WNS Announces Fiscal 2026 First Quarter Earnings
Reconciliations of the non-GAAP financial measures discussed below to our GAAP operating results are included at the end of this release. See also 'About Non-GAAP Financial Measures.'
Revenue in the first quarter was $353.8 million, representing a 9.5% increase versus Q1 of last year and an increase of 5.2% from the previous quarter. Revenue less repair payments* in the first quarter was $339.9 million, increasing 8.8% year-over-year and 5.2% sequentially. Excluding exchange rate impacts, constant currency revenue less repair payments* in the fiscal first quarter was up 7.1% versus Q1 of last year and up 2.9% sequentially. Year-over-year, revenue growth driven by new client additions, the expansion of existing relationships, our acquisition of Kipi.ai, and favorable currency movements was partially offset by headwinds from the loss of a large Healthcare client and lower volumes in the online travel segment. Sequentially, broad-based revenue growth, higher transaction volumes, our acquisition of Kipi.ai, and favorable currency movements were partially offset by the impact of annual client productivity commitments.
Profit in the fiscal first quarter was $21.8 million, as compared to $28.9 million in Q1 of last year and $50.8 million in the previous quarter. Year-over-year, profit decreased as a result of increased expenses which are excluded from ANI*, relating to acquisition costs and amortization of intangibles from our acquisition of Kipi.ai, transaction expenses related to the proposed acquisition of the company by Capgemini, and share-based compensation including statutory employment taxes and insurance. Additionally, year-over-year profit was adversely impacted by increased investments and hiring in advance of revenue ramps for large deals. These headwinds were partially offset by higher volumes and favorable currency movements. Sequentially, Q1 profit reduced as a result of a $12.2 million benefit from a facility asset sale in Q4'25, typical business seasonality driven by Q1 annual client productivity commitments and wage increases, and ongoing investments. Q1 quarter-over-quarter profit was also adversely impacted by increases in expenses which are excluded from ANI* including acquisition costs and amortization of intangibles related to the acquisition of Kipi.ai, share-based compensation including statutory employment taxes and insurance, and transaction expenses related to the proposed acquisition of the company by Capgemini. These headwinds were partially offset by higher volumes and favorable currency movements.
Adjusted net income (ANI)* in Q1 was $46.0 million, as compared to $44.0 million in Q1 of last year and $66.2 million in the previous quarter. Explanations for the ANI* movements on a year-over-year and sequential basis are the same as described for GAAP profit above excluding changes in those items included in the ANI* definition presented in the 'About Non-GAAP Financial Measures' section of our financial schedules below.
From a balance sheet perspective, WNS ended Q1 with $225.8 million in cash and investments and $266.2 million in debt. In the quarter, the company generated $29.5 million in cash from operations, incurred $14.8 million in capital expenditures, and repaid $21.1 million in debt. WNS also repurchased 1,300,000 ordinary shares at an average price of $57.98, impacting Q1 cash by $75.4 million. First quarter days sales outstanding were 36 days, as compared to 36 days reported in Q1 of last year and 34 days in the previous quarter.
'In the fiscal first quarter, WNS delivered solid growth in constant currency revenue less repair payments* of 7.1% year-over-year and 2.9% sequentially. Our acquisition of Kipi.ai contributed 2.0% and 1.5%, respectively, and revenue momentum for this differentiated capability remains robust. In Q1, WNS also delivered adjusted net income* and adjusted EPS* ahead of company expectations and completed our authorized share buyback program by repurchasing 1.3 million ordinary shares,' said Keshav Murugesh, WNS' Chief Executive Officer. 'As we work toward closing the previously announced transaction with Capgemini, the WNS Board and management team are confident that this combination will better position us to address our rapidly evolving market, while unlocking new innovation and growth opportunities. Together, we are creating an industry-changing force uniting cutting edge AI and technology with deep domain and process expertise to deliver 'Intelligent Operations' for clients. This shared vision of our two companies, along with our shared values, will drive long-term, sustainable value for all our stakeholders including clients, employees, investors, and local communities.'
Pending Acquisition by Capgemini
On July 7, 2025, WNS (Holdings) Ltd. announced that it had entered into a definitive agreement to be acquired by Capgemini. As noted in the company's July 11, 2025 press release, WNS will not hold a fiscal Q1 2026 conference call or provide an update to guidance for the fiscal year 2026 in light of the transaction. For further details and discussion of the company's financial performance, please refer to WNS' upcoming quarterly report on Form 10-Q for the quarter ended June 30, 2025, which will be filed with the SEC on or before August 8, 2025. The company also disclosed that the contract of CEO Keshav Murugesh has been extended through the earlier of August 5, 2026 or the closure of the Capgemini acquisition.
* See 'About Non-GAAP Financial Measures' and the reconciliations of the historical non-GAAP financial measures to our GAAP operating results at the end of this release.
About WNS
WNS (Holdings) Limited (NYSE: WNS) is a digital-led business transformation and services company. WNS combines deep domain expertise with talent, technology, and AI to co-create innovative solutions for over 700 clients across various industries. WNS delivers an entire spectrum of solutions including industry-specific offerings, customer experience services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. As of June 30, 2025, WNS had 66,085 professionals across 65 delivery centers worldwide including facilities in Canada, China, Costa Rica, India, Malaysia, the Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, the United Kingdom, and the United States. For more information, visit www.wns.com.
Safe Harbor Statement
This release contains forward-looking statements, as defined in the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations and assumptions about our Company and our industry. Generally, these forward-looking statements may be identified by the use of terminology such as 'anticipate,' 'believe,' 'estimate,' 'expect,' 'intend,' 'will,' 'seek,' 'should' and similar expressions. These statements include, among other things, expressed or implied forward-looking statements relating to discussions of our strategic initiatives and the expected resulting benefits, our growth opportunities, industry environment, our expectations concerning our future financial performance and growth potential, including estimated capital expenditures, and expected foreign currency exchange rates. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include but are not limited to our pending acquisition by Capgemini S.E., including our expectations relating to timing and completion of the transaction, worldwide economic and business conditions, our dependence on a limited number of clients in a limited number of industries; currency fluctuations; political or economic instability in the jurisdictions where we have operations; regulatory, legislative and judicial developments; increasing competition in the BPM industry; technological innovation; our liability arising from fraud or unauthorized disclosure of sensitive or confidential client and customer data; telecommunications or technology disruptions; our ability to attract and retain clients; negative public reaction in the US or the UK to offshore outsourcing; our ability to collect our receivables from, or bill our unbilled services to our clients; our ability to expand our business or effectively manage growth; our ability to hire and retain enough sufficiently trained employees to support our operations; the effects of our different pricing strategies or those of our competitors; our ability to successfully consummate, integrate and achieve accretive benefits from our strategic acquisitions, and to successfully grow our revenue and expand our service offerings and market share; future regulatory actions and conditions in our operating areas; our ability to manage the impact of climate change on our business; and volatility of our share price. These and other factors are more fully discussed in our most recent annual report on Form 10-K and subsequent reports on Form 6-K and Form 8-K filed with or furnished to the US Securities and Exchange Commission (SEC) which are available at www.sec.gov. We caution you not to place undue reliance on any forward-looking statements. Except as required by law, we do not undertake to update any forward-looking statements to reflect future events or circumstances.
References to '$' and 'USD' refer to the United States dollars, the legal currency of the United States; references to 'GBP' refer to the British pound, the legal currency of Britain; and references to 'INR' refer to Indian Rupees, the legal currency of India. References to GAAP or US GAAP refer to United States generally accepted accounting principles. References to IFRS refer to International Financial Reporting Standards, as issued by the International Accounting Standards Board.
WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited, amounts in millions, except share and per share data)
As at Jun 30, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
100.9
$
106.9
Investments
121.3
156.9
Accounts receivable, net
140.7
129.7
Unbilled revenue
119.3
108.1
Funds held for clients
9.5
7.1
Derivative assets
9.5
12.7
Contract assets
15.0
15.1
Prepaid expense and other current assets
31.7
28.3
Total current assets
548.1
564.8
Goodwill
417.5
409.6
Other intangible assets, net
117.8
122.6
Property and equipment, net
86.2
80.8
Operating lease right-of-use assets
207.7
186.8
Derivative assets
2.6
3.2
Deferred tax assets
56.0
48.7
Investments
3.6
3.6
Contract assets
59.0
58.8
Other assets
70.3
68.5
TOTAL ASSETS
$
1,568.8
$
1,547.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
25.8
$
29.2
Provisions and accrued expenses
41.1
33.4
Derivative liabilities
12.4
5.8
Pension and other employee obligations
87.3
108.2
Short-term borrowings
55.0
15.0
Current portion of long-term debt
70.1
68.7
Contract liabilities
18.3
15.8
Income taxes payable
13.9
4.6
Operating lease liabilities
28.9
28.1
Other liabilities
20.8
12.1
Total current liabilities
373.5
321.0
Derivative liabilities
3.8
1.1
Pension and other employee obligations, less current portion
26.7
24.8
Long-term debt, less current portion
141.2
159.8
Contract liabilities
19.1
18.8
Operating lease liabilities, less current portion
188.6
166.3
Other liabilities
0.1
0.1
Deferred tax liabilities
18.0
18.0
TOTAL LIABILITIES
$
771.1
$
709.8
Shareholders' equity:
Share capital (ordinary shares $0.16 (£0.10) par value, authorized 60,000,000 shares; issued: 42,893,906 shares and 46,396,722 shares; each as at June 30, 2025 and March 31, 2025, respectively)
7.0
7.4
Additional paid-in capital
5.0
37.5
Retained earnings
1,049.4
1,208.0
Other reserves
2.6
2.7
Accumulated other comprehensive loss
(266.1
)
(268.1
)
Total shareholders' equity including shares held in treasury
$
797.8
$
987.4
Less: Nil shares as at June 30, 2025 and 2,800,000 shares as at March 31, 2025, held in treasury, at cost
—
(149.7
)
Total shareholders' equity
$
797.8
$
837.7
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
1,568.8
$
1,547.5
Expand
About Non-GAAP Financial Measures
The financial information in this release includes certain non-GAAP financial measures that we believe more accurately reflect our core operating performance. Reconciliations of these non-GAAP financial measures to our GAAP operating results are included below. A more detailed discussion of our GAAP results is contained in 'Part II – Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations' in our annual report on Form 10-K filed with the SEC on May 13, 2025.
Revenue less repair payments is a non-GAAP financial measure that is calculated as (a) revenue less (b) in our BFSI segment, payments to repair centers for 'fault' repair cases where WNS acts as the principal in its dealings with the third party repair centers and its clients. WNS believes that revenue less repair payments for 'fault' repairs reflects more accurately the value addition of the business process management services that it directly provides to its clients. For more details, please see the discussion in 'Part II – Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations' in our annual report on Form 10-K filed with the SEC on May 13, 2025.
Constant currency revenue less repair payments is a non-GAAP financial measure. We present constant currency revenue less repair payments so that revenue less repair payments may be viewed without the impact of foreign currency exchange rate fluctuations, thereby facilitating period-to-period comparisons of business performance. Constant currency revenue less repair payments is presented by recalculating prior period's revenue less repair payments denominated in currencies other than in US dollars using the foreign exchange rate used for the latest period, without taking into account the impact of hedging gains/losses. Our non-US dollar denominated revenues include, but are not limited to, revenues denominated in pound sterling, South African rand, Australian dollar and Euro.
WNS also presents or discusses (1) adjusted operating margin, which refers to adjusted operating profit (calculated as operating profit / (loss) excluding goodwill & intangible impairment, share-based compensation expense and certain related statutory employment tax and insurance contributions, acquisition-related expenses or benefits, costs related to the exchange of ADSs to ordinary shares, costs related to change to US GAAP reporting and voluntarily filing on US domestic issuer forms with SEC, transaction expenses related to the proposed acquisition of the company by Capgemini S.E. and amortization of intangible assets) as a percentage of revenue less repair payments, (2) ANI, which is calculated as profit excluding goodwill & intangible impairment, share-based compensation expense and certain related statutory employment tax and insurance contributions, acquisition-related expenses or benefits, costs related to the termination of ADS program and listing of ordinary shares, costs related to the transition to voluntarily reporting on US domestic issuer forms, transaction expenses related to the proposed acquisition of the company by Capgemini S.E. and amortization of intangible assets and including the tax effect thereon, (3) Adjusted net income margin, which refers to ANI as a percentage of revenue less repair payments, and other non-GAAP financial measures included in this release as supplemental measures of its performance.
Acquisition-related expenses or benefits consists of transaction costs, integration expenses, employment-linked earn-out as part of deferred consideration and changes in the fair value of contingent consideration including the impact of present value thereon. WNS presents these non-GAAP financial measures because it believes they assist investors in comparing its performance across reporting periods on a consistent basis by excluding items that are non-recurring in nature and those it believes are not indicative of its core operating performance. In addition, it uses these non-GAAP financial measures (i) to evaluate the effectiveness of its business strategies and (ii) (with certain adjustments) as a factor in evaluating management's performance when determining incentive compensation. WNS is excluding acquisition-related expenses as described above with effect from fiscal 2023 second quarter.
These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for WNS' financial results prepared in accordance with US-GAAP.
Reconciliation of operating income (GAAP to non-GAAP)
Three months ended
Jun 30,
2025
Jun 30,
2024
Mar 31,
2025
(Amounts in millions)
Operating income (GAAP)
$
33.1
$
38.6
$
50.3
Add: Share-based compensation expense
11.7
11.2
9.4
Add: Statutory employment tax and insurance contributions
1.3
—
—
Add: Acquisition-related expenses
4.1
0.6
2.0
Add: Costs related to the termination of ADS program and listing of ordinary shares
—
0.1
—
Add: Costs related to the transition to voluntarily reporting on US domestic issuer forms
—
0.3
—
Add: Transaction expenses related to the proposed acquisition of the company by Capgemini S.E.
2.2
—
—
Add: Amortization of intangible assets
8.7
6.9
7.5
Adjusted operating income (non-GAAP)
$
61.1
$
57.6
$
69.3
Operating income as a percentage of revenue (GAAP)
9.4
%
11.9
%
15.0
%
Adjusted operating income as a percentage of revenue less repair payments (non-GAAP)
18.0
%
18.4
%
21.4
%
Expand
Reconciliation of net income (GAAP) to ANI (non-GAAP)
Three months ended
Jun 30,
2025
Jun 30,
2024
Mar 31,
2025
(Amounts in millions, except per share data)
Net income (GAAP)
$
21.8
$
28.9
$
50.8
Add: Share-based compensation expense
11.7
11.2
9.4
Add: Statutory employment tax and insurance contributions
1.3
—
—
Add: Acquisition-related expenses / (benefits), net
4.1
0.8
1.8
Add: Costs related to the termination of ADS program and listing of ordinary shares
—
0.1
—
Add: Costs related to the transition to voluntarily reporting on US domestic issuer forms
—
0.3
—
Add: Transaction expenses related to the proposed acquisition of the company by Capgemini S.E.
2.2
—
—
Add: Amortization of intangible assets
8.7
6.9
7.5
Less: Tax impact on above (1)
(3.8
)
(4.1
)
(3.4
)
Adjusted Net Income (non-GAAP)
$
46.0
$
44.0
$
66.2
Net income as a percentage of revenue (GAAP)
6.1
%
9.0
%
15.1
%
Adjusted net income as a percentage of revenue less repair payments (non-GAAP)
13.5
%
14.1
%
20.5
%
Adjusted diluted earnings per share (non-GAAP)
$
1.02
$
0.93
$
1.45
(1) The company applies GAAP methodologies in computing the tax impact on its non-GAAP ANI adjustments (including amortization of intangible assets, acquisition-related expenses and share-based compensation expense). The company's non-GAAP tax expense is generally higher than its GAAP tax expense if the income subject to taxes is higher considering the effect of the items excluded from GAAP profit to arrive at non-GAAP profit.
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The following highlights summarize selected variances within this business, with results for the second quarter of 2025 as compared to the second quarter of 2024: Gross operating margin from our NGL fractionators decreased a net $14 million primarily due to lower ancillary service revenues and higher operating costs, partially offset by higher average fractionation fees at our Mont Belvieu area NGL fractionation complex. Crude Oil Pipelines & Services – Gross operating margin from the Crude Oil Pipelines & Services segment was $403 million for the second quarter of 2025 compared to $417 million for the second quarter of 2024. Total crude oil pipeline volumes were a record 2.6 million BPD in the second quarter of 2025 compared to 2.5 million BPD in the second quarter of 2024. Total crude oil marine terminal volumes were 811 MBPD in the second quarter of 2025 compared to 977 MBPD in the second quarter of 2024. The following highlights summarize selected variances within this segment, with results for the second quarter of 2025 as compared to the second quarter of 2024: On a combined basis, gross operating margin from our crude oil assets and crude oil marketing decreased a net $14 million primarily due to lower sales volumes from marketing activities, partially offset by lower operating costs and an increase in storage and loading revenues at EHT. Natural Gas Pipelines & Services – Gross operating margin for the Natural Gas Pipelines & Services segment was $417 million for the second quarter of 2025 compared to $293 million for the second quarter of 2024. Total natural gas pipeline volumes were a record 20.4 TBtus/d in the second quarter of 2025, a 9 percent increase compared to 18.7 TBtus/d for the same quarter in 2024. The following highlights summarize selected variances within this segment, with results for the second quarter of 2025 as compared to the second quarter of 2024: Gross operating margin from our natural gas marketing business increased $75 million primarily due to a $55 million increase in MTM earnings and higher average sales margins. Permian natural gas gathering, including Delaware Basin and Midland Basin gathering systems, reported a combined $24 million net increase in gross operating margin primarily due to a 1.0 TBtus/d increase in gathering volumes and higher treating and other revenues, partially offset by higher operating costs. Gross operating margin from the Texas Intrastate System increased $21 million primarily due to higher transportation-related revenues. Pipeline volumes increased 426 BBtus/d. Petrochemical & Refined Products Services – Gross operating margin for the Petrochemical & Refined Products Services segment was $354 million for the second quarter of 2025 compared to $392 million for the second quarter of 2024. Total segment pipeline volumes were a record 1.0 million BPD in the second quarter of 2025 compared to 960 MBPD in the second quarter of 2024. Total marine terminal volumes were 328 MBPD in the second quarter of 2025 compared to 359 MBPD for the second quarter of 2024. The following highlights summarize selected variances within this segment, with results for the second quarter of 2025 as compared to the second quarter of 2024: Propylene production and related activities reported a net $4 million increase in gross operating margin primarily driven by higher propylene volumes at the partnership's propane dehydrogenation ("PDH") facilities, partially offset by higher operating costs. Total propylene and associated by-product production volumes increased 11 MBPD, net to our interest. Propylene production at the partnership's PDH facilities increased 25 MBPD, partially offset by a 14 MBPD decrease in production stemming from maintenance at the propylene splitters. The PDH 1 facility was down for approximately 27 days during the second quarter of 2025 for maintenance compared to 79 days in the same quarter of last year. The PDH 2 facility operated above 90% of its nameplate capacity in the quarter, compared to approximately 60% in the second quarter of 2024. Gross operating margin from our octane enhancement and related plant operations decreased $49 million primarily due to lower average sales margins. Use of Non-GAAP Financial Measures This press release and accompanying schedules include the non-GAAP financial measures of total gross operating margin, Adjusted CFFO, FCF, Adjusted FCF, DCF, Operational DCF and Adjusted EBITDA. The accompanying schedules provide definitions of these non-GAAP financial measures and reconciliations to their most directly comparable financial measure calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flow provided by operating activities or any other measure of financial performance calculated and presented in accordance with GAAP. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as we do. Company Information and Use of Forward-Looking Statements Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership's assets currently include more than 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity. This press release includes forward-looking statements. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve certain risks and uncertainties, such as the partnership's expectations regarding future results, capital expenditures, project completions, liquidity and financial market conditions. These risks and uncertainties include, among other things, insufficient cash from operations, adverse market conditions, governmental regulations and other factors discussed in Enterprise's filings with the U.S. Securities and Exchange Commission. If any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The partnership disclaims any intention or obligation to update publicly or reverse such statements, whether as a result of new information, future events or otherwise. Enterprise Products Partners L.P. Exhibit A Condensed Statements of Consolidated Operations – UNAUDITED ($ in millions, except per unit amounts) For the Three MonthsEnded June 30, For the Six MonthsEnded June 30, For the TwelveMonths EndedJune 30, 2025 2024 2025 2024 2025 Revenues $ 11,363 $ 13,483 $ 26,780 $ 28,243 $ 54,756 Costs and expenses: Operating costs and expenses 9,592 11,762 23,282 24,736 47,591 General and administrative costs 68 57 128 123 249 Total costs and expenses 9,660 11,819 23,410 24,859 47,840 Equity in income of unconsolidated affiliates 92 101 186 203 391 Operating income 1,795 1,765 3,556 3,587 7,307 Other income (expense): Interest expense (332 ) (332 ) (672 ) (663 ) (1,361 ) Other, net 7 4 16 17 48 Total other expense, net (325 ) (328 ) (656 ) (646 ) (1,313 ) Income before income taxes 1,470 1,437 2,900 2,941 5,994 Provision for income taxes (16 ) (15 ) (40 ) (36 ) (69 ) Net income 1,454 1,422 2,860 2,905 5,925 Net income attributable to noncontrolling interests (18 ) (16 ) (30 ) (42 ) (57 ) Net income attributable to preferred units (1 ) (1 ) (2 ) (2 ) (4 ) Net income attributable to common unitholders $ 1,435 $ 1,405 $ 2,828 $ 2,861 $ 5,864 Per common unit data (fully diluted): Earnings per common unit $ 0.66 $ 0.64 $ 1.29 $ 1.30 $ 2.68 Average common units outstanding (in millions) 2,190 2,194 2,190 2,194 2,191 Supplemental financial data: Net cash flow provided by operating activities $ 2,061 $ 1,574 $ 4,375 $ 3,685 $ 8,805 Net cash flow used in investing activities $ 1,274 $ 1,243 $ 2,321 $ 2,281 $ 5,473 Net cash flow used in financing activities $ 145 $ 281 $ 1,796 $ 1,290 $ 2,670 Total debt principal outstanding at end of period $ 33,057 $ 30,621 $ 33,057 $ 30,621 $ 33,057 Non-GAAP Distributable Cash Flow (1) $ 1,939 $ 1,812 $ 3,952 $ 3,727 $ 8,064 Non-GAAP Operational Distributable Cash Flow (1) $ 1,914 $ 1,808 $ 3,923 $ 3,750 $ 8,031 Non-GAAP Adjusted EBITDA (2) $ 2,408 $ 2,389 $ 4,852 $ 4,858 $ 9,893 Non-GAAP Adjusted Cash flow from operations (3) $ 2,111 $ 2,065 $ 4,222 $ 4,212 $ 8,631 Non-GAAP Free Cash Flow (4) ... $ 762 $ 323 $ 2,020 $ 1,366 $ 3,320 Non-GAAP Adjusted Free Cash Flow (4) $ 812 $ 814 $ 1,867 $ 1,893 $ 3,146 Gross operating margin by segment: NGL Pipelines & Services $ 1,297 $ 1,325 $ 2,715 $ 2,665 $ 5,598 Crude Oil Pipelines & Services 403 417 777 828 1,595 Natural Gas Pipelines & Services 417 293 774 605 1,446 Petrochemical & Refined Products Services 354 392 669 836 1,380 Total segment gross operating margin (5) 2,471 2,427 4,935 4,934 10,019 Net adjustment for shipper make-up rights (6) 6 (15 ) (27 ) (32 ) (29 ) Non-GAAP total gross operating margin (7) $ 2,477 $ 2,412 $ 4,908 $ 4,902 $ 9,990 (1) See Exhibit F for reconciliation to GAAP net cash flow provided by operating activities. (2) See Exhibit G for reconciliation to GAAP net cash flow provided by operating activities. (3) See Exhibit E for reconciliation to GAAP net cash flow provided by operating activities. (4) See Exhibit D for reconciliation to GAAP net cash flow provided by operating activities. (5) Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within the financial statement footnotes provided in our quarterly and annual filings with the U.S. Securities and Exchange Commission ("SEC"). (6) Gross operating margin by segment for NGL Pipelines & Services and Crude Oil Pipelines & Services reflects adjustments for non-refundable deferred transportation revenues relating to the make-up rights of committed shippers on certain major pipeline projects. These adjustments are included in managements' evaluation of segment results. However, these adjustments are excluded from non-GAAP total gross operating margin in compliance with guidance from the SEC. (7) See Exhibit H for reconciliation to GAAP total operating income. Enterprise Products Partners L.P. Exhibit B Selected Operating Data – UNAUDITED For the Three MonthsEnded June 30, For the Six MonthsEnded June 30, For the TwelveMonths EndedJune 30, 2025 2024 2025 2024 2025 Selected operating data:(1) NGL Pipelines & Services, net: NGL pipeline transportation volumes (MBPD) 4,562 4,341 4,504 4,291 4,534 NGL marine terminal volumes (MBPD) 942 876 968 886 957 NGL fractionation volumes (MBPD) 1,667 1,679 1,657 1,661 1,666 Equity NGL-equivalent production volumes (MBPD) (2) 214 218 220 202 212 Fee-based natural gas processing volumes (MMcf/d) (3,4) 7,266 6,578 7,223 6,499 7,093 Natural gas processing inlet volumes (MMcf/d) (5) 7,768 7,513 7,744 7,328 7,633 Crude Oil Pipelines & Services, net: Crude oil pipeline transportation volumes (MBPD) 2,622 2,528 2,554 2,491 2,561 Crude oil marine terminal volumes (MBPD) 811 977 774 1,035 825 Natural Gas Pipelines & Services, net: Natural gas pipeline transportation volumes (BBtus/d) (6) 20,405 18,714 20,358 18,824 20,038 Petrochemical & Refined Products Services, net: Propylene production volumes (MBPD) 118 107 115 107 118 Butane isomerization volumes (MBPD) 122 119 118 118 118 Standalone DIB processing volumes (MBPD) 186 211 187 204 190 Octane enhancement and related plant sales volumes (MBPD) (7) 39 39 42 37 38 Pipeline transportation volumes, primarily refined products and petrochemicals (MBPD) 1,008 960 977 915 978 Refined products and petrochemicals marine terminal volumes (MBPD) (8) 328 359 320 355 309 Total, net: NGL, crude oil, petrochemical and refined products pipeline transportation volumes (MBPD) 8,192 7,829 8,035 7,697 8,073 Natural gas pipeline transportation volumes (BBtus/d) 20,405 18,714 20,358 18,824 20,038 Equivalent pipeline transportation volumes (MBPD) (9) 13,562 12,754 13,392 12,651 13,346 NGL, crude oil, refined products and petrochemical marine terminal volumes (MBPD) 2,081 2,212 2,062 2,276 2,091 (1) Operating rates are calculated based on total volumes divided by the number of calendar days during the applicable period. Total volumes, which include volumes for newly constructed assets from the related in-service date and for recently purchased assets from the related acquisition date, reflect volumes for assets owned by consolidated entities on a 100% basis and volumes for assets owned by our unconsolidated affiliates net to our ownership interest. (2) Primarily represents the NGL and condensate volumes we earn and take title to in connection with our processing activities. The total equity NGL-equivalent production volumes also include residue natural gas volumes from our natural gas processing business. (3) Volumes reported correspond to the revenue streams earned by our gas plants. "MMcf/d" means million cubic feet per day. (4) Fee-based natural gas processing volumes are measured at either the wellhead or plant inlet in MMcf/d. (5) Natural gas processing inlet volumes is an operational measure representing the physical, unprocessed rich natural gas passing through meters located at or near the inlet of our natural gas processing plants or at the wellhead for all natural gas processing facilities that we operate. Substantially all natural gas processing inlet volumes are processed under service contracts that are either fee-based, commodity-based or a combination of both. Natural gas processing inlet volumes are reflected in "Fee-based natural gas processing volumes" for volumes processed under fee-based service contracts, "Equity NGL-equivalent production volumes" for volumes processed under commodity-based service contracts or both of the aforementioned categories for volumes processed under service contracts that have both fee and commodity-based terms. (6) "BBtus/d" means billion British thermal units per day. (7) Reflects aggregate sales volumes for our octane enhancement and isobutane dehydrogenation ("iBDH") facilities located at our Mont Belvieu area complex and our high-purity isobutylene production facility located adjacent to the Houston Ship Channel. (8) In addition to exports of refined products, these amounts include loading volumes at our ethylene export terminal. (9) Represents total NGL, crude oil, refined products and petrochemical transportation volumes plus equivalent energy volumes where 3.8 million British thermal units ("MMBtus") of natural gas transportation volumes are equivalent to one barrel of NGLs transported. Enterprise Products Partners L.P. Exhibit C Selected Commodity Price Information – UNAUDITED Natural Gas,$/MMBtu Ethane,$/gallon Propane,$/gallon Normal Butane,$/gallon Isobutane,$/gallon Natural Gasoline,$/gallon Polymer Grade Propylene,$/pound Refinery Grade Propylene,$/pound (1) (2) (2) (2) (2) (2) (3) (3) 2024 by quarter: 1st Quarter $2.25 $0.19 $0.84 $1.03 $1.14 $1.54 $0.55 $0.18 2nd Quarter $1.89 $0.19 $0.75 $0.90 $1.26 $1.55 $0.47 $0.21 3rd Quarter $2.15 $0.16 $0.73 $0.97 $1.08 $1.48 $0.53 $0.28 4th Quarter $2.79 $0.22 $0.78 $1.13 $1.12 $1.50 $0.42 $0.24 2024 Averages $2.27 $0.19 $0.78 $1.01 $1.15 $1.52 $0.49 $0.23 2025 by quarter: 1st Quarter $3.65 $0.27 $0.90 $1.06 $1.07 $1.53 $0.45 $0.33 2nd Quarter $3.44 $0.24 $0.78 $0.88 $0.93 $1.32 $0.38 $0.30 2025 Averages $3.55 $0.26 $0.84 $0.97 $1.00 $1.43 $0.42 $0.32 (1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of S&P Global, Inc. (2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service, which is a division of Dow Jones. (3) Polymer grade propylene prices represent average contract pricing for such product as reported by IHS Markit ("IHS"), which is a division of S&P Global, Inc. Refinery grade propylene prices represent weighted-average spot prices for such product as reported by IHS. WTI Crude Oil,$/barrel Midland Crude Oil,$/barrel Houston Crude Oil,$/barrel (1) (2) (2) 2024 by quarter: 1st Quarter $76.96 $78.55 $78.85 2nd Quarter $80.57 $81.73 $82.33 3rd Quarter $75.10 $75.96 $76.51 4th Quarter $70.27 $71.19 $71.72 2024 Averages $75.73 $76.86 $77.35 2025 by quarter: 1st Quarter $71.42 $72.52 $72.81 2nd Quarter $63.87 $64.42 $64.65 2025 Averages $67.65 $68.47 $68.73 (1) West Texas Intermediate ("WTI") prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX. (2) Midland and Houston crude oil prices are based on commercial index prices as reported by Argus. The weighted-average indicative market price for NGLs (based on prices for such products at Mont Belvieu, Texas, which is the primary industry hub for domestic NGL production) was $0.58 per gallon during the second quarter of 2025 versus $0.59 per gallon during the second quarter of 2024. Fluctuations in our consolidated revenues and cost of sales amounts are explained in large part by changes in energy commodity prices. An increase in our consolidated marketing revenues due to higher energy commodity sales prices may not result in an increase in gross operating margin or cash available for distribution, since our consolidated cost of sales amounts would also be expected to increase due to comparable increases in the purchase prices of the underlying energy commodities. The same type of relationship would be true in the case of lower energy commodity sales prices and purchase costs. Enterprise Products Partners L.P. Exhibit D Free Cash Flow and Adjusted Free Cash Flow – UNAUDITED ($ in millions) For the Three MonthsEnded June 30, For the Six MonthsEnded June 30, 2025 2024 2025 2024 Free Cash Flow ("FCF") and Adjusted FCF Net cash flow provided by operating activities (GAAP) $ 2,061 $ 1,574 $ 4,375 $ 3,685 Adjustments to reconcile net cash flow provided by operating activities to FCF and Adjusted FCF (addition or subtraction indicated by sign): Net cash flow used in investing activities (1,274 ) (1,243 ) (2,321 ) (2,281 ) Cash contributions from noncontrolling interests 1 17 5 25 Cash distributions paid to noncontrolling interests (26 ) (25 ) (39 ) (63 ) FCF (non-GAAP) $ 762 $ 323 $ 2,020 $ 1,366 Net effect of changes in operating accounts, as applicable 50 491 (153 ) 527 Adjusted FCF (non-GAAP) $ 812 $ 814 $ 1,867 $ 1,893 For the Twelve Months Ended June 30, 2025 2024 Net cash flow provided by operating activities (GAAP) $ 8,805 $ 7,769 Adjustments to reconcile net cash flow provided by operating activities to FCF and Adjusted FCF (addition or subtraction indicated by sign): Net cash flow used in investing activities (5,473 ) (4,076 ) Cash contributions from noncontrolling interests 70 54 Cash distributions paid to noncontrolling interests (82 ) (142 ) FCF (non-GAAP) $ 3,320 $ 3,605 Net effect of changes in operating accounts, as applicable (174 ) 679 Adjusted FCF (non-GAAP) $ 3,146 $ 4,284 FCF is a non-GAAP measure of how much cash a business generates after accounting for capital expenditures such as plants or pipelines. Additionally, Adjusted FCF is a non-GAAP measure of how much cash a business generates, excluding the net effect of changes in operating accounts, after accounting for capital expenditures. We believe that FCF is important to traditional investors since it reflects the amount of cash available for reducing debt, investing in additional capital projects and/or paying distributions. We believe that Adjusted FCF is also important to traditional investors for the same reasons as FCF, without regard for fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Since we partner with other companies to fund certain capital projects of our consolidated subsidiaries, our determination of FCF and Adjusted FCF appropriately reflect the amount of cash contributed from and distributed to noncontrolling interests. Enterprise Products Partners L.P. Exhibit E Adjusted cash flow from operations – UNAUDITED ($ in millions) For the Three MonthsEnded June 30, For the Six MonthsEnded June 30, 2025 2024 2025 2024 Adjusted cash flow from operations ("Adjusted CFFO") Net cash flow provided by operating activities (GAAP) $ 2,061 $ 1,574 $ 4,375 $ 3,685 Adjustments to reconcile net cash flow provided by operating activities to Adjusted cash flow from operations (addition or subtraction indicated by sign): Net effect of changes in operating accounts, as applicable 50 491 (153 ) 527 Adjusted CFFO (non-GAAP) $ 2,111 $ 2,065 $ 4,222 $ 4,212 For the Twelve MonthsEnded June 30, 2025 2024 Net cash flow provided by operating activities (GAAP) $ 8,805 $ 7,769 Adjustments to reconcile net cash flow provided by operating activities to Adjusted cash flow from operations (addition or subtraction indicated by sign): Net effect of changes in operating accounts, as applicable (174 ) 679 Adjusted CFFO (non-GAAP) $ 8,631 $ 8,448 Adjusted CFFO is a non-GAAP measure that represents net cash flow provided by operating activities before the net effect of changes in operating accounts. We believe that it is important to consider this non-GAAP measure as it can often be a better way to measure the amount of cash generated from our operations that can be used to fund our capital investments or return value to our investors through cash distributions and buybacks, without regard for fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Enterprise Products Partners L.P. Exhibit F Distributable Cash Flow and Operational Distributable Cash Flow – UNAUDITED ($ in millions) For the Three MonthsEnded June 30, For the Six MonthsEnded June 30, For the TwelveMonths EndedJune 30, 2025 2024 2025 2024 2025 Distributable Cash Flow ("DCF") and Operational DCF Net income attributable to common unitholders (GAAP) $ 1,435 $ 1,405 $ 2,828 $ 2,861 $ 5,864 Adjustments to net income attributable to common unitholders to derive DCF (addition or subtraction indicated by sign): Depreciation, amortization and accretion expenses (1) 643 611 1,279 1,227 2,525 Cash distributions received from unconsolidated affiliates 121 131 224 243 464 Equity in income of unconsolidated affiliates (92 ) (101 ) (186) (203 ) (391 ) Asset impairment charges 11 4 21 24 54 Change in fair market value of derivative instruments (52 ) (12 ) (10) (8 ) (22 ) Deferred income tax expense 5 5 16 14 47 Sustaining capital expenditures (2) (117 ) (245 ) (2) (425 ) (461 ) Other, net (40 ) 10 (30) 17 (49 ) Operational DCF (non-GAAP) 1,914 1,808 3,923 3,750 8,031 Proceeds from asset sales and other matters 11 4 15 6 23 Monetization of interest rate derivative instruments accounted for as cash flow hedges 14 – 14 (29 ) 10 DCF (non-GAAP) $ 1,939 $ 1,812 $ 3,952 $ 3,727 $ 8,064 Adjustments to reconcile DCF with net cash flow provided by operating activities (addition or subtraction indicated by sign): Net effect of changes in operating accounts, as applicable (50 ) (491 ) 153 (527 ) 174 Sustaining capital expenditures 117 245 219 425 461 Other, net 55 8 51 60 106 Net cash flow provided by operating activities (GAAP) $ 2,061 $ 1,574 $ 4,375 $ 3,685 $ 8,805 (1) Excludes amortization of finance lease right-of-use assets, which are a component of DCF. (2) Sustaining capital expenditures are capital expenditures (as defined by GAAP) resulting from improvements to and major renewals of existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues. DCF is an important non-GAAP liquidity measure for our common unitholders since it serves as an indicator of our success in providing a cash return on investment. Specifically, this liquidity measure indicates to investors whether or not we are generating cash flows at a level that can sustain or support an increase in our quarterly cash distributions. DCF is also a quantitative standard used by the investment community with respect to publicly traded partnerships because the value of a partnership unit is, in part, measured by its yield, which is based on the amount of cash distributions a partnership can pay to a common unitholder. Operational DCF, which is defined as DCF excluding the impact of proceeds from asset sales and other matters and monetization of interest rate derivative instruments, is a supplemental non-GAAP liquidity measure that quantifies the portion of cash available for distribution to common unitholders that was generated from our normal operations. We believe that it is important to consider this non-GAAP measure as it provides an enhanced perspective of our assets' ability to generate cash flows without regard for certain items that do not reflect our core operations. The GAAP measure most directly comparable to DCF and Operational DCF is net cash flow provided by operating activities. Enterprise Products Partners L.P. Exhibit G Adjusted EBITDA - UNAUDITED ($ in millions) For the Three Months Ended June 30, For the Six Months Ended June 30, For the Twelve Months Ended June 30, 2025 2024 2025 2024 2025 Net income (GAAP) $ 1,454 $ 1,422 $ 2,860 $ 2,905 $ 5,925 Adjustments to net income to derive Adjusted EBITDA (addition or subtraction indicated by sign): Depreciation, amortization and accretion in costs and expenses (1) 625 593 1,240 1,193 2,445 Interest expense, including related amortization 332 332 672 663 1,361 Cash distributions received from unconsolidated affiliates 121 131 224 243 464 Equity in income of unconsolidated affiliates (92 ) (101 ) (186 ) (203 ) (391 ) Asset impairment charges 11 4 21 24 54 Provision for income taxes 16 15 40 36 69 Change in fair market value of commodity derivative instruments (52 ) (12 ) (10 ) (8 ) (22 ) Other, net (7 ) 5 (9 ) 5 (12 ) Adjusted EBITDA (non-GAAP) 2,408 2,389 4,852 4,858 9,893 Adjustments to reconcile Adjusted EBITDA to net cash flow provided by operating activities (addition or subtraction indicated by sign): Interest expense, including related amortization (332 ) (332 ) (672 ) (663 ) (1,361 ) Deferred income tax expense 5 5 16 14 47 Provision for income taxes (16 ) (15 ) (40 ) (36 ) (69 ) Net effect of changes in operating accounts, as applicable (50 ) (491 ) 153 (527 ) 174 Other, net 46 18 66 39 121 Net cash flow provided by operating activities (GAAP) $ 2,061 $ 1,574 $ 4,375 $ 3,685 $ 8,805 (1) Excludes amortization of major maintenance costs for reaction-based plants, which are a component of Adjusted EBITDA. Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our financial statements, such as investors, commercial banks, research analysts and rating agencies, to assess the financial performance of our assets without regard to financing methods, capital structures or historical cost basis; the ability of our assets to generate cash sufficient to pay interest and support our indebtedness; and the viability of projects and the overall rates of return on alternative investment opportunities. Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies. The GAAP measure most directly comparable to Adjusted EBITDA is net cash flow provided by operating activities. Enterprise Products Partners L.P. Exhibit H Gross Operating Margin – UNAUDITED ($ in millions) For the Three Months Ended June 30, For the Six Months Ended June 30, For the TwelveMonths EndedJune 30, 2025 2024 2025 2024 2025 Total gross operating margin (non-GAAP) $ 2,477 $ 2,412 $ 4,908 $ 4,902 $ 9,990 Adjustments to reconcile total gross operating margin to total operating income (addition or subtraction indicated by sign): Depreciation, amortization and accretion expense in operating costs and expenses (1) (610 ) (581 ) (1,212 ) (1,163 ) (2,392 ) Asset impairment charges in operating costs and expenses (11 ) (4 ) (21 ) (24 ) (54 ) Net gains (losses) attributable to asset sales and related matters in operating costs and expenses 7 (5 ) 9 (5 ) 12 General and administrative costs (68 ) (57 ) (128 ) (123 ) (249 ) Total operating income (GAAP) $ 1,795 $ 1,765 $ 3,556 $ 3,587 $ 7,307 (1) Excludes amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use assets, which are components of gross operating margin. We evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations and forms the basis of our internal financial reporting. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. The term "total gross operating margin" represents GAAP operating income exclusive of (i) depreciation, amortization and accretion expenses (excluding amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use assets), (ii) impairment charges, (iii) gains and losses attributable to asset sales and related matters, and (iv) general and administrative costs. Total gross operating margin includes equity in the earnings of unconsolidated affiliates, but is exclusive of other income and expense transactions, income taxes, the cumulative effect of changes in accounting principles and extraordinary charges. Total gross operating margin is presented on a 100 percent basis before any allocation of earnings to noncontrolling interests. The GAAP financial measure most directly comparable to total gross operating margin is operating income. Total gross operating margin excludes amounts attributable to shipper make-up rights as described in footnote (6) to Exhibit A of this press release. Enterprise Products Partners L.P. Exhibit I Other Information – UNAUDITED ($ in millions) For the Three Months Ended June 30, For the Six Months Ended June 30, For the TwelveMonths EndedJune 30, 2025 2024 2025 2024 2025 Capital investments: Capital expenditures $ 1,299 $ 1,264 $ 2,361 $ 2,311 $ 4,594 Cash used for business combinations, net of cash received – – – – 949 Investments in unconsolidated affiliates 1 – 1 – 1 Other investing activities 5 7 9 15 25 Total capital investments $ 1,305 $ 1,271 $ 2,371 $ 2,326 $ 5,569 The following table summarizes the mark-to-market gains (losses) for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, For the Twelve Months Ended June 30, 2025 2024 2025 2024 2025 Mark-to-market gains (losses) in gross operating margin: NGL Pipelines & Services $ (16 ) $ – $ (21 ) $ (7 ) $ (22 ) Crude Oil Pipelines & Services 5 8 3 12 12 Natural Gas Pipelines & Services 58 3 25 1 29 Petrochemical & Refined Products Services 5 1 3 2 3 Total mark-to-market impact on gross operating margin $ 52 $ 12 $ 10 $ 8 $ 22 View source version on Contacts Libby Strait, Vice President, Investor Relations, (713) 381-4754Rick Rainey, Vice President, Media Relations, (713) 381-3635 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Macy's, Inc. Announces Early Tender Results and Upsizing of Debt Tender Offer
NEW YORK, July 28, 2025--(BUSINESS WIRE)--Macy's, Inc. (NYSE:M) (the "Company") today announced the early tender results of the previously announced cash tender offer (the "Tender Offer") by its wholly owned subsidiary, Macy's Retail Holdings, LLC (the "Issuer"), to purchase up to an aggregate principal amount of its outstanding notes and debentures listed in the table below (collectively, the "Notes") for an amended combined aggregate purchase price of $250 million (excluding accrued and unpaid interest, which also will be paid to, but excluding, the applicable Settlement Date and excluding fees and expenses related to the Tender Offer) (the "Maximum Tender Offer Amount"), in the order of priority shown in the table. The Company has amended the terms of the Tender Offer to increase the Maximum Tender Offer Amount from $175 million to $250 million. The terms and conditions of the Tender Offer are described in an Offer to Purchase dated July 14, 2025, as modified by this release, the "Offer to Purchase". The Tender Offer is subject to the satisfaction of certain conditions as set forth in the Offer to Purchase, including the Financing Condition (as described herein). Capitalized terms used in this press release and not defined herein have the meanings given to them in the Offer to Purchase. The aggregate principal amount of Notes of each series that were validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on July 25, 2025 (the "Early Tender Date"), as reported by the tender agent, and the aggregate principal amount of each series of Notes the Issuer will accept for purchase on the Early Settlement Date (as defined below) are specified in the table below. The amount of each series of Notes the Issuer will accept for purchase on the Early Settlement Date (as defined below) will be subject to the applicable proration factor specified in the table below, as determined in accordance with the acceptance priority levels and the proration procedures described in the Offer to Purchase and in this press release. CUSIP Numbers Title of Security Aggregate Principal Amount Outstanding Acceptance Priority Level Principal Amount Tendered on or Prior to the Early Tender Date Principal Amount Accepted on the Early Settlement Date Total Tender Offer Consideration(1) Approximate Proration Factor(2) 55616XAB3 6.790% Senior Debentures due 2027 $60,677,000 1 $26,674,000 $26,674,000 $1,027.50 100.00% 577778BK8 7.875% Senior Debentures due 2030 $5,212,000 2 $254,000 $254,000 $1,020.00 100.00% 55617LAG755617LAH5U5562LAD1 7.875% Senior Exchanged Debentures due 2030 $4,676,000 2 $126,000 $126,000 $1,020.00 100.00% 55617LAQ5U5562LAH2 5.875% Senior Notes due 2030 $425,000,000 3 $329,918,000 $223,883,000 $992.50 67.93% (1) Per $1,000 principal amount of Notes validly tendered on or before the Early Tender Date, not validly withdrawn and accepted for purchase for each Series. Includes the Early Tender Premium of $30.00 per $1,000 principal amount of Notes and excludes accrued and unpaid interest to, but, excluding, the Early Settlement Date, which will also be paid on the Early Settlement Date. (2) Rounded to the nearest tenth of a percentage point for presentation purposes. The Tender Offer is subject to, and conditioned upon, the satisfaction or waiver of certain conditions described in the Offer to Purchase, including the completion of the Issuer's separately announced offering of new senior notes (the "New Notes Offering") on terms satisfactory to the Issuer, in its sole discretion, prior to or on the Early Settlement Date (such condition, the "Financing Condition") and certain general conditions, in each case as described in more detail in the Offer to Purchase. The Tender Offer is not conditioned upon any minimum amount of Notes being tendered, and the Tender Offer may be amended, extended or terminated. Although the Tender Offer is scheduled to expire at 5:00 p.m., New York City time, on August 11, 2025 (the "Expiration Date"), because holders of Notes subject to the Tender Offer validly tendered and did not validly withdraw Notes on or before the Early Tender Date in an amount that exceeds the Maximum Tender Offer Amount, the Issuer does not expect to accept for purchase any tenders of Notes after the Early Tender Date. The settlement date for Notes validly tendered and not validly withdrawn on or prior to the Early Tender Date and accepted for purchase will be July 29, 2025 (the "Early Settlement Date"), subject to the satisfaction or waiver of all conditions to the Tender Offer described in the Offer to Purchase. Subject to the terms and conditions of the Tender Offer, holders who tendered their Notes on or prior to the Early Tender Date and whose Notes are accepted for purchase will receive the applicable total tender offer consideration set forth in the table above for each $1,000 principal amount of Notes accepted for purchase pursuant to the Tender Offer (the "Total Tender Offer Consideration"), which includes an early tender premium of $30.00 per $1,000 principal amount of Notes. In addition to the applicable Total Tender Offer Consideration, all holders of Notes accepted for purchase on the Early Settlement Date will receive accrued and unpaid interest on their Notes purchased from the last interest payment date with respect to such Notes up to, but not including, the Early Settlement Date. The total principal amount of Notes validly tendered and not validly withdrawn as of the Early Tender Date has an aggregate purchase price exceeding the Maximum Tender Offer Amount. As a result, and based on the terms and conditions of the Tender Offer: all of the 6.790% Senior Debentures due 2027 that were tendered as of the Early Tender Date will be accepted for purchase on the Early Settlement Date; all of the 7.875% Senior Debentures due 2030 that were tendered as of the Early Tender Date will be accepted for purchase on the Early Settlement Date; all of the 7.875% Senior Exchanged Debentures due 2030 that were tendered as of the Early Tender Date will be accepted for purchase on the Early Settlement Date; $223,883,000 aggregate principal amount of the 5.875% Senior Notes due 2030 that were tendered as of the Early Tender Date will be accepted for purchase on the Early Settlement Date; and no Notes tendered after the Early Tender Date and prior to the Expiration Date (as defined below) will be accepted for purchase in the Tender Offer. Any Notes tendered but not accepted for purchase in the Tender Offer will be promptly credited to the account of the registered holder of such Notes with The Depository Trust Company and otherwise returned in accordance with the Offer to Purchase. The Issuer intends to use proceeds from the New Notes Offering, together with cash on hand, to (i) purchase the Notes subject to the Tender Offer, (ii) redeem approximately $587 million of certain of its existing outstanding senior notes and debentures and (iii) pay fees, premium and expenses in connection therewith. Wells Fargo Securities and US Bancorp are the Lead Dealer Managers for the Tender Offer. Global Bondholder Services Corporation is acting as Tender Agent and Information Agent. Persons with questions regarding the Tender Offer should contact Wells Fargo Securities at (collect) (704) 410-4759, (toll-free) (866) 309-6316 or by email to liabilitymanagement@ and US Bancorp at (collect) (917) 558-2756, (toll-free) (800) 479-3441 or by email to liabilitymanagement@ Any questions regarding the tendering of Notes should be directed to Global Bondholder Services Corporation at (toll-free) (855) 654-2014, (for banks and brokers) (212) 430-3774 or by email to contact@ This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. Further, nothing contained herein shall constitute a notice of redemption of the Notes or any other securities. The Tender Offer is being made only by the Offer to Purchase and the information in this press release is qualified by reference to the Offer to Purchase. None of the Company or its affiliates, their respective boards of directors, the Dealer Managers, the Tender Agent, the Information Agent or the trustees with respect to any Notes is making any recommendation as to whether holders should tender any Notes in response to the Tender Offer, and neither the Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Notes, and, if so, the principal amount of Notes to tender. Any securities issued pursuant to New Notes Offering will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. This press release is being issued pursuant to Rule 135c under the Securities Act and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities that may be issued pursuant to the New Notes Offering. About Macy's, Inc. Macy's, Inc. (NYSE: M) is a trusted source for quality brands through our iconic nameplates – Macy's, Bloomingdale's and Bluemercury. Headquartered in New York City, our comprehensive digital and nationwide footprint empowers us to deliver a seamless shopping experience for our customers. Forward-Looking Statements All statements regarding the closing of the Tender Offer, the New Notes Offering and satisfaction of the related closing conditions that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including, but not limited to, general market conditions which might affect the Tender Offer and any concurrent financing transaction, and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including under the captions "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended February 1, 2025 and the Company's Quarterly Report on Form 10-Q for the quarterly period ended May 3, 2025. The Company disclaims 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 required by law. View source version on Contacts Media – Chris Grams communications@ Investors – Pamela Quintiliano investors@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Global Atlantic Featured in Barron's 100 Best Annuities Guide
NEW YORK--(BUSINESS WIRE)-- Global Atlantic, a leading provider of retirement security and investment solutions and a wholly-owned subsidiary of KKR, announced its inclusion in Barron's annual guide to the 100 Best Annuities, marking the firm's fourth consecutive appearance in the article. The featured annuities include Fixed Index Annuity Income 150+ SE and ForeStructured Growth II Advisory, a registered index-linked annuity. Income 150+ is a product that provides strong early income with no market risk. Barron's highlights the product as a new guaranteed income design that's hit the market. A key attribute of Income 150+ is that it provides a 20% boost in Withdrawal Base for a client's guaranteed income. 1 Jason Bickler, Co-Head of Individual Markets for Global Atlantic explained the product to Barron's, saying 'If you invest $100,000, right away $120,000 is available to base your guaranteed income on.' The named annuities are issued by Global Atlantic subsidiary Forethought Life Insurance Company. 'We are thrilled to be recognized once again in Barron's annual guide to the 100 Best Annuities. We are seeing more people prioritizing immediate income-solutions, whether it's to fund early retirement, cover rising expenses, or simply to have the cash on hand, and we're proud to offer annuities that meet those evolving needs,' said Emily LeMay and Jason Bickler, Co-Heads of Individual Markets at Global Atlantic. 'Global Atlantic is committed to helping provide millions of Americans with innovative solutions that address real life challenges and secure financial futures. Our mission is to make a difference in people's lives by helping them feel confident about their retirement.' The product ForeStructured Growth II Advisory annuity was listed in the 'Best Registered Index-Linked Annuities (RILAs) for Accumulation: Downside Protection with Upside,' category, specifically for its buffer, floor, trigger rate, and dual directional strategies. It may be for clients seeking a product that provides an element of risk protection with greater upside potential than what is currently available through traditional fixed income options. Individuals are encouraged to work with their financial professional to find solutions that work best for their retirement needs. About Global Atlantic Global Atlantic is a leading provider of retirement security and investment solutions with operations in the U.S. and Bermuda. As a wholly-owned subsidiary of KKR (NYSE: KKR), a leading global investment firm, Global Atlantic combines deep insurance expertise with KKR's powerful investment capabilities to deliver long-term financial security for millions of individuals. With a broad suite of annuity, preneed life insurance, reinsurance, and investment solutions, Global Atlantic, through its issuing companies, helps people achieve their financial goals with confidence. For more information, please visit Note For ForeStructured Growth II: Withdrawals prior to the end of a Strategy Term may have a negative impact on the Strategy Interim Value due to any applicable Withdrawal Charge, negative MVA and prorated Rider Charge, which may be significant Barron's Methodology: To help frame the various annuity categories, how they work, and the best offers these days, Barron's tapped Cannex, an independent research firm specializing in retirement products, as well as company data to compile a list of 100 competitive contracts based on common investor objectives and a set of assumptions, such as an investor's age and investment size. Because many annuities are designed to last for the long term, only contracts from companies with an AM Best financial-strength rating of A- or above were considered. Each investor's situation is unique to their goals and circumstances. Each purchaser's best interests should be considered prior to the purchase of any annuity. This material is intended to provide educational information regarding either the features and mechanics of the product or for general reference/education and is intended for use with the general public. It should not be considered, and does not constitute, personalized investment advice. The issuing insurance company is not an investment adviser nor registered as such with the SEC or any state securities regulatory authority. It's not acting in any fiduciary capacity with respect to any contract and/or investment. Expand This material is authorized for distribution only when accompanied or preceded by a prospectus and an applicable product brochure for the annuities being offered. The prospectus contains features, benefits, risks, fees, and other information regarding the registered index-linked annuity contract, which should be considered carefully before investing. You should read the prospectus carefully before investing money. Registered Indexed-linked annuity products are complex insurance and investment vehicles. There is risk of loss of principal. Early withdrawals may be subject to withdrawal charges and a market value adjustment. Please refer to the prospectus for other important information including any risks about the product. Guarantees provided are subject to the financial strength of the issuing insurance company; not guaranteed by any bank or the FDIC. All guarantees and crediting are dependent on the claims paying ability of the issuer. ForeStructured Growth II: At the end of the Strategy Term, the contract owner will be notified that they can reallocate Contract Value from an existing Crediting Strategy to one ore more Strategies that are available. If a reallocation request is not received during the Reallocation Period, no reallocation will occur and the contract owner's current allocation will remain in place for the next Strategy Term. This will occur even if the Crediting Strategy and/or the rate(s) associated with the Crediting Strategy's upside crediting method have changed since the contract owner last selected the Crediting Strategy, in which case the Crediting Strategy may no longer be appropriate for the contract owner's investment goals. If the contract owner's reallocation in their current Strategy(ies) is not permitted, Contract Value in the non-permitted Strategy(ies) will be automatically reallocated to the One-Year Fixed Strategy. ForeStructured Growth II Advisory registered index-linked annuity is issued by Forethought Life Insurance Company, 10 West Market Street, Suite 2300, Indianapolis, Indiana. ForeStructured Growth II Advisory is available with Contract A24RILA-SPDA-02 and rider forms FA4131-01, RA24-ROP-01, RA24-PLOCK-01, RA24-MVA-02, ICC14-FL-FIATI, ICC14- FL-FIANC, RA24-FSR-01, RA24IS-PTPCB-02, RA24IS-PTPCF-02, RA24IS-PTPCAF-02, RA24IS-PTPPB-02, RA24IS-PTPTPB-02, RA24IS-PTPTRB-01, RA24-PCA-01, RA24IS-DD-PTPCB-01, RA24IS-DD-PTPTRB-01, RA24IS-DD-PTPTRACB-01, RA24IS-DD-YB-01, RA24-AFW-01. ForeStructured Growth II Advisory is underwritten and distributed by Global Atlantic Distributors, LLC. Income 150+ SE fixed index annuity is issued by Forethought Life Insurance Company, 10 West Market Street, Suite 2300, Indianapolis, Indiana. Income 150+ is available in most states with Contract FA1801SPDA-01 and ICC17-FA1801SPDA-01 and rider forms FA4101-01, ICC17-FA4101-01, FA4106-01, ICC17-FA4106-01, FA4107-01, ICC17-FA4107-01, FA4108-01, ICC17- FA4108-01, FA4109-01, ICC17-FA4109-01, FA4110-01, ICC17-FA4110-01, RA23-WCW-01, ICC23-RA23-WCW-01, FA4111-01, ICC17-FA4111-01, FA4112-02, ICC21-FA4112-02, RA23-GLWB4-01, ICC23-RA23-GLWB4-01, ICC25-RA25-GLWB4-02, RA25- GLWB4-02, FA4115-01, ICC17-FA4115-01, RA22IS-2YP-01, ICC22-RA22IS-2YP-01, RA23-NCW-01, ICC23-RA23-NCW-01, RA23- TIW-01 and ICC23-RA23-TIW-01. Products, features, and marketing materials are subject to state and firm variations and availability. Read the Contract for complete details. Global Atlantic is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries, including Forethought Life Insurance Company and Accordia Life and Annuity Company. Each subsidiary is responsible for its own financial and contractual obligations. These subsidiaries are not authorized to do business in New York. 4697435 1 The Withdrawal Base is used to calculate a client's lifetime income. It is not part of the contract value or available for withdrawal or death benefit.
