 64 (650) Items excluded from core earnings (72) 76 223 32 (141) 118 Income tax (expenses) recoveries (265) (122) 25 (93) (77) (532) Net income (post-tax) 1,092 400 27 716 (131) 2,104 Less: Net income (post-tax) attributed to Non-controlling interests 93 - - 1 - 94 Participating policyholders 54 48 - - - 102 Net income (loss) attributed to shareholders (post-tax) 945 352 27 715 (131) 1,908 Less: Items excluded from core earnings (post-tax) Market experience gains (losses) (308) (455) (814) (1) 134 (1,444) Changes in actuarial methods and assumptions that flow directly through income - - - - - - Restructuring charge - - - - - - Reinsurance transactions, tax related items and other 11 41 (26) (19) (102) (95) Core earnings (post-tax) $ 1,242 $ 766 $ 867 $ 735 $ (163) $ 3,447 Income tax on core earnings (see above) 193 198 198 125 (64) 650 Core earnings (pre-tax) $ 1,435 $ 964 $ 1,065 $ 860 $ (227) $ 4,097 (1) This reconciliation and related core earnings reconciliations below have been updated to align with the presentation of GMT in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 2Q25 MD&A for more information. Core earnings, CER basis and U.S. dollars – YTD 2024 ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) YTD 2024 Asia Canada U.S. Global WAM Corporate and Other Total Core earnings (post-tax) $ 1,242 $ 766 $ 867 $ 735 $ (163) $ 3,447 CER adjustment (1) 38 - 16 10 1 65 Core earnings, CER basis (post-tax) $ 1,280 $ 766 $ 883 $ 745 $ (162) $ 3,512 Income tax on core earnings, CER basis (2) 197 198 202 126 (63) 660 Core earnings, CER basis (pre-tax) $ 1,477 $ 964 $ 1,085 $ 871 $ (225) $ 4,172 Core earnings (U.S. dollars) – Asia and U.S. segments Core earnings (post-tax) (3), US $ $ 914 $ 638 CER adjustment US $ (1) 11 - Core earnings, CER basis (post-tax), US $ $ 925 $ 638 (1) The impact of updating foreign exchange rates to that which was used in 2Q25. (2) Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q25. (3) Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for the respective quarters that make up 2025 year-to-date core earnings. Core earnings available to common shareholders (1) ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) (1) 2024 reconciliations have been updated to align with the presentation of GMT in 2025. (2) The impact of updating foreign exchange rates to which was used in 2Q25. Core ROE (1) ($ millions, unless otherwise stated) Quarterly Results YTD Results Full Year Results 2Q25 1Q25 4Q24 3Q24 2Q24 2025 2024 2024 Core earnings available to common shareholders $ 1,623 $ 1,710 $ 1,806 $ 1,772 $ 1,638 $ 3,333 $ 3,293 $ 6,871 Annualized core earnings available to common shareholders (post-tax) $ 6,510 $ 6,935 $ 7,185 $ 7,049 $ 6,588 $ 6,721 $ 6,622 $ 6,871 Average common shareholders' equity (see below) $ 43,448 $ 44,394 $ 43,613 $ 42,609 $ 41,947 $ 43,921 $ 41,466 $ 42,288 Core ROE (annualized) (%) 15.0 % 15.6 % 16.5 % 16.6 % 15.7 % 15.3 % 16.0 % 16.2 % Average common shareholders' equity Total shareholders' and other equity $ 49,080 $ 51,135 $ 50,972 $ 49,573 $ 48,965 $ 49,080 $ 48,965 $ 50,972 Less: Preferred shares and other equity 6,660 6,660 6,660 6,660 6,660 6,660 6,660 6,660 Common shareholders' equity $ 42,420 $ 44,475 $ 44,312 $ 42,913 $ 42,305 $ 42,420 $ 42,305 $ 44,312 Average common shareholders' equity $ 43,448 $ 44,394 $ 43,613 $ 42,609 $ 41,947 $ 43,921 $ 41,466 $ 42,288 (1) 2024 reconciliations have been updated to align with the presentation of GMT in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 2Q25 MD&A for more information. CSM and post-tax CSM information (1) ($ millions pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) As at Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 CSM $ 23,722 $ 23,713 $ 23,425 $ 22,213 $ 21,760 Less: CSM for NCI 1,406 1,417 1,298 1,283 1,002 CSM, net of NCI $ 22,316 $ 22,296 $ 22,127 $ 20,930 $ 20,758 CER adjustment (2) - (737) (582) 50 277 CSM, net of NCI, CER basis $ 22,316 $ 21,559 $ 21,545 $ 20,980 $ 21,035 CSM by segment Asia $ 15,786 $ 15,904 $ 15,540 $ 14,715 $ 13,456 Asia NCI 1,406 1,417 1,298 1,283 1,002 Canada 4,133 4,052 4,109 4,036 3,769 U.S. 2,386 2,329 2,468 2,171 3,522 Corporate and Other 11 11 10 8 11 CSM $ 23,722 $ 23,713 $ 23,425 $ 22,213 $ 21,760 CSM, CER adjustment (2) Asia $ - $ (617) $ (453) $ 30 $ 288 Asia NCI - (55) (40) (14) 17 Canada - - - - - U.S. - (121) (128) 20 (12) Corporate and Other - - - - - Total $ - $ (793) $ (621) $ 36 $ 293 CSM, CER basis Asia $ 15,786 $ 15,287 $ 15,087 $ 14,745 $ 13,744 Asia NCI 1,406 1,362 1,258 1,269 1,019 Canada 4,133 4,052 4,109 4,036 3,769 U.S. 2,386 2,208 2,340 2,191 3,510 Corporate and Other 11 11 10 8 11 Total CSM, CER basis $ 23,722 $ 22,920 $ 22,804 $ 22,249 $ 22,053 Post-tax CSM CSM $ 23,722 $ 23,713 $ 23,425 $ 22,213 $ 21,760 Marginal tax rate on CSM (3,940) (3,929) (3,928) (3,719) (3,718) Post-tax CSM $ 19,782 $ 19,784 $ 19,497 $ 18,494 $ 18,042 CSM, net of NCI $ 22,316 $ 22,296 $ 22,127 $ 20,930 $ 20,758 Marginal tax rate on CSM net of NCI (3,789) (3,772) (3,774) (3,566) (3,608) Post-tax CSM net of NCI $ 18,527 $ 18,524 $ 18,353 $ 17,364 $ 17,150 New business CSM (1) detail, CER basis ($ millions pre-tax, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) Quarterly Results YTD Results Full Year Results 2Q25 1Q25 4Q24 3Q24 2Q24 2025 2024 2024 New business CSM Hong Kong $ 286 $ 316 $ 299 $ 254 $ 200 $ 602 $ 368 $ 921 Japan 74 81 66 86 90 155 138 290 Asia Other (2) 303 318 221 253 188 621 463 937 International High Net Worth 187 Mainland China 270 Singapore 391 Vietnam 17 Other Emerging Markets 72 Asia 663 715 586 593 478 1,378 969 2,148 Canada 100 91 116 95 76 191 146 357 U.S. 119 101 140 71 74 220 171 382 Total new business CSM $ 882 $ 907 $ 842 $ 759 $ 628 $ 1,789 $ 1,286 $ 2,887 New business CSM, CER adjustment (3) Hong Kong - $ (11) $ (3) $ 4 $ 1 (11) $ 6 $ 6 Japan - 2 3 5 9 2 11 19 Asia Other (2) - (6) (1) 5 6 (6) 15 20 International High Net Worth 2 Mainland China 2 Singapore 15 Vietnam (1) Other Emerging Markets 2 Asia - (15) (1) 14 16 (15) 32 45 Canada - - - - - - - (1) U.S. - (4) (1) 1 1 (4) 4 3 Total new business CSM $ - $ (19) $ (2) $ 15 $ 17 $ (19) $ 36 $ 47 New business CSM, CER basis Hong Kong $ 286 $ 305 $ 296 $ 258 $ 201 $ 591 $ 374 $ 927 Japan 74 83 69 91 99 157 149 309 Asia Other (2) 303 312 220 258 194 615 478 957 International High Net Worth 189 Mainland China 272 Singapore 406 Vietnam 16 Other Emerging Markets 74 Asia 663 700 585 607 494 1,363 1,001 2,193 Canada 100 91 116 95 76 191 146 356 U.S. 119 97 139 72 75 216 175 385 Total new business CSM, CER basis $ 882 $ 888 $ 840 $ 774 $ 645 $ 1,770 $ 1,322 $ 2,934 (1) New business CSM is net of NCI. (2) New business CSM for Asia Other is reported by country annually, on a full year basis. Other Emerging Markets within Asia Other include Indonesia, the Philippines, Malaysia, Thailand, Cambodia and Myanmar. (3) The impact of updating foreign exchange rates to that which was used in 2Q25. Net income financial measures on a CER basis ($ Canadian millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) Quarterly Results YTD Results Full Year Results 2Q25 1Q25 4Q24 3Q24 2Q24 2025 2024 2024 Net income (loss) attributed to shareholders: Asia $ 830 $ 624 $ 583 $ 827 $ 582 $ 1,454 $ 945 $ 2,355 Canada 390 222 439 430 79 612 352 1,221 U.S. 36 (569) 103 5 135 (533) 27 135 Global WAM 482 443 384 498 350 925 715 1,597 Corporate and Other 51 (235) 129 79 (104) (184) (131) 77 Total net income (loss) attributed to shareholders 1,789 485 1,638 1,839 1,042 2,274 1,908 5,385 Preferred share dividends and other equity distributions (103) (57) (101) (56) (99) (160) (154) (311) Common shareholders' net income (loss) $ 1,686 $ 428 $ 1,537 $ 1,783 $ 943 $ 2,114 $ 1,754 $ 5,074 CER adjustment (1) Asia $ - $ (33) $ (9) $ 8 $ (6) $ (33) $ 9 $ 8 Canada - 1 (4) (1) 2 1 6 2 U.S. - 19 (3) 2 1 19 9 8 Global WAM - (16) (4) 4 4 (16) 11 11 Corporate and Other - 5 (1) (3) (3) 5 (7) (12) Total net income (loss) attributed to shareholders - (24) (21) 10 (2) (24) 28 17 Preferred share dividends and other equity distributions - - - - - - - - Common shareholders' net income (loss) $ - $ (24) $ (21) $ 10 $ (2) $ (24) $ 28 $ 17 Net income (loss) attributed to shareholders, CER basis Asia $ 830 $ 591 $ 574 $ 835 $ 576 $ 1,421 $ 954 $ 2,363 Canada 390 223 435 429 81 613 358 1,223 U.S. 36 (550) 100 7 136 (514) 36 143 Global WAM 482 427 380 502 354 909 726 1,608 Corporate and Other 51 (230) 128 76 (107) (179) (138) 65 Total net income (loss) attributed to shareholders, CER basis 1,789 461 1,617 1,849 1,040 2,250 1,936 5,402 Preferred share dividends and other equity distributions, CER basis (103) (57) (101) (56) (99) (160) (154) (311) Common shareholders' net income (loss), CER basis $ 1,686 $ 404 $ 1,516 $ 1,793 $ 941 $ 2,090 $ 1,782 $ 5,091 Asia net income attributed to shareholders, U.S. dollars Asia net income (loss) attributed to shareholders, US $ (2) $ 600 $ 435 $ 417 $ 606 $ 424 $ 1,035 $ 694 $ 1,717 CER adjustment, US $ (1) - (8) (2) (3) (7) (8) (5) (10) Asia net income (loss) attributed to shareholders, U.S. $, CER basis (1) $ 600 $ 427 $ 415 $ 603 $ 417 $ 1,027 $ 689 $ 1,707 Net income (loss) attributed to shareholders (pre-tax) Net income (loss) attributed to shareholders (post-tax) $ 1,789 $ 485 $ 1,638 $ 1,839 $ 1,042 $ 2,274 $ 1,908 $ 5,385 Tax on net income attributed to shareholders 307 47 388 229 238 354 485 1,102 Net income (loss) attributed to shareholders (pre-tax) 2,096 532 2,026 2,068 1,280 2,628 2,393 6,487 CER adjustment (1) - (3) 1 23 24 (3) 31 56 Net income (loss) attributed to shareholders (pre-tax), CER basis $ 2,096 $ 529 $ 2,027 $ 2,091 $ 1,304 $ 2,625 $ 2,424 $ 6,543 (1) The impact of updating foreign exchange rates to that which was used in 2Q25. (2) Asia net income attributed to shareholders (post-tax) in Canadian dollars is translated to U.S. dollars using the U.S. dollar Statement of Income rate for the reporting period. Adjusted book value (1) ($ millions) (1) 2024 reconciliations have been updated to align with the presentation of GMT in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 2Q25 MD&A for more information. Reconciliation of Global WAM core earnings to core EBITDA ($ millions, pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) (1) The impact of updating foreign exchange rates to that which was used in 2Q25. Core EBITDA margin and core revenue ($ millions, unless otherwise stated) Quarterly Results YTD Results Full Year Results 2Q25 1Q25 4Q24 3Q24 2Q24 2025 2024 2024 Core EBITDA margin Core EBITDA $ 623 $ 608 $ 611 $ 572 $ 513 $ 1,231 $ 990 $ 2,173 Core revenue $ 2,069 $ 2,140 $ 2,140 $ 2,055 $ 1,948 $ 4,209 $ 3,821 $ 8,016 Core EBITDA margin 30.1 % 28.4 % 28.6 % 27.8 % 26.3 % 29.2 % 25.9 % 27.1 % Global WAM core revenue Other revenue per financial statements $ 1,851 $ 1,986 $ 2,003 $ 1,928 $ 1,849 $ 3,837 $ 3,657 $ 7,588 Less: Other revenue in segments other than Global WAM (48) 11 (2) 53 40 (37) 98 149 Other revenue in Global WAM (fee income) $ 1,899 $ 1,975 $ 2,005 $ 1,875 $ 1,809 $ 3,874 $ 3,559 $ 7,439 Investment income per financial statements $ 4,740 $ 4,234 $ 5,250 $ 4,487 $ 4,261 $ 8,974 $ 8,512 $ 18,249 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities per financial statements 2,377 (992) (622) 1,730 564 1,385 1,102 2,210 Total investment income 7,117 3,242 4,628 6,217 4,825 10,359 9,614 20,459 Less: Investment income in segments other than Global WAM 6,924 3,089 4,550 5,991 4,687 10,013 9,336 19,877 Investment income in Global WAM $ 193 $ 153 $ 78 $ 226 $ 138 $ 346 $ 278 $ 582 Total other revenue and investment income in Global WAM $ 2,092 $ 2,128 $ 2,083 $ 2,101 $ 1,947 $ 4,220 $ 3,837 $ 8,021 Less: Total revenue reported in items excluded from core earnings Market experience gains (losses) 20 (14) (28) 33 (9) 6 (1) 4 Revenue related to integration and acquisitions 3 2 (29) 13 8 5 17 1 Global WAM core revenue $ 2,069 $ 2,140 $ 2,140 $ 2,055 $ 1,948 $ 4,209 $ 3,821 $ 8,016 Core earnings excluding the change in ECL ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) For the three months ended June 30, 2025 2024 Core earnings $ 1,726 $ 1,737 Less: (Increase) recovery in the ECL (1) (83) (4) Core earnings, excluding change in ECL 1,809 1,741 CER adjustment (2) - 26 Core earnings, excluding change in ECL, CER basis $ 1,809 $ 1,767 (1) 2Q24 excludes the change in ECL related to the RGA Canadian Reinsurance Transaction. (2) The impact of updating foreign exchange rates to that which was used in 2Q25. Core earnings available to common shareholders excluding the change in ECL ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) (1) 2Q24 excludes the change in ECL related to the RGA Canadian Reinsurance transaction. Core expenses ($ millions, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) Quarterly Results YTD Results Full Year Results 2Q25 1Q25 4Q24 3Q24 2Q24 2025 2024 2024 Core expenses General expenses – Statements of Income $ 1,140 $ 1,202 $ 1,328 $ 1,204 $ 1,225 $ 2,342 $ 2,327 $ 4,859 Directly attributable acquisition expense for contracts measured using the PAA method (1) 40 42 43 36 39 82 77 156 Directly attributable maintenance expense (1) 514 532 517 509 509 1,046 1,048 2,074 Total expenses 1,694 1,776 1,888 1,749 1,773 3,470 3,452 7,089 Less: General expenses included in items excluded from core earnings Restructuring charge - - 67 25 - - - 92 Integration and acquisition - - - - 57 - 57 57 Legal provisions and Other expenses 5 - 24 8 3 5 9 41 Total 5 - 91 33 60 5 66 190 Core expenses $ 1,689 $ 1,776 $ 1,797 $ 1,716 $ 1,713 $ 3,465 $ 3,386 $ 6,899 CER adjustment (2) - (29) (5) 15 19 (29) 47 58 Core expenses, CER basis $ 1,689 $ 1,747 $ 1,792 $ 1,731 $ 1,732 $ 3,436 $ 3,433 $ 6,957 Total expenses $ 1,694 $ 1,776 $ 1,888 $ 1,749 $ 1,773 $ 3,470 $ 3,452 $ 7,089 CER adjustment (2) - (30) (5) 15 20 (30) 48 58 Total expenses, CER basis $ 1,694 $ 1,746 $ 1,883 $ 1,764 $ 1,793 $ 3,440 $ 3,500 $ 7,147 (1) Expenses are components of insurance service expenses on the Statements of Income that flow directly through income. (2) The impact of updating foreign exchange rates to that which was used in 2Q25. CAUTION REGARDING FORWARD-LOOKING STATEMENTS From time to time, Manulife makes written and/or oral forward-looking statements, including in this document. In addition, our representatives may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbour" provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995. The forward-looking statements in this document include, but are not limited to, statements with respect to our ability to achieve our medium-term financial and operating targets, continued share buybacks, Comvest's expected contribution to our future growth, the expected timing of the closing of the Comvest acquisition and also relate to, among other things, our objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "suspect", "outlook", "expect", "intend", "estimate", "anticipate", "believe", "plan", "forecast", "objective", "seek", "aim", "continue", "goal", "restore", "embark" and "endeavour" (or the negative thereof) and words and expressions of similar import, and include statements concerning possible or assumed future results. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements and they should not be interpreted as confirming market or analysts' expectations in any way. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to the performance, volatility and correlation of equity markets, interest rates, credit and swap spreads, inflation rates, currency rates, investment losses and defaults, market liquidity and creditworthiness of guarantors, reinsurers and counterparties); changes in laws and regulations; changes in accounting standards applicable in any of the territories in which we operate; changes in regulatory capital requirements; our ability to obtain premium rate increases on in-force policies; our ability to execute strategic plans and changes to strategic plans; downgrades in our financial strength or credit ratings; our ability to maintain our reputation; impairments of goodwill or intangible assets or the establishment of provisions against future tax assets; the accuracy of estimates relating to morbidity, mortality and policyholder behaviour; the accuracy of other estimates used in applying accounting policies and actuarial methods and embedded value methods; our ability to implement effective hedging strategies and unforeseen consequences arising from such strategies; our ability to source appropriate assets to back our long-dated liabilities; level of competition and consolidation; our ability to market and distribute products through current and future distribution channels; unforeseen liabilities or asset impairments arising from acquisitions and dispositions of businesses; the realization of losses arising from the sale of investments classified fair value through other comprehensive income; our liquidity, including the availability of financing to satisfy existing financial liabilities on expected maturity dates when required; obligations to pledge additional collateral; the availability of letters of credit to provide capital management flexibility; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; the availability, affordability and adequacy of reinsurance; legal and regulatory proceedings, including tax audits, tax litigation or similar proceedings; our ability to adapt products and services to the changing market; our ability to attract and retain key executives, employees and agents; the appropriate use and interpretation of complex models or deficiencies in models used; political, legal, operational and other risks associated with our operations; geopolitical uncertainty, including international conflicts and trade disputes; acquisitions and our ability to complete acquisitions including the availability of equity and debt financing for this purpose; the disruption of or changes to key elements of the Company's or public infrastructure systems; environmental concerns, including climate change; our ability to protect our intellectual property and exposure to claims of infringement; our inability to withdraw cash from subsidiaries; the timing to close the Comvest acquisition and the fact that the amount and timing of any future common share repurchases will depend on the earnings, cash requirements and financial condition of Manulife, market conditions, capital requirements (including under LICAT capital standards), common share issuance requirements, applicable law and regulations (including Canadian and U.S. securities laws and Canadian insurance company regulations), and other factors deemed relevant by Manulife, and may be subject to regulatory approval or conditions. Additional information about material risk factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found under "Risk Management and Risk Factors" and "Critical Actuarial and Accounting Policies" in the Management's Discussion and Analysis in our most recent annual report, under "Risk Management and Risk Factors Update" and "Critical Actuarial and Accounting Policies" in the Management's Discussion and Analysis in our most recent interim report, and in the "Risk Management" note to the Consolidated Financial Statements in our most recent annual and interim reports, as well as elsewhere in our filings with Canadian and U.S. securities regulators. The forward-looking statements in this document are, unless otherwise indicated, stated as of the date hereof and are presented for the purpose of assisting investors and others in understanding our financial position and results of operations, our future operations, as well as our objectives and strategic priorities, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statements, except as required by law.
Globe and Mail
19 minutes ago
- Globe and Mail
Energy Transfer Reports Second Quarter 2025 Results
Energy Transfer LP (NYSE:ET) ('Energy Transfer' or the 'Partnership') today reported financial results for the quarter ended June 30, 2025. Energy Transfer reported net income attributable to partners for the three months ended June 30, 2025 of $1.16 billion compared to $1.31 billion for the three months ended June 30, 2024. For the three months ended June 30, 2025, net income per common unit (basic) was $0.32. Adjusted EBITDA for the three months ended June 30, 2025 was $3.87 billion compared to $3.76 billion for the three months ended June 30, 2024. Distributable Cash Flow attributable to partners, as adjusted, for the three months ended June 30, 2025 was $1.96 billion compared to $2.04 billion for the three months ended June 30, 2024. Growth capital expenditures in the second quarter of 2025 were $1.04 billion, while maintenance capital expenditures were $253 million. Operational Highlights Energy Transfer's volumes continued to grow during the second quarter of 2025 compared to the second quarter of 2024. Interstate natural gas transportation volumes were up 11%. Midstream gathered volumes were up 10%, setting a new Partnership record. Crude oil transportation volumes were up 9%, setting a new Partnership record. Intrastate natural gas transportation volumes were up 8%. NGL transportation volumes were up 4%, setting a new Partnership record. NGL and refined products terminal volumes were up 3%, setting a new Partnership record. NGL fractionated volumes were up 5%. NGL exports were up 5%, setting a new Partnership record. In the second quarter of 2025, Energy Transfer placed its 200 MMcf/d Lenorah II Processing plant in the Midland Basin into service; the plant is currently running at full capacity. Energy Transfer recently placed its Nederland Flexport NGL Export Expansion Project into ethane and propane service and expects to begin ethylene service in the fourth quarter of this year. The project is expected to add up to 250,000 Bbls/d of total NGL export capacity at the Partnership's Nederland terminal. Energy Transfer also recently placed the 200 MMcf/d Badger Processing Plant into service. This project involved the relocation of a previously idle plant to the Delaware Basin. Energy Transfer also recently commissioned the second of eight, 10-megawatt natural gas-fired electric generation facilities in West Texas. Two more of these facilities are expected to be placed into service in 2025, with the remainder expected in service in 2026. Strategic Highlights Energy Transfer announced today a 1.5 Bcf/d expansion of its Transwestern Pipeline. Transwestern's Desert Southwest Pipeline expansion will include a 516-mile, 42-inch natural gas pipeline that will connect the Permian Basin with markets in Arizona, New Mexico, and Texas, and is expected to be in service by the fourth quarter of 2029. The project is expected to cost approximately $5.3 billion, including $0.6 billion of Allowance for Funds Used During Construction ('AFUDC'), and is supported by significant, long-term commitments with investment grade counterparties. Energy Transfer recently reached FID on Phase II of its Hugh Brinson Pipeline, which will include the addition of compression. Upon completion, this bi-directional pipeline will have the ability to transport approximately 2.2 Bcf/d from west to east and also transport approximately 1 Bcf/d from east to west. Energy Transfer also recently reached FID on the construction of a new storage cavern at its Bethel natural gas storage facility. This project will double Energy Transfer's natural gas working storage capacity at the facility to over 12 Bcf. Southeast Supply Header, LLC recently approved an expansion to its SESH pipeline to serve growing power generation needs. In June 2025, Energy Transfer signed an incremental Sale and Purchase Agreement ('SPA') with Chevron U.S.A. Inc. ('Chevron') for additional LNG supply from its proposed Lake Charles LNG export facility. The 20-year agreement for 1.0 million tonnes per annum ('mtpa') increases Chevron's total contracted volume from Energy Transfer LNG to 3.0 mtpa, following the initial 2.0 mtpa agreement signed in December 2024. In May 2025, Energy Transfer entered into a 20-year LNG SPA with Kyushu Electric Power Company, Inc. related to the Lake Charles LNG project, to supply 1.0 mtpa of LNG. In April 2025, Energy Transfer entered into a Heads of Agreement with MidOcean Energy ('MidOcean') for the joint development of the Lake Charles LNG project, under which MidOcean would commit to fund 30% of the construction costs and be entitled to 30% of the LNG production. Financial Highlights In July 2025, Energy Transfer announced a quarterly cash distribution of $0.33 per common unit ($1.32 annualized) for the quarter ended June 30, 2025, which is an increase of more than 3% compared to the second quarter of 2024. In May 2025, the Partnership redeemed $500 million aggregate principal amount of 6.75% Series F Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units using cash on hand and commercial paper borrowings. As of June 30, 2025, the Partnership's revolving credit facility had an aggregate $2.51 billion of available borrowing capacity. The Partnership now expects to be at or slightly below the lower end of its previously stated Adjusted EBITDA guidance range of $16.1 billion to $16.5 billion. The Partnership continues to expect its 2025 growth capital expenditures to be approximately $5 billion. Energy Transfer benefits from a portfolio of assets with exceptional product and geographic diversity. The Partnership's multiple segments generate high-quality, balanced earnings with no single business segment contributing more than one-third of the Partnership's consolidated Adjusted EBITDA for the three months ended June 30, 2025. In addition, Energy Transfer generates approximately 40% of its Adjusted EBITDA from natural gas-related assets. The vast majority of the Partnership's segment margins are fee-based and therefore have limited commodity price sensitivity. Conference call information: The Partnership has scheduled a conference call for 3:30 p.m. Central Time/4:30 p.m. Eastern Time on Wednesday, August 6, 2025 to discuss its second quarter 2025 results and provide an update on the Partnership. The conference call will be broadcast live via an internet webcast, which can be accessed through and will also be available for replay on the Partnership's website for a limited time. Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with approximately 140,000 miles of pipeline and associated energy infrastructure. Energy Transfer's strategic network spans 44 states with assets in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids ('NGL') and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and approximately 21% of the outstanding common units of Sunoco LP (NYSE: SUN), and the general partner interests and approximately 38% of the outstanding common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at Sunoco LP (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating in over 40 U.S. states, Puerto Rico, Europe, and Mexico. SUN's midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 100 terminals. This critical infrastructure complements SUN's fuel distribution operations, which serve approximately 7,400 Sunoco and partner branded locations and additional independent dealers and commercial customers. SUN's general partner is owned by Energy Transfer LP (NYSE: ET). For more information, visit the Sunoco LP website at USA Compression Partners, LP (NYSE: USAC) is one of the nation's largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USAC partners with a broad customer base composed of producers, processors, gatherers, and transporters of natural gas and crude oil. USAC focuses on providing midstream natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities, and transportation applications. For more information, visit the USAC website at Forward-Looking Statements This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results, including Adjusted EBITDA, and impact current projections, including capital expenditures, are discussed in the Partnership's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events. The information contained in this press release is available on our website at June 30, 2025 December 31, 2024 ASSETS Current assets $ 13,671 $ 14,202 Property, plant and equipment, net 95,531 95,212 Investments in unconsolidated affiliates 3,243 3,266 Lease right-of-use assets, net 828 809 Other non-current assets, net 2,072 2,017 Intangible assets, net 5,774 5,971 Goodwill 3,903 3,903 Total assets $ 125,022 $ 125,380 LIABILITIES AND EQUITY Current liabilities $ 11,849 $ 12,656 Long-term debt, less current maturities 60,749 59,752 Non-current operating lease liabilities 754 730 Deferred income taxes 4,204 4,190 Other non-current liabilities 1,609 1,618 Commitments and contingencies Redeemable noncontrolling interests 323 417 Equity: Limited Partners: Preferred Unitholders 3,356 3,852 Common Unitholders 31,360 31,195 General Partner (2 ) (2 ) Accumulated other comprehensive income 65 73 Total partners' capital 34,779 35,118 Noncontrolling interests 10,755 10,899 Total equity 45,534 46,017 Total liabilities and equity $ 125,022 $ 125,380 ENERGY TRANSFER LP AND SUBSIDIARIES (In millions, except per unit data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 REVENUES $ 19,242 $ 20,729 $ 40,262 $ 42,358 COSTS AND EXPENSES: Cost of products sold 13,946 15,609 29,517 32,206 Operating expenses 1,343 1,227 2,642 2,365 Depreciation, depletion and amortization 1,384 1,213 2,751 2,467 Selling, general and administrative 257 332 545 592 Impairment losses 3 50 7 50 Total costs and expenses 16,933 18,431 35,462 37,680 OPERATING INCOME 2,309 2,298 4,800 4,678 OTHER INCOME (EXPENSE): Interest expense, net of interest capitalized (865 ) (762 ) (1,674 ) (1,490 ) Equity in earnings of unconsolidated affiliates 105 85 197 183 Losses on extinguishments of debt (17 ) (6 ) (19 ) (11 ) Gain on interest rate derivative — 3 — 12 Gain on sale of Sunoco LP West Texas assets — 598 — 598 Other, net 5 3 (6 ) 30 INCOME BEFORE INCOME TAX EXPENSE 1,537 2,219 3,298 4,000 Income tax expense 79 227 120 316 NET INCOME 1,458 1,992 3,178 3,684 Less: Net income attributable to noncontrolling interests 275 663 659 1,099 Less: Net income attributable to redeemable noncontrolling interests 20 15 33 31 NET INCOME ATTRIBUTABLE TO PARTNERS 1,163 1,314 2,486 2,554 General Partner's interest in net income 1 1 2 2 Preferred Unitholders' interest in net income 63 98 130 227 Loss on redemption of preferred units 8 33 8 54 Common Unitholders' interest in net income $ 1,091 $ 1,182 $ 2,346 $ 2,271 NET INCOME PER COMMON UNIT: Basic $ 0.32 $ 0.35 $ 0.68 $ 0.67 Diluted $ 0.32 $ 0.35 $ 0.68 $ 0.67 WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING: Basic 3,432.2 3,370.6 3,431.8 3,369.6 Diluted 3,453.5 3,394.9 3,454.1 3,393.3 ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (Dollars and units in millions) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow (a): Net income $ 1,458 $ 1,992 $ 3,178 $ 3,684 Depreciation, depletion and amortization 1,384 1,213 2,751 2,467 Interest expense, net of interest capitalized 865 762 1,674 1,490 Income tax expense 79 227 120 316 Impairment losses 3 50 7 50 Gain on interest rate derivative — (3 ) — (12 ) Non-cash compensation expense 33 30 70 76 Unrealized (gains) losses on commodity risk management activities (100 ) (38 ) (31 ) 103 Inventory valuation adjustments (Sunoco LP) 40 32 (21 ) (98 ) Losses on extinguishments of debt 17 6 19 11 Adjusted EBITDA related to unconsolidated affiliates 182 170 349 341 Equity in earnings of unconsolidated affiliates (105 ) (85 ) (197 ) (183 ) Gain on sale of Sunoco LP West Texas assets — (598 ) — (598 ) Other, net 10 2 45 (7 ) Adjusted EBITDA (consolidated) 3,866 3,760 7,964 7,640 Adjusted EBITDA related to unconsolidated affiliates (b) (182 ) (170 ) (349 ) (341 ) Distributable cash flow from unconsolidated affiliates (b) 129 121 240 246 Interest expense, net of interest capitalized (865 ) (762 ) (1,674 ) (1,490 ) Preferred unitholders' distributions (65 ) (100 ) (137 ) (218 ) Current income tax expense (55 ) (239 ) (112 ) (261 ) Transaction-related income taxes (c) — 199 — 199 Maintenance capital expenditures (305 ) (258 ) (507 ) (393 ) Other, net 13 19 35 56 Distributable Cash Flow (consolidated) 2,536 2,570 5,460 5,438 Distributable Cash Flow attributable to Sunoco LP (290 ) (186 ) (600 ) (357 ) Distributions from Sunoco LP 67 61 131 122 Distributable Cash Flow attributable to USAC (100%) (90 ) (85 ) (179 ) (172 ) Distributions from USAC 24 24 48 48 Distributable Cash Flow attributable to noncontrolling interests in other non-wholly owned consolidated subsidiaries (289 ) (346 ) (597 ) (688 ) Distributable Cash Flow attributable to the partners of Energy Transfer 1,958 2,038 4,263 4,391 Transaction-related adjustments 1 1 3 4 Distributable Cash Flow attributable to the partners of Energy Transfer, as adjusted $ 1,959 $ 2,039 $ 4,266 $ 4,395 Distributions to partners: Limited Partners $ 1,133 $ 1,095 $ 2,257 $ 2,165 General Partner 1 1 2 2 Total distributions to be paid to partners $ 1,134 $ 1,096 $ 2,259 $ 2,167 Common Units outstanding – end of period 3,432.6 3,371.4 3,432.6 3,371.4 (a) Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures used by industry analysts, investors, lenders and rating agencies to assess the financial performance and the operating results of Energy Transfer's fundamental business activities and should not be considered in isolation or as a substitute for net income, income from operations, cash flows from operating activities or other GAAP measures. There are material limitations to using measures such as Adjusted EBITDA and Distributable Cash Flow, including the difficulty associated with using either as the sole measure to compare the results of one company to another, and the inability to analyze certain significant items that directly affect a company's net income or loss or cash flows. In addition, our calculations of Adjusted EBITDA and Distributable Cash Flow may not be consistent with similarly titled measures of other companies and should be viewed in conjunction with measures that are computed in accordance with GAAP, such as operating income, net income and cash flows from operating activities. Definition of Adjusted EBITDA We define Adjusted EBITDA as total partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at last-in, first-out ('LIFO'). These amounts are unrealized valuation adjustments applied to Sunoco LP's fuel volumes remaining in inventory at the end of the period. Adjusted EBITDA reflects amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. The use of Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly. Adjusted EBITDA is used by management to determine our operating performance and, along with other financial and volumetric data, as internal measures for setting annual operating budgets, assessing financial performance of our numerous business locations, as a measure for evaluating targeted businesses for acquisition and as a measurement component of incentive compensation. Definition of Distributable Cash Flow We define Distributable Cash Flow as net income, adjusted for certain non-cash items, less distributions to preferred unitholders and maintenance capital expenditures. Non-cash items include depreciation, depletion and amortization, non-cash compensation expense, amortization included in interest expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and deferred income taxes. For unconsolidated affiliates, Distributable Cash Flow reflects the Partnership's proportionate share of the investees' distributable cash flow. Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement requires us to distribute all available cash, and Distributable Cash Flow is calculated to evaluate our ability to fund distributions through cash generated by our operations. On a consolidated basis, Distributable Cash Flow includes 100% of the Distributable Cash Flow of Energy Transfer's consolidated subsidiaries. However, to the extent that noncontrolling interests exist among our subsidiaries, the Distributable Cash Flow generated by our subsidiaries may not be available to be distributed to our partners. In order to reflect the cash flows available for distributions to our partners, we have reported Distributable Cash Flow attributable to partners, which is calculated by adjusting Distributable Cash Flow (consolidated), as follows: For subsidiaries with publicly traded equity interests, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiary, and Distributable Cash Flow attributable to our partners includes distributions to be received by the parent company with respect to the periods presented. For consolidated joint ventures or similar entities, where the noncontrolling interest is not publicly traded, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiaries, but Distributable Cash Flow attributable to partners reflects only the amount of Distributable Cash Flow of such subsidiaries that is attributable to our ownership interest. For Distributable Cash Flow attributable to partners, as adjusted, certain transaction-related adjustments and non-recurring expenses that are included in net income are excluded. (b) These amounts exclude Sunoco LP's Adjusted EBITDA and distributable cash flow related to its investment in the ET-S Permian and J.C. Nolan joint ventures, which amounts are eliminated in the Energy Transfer consolidation. (c) For the three and six months ended June 30, 2024, the amount reflected for transaction-related income taxes reflects current income tax expense recognized by Sunoco LP in connection with its April 2024 sale of convenience stores in West Texas, New Mexico and Oklahoma. ENERGY TRANSFER LP AND SUBSIDIARIES (Tabular dollar amounts in millions) (unaudited) Three Months Ended June 30, 2025 2024 Segment Adjusted EBITDA: Intrastate transportation and storage $ 284 $ 328 Interstate transportation and storage 470 392 Midstream 768 693 NGL and refined products transportation and services 1,033 1,070 Crude oil transportation and services 732 801 Investment in Sunoco LP 454 320 Investment in USAC 149 144 All other (24 ) 12 Adjusted EBITDA (consolidated) $ 3,866 $ 3,760 The following analysis of segment operating results includes a measure of segment margin. Segment margin is a non-GAAP financial measure and is presented herein to assist in the analysis of segment operating results and particularly to facilitate an understanding of the impacts that changes in sales revenues have on the segment performance measure of Segment Adjusted EBITDA. Segment margin is similar to the GAAP measure of gross margin, except that segment margin excludes charges for depreciation, depletion and amortization. Among the GAAP measures reported by the Partnership, the most directly comparable measure to segment margin is Segment Adjusted EBITDA; a reconciliation of segment margin to Segment Adjusted EBITDA is included in the following tables for each segment where segment margin is presented. Three Months Ended June 30, 2025 2024 Natural gas transported (BBtu/d) 14,229 13,143 Revenues $ 931 $ 637 Cost of products sold 561 205 Segment margin 370 432 Unrealized gains on commodity risk management activities (21 ) (29 ) Operating expenses, excluding non-cash compensation expense (61 ) (66 ) Selling, general and administrative expenses, excluding non-cash compensation expense (10 ) (14 ) Adjusted EBITDA related to unconsolidated affiliates 5 5 Other 1 — Segment Adjusted EBITDA $ 284 $ 328 Transported volumes of gas on our Texas intrastate pipelines increased primarily due to more third-party transportation. Transported volumes reported above exclude volumes attributable to purchases and sales of gas for our pipelines' own accounts and the optimization of any unused capacity. Segment Adjusted EBITDA. For the three months ended June 30, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our intrastate transportation and storage segment decreased due to the net impact of the following: a decrease of $45 million in realized natural gas sales and other primarily due to lower optimization volumes with shifts to long-term third-party contracts from the Permian and narrower price spreads; a decrease of $11 million in transportation fees primarily due to the recovery in the prior period of certain disputed fees on our Texas system; and a decrease of $2 million in storage margin primarily due to lower storage optimization; partially offset by a decrease of $5 million in operating expenses primarily due to a decrease in maintenance projects costs; and an increase of $4 million in retained fuel margin primarily due to higher gas prices. Interstate Transportation and Storage Three Months Ended June 30, 2025 2024 Natural gas transported (BBtu/d) 18,153 16,337 Natural gas sold (BBtu/d) 30 20 Revenues $ 590 $ 519 Cost of products sold 3 2 Segment margin 587 517 Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses (221 ) (210 ) Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses (26 ) (32 ) Adjusted EBITDA related to unconsolidated affiliates 130 118 Other — (1 ) Segment Adjusted EBITDA $ 470 $ 392 Transported volumes increased primarily due to more capacity sold and higher utilization on several of our major pipeline systems due to increased demand. Segment Adjusted EBITDA. For the three months ended June 30, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our interstate transportation and storage segment increased due to the net impact of the following: an increase of $70 million in segment margin primarily due to a $35 million negative impact in the prior period related to the conclusion of a rate case on our Panhandle system, a $33 million increase in transportation revenue from several of our interstate pipeline systems due to higher contracted volumes and a $4 million increase due to higher storage and liquids revenue; and an increase of $12 million in Adjusted EBITDA related to unconsolidated affiliates due to a $6 million increase from our Citrus joint venture, a $4 million increase from our Midcontinent Express Pipeline joint venture and a $2 million increase from our Southeast Supply Header pipeline joint venture; partially offset by an increase of $11 million in operating expenses primarily due to an increase in volume-driven expenses. Midstream Three Months Ended June 30, 2025 2024 Gathered volumes (BBtu/d) 21,329 19,437 NGLs produced (MBbls/d) 1,181 955 Equity NGLs (MBbls/d) 64 56 Revenues $ 3,135 $ 2,507 Cost of products sold 1,911 1,457 Segment margin 1,224 1,050 Operating expenses, excluding non-cash compensation expense (416 ) (321 ) Selling, general and administrative expenses, excluding non-cash compensation expense (47 ) (43 ) Adjusted EBITDA related to unconsolidated affiliates 6 6 Other 1 1 Segment Adjusted EBITDA $ 768 $ 693 Gathered volumes increased primarily due to newly acquired assets, as well as additional and upgraded plants in the Permian region, partially offset by lower dry gas gathering in the Northeast and Ark-La-Tex regions. NGL production increased primarily due to recently acquired assets and increased Permian plant utilization. Segment Adjusted EBITDA. For the three months ended June 30, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our midstream segment increased due to the net impact of the following: an increase of $176 million in segment margin primarily due to recently acquired assets and higher volumes in the Permian region; and an increase of $11 million in segment margin due to higher natural gas prices of $38 million, partially offset by lower NGL prices of $27 million; partially offset by a decrease of $13 million in segment margin due to lower dry gas volumes in the Northeast and Ark-La-Tex regions; an increase of $95 million in operating expenses primarily due to recently acquired assets and assets placed in service as well as higher employee costs; and an increase of $4 million in selling, general and administrative expenses due to an adjustment to the workers' compensation reserve in the prior period and higher corporate allocations. NGL and Refined Products Transportation and Services Three Months Ended June 30, 2025 2024 NGL transportation volumes (MBbls/d) 2,331 2,235 Refined products transportation volumes (MBbls/d) 599 602 NGL and refined products terminal volumes (MBbls/d) 1,553 1,506 NGL fractionation volumes (MBbls/d) 1,150 1,093 Revenues $ 5,941 $ 5,795 Cost of products sold 4,635 4,512 Segment margin 1,306 1,283 Unrealized (gains) losses on commodity risk management activities (34 ) 20 Operating expenses, excluding non-cash compensation expense (230 ) (232 ) Selling, general and administrative expenses, excluding non-cash compensation expense (41 ) (34 ) Adjusted EBITDA related to unconsolidated affiliates 32 33 Segment Adjusted EBITDA $ 1,033 $ 1,070 NGL transportation volumes increased primarily due to higher volumes from the Permian region. The increase in transportation volumes also led to higher fractionated volumes at our Mont Belvieu NGL Complex. Segment Adjusted EBITDA. For the three months ended June 30, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our NGL and refined products transportation and services segment decreased due to the net impact of the following: a decrease of $78 million in marketing margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to lower gains from the optimization of hedged NGL and refined product inventories; and an increase of $7 million in selling, general and administrative expenses primarily due to increased costs from recently acquired assets; partially offset by an increase of $33 million in transportation margin primarily due to higher throughput and contractual rate escalations on our Mariner East and our Gulf Coast pipeline systems; and an increase of $12 million in fractionators and refinery services margin primarily due to higher throughput. Crude Oil Transportation and Services Three Months Ended June 30, 2025 2024 Crude oil transportation volumes (MBbls/d) 7,049 6,490 Crude oil terminal volumes (MBbls/d) 3,216 3,291 Revenues $ 5,748 $ 7,372 Cost of products sold 4,725 6,309 Segment margin 1,023 1,063 Unrealized gains on commodity risk management activities (25 ) (19 ) Operating expenses, excluding non-cash compensation expense (237 ) (216 ) Selling, general and administrative expenses, excluding non-cash compensation expense (38 ) (36 ) Adjusted EBITDA related to unconsolidated affiliates 8 7 Other 1 2 Segment Adjusted EBITDA $ 732 $ 801 Crude oil transportation volumes were higher due to continued growth on our gathering systems and from assets contributed upon the recent formation of the ET-S Permian joint venture with Sunoco LP, partially offset by lower volumes on our Bakken Pipeline. Crude terminal volumes were lower primarily due to lower volumes received from our Bakken Pipeline system. Segment Adjusted EBITDA. For the three months ended June 30, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our crude oil transportation and services segment decreased due to the net impact of the following: a decrease of $46 million in segment margin (excluding unrealized gains and losses on commodity risk management activities) due to decreased transportation revenue, primarily from our Bakken Pipeline system, partially offset by increases from assets contributed upon the formation of the ET-S Permian joint venture; an increase of $21 million in operating expenses primarily due to a $10 million increase from assets contributed upon the formation of the ET-S Permian joint venture, a $6 million increase in employee costs and a $5 million increase in expense projects; and an increase of $2 million in selling, general and administrative expenses primarily due to costs associated with the ET-S Permian joint venture. Investment in Sunoco LP Three Months Ended June 30, 2025 2024 Revenues $ 5,390 $ 6,173 Cost of products sold 4,821 5,609 Segment margin 569 564 Unrealized gains on commodity risk management activities (7 ) (6 ) Operating expenses, excluding non-cash compensation expense (162 ) (149 ) Selling, general and administrative expenses, excluding non-cash compensation expense (47 ) (132 ) Adjusted EBITDA related to unconsolidated affiliates 51 3 Inventory fair value adjustments 40 32 Other, net 10 8 Segment Adjusted EBITDA $ 454 $ 320 The investment in Sunoco LP segment reflects the consolidated results of Sunoco LP. Segment Adjusted EBITDA. For the three months ended June 30, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our investment in Sunoco LP segment increased due to the net impact of the following: an increase of $12 million in segment margin (excluding unrealized gains and losses on commodity risk management activities and inventory valuation adjustments) primarily due to the acquisition of NuStar, which was acquired in May 2024 and therefore is only reflected for two months in the prior period. This increase was partially offset by a decrease of $50 million from Sunoco LP's deconsolidation of certain of NuStar's assets in connection with the formation of ET-S Permian effective July 1, 2024, as well as a $29 million decrease in fuel profit due to lower profit per gallon; an increase of $48 million in Adjusted EBITDA related to unconsolidated affiliates due to the formation of ET-S Permian; and a decrease of $85 million in selling, general and administrative expenses, excluding non-cash compensation expense, primarily related to one-time NuStar acquisition costs in 2024; partially offset by an increase of $13 million in operating expenses due to increased costs from the acquisition of NuStar, which was acquired in May 2024 and therefore is only reflected for two months in the prior period. This increase was partially offset by a decrease of $6 million from Sunoco LP's deconsolidation of certain of NuStar's assets in connection with the formation of ET-S Permian effective July 1, 2024. Investment in USAC Three Months Ended June 30, 2025 2024 Revenues $ 250 $ 236 Cost of products sold 40 36 Segment margin 210 200 Operating expenses, excluding non-cash compensation expense (47 ) (43 ) Selling, general and administrative expenses, excluding non-cash compensation expense (14 ) (14 ) Other — 1 Segment Adjusted EBITDA $ 149 $ 144 The investment in USAC segment reflects the consolidated results of USAC. Segment Adjusted EBITDA. For the three months ended June 30, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our investment in USAC segment increased due to the net impact of the following: an increase of $10 million in segment margin primarily due to higher revenue-generating horsepower as a result of increased demand for compression services and higher market-based rates on newly deployed and redeployed compression units; partially offset by an increase of $4 million in operating expenses primarily due to an increase in employee costs associated with increased revenue-generating horsepower. All Other Three Months Ended June 30, 2025 2024 Revenues $ 936 $ 296 Cost of products sold 909 287 Segment margin 27 9 Unrealized gains on commodity risk management activities (14 ) (4 ) Operating expenses, excluding non-cash compensation expense — (3 ) Selling, general and administrative expenses, excluding non-cash compensation expense (13 ) (8 ) Adjusted EBITDA related to unconsolidated affiliates 2 1 Other and eliminations (26 ) 17 Segment Adjusted EBITDA $ (24 ) $ 12 Segment Adjusted EBITDA. For the three months ended June 30, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our all other segment decreased due to the net impact of the following: a decrease of $48 million due to the intersegment elimination of Sunoco LP's 32.5% share of ET-S Permian, which is consolidated in our crude oil transportation and services segment and also reflected as an unconsolidated affiliate in our investment in Sunoco LP segment; partially offset by an increase of $9 million in our natural gas marketing business; and an increase of $4 million from our compressor packaging business. ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION ON LIQUIDITY (In millions) (unaudited) The table below provides information on our revolving credit facility. We also have consolidated subsidiaries with revolving credit facilities which are not included in this table. Facility Size Funds Available at June 30, 2025 Maturity Date Five-Year Revolving Credit Facility $ 5,000 $ 2,506 April 11, 2029 ENERGY TRANSFER LP AND SUBSIDIARIES (In millions) (unaudited) The table below provides information on an aggregated basis for our unconsolidated affiliates, which are accounted for as equity method investments in the Partnership's financial statements for the periods presented. Three Months Ended June 30, 2025 2024 Equity in earnings of unconsolidated affiliates: Citrus $ 40 $ 27 MEP 18 14 White Cliffs 5 4 Explorer 7 9 SESH 14 10 Other 21 21 Total equity in earnings of unconsolidated affiliates $ 105 $ 85 Adjusted EBITDA related to unconsolidated affiliates: Citrus $ 88 $ 82 MEP 26 22 White Cliffs 10 8 Explorer 12 14 SESH 15 13 Other 31 31 Total Adjusted EBITDA related to unconsolidated affiliates $ 182 $ 170 Distributions received from unconsolidated affiliates: Citrus $ 36 $ 61 MEP 29 24 White Cliffs 9 10 Explorer 10 10 SESH 15 14 Other 25 26 Total distributions received from unconsolidated affiliates $ 124 $ 145 ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION ON NON-WHOLLY OWNED JOINT VENTURE SUBSIDIARIES (In millions) (unaudited) The table below provides information on an aggregated basis for our non-wholly owned joint venture subsidiaries, which are reflected on a consolidated basis in our financial statements. The table below excludes Sunoco LP and USAC, which are non-wholly owned subsidiaries that are publicly traded, as well as Sunoco LP's 32.5% interest in the ET-S Permian joint venture. Three Months Ended June 30, 2025 2024 Adjusted EBITDA of non-wholly owned subsidiaries (100%) (a) $ 566 $ 677 Our proportionate share of Adjusted EBITDA of non-wholly owned subsidiaries (b) 275 329 Distributable Cash Flow of non-wholly owned subsidiaries (100%) (c) $ 544 $ 655 Our proportionate share of Distributable Cash Flow of non-wholly owned subsidiaries (d) 255 309 Below is our ownership percentage of certain non-wholly owned subsidiaries: Non-wholly owned subsidiary: Energy Transfer Percentage Ownership (e) Bakken Pipeline 36.4 % Bayou Bridge 60.0 % Maurepas 51.0 % Ohio River System 75.0 % Permian Express Partners 87.7 % Red Bluff Express 70.0 % Rover 32.6 % Others various (a) Adjusted EBITDA of non-wholly owned subsidiaries reflects the total Adjusted EBITDA of our non-wholly owned subsidiaries on an aggregated basis. This is the amount included in our consolidated non-GAAP measure of Adjusted EBITDA. (b) Our proportionate share of Adjusted EBITDA of non-wholly owned subsidiaries reflects the amount of Adjusted EBITDA of such subsidiaries (on an aggregated basis) that is attributable to our ownership interest. (c) Distributable Cash Flow of non-wholly owned subsidiaries reflects the total Distributable Cash Flow of our non-wholly owned subsidiaries on an aggregated basis. (d) Our proportionate share of Distributable Cash Flow of non-wholly owned subsidiaries reflects the amount of Distributable Cash Flow of such subsidiaries (on an aggregated basis) that is attributable to our ownership interest. This is the amount included in our consolidated non-GAAP measure of Distributable Cash Flow attributable to the partners of Energy Transfer.
