Huntsman — Jul 31, 2025 release

EXHIBIT 99.1   Exhibit 99.1   News Release     FOR IMMEDIATE RELEASE Media: Investor Relations: July 31, 2025 Kevin Gundersen Ivan Marcuse The Woodlands, TX (281) 719-4627 (281) 719-4637 NYSE: HUN       Huntsman Announces Second Quarter 2025 Earnings   Second Quarter Highlights   · Second quarter 2025 net loss attributable to Huntsman of $158 million compared to net income of $22 million in the prior year period; second quarter 2025 diluted loss per share of $0.92 compared to diluted income per share $0.13 in the prior year period.   · Second quarter 2025 adjusted net loss attributable to Huntsman of $34 million compared to adjusted net income of $24 million in the prior year period; second quarter 2025 adjusted diluted loss per share of $0.20 compared to adjusted diluted income per share of $0.14 in the prior year period.   · Second quarter 2025 adjusted EBITDA of $74 million compared to $131 million in the prior year period.   · Second quarter 2025 net cash provided by operating activities from continuing operations was $92 million. Free cash flow from continuing operations was $55 million for the second quarter 2025 compared to free cash flow of $5 million in the prior year period.       Three months ended     Six months ended       June 30,     June 30,   In millions, except per share amounts   2025     2024     2025     2024   Revenues   $ 1,458     $ 1,574     $ 2,868     $ 3,044                                     Net (loss) income attributable to Huntsman Corporation   $ (158 )   $ 22     $ (163 )   $ (15 ) Adjusted net (loss) income (1)   $ (34 )   $ 24     $ (53 )   $ 13                                     Diluted (loss) income per share   $ (0.92 )   $ 0.13     $ (0.94 )   $ (0.09 ) Adjusted diluted (loss) income per share (1)   $ (0.20 )   $ 0.14     $ (0.31 )   $ 0.08                                     Adjusted EBITDA (1)   $ 74     $ 131     $ 146     $ 212                                     Net cash provided by (used in) operating activities from continuing operations   $ 92     $ 55     $ 21     $ (8 ) Free cash flow from continuing operations (2)   $ 55     $ 5     $ (52 )   $ (100 )   See end of press release for footnote explanations and reconciliations of non-GAAP measures.         THE WOODLANDS, Texas – Huntsman Corporation (NYSE: HUN) today reported second quarter 2025 results with revenues of $1,458 million, net loss attributable to Huntsman of $158 million, adjusted net loss attributable to Huntsman of $34 million and adjusted EBITDA of $74 million.   Peter R. Huntsman, Chairman, President, and CEO, commented:   “The second quarter played out largely as expected as lower global construction and industrial activity pressured our volumes. The seasonal uplift in construction demand we typically experience in the second quarter was muted in 2025 and we do not believe that these trends will change in a meaningful way in the third quarter. With our current returns, we have taken decisive actions to reduce costs and restructure, including the closure of our European Maleic Anhydride facility in Moers, Germany as well as other downstream facilities in both Europe and North America. The restructuring that we started at the end of 2024 has expanded in 2025 and will ultimately reduce our global workforce by nearly 10%, with our European region experiencing the largest reduction. Through our cash management activities, we generated positive cash flow during the second quarter. As we have stated in the past, protecting the balance sheet remains a priority in addition to focusing on cash generation as we navigate the Company through the current environment.”   Segment Analysis for 2Q25 Compared to 2Q24   Polyurethanes   The decrease in revenues in our Polyurethanes segment for the three months ended June 30, 2025 compared to the same period of 2024 was primarily due to lower average selling prices and lower sales volumes. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. Sales volumes decreased primarily due to lower demand in construction-related markets and the scheduled turnaround at our Rotterdam, the Netherlands manufacturing facility during the second quarter of 2025. The decrease in segment adjusted EBITDA was primarily due to the impacts of lower average selling prices, lower sales volumes, inventory reductions and lower equity earnings from our minority-owned joint venture in China, partially offset by lower raw materials costs and lower fixed costs.   Performance Products   The decrease in revenues in our Performance Products segment for the three months ended June 30, 2025 compared to the same period of 2024 was primarily due to lower sales volumes. Average selling prices remained relatively flat as a decrease in selling prices was mostly offset by favorable sales mix. Sales volumes decreased primarily due to lower operating rates at our Moers, Germany facility and softer market conditions, partially offset by share gains. The decrease in segment adjusted EBITDA was primarily due to lower sales revenue and an unfavorable impact from inventory reductions, partially offset by lower variable direct costs and lower other fixed costs.   Advanced Materials   The decrease in revenues in our Advanced Materials segment for the three months ended June 30, 2025 compared to the same period of 2024 was primarily due to lower average selling prices and lower sales volumes. Average selling prices decreased primarily due to unfavorable sales mix, partially offset by the positive impact of major foreign currency exchange rate movements against the U.S. dollar. Sales volumes decreased primarily due to reduced demand in our coatings and aerospace markets. The decrease in segment adjusted EBITDA was primarily due to lower average selling prices and lower sales volumes.   Liquidity and Capital Resources   During the three months ended June 30, 2025, our free cash flow from continuing operations was $55 million as compared to $5 million in the same period of 2024. As of June 30, 2025, we had approximately $1.3 billion of combined cash and unused borrowing capacity.   - 2 -     During the three months ended June 30, 2025, we spent $37 million on capital expenditures from continuing operations as compared to $50 million in the same period of 2024. During 2025, we expect to spend between approximately $180 million to $190 million on capital expenditures.   Income Taxes   In the second quarter of 2025, our effective tax rate was -5% and our adjusted effective tax rate was not meaningful.   Earnings Conference Call Information   We will hold a conference call to discuss our second quarter 2025 financial results on Friday, August 1, 2025, at 10:00 a.m. ET.   Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=5R7ztW5k   Participant dial-in numbers: Domestic callers: (877) 402-8037 International callers: (201) 378-4913   The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman’s investor relations website, www.huntsman.com/investors . Upon conclusion of the call, the webcast replay will be accessible via Huntsman’s website.   Upcoming Conferences   During the third quarter 2025, a member of management is expected to present at: Mizuho’s Industrial & Chemicals Conference, August 13, 2025 UBS Global Materials Conference, September 3, 2025 Jefferies Industrial Conference, September 4, 2025   A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors .   - 3 -     Table 1 – Results of Operations       Three months ended     Six months ended       June 30,     June 30,   In millions, except per share amounts   2025     2024     2025     2024   Revenues   $ 1,458     $ 1,574     $ 2,868     $ 3,044   Cost of goods sold     1,276       1,331       2,485       2,600   Gross profit     182       243       383       444   Operating expenses:                                 Selling, general and administrative     160       176       326       352   Research and development     33       33       65       64   Restructuring, impairment and plant closing costs     124       4       125       15   Loss (gain) on acquisition of assets, net     -       1       (5 )     (51 ) Prepaid asset write-off     -       -       -       71   Income associated with litigation matter, net     -       -       (33 )     -   Other operating income, net     (15 )     (5 )     (17 )     (3 ) Total operating expenses     302       209       461       448   Operating (loss) income     (120 )     34       (78 )     (4 ) Interest expense, net     (21 )     (20 )     (40 )     (39 ) Equity in (loss) income of investment in unconsolidated affiliates     (2 )     18       (1 )     37   Other income, net     4       12       7       14   (Loss) income from continuing operations before income taxes     (139 )     44       (112 )     8   Income tax (expense) benefit     (7 )     (13 )     (22 )     7   (Loss) income from continuing operations     (146 )     31       (134 )     15   Income from discontinued operations, net of tax     1       7       -       -   Net (loss) income     (145 )     38       (134 )     15   Net income attributable to noncontrolling interests     (13 )     (16 )     (29 )     (30 ) Net (loss) income attributable to Huntsman Corporation   $ (158 )   $ 22     $ (163 )   $ (15 )                                   Adjusted EBITDA (1)   $ 74     $ 131     $ 146     $ 212   Adjusted net (loss) income (1)   $ (34 )   $ 24     $ (53 )   $ 13                                     Basic (loss) income per share   $ (0.92 )   $ 0.13     $ (0.94 )   $ (0.09 ) Diluted (loss) income per share   $ (0.92 )   $ 0.13     $ (0.94 )   $ (0.09 ) Adjusted diluted (loss) income per share (1)   $ (0.20 )   $ 0.14     $ (0.31 )   $ 0.08                                     Common share information:                                 Basic weighted average shares     173       172       173       172   Diluted weighted average shares     173       173       173       172   Diluted shares for adjusted diluted (loss) income per share     173       173       173       173     See end of press release for footnote explanations.   - 4 -     Table 2 – Results of Operations by Segment       Three months ended           Six months ended             June 30,     (Worse) /     June 30,     (Worse) /   In millions   2025     2024     better     2025     2024     better   Segment revenues:                                                 Polyurethanes   $ 932     $ 1,001       (7 )%   $ 1,844     $ 1,927       (4 )% Performance Products     270       299       (10 )%     527       590       (11 )% Advanced Materials     264       279        (5 )%     513       540       (5 )% Total reportable segments' revenues     1,466       1,579       (7 )%     2,884       3,057       (6 )%                                                   Intersegment eliminations     (8 )     (5 )     n/m       (16 )     (13 )     n/m                                                     Total revenues   $ 1,458     $ 1,574       (7 )%   $ 2,868     $ 3,044       (6 )%                                                   Segment adjusted EBITDA (1) :                                                 Polyurethanes   $ 31     $ 80       (61 )%   $ 73     $ 119       (39 )% Performance Products     32       46       (30 )%     62       88       (30 )% Advanced Materials     45       52       (13 )%     81       95       (15 )%   n/m = not meaningful   See end of press release for footnote explanations.   Table 3 – Factors Impacting Sales Revenue       Three months ended       June 30, 2025 vs. 2024       Average selling price (a)                   Local     Exchange     Sales             currency & mix     rate     volume (b)     Total   Polyurethanes     (5 )%     0 %     (2 )%     (7 )%                                   Performance Products     (1 )%     0 %     (9 )%     (10 )%                                   Advanced Materials     (3 )%     1 %     (3 )%     (5 )%                                   Combined segments     (4 )%     1 %     (4 )%     (7 )%                                         Six months ended       June 30, 2025 vs. 2024       Average selling price (a)                   Local     Exchange     Sales             currency & mix     rate     volume (b)     Total   Polyurethanes     (4 )%     0 %     0 %     (4 )%                                   Performance Products     2 %     (1 )%     (12 )%     (11 )%                                   Advanced Materials     (3 )%     (1 )%     (1 )%     (5 )%                                   Combined segments     (3 )%     (1 )%     (2 )%     (6 )%   (a) Excludes sales from tolling arrangements, by-products and raw materials. (b) Excludes sales from by-products and raw materials.                   - 5 -     Table 4 – Reconciliation of U.S. GAAP to Non-GAAP Measures                   Income tax     Net (loss)     Diluted (loss) income       EBITDA     and other expense     income     per share       Three months ended     Three months ended     Three months ended     Three months ended       June 30,     June 30,     June 30,     June 30,   In millions, except per share amounts   2025     2024     2025     2024     2025     2024     2025     2024   Net (loss) income   $ (145 )   $ 38                     $ (145 )   $ 38     $ (0.84 )   $ 0.22   Net income attributable to noncontrolling interests     (13 )     (16 )                     (13 )     (16 )     (0.08 )     (0.09 ) Net (loss) income attributable to Huntsman Corporation     (158 )     22                       (158 )     22       (0.92 )     0.13   Interest expense, net from continuing operations     21       20                                                   Income tax expense from continuing operations     7       13     $ (7 )   $ (13 )                                 Income tax expense (benefit) from discontinued operations     1       (7 )                                                 Depreciation and amortization from continuing operations     72       75                                                   Business acquisition and integration expenses and purchase accounting inventory adjustments     -       1       -       1       -       2       -       0.01   EBITDA / Income from discontinued operations     (2 )     -        N/A        N/A       (1 )     (7 )     (0.01 )     (0.04 ) Release of significant deferred tax asset valuation allowance     -       -       (8 )     -       (8 )     -       (0.05 )     -   Fair value adjustments to Venator investment, net and other tax matter adjustments     -       (7 )     -       2       -       (5 )     -       (0.03 ) Certain legal and other settlements and related expenses     1       1       -       (1 )     1       -       0.01       -   Amortization of pension and postretirement actuarial losses     7       8       -       -       7       8       0.04       0.05   Restructuring, impairment and plant closing and transition costs     125       5       -       (1 )     125       4       0.72       0.02   Adjusted (1)   $ 74     $ 131     $ (15 )   $ (12 )     (34 )     24     $ (0.20 )   $ 0.14                                                                     Adjusted income tax expense (1)                                     15       12                   Net income attributable to noncontrolling interests                                     13       16                   Adjusted pre-tax (loss) income (1)                                   $ (6 )   $ 52                                                                                     Adjusted effective tax rate (3)                                     N/M       23 %                                                                                   Effective tax rate                                     (5 %)     30 %                                   Income tax     Net (loss)     Diluted (loss) income       EBITDA     and other expense     income     per share       Six months ended     Six months ended     Six months ended     Six months ended       June 30,     June 30,     June 30,     June 30,   In millions, except per share amounts   2025     2024     2025     2024     2025     2024     2025     2024   Net (loss) income   $ (134 )   $ 15                     $ (134 )   $ 15     $ (0.78 )   $ 0.09   Net income attributable to noncontrolling interests     (29 )     (30 )                     (29 )     (30 )     (0.17 )     (0.17 ) Net loss attributable to Huntsman Corporation     (163 )     (15 )                     (163 )     (15 )     (0.94 )     (0.09 ) Interest expense, net from continuing operations     40       39                                                   Income tax expense (benefit) from continuing operations     22       (7 )   $ (22 )   $ 7                                   Income tax expense (benefit) from discontinued operations (3)     1       (8 )                                                 Depreciation and amortization from continuing operations     141       144                                                   Business acquisition and integration (gain) expenses and purchase accounting inventory adjustments     (5 )     21       -       (17 )     (5 )     4       (0.03 )     0.02   EBITDA / (Income) loss from discontinued operations (3)     (1 )     8       N/A       N/A       -       -       -       -   Establishment of significant deferred tax asset valuation allowances, net     -       -       1       -       1       -       0.01       -   Fair value adjustments to Venator investment, net and other tax matter adjustments     -       (7 )     -       2       -       (5 )     -       (0.03 ) Certain legal and other settlements and related (income) expenses     (32 )     2       7       (1 )     (25 )     1       (0.14 )     0.01   Amortization of pension and postretirement actuarial losses     14       16       (2 )     (1 )     12       15       0.07       0.09   Restructuring, impairment and plant closing and transition costs     129       19       (2 )     (6 )     127       13       0.74       0.08   Adjusted (1)   $ 146     $ 212     $ (18 )   $ (16 )     (53 )     13     $ (0.31 )   $ 0.08                                                                     Adjusted income tax expense (1)                                     18       16                   Net income attributable to noncontrolling interests                                     29       30                   Adjusted pre-tax (loss) income (1)                                   $ (6 )   $ 59                                                                                     Adjusted effective tax rate (4)                                     (300 ) %     27 %                                                                                   Effective tax rate                                     (20 )%     N/M                     N/M = not meaningful                                                                 N/A = not applicable                                                                 See end of press release for footnote explanations.                                                                   - 6 -     Table 5 – Balance Sheets       June 30,     December 31,   In millions   2025     2024   Cash   $ 399     $ 340   Accounts and notes receivable, net     813       725   Inventories     896       917   Prepaid expenses     69       114   Other current assets     31       29   Property, plant and equipment, net     2,491       2,493   Other noncurrent assets     2,448       2,496   Total assets   $ 7,147     $ 7,114                     Accounts payable   $ 694     $ 770   Other current liabilities     478       470   Current portion of debt     372       325   Long-term debt     1,663       1,510   Other noncurrent liabilities     879       876   Huntsman Corporation stockholders’ equity     2,828       2,959   Noncontrolling interests in subsidiaries     233       204   Total liabilities and equity   $ 7,147     $ 7,114     Table 6 – Outstanding Debt       June 30,     December 31,   In millions   2025     2024   Debt:                 Revolving credit facility   $ 361     $ -   Senior notes     1,487       1,799   Accounts receivable programs     155       -   Variable interest entities     12       16   Other debt     20       20   Total debt - excluding affiliates     2,035       1,835                     Total cash     399       340   Net debt - excluding affiliates (4)   $ 1,636     $ 1,495     See end of press release for footnote explanations.           - 7 -     Table 7 – Summarized Statements of Cash Flows       Three months ended     Six months ended       June 30,     June 30,   In millions   2025     2024     2025     2024   Total cash at beginning of period   $ 334     $ 552     $ 340     $ 540                                     Net cash provided by (used in) operating activities from continuing operations     92       55       21       (8 ) Net cash used in operating activities from discontinued operations     (1 )     (9 )     (4 )     (11 ) Net cash used in investing activities     (38 )     (50 )     (32 )     (80 ) Net cash provided by (used in) financing activities     9       (210 )     69       (102 ) Effect of exchange rate changes on cash     3       (3 )     5       (4 )                                   Total cash at end of period   $ 399     $ 335     $ 399     $ 335                                     Free cash flow from continuing operations (2) :                                 Net cash provided by (used in) operating activities from continuing operations   $ 92     $ 55     $ 21     $ (8 ) Capital expenditures     (37 )     (50 )     (73 )     (92 )                                   Free cash flow from continuing operations (2)   $ 55     $ 5     $ (52 )   $ (100 )                                   Supplemental cash flow information:                                 Cash paid for interest   $ (36 )   $ (29 )   $ (44 )   $ (41 ) Cash paid for income taxes     (49 )     (29 )     (61 )     (44 ) Cash paid for restructuring and integration     (8 )     (6 )     (11 )     (23 ) Cash paid for pensions     (8 )     (7 )     (16 )     (17 ) Depreciation and amortization from continuing operations     72       75       141       144                                     Change in primary working capital:                                 Accounts and notes receivable   $ 2     $ (43 )   $ (63 )   $ (130 ) Inventories     160       (33 )     59       (71 ) Accounts payable     (62 )     (8 )     (94 )     22   Total change in primary working capital   $ 100     $ (84 )   $ (98 )   $ (179 )   See end of press release for footnote explanations.                   - 8 -     Footnotes   (1) We use adjusted EBITDA to measure the operating performance of our business and for planning and evaluating the performance of our business segments. We provide adjusted net income (loss) because we feel it provides meaningful insight for the investment community into the performance of our business. We believe that net income (loss) is the performance measure calculated and presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”) that is most directly comparable to adjusted EBITDA and adjusted net income (loss). Additional information with respect to our use of each of these financial measures follows:   Adjusted EBITDA, adjusted net income (loss) and adjusted diluted income (loss) per share, as used herein, are not necessarily comparable to other similarly titled measures of other companies.   Adjusted EBITDA is computed by eliminating the following from net income (loss): (a) net income attributable to noncontrolling interests; (b) interest expense, net; (c) income taxes; (d) depreciation and amortization; (e) amortization of pension and postretirement actuarial losses; (f) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted EBITDA in Table 4 above.   Adjusted net income (loss) and adjusted diluted income (loss) per share are computed by eliminating the after tax impact of the following items from net income (loss): (a) net income attributable to noncontrolling interests; (b) amortization of pension and postretirement actuarial losses; (c) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted net income (loss) in Table 4 above. The income tax impacts, if any, of each adjusting item represent a ratable allocation of the total difference between the unadjusted tax expense and the total adjusted tax expense, computed without consideration of any adjusting items using a with and without approach.   We may disclose forward-looking adjusted EBITDA because we cannot adequately forecast certain items and events that may or may not impact us in the near future, such as business acquisition and integration expenses and purchase accounting inventory adjustments, net, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted. Each of such adjustment has not yet occurred, is out of our control and/or cannot be reasonably predicted. In our view, our forward-looking adjusted EBITDA represents the forecast net income on our underlying business operations but does not reflect any adjustments related to the items noted above that may occur and can cause our adjusted EBITDA to differ.   (2) Management internally uses free cash flow measure: (a) to evaluate our liquidity, (b) evaluate strategic investments, (c) plan stock buyback and dividend levels and (d) evaluate our ability to incur and service debt. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Free cash flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures.   (3) We believe the adjusted effective tax rate provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses’ operational profitability and that may obscure underlying business results and trends. In our view, effective tax rate is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted effective tax rate. The reconciliation of historical adjusted effective tax rate and effective tax rate is set forth in Table 4 above. Please see the reconciliation of our net income to adjusted net income in Table 4 for details regarding the tax impacts of our non-GAAP adjustments.   Our forward-looking adjusted effective tax rate is calculated based on our forecast effective tax rate, and the range of our forward-looking adjusted effective tax rate equals the range of our forecast effective tax rate. We disclose forward-looking adjusted effective tax rate because we cannot adequately forecast certain items and events that may or may not impact us in the near future, such as business acquisition and integration expenses and purchase accounting inventory adjustments, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including the future year effects of tax law changes not yet enacted. Each of such adjustments has not yet occurred, is out of our control and/or cannot be reasonably predicted. In our view, our forward-looking adjusted effective tax rate represents the forecast effective tax rate on our underlying business operations but does not reflect any adjustments related to the items noted above that may occur and can cause our effective tax rate to differ.   (4) Net debt is a measure we use to monitor how much debt we have after taking into account our total cash. We use it as an indicator of our overall financial position, and calculate it by taking our total debt, including the current portion, and subtracting total cash.   About Huntsman:   Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2024 revenues of approximately $6 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 60 manufacturing, R&D and operations facilities in approximately 25 countries and employ approximately 6,300 associates within our continuing operations. For more information about Huntsman, please visit the company's website at  www.huntsman.com .   Social Media:   Twitter: www.twitter.com/Huntsman_Corp Facebook: www.facebook.com/huntsmancorp LinkedIn: www.linkedin.com/company/huntsman   - 9 -     Forward-Looking Statements:   This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic transactions, business trends and any other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans," "intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should," "could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products, prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant risks and uncertainties may relate to, but are not limited to, high energy costs in Europe, inflation and high capital costs, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.   - 10 -