BlackNorth Initiative Marks 5 Years of Impact in Canada's Fight Against Systemic Anti-Black Racism
Five Years of Measurable Progress:
3.3% Black board representation among TSX-listed BNI signatories—up from under 1% in 2020 (DI-FSC State of Black Economics Report, 2025)
Secured over $6 million in home value for 12 new homeowners—comprising 42 families members, including children—who have embarked on a journey toward generational wealth and long-term housing equity.
Close to $2 million in scholarships and bursaries awarded to Black students
434 Black entrepreneurs supported through the BlackNorth B.E.G.I.N. entrepreneurship program
Thousands of Black professionals and students connected to mentorships, scholarships, and job opportunities through BlackNorth Connect
"This was never about optics. It has always been about transformation. About shifting power, dismantling the barriers that hold Black Canadians back, and rewriting the rules of who gets to lead and thrive. The last five years have shown that change is possible when courage meets commitment. Advancing equity is not just the right thing to do. It is smart, strategic business. Diverse companies outperform because they reflect the real world. With Pledge 2.0, we are raising the bar and calling on a new generation of leaders to match intention with action and turn promises into progress."
Wes Hall, Founder and Chairman, BlackNorth Initiative
"We did not start a moment. We built a movement. A movement anchored in truth, driven by community, and measured by real, lasting impact. From day one, our mission was clear: to confront systemic anti-Black racism not with platitudes, but with a new model of shared responsibility and bold action. Today, we honour the progress we have made, but we do so with clear eyes, knowing the road ahead still demands urgency, courage, and collective will. We owe it to the Black communities who entrusted us with their hopes, and to the Canada we believe is possible, to keep pushing forward with relentless resolve."
Dahabo Ahmed-Omer, CEO, BlackNorth Initiative
Looking Ahead: Pledge 2.0
Building on the foundation of the original pledge, Pledge 2.0 will serve as a refreshed roadmap for inclusive leadership across Canada. It introduces:
Updated and measurable equity commitments
Enhanced onboarding and progress reporting tools
A stronger focus on accountability, with annual surveys and transparent impact tracking
Designed with community consultation and stakeholder feedback, Pledge 2.0 ensures that organizations not only make commitments—but are equipped to meet them.
For current signatories, this is the moment to reaffirm your role in this shared journey.
For those not yet part of this movement, the time to step forward is now.
The BlackNorth Initiative is on a mission to close the gaps created by systemic anti-Black racism for Black Canadians. We envision a Canada where systemic anti-Black racism no longer exists. For more information, visit: https://blacknorth.ca and follow us on social media @blacknorthca.
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AT&T Reports Strong Second-Quarter Financial Performance
Company delivers robust, high-quality 5G and fiber subscriber growth as more customers choose converged connectivity services DALLAS, July 23, 2025 /CNW/ -- AT&T Inc. (NYSE: T) reported strong second-quarter results that demonstrate its ability to grow the right way by attracting high-quality 5G and fiber subscribers, while growing service revenues, resulting in improved consolidated revenues and earnings growth. "We are winning in a highly competitive marketplace, with the nation's largest wireless and fiber networks. Customers are increasingly choosing AT&T because we have the best technology and options for wireless and broadband connectivity, backed by the AT&T Guarantee," said John Stankey, AT&T Chairman and CEO. "The milestones achieved this quarter – from passing more than 30 million customer locations with fiber and eclipsing 1 million total AT&T Internet Air customers, to our agreement to acquire substantially all of Lumen's Mass Markets fiber business - strengthen the industry's best and leading connectivity portfolio." Second-Quarter Consolidated Results Revenues of $30.8 billion Diluted EPS of $0.62, versus $0.49 a year ago; adjusted EPS* of $0.54, versus $0.51 a year ago Operating income of $6.5 billion; adjusted operating income* of $6.5 billion Net income of $4.9 billion; adjusted EBITDA* of $11.7 billion Cash from operating activities of $9.8 billion, versus $9.1 billion a year ago Capital expenditures of $4.9 billion; capital investment* of $5.1 billion Free cash flow* of $4.4 billion, versus $4.0 billion a year ago Second-Quarter Highlights 401,000 postpaid phone net adds with postpaid phone churn of 0.87% Mobility service revenues of $16.9 billion, up 3.5% year over year 243,000 AT&T Fiber net adds and 203,000 AT&T Internet Air net adds Consumer fiber broadband revenues of $2.1 billion, up 18.9% year over year Repurchased approximately $1.0 billion in common shares Closed the sale of entire remaining 70% stake in DIRECTV to TPG on July 2 Impact of Tax Provisions in the One Big Beautiful Bill Act AT&T expects to realize $6.5 to $8.0 billion of cash tax savings during 2025-2027 relative to the guidance it provided at its 2024 Analyst & Investor Day due to tax provisions in the One Big Beautiful Bill Act. This reflects estimated savings of $1.5 to $2.0 billion in 2025 and $2.5 to $3.0 billion in each of 2026 and 2027. The Company intends to invest $3.5 billion of these savings into its network to accelerate its fiber internet build-out to a pace of 4 million locations per year, a run-rate it expects to achieve by the end of 2026. As a result of this increased pace of organic fiber deployment, AT&T expects that by the end of 2030 it will reach approximately 50 million customer locations with its in-region fiber network and more than 60 million fiber locations when including the Lumen Mass Markets fiber assets it has agreed to acquire and plans to expand, its Gigapower joint venture, and agreements with other commercial open access providers 1. AT&T also intends to contribute $1.5 billion of these savings to its employee pension plan by the end of 2026, which would result in approximately 95% funding of the plan 2. The remaining tax savings will add to AT&T's financial flexibility to support additional strategic investments, incremental capital returns and debt repayment, among other potential uses. Outlook AT&T is updating certain elements of its financial guidance for 2025-2027 to reflect the impact of expected cash tax savings, as well as its year-to-date operating performance and outlook for the remainder of 2025. For the full year 2025, AT&T expects: Consolidated service revenue growth in the low-single-digit range. Mobility service revenue growth of 3% or better. Consumer fiber broadband revenue growth in the mid-to-high teens. Adjusted EBITDA* growth of 3% or better. Mobility EBITDA* growth of approximately 3%. Business Wireline EBITDA* to decline in the low-double-digit range. Consumer Wireline EBITDA* growth in the low-to-mid-teens range. Capital investment* in the $22 to $22.5 billion range. Free cash flow* in the low-to-mid $16 billion range, including over half of the planned pension funding through 2026 discussed above. Adjusted EPS* of $1.97 to $2.07. Share repurchases of $4 billion for 2025, including approximately $1.3 billion completed year to date. AT&T continues to operate the business to achieve the strategy outlined at its 2024 Analyst & Investor Day. Accordingly, AT&T reiterates its long-term financial outlook for: Consolidated service revenue growth in the low-single-digit range annually from 2026-2027. Adjusted EBITDA* growth of 3% or better annually from 2026-2027. Adjusted EPS* accelerating to double-digit percentage growth in 2027. As a result of the cash tax savings from provisions in the One Big Beautiful Bill Act, AT&T updates its financial outlook for: Capital investment* in the $23 to $24 billion range annually from 2026-2027. Free cash flow* of $18 billion+ in 2026 and $19 billion+ in 2027. Note: AT&T's second-quarter earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, July 23, 2025. The webcast and related materials, including financial highlights, will be available at Consolidated Financial Results Revenues for the second quarter totaled $30.8 billion, versus $29.8 billion in the year-ago quarter, up 3.5%. This was due to higher Mobility and Consumer Wireline revenues, partially offset by declines in Business Wireline and Mexico, which included unfavorable foreign exchange impacts. Operating expenses were $24.3 billion, versus $24.0 billion in the year-ago quarter. Operating expenses increased, primarily due to higher equipment costs associated with higher wireless equipment revenues, and higher network-related costs. Additionally, depreciation increased from our continued fiber investment and network upgrades, partially offset by lower impacts from our Open RAN network modernization efforts. These increases were partially offset by expense declines from restructuring costs in the year-ago quarter and continued transformation efforts. Operating income was $6.5 billion, versus $5.8 billion in the year-ago quarter. When adjusting for certain items, adjusted operating income* was $6.5 billion, versus $6.3 billion in the year-ago quarter. Equity in net income of affiliates was $0.5 billion, versus $0.3 billion in the year-ago quarter, reflecting cash distributions received by AT&T in excess of the carrying amount of our investment in DIRECTV. Net income was $4.9 billion, versus $3.9 billion in the year-ago quarter. Net income attributable to common stock was $4.5 billion, versus $3.5 billion in the year-ago quarter. Earnings per diluted common share was $0.62, versus $0.49 in the year-ago quarter. Adjusting for $(0.08) which removes equity in net income of DIRECTV and excludes other items, adjusted earnings per diluted common share* was $0.54, versus $0.51 in the year-ago quarter. Adjusted EBITDA * was $11.7 billion, versus $11.3 billion in the year-ago quarter. Cash from operating activities was $9.8 billion, versus $9.1 billion in the year-ago quarter, reflecting operational growth and higher distributions from DIRECTV, partially offset by higher cash tax payments. Capital expenditures were $4.9 billion, versus $4.4 billion in the year-ago quarter. Capital investment * totaled $5.1 billion, versus $4.9 billion in the year-ago quarter. Cash payments for vendor financing totaled $0.2 billion, versus $0.6 billion in the year-ago quarter. Free cash flow, * which excludes cash flows from DIRECTV, was $4.4 billion, versus $4.0 billion in the year-ago quarter. Total debt was $132.3 billion at the end of the second quarter, and net debt * was $120.3 billion. Segment and Business Unit Results Communications segment revenues were $29.7 billion, up 3.9% year over year, with operating income up 0.9% year over year. Mobility service revenue grew 3.5% year over year driving EBITDA* growth of 3.2%. Postpaid phone net adds were 401,000 with postpaid phone ARPU up 1.1% year over year. Mobility Dollars in millions; Subscribers in thousands Second Quarter Percent Unaudited 2025 2024 Change Operating Revenues $ 21,845 $ 20,480 6.7 % Service 16,853 16,277 3.5 % Equipment 4,992 4,203 18.8 % Operating Expenses 14,914 13,761 8.4 % Operating Income 6,931 6,719 3.2 % Operating Income Margin 31.7 % 32.8 % (110) BP EBITDA* $ 9,487 $ 9,195 3.2 % EBITDA Margin* 43.4 % 44.9 % (150) BP EBITDA Service Margin* 56.3 % 56.5 % (20) BP Total Wireless Net Adds 3 289 997 Postpaid 479 593 Postpaid Phone 401 419 Postpaid Other 78 174 Prepaid Phone (34) 35 Postpaid Churn 1.02 % 0.85 % 17 BP Postpaid Phone-Only Churn 0.87 % 0.70 % 17 BP Prepaid Churn 2.64 % 2.57 % 7 BP Postpaid Phone ARPU $ 57.04 $ 56.42 1.1 % Mobility revenues were up 6.7% year over year driven by service revenue growth of 3.5% from postpaid phone average revenue per subscriber (ARPU) growth and subscriber gains, as well as equipment revenue growth of 18.8% from higher wireless device sales volumes. Operating expenses were up 8.4% year over year due to higher equipment expenses driven by higher wireless sales volumes and the sale of higher-priced devices. This increase also reflects higher network costs, higher advertising and promotion costs, and increased depreciation expense. Operating income was $6.9 billion, up 3.2% year over year. EBITDA * was $9.5 billion, up $292 million year over year. Business Wireline revenues declined year over year driven by continued secular pressures on legacy and other transitional services that were partially offset by growth in fiber and advanced connectivity services. Business Wireline revenues were down 9.3% year over year due to declines in legacy and other transitional services of 17.3%, partially offset by growth in fiber and advanced connectivity services of 3.5%. Operating expenses were down 3.0% year over year due to lower personnel and lower customer support costs associated with ongoing transformation initiatives, partially offset by higher depreciation expense due to ongoing investment for strategic initiatives such as fiber. Operating income was $(201) million, versus $102 million in the year-ago quarter, and EBITDA * was $1.3 billion, down $168 million year over year. Consumer Wireline achieved strong broadband revenue growth driven by an 18.9% increase in fiber revenue growth. Consumer Wireline also delivered positive broadband net adds for the eighth consecutive quarter, driven by 243,000 AT&T Fiber net adds and 203,000 AT&T Internet Air net adds. Consumer Wireline Dollars in millions; Subscribers in thousands Second Quarter Percent Unaudited 2025 2024 Change Operating Revenues $ 3,541 $ 3,347 5.8 % Operating Expenses 3,206 3,163 1.4 % Operating Income 335 184 82.1 % Operating Income Margin 9.5 % 5.5 % 400 BP EBITDA* $ 1,293 $ 1,098 17.8 % EBITDA Margin* 36.5 % 32.8 % 370 BP Broadband Net Adds 150 52 Fiber 243 239 Non Fiber (93) (187) AT&T Internet Air 203 139 Broadband ARPU $ 71.16 $ 66.17 7.5 % Fiber ARPU $ 73.26 $ 69.00 6.2 % Consumer Wireline revenues were up 5.8% year over year driven by broadband revenue growth of 10.5% due to fiber revenue growth of 18.9%, partially offset by declines in legacy voice and data services and other services. Operating expenses were up 1.4% year over year, primarily due to higher depreciation expense driven by fiber investment, higher network-related costs, and higher marketing costs, partially offset by lower customer support, lower costs associated with transformation initiatives, and lower content licensing costs. Operating income was $335 million, versus $184 million in the year-ago quarter, and EBITDA * was $1.3 billion, up $195 million year over year. Latin America segment revenues were down 4.4% year over year, primarily due to unfavorable impacts of foreign exchange rates, partially offset by higher equipment sales, and subscriber and ARPU growth. Operating expenses were down 8.1% due to the favorable impacts of foreign exchange rates, partially offset by higher equipment and selling costs resulting from higher sales. Operating income was $46 million compared to $6 million in the year-ago quarter. EBITDA* was $201 million, compared to $178 million in the year-ago quarter. 1 Locations reached with fiber include consumer and business locations: (i) passed with fiber, and (ii) served with fiber through commercial open-access providers. 2 Based on pension funded status at December 31, 2024. 3 Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period. About AT&T We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at Investors can learn more at Cautionary Language Concerning Forward-Looking Statements Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise. Non-GAAP Measures and Reconciliations to GAAP Measures Schedules and reconciliations of non-GAAP financial measures cited in this document to the most comparable financial measures under generally accepted accounting principles (GAAP) can be found at and in our Form 8-K dated July 23, 2025. Adjusted diluted EPS, adjusted operating income, EBITDA, adjusted EBITDA, free cash flow, and net debt are non-GAAP financial measures frequently used by investors and credit rating agencies. Prior periods for free cash flow and adjusted diluted EPS have been recast to conform to the current period presentation to remove cash flows and equity in net income from our investment in DIRECTV. Adjusted diluted EPS is calculated by excluding from operating revenues, operating expenses, other income (expenses) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Non-operational items arising from asset acquisitions and dispositions include the amortization of intangible assets. While the expense associated with the amortization of certain wireless licenses and customer lists is excluded, the revenue of the acquired companies is reflected in the measure and those assets contribute to revenue generation. We also adjust for net actuarial gains or losses associated with our pension and postemployment benefit plans due to the often-significant impact on our results (we immediately recognize this gain or loss in the income statement, pursuant to our accounting policy for the recognition of actuarial gains and losses). Consequently, our adjusted results reflect an expected return on plan assets rather than the actual return on plan assets, as included in the GAAP measure of income. The tax impact of adjusting items is calculated using the adjusted effective tax rate during the quarter except for adjustments that, given their magnitude, can drive a change in the effective tax rate; in these cases, we use the actual tax expense or combined marginal rate of approximately 25%. For 2Q25, adjusted EPS of $0.54 is diluted EPS of $0.62 minus $0.05 equity in net income of DIRECTV and minus $0.03 benefit-related, transaction, legal and other items. For 2Q24, adjusted EPS of $0.51 is diluted EPS of $0.49 adjusted for $0.05 restructuring and $0.01 benefit-related, transaction legal and other items, minus $0.04 equity in net income of DIRECTV. Transaction, legal and other costs include costs associated with legacy legal matters and the expected resolution of certain litigation associated with cyberattacks disclosed in 2024, which is presented net of expected insurance recoveries. The Company expects adjustments to 2025 reported diluted EPS to include a gain recognized on the sale of DIRECTV in 3Q25, an adjustment to remove equity in net income of DIRECTV (prior to the July 2, 2025 transaction close), a non-cash mark-to-market benefit plan gain/loss, and other items. The Company expects the mark-to-market adjustment, which is driven by interest rates and investment returns that are not reasonably estimable at this time, to be a significant item. Our projected 2025-2027 adjusted EPS depends on future levels of revenues and expenses, most of which are not reasonably estimable at this time. Accordingly, we cannot provide reconciliations between these projected non-GAAP metrics and the most comparable GAAP metrics without unreasonable effort. Adjusted operating income is operating income adjusted for revenues and costs we consider non-operational in nature, including items arising from asset acquisitions or dispositions. For 2Q25, adjusted operating income of $6.5 billion is calculated as operating income of $6.5 billion minus $12 million of adjustments. For 2Q24, adjusted operating income of $6.3 billion is calculated as operating income of $5.8 billion plus $520 million of adjustments. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated July 23, 2025. EBITDA is net income plus income tax, interest, and depreciation and amortization expenses minus equity in net income of affiliates and other income (expense) – net. Adjusted EBITDA is calculated by excluding from EBITDA certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. For 2Q25, adjusted EBITDA of $11.7 billion is calculated as net income of $4.9 billion, plus income tax expense of $1.2 billion, plus interest expense of $1.7 billion, minus equity in net income of affiliates of $0.5 billion, minus other income (expense) – net of $0.8 billion, plus depreciation and amortization of $5.3 billion, minus adjustments of $21 million. For 2Q24, adjusted EBITDA of $11.3 billion is calculated as net income of $3.9 billion, plus income tax expense of $1.1 billion, plus interest expense of $1.7 billion, minus equity in net income of affiliates of $0.3 billion, minus other income (expense) – net of $0.7 billion, plus depreciation and amortization of $5.1 billion, plus adjustments of $505 million. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated July 23, 2025. At the segment or business unit level, EBITDA is operating income before depreciation and amortization. EBITDA margin is EBITDA divided by total revenues. EBITDA service margin is EBITDA divided by total service revenues. Adjusted EBITDA estimates for 2025-2027, and Mobility EBITDA, Business Wireline EBITDA and Consumer Wireline EBITDA estimates for 2025 depend on future levels of revenues and expenses which are not reasonably estimable at this time. Accordingly, we cannot provide reconciliations between these projected non-GAAP metrics and the most comparable GAAP metrics without unreasonable effort. Free cash flow for 2Q25 of $4.4 billion is cash from operating activities of $9.8 billion, less cash distributions from DIRECTV classified as operating activities of $0.5 billion, less cash taxes paid on DIRECTV of $0.3 billion, minus capital expenditures of $4.9 billion and cash paid for vendor financing of $0.2 billion. For 2Q24, free cash flow of $4.0 billion is cash from operating activities of $9.1 billion, less cash distributions from DIRECTV classified as operating activities of $0.4 billion, less cash taxes paid on DIRECTV of $0.1 billion, minus capital expenditures of $4.4 billion and cash paid for vendor financing of $0.6 billion. Due to high variability and difficulty in predicting items that impact cash from operating activities, capital expenditures, and vendor financing payments, the Company is not able to provide reconciliations between projected free cash flow for 2025-2027 and the most comparable GAAP metrics without unreasonable effort. Capital investment provides a comprehensive view of cash used to invest in our networks, product developments, and support systems. In connection with capital improvements, we have favorable payment terms of 120 days or more with certain vendors, referred to as vendor financing, which are excluded from capital expenditures and reported as financing activities. Capital investment includes capital expenditures and cash paid for vendor financing ($0.2 billion in 2Q25, $0.6 billion in 2Q24). Due to high variability and difficulty in predicting items that impact capital expenditures and vendor financing payments, the Company is not able to provide reconciliations between projected capital investment for 2025-2027 and the most comparable GAAP metrics without unreasonable effort. Net debt of $120.3 billion at June 30, 2025, is calculated as total debt of $132.3 billion less cash and cash equivalents of $10.5 billion and time deposits (i.e. deposits at financial institutions that are greater than 90 days) of $1.5 billion. Discussion and Reconciliation of Non-GAAP Measures We believe the following measures are relevant and useful information to investors as they are part of AT&T's internal management reporting and planning processes and are important metrics that management uses to evaluate the operating performance of AT&T and its segments. Management also uses these measures as a method of comparing performance with that of many of our competitors. These measures should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with U.S. generally accepted accounting principles (GAAP). Prior periods have been recast to conform to the current period presentation to remove cash flows and equity in net income from our investment in DIRECTV, which we sold to TPG Capital on July 2, 2025. Free Cash Flow Free cash flow is defined as cash from operations minus cash flows related to our DIRECTV equity investment (cash distributions minus cash taxes from DIRECTV), minus capital expenditures and cash paid for vendor financing (classified as financing activities). Free cash flow after dividends is defined as cash from operations minus cash flows related to our DIRECTV equity investment, capital expenditures, cash paid for vendor financing and dividends on common and preferred shares. Free cash flow dividend payout ratio is defined as the percentage of dividends paid on common and preferred shares to free cash flow. We believe these metrics provide useful information to our investors because management views free cash flow as an important indicator of how much cash is generated by routine business operations, including capital expenditures and vendor financing, and makes decisions based on it. Management also views free cash flow as a measure of cash available to pay debt and return cash to shareowners. Cash Paid for Capital Investment In connection with capital improvements, we negotiate with some of our vendors to obtain favorable payment terms of 120 days or more, referred to as vendor financing, which are excluded from capital expenditures and reported in accordance with GAAP as financing activities. We present an additional view of cash paid for capital investment to provide investors with a comprehensive view of cash used to invest in our networks, product developments and support systems. Our calculation of EBITDA, as presented, may differ from similarly titled measures reported by other companies. For AT&T, EBITDA excludes other income (expense) – net, and equity in net income (loss) of affiliates, as these do not reflect the operating results of our subscriber base or operations that are not under our control. Equity in net income (loss) of affiliates represents the proportionate share of the net income (loss) of affiliates in which we exercise significant influence, but do not control. Because we do not control these entities, management excludes these results when evaluating the performance of our primary operations. EBITDA also excludes interest expense and the provision for income taxes. Excluding these items eliminates the expenses associated with our capital and tax structures. Finally, EBITDA excludes depreciation and amortization in order to eliminate the impact of capital investments. EBITDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. EBITDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with GAAP. EBITDA service margin is calculated as EBITDA divided by service revenues. These measures are used by management as a gauge of our success in acquiring, retaining and servicing subscribers because we believe these measures reflect AT&T's ability to generate and grow subscriber revenues while providing a high level of customer service in a cost-effective manner. Management also uses these measures as a method of comparing cash generation potential with that of many of its competitors. The financial and operating metrics which affect EBITDA include the key revenue and expense drivers for which management is responsible and upon which we evaluate performance. We believe EBITDA Service Margin (EBITDA as a percentage of service revenues) to be a more relevant measure than EBITDA Margin (EBITDA as a percentage of total revenue) for our Mobility business unit operating margin. We also use wireless service revenues to calculate margin to facilitate comparison, both internally and externally with our wireless competitors, as they calculate their margins using wireless service revenues as well. There are material limitations to using these non-GAAP financial measures. EBITDA, EBITDA margin and EBITDA service margin, as we have defined them, may not be comparable to similarly titled measures reported by other companies. Furthermore, these performance measures do not take into account certain significant items, including depreciation and amortization, interest expense, tax expense and equity in net income (loss) of affiliates. For market comparability, management analyzes performance measures that are similar in nature to EBITDA as we present it, and considering the economic effect of the excluded expense items independently as well as in connection with its analysis of net income as calculated in accordance with GAAP. EBITDA, EBITDA margin and EBITDA service margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP. EBITDA and Adjusted EBITDA Dollars in millions Second Quarter Six-Month Period 2025 2024 2025 2024 Net Income $ 4,861 $ 3,949 $ 9,553 $ 7,700 Additions: Income Tax Expense 1,237 1,142 2,536 2,260 Interest Expense 1,655 1,699 3,313 3,423 Equity in Net (Income) of Affiliates (485) (348) (1,925) (643) Other (Income) Expense - Net (767) (682) (1,222) (1,133) Depreciation and amortization 5,251 5,072 10,441 10,119 EBITDA 11,752 10,832 22,696 21,726 Transaction, legal and other costs 49 35 128 67 Benefit-related (gain) loss (70) (10) (64) (49) Asset impairments and abandonments and restructuring — 480 504 639 Adjusted EBITDA 1 $ 11,731 $ 11,337 $ 23,264 $ 22,383 1 See "Adjusting Items" section for additional discussion and reconciliation of adjusted items. Segment and Business Unit EBITDA, EBITDA Margin and EBITDA Service Margin Dollars in millions Second Quarter Six-Month Period 2025 2024 2025 2024 Communications Segment Operating Income $ 7,065 $ 7,005 $ 14,056 $ 13,750 Add: Depreciation and amortization 5,035 4,776 10,008 9,506 EBITDA $ 12,100 $ 11,781 $ 24,064 $ 23,256 Total Operating Revenues $ 29,699 $ 28,582 $ 59,259 $ 57,439 Operating Income Margin 23.8 % 24.5 % 23.7 % 23.9 % EBITDA Margin 40.7 % 41.2 % 40.6 % 40.5 % Mobility Operating Income $ 6,931 $ 6,719 $ 13,671 $ 13,187 Add: Depreciation and amortization 2,556 2,476 5,082 4,963 EBITDA $ 9,487 $ 9,195 $ 18,753 $ 18,150 Total Operating Revenues $ 21,845 $ 20,480 $ 43,415 $ 41,074 Service Revenues 16,853 16,277 33,504 32,271 Operating Income Margin 31.7 % 32.8 % 31.5 % 32.1 % EBITDA Margin 43.4 % 44.9 % 43.2 % 44.2 % EBITDA Service Margin 56.3 % 56.5 % 56.0 % 56.2 % Business Wireline Operating Income (Loss) $ (201) $ 102 $ (299) $ 166 Add: Depreciation and amortization 1,521 1,386 3,019 2,748 EBITDA $ 1,320 $ 1,488 $ 2,720 $ 2,914 Total Operating Revenues $ 4,313 $ 4,755 $ 8,781 $ 9,668 Operating Income Margin (4.7) % 2.1 % (3.4) % 1.7 % EBITDA Margin 30.6 % 31.3 % 31.0 % 30.1 % Consumer Wireline Operating Income $ 335 $ 184 $ 684 $ 397 Add: Depreciation and amortization 958 914 1,907 1,795 EBITDA $ 1,293 $ 1,098 $ 2,591 $ 2,192 Total Operating Revenues $ 3,541 $ 3,347 $ 7,063 $ 6,697 Operating Income Margin 9.5 % 5.5 % 9.7 % 5.9 % EBITDA Margin 36.5 % 32.8 % 36.7 % 32.7 % Latin America Segment Operating Income $ 46 $ 6 $ 89 $ 9 Add: Depreciation and amortization 155 172 305 349 EBITDA $ 201 $ 178 $ 394 $ 358 Total Operating Revenues $ 1,054 $ 1,103 $ 2,025 $ 2,166 Operating Income Margin 4.4 % 0.5 % 4.4 % 0.4 % EBITDA Margin 19.1 % 16.1 % 19.5 % 16.5 % Adjusting Items Adjusting items include revenues and costs we consider non-operational in nature, including items arising from asset acquisitions or dispositions, including the amortization of intangible assets. While the expense associated with the amortization of certain wireless licenses and customer lists is excluded, the revenue of the acquired companies is reflected in the measure and that those assets contribute to revenue generation. We also adjust for net actuarial gains or losses associated with our pension and postemployment benefit plans due to the often-significant impact on our results (we immediately recognize this gain or loss in the income statement, pursuant to our accounting policy for the recognition of actuarial gains and losses). Consequently, our adjusted results reflect an expected return on plan assets rather than the actual return on plan assets, as included in the GAAP measure of income. The tax impact of adjusting items is calculated using the adjusted effective tax rate during the quarter except for adjustments that, given their magnitude, can drive a change in the effective tax rate, in these cases we use the actual tax expense or combined marginal rate of approximately 25%. Adjusting Items Dollars in millions Second Quarter Six-Month Period 2025 2024 2025 2024 Operating Expenses Transaction, legal and other costs 1 $ 49 $ 35 $ 128 $ 67 Benefit-related (gain) loss (70) (10) (64) (49) Asset impairments and abandonments and restructuring — 480 504 639 Adjustments to Operations and Support Expenses (21) 505 568 657 Amortization of intangible assets 9 15 18 30 Adjustments to Operating Expenses (12) 520 586 687 Other Equity in net income of DIRECTV (503) (350) (1,926) (674) Benefit-related (gain) loss, impairments of investments and other (189) (16) (125) 238 Adjustments to Income Before Income Taxes (704) 154 (1,465) 251 Tax impact of adjustments (168) 35 (333) 57 Adjustments to Net Income $ (536) $ 119 $ (1,132) $ 194 Preferred stock redemption gain — — (90) — Adjustments to Net Income Attributable to Common Stock $ (536) $ 119 $ (1,222) $ 194 1 Includes costs associated with legacy legal matters and the expected resolution of certain litigation associated with cyberattacks disclosed in 2024, which is presented net of expected insurance recoveries. Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA service margin and Adjusted diluted EPS are non-GAAP financial measures calculated by excluding from operating revenues, operating expenses, other income (expense) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Management believes that these measures provide relevant and useful information to investors and other users of our financial data in evaluating the effectiveness of our operations and underlying business trends. Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA service margin and Adjusted diluted EPS should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP. AT&T's calculation of Adjusted items, as presented, may differ from similarly titled measures reported by other companies. Adjusted Diluted EPS Second Quarter Six-Month Period 2025 2024 2025 2024 Diluted Earnings Per Share (EPS) $ 0.62 $ 0.49 $ 1.22 $ 0.96 Equity in net income of DIRECTV (0.05) (0.04) (0.21) (0.07) Restructuring and impairments — 0.05 0.05 0.11 Benefit-related, transaction, legal and other items (0.03) 0.01 (0.01) (0.01) Adjusted EPS $ 0.54 $ 0.51 $ 1.05 $ 0.99 Year-over-year growth - Adjusted 5.9 % 6.1 % Weighted Average Common Shares Outstanding with Dilution (000,000) 7,219 7,198 7,221 7,195 Net Debt to Adjusted EBITDA Net Debt to EBITDA ratios are non-GAAP financial measures frequently used by investors and credit rating agencies and management believes these measures provide relevant and useful information to investors and other users of our financial data. Our Net Debt to Adjusted EBITDA ratio is calculated by dividing the Net Debt by the sum of the most recent four quarters Adjusted EBITDA. Net Debt is calculated by subtracting cash and cash equivalents and deposits at financial institutions that are greater than 90 days (e.g., certificates of deposit and time deposits), from the sum of debt maturing within one year and long-term debt. Net Debt to Adjusted EBITDA - 2025 Dollars in millions Three Months Ended Sept. 30, Dec. 31, March 31, June 30, Four Quarters 2024 1 2024 1 2025 1 2025 Adjusted EBITDA $ 11,586 $ 10,791 $ 11,533 $ 11,731 $ 45,641 End-of-period current debt 9,254 End-of-period long-term debt 123,057 Total End-of-Period Debt 132,311 Less: Cash and Cash Equivalents 10,499 Less: Time Deposits 1,500 Net Debt Balance 120,312 Annualized Net Debt to Adjusted EBITDA Ratio 2.64 1 As reported in AT&T's Form 8-K filed April 23, 2025. Net Debt to Adjusted EBITDA - 2024 Dollars in millions Three Months Ended Sept. 30, Dec. 31, March 31, June 30, Four Quarters 2023 1 2023 1 2024 1 2024 1 Adjusted EBITDA $ 11,203 $ 10,555 $ 11,046 $ 11,337 $ 44,141 End-of-period current debt 5,249 End-of-period long-term debt 125,355 Total End-of-Period Debt 130,604 Less: Cash and Cash Equivalents 3,093 Less: Time Deposits 650 Net Debt Balance 126,861 Annualized Net Debt to Adjusted EBITDA Ratio 2.87 1 As reported in AT&T's Form 8-K filed April 23, 2025. Supplemental Operational Measures As a supplemental presentation to our Communications segment operating results, we are providing a view of our AT&T Business Solutions results which includes both wireless and fixed operations. This combined view presents a complete profile of the entire business customer relationship and underscores the importance of mobile solutions to serving our business customers. Our supplemental presentation of business solutions operations is calculated by combining our Mobility and Business Wireline operating units, and then adjusting to remove non-business operations. The following table presents a reconciliation of our supplemental Business Solutions results. Prior period amounts have been conformed to the current period's presentation. Supplemental Operational Measures Second Quarter June 30, 2025 June 30, 2024 Mobility Business Wireline Adj. 1 Business Solutions Mobility Business Wireline Adj. 1 Business Solutions Percent Change Operating Revenues Wireless service $ 16,853 $ — $ (14,390) $ 2,463 $ 16,277 $ — $ (13,809) $ 2,468 (0.2) % Legacy and other transitional services — 2,349 — 2,349 — 2,839 — 2,839 (17.3) % Fiber and advanced connectivity services — 1,793 — 1,793 — 1,732 — 1,732 3.5 % Wireless equipment 4,992 — (4,168) 824 4,203 — (3,459) 744 10.8 % Wireline equipment — 171 — 171 — 184 — 184 (7.1) % Total Operating Revenues 21,845 4,313 (18,558) 7,600 20,480 4,755 (17,268) 7,967 (4.6) % Operating Expenses Operations and support 12,358 2,993 (10,072) 5,279 11,285 3,267 (9,201) 5,351 (1.3) % EBITDA 9,487 1,320 (8,486) 2,321 9,195 1,488 (8,067) 2,616 (11.3) % Depreciation and amortization 2,556 1,521 (2,098) 1,979 2,476 1,386 (2,025) 1,837 7.7 % Total Operating Expenses 14,914 4,514 (12,170) 7,258 13,761 4,653 (11,226) 7,188 1.0 % Operating Income (Loss) $ 6,931 $ (201) $ (6,388) $ 342 $ 6,719 $ 102 $ (6,042) $ 779 (56.1) % Operating Income Margin 4.5 % 9.8 % (530) BP 1 Non-business wireless reported in the Communications segment under the Mobility business unit. Supplemental Operational Measures Six-Month Period June 30, 2025 June 30, 2024 Mobility Business Wireline Adj. 1 Business Solutions Mobility Business Wireline Adj. 1 Business Solutions Percent Change Operating Revenues Wireless service $ 33,504 $ — $ (28,592) $ 4,912 $ 32,271 $ — $ (27,417) $ 4,854 1.2 % Legacy and other transitional services — 4,824 — 4,824 — 5,836 — 5,836 (17.3) % Fiber and advanced connectivity services — 3,573 — 3,573 — 3,435 — 3,435 4.0 % Wireless equipment 9,911 — (8,304) 1,607 8,803 — (7,293) 1,510 6.4 % Wireline equipment — 384 — 384 — 397 — 397 (3.3) % Total Operating Revenues 43,415 8,781 (36,896) 15,300 41,074 9,668 (34,710) 16,032 (4.6) % Operating Expenses Operations and support 24,662 6,061 (20,178) 10,545 22,924 6,754 (18,727) 10,951 (3.7) % EBITDA 18,753 2,720 (16,718) 4,755 18,150 2,914 (15,983) 5,081 (6.4) % Depreciation and amortization 5,082 3,019 (4,160) 3,941 4,963 2,748 (4,058) 3,653 7.9 % Total Operating Expenses 29,744 9,080 (24,338) 14,486 27,887 9,502 (22,785) 14,604 (0.8) % Operating Income $ 13,671 $ (299) $ (12,558) $ 814 $ 13,187 $ 166 $ (11,925) $ 1,428 (43.0) % Operating Income Margin 5.3 % 8.9 % (360) BP 1 Non-business wireless reported in the Communications segment under the Mobility business unit. * Further clarification and explanation of non-GAAP measures and reconciliations to the most comparable GAAP measures can be found in the "Non-GAAP Measures and Reconciliations to GAAP Measures" section of the release and at © 2025 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.
Cision Canada
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UniFirst honors Aldo Croatti's legacy through a people-first lens at 24th annual Founder's Day
WILMINGTON, Mass., July 23, 2025 /CNW/ -- UniFirst Corporation (NYSE:UNF), a North American leader in providing customized business uniform programs, facility service products and first aid and safety services, recently celebrated its 24th annual Founder's Day with a livestreamed leadership panel discussion on the Company's founding Core Values — Customer Focus, Commitment to Quality, and Respect for Others — inspiring its people-first strategy. Moderated by Catalina Dongo, Senior Vice President of Human Resources, and livestreamed across the Company's more than 270 locations across North, Central, and South America, the panel featured top executives — Steven Sintros, President and CEO; Kelly Rooney, Chief Operating Officer; Cynthia Croatti, Advisor, Board of Directors Member, and the daughter of UniFirst Founder Aldo Croatti; and David Katz, Executive Vice President of Sales & Marketing. Together, they discussed how the Core Values established by Mr. Croatti remain central to UniFirst's ongoing success and growth. This year's event also introduced the Cynthia Croatti Leadership Award, a new recognition designed to honor leaders who lead with vision, passion, and purpose. It is fitting that the inaugural recipient is Ms. Croatti herself, whose guidance over the past 4 decades has been instrumental in UniFirst's success and whose dedication to fostering a people-first culture has inspired Team Partners at every level. "Great leaders deserve special recognition," said Dongo during Founder's Day. "Cindy embodies everything this award represents. She leads with heart, empowers others, and uplifts everyone around her. Cindy is the heart and soul of UniFirst, and we're excited to celebrate her as the first recipient of this award." Ms. Croatti expressed her gratitude in a heartfelt response, saying, "This recognition is deeply meaningful to me because it embodies the values my father, Aldo Croatti, built this company on. My father always said, 'You're only as good as your people.' I see that truth reflected every day in the dedication and passion of our Team Partners. I'm incredibly honored, but more than anything, I'm grateful to carry forward my father's vision and to help shape a future where our Core Values continue to guide us all." Founder's Day also celebrated the exemplary contributions of UniFirst Team Partners through the annual Employee of the Year (EOY) recognition. Each location honored outstanding Team Partners who uphold the company's values and demonstrate extraordinary commitment to excellence. EOY recipients received a commemorative plaque, a thoughtful gift, and a bonus paid day off. Their names will be displayed at their respective locations in recognition of their achievement. "What distinguishes UniFirst from our competition is our people and the culture we've built together," said Steven Sintros, UniFirst President and CEO. "Congratulations to all our Employees of the Year for their outstanding contributions. I'm proud of the way our people always deliver for our customers, our company, and for each other." UniFirst also revealed the recipients of its higher-education scholarships, including the Aldo Croatti Scholarship and the Ronald D. Croatti Scholarship programs. The Aldo Croatti Scholarship, established to honor its namesake, supports the children of UniFirst Team Partners in achieving their academic aspirations. The Ronald D. Croatti Scholarship, named after the company's longtime president and CEO who passed away in 2017, provides financial assistance to full-time UniFirst Team Partners pursuing undergraduate or graduate education in areas such as information technology (IT), sales leadership, or business administration. Both programs reflect the company's continued dedication to investing in its people. For more information about UniFirst, please visit About UniFirst Headquartered in Wilmington, Mass., UniFirst Corporation (NYSE: UNF) is a North American leader in the supply and servicing of uniform and workwear programs, facility service products, as well as first aid and safety supplies and services. Together with its subsidiaries, the company also manages specialized garment programs for the cleanroom and nuclear industries. In addition to partnering with leading brands, UniFirst manufactures its own branded workwear, protective clothing, and floorcare products at its three company-owned ISO-9001-certified manufacturing facilities. With more than 270 service locations, over 300,000 customer locations, and 16,000-plus employee Team Partners, the company outfits more than 2 million workers every day. For additional information, contact UniFirst at 888.296.2740 or visit Follow UniFirst on Social Media: LinkedIn, Facebook, X, YouTube, Instagram.
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G Mining Ventures Provides Update on Gurupi Project Licensing Process in Brazil Following Court Ruling
BROSSARD, QC, July 23, 2025 /CNW/ - G Mining Ventures Corp. (" GMIN" or the " Corporation") (TSX: GMIN) (OTCQX: GMINF) is pleased to announce that a recent ruling by the 8th Federal Environmental and Agrarian Court of the Judicial Section of Maranhão (the " Court") has provided regulatory clarity for the advancement of the Gurupi Gold Project (" Gurupi" or the " Project") in Brazil. This decision brings Public Civil Action No. 0047389-17.2013.4.01.3700—open since 2013—to a close, resolving a longstanding permitting issue tied to legacy licenses issued in 2011. The Court annulled the preliminary and installation licenses issued in 2011 to a prior operator and confirmed GMIN's ability to initiate a new environmental licensing process. This process requires the submission of a full Environmental Impact Assessment and Report (" EIA/RIMA") and prior consent from the National Institute for Colonization and Agrarian Reform (" INCRA") for areas overlapping agrarian settlements. The ruling provides a clean regulatory path forward and positions Gurupi for long-term development and strategic growth. "This ruling marks a pivotal moment for Gurupi," said Louis-Pierre Gignac, President & Chief Executive Officer. " It removes a longstanding regulatory constraint and gives us the green light to advance the project with clarity—an outcome made possible through close collaboration with multiple stakeholders since we acquired the Project. With this legal certainty, we are now well positioned to unlock the full potential of this district-scale asset through focused exploration and meaningful stakeholder engagement. This decision also reinforces GMIN's track record of navigating complex regulatory environments and creating value. It directly supports our broader vision of building the next mid-tier gold producer in the Americas." Key Outcomes of the Court Decision Legacy Risks Removed: The ruling annuls the 2011 licenses (Preliminary License No. 043/2011 and Installation License No. 280/2011) issued to the prior companies, eliminating historical legal and permitting liabilities and removing a long-standing constraint on the asset. Permitting Path Reopened: GMIN is now authorized to proceed with a new licensing process based on updated technical, environmental and social studies, enabling a clean and structured approach to Gurupi's development. Strategic Path Forward for Gurupi This outcome is a key step in positioning Gurupi as a long-term development asset. GMIN is now moving forward with a disciplined, multi-year exploration program, complemented with environmental studies and stakeholder engagement. This formal decision is a key step in unlocking the long-term optionality of the Gurupi Project. With an extensive ~1,900 km² land package, Gurupi plays a key role in the Corporation's multi-asset portfolio, offering both greenfield and brownfield exploration targets to support long-term mineral resource growth. The most recent mineral resource estimate (" MRE") for Gurupi, announced on February 20, 2025, includes: 1.83 million ounces (" Moz") of indicated mineral resources (43.5 Mt @ 1.31 g/t Au) 0.77 Moz of inferred mineral resources (18.5 Mt @ 1.29 g/t Au) These resources are hosted across three deposits: Blanket, Contact (Cipoeiro area), and Chega Tudo, all with strong potential for expansion along strike and at depth. An initial 2025 exploration budget of USD $2–4 million was designed for regional soil sampling, trenching and mapping, as well as using machine learning core logging system to capture the value of historical drillholes. Upon receipt of the necessary exploration permits, a larger budget will be mobilized to ramp up exploration in the second half of 2025. 2025 Outlook Reaffirmed For the remainder of 2025, the Corporation will focus on the following activities: Final environmental permit for Oko West (early Q3 2025) Oko West financing and construction decision (H2-2025) Greenfield and brownfield exploration (Tocantinzinho (" TZ"), Oko West and Gurupi) (2025) Qualified Person ("QP") The technical content of this press release has been reviewed by Julie-Anaïs Debreil, Vice President Geology & Resources of GMIN, a QP as defined in National Instrument NI 43-101 (" NI 43-101"), on behalf of the Corporation and has approved the technical disclosure contained in this news release. The MRE is summarized into a technical report that is filed on the Corporation's website at and on SEDAR+ at in accordance with NI 43-101. About G Mining Ventures Corp. G Mining Ventures Corp. is a mining company engaged in the acquisition, exploration and development of precious metal projects to capitalize on the value uplift from successful mine development. GMIN is well-positioned to grow into the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise. GMIN is currently anchored by the TZ Gold Mine in Brazil and Oko West Gold Project in Guyana, both mining friendly and prospective jurisdictions. Additional Information: For further information on GMIN, please visit the website at Cautionary Statement on Forward-Looking Information All statements, other than statements of historical fact, contained in this press release constitute "forward-looking information" and "forward-looking statements" within the meaning of certain securities laws and are based on expectations and projections as of the date of this press release. Forward-looking statements contained in this press release include, without limitation, those relating to (i) the recent ruling allowing GMIN to move forward with disciplined exploration and strategic planning, (ii) GMIN being enabled to pursue a new, modern licensing process that will enable a clean and structured approach to Gurupi's development, (iii) Gurupi representing a significant long-term growth opportunity for GMIN, (iv) Gurupi's potential for continued resource growth with several zones remaining open at depth and along strike, and (v) more generally, the sections entitled "Strategic Path Forward for Gurupi", "2025 Outlook Reaffirmed" and "About G Mining Ventures Corp." Forward-looking statements are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Such assumptions include, without limitation, those relating to the MRE and the conduct of the 2025 exploration campaign, those relating to the price of gold and currency exchange rates, and those underlying the items listed in the above section entitled "About G Mining Ventures Corp." Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that, notably but without limitation, (i) GMIN will keep full control over the Gurupi timeline, (ii) a larger exploration budget will be mobilized which will ramp up exploration and yield positive results, (iii) greenfield and brownfield exploration targets will support long-term mineral resource growth, (iv) the application of the self-perform execution model will deliver results for Gurupi as it did for TZ, (v) GMIN will be able to foster cooperation with stakeholders, (vi) more generally, GMIN will achieve its stated objectives for Gurupi, (vii) GMIN will receive the final environmental permit for Oko West and will make a positive construction decision, (viii) GMIN will continue to navigate successfully through complex regulatory environments, or (ix) GMIN will successfully use TZ and Oko West to grow into the next intermediate producer, as future events could differ materially from what is currently anticipated by the Corporation. In addition, there can be no assurance that Brazil and/or Guyana will remain mining friendly and prospective jurisdictions. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in the Corporation's other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the relevant sections of the Corporation's (i) Annual Information Form dated March 27, 2025, for the financial year ended December 31, 2024, and (ii) Management Discussion & Analysis. The Corporation cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time to time. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
