HGreg Receives the Canadian Business Excellence Award for the Third Year in a Row
"This acknowledgment greatly affirms our company's vision and strategy, which are rooted in innovation and proactive customer service," says John Hairabedian, President of HGreg. "Being one of only a handful of companies to be honored nationwide is a testament not only to our performance, but also to the trust our customers place in us day after day."
The winners will be honoured at an event held at Toronto's Eglinton Grand on September 23. The ceremony is part of Excellence Canada's Ruby Jubilee, marking 40 years dedicated to the promotion of organizational excellence across the country.
About HGregFounded in 1993, HGreg is committed to simplifying the vehicle-buying process through values of excellence, transparency, the judicious use of technology and a refreshingly customer-focused philosophy. Supported by a team of passionate car enthusiasts, HGreg operates dealerships in Québec and the United States, offering both new and pre-owned vehicles.
To find out more, visit www.hgregoire.com.
About the Canadian Business Excellence AwardsEach year, the Canadian Business Excellence Awards are presented nationwide by Excellence Canada in collaboration with PwC Canada. This special designation aims to recognize companies that employ a strategic approach to boost performance and meet their objectives, regardless of their industry.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250623854360/en/
Contacts
For further information:
Noémia L'Heureux-DaigneaultHGreg450 472-7272, ext. 1183noemia@hgregoire.com
Aline BedrosTorchia Communications514-250-2332aline@torchiacom.com
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Celestica Announces Second Quarter 2025 Financial Results
(All amounts in U.S. dollars)TORONTO, July 28, 2025 (GLOBE NEWSWIRE) -- Celestica Inc.1 (TSX and NYSE: CLS), a leader in design, manufacturing, hardware platform and supply chain solutions for the world's most innovative companies, today announced financial results for the quarter ended June 30, 2025 (Q2 2025). Q2 2025 Highlights Revenue: $2.89 billion, increased 21% compared to $2.39 billion for second quarter of 2024 (Q2 2024). GAAP earnings from operations as a % of revenue: 9.4%, compared to 5.6% for Q2 2024. Adjusted operating margin (non-GAAP)*: 7.4%, compared to 6.3% for Q2 2024. GAAP earnings per share2 (EPS): $1.82, compared to $0.80 for Q2 2024. Adjusted EPS2 (non-GAAP)*: $1.39, compared to $0.90 for Q2 2024. Repurchased 0.6 million common shares for cancellation for $40.0 million in Q2 2025. 'We achieved very strong results in the second quarter, with revenue of $2.89 billion and non-GAAP adjusted EPS* of $1.39, representing growth of 21% and 54%, respectively, each exceeding the high end of our guidance ranges. This performance was bolstered by strong adjusted operating margin* of 7.4%, another new high for the company, demonstrating the strength of our execution,' stated Rob Mionis, President and CEO. 'With our strong first half results, and a strengthening demand outlook from our CCS customers, we are increasing our full-year 2025 outlook. We now expect revenue to reach $11.55 billion, an increase from the prior $10.85 billion, and anticipate non-GAAP adjusted EPS* of $5.50, up from our previous estimate of $5.00.' 1 Celestica has two operating and reportable segments: Advanced Technology Solutions (ATS) (comprised of our Aerospace and Defense (A&D), Industrial, HealthTech and Capital Equipment businesses), and Connectivity & Cloud Solutions (CCS) (consists of our Communications and Enterprise (servers and storage) end markets). Segment performance is evaluated based on segment revenue, segment income and segment margin (segment income as a percentage of segment revenue). See note 3 to our June 30, 2025 unaudited interim condensed consolidated financial statements (Q2 2025 Interim Financial Statements) for further detail.2 Per share information included in this press release is based on diluted shares outstanding unless otherwise noted.* See Use of Non-GAAP Measures and Schedule 1 for, among other items, non-GAAP financial measures (and ratios) included in this press release, their definitions, uses, and a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. Non-GAAP measures in this press release are denoted with an asterisk (*). Third Quarter of 2025 (Q3 2025) Guidance Q3 2025 Guidance Revenue (in billions)(1) $2.875 to $3.125 Adjusted operating margin (non-GAAP)* 7.4% at the mid-point of ourrevenue and non-GAAP adjustedEPS guidance ranges Adjusted EPS (non-GAAP)*(1) (2) $1.37 to $1.53(1) Our guidance ranges for revenue and non-GAAP adjusted EPS have been expanded relative to prior quarters, in order to reflect the growth in our business. (2) Q3 2025 guidance excludes a negative $0.23 to $0.29 per share (pre-tax) aggregate impact on net earnings on a GAAP basis for employee stock-based compensation (SBC) expense, amortization of intangible assets (excluding computer software), and restructuring charges. Q3 2025 guidance assumes a non-GAAP adjusted effective tax rate* of approximately 19%. 2025 Annual Outlook Update Revenue of $11.55 billion (previous outlook $10.85 billion) Adjusted operating margin (non-GAAP)* of 7.4% (previous outlook 7.2%) Adjusted EPS (non-GAAP)* of $5.50 (previous outlook $5.00) Non-GAAP free cash flow* of $400 million (previous outlook $350 million) Our Q3 2025 Guidance and 2025 Annual Outlook Update assume no material changes to tariffs or trade restrictions compared to what are in effect as of July 28, 2025 and no material changes from current macroeconomic trends and uncertainties. Substantially all tariffs paid by Celestica are expected to be recovered from our customers, and are not expected to materially impact our non-GAAP adjusted EBIAT* or non-GAAP adjusted net earnings* dollars. * See Use of Non-GAAP Measures and Schedule 1. For our Q3 2025 Guidance and 2025 Annual Outlook Update, we present certain forward-looking non-GAAP metrics. A reconciliation of such forward-looking non-GAAP measures to the most directly comparable GAAP measures on a forward-looking basis has not been provided because the items that we exclude from GAAP to calculate the comparable non-GAAP measure are dependent on future events that are not able to be reliably predicted by management and are not part of our routine operating activities. We are unable to provide such a reconciliation without unreasonable effort due to the uncertainty and inherent difficulty in predicting the occurrence, the financial impact and the periods in which the adjustments may be recognized. The occurrence, timing and amount of any of the items excluded from GAAP to calculate non-GAAP could significantly impact our GAAP results. Summary of Selected Q2 2025 Results Q2 2025 Actual Q2 2025 Guidance(2) Revenue (in billions) $2.89 $2.575 to $2.725 GAAP earnings from operations as a % of revenue 9.4% N/A GAAP EPS(1) $1.82 N/A Adjusted operating margin (non-GAAP)* 7.4% 7.2% at the mid-point of ourrevenue and non-GAAP adjustedEPS guidance ranges Adjusted EPS (non-GAAP)* $1.39 $1.17 to $1.27 CCS segment revenue: $2.07 billion, increased 28% compared to Q2 2024; CCS segment margin: 8.3% compared to 7.0% for Q2 2024. Hardware Platform Solutions revenue of approximately $1.2 billion increased 82% compared to Q2 2024. ATS segment revenue: $0.82 billion, increased 7% compared to Q2 2024; ATS segment margin: 5.3% compared to 4.6% for Q2 2024. (1) GAAP EPS of $1.82 for Q2 2025 included an aggregate charge of $0.33 per share (pre-tax) for employee SBC expense, amortization of intangible assets (excluding computer software), and restructuring charges (Q2 2024 — $0.23 per share (pre-tax)). See the tables in Schedule 1 and note 11 to the Q2 2025 Interim Financial Statements for per-item charges. This aggregate charge was above our previously communicated Q2 2025 anticipated range of between $0.23 to $0.29 per share for these items, primarily due to higher than expected restructuring charges. GAAP EPS for Q2 2025 and the first half of 2025 (1H 2025) also included a $0.84 and $0.67, respectively, per share (pre-tax) positive impact attributable to a fair value gain on our total return swap agreement (TRS Gain) (Q2 2024 and the first half of 2024 — $0.13 and $0.40, respectively, per share (pre-tax) positive impact attributable to the TRS Gain). See note 9 to our Q2 2025 Interim Financial Statements. (2) For Q2 2025, our revenue exceeded the high end of our guidance range due to higher than anticipated customer demand, particularly in our Communications end market. Our non-GAAP adjusted operating margin for Q2 2025 exceeded the mid-point of our revenue and non-GAAP adjusted EPS guidance ranges and our Q2 2025 adjusted EPS exceeded the high end of our guidance range, primarily driven by stronger than anticipated operating leverage in both our segments. Our GAAP effective tax rate for Q2 2025 was 18%. As anticipated, our adjusted effective tax rate (non-GAAP) for Q2 2025 was 20%. Q2 2025 Financial Results Management will host its Q2 2025 results conference call on July 29, 2025 at 8:00 am. Eastern Daylight Time (EDT). The webcast can be accessed at Use of Non-GAAP Measures In addition to disclosing detailed operating results in accordance with GAAP, Celestica provides supplementary non-GAAP financial measures to consider in evaluating the company's operating performance. Management uses adjusted net earnings and other non-GAAP financial measures to assess operating performance, financial leverage and the effective use and allocation of resources; to provide more normalized period-to-period comparisons of operating results; to enhance investors' understanding of the core operating results of Celestica's business; and to set management incentive targets. We believe investors use both GAAP and non-GAAP financial measures to assess management's decisions associated with our priorities and capital allocation, as well as to analyze how our business operates in, or responds to, macroeconomic trends or other events that impact our core operations. See Schedule 1 below. About Celestica Celestica enables the world's best brands. Through our recognized customer-centric approach, we partner with leading companies in Aerospace and Defense, Communications, Enterprise, HealthTech, Industrial, and Capital Equipment to deliver solutions for their most complex challenges. As a leader in design, manufacturing, hardware platform and supply chain solutions, Celestica brings global expertise and insight at every stage of product development — from the drawing board to full-scale production and after-market services. With talented teams across North America, Europe and Asia, we imagine, develop and deliver a better future with our customers. For more information on Celestica, visit Our securities filings can be accessed at and The information contained on or accessible through is not incorporated by reference into, and does not form part of, this release. Cautionary Note Regarding Forward-looking Statements This press release contains forward-looking statements, including, without limitation, those related to: strengthening demand in our CCS segment, demand environment and customer forecasts, our anticipated financial and/or operational results, guidance and outlook, including statements under the headings "Q2 2025 Highlight", "Third Quarter of 2025 (Q3 2025) Guidance", and "2025 Annual Outlook Update", developments related to new customer wins, program inclusions, timing of production ramps, anticipated economic conditions, industry trends, underlying market growth rates, customer demand, prospects and opportunities, and strategic initiatives. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as 'believes,' 'expects,' 'anticipates,' 'estimates,' 'intends,' 'plans,' 'continues,' 'project,' "target," "outlook," "goal," "guidance", 'potential,' 'possible,' 'contemplate,' 'seek,' or similar expressions, or may employ such future or conditional verbs as 'may,' 'might,' 'will,' 'could,' 'should,' or 'would,' or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995, where applicable, and for forward-looking information under applicable Canadian securities laws. Forward-looking statements are provided to assist readers in understanding management's current expectations and plans relating to the future. Forward-looking statements reflect our current estimates, beliefs and assumptions, which are based on management's perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances, including certain assumptions about anticipated CCS and ATS revenue growth; anticipated demand levels across our businesses; continuing operating leverage and improving mix; the impact of anticipated market conditions on our businesses; tax and interest rates; continued advancement and commercialization of artificial intelligence (AI) technologies and cloud computing; supporting sustained high levels of capital expenditure investments by leading hyperscaler, AI, and data center customers; the economy; our customers; our suppliers; no material changes to tariffs or trade restrictions compared to what are in effect as of July 28, 2025; that our customers will retain liability for and we will be able to recover substantially all costs from customers relating to product/component tariffs and countermeasures; no material changes in business activities resulting from current macroeconomic trends and uncertainties, including evolving global tariff and trade negotiations; our ability to achieve our strategic goals; the number of outstanding shares; as well as other market, financial and operational assumptions. Readers are cautioned that such information may not be appropriate for other purposes. Readers should not place undue reliance on such forward-looking information. Forward-looking statements are not guarantees of future performance and are subject to risks that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including, among others, risks related to: customer and segment concentration; reduction in customer revenue; erosion in customer market competitiveness; changing revenue mix and margins; uncertain market, industry, political and economic conditions; customer requests to transfer manufacturing of products from one facility to another; changes to policies or legislation; operational challenges such as inventory management and materials and supply chain constraints; and program ramps; the cyclical nature and/or volatility of certain of our businesses; talent management and inefficient employee utilization; risks related to the expansion or consolidation of our operations; cash flow, revenue, and operating results, and tax and interest variability; technology and IT disruption; increasing legal, tax and regulatory complexity and uncertainty (including in relation to our or our customers' businesses); integrating and achieving the anticipated benefits from acquisitions; and the potential adverse impacts of events outside of our control. For more exhaustive information on the foregoing and other material risks, uncertainties and assumptions readers should refer to our public filings at and including in our most recent Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed with, or furnished to, the U.S. Securities and Exchange Commission, and the Canadian Securities Administrators, as applicable. Forward-looking statements speak only as of the date on which they are made, and we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements attributable to us are expressly qualified by these cautionary statements. Contacts: Celestica Global Communications Celestica Investor Relations (416) 448-2200 (416) 448-2211 media@ clsir@ Schedule 1 Supplementary Non-GAAP Financial Measures The non-GAAP financial measures included in this press release are: adjusted gross profit, adjusted selling, general and administrative expenses (SG&A), adjusted operating earnings (or adjusted EBIAT), adjusted net earnings and each of the foregoing measures as a percentage of revenue, adjusted EPS, adjusted ROIC, free cash flow, adjusted tax expense and adjusted effective tax rate. Adjusted EBIAT, adjusted net earnings, adjusted ROIC, free cash flow, adjusted tax expense and adjusted effective tax rate are further described in the tables below. As used herein, "Q1," "Q2," "Q3," and "Q4" followed by a year refers to the first quarter, second quarter, third quarter and fourth quarter of such year, respectively. We believe the non-GAAP financial measures herein enable investors to evaluate and compare our results from operations by excluding specific items that we do not consider to be reflective of our core operations, to evaluate cash resources that we generate from our business each period, to analyze operating results using the same measures our chief operating decision maker uses to measure performance, and to help compare our results with those of our competitors. In addition, management believes that the use of adjusted tax expense and adjusted effective tax rate provides additional transparency into the tax effects of our core operations, and are useful to management and investors for historical comparisons and forecasting. These non-GAAP financial measures reflect management's belief that the excluded items are not indicative of our core operations. Non-GAAP financial measures do not have any standardized meaning prescribed by GAAP and therefore may not be directly comparable to similar measures presented by other companies. Non-GAAP financial measures are not measures of performance under GAAP and should not be considered in isolation or as a substitute for any GAAP financial measure. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are below. We do not provide reconciliations for our forward-looking non-GAAP financial measures, as we are unable to reasonably estimate the items that we exclude from GAAP to calculate comparable non-GAAP measures without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various events that have not yet occurred, are out of our control and/or cannot be reasonably predicted, and that would impact the most directly comparable forward-looking GAAP financial measure. For these same reasons, we are unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures may vary materially from the corresponding GAAP financial measures. Our non-GAAP financial measures are calculated by making the following adjustments (as applicable) to our GAAP financial measures: Employee SBC expense, which represents the estimated fair value of stock options, restricted share units and performance share units granted to employees, is excluded because grant activities vary significantly from quarter-to-quarter in both quantity and fair value. We believe excluding this expense allows us to compare core operating results with those of our competitors, who also generally exclude employee SBC expense in assessing operating performance, and may have different granting patterns, equity awards and valuation assumptions. Total return swap fair value adjustments (TRS FVAs) represent mark-to-market adjustments to our TRS Agreement, as the TRS Agreement is re-measured at fair value at each quarter end. We exclude the impact of these non-cash fair value adjustments (which reflect fluctuations in the market price of our common shares recorded in cost of sales or SG&A) from period to period as such fluctuations do not represent our ongoing operating performance. In addition, we believe that excluding these non-cash adjustments permits a helpful comparison of our core operating results to our competitors. Transitional hedge reclassifications and adjustments related to foreign currency forward exchange contracts (FCC Transitional ADJ) were specifically driven by our transition from IFRS to GAAP. For the purpose of determining our non-GAAP measures, FCC Transitional ADJ were made to cost of sales and SG&A. Our foreign currency forward exchange contracts that we entered prior to 2024 were accounted for as either cash flow hedges (qualified for hedge accounting) or economic hedges under IFRS. However, those contracts were not accounted for as such under GAAP until January 1, 2024, resulting in FCC Transitional ADJ. Had we been able to designate those foreign currency forward exchange contracts under GAAP from their inception, they would have qualified as cash flow or economic hedges under GAAP, and no FCC Transitional ADJ would have been required under GAAP. FCC Transitional ADJ do not reflect the on-going operational impacts of our hedging activities and are excluded in assessing operating performance. Amortization of intangible assets (excluding computer software) consist of non-cash charges for intangible assets that are impacted by the timing and magnitude of acquired businesses. Amortization of intangible assets varies among our competitors, and we believe that excluding these charges permits a helpful comparison of core operating results to our competitors who also generally exclude amortization charges in assessing operating performance. Restructuring and Other Charges (Recoveries) consist of, when applicable: Restructuring Charges (Recoveries) (defined below); Transition Costs (Recoveries) (defined below); consulting, transaction and integration costs related to potential and completed acquisitions; legal settlements (recoveries); and commencing in Q2 2023, related costs pertaining to our transition as a U.S. domestic filer. We exclude these charges and recoveries because we believe that they are not directly related to ongoing operating results and do not reflect our expected future operating expenses after completion of the relevant actions. Our competitors may record similar items at different times, and we believe these exclusions permit a helpful comparison of our core operating results with those of our competitors who also generally exclude these items in assessing operating performance. Restructuring Charges (Recoveries), consist of costs or recoveries relating to: employee severance, lease terminations, site closings and consolidations, accelerated depreciation of owned property and equipment which are no longer used and are available for sale, and reductions in infrastructure. Transition Costs (Recoveries) consist of costs and recoveries in connection with: (i) the transfer of manufacturing lines from closed sites to other sites within our global network; (ii) the sale of real properties unrelated to restructuring actions (Property Dispositions); and (iii) specified charges or recoveries related to the Purchaser Lease (defined below). Transition Costs consist of direct relocation and duplicate costs (such as rent expense, utility costs, depreciation charges, and personnel costs) incurred during the transition periods, as well as cease-use and other costs incurred in connection with idle or vacated portions of the relevant premises that we would not have incurred but for these relocations, transfers and dispositions. As part of our 2019 Toronto real property sale, we entered into a related 10-year lease for our then-anticipated headquarters (Purchaser Lease). In November 2022, we extended the lease (on a long-term basis) on our current corporate headquarters due to several Purchaser Lease commencement date delays. In Q3 2023 and Q2 2025, we executed sublease agreements for the leased space under the Purchaser Lease. We record charges related to the sublet of the Purchaser Lease (which commenced in June 2024) as Transition Costs. We believe that excluding Transition Costs and Recoveries permits a helpful comparison of our core operating results from period-to-period, as they do not reflect our ongoing operations once these specified events are complete. Miscellaneous Expense (Income) consists primarily of: (i) certain net periodic benefit costs (credits) related to our pension and post-employment benefit plans consisting of interest costs and expected returns on pension balances, and amortization of actuarial gains or losses; and (ii) gains or losses related to foreign currency forward exchange contracts and interest rate swaps that we entered into prior to 2024. Those derivative instruments were accounted for as either cash flow hedges (qualifying for hedge accounting) or economic hedges under IFRS. However, those contracts were not accounted for as such under GAAP until January 1, 2024. Certain gains and losses related to those contracts were recorded in Miscellaneous Expense (Income). See FCC Transitional ADJ above. We exclude such items because we believe they are not directly related to our ongoing operating results. Tax effects of the non-core items, which include our non-GAAP adjustments above, are excluded from GAAP tax expense to calculate adjusted tax expense (non-GAAP), as we do not believe these costs or recoveries reflect our core operating performance and vary significantly among our competitors who also generally exclude such items in assessing operating performance. Our non-GAAP financial measures include the following: Adjusted operating earnings (Adjusted EBIAT) is defined as GAAP earnings from operations excluding the impact of Employee SBC expense, TRS FVAs, FCC Transitional ADJ, Amortization of intangible assets (excluding computer software), and Restructuring and Other Charges (Recoveries). Adjusted operating margin is adjusted operating earnings as a percentage of GAAP revenue. Management uses adjusted operating earnings (adjusted EBIAT) as a measure to assess performance related to our core operations. Adjusted net earnings is defined as GAAP net earnings excluding the impact of Employee SBC expense, TRS FVAs, FCC Transitional ADJ, amortization of intangible assets (excluding computer software), Restructuring and Other Charges (Recoveries), Miscellaneous Expense (Income) and adjustment for taxes. Adjusted EPS is calculated by dividing adjusted net earnings by the number of diluted weighted average shares outstanding. Management uses adjusted net earnings as a measure to assess performance related to our core operations. Free cash flow is defined as cash provided by (used in) operations less the purchase of property, plant and equipment (net of proceeds from the sale of certain surplus equipment and property, when applicable). Free cash flow does not represent residual cash flow available to Celestica for discretionary expenditures. Management uses free cash flow as a measure, in addition to GAAP cash provided by (used in) operations, to assess our operational cash flow performance. We believe free cash flow provides another level of transparency to our ability to generate cash from normal business operations. Adjusted ROIC is calculated by dividing annualized adjusted EBIAT by average net invested capital for the period. Net invested capital (calculated in the tables below) is derived from GAAP financial measures, and is defined as total assets less: cash, right-of-use (ROU) assets (operating and finance leases), accounts payable, accrued and other current liabilities (excluding finance and operating lease liabilities), provisions, and income taxes payable. Management uses adjusted ROIC as a measure to assess the effectiveness of the invested capital we employ to build products or provide services to our customers, by quantifying how well we generate earnings relative to the capital we have invested in our business. The following table (which is unaudited) sets forth, for the periods indicated, the various non-GAAP financial measures discussed above, and a reconciliation of such non-GAAP financial measures to the most directly comparable financial measures determined under GAAP (in millions, except percentages and per share amounts): Three months ended June 30 Six months ended June 30 2025 2024 2025 2024 % of revenue % of revenue % of revenue % of revenue GAAP revenue $ 2,893.4 $ 2,391.9 $ 5,542.0 $ 4,600.8 GAAP gross profit $ 371.0 12.8 % $ 253.8 10.6 % $ 644.9 11.6 % $ 475.9 10.3 % Employee SBC expense 7.3 5.7 17.4 14.6 TRS FVAs: gains (40.6 ) (7.1 ) (33.1 ) (19.9 ) Adjusted gross profit (non-GAAP) $ 337.7 11.7 % $ 252.4 10.6 % $ 629.2 11.4 % $ 470.6 10.2 % GAAP SG&A $ 38.9 1.3 % $ 79.3 3.3 % $ 151.4 2.7 % $ 144.1 3.1 % Employee SBC expense (7.9 ) (6.2 ) (23.8 ) (20.0 ) TRS FVAs: gains 56.8 8.6 45.2 27.3 FCC Transitional ADJ — 0.7 — 1.2 Adjusted SG&A (non-GAAP) $ 87.8 3.0 % $ 82.4 3.4 % $ 172.8 3.1 % $ 152.6 3.3 % GAAP earnings from operations $ 272.5 9.4 % $ 132.9 5.6 % $ 401.3 7.2 % $ 258.7 5.6 % Employee SBC expense 15.2 11.9 41.2 34.6 TRS FVAs: gains (97.4 ) (15.7 ) (78.3 ) (47.2 ) FCC Transitional ADJ — (0.7 ) — (1.2 ) Amortization of intangible assets (excluding computer software) 9.9 9.7 19.9 19.0 Restructuring and other charges, net of recoveries 14.5 11.5 18.4 16.3 Adjusted operating earnings (adjusted EBIAT) (non-GAAP) $ 214.7 7.4 % $ 149.6 6.3 % $ 402.5 7.3 % $ 280.2 6.1 % GAAP net earnings $ 211.0 7.3 % $ 95.0 4.0 % $ 297.2 5.4 % $ 186.8 4.1 % Employee SBC expense 15.2 11.9 41.2 34.6 TRS FVAs: gains (97.4 ) (15.7 ) (78.3 ) (47.2 ) FCC Transitional ADJ — (0.7 ) — (1.2 ) Amortization of intangible assets (excluding computer software) 9.9 9.7 19.9 19.0 Restructuring and other charges, net of recoveries 14.5 11.5 18.4 16.3 Miscellaneous Expense 1.7 4.4 3.1 11.0 Adjustments for taxes(1) 6.3 (8.1 ) (0.2 ) (12.5 ) Adjusted net earnings (non-GAAP) $ 161.2 5.6 % $ 108.0 4.5 % $ 301.3 5.4 % $ 206.8 4.5 % Diluted EPS Weighted average # of shares (in millions) 115.9 119.4 116.4 119.3 GAAP EPS $ 1.82 $ 0.80 $ 2.55 $ 1.57 Adjusted EPS (non-GAAP) $ 1.39 $ 0.90 $ 2.59 $ 1.73 # of shares outstanding at period end (in millions) 115.0 118.6 115.0 118.6 GAAP cash provided by operations $ 152.4 $ 99.6 $ 282.7 $ 207.7 Purchase of property, plant and equipment, net of sales proceeds (32.5 ) (34.0 ) (69.2 ) (74.4 ) Free cash flow (non-GAAP) $ 119.9 $ 65.6 $ 213.5 $ 133.3 GAAP ROIC % 45.0 % 23.6 % 33.2 % 23.2 % Adjusted ROIC % (non-GAAP) 35.5 % 26.6 % 33.3 % 25.1 % (1) The adjustments for taxes represent the tax effects (reflecting applicable effective tax rates) of the non-core items, which include our non-GAAP adjustments above. Our GAAP effective tax rate is determined by dividing (i) GAAP tax expense by (ii) earnings from operations minus finance costs and Miscellaneous Expense (Income) recorded on our statement of operations; our adjusted effective tax rate (non-GAAP) is determined by dividing (i) adjusted tax expense (non-GAAP) by (ii) adjusted operating earnings (non-GAAP) minus finance costs. The following table sets forth, for the periods indicated, our calculation of GAAP effective tax rate and adjusted effective tax rate (non-GAAP): Three months ended June 30 Six months ended June 30 2025 2024 2025 2024 GAAP tax expense $ 46.3 $ 18.5 $ 73.8 $ 31.9 Earnings from operations $ 272.5 $ 132.9 $ 401.3 $ 258.7 Finance costs (13.5 ) (15.0 ) (27.2 ) (29.0 ) Miscellaneous Expense (1.7 ) (4.4 ) (3.1 ) (11.0 ) $ 257.3 $ 113.5 $ 371.0 $ 218.7 GAAP effective tax rate 18 % 16 % 20 % 15 % Adjusted tax expense (non-GAAP) $ 40.0 $ 26.6 $ 74.0 $ 44.4 Adjusted operating earnings (non-GAAP) $ 214.7 $ 149.6 $ 402.5 $ 280.2 Finance costs (13.5 ) (15.0 ) (27.2 ) (29.0 ) $ 201.2 $ 134.6 $ 375.3 $ 251.2 Adjusted effective tax rate (non-GAAP) 20 % 20 % 20 % 18 % The following table sets forth, for the periods indicated, our calculation of GAAP ROIC % and adjusted ROIC % (non-GAAP) (in millions, except GAAP ROIC % and adjusted ROIC %): Three months ended Six months ended June 30 June 30 2025 2024 2025 2024 GAAP earnings from operations $ 272.5 $ 132.9 $ 401.3 $ 258.7 Multiplier to annualize earnings 4 4 2 2 Annualized GAAP earnings from operations $ 1,090.0 $ 531.6 $ 802.6 $ 517.4 Average net invested capital for the period* $ 2,419.9 $ 2,253.6 $ 2,418.2 $ 2,229.6 GAAP ROIC % 45.0 % 23.6 % 33.2 % 23.2 % Three months ended Six months ended June 30 June 30 2025 2024 2025 2024 Adjusted operating earnings (adjusted EBIAT) (non-GAAP) $ 214.7 $ 149.6 $ 402.5 $ 280.2 Multiplier to annualize earnings 4 4 2 2 Annualized adjusted EBIAT (non-GAAP) $ 858.8 $ 598.4 $ 805.0 $ 560.4 Average net invested capital for the period* $ 2,419.9 $ 2,253.6 $ 2,418.2 $ 2,229.6 Adjusted ROIC % (non-GAAP) 35.5 % 26.6 % 33.3 % 25.1 % June 302025 March 312025 December 312024 Net invested capital consists of: Total assets $ 6,241.1 $ 5,834.9 $ 5,988.2 Less: cash 313.8 303.0 423.3 Less: ROU assets (operating and finance leases) 174.9 178.6 180.8 Less: accounts payable, accrued and other current liabilities and provisions (excluding finance and operating lease liabilities) and income taxes payable 3,265.7 3,000.3 2,969.2 Net invested capital at period end* $ 2,486.7 $ 2,353.0 $ 2,414.9 June 302024 March 312024 December 312023 Net invested capital consists of: Total assets $ 5,872.8 $ 5,711.5 $ 5,890.5 Less: cash 434.0 308.1 370.4 Less: ROU assets (operating and finance leases) 200.1 196.1 170.0 Less: accounts payable, accrued and other current liabilities and provisions (excluding finance and operating lease liabilities) and income taxes payable 2,946.2 2,992.6 3,168.4 Net invested capital at period end* $ 2,292.5 $ 2,214.7 $ 2,181.7 * We use a two-point average to calculate average net invested capital for the quarter and a three-point average to calculate average net invested capital for the six-month period. Average net invested capital for Q2 2025 is the average of net invested capital as at June 30, 2025 and March 31, 2025 and average net invested capital for 1H 2025 is the average of net invested capital as at June 30, 2025, March 31, 2025 and December 31, 2024. CELESTICA CONSOLIDATED BALANCE SHEETS(in millions of U.S. dollars)(unaudited) June 302025 December 312024 Assets Current assets: Cash and cash equivalents $ 313.8 $ 423.3 Accounts receivable, net 2,287.8 2,069.0 Inventories 1,918.1 1,760.6 Other current assets 251.3 259.3 Total current assets 4,771.0 4,512.2 Property, plant and equipment, net 549.4 537.2 Operating lease right-of-use assets 123.5 124.4 Goodwill 340.8 340.5 Intangible assets, net 286.8 308.0 Deferred income taxes 95.2 87.7 Other non-current assets 74.4 78.2 Total assets $ 6,241.1 $ 5,988.2 Liabilities and Equity Current liabilities: Current portion of borrowings under credit facility and finance lease obligations $ 26.6 $ 26.5 Accounts payable 1,595.2 1,294.8 Accrued and other current liabilities and provisions 1,575.7 1,606.6 Income taxes payable 123.3 93.5 Total current liabilities 3,320.8 3,021.4 Long-term portion of borrowings under credit facility and finance lease obligations 848.6 770.2 Pension and non-pension post-employment benefit obligations 90.8 83.8 Other non-current liabilities and provisions 180.1 167.4 Deferred income taxes 42.9 49.4 Total liabilities 4,483.2 4,092.2 Contingencies Equity: Total equity 1,757.9 1,896.0 Total liabilities and equity $ 6,241.1 $ 5,988.2 CELESTICA CONSOLIDATED STATEMENTS OF OPERATIONS(in millions of U.S. dollars, except per share amounts)(unaudited) Three months ended Six months ended June 30 June 30 2025 2024 2025 2024 Revenue $ 2,893.4 $ 2,391.9 $ 5,542.0 $ 4,600.8 Cost of sales 2,522.4 2,138.1 4,897.1 4,124.9 Gross profit 371.0 253.8 644.9 475.9 Selling, general and administrative expenses 38.9 79.3 151.4 144.1 Research and development 34.0 19.4 51.6 35.9 Amortization of intangible assets 11.1 10.7 22.2 20.9 Restructuring and other charges, net of recoveries 14.5 11.5 18.4 16.3 Earnings from operations 272.5 132.9 401.3 258.7 Finance costs 13.5 15.0 27.2 29.0 Miscellaneous expense 1.7 4.4 3.1 11.0 Earnings before income taxes 257.3 113.5 371.0 218.7 Income tax expense (recovery) Current 61.2 38.6 88.8 49.3 Deferred (14.9 ) (20.1 ) (15.0 ) (17.4 ) 46.3 18.5 73.8 31.9 Net earnings $ 211.0 $ 95.0 $ 297.2 $ 186.8 Earnings per share: Basic $ 1.83 $ 0.80 $ 2.57 $ 1.57 Diluted $ 1.82 $ 0.80 $ 2.55 $ 1.57 Weighted-average shares used in computing per share amounts (in millions): Basic 115.1 118.8 115.5 118.9 Diluted 115.9 119.4 116.4 119.3 CELESTICA CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions of U.S. dollars)(unaudited) Three months ended Six months ended June 30 June 30 Cash provided by (used in): 2025 2024 2025 2024 Operating activities: Net earnings $ 211.0 $ 95.0 $ 297.2 $ 186.8 Adjustments to reconcile net earnings to net cash flows from operating activities: Depreciation and amortization 45.3 36.9 82.7 72.6 Stock-based compensation (SBC) 15.2 11.9 41.2 34.6 Total return swap (TRS) fair value adjustments (97.4 ) (15.7 ) (78.3 ) (47.2 ) Restructuring and other charges 0.4 4.8 0.4 5.5 Unrealized losses on hedge derivatives 1.3 3.3 2.6 9.1 Deferred income taxes (14.9 ) (20.1 ) (15.0 ) (17.4 ) Other 12.2 3.3 18.4 (3.0 ) Changes in non-cash working capital items: Accounts receivable (151.9 ) (80.9 ) (218.8 ) (97.7 ) Inventories (129.8 ) 107.7 (157.5 ) 260.4 Other current assets (9.4 ) 9.4 (6.4 ) (0.7 ) Accounts payable, accrued and other current liabilities, provisions and income taxes payable 270.4 (56.0 ) 316.2 (195.3 ) Net cash provided by operating activities 152.4 99.6 282.7 207.7 Investing activities: Cash paid for business acquisition, net of cash acquired — (36.1 ) — (36.1 ) Purchase of property, plant and equipment (32.5 ) (36.9 ) (69.2 ) (77.3 ) Proceeds from sale of assets — 2.9 — 2.9 Other (2.5 ) — (2.5 ) — Net cash used in investing activities (35.0 ) (70.1 ) (71.7 ) (110.5 ) Financing activities: Borrowings under revolving loans 190.0 180.0 500.0 465.0 Repayments under revolving loans (250.0 ) (208.0 ) (410.0 ) (465.0 ) Borrowings under term loans — 750.0 — 750.0 Repayments under term loans (4.3 ) (604.3 ) (8.7 ) (608.9 ) Principal payments of finance leases (2.6 ) (2.3 ) (5.2 ) (4.8 ) Proceeds from issuance of capital stock 0.3 — 0.3 3.9 Repurchase of capital stock for cancellation (40.0 ) (10.0 ) (117.7 ) (26.5 ) Purchase of treasury stock for SBC plans — — (221.6 ) (101.6 ) Proceeds from TRS settlement — — 98.6 32.3 SBC cash settlement — — (156.0 ) (69.0 ) Debt issuance costs paid — (9.0 ) (0.2 ) (9.0 ) Net cash provided by (used in) financing activities (106.6 ) 96.4 (320.5 ) (33.6 ) Net increase (decrease) in cash and cash equivalents 10.8 125.9 (109.5 ) 63.6 Cash and cash equivalents, beginning of period 303.0 308.1 423.3 370.4 Cash and cash equivalents, end of period $ 313.8 $ 434.0 $ 313.8 $ 434.0 Supplemental disclosure information: Interest paid $ 12.5 $ 13.8 $ 27.3 $ 28.5 Net income taxes paid $ 50.6 $ 19.8 $ 56.2 $ 38.7 Non-cash investing activity: Unpaid purchases of property, plant and equipment at end of period $ 31.4 $ 33.0 $ 31.4 $ 33.0
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Gibson Energy Reports 2025 Second Quarter Results, Including Record Volumes at Gateway Following Dredging Completion
All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta, July 28, 2025 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (TSX:GEI) ("Gibson" or the "Company") announced today its financial and operating results for the three and six months ended June 30, 2025. Key Highlights: Generated strong Infrastructure Adjusted EBITDA(1) of $153 million, underscoring the excellent performance of our core business despite planned downtime associated with replacement and growth capital projects Completed the Gateway dredging project safely, on time and within budget, immediately boosting throughput and setting new monthly and quarterly volume records Executed major turnarounds at both the Moose Jaw Facility and the Hardisty Diluent Recovery Unit on time and under budget with zero recordable injuries Realized recurring and non-recurring cost savings of approximately $9 million in the quarter, increasing DCF per share in the second quarter by $0.05, or 12%, and are on track to exceed the overall target of $25 million Surpassed 9.5 million hours without a lost-time injury, reinforcing our strong safety culture Following the quarter, Morningstar DBRS reaffirmed Gibson's Investment Grade credit rating at BBB (low) 'This quarter marked a key step on delivering the growth potential at Gateway,' said Curtis Philippon, President & Chief Executive Officer. 'We completed the dredging project, unlocking immediate operational benefits and increasing average throughput at the terminal by approximately 20%, helping us achieve a record-setting quarter. I am also especially proud of our team's preparation and execution of the two major turnarounds. The safe and efficient execution of those projects set us up for a strong quarter and will provide additional capabilities going forward.' Financial Highlights: Infrastructure Adjusted EBITDA(1) of $153 million in the second quarter, in line with the second quarter of 2024, primarily due to increased throughput at Edmonton and Gateway, and lower operating and other costs, partially offset by lower volume at Hardisty, and the disposal of non-core assets in the prior period Marketing Adjusted EBITDA(1) of $8 million in the second quarter reflecting tight commodity differentials, limited storage opportunities, and the impact of a planned turnaround at Moose Jaw Adjusted EBITDA(1) on a consolidated basis of $146 million in the second quarter, a $13 million decrease from the second quarter of 2024, primarily due to lower contributions from the Marketing segment and the other factors impacting segment EBITDA noted above Net income of $61 million in the second quarter, a $3 million decrease from the second quarter of 2024, primarily due to the impact of items affecting segment EBITDA noted above, unrealized gains in relation to corporate financial instruments and lower general and administrative costs driven by executive transition and restructuring costs in the prior period Distributable Cash Flow(1) of $81 million in the second quarter, a $20 million decrease from the second quarter of 2024, primarily due to the factors contributing to lower Adjusted EBITDA as noted above and higher replacement capital expenditures Dividend Payout ratio(2) on a trailing twelve-month basis of 83%, modestly above the 70% – 80% target range. This elevation is expected to be temporary and improve in the second half of the year as Marketing performance stabilizes and the full benefits of the dredging and Cactus II connection projects are realized Net debt to Adjusted EBITDA(2) ratio of 4.0x at June 30, 2025 compared to 3.5x at June 30, 2024, reflecting higher capital spend and lower Marketing contributions. Leverage is expected to normalize in the first half of 2026 Strategic & Business Developments: Completed the Gateway dredging project safely, on time and on budget, making Gateway one of only two Texas terminals capable of loading up to 1.6 million barrels on a VLCC and fully loading a Suezmax vessel Appointed Dave Gosse as Senior Vice President and Chief Operating Officer, effective May 20, 2025 In June, 2025, the Company amended and extended its unsecured revolving credit facility to June 2030, improving long-term liquidity and enhancing financial flexibility The Board approved a quarterly dividend of $0.43 per common share, payable on October 17, 2025, to shareholders of record at the close of business on September 30, 2025 Subsequent to the quarter, Morningstar DBRS confirmed Gibson's credit rating at BBB (low) with stable trends Subsequent to the quarter, the Company settled its $325.0 million senior unsecured notes at maturity (1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the 'Specified Financial Measures' section of this release.(2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the 'Specified Financial Measures' section of this release. Management's Discussion and Analysis and Financial StatementsThe 2025 second quarter Management's Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson's financial and operating results for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024. These documents are available at and on SEDAR+ at Earnings Conference Call & Webcast DetailsA conference call and webcast will be held to discuss the 2025 second quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, July 29, 2025. To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL: Registration at least five minutes prior to the conference call is recommended. This call will also be broadcast live on the Internet and may be accessed directly at the following URL: The webcast will remain accessible for a 12-month period at the above URL. Supplementary InformationGibson has also made available certain supplementary information regarding the 2025 second quarter financial and operating results, available at About Gibson Gibson is a leading liquids Infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company's operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan. Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit Forward-Looking StatementsCertain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). All statements other than statements of historical fact are forward-looking statements. The use of any of the words ''anticipate'', ''plan'', ''contemplate'', ''continue'', ''estimate'', ''expect'', ''intend'', ''propose'', ''might'', ''may'', ''will'', ''shall'', ''project'', ''should'', ''could'', ''would'', ''believe'', ''predict'', ''forecast'', ''pursue'', ''potential'' and ''capable'' and similar expressions are intended to identify forward looking statements. The forward-looking statements reflect Gibson's beliefs and assumptions with respect to, among other things, the Company's ability to exceed its cost savings target; the temporary nature of the Company's Dividend Payout ratio and its future expectations for same; stabilization of Marketing performance; future expectations of leverage; continued growth; the future benefits to be realized by the Company's dredging project, facility turnarounds, and connection of the Cactus II pipeline to Gateway; and the Company's long-term liquidity and financial flexibility. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in 'Forward-Looking Information' and 'Risk Factors' included in the Company's Annual Information Form dated February 18, 2025, and Management's Discussion and Analysis dated July 28, 2025, as filed on SEDAR+ and available on the Gibson website at For further information, please contact: Investor Relations (403) Media Relations(403) 476-6334 communications@ Specified Financial Measures This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company's performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures. For further details on these specified financial measures, including relevant reconciliations, see the "Specified Financial Measures" section of the Company's MD&A for the three and six months ended June 30, 2025 and 2024, which is incorporated by reference herein and is available on Gibson's SEDAR+ profile at and Gibson's website at . a) Adjusted EBITDA Noted below is the reconciliation to the most directly comparable GAAP measures of the Company's segmented and consolidated adjusted EBITDA for the three and six months ended June 30, 2025, and 2024: Three months ended June 30, Infrastructure Marketing Corporate and Adjustments Total ($ thousands) 2025 2024 2025 2024 2025 2024 2025 2024 Segment profit 156,640 150,632 9,068 35,827 — — 165,708 186,459 Unrealized (gain) loss on derivative financial instruments (5,225) 1,150 (1,409) (16,126) — — (6,634) (14,976) General and administrative — — — — (13,017) (16,996) (13,017) (16,996) Adjustments to share of profit from equity accounted investees 1,174 1,424 — — — — 1,174 1,424 Executive transition and restructuring costs — — — — — 3,279 — 3,279 Renewable power purchase agreement — — — — (816) — (816) — Adjusted EBITDA 152,589 153,206 7,659 19,701 (13,833) (13,717) 146,415 159,190Six months ended June 30, Infrastructure Marketing Corporate and Adjustments Total ($ thousands) 2025 2024 2025 2024 2025 2024 2025 2024 Segment profit 310,719 296,295 22,928 55,208 — — 333,647 351,503 Unrealized (gain) loss on derivative financial instruments (5,680) 5,299 (15,155) (1,909) — — (20,835) 3,390 General and administrative — — — — (27,340) (38,916) (27,340) (38,916) Adjustments to share of profit from equity accounted investees 2,347 2,905 — — — — 2,347 2,905 Executive transition and restructuring costs — — — — 2,405 10,414 2,405 10,414 Renewable power purchase agreement — — — — (1,622) — (1,622) — Other — — — — — — — — Adjusted EBITDA 307,386 304,499 7,773 53,299 (26,557) (28,502) 288,602 329,296 Three months ended June 30, ($ thousands) 2025 2024 Net Income 60,699 63,332 Income tax expense 20,097 19,177 Depreciation, amortization, and impairment charges 42,993 43,732 Finance costs, net 34,577 36,337 Unrealized (gain) loss on derivative financial instruments (6,634) (14,976) Unrealized (gain) on renewable power purchase agreement (14,531) (835) Share-based compensation 4,594 5,347 Acquisition and integration costs — 66 Adjustments to share of profit from equity accounted investees 1,174 1,424 Corporate foreign exchange loss and other 3,446 2,307 Executive transition and restructuring costs — 3,279 Adjusted EBITDA 146,415 159,190 Six months ended June 30, ($ thousands) 2025 2024 Net Income 110,652 103,821 Income tax expense 34,141 31,632 Depreciation, amortization, and impairment charges 85,525 87,163 Finance costs, net 68,235 71,740 Unrealized (gain) loss on derivative financial instruments (20,835) 3,390 Unrealized (gain) loss on renewable power purchase agreement (7,744) 8,641 Share-based compensation 7,722 10,411 Acquisition and integration costs — 1,371 Adjustments to share of profit from equity accounted investees 2,347 2,905 Corporate foreign exchange loss and other 6,154 (2,192) Executive transition and restructuring costs 2,405 10,414 Adjusted EBITDA 288,602 329,296 b) Distributable Cash Flow The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities: Three months ended June 30, Six months ended June 30, ($ thousands) 2025 2024 2025 2024 Cash flow from operating activities 99,380 (66,449) 221,232 126,384 Adjustments: Changes in non-cash working capital and taxes paid 42,935 219,722 58,352 193,644 Replacement capital (14,655) (6,865) (20,463) (11,237) Cash interest expense, including capitalized interest (32,379) (34,482) (63,928) (68,360) Acquisition and integration costs (1) — 66 — 1,371 Executive transition and restructuring costs (1) — 3,232 2,405 3,232 Lease payments (6,778) (8,000) (13,095) (16,034) Current income tax (7,223) (5,739) (12,449) (13,051) Distributable Cash Flow 81,280 101,485 172,054 215,949Twelve months ended June 30, ($ thousands) 2025 2024 Cash flow from operating activities 693,302 472,001 Adjustments: Changes in non-cash working capital and taxes paid (145,934) 139,711 Replacement capital (45,213) (34,339) Cash interest expense, including capitalized interest (129,904) (135,106) Acquisition and integration costs (1) — 23,413 Executive transition and restructuring costs (1) 16,142 3,232 Lease payments (27,302) (34,237) Current income tax (29,716) (22,828) Distributable Cash Flow 331,375 411,847 c) Dividend Payout Ratio Twelve months ended June 30, 2025 2024 Distributable cash flow 331,375 411,847 Dividends declared 274,372 259,364 Dividend Payout ratio 83% 63% d) Net Debt to Adjusted EBITDA Ratio Twelve months ended June 30, 2025 2024 Current and long-term debt 2,704,585 2,742,549 Lease liabilities 55,120 55,362 Less: unsecured hybrid debt (450,000) (450,000) Less: cash and cash equivalents (41,570) (48,994) Net debt 2,268,135 2,298,917 Adjusted EBITDA 569,448 648,577 Net Debt to Adjusted EBITDA ratio 4.0 3.5 Sign in to access your portfolio
