Inventiva Announces the Appointment of Renée Aguiar-Lucander to its Board of Directors
Mark Pruzanski, Chairman of Inventiva: 'We are thrilled to welcome Renée to the Board at this pivotal moment in Inventiva's journey. Her exceptional track record in our industry speaks for itself and will be key as we enter the final stages of clinical development for lanifibranor and prepare for its potential approval and launch.'
Renée Aguiar-Lucander: 'I'm honored to have the opportunity to join Inventiva's Board. With the NATiV3 Phase 3 trial fully enrolled, I look forward to working with the team to potentially bring lanifibranor to patients with MASH.'
Mrs. Aguiar-Lucander has served as the Chief Executive Officer of Hansa Biopharma since April 2025. She was previously Chief Executive Officer of Calliditas Therapeutics, where she led the transformation of the company from a small biotech company into a NASDAQ-listed, commercial-stage leader in rare diseases, culminating in its $1.1 billion acquisition by Asahi Kasei in 2024. Under her leadership, Calliditas achieved the first-ever FDA approval for a treatment in IgA nephropathy (TARPEYO®) and successfully launched the product in the U.S. Prior to her role at Calliditas, Ms. Aguiar-Lucander held various senior roles in the field of life sciences investment and corporate finance, including Partner and COO at Omega Fund Management and Managing Director at a global investment bank. She holds an MBA from INSEAD and a BA in Finance from the Stockholm School of Economics.
About Inventiva
Inventiva is a clinical-stage biopharmaceutical company focused on the research and development of oral small molecule therapies for the treatment of patients with MASH and other diseases with significant unmet medical need. The Company is currently evaluating lanifibranor, a novel pan-PPAR agonist, in the NATiV3 pivotal Phase 3 clinical trial for the treatment of adult patients with MASH, a common and progressive chronic liver disease.
Inventiva is a public company listed on compartment B of the regulated market of Euronext Paris (ticker: IVA, ISIN: FR0013233012) and on the Nasdaq Global Market in the United States (ticker: IVA). http://www.inventivapharma.com
Contacts
InventivaPascaline ClercEVP, Strategy and Corporate Affairsmedia@inventivapharma.com +1 202 499 8937
Brunswick GroupTristan Roquet Montegon /Aude Lepreux /Julia CailleteauMedia relations inventiva@brunswickgroup.com +33 1 53 96 83 83
ICR HealthcarePatricia L. BankInvestor relations patti.bank@icrhealthcare.com +1 415 513 1284
Important Notice
This press release contains certain 'forward-looking statements' within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release are forward-looking statements. These statements include, but are not limited to, Inventiva's clinical trials, including Inventiva's ongoing NATiV3 Phase 3 clinical trial of lanifibranor in MASH, including related timing and regulatory matters, Inventiva's pipeline development plans, the clinical development of and regulatory plans and pathway for lanifibranor, and future activities, expectations, plans, growth and prospects of Inventiva. Certain of these statements, forecasts and estimates can be recognized by the use of words such as, without limitation, 'believes', 'anticipates', 'expects', 'intends', 'plans', 'seeks', 'estimates', 'may', 'will', 'would', 'could', 'might', 'should', 'designed', 'hopefully', 'target', 'potential', 'possible', 'aim', and 'continue' and similar expressions. Such statements are not historical facts but rather are statements of future expectations and other forward-looking statements that are based on management's beliefs. These statements reflect such views and assumptions prevailing as of the date of the statements and involve known and unknown risks and uncertainties that could cause future results, performance, or future events to differ materially from those expressed or implied in such statements. Actual events are difficult to predict and may depend upon factors that are beyond Inventiva's control. There can be no guarantees with respect to product candidates that the clinical trial results will be available on their anticipated timeline, that future clinical trials will be initiated as anticipated, that product candidates will receive the necessary regulatory approvals, or that any of the anticipated milestones by Inventiva or its partners will be reached on their expected timeline, or at all. Future results may turn out to be materially different from the anticipated future results, performance or achievements expressed or implied by such statements, forecasts and estimates due to a number of factors, including that interim data or data from any interim analysis of ongoing clinical trials may not be predictive of future trial results, the recommendation of the DMC may not be indicative of a potential marketing approval, Inventiva cannot provide assurance on the impacts of the Suspected Unexpected Serious Adverse Reaction on the results or timing of the NATiV3 trial or regulatory matters with respect thereto, that Inventiva is a clinical-stage company with no approved products and no historical product revenues, Inventiva has incurred significant losses since inception, Inventiva has never generated any revenue from product sales, Inventiva will require additional capital to finance its operations, in the absence of which, Inventiva may be required to significantly curtail, delay or discontinue one or more of its research or development programs or be unable to expand its operations or otherwise capitalize on its business opportunities and may be unable to continue as a going concern, Inventiva's ability to obtain financing, to enter into potential transactions, Inventiva's future success is dependent on the successful clinical development, regulatory approval and subsequent commercialization of lanifibranor, preclinical studies or earlier clinical trials are not necessarily predictive of future results and the results of Inventiva's and its partners' clinical trials may not support Inventiva's and its partners' product candidate claims, Inventiva's expectations with respect to its clinical trials may prove to be wrong and regulatory authorities may require additional holds and/or amendments to Inventiva's clinical trials, Inventiva's expectations with respect to the clinical development plan for lanifibranor for the treatment of MASH may not be realized and may not support the approval of a New Drug Application, Inventiva's ability to identify additional products or product candidates with significant commercial potential, Inventiva's expectations with respect to its pipeline prioritization plan and related workforce reduction, including whether the plan will be implemented and the timing, potential benefits, expenses and consequences relating thereto, Inventiva's ability to execute on its commercialization, marketing and manufacturing capabilities and strategy, Inventiva's ability to successfully cooperate with existing partners or enter into new partnerships, and to fulfill its obligations under any agreements entered into in connection with such partnerships, the benefits of its existing and future partnerships on the clinical development, regulatory approvals and, if approved, commercialization of its product candidates, and the achievement of milestones thereunder and the timing thereof, Inventiva and its partners may encounter substantial delays beyond expectations in their clinical trials or fail to demonstrate safety and efficacy to the satisfaction of applicable regulatory authorities, the ability of Inventiva and its partners to recruit and retain patients in clinical studies, enrollment and retention of patients in clinical trials is an expensive and time-consuming process and could be made more difficult or rendered impossible by multiple factors outside Inventiva's and its partners' control, Inventiva's product candidates may cause adverse drug reactions or have other properties that could delay or prevent their regulatory approval, or limit their commercial potential, Inventiva faces substantial competition and Inventiva's and its partners' business, and pre-clinical studies and clinical development programs and timelines, its financial condition and results of operations could be materially and adversely affected by changes in law and regulations, unfavorable conditions in its industry, geopolitical events, such as the conflict between Russia and Ukraine and related sanctions, the conflict in the Middle East and the related risk of a larger conflict, health epidemics, and macroeconomic conditions, including developments in international trade policies, global inflation, financial and credit market fluctuations, tariffs and other trade barriers, political turmoil and natural catastrophes, uncertain financial markets and disruptions in banking systems, and the vote of Inventiva's shareholders. The review of potential financial and strategic options may not result in any particular action or transaction being pursued, entered into or consummated, and there is no assurance as to the timing, sequence or outcome of any action or transaction or series of actions or transactions. Given these risks and uncertainties, no representations are made as to the accuracy or fairness of such forward-looking statements, forecasts, and estimates. Furthermore, forward-looking statements, forecasts and estimates only speak as of the date of this press release. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Please refer to the Universal Registration Document for the year ended December 31, 2024, filed with the Autorité des Marchés Financiers on April 15, 2025, and the Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the 'SEC') on April 15, 2025 for other risks and uncertainties affecting Inventiva, including those described under the caption 'Risk Factors' and in future filings with the SEC. Other risks and uncertainties of which Inventiva is not currently aware may also affect its forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. All information in this press release is as of the date of the release. Except as required by law, Inventiva has no intention and is under no obligation to update or review the forward-looking statements referred to above. Consequently, Inventiva accepts no liability for any consequences arising from the use of any of the above statements.
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Inventiva - PR - Appointment Renee Aguiar Lucanter to the Board - EN - 06 10 2025
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Investors interested in listening to the live webcast can access a link on SunOpta's website at under the 'Investor Relations' section or directly. A replay of the webcast will be archived and can be accessed for approximately 90 days on the Company's website. This call may be accessed with the toll free dial-in number (800) 715-9871 or international dial-in number (646) 307-1963 using Conference ID: 8323651. The quarterly earnings presentation, including the long-term grow algorithm and capital allocation priorities, can be accessed through the live webcast referenced above, and on SunOpta's website at under the 'Investor Relations' section or directly. 1 See discussion of non-GAAP measures 2 The Company has included certain forward-looking statements about the future financial performance that include non-GAAP financial measures, including Adjusted EBITDA. 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Expenses related to the acquisition or divestiture of a business, including business development costs, impairment of assets, integration costs, severance, retention costs and transaction costs; Charges associated with restructuring and cost saving initiatives, including but not limited to asset impairments, accelerated depreciation, severance costs and lease abandonment charges; Asset impairment charges and facility closure costs; Legal settlements or awards; and The tax effect of the above items. About SunOpta SunOpta (Nasdaq: STKL) (TSX: SOY) delivers customized supply chain solutions and innovation for top brands, retailers and foodservice providers across a broad portfolio of beverages, broths and better-for-you snacks. With over 50 years of expertise, SunOpta fuels customers' growth with high-quality, sustainability-forward solutions distributed through retail, club, foodservice and e-commerce channels across North America. For more information, visit or follow us on LinkedIn. Forward-Looking Statements Certain statements included in this press release may be considered "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, which are based on information available to us on the date of this release. These forward-looking statements include, but are not limited to, our intention to maintain our disciplined financial approach to deliver sustainable gross margin improvement and continue to generate significant free cash flow, our expectation to continue de-levering our balance sheet, achieve net leverage targets and drive increasing returns on invested capital, share repurchases, our expectations to recover tariff impacts through pass-through pricing, and our anticipated Revenue, Adjusted EBITDA, Revenue growth and Adjusted EBITDA growth for fiscal 2025. Generally, forward-looking statements do not relate strictly to historical or current facts and are typically accompanied by words such as 'potential', 'expect', 'believe', 'anticipate', 'estimates', 'can', 'will', 'target', "should", "would", "plans", 'continue', "becoming", "intend", "confident", "may", "project", "intention", "might", "predict", 'budget', 'forecast' or other similar terms and phrases intended to identify these forward-looking statements. Forward-looking statements are based on information available to the Company on the date of this release and are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments including, but not limited to, the Company's actual financial results; uninterrupted operations and service levels to our customers; current customer demand for the Company's products; general economic conditions; continued consumer interest in health and wellness; the Company's ability to maintain product pricing levels; planned facility and operational expansions, closures and divestitures; cost rationalization and product development initiatives; alternative potential uses for the Company's capital resources; portfolio optimization and productivity efforts; the sustainability of the Company's sales pipeline; the Company's expectations regarding commodity pricing, margins and hedging results; procurement and logistics savings; freight lane cost reductions; yield and throughput enhancements; labor cost reductions; and the terms of our insurance policies. 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The Company undertakes no obligation to publicly correct or update the forward-looking statements in this document, in other documents, or on its website to reflect future events or circumstances, except as may be required under applicable securities laws. SunOpta Inc. Consolidated Balance Sheets As at June 28, 2025 and December 28, 2024 (Unaudited) (All dollar amounts expressed in thousands of U.S. dollars) June 28, 2025 December 28, 2024 $ $ ASSETS Current assets Cash and cash equivalents 2,161 1,552 Accounts receivable 58,851 46,314 Inventories 109,945 92,798 Prepaid expenses and other current assets 12,346 14,680 Income taxes recoverable 780 4,114 Total current assets 184,083 159,458 Restricted cash 8,003 7,460 Property, plant and equipment, net 345,968 343,618 Operating lease right-of-use assets 112,138 105,692 Intangible assets, net 22,041 20,077 Goodwill 3,998 3,998 Other long-term assets 28,709 28,224 Total assets 704,940 668,527 LIABILITIES Current liabilities Accounts payable 109,560 93,362 Accrued liabilities 15,189 17,876 Income taxes payable 70 638 Notes payable 8,211 11,110 Short-term debt 10,115 - Current portion of long-term debt 30,176 29,393 Current portion of operating lease liabilities 17,491 17,055 Total current liabilities 190,812 169,434 Long-term debt 233,080 235,798 Operating lease liabilities 105,684 99,328 Deferred income taxes 325 325 Total liabilities 529,901 504,885 Series B-1 Preferred Stock 15,223 15,048 SHAREHOLDERS' EQUITY Common shares 478,064 471,792 Additional paid-in capital 27,070 30,775 Accumulated deficit (347,327 ) (355,982 ) Accumulated other comprehensive income 2,009 2,009 Total shareholders' equity 159,816 148,594 Total liabilities and shareholders' equity 704,940 668,527 Expand SunOpta Inc. Consolidated Statements of Cash Flows For the two quarters ended June 28, 2025 and June 29, 2024 (Unaudited) (All dollar amounts expressed in thousands of U.S. dollars) Two quarters ended June 28, 2025 June 29, 2024 $ $ CASH PROVIDED BY (USED IN) Operating activities Net earnings (loss) 9,162 (2,455 ) Net loss from discontinued operations - (1,814 ) Earnings (loss) from continuing operations 9,162 (641 ) Items not affecting cash: Depreciation and amortization 19,686 17,686 Amortization of debt issuance costs 477 457 Deferred income taxes - (368 ) Stock-based compensation 3,735 7,088 Gain on sale of smoothie bowls product line - (1,800 ) Gain on sale of property, plant and equipment (244 ) - Other (194 ) (193 ) Changes in operating assets and liabilities, net of divestitures (14,844 ) (20,216 ) Net cash provided by operating activities of continuing operations 17,778 2,013 Net cash used in operating activities of discontinued operations - (2,310 ) Net cash provided by (used in) operating activities 17,778 (297 ) Investing activities Additions to property, plant and equipment (17,438 ) (17,259 ) Proceeds from sale of property, plant and equipment 1,284 - Addition to intangible assets (2,419 ) - Proceeds from sale of smoothie bowls product line - 3,336 Net cash used in investing activities of continuing operations (18,573 ) (13,923 ) Net cash provided by investing activities of discontinued operations - 6,300 Net cash used in investing activities (18,573 ) (7,623 ) Financing activities Proceeds from notes payable 80,070 70,477 Repayment of notes payable (82,969 ) (71,709 ) Net increase in borrowings under revolving credit facilities 6,762 26,350 Borrowings of short-term and long-term debt 18,600 - Repayment of long-term debt (19,016 ) (12,320 ) Proceeds from the exercise of stock options and employee share purchases 1,880 749 Payment of withholding taxes on stock-based awards (2,389 ) (2,659 ) Repurchase of common shares (991 ) - Payment of cash dividends on preferred stock - (305 ) Net cash provided by financing activities of continuing operations 1,947 10,583 Increase in cash, cash equivalents and restricted cash in the period 1,152 2,663 Cash, cash equivalents and restricted cash, beginning of the period 9,012 8,754 Cash, cash equivalents and restricted cash, end of the period 10,164 11,417 Expand Non-GAAP Measures Adjusted Gross Margin Gross margin is a measure of gross profit (equal to revenues less cost of goods sold) as a percentage of revenues. The Company uses a measure of adjusted gross margin that excludes unusual items that are identified and evaluated on an individual basis, which due to their nature or size, the Company would not expect to occur as part of our normal business on a regular basis. The Company uses the measure of adjusted gross margin to evaluate the underlying profitability of our revenue-generating activities within each reporting period. The Company believes that disclosing this non-GAAP measure provides users with a meaningful, consistent comparison of its profitability measure for the periods presented. However, the non-GAAP measure of adjusted gross margin should not be considered in isolation or as a substitute for gross margin calculated based on gross profit determined in accordance with U.S. GAAP. The following tables present a reconciliation of adjusted gross margin from reported gross margin calculated in accordance with U.S. GAAP (all dollar amounts expressed in thousands of U.S. dollars). Adjusted Earnings When assessing financial performance, the Company uses an internal measure of adjusted earnings that excludes specific items recognized in other income or expense, and other unusual items that are identified and evaluated on an individual basis, which due to their nature or size, the Company would not expect to occur as part of its normal business on a regular basis. The Company believes that the identification of these excluded items enhances the analysis of the financial performance of its business when comparing those operating results between periods, as the Company does not consider these items to be reflective of normal business operations. The following tables present a reconciliation of adjusted earnings from earnings (loss) from continuing operations, which the Company considers to be the most directly comparable U.S. GAAP financial measure (all dollar amounts expressed in thousands of U.S. dollars, except per share amounts). First Two Quarters Ended June 28, 2025 June 29, 2024 Per Share Per Share $ $ $ $ Earnings (loss) from continuing operations 9,162 (641 ) Accretion on preferred stock (175 ) (264 ) Earnings (loss) from continuing operations attributable to common shareholders 8,987 0.07 (905 ) (0.01 ) Adjusted for: Wastewater haul-off charges (a) 1,295 1,426 Start-up costs (b) - 2,675 Product withdrawal costs (c) - 2,145 Unrealized foreign exchange loss (gain) on restricted cash (d) (543 ) 838 Other (e) (56 ) (304 ) Gain on sale of smoothie bowls product line (f) - (1,800 ) Adjusted earnings from continuing operations 9,683 0.08 4,075 0.03 Expand Adjusted EBITDA The Company uses a measure of adjusted EBITDA from continuing operations when assessing the performance of its operations, which the Company believes is useful to users' understanding of the Company's operating profitability because it excludes non-operating expenses, such as interest, loss on sale of receivables, and income taxes, as well as non-cash expenses, such as depreciation, amortization, and stock-based compensation. In addition, the Company's measure of adjusted EBITDA excludes other unusual items that affect the comparability of its operating performance, as identified in the preceding determination of adjusted earnings from continuing operations. The Company also uses this measure of adjusted EBITDA to assess operating performance in connection with its employee incentive programs. The following tables present a reconciliation of adjusted EBITDA from continuing operations from earnings (loss) from continuing operations, which the Company considers to be the most directly comparable U.S. GAAP financial measure (all dollar amounts expressed in thousands of U.S. dollars). Second Quarter Ended June 28, 2025 June 29, 2024 $ $ Earnings (loss) from continuing operations 4,351 (4,437 ) Interest expense, net 5,301 6,410 Loss on sale of receivables* 537 - Income tax expense (benefit) 344 (17 ) Depreciation and amortization 9,960 9,110 Stock-based compensation 2,192 2,443 Adjusted for: Wastewater haul-off charges (a) 752 1,426 Start-up costs (b) - 2,348 Product withdrawal costs (c) - 2,145 Unrealized foreign exchange loss (gain) on restricted cash (d) (562 ) 838 Other (e) (131 ) (304 ) Adjusted EBITDA from continuing operations 22,744 19,962 * Included in other non-operating expense. Expand First Two Quarters Ended June 28, 2025 June 29, 2024 $ $ Earnings (loss) from continuing operations 9,162 (641 ) Interest expense, net 10,408 12,460 Loss on sale of receivables* 959 - Income tax expense 491 260 Depreciation and amortization 19,686 17,686 Stock-based compensation 3,735 7,088 Adjusted for: Wastewater haul-off charges (a) 1,295 1,426 Start-up costs (b) - 2,675 Product withdrawal costs (c) - 2,145 Unrealized foreign exchange loss (gain) on restricted cash (d) (543 ) 838 Other (e) (56 ) (304 ) Gain on sale of smoothie bowls product line (f) - (1,800 ) Adjusted EBITDA from continuing operations 45,137 41,833 * Included in other non-operating expense. Expand Footnotes (a) Reflects temporary third-party haul-off charges for excess wastewater produced at our Midlothian, Texas, facility due to volume constraints within our current treatment system. (b) Start-up costs mainly reflect the scale-up of production over the course of fiscal 2024 at our plant-based beverage facility in Midlothian, Texas. (c) Reflects certain direct costs, net of expected insurance recoveries, related to the voluntary withdrawal from customers in the second quarter of 2024 of certain batches of aseptically-packaged products. (d) Reflects unrealized foreign exchange (gains) or losses associated with peso-denominated restricted cash held in Mexico. (e) For the second quarter and first two quarters of 2025, other mainly reflects a gain on sale of property, plant and equipment, partially offset by a legal settlement loss. For the second quarter and first two quarters of 2024, other mainly reflects legal settlement gains. These other amounts are recorded in other income or expense. (f) Reflects the pre-tax gain on sale of the smoothie bowls product line in the first quarter of 2024, which is recorded in other income. Expand Net Leverage Net leverage is a non-GAAP financial measure that is calculated by dividing net debt (non-GAAP) by trailing four quarters adjusted EBITDA (non-GAAP). Net debt is defined by the Company as short-term debt plus current portion of long-term debt plus long-term debt less cash and cash equivalents. The Company uses net leverage as an assessment of its operating performance relative to its debt levels. The following tables present reconciliations of trailing four quarters adjusted EBITDA from continuing operations from loss from continuing operations and total debt to net debt, and the calculation of net leverage (all dollar amounts expressed in thousands of U.S. dollars). Trailing Four Quarters Ended June 28, 2025 December 28, 2024 $ $ Loss from continuing operations (1,671 ) (11,474 ) Interest expense, net 22,856 24,908 Loss on sale of receivables* 1,645 686 Income tax expense 1,701 1,470 Depreciation and amortization 38,497 36,497 Stock-based compensation 7,837 11,190 Adjusted for: Wastewater haul-off charges 4,230 4,361 Start-up costs 16,474 19,149 Product withdrawal costs - 2,145 Unrealized foreign exchange loss on restricted cash 226 1,607 Other 215 (33 ) Gain on sale of smoothie bowls product line - (1,800 ) Adjusted EBITDA from continuing operations 92,010 88,706 * Included in other non-operating expense. Expand $ As at June 28, 2025 Short-term debt 10,115 Current portion of long-term debt 30,176 Long-term debt 233,080 Total debt 273,371 Cash and cash equivalents (2,161 ) Net debt 271,210 For the trailing four quarters ended June 28, 2025 Adjusted EBITDA 92,010 Net leverage 2.9x As at December 28, 2024 Current portion of long-term debt 29,393 Long-term debt 235,798 Total debt 265,191 Cash and cash equivalents (1,552 ) Net debt 263,639 For the trailing four quarters ended December 28, 2024 Adjusted EBITDA 88,706 Net leverage 3.0x Expand
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ParkOhio Announces Second Quarter 2025 Results
CLEVELAND--(BUSINESS WIRE)--Park-Ohio Holdings Corp. (NASDAQ: PKOH) today announced its results for the second quarter of 2025. 'We entered the second half of 2025 with momentum across ParkOhio. We have delivered two straight quarters of margin expansion and earnings growth, even amid modest revenue headwinds—proof that our operational discipline is working. We are also starting to see leading indicators of increased activity and backlog, especially in our engineered products segment. ParkOhio is in the late innings of a portfolio transformation that we plan to exit as a higher quality, more profitable, de-leveraged business. 'The recently announced refinancing of our Senior Notes and our Revolving Credit Facility are critical steps, as these actions provide us with extended maturities and liquidity to execute our long-term goals. 'Again, we believe we are well positioned to capitalize on several trends, including increased domestic investment and onshoring, and remain focused on our objectives of sales growth, higher operating margins, and reduced net debt leverage," said Matthew V. Crawford, Chairman and Chief Executive Officer. SEGMENT PERFORMANCE DEMAND DRIVERS In our Supply Technologies segment, our outsourced supply chain and component distribution platform generated $187 million in sales during the quarter, down 8% YOY caused by demand softness in certain North American industrial markets. Demand in this segment continues to be driven by reshoring trends, steady growth in Europe, and long-standing vendor managed inventory programs embedded with OEM customers. As customers prioritize regional suppliers for cost and reliability, ParkOhio remains well positioned to capture share. Assembly Components, which produces engineered assemblies for transportation and industrial markets, reported Q2 sales of $95 million, down from $103 million in the prior year. The decline reflects lower volumes in fuel rail and rubber products, delays in new OEM platform launches, and the expiration of favorable pricing on legacy programs. Demand in this segment is closely linked to OEM launch schedules, overall vehicle production, and customer consolidation of the supply base. We continue to win new business across all product lines, with over $50 million of incremental business launching in the second half of 2025 and throughout 2026. Our strong reputation for quality, scale, and continuity continues to make ParkOhio a trusted partner. Engineered Products, our capital equipment and forged components segment serving diversified end markets including infrastructure and defense, delivered $118 million in revenue for the quarter, compared to $127 million a year ago. The 2024 closure of a small manufacturing facility and lower railcar demand impacted forged products, while industrial equipment sales remained steady. Segment demand is being driven by sustained investment in defense, infrastructure, and electrical steel capacity expansion. The quarter's record $85 million in new capital equipment bookings — including a record $47 million induction heating order utilizing our patent pending technology that enables the most uniform heating profile available in today's markets — pushed backlog to $172 million, providing multi-quarter visibility. DEBT REFINANCING COMPLETED On July 31, 2025, Park-Ohio Industries, Inc. ('Industries'), a subsidiary of Park-Ohio Holdings Corp., completed its offering of $350.0 million aggregate principal amount of senior secured notes due 2030 (the "Notes") in a private offering. The Notes were priced at 99.50% of par and bear an interest rate of 8.50% per annum. The Notes are senior obligations of Industries and guaranteed, with certain exceptions, by Industries' existing and future domestic subsidiaries on a senior secured basis. The Company used the net proceeds from the offering of the Notes, along with cash on hand, to redeem all $350.0 million aggregate principal amount of its outstanding 6.625% Senior Notes due 2027 (the "2027 Senior Notes") and pay related fees and expenses. On July 17, 2025, the Company entered into an amendment to its $405.0 million revolving credit facility in order to, among other things, extend the maturity date to the fifth anniversary from the closing date of the amendment. 2025 OUTLOOK The recent refinancing of our 2027 Senior Notes will increase interest expense in the second half of the year and is expected to reduce Adjusted EPS by approximately $0.20 per diluted share. We now expect full-year 2025: Net Sales: $1.620 billion to $1.650 billion Adjusted EPS: $2.90 to $3.20 per diluted share Free Cash Flow: Expected to improve from FY2024 and approximate $20 million to $30 million in FY2025; expect approximately $65 million of free cash flow in the second half of 2025 The Company does not provide reconciliations of forward-looking non-GAAP financial measures, such as Adjusted EPS, to the most comparable GAAP financial measures due to the inherent difficulty in forecasting certain items, including non-cash or infrequent charges, which are not available without unreasonable effort. WEBCAST AND CONFERENCE CALL A live webcast and conference call to review ParkOhio's second quarter 2025 financial results will be held on Thursday August 7, 2025, at 10:00 a.m. Eastern Time. To access the webcast, please visit the Investor Relations section of the Company's website at A corresponding investor presentation will also be available on the site prior to the call. ParkOhio is a diversified international company providing world-class customers with a supply chain management outsourcing service, capital equipment used on their production lines, and manufactured components used to assemble their products. Headquartered in Cleveland, Ohio, ParkOhio operates approximately 130 manufacturing sites and supply chain logistics facilities worldwide, through three reportable segments: Supply Technologies, Assembly Components and Engineered Products. This news release contains forward-looking statements, including statements regarding future performance of the Company, that are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors that could cause actual results to differ materially from expectations include, but are not limited to, the following: the impact supply chain and logistic issues have on our business, results of operations, financial position and liquidity; our substantial indebtedness; the uncertainty of the global economic environment; general business conditions and competitive factors, including pricing pressures and product innovation; demand for our products and services; the impact of labor disturbances affecting our customers; raw material availability and pricing; fluctuations in energy costs; component part availability and pricing; changes in our relationships with customers and suppliers; the financial condition of our customers, including the impact of any bankruptcies; our ability to successfully integrate recent and future acquisitions into existing operations; the amounts and timing, if any, of purchases of our common stock; changes in general economic conditions such as inflation rates, interest rates, tax rates, unemployment rates, higher labor and healthcare costs, recessions and changing government policies, laws and regulations, including those related to the current global uncertainties and crises, such as tariffs and surcharges; adverse impacts to us, our suppliers and customers from acts of terrorism or hostilities, including the conflicts between Russia and Ukraine and in the Middle East, or political unrest, including the rising tension between China and the United States; public health issues, including the outbreak of infectious diseases and any impact on our facilities and operations and our customers and suppliers; our ability to meet various covenants, including financial covenants, contained in the agreements governing our indebtedness; disruptions, uncertainties or volatility in the credit markets that may limit our access to capital; potential disruption due to a partial or complete reconfiguration of the European Union; increasingly stringent domestic and foreign governmental regulations, including those affecting the environment or import and export controls and other trade barriers; inherent uncertainties involved in assessing our potential liability for environmental remediation-related activities; the outcome of pending and future litigation and other claims and disputes with customers; our dependence on the automotive and heavy-duty truck industries, which are highly cyclical; the dependence of the automotive industry on consumer spending; our ability to negotiate contracts with labor unions; our dependence on key management; our dependence on information systems; our ability to continue to pay cash dividends, and the timing and amount of any such dividends; and the other factors we describe under "Item 1A. Risk Factors" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In light of these and other uncertainties, the inclusion of a forward-looking statement herein should not be regarded as a representation by us that our plans and objectives will be achieved. The Company assumes no obligation to update the information in this release. Park-Ohio Holdings Corp. and Subsidiaries Supplemental Non-GAAP Financial Measures (Unaudited) Adjusted earnings from continuing operations is a non-GAAP financial measure that the Company is providing in this press release. Adjusted earnings from continuing operations is income from continuing operations calculated in accordance with generally accepted accounting principles ("GAAP"), adjusted for special items. The Company presents this non-GAAP financial measure because management uses adjusted earnings from continuing operations to compare its operating performance on a consistent basis over multiple periods because they remove the impact of certain significant noncash credits or charges and certain infrequent items impacting net income. Adjusted earnings is not a measure of performance under GAAP and should not be considered in isolation from, or as a substitute for, income from continuing operations calculated in accordance with GAAP. Adjusted income from continuing operations herein may not be comparable to similarly titled measures of other companies. The following table reconciles income from continuing operations to adjusted earnings from continuing operations: The following table shows the impact of these adjustments on our segment results (continuing operations): Cost of Sales SG&A Total Cost of Sales SG&A Total (In millions) Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Supply Technologies $ — $ 0.4 $ 0.4 $ — $ 0.2 $ 0.2 Assembly Components — 0.5 0.5 — — — Engineered Products — 0.4 0.4 — 1.0 1.0 Corporate — — — — — — Total continuing operations $ — $ 1.3 $ 1.3 $ — $ 1.2 $ 1.2 Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Supply Technologies $ — $ 0.4 $ 0.4 $ — $ 0.2 $ 0.2 Assembly Components — 0.7 0.7 — — — Engineered Products — 1.2 1.2 — 1.3 1.3 Corporate — — — — — — Total continuing operations $ — $ 2.3 $ 2.3 $ — $ 1.5 $ 1.5 Expand Park-Ohio Holdings Corp. and Subsidiaries Supplemental Non-GAAP Financial Measures (Unaudited) EBITDA, as defined is a non-GAAP financial measure that the Company is providing in this press release. EBITDA, as defined reflects net income attributable to Park-Ohio Holdings Corp. common shareholders before interest expense, income taxes, depreciation and amortization, and also excludes certain charges and corporate-level expenses as defined in the Company's current revolving credit facility. The Company presents this non-GAAP financial measure because management uses EBITDA, as defined to assess the Company's performance and to calculate its debt service coverage ratio under its current revolving credit facility. EBITDA, as defined is not a measure of performance under GAAP and should not be considered in isolation from, or as a substitute for, net income or cash flow information calculated in accordance with GAAP. EBITDA, as defined herein may not be comparable to similarly titled measures of other companies. The following table reconciles net income to EBITDA, as defined: Park-Ohio Holdings Corp. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) June 30, 2025 December 31, 2024 (In millions) ASSETS Current assets: Cash and cash equivalents $ 45.6 $ 53.1 Accounts receivable, net 282.5 249.5 Inventories, net 425.9 422.9 Other current assets 119.8 110.5 Total current assets 873.8 836.0 Property, plant and equipment, net 190.3 182.9 Operating lease right-of-use assets 43.7 40.3 Goodwill 116.0 111.7 Intangible assets, net 72.6 71.9 Other long-term assets 125.3 122.3 Total assets $ 1,421.7 $ 1,365.1 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Trade accounts payable $ 196.8 $ 194.8 Current portion of long-term debt and short-term debt 8.7 8.4 Current portion of operating lease liabilities 11.1 10.7 Accrued expenses and other 119.6 147.2 Total current liabilities 336.2 361.1 Long-term liabilities, less current portion: Long-term debt 656.7 618.3 Long-term operating lease liabilities 32.8 29.8 Other long-term liabilities 19.7 18.8 Total long-term liabilities 709.2 666.9 Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity 371.1 330.8 Noncontrolling interests 5.2 6.3 Total equity 376.3 337.1 Total liabilities and shareholders' equity $ 1,421.7 $ 1,365.1 Expand Park-Ohio Holdings Corp. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, 2025 2024 (In millions) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS Income from continuing operations $ 16.7 $ 21.5 Adjustments to reconcile income from continuing operations to net cash used in operating activities from continuing operations: Depreciation and amortization 16.5 16.7 Stock-based compensation expense 2.8 2.7 Changes in operating assets and liabilities: Accounts receivable (23.5 ) (10.1 ) Inventories 3.2 (11.3 ) Prepaid and other current assets (6.6 ) (1.4 ) Accounts payable and accrued expenses (34.0 ) (13.4 ) Other 1.2 (5.1 ) Net cash used in operating activities from continuing operations (23.7 ) (0.4 ) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS Purchases of property, plant and equipment (16.9 ) (13.2 ) Business acquisitions, net of cash acquired — (11.0 ) Net cash used in investing activities from continuing operations (16.9 ) (24.2 ) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS Proceeds from revolving credit facility, net 38.9 38.2 (Payments on) proceeds from other debt, net (0.3 ) 5.4 Payments on finance lease facilities, net (1.9 ) (1.8 ) Payments related to prior acquisitions — (0.8 ) Dividends (3.6 ) (3.3 ) Payments of withholding taxes on share awards (1.6 ) (2.4 ) Net cash provided by financing activities from continuing operations 31.5 35.3 DISCONTINUED OPERATIONS: Total used by operating activities (0.3 ) (4.1 ) Decrease in cash and cash equivalents from discontinued operations (0.3 ) (4.1 ) Effect of exchange rate changes on cash 1.9 (1.5 ) (Decrease) increase in cash and cash equivalents (7.5 ) 5.1 Cash and cash equivalents at beginning of period 53.1 54.8 Cash and cash equivalents at end of period $ 45.6 $ 59.9 Interest paid $ 22.3 $ 23.3 Income taxes paid $ 13.3 $ 5.7 Expand Park-Ohio Holdings Corp. and Subsidiaries Business Segment Information (Unaudited) Supply Technologies Assembly Components Engineered Products Corporate Total (In millions) Three Months Ended June 30, 2025 Net sales $ 187.1 $ 95.1 $ 117.9 $ — $ 400.1 Cost of sales 154.3 84.2 93.4 — 331.9 Gross profit 32.8 10.9 24.5 — 68.2 Selling, general and administrative expenses 16.1 4.8 18.1 7.8 46.8 Restructuring and other special charges 0.4 0.5 0.4 — 1.3 Operating income (loss) 16.3 5.6 6.0 (7.8 ) 20.1 Other components of pension and other postretirement benefits income, net 1.8 Interest expense, net (11.2 ) Income from continuing operations before income taxes $ 10.7 Three Months Ended June 30, 2024 Net sales $ 202.6 $ 103.1 $ 126.9 $ — $ 432.6 Cost of sales 165.3 92.4 101.7 — 359.4 Gross profit 37.3 10.7 25.2 — 73.2 Selling, general and administrative expenses 18.1 3.8 17.9 7.6 47.4 Restructuring and other special charges 0.2 — 1.0 — 1.2 Operating income (loss) 19.0 6.9 6.3 (7.6 ) 24.6 Other components of pension and other postretirement benefits income, net 1.4 Interest expense, net (12.0 ) Income from continuing operations before income taxes $ 14.0 Six Months Ended June 30, 2025 Net sales $ 374.9 $ 192.0 $ 238.6 $ — $ 805.5 Cost of sales 307.5 169.9 191.8 — 669.2 Gross profit 67.4 22.1 46.8 — 136.3 Selling, general and administrative expenses 32.9 10.5 35.8 15.8 95.0 Restructuring and other special charges 0.4 0.7 1.2 — 2.3 Operating income (loss) 34.1 10.9 9.8 (15.8 ) 39.0 Other components of pension and other postretirement benefits income, net 3.6 Interest expense, net (22.2 ) Income from continuing operations before income taxes $ 20.4 Six Months Ended June 30, 2024 Net sales $ 399.5 $ 210.3 $ 240.4 $ — $ 850.2 Cost of sales 326.4 185.9 193.3 — 705.6 Gross profit 73.1 24.4 47.1 — 144.6 Selling, general and administrative expenses 34.4 8.9 36.0 15.2 94.5 Restructuring and other special charges 0.2 — 1.3 — 1.5 Operating income (loss) 38.5 15.5 9.8 (15.2 ) 48.6 Other components of pension and other postretirement benefits income, net 2.7 Interest expense, net (23.9 ) Income from continuing operations before income taxes $ 27.4 Expand Park-Ohio Holdings Corp. and Subsidiaries Supplemental Non-GAAP Financial Measures (Unaudited) Adjusted segment operating income (loss) is a non-GAAP financial measure that the Company is providing in this press release. Adjusted segment operating income (loss) is calculated as segment operating income (loss) plus adjustments for restructuring and other special charges. The Company presents this non-GAAP financial measure because the business segments have incurred significant restructuring and related expenses during the year-to-date periods. Adjusted segment operating income (loss) is not a measure of performance under GAAP and should not be considered in isolation from, or as a substitute for, earnings in accordance with GAAP. Adjusted segment operating income (loss) herein may not be comparable to similarly titled measures of other companies. The following table reconciles adjusted segment operating income (loss) to segment operating income (loss): Three Months Ended March 31, 2025 (In millions) As reported Adjustments As adjusted Supply Technologies $ 17.8 $ — $ 17.8 Assembly Components 5.3 0.2 5.5 Engineered Products 3.8 0.8 4.6 Corporate (8.0 ) — (8.0 ) Operating income - continuing operations $ 18.9 $ 1.0 $ 19.9 Three Months Ended June 30, 2025 2024 (In millions) As reported Adjustments As adjusted As reported Adjustments As adjusted Supply Technologies $ 16.3 $ 0.4 $ 16.7 $ 19.0 $ 0.2 $ 19.2 Assembly Components 5.6 0.5 6.1 6.9 — 6.9 Engineered Products 6.0 0.4 6.4 6.3 1.0 7.3 Corporate (7.8 ) — (7.8 ) (7.6 ) — (7.6 ) Operating income - continuing operations $ 20.1 $ 1.3 $ 21.4 $ 24.6 $ 1.2 $ 25.8 Six Months Ended June 30, 2025 2024 (In millions) As reported Adjustments As adjusted As reported Adjustments As adjusted Supply Technologies $ 34.1 $ 0.4 $ 34.5 $ 38.5 $ 0.2 $ 38.7 Assembly Components 10.9 0.7 11.6 15.5 — 15.5 Engineered Products 9.8 1.2 11.0 9.8 1.3 11.1 Corporate (15.8 ) — (15.8 ) (15.2 ) — (15.2 ) Operating income - continuing operations $ 39.0 $ 2.3 $ 41.3 $ 48.6 $ 1.5 $ 50.1 Note: Amounts above include non-controlling interest impact. Expand Free cash flow is a non-GAAP financial measure that the Company is providing in this press release. The Company presents free cash flow, which it defines as net cash used in operating activities minus purchases of property, plant and equipment, because management uses free cash flow to measure its performance. Free cash flow is not a measure of performance under GAAP and should not be considered in isolation from, or as a substitute for, amounts calculated in accordance with GAAP. Free cash flow herein may not be comparable to similarly titled measures of other companies. The following tables reconcile net cash used in operating activities to free cash flow:
