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IGI Reports Second Quarter and Half Year 2025 Unaudited Financial Results
HAMILTON, Bermuda--(BUSINESS WIRE)--International General Insurance Holdings Ltd. ('IGI' or the 'Company') (NASDAQ: IGIC) today reported financial results for the second quarter and first six months of 2025. Highlights for the second quarter and first six months of 2025 include: (in millions of U.S. Dollars, except percentages and per share information) Quarter Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Gross written premiums $187.8 $205.6 $394.3 $387.2 Net premiums earned $115.0 $121.8 $227.8 $236.4 Underwriting income (1) $35.0 $45.3 $63.0 $97.3 Net investment income $17.1 $13.5 $32.6 $28.8 Net income $34.1 $32.8 $61.4 $70.7 Combined ratio (1) 90.5% 81.2% 92.4% 77.7% Earnings per share (diluted) (2) $0.77 $0.73 $1.36 $1.55 Return on average equity (annualized) (3) 20.8% 22.9% 18.6% 25.1% Core operating income (3) $22.8 $33.2 $42.2 $73.3 Core operating earnings per share (diluted) (3) $0.51 $0.74 $0.93 $1.61 Core operating return on average equity (annualized) (3) 13.9% 23.2% 12.8% 26.0% Expand (1) See 'Supplementary Financial Information' below. (2) See 'Note to the Consolidated Financial Statements (Unaudited)' below. (3) See 'Non-GAAP Financial Measures' below. Expand IGI Group President & CEO Mr. Waleed Jabsheh said, 'The second quarter of 2025 marked a continuation of strong results in our underwriting and investment portfolios, culminating in net income of $34.1 million and an annualized return on average equity of 20.8%. These outcomes clearly demonstrate the benefit of our multi-faceted diversification strategy, our specialist expertise, and the discipline embedded in our underwriting culture at a time when insurance and reinsurance markets are becoming increasingly competitive.' 'At IGI, our business is well-diversified geographically with a predominantly international portfolio of risks much of which is denominated in foreign currencies. To date in 2025, the U.S. Dollar, which is our financial reporting currency, has seen significant weakening against our other major transactional currencies. This led to a meaningful impact on our reported results for the second quarter, most significantly on our underwriting results, specifically the revaluation of non-U.S. Dollar loss reserves.' 'Current market conditions are generally healthy though becoming more competitive in some areas of our portfolio, both by line of business and by geography. Our strategy, expertise and footprint are specifically geared towards managing the cyclicality and volatility of our business, where lines and markets behave largely independent of each other. Over the past two decades, we have demonstrated our ability to perform at a high level through all stages of the cycle, generating consistent and sustainable value for our shareholders. In the first half of 2025, we grew our book value per share by 3.4%, and in total, we returned $77 million to shareholders in the form of dividends and share repurchases.' Results for the Periods ended June 30, 2025 and 2024 The Company generated net income for the quarter ended June 30, 2025 of $34.1 million, an increase of 3.9% over the $32.8 million reported for the second quarter of 2024. Net income for the six months ended June 30, 2025 was $61.4 million compared to $70.7 million for the six months ended June 30, 2024. The annualized return on average equity was 20.8% and 22.9% for the quarters ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, the Company generated an annualized return on average equity of 18.6% and 25.0%, respectively. Core operating income, a non-GAAP financial measure, was $22.8 million for the second quarter of 2025, compared to $33.2 million for the same period in 2024. The Company generated a core operating return on average equity (annualized) of 13.9% and 23.2% for the second quarters of 2025 and 2024, respectively. Core operating income was $42.2 million for the six months ended June 30, 2025, compared to $73.3 million for the same period in 2024. The annualized core operating return on average equity was 12.8% for the first six months of 2025, compared to 26.0% for the first six months of 2024. Core operating income for the second quarter and first six months of 2025 included a lower level of underwriting income which was negatively impacted by currency revaluation movements, as described below. Gross written premiums were $187.8 million in the quarter ended June 30, 2025, compared to $205.6 million for the comparable period in 2024. For the first six months of 2025, gross written premiums were $394.3 million, an increase of 1.9% over gross written premiums of $387.2 million for the first six months of 2024. The increase was driven by growth in the Reinsurance segment, partially offset by a decrease in the Long-tail and Short-tail segments. Underwriting income was $35.0 million for the second quarter of 2025 compared to $45.3 million for the second quarter of 2024, and $63.0 million for the first six months of 2025 compared to $97.3 million for the first six months of 2024. Underwriting income for the second quarter and first six months of 2025 was impacted by currency revaluation movements, as described below. The loss ratio was 53.2% and 45.1% for the quarters ended June 30, 2025 and 2024, respectively. For the six months ended 2025 and 2024, the loss ratio was 54.3% and 42.0%, respectively. The increase in loss ratio for the second quarter was predominantly impacted by the currency revaluation of non-U.S. dollar loss reserves, driven by the weakening of the U.S. Dollar against our major transactional currencies. The increase in the loss ratio for the first half of 2025 was impacted by catastrophe losses ('CAT losses') of $38.6 million, as well as the impact of currency revaluation movements of non-U.S. dollar loss reserves. The net policy acquisition expense ratio was 16.3% in the second quarter of 2025 compared to 17.7% in the same quarter of 2024. The net policy acquisition expense ratio for the first six months of 2025 was 18.0%, compared to 16.8% for the same period of 2024, with the increase primarily due to $9.9 million of reinstatement premiums on loss affected business in the first six months of 2025. The general & administrative expense ratio was 21.0% for the second quarter of 2025, compared to 18.4% for the same quarter of 2024, and 20.1% for the first six months of 2025, compared to 18.9% for the first six months of 2024. The resulting combined ratio was 90.5% for the second quarter of 2025, compared to 81.2% for the second quarter of 2024, and 92.4% for the first six months of 2025, compared to 77.7% for the first six months of 2024. The combined ratios for both the second quarter and first six months of 2025 were negatively impacted by currency revaluation movements, as described above. Segment Results The Specialty Short-tail Segment, which represented 56% of the Company's gross written premiums for the six months ended June 30, 2025, generated gross written premiums of $125.6 million for the second quarter of 2025, compared to $137.2 million for the second quarter of 2024. Net premiums earned were $60.2 million for the second quarter of 2025, compared to $65.7 million for the same quarter of 2024. Underwriting income was $25.6 million for the second quarter of 2025, reflecting an increase of 20.8% compared to $21.2 million for the same quarter of 2024, with the increase largely driven by a lower level of net loss and loss adjustment expenses. Gross written premiums were $221.6 million for the first six months of 2025 compared to $231.4 million for the first six months of 2024. Net premiums earned for the first six months of 2025 were $117.5 million compared to $126.2 million for the first six months of 2024. Underwriting income was $50.6 million for the first six months of 2025 compared to $56.5 million for the first six months of 2024, with the decrease largely driven by a lower level of net premiums earned for the first six months of 2025 compared to the same period in 2024. The Specialty Long-tail Segment, which represented 22% of the Company's gross written premiums for the six months ended June 30, 2025, recorded gross written premiums of $45.9 million for the second quarter of 2025, compared to $52.0 million for the second quarter of 2024. Net premiums earned for the quarter ended June 30, 2025 were $30.8 million compared to $36.3 million for the same quarter of 2024. This segment recorded an underwriting loss of $2.9 million in the second quarter of 2025, compared to income of $16.3 million in the second quarter of 2024, largely due to a higher level of net loss and loss adjustment expenses and a lower level of net premiums earned for the second quarter of 2025, compared to the same period in 2024. In the second quarter of 2025, underwriting income for this segment, which is transacted primarily in Pounds, was negatively impacted by currency revaluation movements on net loss reserves amounting to $14.6 million. Gross written premiums were $86.4 million for the first six months of 2025, compared to $90.7 million for the first six months of 2024. Net premiums earned for the first six months of 2025 were $61.4 million compared to $73.6 million for the same period of 2024. This segment recorded an underwriting loss of $10.3 million in the first six months of 2025, compared to income of $26.2 million in the first six months of 2024, largely due to a higher level of net loss and loss adjustment expenses and a lower level of net premiums earned for the first six months of 2025, compared to the same period in 2024. Underwriting income for the first six months of 2025 was negatively impacted by currency revaluation movements on net loss reserves amounting to $23.5 million. The Reinsurance Segment, which represented 22% of the Company's gross written premiums for the six months ended June 30, 2025, recorded gross written premiums of $16.3 million for the second quarter of 2025, effectively flat when compared to $16.4 million for the second quarter of 2024. Net premiums earned for the quarter ended June 30, 2025 were $24.0 million, an increase of $4.2 million or 21.2%, compared to $19.8 million for the same quarter in 2024. Underwriting income increased 57.7% to $12.3 million for the second quarter of 2025, compared to $7.8 million for the second quarter of 2024, primarily the result of the higher level of net premiums earned. Gross written premiums were $86.3 million for the first six months of 2025, reflecting an increase of 32.6% compared to $65.1 million for the first six months of 2024. Net premiums earned for the first six months of 2025 were $48.9 million, an increase of $12.3 million or 33.6%, compared to $36.6 million for the same period in 2024. Underwriting income increased by 55.5% to $22.7 million for the first six months of 2025, compared to $14.6 million for the first six months of 2024, primarily the result of the higher level of net premiums earned, partially offset by a higher level of net loss and loss adjustment expenses which included a higher level of CAT losses during the first six months of 2025. Investment Results Investment income increased by 5.3% to $13.9 million in the second quarter of 2025, compared to $13.2 million in the second quarter of 2024, driven by higher yields on a larger fixed income portfolio. The annualized investment yield on average total investments and cash and cash equivalents was 4.5% for the second quarter of 2025 compared to 4.6% in the corresponding period of 2024. Net investment income was $17.1 million for the second quarter of 2025, an increase of 26.7% compared to $13.5 million for the corresponding period of 2024. Investment income increased by 10.4% to $27.5 million in the first six months of 2025, compared to $24.9 million in the first six months of 2024, driven by higher yields on a larger fixed income portfolio. The annualized investment yield on average total investments and cash and cash equivalents was 4.4% for the first six months of 2025, up from 4.3% in the corresponding period of 2024. Net investment income was $32.6 million for the first six months of 2025, compared to $28.8 million for the corresponding period of 2024. Net Foreign Exchange Gain (Loss) The net foreign exchange gain for the second quarter of 2025 was $10.1 million, compared to a gain of $0.4 million for the second quarter of 2024. The gain on foreign exchange in the first six months of 2025 was $17.3 million, compared to a loss of $3.9 million in the first six months of 2024. The second quarter and first six months of 2025 experienced a greater degree of positive currency movement in the Company's major transactional currencies (mainly the Pound and the Euro) against the U.S. Dollar, compared to the same periods in 2024. Total Shareholders' Equity Total shareholders' equity increased to $662.2 million at June 30, 2025, compared to $654.8 million at December 31, 2024. The movement in total shareholders' equity during the quarter and six months ended June 30, 2025 is illustrated below: Book value per share was $15.36 at June 30, 2025, reflecting an increase of 3.4% over book value per share of $14.85 at December 31, 2024. (a) In the second quarter of 2025, the Company repurchased 1,342,771 common shares at an average price per share of $23.28. For the first six months of 2025, the Company repurchased 1,502,024 common shares at an average price per share of $23.33. At June 30, 2025, the Company had approximately 0.8 million common shares remaining under its existing 7.5 million common share repurchase authorization. Expand International General Insurance Holdings Ltd. Consolidated Statements of Income (Unaudited) Quarter Ended June 30, Six Months Ended June 30, (in millions of U.S. Dollars except per share data) 2025 2024 2025 2024 Gross written premiums $187.8 $205.6 $394.3 $387.2 Ceded written premiums ($67.1) ($55.4) ($116.0) ($93.8) Net written premiums $120.7 $150.2 $278.3 $293.4 Net change in unearned premiums ($5.7) ($28.4) ($50.5) ($57.0) Net premiums earned $115.0 $121.8 $227.8 $236.4 Investment income $13.9 $13.2 $27.5 $24.9 Net realized gain on investments $0.4 $0.1 $1.5 $0.1 Net unrealized gain on investments $2.4 $0.5 $3.3 $3.9 Change in allowance for expected credit losses on investments $0.4 ($0.3) $0.3 ($0.1) Net investment income $17.1 $13.5 $32.6 $28.8 Other revenues $0.8 $0.3 $1.5 $0.6 Total revenues $132.9 $135.6 $261.9 $265.8 Expenses Net loss and loss adjustment expenses ($61.2) ($54.9) ($123.8) ($99.3) Net policy acquisition expenses ($18.8) ($21.6) ($41.0) ($39.8) General and administrative expenses ($24.2) ($22.4) ($45.8) ($44.6) Change in allowance for expected credit losses on receivables ($2.4) ($1.4) ($1.8) ($1.6) Change in fair value of derivative financial liabilities - ($1.1) - ($3.2) Other expenses ($1.7) ($1.0) ($3.4) ($2.3) Net Foreign exchange gain (loss) $10.1 $0.4 $17.3 ($3.9) Total expenses ($98.2) ($102.0) ($198.5) ($194.7) Income before income taxes $34.7 $33.6 $63.4 $71.1 Income tax expense ($0.6) ($0.8) ($2.0) ($0.4) Net income for the period $34.1 $32.8 $61.4 $70.7 Diluted earnings per share attributable to equity holders (1) $0.77 $0.73 $1.36 $1.55 (1) See 'Note to the Consolidated Financial Statements (Unaudited)'. Expand International General Insurance Holdings Ltd. Consolidated Balance Sheets (Unaudited) (in millions of U.S. Dollars) As at June 30, 2025 As at December 31, 2024 ASSETS Investments Fixed maturity securities available-for-sale, at fair value $1,008.3 $1,002.1 Fixed maturity securities held to maturity $2.0 $2.0 Equity securities, at fair value $23.6 $29.0 Other investments, at fair value $13.1 $12.3 Short-term investments $51.3 $89.5 Term deposits - $0.7 Equity-method investments measured at fair value $2.1 $1.9 Total investments $1,100.4 $1,137.5 Cash and cash equivalents $164.8 $155.2 Accrued investment income $15.7 $15.3 Premiums receivable $330.0 $256.0 Reinsurance recoverables $250.7 $225.7 Ceded unearned premiums $119.3 $113.3 Deferred policy acquisition costs, net of ceding commissions $73.2 $67.1 Deferred tax assets, net $3.6 $7.0 Other assets $66.3 $60.5 TOTAL ASSETS $2,124.0 $2,037.6 LIABILITIES Reserve for unpaid loss and loss adjustment expenses $801.5 $794.2 Unearned premiums $521.7 $465.3 Insurance and reinsurance payables $115.5 $90.1 Other liabilities $23.1 $33.2 TOTAL LIABILITIES $1,461.8 $1,382.8 SHAREHOLDERS' EQUITY Common shares at par value $0.4 $0.5 Additional paid-in capital $125.4 $144.9 Treasury shares ($15.6) ($3.7) Accumulated other comprehensive gain (loss), net of taxes $0.8 ($18.6) Retained earnings $551.2 $531.7 TOTAL SHAREHOLDERS' EQUITY $662.2 $654.8 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,124.0 $2,037.6 Expand Expand (a) Represents net loss and loss adjustment expenses as a percentage of net premiums earned. (b) Represents net policy acquisition expenses as a percentage of net premiums earned. (c) Represents general and administrative expenses as a percentage of net premiums earned. (d) Represents the sum of the net policy acquisition expense ratio and the general and administrative expense ratio. (e) Represents the sum of the loss ratio and the expense ratio. Expand * Common shares issued and outstanding as at December 31, 2024 are as follows: No. of shares as at June 30, 2025 Vested common shares as of December 31, 2024 44,117,721 Treasury shares balance as of December 31, 2024 154,011 Vested restricted share awards 467,513 Granted employee stock purchase plan 18,737 Cancelled treasury shares (984,326) Treasury shares balance as of June 30, 2025 (671,709) Total vested common shares as of June 30, 2025 43,101,947 Unvested restricted shares awards as of June 30, 2025 838,306 Unvested employee stock purchase plan as of June 30, 2025 18,480 Total unvested shares as of June 30, 2025 856,786 Total common shares outstanding as of June 30, 2025 43,958,733 ** Restricted Share Awards were issued pursuant to the Company's 2020 Omnibus Incentive Plan and beneficiaries are entitled to dividends and voting rights. However, the Restricted Share Awards are non-transferable by their holders until they vest per the respective Restricted Share Award Agreements. At June 30, 2025, the vesting conditions attached to the unvested Restricted Share Awards to employees have not been met. Expand International General Insurance Holdings Ltd. For the quarter ended June 30, 2025 (in millions of U.S. Dollars) Specialty Long-tail Specialty Short-tail Reinsurance Total Underwriting revenues Gross written premiums $45.9 $125.6 $16.3 $187.8 Ceded written premiums ($20.0) ($47.1) - ($67.1) Net written premiums $25.9 $78.5 $16.3 $120.7 Net change in unearned premiums $4.9 ($18.3) $7.7 ($5.7) Net premiums earned $30.8 $60.2 $24.0 $115.0 Net loss and loss adjustment expenses ($27.7) ($24.4) ($9.1) ($61.2) Net policy acquisition expenses ($6.0) ($10.2) ($2.6) ($18.8) Underwriting (loss) income ($2.9) $25.6 $12.3 $35.0 Expand For the quarter ended June 30, 2024 (in millions of U.S. Dollars) Specialty Long-tail Specialty Short-tail Reinsurance Total Underwriting revenues Gross written premiums $52.0 $137.2 $16.4 $205.6 Ceded written premiums ($18.6) ($36.8) - ($55.4) Net written premiums $33.4 $100.4 $16.4 $150.2 Net change in unearned premiums $2.9 ($34.7) $3.4 ($28.4) Net premiums earned $36.3 $65.7 $19.8 $121.8 Net loss and loss adjustment expenses ($12.3) ($33.8) ($8.8) ($54.9) Net policy acquisition expenses ($7.7) ($10.7) ($3.2) ($21.6) Underwriting income $16.3 $21.2 $7.8 $45.3 Expand International General Insurance Holdings Ltd. Supplementary Financial Information - Segment Results (Unaudited) For the six months ended June 30, 2025 (in millions of U.S. Dollars) Specialty Long-tail Specialty Short-tail Reinsurance Total Underwriting revenues Gross written premiums $86.4 $221.6 $86.3 $394.3 Ceded written premiums ($31.7) ($82.6) ($1.7) ($116.0) Net written premiums $54.7 $139.0 $84.6 $278.3 Net change in unearned premiums $6.7 ($21.5) ($35.7) ($50.5) Net premiums earned $61.4 $117.5 $48.9 $227.8 Net loss and loss adjustment expenses ($57.6) ($46.1) ($20.1) ($123.8) Net policy acquisition expenses ($14.1) ($20.8) ($6.1) ($41.0) Underwriting (loss) income ($10.3) $50.6 $22.7 $63.0 Expand For the six months ended June 30, 2024 (in millions of U.S. Dollars) Specialty Long-tail Specialty Short-tail Reinsurance Total Underwriting revenues Gross written premiums $90.7 $231.4 $65.1 $387.2 Ceded written premiums ($26.5) ($65.8) ($1.5) ($93.8) Net written premiums $64.2 $165.6 $63.6 $293.4 Net change in unearned premiums $9.4 ($39.4) ($27.0) ($57.0) Net premiums earned $73.6 $126.2 $36.6 $236.4 Net loss and loss adjustment expenses ($33.3) ($49.3) ($16.7) ($99.3) Net policy acquisition expenses ($14.1) ($20.4) ($5.3) ($39.8) Underwriting income $26.2 $56.5 $14.6 $97.3 Expand International General Insurance Holdings Ltd. The following table shows the investment yield calculation: Quarter Ended June 30, Six Months Ended June 30, (in millions of U.S. Dollars, except percentages) 2025 2024 2025 2024 Investment income $13.9 $13.2 $27.5 $24.9 Average total investments and cash and cash equivalents (i) $1,257.2 $1,162.2 $1,277.6 $1,158.4 Investment Yield (annualized) 4.5% 4.6% 4.4% 4.3% Expand (i) This represents the average of the month end fair value balances of total investments and cash and cash equivalents in each reporting period. Expand International General Insurance Holdings Ltd. Note to the Consolidated Financial Statements (Unaudited) (1) Represents net income for the period available to common shareholders divided by the weighted average number of vested common shares – diluted calculated as follows: Quarter Ended June 30, Six Months Ended June 30, (in millions of U.S. Dollars, except share and per share information) 2025 2024 2025 2024 Net income for the period $34.1 $32.8 $61.4 $70.7 Minus: Net income attributable to the earnout shares - $0.6 - $1.1 Minus: Dividends attributable to restricted share awards - - $0.8 $0.5 Net income available to common shareholders (a) $34.1 $32.2 $60.6 $69.1 Weighted average number of shares – diluted (in millions of shares) (b)* 44.4 44.0 44.5 44.5 Diluted earnings per share attributable to equity holders (a/b) $0.77 $0.73 $1.36 $1.55 * The weighted average number of common shares refers to the number of common shares calculated after adjusting for the changes in issued and outstanding common shares over a reporting period. Expand International General Insurance Holdings Ltd. Non-GAAP Financial Measures In presenting IGI's financial results, management has included and discussed certain non-GAAP financial measures. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help to explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with U.S. GAAP. The table below illustrates the reconciliation of the combined ratio on a financial and accident year basis. *The CAT losses for the quarter ended June 30, 2025 include reserves for the earthquakes in Taiwan and the Bridgewater Canal breach in Manchester, UK (all in the Specialty Short-tail Segment). The CAT losses for the quarter ended June 30, 2024 include reserves recorded for the earthquake in Taiwan (in the Specialty Short-tail and Reinsurance Segments) and flooding in United Arab Emirates and Oman (in all segments), both of which occurred in April 2024. The CAT losses for the six months ended June 30, 2025 include reserves recorded for the Southern California wildfires (in the Reinsurance Segment), the earthquakes in Taiwan and the Bridgewater Canal breach in Manchester, UK (all in the Specialty Short-tail Segment). The CAT losses for the six months ended June 30, 2024 include reserves recorded for the earthquake in Taiwan (in the Specialty Short-tail and Reinsurance segments) and flooding in United Arab Emirates and Oman (in all segments). ** See 'Supplementary Financial Information - Combined Ratio (Unaudited)'. International General Insurance Holdings Ltd. Non-GAAP Financial Measures The table below illustrates the split of loss ratio between current accident year, current accident year CAT losses, which are included in 'Net loss and loss adjustment expenses', and prior years' loss development as follows: Core Operating Income Core operating income measures the performance of our operations without the influence of after-tax gains or losses on investments and foreign currencies and other items as noted in the table below. We exclude these items from our calculation of core operating income because the amounts of these gains and losses are heavily influenced by, and fluctuate in part according to, economic and other factors external to the Company and/or transactions or events that are typically not a recurring part of, and are largely independent of, our core underwriting activities and including them distorts the analysis of trends in our operations. We believe the reporting of core operating income enhances an understanding of our results by highlighting the underlying profitability of our core insurance operations. Our underwriting profitability is impacted by earned premiums, the adequacy of pricing, and the frequency and severity of losses. Over time, such profitability is also influenced by underwriting discipline, which seeks to manage the Company's exposure to loss through intelligent risk selection and diversification, IGI's management of claims, use of reinsurance and the ability to manage the expense ratio, which the Company accomplishes through the management of acquisition costs and other underwriting expenses. In addition to presenting net income for the period determined in accordance with U.S. GAAP, we believe that showing 'core operating income' provides investors with a valuable measure of profitability and enables investors, rating agencies and other users of our financial information to analyze the Company's results in a similar manner to the way in which Management analyzes the Company's underlying business performance. International General Insurance Holdings Ltd. Non-GAAP Financial Measures Core operating income is calculated by the addition or subtraction of certain line items reported in the 'Consolidated Statements of Income' from net income for the period and tax effecting each line item (resulting in each item being a non-GAAP financial measure), as illustrated in the table below: i. The tax impact was calculated by applying the prevailing corporate tax rate of each subsidiary to the gross value of the relevant reconciling items as recognized separately by the subsidiaries on a standalone basis. ii. Represents the total shareholders' equity at the end of the reporting period plus the total shareholders' equity as of the beginning of the reporting period, divided by 2. iii. Represents annualized core operating income for the period divided by average shareholders' equity. iv. Represents core operating income attributable to vested equity holders divided by the weighted average number of vested common shares – diluted as follows: Expand Quarter Ended June 30, Six Months Ended June 30, (in millions of U.S. Dollars, except per share information) 2025 2024 2025 2024 Core operating income for the period $22.8 $33.2 $42.2 $73.3 Minus: Core operating income attributable to earnout shares - $0.6 - $1.1 Minus: Dividends attributable to restricted share awards - - $0.8 $0.5 Core operating income available to common shareholders (a) $22.8 $32.6 $41.4 $71.7 Weighted average number of shares – diluted (in millions of shares) (b) 44.4 44.0 44.5 44.5 Diluted core operating earnings per share (a/b) $0.51 $0.74 $0.93 $1.61 Expand v. Return on average equity (annualized) and core operating return on average equity (annualized), both non-GAAP financial measures, represent the returns generated on common shareholders' equity during the period. Expand The Company has posted a Second quarter 2025 investor presentation deck on its website at in the Investors section under the Presentations & Webcasts tab. About IGI: IGI is an international specialty risks commercial insurer and reinsurer underwriting a diverse portfolio of specialty lines. Established in 2001, IGI has a worldwide portfolio of energy, property, general aviation, construction & engineering, ports & terminals, marine cargo, marine trades, contingency, political violence, financial institutions, general third-party liability (casualty), legal expenses, professional indemnity, D&O, marine liability and reinsurance treaty business. Registered in Bermuda, with operations in Bermuda, London, Malta, Dubai, Amman, Oslo, Kuala Lumpur and Casablanca, IGI aims to deliver outstanding levels of service to clients and brokers. IGI is rated 'A' (Excellent)/Stable by AM Best and 'A-'(Strong)/Stable by S&P Global Ratings. For more information about IGI, please visit Forward-Looking Statements: This press release contains 'forward-looking statements' within the meaning of the 'safe harbour' provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of IGI may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. Words such as 'ability,' 'aim,' 'impact,' 'seek,' 'strategy,' 'expect,' 'estimate,' 'project,' 'budget,' 'forecast,' 'anticipate,' 'intend,' 'plan,' 'may,' 'will,' 'could,' 'should,' 'believe,' 'predict,' 'potential,' 'continue,' 'commitment,' 'able,' 'success' and similar expressions are intended to identify such forward-looking statements. Forward-looking statements contained in this press release may include, but are not limited to, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding other market conditions, and our growth prospects. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of IGI and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) changes in demand for IGI's services together with the possibility that IGI may be adversely affected by other economic, business, and/or competitive factors globally and in the regions in which it operates; (2) competition, the ability of IGI to grow and manage growth profitably, and IGI's ability to retain its key employees; (3) changes in applicable laws or regulations; (4) risks related to fluctuations in global currencies including the UK Pound Sterling, the Euro, and the U.S. Dollar; (5) the outcome of any legal proceedings that may be instituted against the Company; (6) the effects of the hostilities between Russia and Ukraine, and the sanctions imposed on Russia by the United States, European Union, United Kingdom and others; (7) the effects of the military conflict between Israel, Hamas, Hezbollah, and Iran; (8) the effects of the Houthis disruption of Red Sea international shipping routes; (9) the impact of the tariffs that have been imposed or may be imposed by the U.S. administration; (10) the inability to maintain the listing of the Company's common shares on Nasdaq; and (11) other risks and uncertainties indicated in IGI's filings with the SEC. The foregoing list of factors is not exclusive. In addition, forward-looking statements are inherently based on various estimates and assumptions that are subject to the judgment of those preparing them and are also subject to significant economic, competitive, industry and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of IGI. There can be no assurance that IGI's financial condition or results of operations will be consistent with those set forth in such forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. IGI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based except to the extent that it is required by law.
Yahoo
25-07-2025
- Business
- Yahoo
Vallourec Second Quarter 2025 Results
Meudon (France), July 25th, 2025 Vallourec, a world leader in premium tubular solutions, announces today its results for the second quarter 2025. The Board of Directors of Vallourec SA, meeting on July 24th 2025, approved the Group's second quarter 2025 Consolidated Financial Statements. Second Quarter 2025 Results Q2 Group EBITDA of €187 million with strong 22% margin €370 million returned to shareholders via dividends and share repurchases Secured significant OCTG orders, particularly in the Middle East Expect further support to US market pricing from increased steel tariffs Q3 2025 Group EBITDA expected to range between €195 million and €225 million Confirm expected improvement in EBITDA in H2 2025 vs. H1 2025 HIGHLIGHTS & OUTLOOK Second Quarter 2025 Results Group EBITDA of €187 million, down (10%) sequentially, slightly above guidance midpoint; EBITDA margin was strong at 22% Tubes EBITDA margin improved 76 bps sequentially to 19%, though Tubes EBITDA declined (13%) sequentially due to lower volumes. Mine & Forest EBITDA decreased by (15%) sequentially due to lower market prices and higher costs but EBITDA margin remained strong at 52%. Adjusted free cash flow of €88 million; total cash generation of €57 million Net debt position of €201 million following €370m of shareholder returnsa Third Quarter 2025 Group EBITDA is expected to range between €195 million and €225 million: In Tubes, EBITDA per tonne is expected to increase sequentially, while volumes are expected to be similar to the Q2 2025 level. In Mine & Forest, production sold is expected to be around 1.5 million tonnes. Profitability will be determined by prevailing iron ore market prices. Full Year 2025 Group EBITDA is expected to reflect a second half improvement: In Tubes, international volumes are expected to increase in H2 2025 versus H1 2025. EBITDA per tonne will improve in H2 2025 compared to H1 2025 due primarily to higher invoiced international prices and cost reductions. In Mine & Forest, production sold is expected to be around 6 million tonnes. Profitability will be determined by prevailing iron ore market prices. Philippe Guillemot, Chairman of the Board of Directors and Chief Executive Officer, declared: 'In the second quarter, Vallourec once again demonstrated the strength of its business model. Despite lower shipments in the Eastern Hemisphere, our Tubes EBITDA margin expanded to 19%, driven by sequential improvements in profitability in our North and South American production hubs. Our Mine & Forest business also continued to perform extremely well despite sequentially lower iron ore market prices. Further, we continued our streak of positive total cash generation, which now marks eleven straight quarters of this performance. Meanwhile, we made good on our promise to return significant capital to our shareholders, paying both a €1.50 per share dividend and repurchasing 1.2 million shares in the second quarter. 'The Brazil Performance Program we announced in July 2024 is ahead of schedule. We have completed a significant simplification of our operations, which included the closure of our legacy Plug mill at the end of 2024. Our primary cost savings initiatives are now completed. We have delivered regional cost savings well in excess of our €150 per tonne target due to strong delivery across multiple workstreams. We remain focused on fully capitalizing on the potential of this premier asset base including by increasing its production capability by more than 100 thousand tonnes.b 'The international OCTG market has been impacted by recent macroeconomic volatility; however, our stream of recent contract awards highlights the value of Vallourec's premium product offering. We continue to see further opportunities ahead as our resilient customer base is progressing on major multi-year drilling programs which will require the support of sophisticated suppliers like Vallourec. The global shift towards increased gas and unconventional drilling will also provide significant opportunities for Vallourec to capitalize on its differentiated premium market positioning. 'In the US, market prices further improved over the second quarter in response to the steel tariffs implemented earlier this year. US oil drilling activity has fallen in response to weaker and highly volatile oil prices, though this has been partially offset by a rebound in gas drilling activity. Despite this, our latest bookings indicate a healthy level of demand that will keep our mills well utilized at current staffing levels. Meanwhile, imports will likely moderate from their second quarter levels following the change in tariff rates announced in early June. This should support US-based industrial players such as Vallourec. 'Globally, we are moving into the next phase of organizational improvement as we work to achieve operational excellence across our manufacturing footprint. Thanks to our internal performance initiatives, differentiated product offering, and ideally-located manufacturing centers, we are well-positioned to continue to create significant value over the coming years.' Key Quarterly Data c in € million, unless noted Q2 2025 Q1 2025 Q2 2024 QoQ chg. YoY chg. Tubes volume sold (k tonnes) 293 314 351 (21) (58) Iron ore volume sold (m tonnes) 1.6 1.6 1.4 0.02 0.2 Group revenues 863 991 1,085 (128) (221) Group EBITDA 187 207 215 (20) (27) (as a % of revenue) 21.7% 20.9% 19.8% 0.8 pp 1.9 pp Operating income (loss) 103 148 100 (45) 3 Net income, Group share 40 86 111 (46) (71) Adj. free cash flow 88 168 84 (80) 4 Total cash generation 57 104 44 (47) 13 Net debt (cash) 201 (112) 364 313 (164) The consolidated financial statements are included in the pdf version of the press release. INFORMATION AND FORWARD-LOOKING STATEMENTS This press release includes forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms as 'believe', 'expect', 'anticipate', 'may', 'assume', 'plan', 'intend', 'will', 'should', 'estimate', 'risk' and or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, Vallourec's results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which they operate. Readers are cautioned that forward-looking statements are not guarantees of future performance and that Vallourec's or any of its affiliates' actual results of operations, financial condition and liquidity, and the development of the industries in which they operate may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if Vallourec's or any of its affiliates' results of operations, financial condition and liquidity, and the development of the industries in which they operate are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks include those developed or identified in the public documents filed by Vallourec with the French Financial Markets Authority (Autorité des marches financiers, or 'AMF'), including those listed in the 'Risk Factors' section of the Universal Registration Document filed with the AMF on March 27, 2025, under filing number n° D. 25-0192. Accordingly, readers of this document are cautioned against relying on these forward-looking statements. These forward-looking statements are made as of the date of this document. Vallourec disclaims any intention or obligation to complete, update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws and regulations. This press release does not constitute any offer to purchase or exchange, nor any solicitation of an offer to sell or exchange securities of Vallourec. or further information, please refer to the website Future dividends and share buyback authorizations will be assessed on a yearly basis by the Board of Directors taking into account any relevant factor in the future, and will be subject to Shareholders' approval. The Board of Directors will have discretion to employ share buybacks throughout the year, up to the limits authorized by the relevant resolution approved by the Annual General Meeting. Presentation of Q2 2025 Results Conference call / audio webcast on July 25th at 9:30 am CET To listen to the audio webcast: To participate in the conference call, please dial (password: 'Vallourec'): +44 (0) 33 0551 0200 (UK) +33 (0) 1 7037 7166 (France) +1 786 697 3501 (USA) Audio webcast replay and slides will be available at: About Vallourec Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec's pioneering spirit and cutting edge R&D open new technological frontiers. With close to 13,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more than just tubes: Vallourec delivers innovative, safe, competitive and smart tubular solutions, to make every project possible. Listed on Euronext in Paris (ISIN code: FR0013506730, Ticker VK), Vallourec is part of the CAC Mid 60, SBF 120 and Next 150 indices and is eligible for Deferred Settlement Service. In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R4074, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1. Financial Calendar November 14, 2025 Publication of Third Quarter and First-Nine Month 2025 Results For further information, please contact: Investor relations Connor LynaghTel: +1 (713) Press relations Taddeo - Romain Grière Tel: +33 (0) 7 86 53 17 29 Individual shareholdersToll Free Number (from France): 0 805 65 10 10 actionnaires@ Nicolas EscoulanTel: +33 (0)6 42 19 14 Includes approximately €7 million in cash held in Serimax, which is now accounted for in assets & liabilities held for sale b Measured as annualized production versus the First Half 2024 baseline, consistent with the target announced in July 2024. c Includes approximately €7 million in cash held in Serimax, which is now accounted for in assets & liabilities held for sale Attachment Vallourec Q2 2025 Results Press ReleaseError 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
Business Upturn
23-07-2025
- Business
- Business Upturn
Subsea7 awarded substantial contract
By GlobeNewswire Published on July 23, 2025, 21:21 IST Luxembourg – 23 July 2025 – Subsea7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a substantial(1) contract. The project involves the engineering and offshore installation of flexible pipe, umbilicals, subsea equipment and a mooring system. Project management and engineering activities will begin immediately at Subsea7's office in Houston, Texas, with offshore operations expected to start in 2027. No additional details will be provided at this time. (1) Subsea7 defines a substantial contract as being between $150 million and $300 million. ******************************************************************************* Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry's partner and employer of choice in delivering the efficient offshore solutions the world needs. Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62. ******************************************************************************* Contact for investment community enquiries:Katherine TonksInvestor Relations DirectorTel +44 20 8210 5568 [email protected] Contact for media enquiries:Ashley ShearerCommunications ManagerTel +1-713-300-6792 [email protected] Forward-Looking Statements: This document may contain 'forward-looking statements' (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as 'anticipate', 'believe', 'estimate', 'expect', 'future', 'goal', 'intend', 'likely' 'may', 'plan', 'project', 'seek', 'should', 'strategy' 'will', and similar expressions. The principal risks which could affect future operations of the Group are described in the 'Risk Management' section of the Group's Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 23 July 2025 at 18:20 CET. Attachment Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Business Upturn
04-07-2025
- Business
- Business Upturn
Subsea 7 – awarded contract offshore Egypt
By GlobeNewswire Published on July 4, 2025, 21:04 IST Luxembourg – 4 July 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of sizeable1 contract offshore Egypt. Subsea7 will be responsible for the engineering, procurement, commissioning and installation of flexible pipelines, umbilicals, and associated subsea components for a tie back to existing infrastructures. Project management and engineering work will begin immediately at Subsea7's offices in France, Portugal, and Egypt. Offshore activity is expected to start in 2026. David Bertin, Subsea7's Senior Vice President GPC East, said: ' Our early engagement has been instrumental in shaping a shared vision and delivering innovative, efficient solutions. This award is a testament to the strength of our collaboration, our proven track record, and our commitment to safe, high-quality execution. We are pleased to be able to support our client in enabling and executing such a strategically important project in Egypt. ' (1) Subsea7 defines a sizeable contract as being between $50 million and $150 million ******************************************************************************* Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry's partner and employer of choice in delivering the efficient offshore solutions the world needs. Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62. ******************************************************************************* Contact for investment community enquiries:Katherine TonksInvestor Relations DirectorTel +44 20 8210 5568 [email protected] Contact for media enquiries:Hariom CavalcanteCommunications ManagerTel +33 59 69 01 02 [email protected] Forward-Looking Statements: This document may contain 'forward-looking statements' (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as 'anticipate', 'believe', 'estimate', 'expect', 'future', 'goal', 'intend', 'likely' 'may', 'plan', 'project', 'seek', 'should', 'strategy' 'will', and similar expressions. The principal risks which could affect future operations of the Group are described in the 'Risk Management' section of the Group's Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 4 July 2025 at 18:10 CET. Attachment Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Cision Canada
30-06-2025
- Business
- Cision Canada
Cargojet Announces Closing of $250 Million Offering of Investment Grade Senior Unsecured Notes
MISSISSAUGA, ON, June 30, 2025 /CNW/ - Cargojet Inc. (" Cargojet" or the " Corporation") (TSX: CJT) is pleased to announce the successful closing of its previously announced offering (the " Offering") of $250 million aggregate principal amount of 4.599% senior unsecured notes due 2030 (the " Notes"). The net proceeds from the Offering are expected to be used to redeem in full the Corporation's 5.25% listed senior unsecured hybrid debentures due June 30, 2026 prior to the end of 2025, repay indebtedness under Cargojet's credit facilities and for general corporate purposes. The Notes have been assigned a final rating of BBB (low), with a stable trend, by Morningstar DBRS. Prior to completion of the Offering, Cargojet entered into a fourth amended and restated credit agreement to enact certain amendments to its existing revolving credit facility and term facility (the " Credit Facility"). The amendments included, among other things, the release of liens previously granted to the lenders, such that the borrowings under the Credit Facility are now unsecured obligations of the Corporation, and modifications to certain covenants to reflect an investment grade credit rating structure. About Cargojet Cargojet is Canada's leading provider of time sensitive premium air cargo services to all major cities across North America, providing dedicated, ACMI and international charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 41 cargo aircraft. Notice on Forward-Looking Statements: Certain statements contained herein constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans", "intends", "anticipates", "should", "estimates", "expects", "believes", "indicates", "targeting", "suggests" and similar expressions, and includes statements relating to, among other things, the use of proceeds of the Offering, the anticipated benefits of the Offering and the timing of the redemption of the Corporation's 5.25% listed senior unsecured hybrid debentures. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Reference should be made to the Corporation's most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Consolidated Financial Statements and the notes thereto and related Management's Discussion and Analysis, for a summary of major risks. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. Without limiting the foregoing, there can be no assurance that the Corporation will maintain an investment grade credit rating or improve its cost of capital on favourable terms. The forward-looking statements contained in this news release represent Cargojet's expectations as of the date of this news release and are subject to change after such date. However, Cargojet disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities laws. In the event Cargojet does update any forward-looking statement, no inference should be made that Cargojet will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
