TPG Boosts Digital Infrastructure Portfolio With $660 Million Peppertree Acquisition
The transaction involves a combination of cash and equity, estimated at up to $242 million in cash and up to $418 million in equity payable upon closing, with both amounts subject to certain adjustments.
The agreement also includes potential earnout payments of up to $300 million based on Peppertree's future performance.
Also Read: Sabre Divests Hospitality Arm To TPG For $1.1B, Plans Debt Reduction
The transaction has been approved by TPG's Board of Directors and is anticipated to close in the third quarter of 2025, subject to standard closing conditions.
Upon completion, Peppertree is poised to significantly enhance TPG's capabilities in developing wireless communication towers and network infrastructure.
This increased scale is anticipated to complement TPG's existing leading position across its Internet, Digital Media & Communications (IDMC) platform.
The combined assets under management (AUM) of TPG and Peppertree is projected to be $253.6 billion on a pro forma basis, and the transaction is expected to immediately increase TPG's fee-related earnings and after-tax distributable earnings per share upon closing.
David Trujillo and John Flynn, Partners at TPG, added, 'Peppertree's track record of investing in high-quality wireless communications towers and critical digital infrastructure assets, combined with TPG's thematic investing approach and legacy of scaling innovative internet and communications companies, positions us to leverage our collective insights and expertise to build high-quality, growing digital infrastructure-related businesses.'
In a separate release, TPG, in partnership with Corpay, agreed to acquire AvidXchange Holdings, Inc. for $10 per share in a cash transaction valued at $2.2 billion.
As of December 31, TPG's cash and cash equivalents stood at around $147 million.
TPG plans to release first-quarter earnings before the market opens on May 7, 2025.
Investors can gain exposure to the stock via Invesco Global Listed Private Equity ETF (NYSE:PSP) and EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:LBO).
Price Action: TPG shares are down 1.28% to $45.60 at the last check on Wednesday.
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STMicroelectronics Reports 2025 Second Quarter Financial Results
PR No: C3349C STMicroelectronics Reports 2025 Second Quarter Financial Results Q2 net revenues $2.77 billion; gross margin 33.5%; operating loss of $133 million, including $190 million related to impairment, restructuring charges and other related phase-out costs; net loss of $97 million H1 net revenues $5.28 billion; gross margin 33.5%; operating loss of $130 million, including $198 million related to impairment, restructuring charges and other related phase-out costs; net loss of $41 million Business outlook at mid-point: Q3 net revenues of $3.17 billion and gross margin of 33.5% Geneva, July 24, 2025 – STMicroelectronics N.V. ('ST') (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the second quarter ended June 28, 2025. This press release also contains non-U.S. GAAP measures (see Appendix for additional information). ST reported second quarter net revenues of $2.77 billion, gross margin of 33.5%, operating loss of $133 million, and net loss of $97 million or -$0.11 diluted earnings per share (non-U.S. GAAP1 operating income of $57 million, and non-U.S. GAAP1 net income of $57 million or $0.06 diluted earnings per share). Jean-Marc Chery, ST President & CEO, commented: 'Q2 net revenues came above the mid-point of our business outlook range, driven by higher revenues in Personal Electronics and Industrial, while Automotive was slightly below expectations. Gross margin was in line with the mid-point of our business outlook range.' 'On a year-over-year basis, Q2 net revenues decreased 14.4%, non-U.S. GAAP1 operating margin decreased to 2.1% from 11.6% and non-U.S. GAAP1 net income decreased to $57 million from $353 million.' 'First half net revenues decreased 21.1% year-over-year, with a decrease in all reportable segments. Non-U.S. GAAP1 operating margin was 1.3% and non-U.S. GAAP1 net income was $120 million.' 'In the second quarter, our book-to-bill ratio remained above one for Industrial, while Automotive was below parity. Bookings continued to increase sequentially.' 'Our third quarter business outlook, at the mid-point, is for net revenues of $3.17 billion, decreasing year-over-year by 2.5% and increasing sequentially by 14.6%; gross margin is expected to be about 33.5%; including about 340 basis points of unused capacity charges. On a sequential basis, our Q3 gross margin will be negatively impacted by about 140 basis points, mainly from currency effect and, to a lesser extent, the start of non-recurring cost related to our manufacturing reshaping program.' 'While we expect Q3 revenues to show a solid sequential growth enabling a continued year-over-year improvement, we are still operating amid an uncertain macroeconomic environment. Given these external factors, our priorities remain supporting our customers, accelerating new product introductions, and executing our company-wide program to reshape our manufacturing footprint and resize our global cost base.' Quarterly Financial Summary U.S. GAAP(US$ m, except per share data) Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y Net Revenues $2,766 $2,517 $3,232 9.9% -14.4% Gross Profit $926 $841 $1,296 10.2% -28.5% Gross Margin 33.5% 33.4% 40.1% +10 bps - 660 bps Operating Income (Loss) $(133) $3 $375 - - Operating Margin -4.8% 0.1% 11.6% -490 bps -1,640 bps Net Income (Loss) $(97) $56 $353 - - Diluted Earnings Per Share $(0.11) $0.06 $0.38 - - Non-U.S. GAAP2(US$ m, except per share data) Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y Operating Income $57 $11 $375 429.6% -84.7% Operating Margin 2.1% 0.4% 11.6% 170 bps -950 bps Net Income $57 $63 $353 -9.1% -83.9% Diluted Earnings Per Share $0.06 $0.07 $0.38 -14.3% -84.2% Second Quarter 2025 Summary ReviewReminder: on January 1, 2025 we made some adjustments to our segment reporting. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail. Net Revenues by Reportable Segment3 (US$ m) Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y Analog products, MEMS and Sensors (AM&S) segment 1,133 1,069 1,336 5.9% -15.2% Power and discrete products (P&D) segment 447 397 576 12.9% -22.2% Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group 1,580 1,466 1,912 7.8% -17.4% Embedded Processing (EMP) segment 847 742 906 14.1% -6.5% RF & Optical Communications (RF&OC) segment 336 306 410 10.1% -17.9% Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group 1,183 1,048 1,316 13.0% -10.1% Others 3 3 4 - - Total Net Revenues $2,766 $2,517 $3,232 9.9% -14.4% Net revenues totaled $2.77 billion, representing a year-over-year decrease of 14.4%. Year-over-year net sales to OEMs and Distribution decreased 15.3% and 12.0%, respectively. On a sequential basis, net revenues increased 9.9%, 220 basis points better than the mid-point of ST's guidance. Gross profit totaled $926 million, representing a year-over-year decrease of 28.5%. Gross margin of 33.5%, 10 basis points above the mid-point of ST's guidance, decreased 660 basis points year-over-year, mainly due to product mix, lower manufacturing efficiencies and, to a lesser extent, higher unused capacity charges. Operating income decreased from $375 million in the year-ago quarter to an operating loss of $133 million. ST's operating margin decreased 1,640 basis points on a year-over-year basis to -4.8% of net revenues, compared to 11.6% in the second quarter of 2024. Operating loss included $190M impairment, restructuring charges and other related phase-out costs for the quarter, reflecting impairment of assets and restructuring charges predominantly associated with the previously announced company-wide program to reshape our manufacturing footprint and resize our global cost base. Excluding these items, non-U.S. GAAP1 Operating income stood at $57 million in the second quarter. By reportable segment, compared with the year-ago quarter: In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group: Analog products, MEMS and Sensors (AM&S) segment: Revenue decreased 15.2% mainly due to a decrease in Analog. Operating profit decreased by 55.9% to $85 million. Operating margin was 7.5% compared to 14.5%. Power and Discrete products (P&D) segment: Revenue decreased 22.2%. Operating profit decreased from $61 million to an operating loss of $56 million. Operating margin was -12.5% compared to 10.6%. In Microcontrollers, Digital ICs and RF products (MDRF) Product Group: Embedded Processing (EMP) segment: Revenue decreased 6.5% mainly due to Custom Processing. Operating profit decreased by 8.7% to $114 million. Operating margin was 13.5% compared to 13.8%. RF & Optical Communications (RF&OC) segment: Revenue decreased 17.9%. Operating profit decreased by 37.2% to $60 million. Operating margin was 17.9% compared to 23.4%. Net Earnings and diluted Earnings Per Share decreased to a negative $97 million and a negative $0.11 respectively compared to a positive $353 million and $0.38 respectively in the year-ago quarter. Non-U.S. GAAP1 Net income and diluted Earnings Per Share, stood at $57 million and $0.06 respectively in the second quarter of 2025. Cash Flow and Balance Sheet Highlights Trailing 12 Months (US$ m) Q2 2025 Q1 2025 Q2 2024 Q2 2025 Q2 2024 TTM Change Net cash from operating activities 354 574 702 2,332 4,922 -52.6% Free cash flow (non-U.S. GAAP1) (152) 30 159 142 1,384 -89.7% Net cash from operating activities was $354 million in the second quarter compared to $702 million in the year-ago quarter. Net Capex (non-U.S. GAAP1), was $465 million in the second quarter compared to $528 million in the year-ago quarter. Free cash flow (non-U.S. GAAP1) was negative at $152 million in the second quarter, compared to positive $159 million in the year-ago quarter. Inventory at the end of the second quarter was $3.27 billion, compared to $3.01 billion in the previous quarter and $2.81 billion in the year-ago quarter. Days sales of inventory at quarter-end was 166 days, compared to 167 days for the previous quarter and 130 days for the year-ago quarter. In the second quarter, ST paid cash dividends to its stockholders totaling $81 million and executed a $92 million share buy-back, as part of its current share repurchase program. ST's net financial position (non-U.S. GAAP4) remained strong at $2.67 billion as of June 28, 2025, compared to $3.08 billion as of March 29, 2025, and reflected total liquidity of $5.63 billion and total financial debt of $2.96 billion. Adjusted net financial position (non-U.S. GAAP1), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.31 billion as of June 28, 2025. Corporate developments On May 28, 2025, STMicroelectronics held its 2025 Annual General Meeting of Shareholders in Amsterdam, the Netherlands. All proposed resolutions were approved by the Shareholders. Business Outlook ST's guidance, at the mid-point, for the 2025 third quarter is: Net revenues are expected to be $3.17 billion, an increase of 14.6% sequentially, plus or minus 350 basis points. Gross margin of 33.5%, plus or minus 200 basis points. This outlook is based on an assumed effective currency exchange rate of approximately $1.14 = €1.00 for the 2025 third quarter and includes the impact of existing hedging contracts. The third quarter will close on September 27, 2025. This business outlook does not include any impact of potential further changes to global trade tariffs compared to the current situation. Conference Call and Webcast Information ST will conduct a conference call with analysts, investors and reporters to discuss its second quarter 2025 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST's website, and will be available for replay until August 8, 2025. Use of Supplemental Non-U.S. GAAP Financial Information This press release contains supplemental non-U.S. GAAP financial information. Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST's consolidated financial statements prepared in accordance with U.S. GAAP. See the Appendix of this press release for a reconciliation of ST's non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures. Forward-looking Information Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management's current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors: changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and may directly or indirectly adversely impact the demand for our products; uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products; customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all; the ability to design, manufacture and sell innovative products in a rapidly changing technological environment; changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities; unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding; financial difficulties with any of our major distributors or significant curtailment of purchases by key customers; the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers; availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation); the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation; the impact of IP claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions; changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets; variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations; the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant; product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts; natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate; increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027; epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results; industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers; the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations; and individual customer use of certain products, which may differ from the anticipated uses of such products and result in differences in performance, including energy consumption, may lead to a failure to achieve our disclosed emission-reduction goals, adverse legal action or additional research costs. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as 'believes', 'expects', 'may', 'are expected to', 'should', 'would be', 'seeks' or 'anticipates' or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions. Some of these risk factors are set forth and are discussed in more detail in 'Item 3. Key Information — Risk Factors' included in our Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission ('SEC') on February 27, 2025. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances. Unfavorable changes in the above or other factors listed under 'Item 3. Key Information — Risk Factors' from time to time in our Securities and Exchange Commission ('SEC') filings, could have a material adverse effect on our business and/or financial condition. About STMicroelectronics At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at For further information, please contact: INVESTOR RELATIONS:Jérôme RamelEVP Corporate Development & Integrated External Communication Tel: +41 22 929 59 20 MEDIA RELATIONS:Alexis BretonCorporate External CommunicationsTel: + 33 6 59 16 79 STMicroelectronics N.V. CONSOLIDATED STATEMENTS OF INCOME (in millions of U.S. dollars, except per share data ($)) Three months ended June 28, June 29, 2025 2024 (Unaudited) (Unaudited) Net sales 2,745 3,227 Other revenues 21 5 NET REVENUES 2,766 3,232 Cost of sales (1,840) (1,936) GROSS PROFIT 926 1,296 Selling, general and administrative expenses (420) (419) Research and development expenses (514) (535) Other income and expenses, net 65 33 Impairment, restructuring charges and other related phase-out costs (190) - Total operating expenses (1,059) (921) OPERATING INCOME (LOSS) (133) 375 Interest income, net 45 51 Other components of pension benefit costs (5) (4) Loss on financial instruments, net (19) (1) INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTEREST (112) 421 Income tax benefit (expense) 18 (67) NET INCOME (LOSS) (94) 354 Net income attributable to noncontrolling interest (3) (1) NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (97) 353 EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.11) 0.39 EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.11) 0.38 NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 893.9 941.1 STMicroelectronics N.V. CONSOLIDATED STATEMENTS OF INCOME (in millions of U.S. dollars, except per share data ($)) Six months ended June 28, June 29, 2025 2024 (Unaudited) (Unaudited) Net sales 5,257 6,670 Other revenues 26 27 NET REVENUES 5,283 6,697 Cost of sales (3,516) (3,958) GROSS PROFIT 1,767 2,739 Selling, general and administrative expenses (810) (844) Research and development expenses (1,004) (1,063) Other income and expenses, net 115 93 Impairment, restructuring charges and other related phase-out costs (198) - Total operating expenses (1,897) (1,814) OPERATING INCOME (LOSS) (130) 925 Interest income, net 93 111 Other components of pension benefit costs (9) (8) Gain (loss) on financial instruments, net 6 (1) INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTEREST (40) 1,027 Income tax benefit (expense) 4 (159) NET INCOME (LOSS) (36) 868 Net income attributable to noncontrolling interest (5) (3) NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (41) 865 EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.05) 0.96 EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.05) 0.92 NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 894.9 941.8 STMicroelectronics N.V. CONSOLIDATED BALANCE SHEETS As at June 28, March 29, December 31, In millions of U.S. dollars 2025 2025 2024 (Unaudited) (Unaudited) (Audited) ASSETS Current assets: Cash and cash equivalents 1,616 1,781 2,282 Short-term deposits 1,650 1,650 1,450 Marketable securities 2,363 2,528 2,452 Trade accounts receivable, net 1,352 1,385 1,749 Inventories 3,273 3,014 2,794 Other current assets 1,267 1,050 1,007 Total current assets 11,521 11,408 11,734 Goodwill 313 299 290 Other intangible assets, net 342 338 346 Property, plant and equipment, net 11,437 11,178 10,877 Non-current deferred tax assets 558 490 464 Long-term investments 77 96 71 Other non-current assets 1,215 1,114 961 13,942 13,515 13,009 Total assets 25,463 24,923 24,743 LIABILITIES AND EQUITY Current liabilities: Short-term debt 1,006 988 990 Trade accounts payable 1,451 1,373 1,323 Other payables and accrued liabilities 1,386 1,290 1,306 Dividends payable to stockholders 257 16 88 Accrued income tax 104 72 66 Total current liabilities 4,204 3,739 3,773 Long-term debt 1,951 1,889 1,963 Post-employment benefit obligations 428 392 377 Long-term deferred tax liabilities 48 48 47 Other long-term liabilities 848 896 904 3,275 3,225 3,291 Total liabilities 7,479 6,964 7,064 Commitment and contingencies Equity Parent company stockholders' equity Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 894,759,029 shares outstanding as of June 28, 2025) 1,157 1,157 1,157 Additional Paid-in Capital 3,187 3,142 3,088 Retained earnings 12,911 13,514 13,459 Accumulated other comprehensive income 983 495 236 Treasury stock (490) (582) (491) Total parent company stockholders' equity 17,748 17,726 17,449 Noncontrolling interest 236 233 230 Total equity 17,984 17,959 17,679 Total liabilities and equity 25,463 24,923 24,743 STMicroelectronics N.V. SELECTED CASH FLOW DATA Cash Flow Data (in US$ millions) Q2 2025 Q1 2025 Q2 2024 Net Cash from operating activities 354 574 702 Net Cash used in investing activities (332) (796) (628) Net Cash used in financing activities (191) (282) (112) Net Cash decrease (165) (501) (41) Selected Cash Flow Data (in US$ millions) Q2 2025 Q1 2025 Q2 2024 Depreciation & amortization 464 428 439 Net payment for Capital expenditures (481) (538) (546) Dividends paid to stockholders (81) (72) (73) Change in inventories, net (140) (172) (136) AppendixSTChanges to reportable segments Following ST's reorganization announced in January 2024 into two Product Groups and four reportable segments, we have made further progress in analyzing our global product portfolio, resulting in the following adjustments to our segments, effective starting January 1, 2025, without modifying subtotals at Product Group level: In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group: The transfer of VIPower products from Power and Discrete products ('P&D') reportable segment to Analog products, MEMS and Sensors ('AM&S') reportable segment. In Microcontrollers, Digital ICs and RF products (MDRF) Product Group: the newly created 'Embedded Processing' ('EMP') reportable segment includes the former 'MCU' segment (excluding the RF ASICs mentioned below) as well as Custom Processing products (Automotive ADAS products). the newly created 'RF & Optical Communications' ('RF&OC') reportable segment includes the former 'D&RF' segment (excluding Automotive ADAS products) as well as some RF ASICs which were previously part of the former 'MCU' segment. We believe these adjustments are critical for implementing synergies and optimizing resources, which are necessary to fully deliver the benefits expected from our new organization. Our four reportable segments - within each Product Group - are now as follows: In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group: Analog products, MEMS and Sensors ('AM&S') reportable segment, comprised of ST analog products (now including VIPower products), MEMS sensors and actuators, and optical sensing solutions. Power and Discrete products ('P&D') reportable segment, comprised of discrete and power transistor products (now excluding VIPower products). In this Press Release, 'Analog' refers to analog products, 'MEMS' to MEMS sensors and actuators and 'Imaging' to optical sensing solutions. In Microcontrollers, Digital ICs and RF products (MDRF) Product Group: Embedded Processing ('EMP') reportable segment, comprised of general-purpose and automotive microcontrollers, connected security products and Custom Processing Products (Automotive ADAS) RF & Optical Communications ('RF&OC') reportable segment, comprised of Space, Ranging & Connectivity products, Digital Audio & Signaling Solutions and Optical & RF COT. In this Press release, 'GPAM' refers to General purpose & automotive microcontrollers, 'Connected Security' to connected security products, 'Custom Processing' to automotive ADAS products. Prior year comparative periods have been adjusted accordingly. (Appendix – continued)ST Supplemental Financial Information Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Net Revenues By Market Channel (%) Total OEM 72% 71% 73% 76% 73% Distribution 28% 29% 27% 24% 27% €/$ Effective Rate 1.09 1.06 1.09 1.08 1.08 Reportable Segment Data (US$ m) Analog products, MEMS and Sensors (AM&S) segment - Net Revenues 1,133 1,069 1,348 1,340 1,336 - Operating Income 85 82 220 216 193 Power and Discrete products (P&D) segment - Net Revenues 447 397 602 652 576 - Operating Income (Loss) (56) (28) 45 80 61 Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group - Net Revenues 1,580 1,466 1,950 1,992 1,912 - Operating Income 29 54 265 296 254 Embedded Processing (EMP) segment - Net Revenues 847 742 1,002 898 906 - Operating Income 114 66 181 146 126 RF & Optical Communications (RF&OC) segment - Net Revenues 336 306 366 357 410 - Operating Income 60 43 95 84 96 Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group - Net Revenues 1,183 1,048 1,368 1,255 1,316 - Operating Income 174 109 276 230 222 Others (a) - Net Revenues 3 3 3 4 4 - Operating Income (Loss) (336) (160) (172) (145) (101) Total - Net Revenues 2,766 2,517 3,321 3,251 3,232 - Operating Income (Loss) (133) 3 369 381 375 (a) Net revenues of Others include revenues from sales assembly services and other revenues. Operating income (loss) of Others include items such as unused capacity charges, including incidents leading to power outage, impairment, restructuring charges and other related phase-out costs, management reorganization costs, start-up costs, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to reportable segments, as well as operating earnings of other products. Others includes: (US$ m) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 (Appendix – continued)STSupplemental Non-U.S. GAAP Financial InformationU.S. GAAP – Non-U.S. GAAP Reconciliation The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. ST believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with ST's U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of ST's on-going operating results, (ii) the ability to better identify trends in ST's business and perform related trend analysis, and (iii) to facilitate a comparison of ST's results of operations against investor and analyst financial models and valuations, which may exclude these items. Non-U.S. GAAP Operating Income, Non-U.S. GAAP Net Earnings and Non-U.S. GAAP Earnings Per Share (non-U.S. GAAP measures) Operating income before impairment and restructuring charges and one-time items is used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items, such as impairment, restructuring charges and other related phase-out costs. Adjusted net earnings and earnings per share (EPS) are used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items like impairment, restructuring charges and other related phase-out costs attributable to ST and other one-time items, net of the relevant tax impact. Q2 2025(US$ m, except per share data) Gross Profit Operating Income (Loss) Net Earnings Corresponding Diluted EPS U.S. GAAP 926 (133) (97) (0.11) Impairment, restructuring charges and other related phase-out costs - 190 190 Estimated income tax effect - - (36) Non-U.S. GAAP 926 57 57 0.06H1 2025(US$ m, except per share data) Gross Profit Operating Income (Loss) Net Earnings Corresponding Diluted EPS U.S. GAAP 1,767 (130) (41) (0.05) Impairment, restructuring charges and other related phase-out costs - 198 198 Estimated income tax effect - - (37) Non-U.S. GAAP 1,767 68 120 0.13 (Appendix – continued) Net Financial Position and Adjusted Net Financial Position (non-U.S. GAAP measures) Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet. ST believes its Net Financial Position and Adjusted Net Financial Position provide useful information for investors and management because they give evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definitions of Net Financial Position and Adjusted Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited. (US$ m) Jun 282025 Mar 292025 Dec 312024 Sep 282024 Jun 292024 Cash and cash equivalents 1,616 1,781 2,282 3,077 3,092 Short term deposits 1,650 1,650 1,450 977 975 Marketable securities 2,363 2,528 2,452 2,242 2,218 Total liquidity 5,629 5,959 6,184 6,296 6,285 Short-term debt (1,006) (988) (990) (1,003) (236) Long-term debt (a) (1,951) (1,889) (1,963) (2,112) (2,850) Total financial debt (2,957) (2,877) (2,953) (3,115) (3,086) Net Financial Position (non-U.S. GAAP) 2,672 3,082 3,231 3,181 3,199 Advances received on capital grants (361) (377) (385) (366) (402) Adjusted Net Financial Position (non-U.S. GAAP) 2,311 2,705 2,846 2,815 2,797 (a) Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $639 million equivalent, are currently undrawn. (Appendix – continued) Net Capex and Free Cash Flow (non-U.S. GAAP measures) ST presents Net Capex as a non-U.S. GAAP measure, which is reported as part of our Free Cash Flow (non-U.S. GAAP measure), to take into consideration the effect of advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Net Capex, a non-U.S. GAAP measure, is defined as (i) Payment for purchase of tangible assets, as reported plus (ii) Proceeds from sale of tangible assets, as reported plus (iii) Proceeds from capital grants and other contributions, as reported plus (iv) Advances from capital grants allocated to property, plant and equipment in the reporting period. ST believes Net Capex provides useful information for investors and management because annual capital expenditures budget includes the effect of capital grants. Our definition of Net Capex may differ from definitions used by other companies. (US$ m) Q2 2025 Q12025 Q42024 Q3 2024 Q2 2024 Payment for purchase of tangible assets, as reported (574) (587) (584) (669) (690) Proceeds from sale of tangible assets, as reported 4 2 - 2 1 Proceeds from capital grants and other contributions, as reported 89 47 83 66 143 Advances from capital grants allocated to property, plant and equipment 16 8 31 36 18 Net Capex (non-U.S. GAAP) (465) (530) (470) (565) (528) Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) Net Capex plus (iii) payment for purchase (and proceeds from sale) of intangible and financial assets and (iv) net cash paid for business acquisitions, if any. ST believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations. Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates, and by excluding the advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Our definition of Free Cash Flow may differ from definitions used by other companies. (US$ m) Q2 2025 Q12025 Q42024 Q32024 Q2 2024 Net cash from operating activities 354 574 681 723 702 Net Capex (465) (530) (470) (565) (528) Payment for purchase of intangible assets, net of proceeds from sale (41) (14) (32) (20) (15) Payment for purchase of financial assets, net of proceeds from sale - - (51) (2) - Free Cash Flow (non-U.S. GAAP) (152) 30 128 136 1591 Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.2 Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.3 See Appendix for the definition of reportable segments. 4 Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important. Attachment C3349C - STMicroelectronics Q225 Earnings PRError 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
Hamilton Spectator
30 minutes ago
- Hamilton Spectator
Teck Reports Unaudited Second Quarter Results for 2025
VANCOUVER, British Columbia, July 24, 2025 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (Teck) today announced its unaudited second quarter results for 2025. 'This quarter marked a significant milestone in the growth of Teck's copper production into the future, with regulatory approval and Board sanction for construction of the Highland Valley Copper Mine Life Extension project,' said Jonathan Price, President and CEO. 'We remain focused on delivering disciplined, value-accretive growth while continuing to return cash to shareholders through our ongoing share buyback.' Highlights Note: 1. This is a non-GAAP financial measure or ratio. See ' Use of Non-GAAP Financial Measures and Ratios ' for further information. Financial Summary Q2 2025 Note: 1. This is a non-GAAP financial measure or ratio. See 'Use of Non-GAAP Financial Measures and Ratios' for further information. Key Updates QB Ramp-Up Value-Driven Growth Note: 1. This is a non-GAAP financial measure or ratio. See 'Use of Non-GAAP Financial Measures and Ratios' for further information. Safety and Sustainability Leadership Guidance Note: 1. This is a non-GAAP financial measure or ratio. See 'Use of Non-GAAP Financial Measures and Ratios' for further information. All dollar amounts expressed in this news release are in Canadian dollars unless otherwise noted. Click here to view Teck's full second quarter results for 2025. WEBCAST Teck will host an Investor Conference Call to discuss its Q2/2025 financial results at 11:00 AM Eastern time, 8:00 AM Pacific time, on July 24, 2025. A live audio webcast of the conference call, together with supporting presentation slides, will be available at our website at . The webcast will be archived at . REFERENCE Emma Chapman, Vice President, Investor Relations: +44 207.509.6576 Dale Steeves, Director, External Communications: +1 236.987.7405 USE OF NON-GAAP FINANCIAL MEASURES AND RATIOS Our annual financial statements are prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB). Our interim financial results are prepared in accordance with IAS 34, Interim Financial Reporting (IAS 34). This document refers to a number of non-GAAP financial measures and non-GAAP ratios, which are not measures recognized under IFRS Accounting Standards and do not have a standardized meaning prescribed by IFRS Accounting Standards or by Generally Accepted Accounting Principles (GAAP) in the United States. The non-GAAP financial measures and non-GAAP ratios described below do not have standardized meanings under IFRS Accounting Standards, may differ from those used by other issuers, and may not be comparable to similar financial measures and ratios reported by other issuers. These financial measures and ratios have been derived from our financial statements and applied on a consistent basis as appropriate. We disclose these financial measures and ratios because we believe they assist readers in understanding the results of our operations and financial position and provide further information about our financial results to investors. These measures should not be considered in isolation or used as a substitute for other measures of performance prepared in accordance with IFRS Accounting Standards. Adjusted profit from continuing operations attributable to shareholders – For adjusted profit from continuing operations attributable to shareholders, we adjust profit from continuing operations attributable to shareholders as reported to remove the after-tax effect of certain types of transactions that reflect measurement changes on our balance sheet or are not indicative of our normal operating activities. EBITDA – EBITDA is profit before net finance expense, provision for income taxes, and depreciation and amortization. Adjusted EBITDA – Adjusted EBITDA is EBITDA before the pre-tax effect of the adjustments that we make to adjusted profit from continuing operations attributable to shareholders as described above. Adjusted profit from continuing operations attributable to shareholders, EBITDA and Adjusted EBITDA highlight items and allow us and readers to analyze the rest of our results more clearly. We believe that disclosing these measures assists readers in understanding the ongoing cash-generating potential of our business in order to provide liquidity to fund working capital needs, service outstanding debt, fund future capital expenditures and investment opportunities, and pay dividends. Adjusted basic earnings per share from continuing operations – Adjusted basic earnings per share from continuing operations is adjusted profit from continuing operations attributable to shareholders divided by average number of shares outstanding in the period. Adjusted diluted earnings per share from continuing operations – Adjusted diluted earnings per share from continuing operations is adjusted profit from continuing operations attributable to shareholders divided by average number of fully diluted shares in a period. Gross profit before depreciation and amortization – Gross profit before depreciation and amortization is gross profit with depreciation and amortization expense added back. We believe this measure assists us and readers to assess our ability to generate cash flow from our reportable segments or overall operations. Total cash unit costs – Total cash unit costs for our copper and zinc operations includes adjusted cash costs of sales, as described below, plus the smelter and refining charges added back in determining adjusted revenue. This presentation allows a comparison of total cash unit costs, including smelter charges, to the underlying price of copper or zinc in order to assess the margin for the mine on a per unit basis. Net cash unit costs – Net cash unit costs of principal product, after deducting co-product and by-product margins, are also a common industry measure. By deducting the co- and by-product margin per unit of the principal product, the margin for the mine on a per unit basis may be presented in a single metric for comparison to other operations. Adjusted cash cost of sales – Adjusted cash cost of sales for our copper and zinc operations is defined as the cost of the product delivered to the port of shipment, excluding depreciation and amortization charges, any one-time collective agreement charges or inventory write-down provisions and by-product cost of sales. It is common practice in the industry to exclude depreciation and amortization, as these costs are non-cash, and discounted cash flow valuation models used in the industry substitute expectations of future capital spending for these amounts. Profit (Loss) from Continuing Operations Attributable to Shareholders and Adjusted Profit from Continuing Operations Attributable to Shareholders Reconciliation of Basic Earnings (Loss) per share from Continuing Operations to Adjusted Basic Earnings per share from Continuing Operations Reconciliation of Diluted Earnings (Loss) per share from Continuing Operations to Adjusted Diluted Earnings per share from Continuing Operations Reconciliation of EBITDA and Adjusted EBITDA Reconciliation of Gross Profit Before Depreciation and Amortization CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words 'anticipate', 'can', 'could', 'plan', 'continue', 'estimate', 'expect', 'may', 'will', 'would', 'project', 'predict', 'likely', 'potential', 'should', 'believe' and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this news release. These forward-looking statements include, but are not limited to, statements concerning: our focus and strategy, including being a pure-play energy transition metals company; anticipated global and regional supply, demand and market outlook for our commodities; our business, assets, and strategy going forward, including with respect to future and ongoing project development; our ability to execute our copper growth strategy in a value accretive manner; the timing and format of any cash returns to shareholders; our expectations regarding cost, timing and completion of HVC MLE; our expectations regarding cost, timing and completion of TMF development initiatives and installation of remaining permanent tailings infrastructure and water management at our QB operations; the occurrence and length of any potential maintenance downtime at QB; our expectations with respect to improved recoveries at QB and achieve design rates in the mine, concentrator and molybdenum plant; the continued ramp-up to consistent production and future optimization and debottlenecking of our QB operations; the timing of the restart of the shiploader at the QB port facility; our expectations with respect to mitigation of potential production or shipping disruptions or increased costs related to the QB shiploader outage; our expectations with respect to continued availability of alternative port arrangements for QB; our expectations with respect to the successful restart of the Carmen de Andacollo SAG mill and its ability to continue to operate as expected; our expectations with respect to Teck's updated operating strategy and production at Trail; our expectations with respect to the production and sales volume at Red Dog; our expectations with respect to the occurrence, timing and length of required maintenance shutdowns and equipment replacement; expectations regarding inflationary pressures and our ability to manage controllable operating expenditures; the uncertainty surrounding the status of various worldwide tariffs and their impact on the mining industry; expectations with respect to the potential impact of any tariffs, countervailing duties or other trade restrictions, including the impact on trade flows, demand for our products and general economic conditions and our ability to manage our sale arrangements to minimize any impacts or maintain compliance with any exemptions provided; expectations with respect to execution of our copper growth strategy, including the timing and occurrence of any sanction decisions and prioritization and amount of planned growth capital expenditures; expectations regarding advancement of our copper growth portfolio projects, including advancement of study, permitting, execution planning, detailed engineering and design, risk mitigation, and advanced early works, community and Indigenous engagement, completion of updated cost estimates, tendering processes, and timing for receipt of permits related to QB optimization, QB Asset Expansion and the HVC MLE, San Nicolás, and Zafranal projects, as applicable; expectations with respect to timing and outcome of the regulatory approvals process for our copper growth projects; expectations for copper growth capital expenditures to progress our medium- to long-term projects, including Galore Creek, Schaft Creek, NewRange, and NuevaUnion; expectations regarding our effective tax rate; liquidity and availability of borrowings under our credit facilities; requirements to post and our ability to obtain additional credit for posting security for reclamation at our sites; expectations for our general and administration and research and innovation costs and costs related to the enterprise resource planning system; profit and loss expectations; copper price market trends and expectations; our expectations relating to the ability to continue to buy back shares and declare dividends; all guidance appearing in this document including but not limited to the production, sales, cost, unit cost, capital expenditure, capitalized stripping, operating outlook, and other guidance under the headings 'Guidance' and 'Outlook' and as discussed elsewhere in the various reportable segment sections; our expectations regarding inflationary pressures and increased key input costs; and expectations regarding the adoption of new accounting standards and the impact of new accounting developments. These statements are based on a number of assumptions, including, but not limited to, assumptions disclosed elsewhere in this document and assumptions regarding general business and economic conditions, interest rates, commodity and power prices; acts of foreign or domestic governments and the outcome of legal proceedings, including expectations with respect to the claims for indemnification from NSC and Glencore in connection with the sale of the steelmaking coal business; the imposition of tariffs, import or export restrictions, or other trade barriers or retaliatory measures by foreign or domestic governments; the continued operation of QB in accordance with our expectations; our ability to advance TMF development initiatives as expected and the occurrence and length of any potential maintenance downtime; expectations with respect to the restart of the shiploader at QB; expectations with respect to availability of alternative port arrangements; expectations and assumptions with respect to HVC MLE capital cost estimate and expected project economics; the possibility that our business may not perform as expected or in a manner consistent with historical performance; the supply and demand for, deliveries of, and the level and volatility of prices of copper and zinc and our other metals and minerals, as well as steel, crude oil, natural gas and other petroleum products; the timing of the receipt of permits and other regulatory and governmental approvals for our development projects and other operations, including mine extensions; positive results from the studies on our expansion and development projects; our ability to secure adequate transportation, including rail and port services, for our products; our costs of production and our production and productivity levels, as well as those of our competitors; continuing availability of water and power resources for our operations; changes in credit market conditions and conditions in financial markets generally; the availability of funding to refinance our borrowings as they become due or to finance our development projects on reasonable terms; availability of letters of credit and other forms of financial assurance acceptable to regulators for reclamation and other bonding requirements; our ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors for our operations, including our new developments and our ability to attract and retain skilled employees; the satisfactory negotiation of collective agreements with unionized employees; the impact of changes in Canadian-U.S. dollar, Canadian dollar-Chilean Peso and other foreign exchange rates on our costs and results; engineering and construction timetables and capital costs for our development and expansion projects; our ability to develop technology and obtain the benefits of technology for our operations and development projects; closure costs; environmental compliance costs; market competition; the accuracy of our mineral reserve and resource estimates (including with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based; tax benefits and statutory and effective tax rates; the outcome of our copper, zinc and lead concentrate treatment and refining charge negotiations with customers; the resolution of environmental and other proceedings or disputes; our ability to obtain, comply with and renew permits, licenses and leases in a timely manner; and our ongoing relations with our employees and with our business and joint venture partners. Statements regarding the availability of our credit facilities are based on assumptions that we will be able to satisfy the conditions for borrowing at the time of a borrowing request and that the facilities are not otherwise terminated or accelerated due to an event of default. Assumptions regarding the costs and benefits of our projects include assumptions that the relevant project is constructed, commissioned and operated in accordance with current expectations. Expectations regarding our operations are based on numerous assumptions regarding the operations. Our Guidance tables include disclosure and footnotes with further assumptions relating to our guidance, and assumptions for certain other forward-looking statements accompany those statements within the document. Statements concerning future production costs or volumes are based on numerous assumptions regarding operating matters and on assumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, and that there are no material unanticipated variations in the cost of energy or supplies. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially. Factors that may cause actual results to vary materially include, but are not limited to, changes in commodity and power prices; changes in market demand for our products; changes in interest and currency exchange rates; acts of governments and the outcome of legal proceedings, including indemnification claims; the imposition of tariffs, import or export restrictions, or other trade barriers or retaliatory measures by foreign or domestic governments; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources); operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of labour, materials and equipment); government action or delays in the receipt of government approvals; changes in royalty or tax rates; industrial disturbances or other job action; adverse weather conditions; unanticipated events related to health, safety and environmental matters; union labour disputes; political risk; social unrest; failure of customers or counterparties (including logistics suppliers) to perform their contractual obligations; changes in our credit ratings; unanticipated increases in costs to construct our development projects; difficulty in obtaining permits; inability to address concerns regarding permits or environmental impact assessments; changes in laws and mining regulations; and changes or further deterioration in general economic conditions. The amount and timing of capital expenditures is depending upon, among other matters, being able to secure permits, equipment, supplies, materials and labour on a timely basis and at expected costs. Certain operations and projects are not controlled by us; schedules and costs may be adjusted by our partners, and timing of spending and operation of the operation or project is not in our control. Certain of our other operations and projects are operated through joint arrangements where we may not have control over all decisions, which may cause outcomes to differ from current expectations. Ongoing monitoring may reveal unexpected environmental conditions at our operations and projects that could require additional remedial measures. Production at our QB and Red Dog Operations may also be impacted by water levels at site. Sales to China may be impacted by general and specific port restrictions, Chinese regulation and policies, and normal production and operating risks. We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks, assumptions and uncertainties associated with these forward-looking statements and our business can be found in our Annual Information Form for the year ended December 31, 2024 filed under our profile on SEDAR+ ( and on EDGAR ( under cover of Form 40-F, as well as subsequent filings that can also be found under our profile. Scientific and technical information in this quarterly report regarding our material properties was reviewed, approved and verified by Rodrigo Marinho, a contractor of Teck and a Qualified Person as defined under National Instrument 43-101.
Hamilton Spectator
30 minutes ago
- Hamilton Spectator
Teck Announces Construction of Highland Valley Copper Mine Life Extension to Proceed
VANCOUVER, British Columbia, July 24, 2025 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ('Teck') today announced board approval for construction of the Highland Valley Copper Mine Life Extension Project (HVC MLE), an important critical minerals investment which will extend the life of Canada's largest copper mine and support Teck's copper production into the future. 'This extension of Canada's largest copper mine, Highland Valley Copper, is foundational to our strategy to double copper production by the end of the decade,' said Jonathan Price, President and CEO. 'Given the strong demand for copper as an energy transition metal, the Highland Valley Copper Mine Life Extension will generate a robust IRR and secure access to this critical mineral for the next two decades. The project will strengthen Canada's critical minerals sector, generate new economic activity, and support the continuation of the jobs and community benefits that HVC generates for many more years to come.' 'We look forward to continuing to work collaboratively with Indigenous Governments, local communities and stakeholders to responsibly secure the long-term future of Highland Valley Copper,' added Price. The decision to sanction HVC MLE was assessed under Teck's Capital Allocation Framework using a rigorous decision-making approach that included a robust business case focused on returns and increased assurance requirements, which demonstrated sanction-readiness. Project highlights: For photos and video of Highland Valley Copper go to: Photo and Video Gallery About HVC MLE HVC MLE is a brownfield extension of our operational asset, Highland Valley Copper (100% Teck owned) in British Columbia, from 2028 out to 2046. The environmental assessment certificate and required permits for HVC MLE were issued in June 2025, and construction is set to commence in full in August 2025. The project consists of upgrades and increased capacity requirements for the mine life extension and a mine pushback that requires additional waste-stripping to access high-quality ore within the Valley Pit. Additional technical and engineering work has been completed ahead of sanctioning to optimize the project. Accordingly, the project capital estimate has been refined and is now expected to be between $2.1 to $2.4 billion, reflecting the class of capital cost estimate, updated assumptions based on prevailing construction industry risks, and the potential impact of tariffs, with further potential opportunities for cost optimization during construction. This capital is expected to be invested from H2 2025 through 2028. This project capital investment includes the development of site infrastructure and facilities, expansion of the mine fleet, grinding circuit upgrades, increased tailings storage capacity, and enhancements to power and water systems. The refined growth capital estimate is based on a high-definition cost baseline informed by early contractor involvement. It includes project-level contingencies, accounts for inflation and input cost escalation, the impact of potential tariffs on construction materials, and reflects the accelerated procurement of mobile equipment originally planned for later project phases. The estimate also incorporates additional scope and indirect contractor requirements identified through ongoing project refinement. The production profile at Highland Valley Copper is divided into three distinct mining phases with different material movement expected in each phase: Total Material Movement and Ore Tonnes Mined Although the annual ore throughput rate will be variable due to ore hardness, the long-term ore tonnes mined will remain consistent at approximately 50 million tonnes per annum through the life of mine. However, total material moved will increase starting with Phase 1 of the project, which requires additional waste stripping to access the high-quality ore in the Valley Pit. During Phase 2, the average total tonnes mined will continue to increase to approximately 200 million tonnes on average from 2028-2033. Thereafter, in Phase 3, total tonnes mined will reduce to approximately 100 million tonnes on average, with a gradual reduction in tonnes mined from 200 million tonnes to 100 million tonnes through to 2038, and minimal waste tonnes mined from 2039 to the end of the life of mine in 2046. Grade and Production The grade profile of production is variable depending on the ore input material. Higher grade material is expected during Phase 1 as an increasing proportion of ore from the Lornex pit is mined. In Phase 2, as mining progresses to the satellite orebodies at Bethlehem and Highmont, grade will decrease while the pushback and increased waste stripping of the Valley pit takes place. Thereafter, in Phase 3, the high-quality Valley pit ore is mined with improved grades. Production volumes will vary in accordance with the grade profile as mill throughput remains consistent throughout the mine life. Guidance Our previously disclosed 2025 annual growth capital expenditure and capitalized stripping, and annual 2028 production guidance for HVC has been updated to reflect the sanctioning of HVC MLE. Capital expenditure guidance for 2026 and production guidance for 2029, including HVC MLE, will be disclosed when we issue our annual guidance in January 2026, consistent with our usual process. Guidance reflecting these updates is disclosed in our Q2 2025 News Release and Management's Discussion and Analysis issued on July 23, 2025. Quotes: David Eby, Premier of British Columbia – 'We promised British Columbians we would move big projects forward faster to counter the threats we face. This multi-billion dollar project represents 2,900 new jobs and a $500 million increase to GDP. It's just one example of how British Columbia can drive our country's economy forward even in challenging times. Congratulations to everyone involved - let's keep going!' Christine Walkem, Chair of CNA's Board of Directors, Chief of Cook's Ferry Indian Band – 'The Citxw Nlaka'pamux Assembly (CNA) recognizes the Teck Board's approval of the Highland Valley Copper Mine Life Extension project as a defining moment — not just for industry, but for the 8 Participating Bands of the CNA. This project is moving forward because of the unwavering leadership and community members participation. Through our nłeʔképmx Impact Assessment and as authors of our own sections into the Environmental Assessment application, the CNA established a new precedent in Canada — one where Indigenous law, Indigenous governance, and Indigenous authority are not just consulted, but embedded at the heart of decision-making about our lands, waters, and people. Our communities are not bystanders to development — we are decision-makers. We are forging a new path with Industry and the Crown for how major projects unfold in our territory: grounded in respect, guided by our values, and focused on long-term benefit for our people. As the project enters construction, we remain firm in our expectations. Our voices must continue to be heard. Our laws must continue to guide the process. Our people must continue to share in the benefits — now, and for generations to come.' Chief Matt Pasco, Chair of the Nlaka'pamux Nation Tribal Council – 'The Highland Valley Copper expansion reflects a sharing of Nlaka'pamux resources which was agreed upon based on a principled path forward grounded in rights recognition, technical rigour, and respectful partnership,' said Chief Pasco, Tribal Chair of the Nlaka'pamux Nation Tribal Council. 'With Teck, we are demonstrating that mining can align with Nlaka'pamux jurisdiction, advancing both responsible stewardship and a resilient economy for our people.' Honourable Tim Hodgson, Minister of Energy and Natural Resources, Government of Canada – 'Canada has the natural resources that the world wants – and it is projects like these that put us on the map. By extending the life of Canada's largest copper mine, we are strengthening our critical minerals sector here at home and becoming the international supplier of choice when it comes to critical metals and minerals.' Kyle Wolff, president, USW local 7619 – 'The expansion is wonderful news for the employees at Teck HVC. This secures good employment for over 1500 workers in a great place to live. Investment into safer systems will ensure that we continue to put worker safety at the top of all our agendas.' Robin Smith, Mayor of Logan Lake – 'Our long-standing partnership with Highland Valley Copper has shaped Logan Lake for generations. The extension is more than a milestone for the mine—it's a reaffirmation of our shared history and a renewed commitment to building a strong, sustainable future together. It's about more than jobs; it's about legacy, continuity, and a shared vision for generations to come.' Forward-Looking Statements This news release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information as defined in the Securities Act (Ontario). Forward-looking statements and information can be identified by statements that certain actions, events or results 'may', 'could', 'should', 'believe', 'would', 'expect', 'continue', 'might' or 'will' be taken, occur or achieved. Forward-looking statements include qualifications and limitations relating to the estimated capital cost of the HVC MLE; Teck's projections and expectations regarding the HVC MLE mine life and copper production and costs, including statements, assumptions and expectations regarding expansion and optimization of the project and property; the ability of HVC MLE to receive and maintain necessary permits and certificates; the expected value that would be created; Teck's growth strategy, including the strategic objective to double copper production by the end of the decade; the continuing positive relationships with Indigenous peoples and local communities; Teck's ability to execute planned activities and execute its construction plans and the expected timing of HVC MLE completion; the community benefits of HVC MLE, including creation of jobs and the creation of annual GDP; Teck's projected IRR and expected EBITDA and the potential for additional upside; the statements concerning construction schedule, budget and outlook for the HVE MLE project generally; the ability of HVC MLE to strengthen the North American critical minerals supply chain; the profitability of Highland Valley Copper; and Teck being a well-positioned copper development company. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general business and economic conditions, interest rates, commodity and power prices, current conditions and expected future developments, Teck's ability to obtain and maintain permits, the regulatory framework remaining defined and understood, and other considerations that are believed to be appropriate in the circumstances. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially. Factors that may cause actual results to vary include, but are not limited to, risks relating to the environmental assessment certificate being challenged, Teck's ability to successfully construct HVC MLE to expand operations within the expected timeline and cost estimate or at all, changes in regulatory framework and the presence of laws and regulations that may impose restrictions on mining, the timing and ability of Teck to obtain and maintain required approvals and permits, community, non-governmental and governmental actions, stakeholder and Indigenous peoples' actions, risks related to mining construction and operation activities, the ability to continue current operations, unanticipated geotechnical conditions or other factors affecting construction plans and budgets including supplier, transportation, logistics or labour issues, adverse weather or natural disaster, community unrest, access issues, failure of plan and equipment, disruption of financial markets, metal and commodity prices, the global economic climate, and changes or deterioration in general economic conditions. Capital cost estimates are based on assumptions described in this news release and exclude escalation; actual capital costs will depend on a number of factors and exclude a number of items; therefore, funding requirements may be higher than the predicted capital costs noted above. Teck does not assume the obligation to revise or update these forward-looking statements after the date of this document, except as may be required under applicable securities laws. The scientific and technical information regarding the HVC MLE project was reviewed, approved and verified by Terry Cadrin, P. Eng., who is an employee of Teck. Ms. Cadrin is a qualified person, as defined under National Instrument 43-101. About Teck Teck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline. We are focused on creating value by advancing responsible growth and ensuring resilience built on a foundation of stakeholder trust. Headquartered in Vancouver, Canada, Teck's shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at or follow @TeckResources . Investor Contact: Emma Chapman Vice President, Investor Relations +44.207.509.6576 Media Contact: Dale Steeves Director, External Communications 236.987.7405
