Tyson & Mendes Further Expands National Footprint with New West Texas Office
'This expansion directly addresses the needs of our clients in Texas and the rising trend of Nuclear Verdicts® in the state.' — Jennifer Akre, Managing Partner
SAN DIEGO, CA, UNITED STATES, March 17, 2025 / EINPresswire.com / -- National insurance defense firm Tyson & Mendes, LLP announced today the opening of its West Texas office, marking yet another significant expansion for the firm into one of the country's most complex legal landscapes.
The West Texas office will be led by Managing Partner Jennifer Akre, who is joined by incoming Partner Brennon Gamblin. Ms. Akre and Mr. Gamblin are seasoned trial attorneys with extensive experience in high-exposure litigation. Ms. Akre is also the Managing Partner of the firm's Houston and Dallas offices, bringing over 15 years of experience handling high-stakes litigation across Texas.
'This expansion directly addresses the needs of our clients in Texas and the rising trend of Nuclear Verdicts® in the state,' said Ms. Akre. 'We are committed to delivering superior legal representation and protecting our clients from these increasingly common and significant jury awards.' Mr. Gamblin added, 'The Tyson & Mendes Method of trying cases is creative and impactful, and it resonates with my own approach as well as my dedication to pursuing justice on behalf of my clients. I look forward to joining this team of esteemed trial lawyers and elevating the quality of representation for our clients in the West Texas region.'
'Texas has become a key battleground for Nuclear Verdicts®, with jury awards continuing to climb,' said Robert Tyson, Founding Partner. 'This expansion ensures we are strategically positioned to continue to protect our clients and deliver the superior defense they have come to expect from Tyson & Mendes.'
Serving 22 states nationwide across 28 offices, Tyson & Mendes is one of the fastest growing civil defense firms in the U.S. The firm is proud to offer one of the clearest paths to partnership of any mid-sized law firm in the U.S., and it invests more in educating and training its attorneys than any other insurance defense firm.
For more information and to view career opportunities, visit www.tysonmendes.com.
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About Tyson & Mendes LLP
Tyson & Mendes LLP is a nationwide, AV-rated litigation and trial firm specializing in insurance defense and protecting its clients from Nuclear Verdicts®. Founded in 2002 by Robert Tyson and Patrick Mendes, the firm has experienced tremendous growth, with offices across the United States. Tyson & Mendes is known for its expertise in defending corporations, insurance companies, and their clients against Nuclear Verdicts®.
Serving 22 states nationwide, Tyson & Mendes is one of the fastest-growing civil defense firms in the U.S. and is proud to offer one of the fastest and clearest paths to partnership for its attorneys of any mid-sized law firm in the U.S. The firm is honored to be recognized as a 2024 Best Law Firm by Best Lawyers, named a 2024 Best Company to Work For: Law Firms edition by U.S. News & World Report, awarded the 2023 Liberty Mutual Insurance External Law Firm Partner of the Year Award, awarded the No. 1 'Ceiling Smasher' in Law360's 2022 Glass Ceiling Report for female equity partnership, and shortlisted for Financial Times' 2022 Innovative Lawyers North America Award.
For more information, visit www.tysonmendes.com.
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Arkema: Second-Quarter 2025 Results
Arkema (PARIS:AKE): EBITDA down at €364 million (€451 million in Q2'24) and a solid EBITDA margin at 15.2% (17.8% in Q2'24): Good resilience of High Performance Polymers and Adhesive Solutions Significant decline in Coating Solutions and Intermediates Weakening of the US dollar and several other currencies against the euro Strengthening of cost saving initiatives Adjusted net income of €118 million (€214 million in Q2'24), representing €1.56 per share (€2.87 in Q2'24) Recurring cash flow of €111 million (€132 million in Q2'24), reflecting the strict management of working capital in response to market conditions Net debt and hybrid bonds of €3,580 million at end-June 2025, including the dividend payment (€272 million) last May Adjustment of the annual EBITDA guidance to take into account continuing weakness in demand, geopolitical uncertainties and the evolution of exchange rates. The Group expects to achieve EBITDA of between €1.3 billion and €1.4 billion in 2025. Recurring cash flow should adjust accordingly to between €300 million and €400 million. Cost-cutting efforts will be strongly reinforced, with Arkema doubling its target for fixed and variable cost savings to €100 million for the year. Chairman and CEO Thierry Le Hénaff said: "The macroeconomic environment remained difficult in the second quarter, marked notably by the wait-and-see attitude of customers in response to tariffs and by the unfavorable evolution of exchange rates. Arkema's teams continue to adapt with agility and commitment, as they have done in the past in similar contexts, and to work simultaneously across both short- and long-term time horizons. "In the short term, cost and cash management actions are being significantly strengthened. Furthermore, operating with a long-term perspective, the Group is pursuing its strategy of development centered on innovative materials with the execution of its major projects and its innovation dynamic focused on its large growth platforms such as batteries, sustainable consumer goods or efficient buildings. "The ramp-up of our bio-based polyamide plant and the announcement of a new Rilsan ® Clear transparent polyamide unit on our Singapore platform, where we gathered a large number of clients and the local authorities in mid-July, as well as the start-up of our additives plant for refining and biofuels in Texas are all assets which are serving this strategy.' KEY FIGURES in millions of euros Q2'25 Q2'24 Change H1'25 H1'24 Change Sales 2,395 2,536 -5.6% 4,776 4,877 -2.1% EBITDA (a) 364 451 -19.3% 693 801 -13.5% Specialty Materials 333 390 -14.6% 664 732 -9.3% Intermediates 54 84 -35.7% 78 123 -36.6% Corporate -23 -23 -49 -54 EBITDA margin (a) 15.2% 17.8% 14.5% 16.4% Specialty Materials 15.2% 17.2% 15.0% 16.5% Intermediates 28.7% 33.1% 22.6% 29.9% Recurring operating income (REBIT) (a) 198 302 -34.4% 358 504 -29.0% REBIT margin (a) 8.3% 11.9% 7.5% 10.3% Adjusted net income (a) 118 214 -44.9% 217 352 -38.4% Adjusted net income per share (in €) (a) 1.56 2.87 -45.6% 2.87 4.71 -39.1% Operating income 117 217 -46.1% 219 352 -37.8% Net income - Group share 47 145 -67.6% 96 224 -57.1% Recurring cash flow (a) 111 132 -27 72 Free cash flow (a) 91 117 -64 35 Net debt and hybrid bonds (a) 3,580 3,270 3,580 3,270 €3,241m as of 31/12/2024 (a) Alternative performance indicator: refer to sections 6 and 8 of the consolidated financial information at the end of June 2025 available at the end of the document for reconciliation tables and definitions Expand SECOND-QUARTER 2025 BUSINESS PERFORMANCE At €2,395 million, Group sales were down 5.6% year-on-year, impacted by a negative 3.3% currency effect reflecting the weakening of the US dollar and of certain Asian currencies against the euro. At constant exchange rates, sales decreased by 2.3%. In a demand environment broadly disappointing in Europe and the United States, and positively oriented in Asia, volumes declined slightly by 1.3%, down in most end-markets. They were supported by Arkema's growth in several attractive sectors such as sports, batteries, efficient buildings and 3D printing, benefiting from the Group's innovation focus. The negative 2.5% price effect reflected market conditions, the geographical mix and the evolution of certain raw materials. The 1.5% positive scope effect corresponded essentially to the integration of Dow's laminating adhesives. At €364 million, Group EBITDA was down on the previous year (€451 million in Q2'24) and the EBITDA margin remained solid at 15.2% (17.8% in Q2'24). This result benefited from the good resilience of High Performance Polymers and Adhesive Solutions, but reflected the significant decline in Coating Solutions and the decrease in Intermediates compared with the high comparison base of last year. Furthermore, this performance integrated the strengthening of cost control initiatives and included an unfavorable currency effect estimated at around €15 million on EBITDA for the quarter. Recurring depreciation and amortization totaled €166 million, up €17 million on the second quarter of 2024, reflecting the start-up of new production units during 2024, partially offset by a favorable currency effect. Recurring operating income (REBIT) therefore amounted to €198 million (€302 million in Q2'24) and REBIT margin came in at 8.3% (11.9% in Q2'24). Operating income came in at €117 million (€217 million in Q2'24). It included €47 million of exceptional expenses, mainly corresponding to restructuring costs in Hydrogen Peroxides linked notably to the reorganization of the Jarrie site in order to ensure its future by refocusing on activities in which Arkema is one of the world leaders, and resulting in the shutdown of certain production lines of the site. Adjusted net income amounted to €118 million (€214 million in Q2'24), i.e. €1.56 per share. CASH FLOW AND NET DEBT AT 30 JUNE 2025 Cash generation was solid with recurring cash flow of €111 million (€132 million in Q2'24). It included a small change in working capital, reflecting the Group's strict management in response to market conditions. At end-June 2025, working capital represented 17.0% of the annualized sales (15.7% at end-June 2024). Recurring cash flow also included lower capital expenditure at €151 million (€170 million in Q2'24), in line with the annual guidance. Free cash flow amounted to €91 million (€117 million in Q2'24), including a non-recurring cash outflow of €20 million, linked notably to restructuring costs and reorganization costs at the Jarrie site in France. Net debt and hybrid bonds came in at €3,580 million at end-June 2025 (€3,425 million at end-March 2025), integrating the €3.60 per share dividend payment in May 2025 for a total amount of €272 million. The net debt and hybrid bonds to last-twelve-months EBITDA ratio stood at 2.5x. in millions of euros Q2'25 Q2'24 Change Sales 716 706 +1.4% EBITDA (a) 103 109 -5.5% EBITDA margin (a) 14.4% 15.4% Recurring operating income (REBIT) (a) 78 88 -11.4% REBIT margin (a) 10.9% 12.5% (a) Alternative performance indicator : refer to sections 6 and 8 of the consolidated financial information at the end of June 2025 available at the end of the document for reconciliation tables and definitions Expand At €716 million (€706 million in Q2'24), sales in the Adhesive Solutions segment were up 4.8% year-on-year excluding the currency effect, supported by an 8.0% positive scope effect corresponding to the acquisition of Dow's flexible packaging laminating adhesives business. Down 2.6%, volumes decreased in industrial adhesives, notably in North America, while construction grew slightly, benefiting from an improved dynamic in Asia and Europe. Prices were stable overall at negative 0.6 % and the currency effect was a negative 3.4%. In this weak demand environment, segment EBITDA amounted to €103 million (€109 million in Q2'24) and EBITDA margin held up well at 14.4% (15.4% in Q2'24), despite the 50 bps dilutive effect linked to the consolidation of Dow's laminating adhesives, reflecting notably the strict management of prices and operations. ADVANCED MATERIALS (38% OF TOTAL GROUP SALES) in millions of euros Q2'25 Q2'24 Change Sales 917 918 -0.1% EBITDA (a) 177 190 -6.8% EBITDA margin (a) 19.3% 20.7% Recurring operating income (REBIT) (a) 77 103 -25.2% REBIT margin (a) 8.4% 11.2% (a) Alternative performance indicator : refer to sections 6 and 8 of the consolidated financial information at the end of June 2025 available at the end of the document for reconciliation tables and definitions Expand Sales in the Advanced Materials segment amounted to €917 million (€918 million in Q2'24), supported by an organic growth of 3.3%. Volumes were significantly up 5.7%, with progress in most of the segment's businesses, more particularly in High Performance Polymers in Asia. They were supported by Arkema's growth in several attractive sectors such as sports, batteries, efficient buildings and 3D printing, benefiting from the Group's innovation focus. Prices were down 2.4%, reflecting mainly the evolution of certain raw materials, as well as an unfavorable geographical mix and the current market conditions in Performance Additives. Lastly, the currency effect was a negative 3.4%. At €177 million (€190 million in Q2'24), segment EBITDA was impacted essentially by the decrease in Performance Additives, while High Performance Polymers were more resilient. In this context, the EBITDA margin for the segment remained at the good level of 19.3% (20.7% in Q2'24). COATING SOLUTIONS (24% OF TOTAL GROUP SALES) in millions of euros Q2'25 Q2'24 Change Sales 565 648 -12.8% EBITDA (a) 53 91 -41.8% EBITDA margin (a) 9.4% 14.0% Recurring operating income (REBIT) (a) 22 61 -63.9% REBIT margin (a) 3.9% 9.4% (a) Alternative performance indicator : refer to sections 6 and 8 of the consolidated financial information at the end of June 2025 available at the end of the document for reconciliation tables and definitions Expand Sales in the Coating Solutions segment decreased significantly by 12.8% year-on-year to €565 million. In a weak demand environment, volumes were down 6.6%, notably in the industrial coatings and construction markets, and affected in particular by North America. The negative 3.1% price effect reflected mainly the less favorable market conditions in upstream acrylics. Lastly, the currency effect was a negative 3.1%. In this context, segment EBITDA declined sharply to €53 million (€91 million in Q2'24), reflecting low cycle margins in upstream acrylics as well as weak volumes in the segment's downstream activities, and the EBITDA margin came in at 9.4% (14.0% in Q2'24). INTERMEDIATES (8% OF TOTAL GROUP SALES) in millions of euros Q2'25 Q2'24 Change Sales 188 254 -26.0% EBITDA (a) 54 84 -35.7% EBITDA margin (a) 28.7% 33.1% Recurring operating income (REBIT) (a) 47 74 -36.5% REBIT margin (a) 25.0% 29.1% (a) Alternative performance indicator : refer to sections 6 and 8 of the consolidated financial information at the end of June 2025 available at the end of the document for reconciliation tables and definitions Expand At €188 million (€254 million in Q2'24), sales in the Intermediates segment were down sharply 26.0% compared to last year. Volumes decreased by 9.0% and prices by 6.6%, impacted essentially by refrigerant gases, which nevertheless improved compared to the first quarter. The scope effect was a negative 7.3%, corresponding to the disposal of non-strategic assets in sebacic acid in China finalized in fourth-quarter 2024. The currency effect was a negative 3.1%. At €54 million (€84 million in Q2'24), EBITDA was affected by the significant decline in refrigerant gases on last year's high comparison base but benefited from the slight growth in acrylics in China. The EBITDA margin stood at the high level of 28.7% (33.1% in Q2'24). OUTLOOK The start of the second half of the year follows the trend of recent months, within a macroeconomic environment marked by continuing weakness in demand, geopolitical uncertainties and unfavorable evolution of exchange rates relative to the euro. In this context, Arkema is focusing as a priority on the elements that are within its control, and is significantly strengthening its cost-cutting initiatives, aiming to achieve €100 million of fixed and variable cost savings over the year, i.e., double the original target. Cash will continue to receive a particular attention, notably through strict management of working capital and capital expenditures. The Group will also rely on the ramp-up of its major projects in high value-added innovative applications and in fast growing regions. Their additional EBITDA contribution is now expected to reach around €50 million in 2025 compared to 2024, with the Group also reaffirming its target of over €400 million in 2028. Furthermore, Arkema anticipates a limited direct impact from the increase in tariffs thanks to its industrial footprint close to customers in the three major regions of the world but will nevertheless remain vigilant about their indirect impact on the macroeconomic environment and the wait-and-see attitude of customers. Based on these elements, the Group now expects to achieve EBITDA of between €1.3 billion and €1.4 billion in 2025, including an unfavorable impact linked to the evolution of exchange rates of around €50 million compared to last year. Recurring cash flow should adjust accordingly to between €300 million and €400 million. Finally, beyond the short-term priorities, Arkema will also continue to implement its strategic roadmap, notably its innovation focus and the development of high-performance solutions for a less carbon-intensive and more sustainable world, in close partnership with its customers. Relying also on its balanced geographical footprint, the Group will thus reinforce its positioning and its resilience, while benefiting from numerous growth opportunities. Further details concerning the Group's second quarter 2025 results are provided in the "Second quarter 2025 results and outlook" presentation and the "Factsheet", both available on Arkema's website at: The half-year financial report for the six months ended 30 June 2025 is available on the Group's website ( under Investors/Financials/Financial results. FINANCIAL CALENDAR 7 November 2025: Publication of third-quarter 2025 results 26 February 2026: Publication of full-year 2025 results DISCLAIMER The information disclosed in this press release may contain forward-looking statements with respect to the financial position, results of operations, business and strategy of Arkema. In a context of significant geopolitical tensions, where the outlook for the global economy remains uncertain, the retained assumptions and forward-looking statements could ultimately prove inaccurate. Such statements are based on management's current views and assumptions that could ultimately prove inaccurate and are subject to risk factors such as changes in raw materials prices, currency fluctuations, and the pace at which cost-reduction projects are implemented, escalating geopolitical tensions, and changes in general economic and financial conditions. Arkema does not assume any liability to update such forward-looking statements whether as a result of any new information or any unexpected event or otherwise. Further information on factors which could affect Arkema's financial results is provided in the documents filed with the French Autorité des marchés financiers. Balance sheet, income statement and cash flow statement data, as well as data relating to the statement of changes in shareholders' equity and information by segment included in this press release are extracted from the condensed consolidated interim financial statements at 30 June 2025, as approved by Arkema's Board of Directors on 30 July 2025. Quarterly financial information is not audited. Information by segment is presented in accordance with Arkema's internal reporting system used by management. Definitions and concordance tables for the main alternative performance indicators used by the Group are provided in Notes 6 and 8 to the consolidated financial information at the end of June 2025 provided at the end of this document. For the purpose of tracking changes in its results, and particularly its sales figures, the Group analyzes the following effects (unaudited analyses): scope effect: the impact of changes in the Group's scope of consolidation, which arise from acquisitions and divestments of entire businesses or as a result of the first-time consolidation or deconsolidation of entities. Increases or reductions in capacity are not included in the scope effect; currency effect: the mechanical impact of consolidating accounts denominated in currencies other than the euro at different exchange rates from one period to another. The currency effect is calculated by applying the foreign exchange rates of the prior period to the figures for the period under review; price effect: the impact of changes in average selling prices is estimated by comparing the weighted average net unit selling price of a range of related products in the period under review with their weighted average net unit selling price in the prior period, multiplied, in both cases, by the volumes sold in the period under review; and volume effect: the impact of changes in volumes is estimated by comparing the quantities delivered in the period under review with the quantities delivered in the prior period, multiplied, in both cases, by the weighted average net unit selling price in the prior period. Building on its unique set of expertise in materials science, Arkema offers a portfolio of first-class technologies to address ever-growing demand for new and more sustainable materials. With the ambition to become a pure player in Specialty Materials in 2024, the Group is structured into three complementary, resilient and highly innovative segments dedicated to Specialty Materials - Adhesive Solutions, Advanced Materials, and Coating Solutions - accounting for some 92% of Group sales in 2024, and a well-positioned and competitive Intermediates segment. Arkema offers cutting-edge technological solutions to meet the challenges of, among other things, new energies, access to water, recycling, urbanization and mobility, and fosters a permanent dialogue with all its stakeholders. The Group reported sales of around €9.5 billion in 2024 and operates in some 55 countries with 21,150 employees worldwide. ARKEMA financial statements Consolidated financial information - At the end of June 2025 Half-year information is subject to a limited review by auditors. Consolidated financial statements as of December 2024 have been audited. 2. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 2 nd quarter 2025 2 nd quarter 2024 (In millions of euros) Net income 47 149 Hedging adjustments 11 12 Other items 0 0 Deferred taxes on hedging adjustments and other items 0 0 Change in translation adjustments (320) 14 Other recyclable comprehensive income (309) 26 Impact of remeasuring unconsolidated investments 0 (1) Actuarial gains and losses 3 5 Deferred taxes on actuarial gains and losses (1) (1) Other non-recyclable comprehensive income 2 3 Total other comprehensive income (307) 29 Total comprehensive income (260) 178 Attributable to non-controlling interest (1) (1) Total comprehensive income - Group share (259) 179 End of June 2025 End of June 2024 (In millions of euros) Net income 97 229 Hedging adjustments 21 (3) Other items 0 0 Deferred taxes on hedging adjustments and other items 0 0 Change in translation adjustments (522) 71 Other recyclable comprehensive income (501) 68 Impact of remeasuring unconsolidated investments (1) (1) Actuarial gains and losses 11 18 Deferred taxes on actuarial gains and losses (1) (4) Other non-recyclable comprehensive income 9 13 Total other comprehensive income (492) 81 Total comprehensive income (395) 310 Attributable to non-controlling interest (17) (6) Total comprehensive income - Group share (378) 316 Expand 3. CONSOLIDATED CASH FLOW STATEMENT End of June 2025 End of June 2024 (In millions of euros) Net income 97 229 Depreciation, amortization and impairment of assets 404 382 Other provisions and deferred taxes (4) 23 (Gains)/Losses on sales of long-term assets 0 4 Undistributed affiliate equity earnings 0 3 Change in working capital (231) (279) Other changes 9 18 Cash flow from operating activities 275 380 Intangible assets and property, plant, and equipment additions (240) (269) Change in fixed asset payables (107) (50) Acquisitions of operations, net of cash acquired — (29) Increase in long-term loans (30) (55) Total expenditures (377) (403) Proceeds from sale of intangible assets and property, plant and equipment 3 3 Change in fixed asset receivables 8 (2) Proceeds from sale of operations, net of cash transferred — — Repayment of long-term loans 20 16 Total divestitures 31 17 Cash flow from investing activities (346) (386) Issuance/(Repayment) of shares and paid-in surplus — — Acquisition/sale of treasury shares (27) (14) Issuance of hybrid bonds 399 399 Redemption of hybrid bonds — — Dividends paid to parent company shareholders (272) (261) Interest paid to bearers of subordinated perpetual notes (24) (5) Dividends paid to non-controlling interests and buyout of minority interests (3) (1) Increase in long-term debt 11 3 Decrease in long-term debt (67) (750) Increase / (Decrease) in short-term debt (718) 685 Cash flow from financing activities (701) 56 Net increase/(decrease) in cash and cash equivalents (772) 50 Effect of exchange rates and changes in scope 70 (1) Cash and cash equivalents at beginning of period 2,013 2,045 Cash and cash equivalents at end of the period 1,311 2,094 Expand 4. CONSOLIDATED BALANCE SHEET 31 December 2024 (In millions of euros) ASSETS Goodwill 2,898 3,071 Other intangible assets, net 2,194 2,373 Property, plant and equipment, net 3,902 4,227 Investments in equity affiliates 10 11 Other investments 48 50 Deferred tax assets 139 155 Other non-current assets 316 327 TOTAL NON-CURRENT ASSETS 9,507 10,214 Inventories 1,309 1,348 Accounts receivable 1,435 1,312 Other receivables and prepaid expenses 216 201 Income taxes recoverable 103 101 Current financial derivative assets 35 20 Cash and cash equivalents 1,311 2,013 Assets held for sale — — TOTAL CURRENT ASSETS 4,409 4,995 TOTAL ASSETS 13,916 15,209 LIABILITIES AND SHAREHOLDERS' EQUITY Share capital 761 761 Paid-in surplus and retained earnings 6,678 6,439 Treasury shares (49) (22) Translation adjustments (156) 348 SHAREHOLDERS' EQUITY - GROUP SHARE 7,234 7,526 Non-controlling interests 216 235 TOTAL SHAREHOLDERS' EQUITY 7,450 7,761 Deferred tax liabilities 412 435 Provisions for pensions and other employee benefits 361 391 Other provisions and non-current liabilities 433 456 Non-current debt 3,644 3,680 TOTAL NON-CURRENT LIABILITIES 4,850 4,962 Accounts payable 935 1,074 Other creditors and accrued liabilities 429 424 Income tax payables 89 82 Current financial derivative liabilities 16 32 Current debt 147 874 Liabilities associated with assets held for sale — — TOTAL CURRENT LIABILITIES 1,616 2,486 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 13,916 15,209 Expand 5. CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY Shares issued Treasury shares Shareholders' equity - Group share Non-controlling interests Shareholders' equity (In millions of euros) Number Amount Paid-in surplus Hybrid bonds Retained earnings Translation adjustments Number Amount At 1 st January 2025 76,060,831 761 1,117 700 4,622 348 (257,160) (22) 7,526 235 7,761 Cash dividend — — — — (296) — — — (296) (6) (302) Issuance of share capital — — — — — — — — — — — Capital reduction by cancellation of treasury shares — — — — — — — — — — — Acquisition/sale of treasury shares — — — — — — (378,429) (27) (27) — (27) Grants of treasury shares to employees — — — — 0 — 109 0 0 — 0 Share-based payments — — — — 10 — — — 10 — 10 Issuance of hybrid bonds — — — 400 (1) — — — 399 — 399 Redemption of hybrid bonds — — — — — — — — — — — Other — — — — 0 — — — 0 4 4 Transactions with shareholders — — — 400 (287) — (378,320) (27) 86 (2) 84 Net income — — — — 96 — — — 96 1 97 Total income and expense recognized directly through equity — — — — 30 (504) — — (474) (18) (492) Total comprehensive income — — — — 126 (504) — — (378) (17) (395) At 30 June 2025 76,060,831 761 1,117 1,100 4,461 (156) (635,480) (49) 7,234 216 7,450 Expand 6. ALTERNATIVE PERFORMANCE INDICATORS The Group uses performance indicators that are not directly defined in the consolidated financial statements under IFRS and which are used as monitoring and analysis tools. The purpose of these indicators is to provide additional information to illustrate the Group's financial performance and its various activities, notably by eliminating exceptional or non-recurring items in certain cases, to ensure period-on-period comparability. In some cases, the indicators may also provide a consistent basis for comparison with the financial performance of our peers. A reconciliation with the aggregates of the IFRS consolidated financial statements is presented in this note. RECURRING OPERATING INCOME (REBIT) AND EBITDA (In millions of euros) End of June 2025 End of June 2024 2 nd quarter 2025 2 nd quarter 2024 OPERATING INCOME 219 352 117 217 - Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses (70) (75) (34) (37) - Other income and expenses (69) (77) (47) (48) RECURRING OPERATING INCOME (REBIT) 358 504 198 302 - Recurring depreciation and amortization of property, plant and equipment and intangible assets (335) (297) (166) (149) EBITDA 693 801 364 451 Details of depreciation and amortization of property, plant and equipment and intangible assets: (In millions of euros) End of June 2025 End of June 2024 2 nd quarter 2025 2 nd quarter 2024 Depreciation and amortization of property, plant and equipment and intangible assets (404) (382) (199) (193) Of which: Recurring depreciation and amortization of property, plant and equipment and intangible assets (335) (297) (166) (149) Of which: Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses (70) (75) (34) (37) Of which: Impairment included in other income and expenses 1 (10) 1 (7) ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE (In millions of euros) End of June 2025 End of June 2024 2 nd quarter 2025 2 nd quarter 2024 NET INCOME - GROUP SHARE 96 224 47 145 - Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses (70) (75) (34) (37) - Other income and expenses (69) (77) (47) (48) - Other income and expenses attributable to non-controlling interests — — — — - Taxes on depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses 16 16 8 7 - Taxes on other income and expenses 6 12 4 11 - One-time tax effects (4) (4) (2) (2) ADJUSTED NET INCOME 217 352 118 214 Weighted average number of ordinary shares 75,597,121 74,748,618 Weighted average number of potential ordinary shares 75,987,210 75,043,514 ADJUSTED EARNINGS PER SHARE (in euros) 2.87 4.71 1.56 2.87 DILUTED ADJUSTED EARNINGS PER SHARE (in euros) 2.86 4.69 1.56 2.85 RECURRING CAPITAL EXPENDITURE (In millions of euros) End of June 2025 End of June 2024 2 nd quarter 2025 2 nd quarter 2024 INTANGIBLE ASSETS AND PROPERTY, PLANT, AND EQUIPMENT ADDITIONS 240 269 151 170 - Exceptional capital expenditure — — — — - Investments relating to portfolio management operations — — — — - Capital expenditure with no impact on net debt — — — — RECURRING CAPITAL EXPENDITURE 240 269 151 170 CASH FLOWS (In millions of euros) End of June 2025 End of June 2024 2 nd quarter 2025 2 nd quarter 2024 Cash flow from operating activities 275 380 253 295 + Cash flow from investing activities (346) (386) (164) (198) NET CASH FLOW (71) (6) 89 97 - Net cash flow from portfolio management operations (7) (41) (2) (20) FREE CASH FLOW (64) 35 91 117 - Exceptional capital expenditure — — — — - Non-recurring cash flow (37) (37) (20) (15) RECURRING CASH FLOW (27) 72 111 132 - Recurring capital expenditure (240) (269) (151) (170) OPERATING CASH FLOW 213 341 262 302 Expand NET DEBT (In millions of euros) End of June 2025 End of December 2024 Non-current debt 3,644 3,680 + Current debt 147 874 - Cash and cash equivalents 1,311 2,013 NET DEBT 2,480 2,541 + Hybrid bonds 1,100 700 NET DEBT AND HYBRID BONDS 3,580 3,241 Last twelve months EBITDA 1,424 1,532 NET DEBT AND HYBRID BONDS TO EBITDA RATIO 2.5 2.1 WORKING CAPITAL (In millions of euros) End of June 2025 End of December 2024 Inventories 1,309 1,348 + Accounts receivable 1,435 1,312 + Other receivables including income taxes recoverable 319 302 + Current financial derivative assets 35 20 - Accounts payable (operating suppliers) 935 1,074 - Other liabilities including income taxes 518 506 - Current financial derivative liabilities 16 32 WORKING CAPITAL 1,629 1,370 CAPITAL EMPLOYED (In millions of euros) End of June 2025 End of December 2024 Goodwill, net 2,898 3,071 + Intangible assets (excluding goodwill), and property, plant and equipment, net 6,096 6,600 + Investments in equity affiliates 10 11 + Other investments and other non-current assets 364 377 + Working capital 1,629 1,370 CAPITAL EMPLOYED 10,997 11,429 Expand 7. INFORMATION BY SEGMENT 2 nd quarter 2025 (In millions of euros) Adhesive Solutions Advanced Materials Coating Solutions Intermediates Corporate Total Sales 716 917 565 188 9 2,395 EBITDA (a) 103 177 53 54 (23) 364 Recurring depreciation and amortization of property, plant and equipment and intangible assets (a) (25) (100) (31) (7) (3) (166) Recurring operating income (REBIT) (a) 78 77 22 47 (26) 198 Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses (24) (9) (1) — — (34) Other income and expenses (9) (33) — 3 (8) (47) Operating income 45 35 21 50 (34) 117 Equity in income of affiliates — 0 — — — 0 Intangible assets and property, plant, and equipment additions 16 71 53 6 5 151 Of which: recurring capital expenditure (a) 16 71 53 6 5 151 2 nd quarter 2024 (In millions of euros) Adhesive Solutions Advanced Materials Coating Solutions Intermediates Corporate Total Sales 706 918 648 254 10 2,536 EBITDA (a) 109 190 91 84 (23) 451 Recurring depreciation and amortization of property, plant and equipment and intangible assets (a) (21) (87) (30) (10) (1) (149) Recurring operating income (REBIT) (a) 88 103 61 74 (24) 302 Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses (26) (10) (1) — — (37) Other income and expenses (11) (28) 0 (1) (8) (48) Operating income 51 65 60 73 (32) 217 Equity in income of affiliates — (1) — — — (1) Intangible assets and property, plant, and equipment additions 16 113 28 4 9 170 Of which: recurring capital expenditure (a) 16 113 28 4 9 170 (a) Alternative performance indicator: refer to sections 6 and 8 for reconciliation tables and definitions. Expand 7. INFORMATION BY SEGMENT End of June 2025 (In millions of euros) Adhesive Solutions Advanced Materials Coating Solutions Intermediates Corporate Total Sales 1,431 1,811 1,172 345 17 4,776 EBITDA (a) 202 351 111 78 (49) 693 Recurring depreciation and amortization of property, plant and equipment and intangible assets (a) (51) (197) (63) (15) (9) (335) Recurring operating income (REBIT) (a) 151 154 48 63 (58) 358 Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses (49) (18) (3) — — (70) Other income and expenses (19) (43) — 3 (10) (69) Operating income 83 93 45 66 (68) 219 Equity in income of affiliates — 0 0 0 — — — 0 0 Intangible assets and property, plant, and equipment additions 26 121 76 7 10 240 Of which: recurring capital expenditure (a) 26 121 76 7 10 240 End of June 2024 (In millions of euros) Adhesive Solutions Advanced Materials Coating Solutions Intermediates Corporate Total Sales 1,386 1,796 1,263 412 20 4,877 EBITDA (a) 214 352 166 123 (54) 801 Recurring depreciation and amortization of property, plant and equipment and intangible assets (a) (44) (169) (61) (20) (3) (297) Recurring operating income (REBIT) (a) 170 183 105 103 (57) 504 Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses (53) (19) (3) — — (75) Other income and expenses (16) (51) 0 (1) (9) (77) Operating income 101 113 102 102 (66) 352 Equity in income of affiliates — (2) — — — (2) Intangible assets and property, plant, and equipment additions 27 176 43 11 12 269 Of which: recurring capital expenditure (a) 27 176 43 11 12 269 (a) Alternative performance indicator: refer to sections 6 and 8 for reconciliation tables and definitions. Expand 8. DEFINITIONS OF ALTERNATIVE PERFORMANCE INDICATORS Recurring depreciation and amortization of property, plant and equipment and intangible assets This alternative performance indicator corresponds to depreciation, amortization and impairment of property, plant and equipment and intangible assets before taking into account: depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses, and impairment included in other income and expenses. The indicator facilitates period-to-period comparisons by eliminating non-recurring items. Working capital This alternative performance indicator corresponds to the net amount of current assets and liabilities relating to operating activities, capital expenditure and financing activities. It reflects the Group's short-term financing requirements resulting from cash flow timing differences between outflows and inflows relating to operating activities. Capital employed This alternative performance indicator corresponds to the sum of the following: the net book value of goodwill, the net book value of intangible assets (excluding goodwill) and property, plant and equipment, the amount of investments in equity affiliates, the amount of other investments and other non-current assets, and working capital. Capital employed is used to analyze the amount of capital invested by the Group to conduct its business. Adjusted capital employed This alternative performance indicator corresponds to capital employed adjusted for divestments and acquisitions, to ensure consistency between the numerator and denominator items used to calculate ROCE. In the case of an announced divestment of a business announced and not finalized by 31 December, the operating income of this business remains consolidated in the income statement, and is therefore included in the calculation of REBIT, whereas items relating to capital employed are classified as assets/liabilities held for sale and are therefore excluded from the calculation of capital employed. To ensure consistency between the numerator and denominator items used to calculate ROCE, capital employed at 31 December is increased by the capital employed relating to the business being sold. When an acquisition is finalized during the year, operating results are only consolidated in the income statement from the date of acquisition, and not for the full year, while capital employed is recognized in full at 31 December. When the acquisition has not generated a material contribution to the year's earnings, in order to ensure consistency between the numerator and denominator items used to calculate ROCE, capital employed at 31 December is reduced by the capital employed relating to the acquired business, unless they are considered as not material. Net debt This alternative performance indicator corresponds to the sum of current and non-current debt less cash and cash equivalents. Net debt and hybrid bonds This alternative performance indicator corresponds to the amount of net debt and hybrid bonds. Net debt and hybrid bonds to EBITDA ratio This alternative performance indicator corresponds to the ratio of net debt and hybrid bonds to EBITDA. The indicator measures the level of debt in relation to the Group's operating performance, and provides a consistent basis for comparison with our peers. Earnings Before Interest Taxes Depreciation & Amortization (EBITDA) The IFRS item most similar to this alternative performance indicator is operating income. The indicator corresponds to operating income before taking into account: recurring depreciation and amortization of property, plant and equipment and intangible assets, other income and expenses, and depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses. This indicator is used to assess the Group's operating profitability and its ability to generate operating cash flow before changes in working capital, capital expenditure and cash flow from financing and tax expenses. It also facilitates period-to-period comparisons by eliminating non-recurring items, and provides a consistent basis for comparison with our peers. Recurring cash flow This alternative performance indicator corresponds to free cash flow excluding non-recurring or exceptional items, i.e., non-recurring cash flow and exceptional capital expenditure. The indicator enables period-to-period comparisons by eliminating the impact of exceptional or non-recurring items and portfolio management, and provides a consistent basis for comparison with our peers. It is used to assess the Group's ability to generate cash to finance its shareholder returns, non-recurring or exceptional items and acquisitions. Free cash flow This alternative performance indicator corresponds to net cash flow before taking into account net cash flow from portfolio management operations. It enables period-to-period comparisons by eliminating portfolio management, and provides a consistent basis for comparison with our peers. Net cash flow This alternative performance indicator corresponds to the sum of two IFRS items, cash flow from operations and cash flow from net investments. It provides an estimate of Group cash flow before changes in cash flow from financing activities. Net cash flow from portfolio management operations This alternative performance indicator corresponds to cash flows from acquisitions and divestments as described in notes 3.2.2 'Acquisitions during the year' and 3.3 'Business divestments'. Non-recurring cash flow This alternative performance indicator corresponds to cash flow from other income and expenses, as described in note 6.1.5 'Other income and expenses'. Operating cash flow This alternative performance indicator corresponds to free cash flow before taking into account intangible assets and property, plant and equipment additions, adjusted for non-recurring cash flows. It is used to assess the Group's ability to generate cash to finance its intangible assets and property, plant and equipment additions, shareholder returns and acquisitions. It corresponds to and replaces the "Operating cash flow" indicator defined at the Capital Markets Day on 27 September 2023. Recurring capital expenditure The IFRS item most similar to this alternative performance indicator is intangible assets and property, plant and equipment additions. Recurring capital expenditure includes all intangible assets and property, plant and equipment additions, adjusted for exceptional capital expenditure, investments linked to portfolio management operations and investments with no impact on net debt (financed by third parties). This indicator enables period-to-period comparisons by eliminating exceptional items, and provides a consistent basis for comparison with our peers. Exceptional capital expenditure Alternative performance indicator corresponding to a very limited number of capital expenditure items for major development projects that the Group presents separately in its financial communication due to their size and nature. REBIT margin This alternative performance indicator corresponds to the recurring operating income (REBIT) to sales ratio. It facilitates period-to-period comparisons by eliminating non-recurring items, and provides a consistent basis for comparison with our peers. EBITDA margin This alternative performance indicator corresponds to the EBITDA to sales ratio. It facilitates period-to-period comparisons by eliminating non-recurring items, and provides a consistent basis for comparison with our peers. It is also one of the financial performance criteria linked to performance share plans. Recurring operating income (REBIT) The IFRS item most similar to this alternative performance indicator is operating income. The indicator corresponds to operating income before taking into account: depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses, and other income and expenses. The indicator assesses the Group's operating profitability before tax and excluding non-recurring items, whatever the financing structure, since it does not take into account financial result. It facilitates period-to-period comparisons by eliminating non-recurring items, and provides a consistent basis for comparison with our peers. Adjusted net income The IFRS item most similar to this alternative performance indicator is net income – Group share. This indicator corresponds to net income – Group share before non-recurring items. Exceptional or non-recurring items correspond to: other income and expenses, net of applicable taxes, depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses, net of applicable taxes, and one-time tax effects unrelated to other income and expenses and relating to events that are exceptional in terms of frequency and amount, such as the recognition or impairment of deferred tax assets, or the impact of a change in tax rates on deferred taxes. This indicator enables us to assess the Group's profitability by taking account of not only operating items, but also the Group's financing structure and income taxes. It facilitates period-to-period comparisons by eliminating non-recurring items, and provides a consistent basis for comparison with our peers. Adjusted earnings per share This alternative performance indicator is calculated by dividing adjusted net income for the period by the weighted average number of ordinary shares outstanding during the period. Diluted adjusted earnings per share This alternative performance indicator corresponds to earnings per share adjusted for the dilutive effect of all potential ordinary shares. It is calculated by dividing adjusted net income for the period by the weighted average number of potential ordinary shares outstanding during the period. Return on capital employed (ROCE) This alternative performance indicator corresponds to the ratio of recurring operating income (REBIT) for the period to capital employed at the end of the period. It is used to assess the profitability of capital expenditure over time. Return on adjusted capital employed This alternative performance indicator corresponds to the ratio of recurring operating income (REBIT) for the period to the adjusted capital employed at the end of the period. It is used to assess the profitability of capital expenditure over time, by adjusting items relating to capital employed acquired during the period or in the course of disposal to bring them into line with the items used in REBIT. EBITDA to cash conversion rate This alternative performance indicator corresponds to the ratio of recurring cash flow to EBITDA. The indicator is used to assess the Group's ability to generate cash to finance, in particular, returns to shareholders, exceptional capital expenditure and acquisitions. This alternative performance indicator corresponds to the ratio of operating cash flow to EBITDA. The indicator provides a consistent basis for comparison between periods and with our peers, whatever the growth strategy adopted, whether external growth through acquisitions or internal growth through capital expenditure. It is also one of the financial performance criteria linked to performance share plans. It corresponds to and replaces the "Operating cash conversion rate" indicator defined at the Capital Markets Day on 27 September 2023.
Hamilton Spectator
3 hours ago
- Hamilton Spectator
Ipsen delivers strong results in the first half of 2025 and upgrades its full-year guidance
PARIS, FRANCE, 31 July 2025 - Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-care biopharmaceutical company, today presents its financial results for the first half of 2025. 'Our half year results reflect continued strong momentum, with growth across all three therapeutic areas, particularly in our rare liver disease franchise, which is expanding rapidly and progressing well,' said David Loew, Chief Executive Officer, Ipsen. 'Building on that performance, I am pleased to increase our full year guidance in terms of sales and profitability.' 'I'm also delighted to report robust progression in our pipeline and portfolio, including the recent European Commission approval of Cabometyx® in advanced neuroendocrine tumors, an area where Ipsen has a strong legacy. In the second half of the year, we are anticipating the readout of our pivotal study of fidrisertib in fibrodysplasia ossificans progressiva and the proof-of-concept trial of our long-acting neurotoxin in aesthetics. Our focused strategy, our culture of excellence in execution and our commitment to science with purpose position us to provide a positive impact for patients and society.' Full-year 2025 guidance Based on the strong performance in the first half, Ipsen upgrades its financial guidance for 2025: Guidance includes a negative impact on Somatuline sales due to a potential increased generic competition in the U.S. and Europe. It excludes any impact from potential late-stage (Phase III clinical development or later) business development transactions. Pipeline update since Q1 2025 In May 2025, Ipsen presented data on Iqirvo® (elafibranor) from the Phase II ELMWOOD study at the European Association for the Study of the Liver congress. It showed a favorable safety profile and demonstrated dose-dependent efficacy over 12 weeks for people living with PSC5, a rare liver disease with no approved treatment options. In June 2025, Ipsen initiated a Phase II study of LANT (IPN10200), in cervical dystonia. This marked the fourth study in the global long-acting neurotoxin development plan in therapeutics and aesthetics indications. On 23 July 2025, Ipsen received European Commission approval for Cabometyx® (cabozantinib) in previously treated advanced neuroendocrine tumors. This approval was based on positive outcomes from the Phase III CABINET trial. Consolidated financial statements The Board of Directors approved the condensed consolidated financial statements on 30 July 2025. The Company's auditors performed a limited review of the H1 2025 condensed consolidated financial statements. The interim financial report, with regards to the regulated information, will be available on in due course, under the Reports and Accounts tab in the Investor Relations section. Conference call A conference call and webcast for investors and analysts will begin today at 1pm CET. Participants can access the call and its details by registering here ; webcast details can be found here . Calendar Ipsen intends to publish its year-to-date and third-quarter sales update on 22 October 2025. Notes All financial figures are in € millions (€m). The performance shown in this announcement covers the six-month period to 30 June 2025 (H1 2025) and the three-month period to 30 June 2025 (Q2 2025), compared to the six-month period to 30 June 2024 (H1 2024) and the three-month period to 30 June 2024 (H1 2024), respectively, unless stated otherwise. Commentary is based on the performance in H1 2025, unless stated otherwise. ABOUT IPSEN We are a global biopharmaceutical company with a focus on bringing transformative medicines to patients in three therapeutic areas: Oncology, Rare Disease and Neuroscience. Our pipeline is fueled by external innovation and supported by nearly 100 years of development experience and global hubs in the U.S., France and the U.K. Our teams in more than 40 countries and our partnerships around the world enable us to bring medicines to patients in more than 80 countries. Ipsen is listed in Paris (Euronext: IPN) and in the U.S. through a Sponsored Level I American Depositary Receipt program (ADR: IPSEY). For more information, visit . IPSEN CONTACTS Investors Khalid Deojee +33 6 66 01 95 26 Media Sally Bain +1 857 32 00 517 Anne Liontas +33 7 67 34 72 96 1 At constant exchange rates (CER), which exclude any foreign-exchange impact by recalculating the performance for the relevant period by applying the exchange rates used for the prior period. 2 Excluding any impact from potential late-stage (Phase III clinical development or later) external-innovation transactions. 3 Long-acting neurotoxin. 4 Fibrodysplasia ossificans progressiva. 5 Primary sclerosing cholangitis Attachment
Los Angeles Times
9 hours ago
- Los Angeles Times
Green Street Acquires College House, Expanding Property-Level Coverage into U.S. Student Housing Sector
Newport Beach-based Green Street, a provider of commercial real estate intelligence and analytics in the U.S., Canada, Europe and Australia, has announced the acquisition of College House, a leading provider of property-level data and insights for the U.S. student housing sector. Founded in 2019, College House has built a strong reputation in a fragmented market by offering high-quality, timely and deeply granular data. The acquisition marks a significant milestone in Green Street's global growth strategy and its continued investment in delivering best-in-class, property-level data across real assets. College House enhances Green Street's data platform and deepens its U.S. presence by bringing unrivaled coverage of the fast-growing student housing market. 'Property-level data is foundational to Green Street's strategy,' said Jeff Stuek, CEO of Green Street. 'With the addition of College House, we've extended our leadership into student housing and enhanced our ability to deliver granular insights to our clients. Their best-in-class product is a strong fit for Green Street, and we are proud to join forces with their exceptional team. This acquisition aligns with our global growth strategy and accelerates our vision to provide the most comprehensive commercial real estate intelligence platform in the world.' In the near term, College House expands Green Street's U.S. sector coverage with one of the most reputable sources of student housing data. Over time, it will serve as a strong foundation for the development of new sector-specific analytics, modeling and benchmarks within Green Street's offering. 'Joining Green Street marks an exciting new chapter for College House,' said Charlie Matthews, founder of College House. 'Our focus has always been on delivering data transparency and depth to the student housing space. With Green Street's scale, resources and expertise, we're excited to take our mission to the next level and bring even more powerful analytics and insights to the broader market.' Green Street was advised by Kirkland & Ellis, LLP. College House was advised by Greenberg Taurig, LLP on the acquisition. Information sourced from Green Street. To learn more, contact media@
