Wallbox and Ensol Expand Partnership to Deliver Fast Charging Infrastructure in Texas, Florida, and Georgia
This strategic move builds on the existing relationship between the two companies, which began with ENSOL EV installing Wallbox's Pulsar line of AC chargers at residential and commercial sites. The new phase extends their partnership into DC fast charging for the first time, centered around Wallbox's Supernova charger, now certified under both CTEP and NTEP standards.
ENSOL EV plans to pair the Supernova chargers with on-site renewable energy systems, integrating solar and battery storage to further both companies' shared focus on clean energy and long-term mobility solutions. The initial rollout will target high-traffic urban zones and regional transit corridors, where demand for fast, reliable EV charging continues to grow rapidly.
'This expansion is an exciting next step in our work with Ensol and brings our Supernova fast chargers to high-growth EV markets in the U.S.,' said Douglas Alfaro, Chief Business Development Officer at Wallbox. 'States like Texas, Florida, and Georgia are seeing accelerating demand for charging infrastructure, and we're proud to support that shift with reliable, certified fast charging solutions.'
'Our goal is to build charging infrastructure that not only enables electric mobility but is rooted in sustainability as the core of the entire concept,' said Ernesto Figueroa, CEO at ENSOL EV. 'Wallbox's Supernova chargers are a perfect fit for our projects, allowing us to integrate renewable energy and smart technologies seamlessly. We're proud to take this next step together.'
Initial installations are scheduled to begin in the second half of 2025, with additional sites to follow through early 2026. The Supernova fast charger delivers up to 180 kW of power and includes integrated smart charging features for optimal energy distribution and uptime performance.
About Wallbox
Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine the relationship between users and the network. Wallbox goes beyond charging electric vehicles to give users the power to control their consumption, save money and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public, and public use in more than 100 countries around the world. Founded in 2015 in Barcelona, where the company's headquarters are located, Wallbox currently has offices across Europe, Asia, and America. For more information, visit www.wallbox.com
About Ensol
ENSOL EV is the electric mobility division of Ensol Energy Solutions LLC, delivering turnkey EV charging solutions across the residential, commercial, and fleet sectors in the United States and Latin America. As part of its commitment to quality and innovation, ENSOL EV has selected Wallbox as its exclusive hardware partner for both Level 2 and DC fast charging solutions, ensuring customers receive cutting-edge, reliable technology backed by expert installation and support. Founded in 2021, ENSOL EV serves high-growth sectors including real estate developments, auto dealerships, and last-mile logistics, providing licensed, insured installation services optimized for the unique requirements of each of these segments. In Latin America, ENSOL EV is focused on deploying commercial fleet charging solutions integrated with solar generation and battery storage systems—offering a sustainable and resilient path to clean mobility. The company also leads the development of Greenera, its public DC fast charging network, which will deploy 500 Wallbox Supernova chargers in the coming years—starting with 100 chargers in its first year of rollout. Headquartered in Texas, ENSOL EV is building the infrastructure to power the future of clean transportation—one charger at a time. For more information, visit www.ensolevsolutions.com
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the 'Securities Act') and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). All statements contained in this press release other than statements of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Wallbox's future operating results and financial position, long term profitability and costs optimization, business strategy and plans and market opportunity. The words 'anticipate,' 'believe,' 'can,' 'continue,' 'could,' 'estimate,' 'expect,' 'focus,' 'forecast,' 'intend,' 'likely,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' ''target,' will,' 'would' and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox's history of operating losses as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox's ability to successfully manage its growth; the accuracy of Wallbox's forecasts and projections including those regarding its market opportunity; competition; risks related to losses or disruptions in Wallbox's supply or manufacturing partners; impacts resulting from geopolitical conflicts; risks related to macro-economic conditions and inflation; Wallbox's reliance on the third-parties outside of its control; risks related to Wallbox's technology, intellectual property and infrastructure; occurrence of any public health crisis or similar global events as well as the other important factors discussed under the caption 'Risk Factors' in Wallbox's Annual Report on Form 20-F for the fiscal year ended December 31, 2024, as such factors may be updated from time to time in its other filings with the Securities and Exchange Commission (the 'SEC'), accessible on the SEC's website at www.sec.gov and the Investors Relations section of Wallbox's website at investors.wallbox.com. Any such forward-looking statements represent management's estimates as of the date of this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
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
Business Wire
24 minutes ago
- Business Wire
CTP announces the signing of a €500 million unsecured syndicated sustainability-linked loan facility
AMSTERDAM--(BUSINESS WIRE)--Regulatory News: CTP N.V. ('CTP' or the 'Company'), Europe's largest listed developer, owner, and manager of logistics and industrial real estate by gross lettable area, today announces the successful signing of a 5-year 1 €500 million unsecured syndicated sustainability-linked loan facility at a fixed all-in cost of 3.7%. The syndication met very strong demand from both existing and new lenders resulting in being over 2x oversubscribed. SMBC and ING acted as Global Coordinators and Sustainability Coordinators. The syndicate comprises a group of 13 European and Asian banks. The facility will be primarily used to refinance the syndicated loan executed in 2023 allowing CTP to achieve material interest savings and reduce the overall cost of debt. About CTP CTP is Europe's largest listed owner, developer, and manager of logistics and industrial real estate by gross lettable area, owning 13.4 million sqm of GLA across 10 countries as at 31 March 2025. CTP certifies all new buildings to BREEAM Very good or better and earned a negligible-risk ESG rating by Sustainalytics, underlining its commitment to being a sustainable business. For more information, visit CTP's corporate website: 1 Facility tenor is 3+1+1 years with the extensions at CTP's discretion
Business Wire
24 minutes ago
- Business Wire
Galderma Delivers Record First Half 2025 Net Sales of 2.448 Billion USD and 12.2% Year-on-Year Growth at Constant Currency, Raises Full-Year Top-Line Guidance
ZUG, Switzerland--(BUSINESS WIRE)--Galderma Group AG (SIX:GALD), the pure-play dermatology category leader, today announced its financial results for the first half of 2025. Record net sales of 2.448 billion USD, representing net sales growth of 12.2% at constant currency, driven mainly by volume and complemented by favorable mix Double-digit growth in both International markets and the U.S., with strong performance across all product categories, including year-on-year growth of 9.8% for Injectable Aesthetics, 7.7% for Dermatological Skincare, and 26.9% for Therapeutic Dermatology at constant currency Significant progress on the launch of new innovation, including Nemluvio ® (nemolizumab) which continues to outperform, delivering 131 million USD in sales, the ongoing positive uptake of Relfydess™, now launched in 17 markets, and geographic expansion in Fillers & Biostimulators Advancing leadership in science and education, supported by new long-term data on nemolizumab in atopic dermatitis and prurigo nodularis as well as the initiation of new clinical trials in systemic sclerosis and chronic pruritus of unknown origin Growth in Core EBITDA, delivering 555 million USD, up 9.5% year-on-year at constant currency, with a slightly higher than expected Core EBITDA margin for the first half of 22.7% Disciplined capital allocation with continued investments behind organic growth, net leverage reduced to 2.1x, early debt repayment of 110 million USD, debt refinancing of 1.04 billion USD of its term loan, and purchases of treasury shares for a total amount of 323 million USD Raising 2025 full-year guidance on net sales, expecting growth of 12-14% at constant currency (previously 10-12%), and confirming guidance on Core EBITDA margin of approximately 23% at constant currency 'Galderma's strong performance in the first half of 2025 underscores the impact of our executional excellence across product categories and the continued ramp-up of our two potential blockbuster launches, Nemluvio and Relfydess. Reflecting this strong progress and confidence in the business, we are raising our full-year guidance on net sales. With the establishment of our new U.S. headquarters in Miami and sustained scientific momentum, we are also sharpening our focus – accelerating growth and moving from category leadership to becoming a true powerhouse in dermatology.' FLEMMING ØRNSKOV, M.D., MPH CHIEF EXECUTIVE OFFICER GALDERMA Expand Delivering strong commercial performance Galderma achieved 2.448 billion USD in net sales for the first half of 2025, representing 12.2% year-on-year growth at constant currency. Growth was mainly driven by volume, complemented by favorable mix. This reflects an acceleration in the second quarter, with year-on-year growth of 15.8% at constant currency. The first half saw strong performance across all product categories, including double-digit growth in 7 out of Galderma's top 10 markets. Galderma delivered notable market share gains in Injectable Aesthetics in both geographies (International markets and the U.S.) as well as in Dermatological Skincare in International markets. In Therapeutic Dermatology, Nemluvio maintained its strong momentum with global net sales of 131 million USD. International markets: Galderma sustained its strong momentum with double-digit growth in both Injectable Aesthetics subcategories, as well as in Dermatological Skincare. Injectable Aesthetics saw especially strong growth in Brazil, Canada, China, Mexico, and the U.K., while Dermatological Skincare growth was accelerated by strong performances in China and India. Therapeutic Dermatology's modest growth was mainly driven by Nemluvio sales in Germany. U.S.: The U.S. grew across all product categories in the first half, led by strong performances from Nemluvio and Neuromodulators. In Injectable Aesthetics, Galderma continued to gain share in both Neuromodulators and Fillers & Biostimulators, despite the Fillers market being impacted by market softness and intensified promotional activity. In Dermatological Skincare, Cetaphil made strides in e-commerce as well as with select large retailers, despite continued constrained consumer spending, while Alastin® grew across channels. In Therapeutic Dermatology, Nemluvio's sales ramp-up in prurigo nodularis and atopic dermatitis was higher than expected, more than offsetting the anticipated decline from mature products. Injectable Aesthetics Injectable Aesthetics net sales for the first half of 2025 were 1,240 million USD, with year-on-year growth of 9.8% at constant currency. Neuromodulators achieved net sales of 707 million USD, up 14.7% year-on-year at constant currency. Both the U.S. and International markets reported double-digit growth and continued to gain market share. Dysport ® remains on a strong growth trajectory, while the launch of Relfydess – the first and only ready-to-use liquid neuromodulator created using PEARL™ Technology – continues to deliver ahead of expectations, including some stocking benefits from multiple market launches. As anticipated, growth in the second quarter for Neuromodulators was slightly subdued, following a very strong first quarter with some favorable phasing. Fillers & Biostimulators recorded net sales of 534 million USD, up 3.9% year-on-year at constant currency. With market share gains in the U.S. and International markets, growth was mainly driven by sustained high growth momentum for Sculptra ® as well as the initial uptake of new launches, including Sculptra in China and Restylane ® SHAYPE™ in Brazil. Fillers continued to be impacted by market softness, especially in the U.S., with lower consumer demand and intense promotional activity, while growth in Biostimulators remained very strong, particularly in International markets. Overall, the growth rate for Fillers & Biostimulators in the second quarter was high, following a decline in the previous quarter due to a high comparative base in 2024. Galderma maintained its focus on commercial execution and partnership with healthcare professionals, including an increase in the reach of its education, training and medical awareness activities. These efforts also supported new launches, notably for Relfydess, which is now available in 17 markets, with further global regulatory submissions initiated. Interest and demand for Relfydess have been very high, with positive feedback from early adopters, especially on long duration, fast onset and simple volumetric dosing. Recent Fillers & Biostimulators launches are also performing ahead of expectations. Sculptra continues on its strong launch trajectory in China's fast-growing aesthetics market, while Restylane SHAYPE is outperforming all recent competitive launches in Brazil. Dermatological Skincare Dermatological Skincare net sales for the first half of 2025 were 719 million USD, with year-on-year growth of 7.7% at constant currency. Cetaphil and Alastin, Galderma's flagship Dermatological Skincare brands, continued on their growth trajectories, supported by strong momentum in e-commerce channels globally. Cetaphil growth in International markets remained very strong, with exceptional performance in Asia, where India became a top sales contributor. In the U.S., Cetaphil grew in e-commerce channels and with select large retailers, despite constrained consumer spending. Alastin continued to grow double-digits, with the U.S. performing across channels and steady progress in International market expansion plans. Highlights for the period included the launch of CetaSphere, a new global advocacy network; a major Cetaphil campaign in China with a leading local live streamer leading to rapid sell-through during the '618' shopping festival; and high profile appearances, including a collaboration between Alastin and Halle Berry at the Met Gala and Cannes Film Festival. Additionally, Galderma focused on strong retailer engagement, including Alastin's strategic physician-first approach, targeted execution with local Cetaphil retailers, as well as fast-growing e-commerce channels. Growth was also supported by new innovations such as Cetaphil's Acne Fast Rescue Pimple Patches and Alastin's Restorative Skin Complex with Next Generation TriHex Technology ®. Therapeutic Dermatology Therapeutic Dermatology net sales for the first half of 2025 were 489 million USD, with year-on-year growth of 26.9% at constant currency. This accelerated performance was driven by an impressive ramp-up in Nemluvio sales, notably in the second quarter. This growth more than offset the decline in the category's mature portfolio, especially in the U.S. Nemluvio delivered 131 million USD in net sales, performing ahead of expectations. Sales were primarily driven by the U.S., the majority still from prurigo nodularis, with the contribution from atopic dermatitis quickly increasing. Internationally, Germany's launch trajectory remains strong. Market share gains in both prurigo nodularis and atopic dermatitis in the U.S. were underpinned by increasing underlying demand and market access, spanning more than 70% commercial covered lives as a first-line biologic treatment as of July 16 th, 2025. The commercial uptake was further supported by ongoing sales force expansion, a direct-to-consumer advertising campaign in atopic dermatitis, and deepening engagement with healthcare professionals leveraging recently published long-term data (details below). Global regulatory processes continue to progress, underscoring growing interest and sustained momentum. Nemluvio was approved by the Therapeutic Goods Administration (TGA) in Australia in May 2025 for the treatment of both moderate-to-severe atopic dermatitis and prurigo nodularis. With this decision, Nemluvio is now approved in all selected countries under the Access Consortium framework. In June, Nemluvio was also recommended for routine National Health Service (NHS) funding in England and Wales for moderate-to-severe atopic dermatitis, as outlined in final draft guidance from the National Institute for Health and Care Excellence (NICE). 1 Advancing cutting-edge science and industry-leading medical education Galderma reinforced its leadership in dermatology by presenting several new scientific data and pipeline updates, and by supporting education at key industry events. In June 2025, Galderma presented new long-term data on Nemluvio in both atopic dermatitis and prurigo nodularis as late breaker presentations at the Revolutionizing Atopic Dermatitis (RAD) Conference and the XIV International Congress of Dermatology (ICD), respectively. These new data reinforced Nemluvio's consistent safety profile and durable clinical efficacy on both skin lesions and itch, across both indications, with prolonged treatment up to two years. 2-4 These results build on data from the ARCADIA and OLYMPIA clinical trials – with OLYMPIA being the largest completed pivotal clinical program in prurigo nodularis and the only one assessing long-term safety and efficacy for this condition. 4-6 Also in June, Galderma announced the initiation of two new clinical trials to investigate the efficacy and safety of nemolizumab in treating patients living with systemic sclerosis (SSc) and chronic pruritus of unknown origin (CPUO) – two chronic conditions with high unmet need. 7-9,10 In SSc, Galderma's phase II proof-of-concept study is a multicenter, randomized, double-blind, placebo-controlled study investigating nemolizumab in adults. Patient enrolment is planned from the second half of 2025, with completion expected in 2028. In CPUO, Galderma's phase II trial is a randomized, double-blind, placebo-controlled proof-of-concept study exploring the impact of nemolizumab on itch intensity and quality of life in patients without an identifiable underlying cause, with enrollment expected to start in the second half of 2025 in the U.S., and study completion expected in 2026. Overall, nemolizumab is seen as a pipeline within an asset, with the potential to explore additional indications over time as relevant. As the pure-play dermatology category leader, Galderma is spearheading efforts to address the most predominant aesthetic concerns of a new and fast-growing patient population experiencing medication-driven weight loss. In mid-July, Galderma unveiled final nine-month data from a phase IV first-of-its-kind trial showing lasting efficacy and patient satisfaction with Restylane Lyft ® or Contour ® in combination with Sculptra when addressing facial aesthetic changes after medication-driven weight loss. These extended study data reinforce that this treatment regimen can effectively improve facial aesthetic appearance with high patient satisfaction over nine months. Alongside these scientific advancements, Galderma maintained its commitment to market-leading education through a steady flow of regional and local Galderma Aesthetic Injector Network (GAIN) events. Following an earlier memorandum of understanding to work towards a new research and development collaboration, Galderma and L'Oréal signed an agreement for a new research project to use our complementary technologies to develop a non-invasive, ambulatory imaging approach for extracellular matrix remodeling in the skin. Investing in our U.S organization to drive growth Galderma also made important moves to accelerate innovation and growth in the U.S., the company's largest market, with the establishment of its new U.S. headquarters in Miami, Florida. The new site will serve as a strategic hub for Dermatological Skincare and Injectable Aesthetics, reinforcing Galderma's long-term commitment to the market. To support this, Galderma appointed Heather Wallace as President of Galderma U.S., bringing deep experience in dermatology and consumer health. These steps reflect Galderma's continued investment in the market and the potential it sees for the future. Strengthening our financial profile For the first half of 2025, Galderma delivered a record 555 million USD in Core EBITDA, growing 9.5% year-on-year at constant currency in a year of key launches. Core EBITDA margin was 22.7%, with margin erosion slightly better than expected for the period given the strong ramp-up of Nemluvio, despite some reinvestments behind growth. Galderma's underlying profitability, defined as Core EBITDA margin excluding the Core EBITDA impact from nemolizumab, continued to improve. Profitability in the first half of the year benefited from some phasing in research and development. Meanwhile, gross margin was impacted by pricing pressures, especially in the U.S., partially offset by favorable mix. Core net income continued to grow significantly, achieving 329 million USD for the period, driven by strong Core EBITDA growth, lower financing expenses, and a phasing-related improvement of the effective tax rate. Galderma also brought its net leverage down to 2.1x at the end of June 2025. In addition, given strong financial results and confidence in cash generation, Galderma repaid 110 million USD of its debt early, and refinanced 1.04 billion USD of its term loan, including issuing its inaugural Eurobond and new dual tranche CHF bonds following Fitch's investment grade rating. Galderma took steps to further support its shareholder returns with the approval and first payment of a dividend and the repurchase of shares during the accelerated bookbuild offerings which took place in the first half of the year. First, a gross dividend of 0.15 CHF per dividend-bearing share was distributed out of reserves from capital contributions. Second, Galderma repurchased 2.78 million shares for 323 million USD in the context of the accelerated bookbuild offerings of Galderma shares by Sunshine SwissCo GmbH ('EQT'), Abu Dhabi Investment Authority ('ADIA') and Auba Investment Pte. Ltd. ('Auba'), funded from existing liquidity on hand and to be held in treasury to support Galderma's employee participation plans, business development opportunities and/or treasury management. Raising full-year guidance on net sales Reflecting its strong growth trajectory and investments behind significant launches, Galderma is raising its net sales guidance for 2025 to 12-14% year-on-year growth at constant currency, and confirming its Core EBITDA margin, at approximately 23% at constant currency. This guidance update reflects the ramp-up of Nemluvio which is expected to drive significant growth in Therapeutic Dermatology. It also highlights the strong performance in Injectable Aesthetics for the first half of the year. In the second half, Neuromodulators are expected to be impacted by stocking dynamics, notably from the ongoing Relfydess launches and a high comparative base in Latin America. Galderma remains confident in its ability to outgrow the Neuromodulator market globally and expects low 'teens' net sales growth for its Neuromodulators subcategory for the full-year ('teens' defined as numbers greater than 10% and lower than 20%). Fillers & Biostimulators are expected to continue to benefit in the second half from the increasing contribution of new launches and the very strong momentum of Sculptra. Finally, Dermatological Skincare is expected to sustain its growth trajectory globally with expected growth acceleration in the fourth quarter due to seasonal activations. Regarding Core EBITDA margin, while the first half of the year was slightly ahead of expectations given the stronger than anticipated ramp-up of Nemluvio, underlying profitability for the second half of the year is expected to slightly decrease. This reflects the increased seasonal ramp-up of marketing activities for the period and the anticipated impact of U.S. tariffs. Galderma remains confident in its ability to deliver on its guidance considering its manageable exposure to announced U.S. tariffs, which are fully factored-in for the full-year, along with its ability to absorb some further tariff impact and consumer demand-related deterioration. Webcast details Galderma will host a trading update call today at 13:00 CET to discuss the first half 2025 results and respond to questions from financial analysts. Investors and the public may access the webcast by registering on the Galderma Investor Relations website at a recording will also be made available after the event. About Galderma Galderma (SIX: GALD) is the pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium flagship brands and services that span the full spectrum of the fast-growing dermatology market through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our focus and passion to the human body's largest organ – the skin – meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals. Because we understand that the skin we are in shapes our lives, we are advancing dermatology for every skin story. For more information: Appendices Appendix 1: H1 2025 net sales by product category and geography Appendix 2: Q2 2025 net sales by product category and geography Appendix 3: Reconciliation of H1 2025 P&L from IFRS to Core reporting In million USD IFRS - as reported Exceptional & transformation related items Impairments Amortization Depreciation Core reporting % Net Sales based on Core reporting Net Sales 2,448 - - - - 2,448 Other revenue 18 - - - - 18 Cost of goods sold (761) - 5 105 11 (641) Gross profit 1,705 - 5 105 11 1,826 74.6% Research and development (104) - - - 1 (103) 4.2% Sales and marketing (818) - - - 7 (811) 33.1% General and administrative (276) - 4 17 16 (238) 9.7% Medical and regulatory (55) - - - - (55) 2.2% Distribution (64) - - - 1 (64) 2.6% Other income / (expenses) (29) 29 - - - - - Operating profit as reported 358 Total adjustments 29 9 122 36 Core EBITDA 555 Expand Appendix 4: Reconciliation of H1 2025 of Core EBITDA to IFRS Net Income Appendix 5: Reconciliation of H1 2025 from IFRS Net Income to Core Net Income 12 In million USD H1 2024 H1 2025 Net income / (loss) 47 194 Total EBITDA adjustments 11 59 38 VCB financing revaluation (28) - Amortization 112 122 Foreign exchange loss on financing activities 30 1 Income taxes on above items (10) (25) Core Net Income 12 210 329 Core EPS in USD 13 0.89 1.39 Expand Appendix 6: H1 2025 Total Net Indebtedness In million USD December 31 2024 June 30 2025 Total Indebtedness 14 2,813 2,715 Cash and Cash Equivalents (457) (458) Total Net Indebtedness 2,356 2,257 Expand Appendix 7: Additional modeling metrics Notes and references Note: Due to rounding numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. All ratios, subtotals and variances are calculated using the underlying amount rather than the presented rounded amount. NICE. Nemolizumab for treating atopic dermatitis - technology appraisal guidance. Available online. Accessed June 2025 Silverberg, JI, et al. Nemolizumab long-term safety and efficacy up to 104 weeks in the ARCADIA open-label extension study in adolescents and adults with moderate-to-severe atopic dermatitis. Presented at Revolutionizing Atopic Dermatitis Conference 2025; June 6-7; Nashville, United States. Silverberg J, et al. Nemolizumab with concomitant topical therapy in adolescents and adults with moderate-to-severe atopic dermatitis (ARCADIA 1 & 2): results from two replicate double-blinded, randomised controlled phase 3 trials. Lancet. 2024;404(10451):445-460. doi: 10.1016/S0140-6736(24)01203-0 Ständer S, et a. Nemolizumab long-term efficacy and safety up to 100 weeks in the OLYMPIA open-label extension study in patients with prurigo nodularis: An interim analysis. Presented at International Congress of Dermatology; June 18-21, 2025; Rome, Italy. A Study to Assess the Efficacy and Safety of Nemolizumab (CD14152) in Participants With Prurigo Nodularis (PN) (NCT04501679). Available online. Accessed May 2025 Study to Assess the Efficacy and Safety of Nemolizumab (CD14152) in Participants With Prurigo Nodularis (PN) (NCT04501666). Available online. Accessed May 2025 Jimenez SA, Mendoza FA, Piera-Velasquez S. A review of recent studies on the pathogenesis of Systemic Sclerosis: focus on fibrosis pathways. Front Immunol. 2025;16: 1551911. doi: 10.3389/fimmu.2025.1551911 Truchetet ME, et al. Current Concepts on the Pathogenesis of Systemic Sclerosis. Clin Rev Allergy Immunol. 2021;64(3): 262–283. doi: 10.1007/s12016-021-08889-8 Teresa J, et al. Therapeutics in chronic pruritus of unknown origin. Itch. 2023;8(1): pe64. doi: 10.1097/itx.0000000000000064 Andrade E, et al. Interventions for chronic pruritus of unknown origin. CDSR. 2020;1(1): CD013128. doi: 10.1002/ H1 2024 adjustments include 48 M USD for IPO related incentive plans, 5 M USD for platform transformation costs, 4 M USD for VCB bonus, 2 M USD for IPO. H1 2025 adjustments include 4 M USD litigation, 6 M USD onerous items, 2 M USD M&A, 9 M USD impairments, 4 M USD restructuring, 13 M USD for operating FX Core Net Income is defined as net income / (loss) from continuing operations adjusted for the same items that are treated as exceptional for purposes of defining Core EBITDA, as well as amortization of intangible assets, foreign exchange gains and losses on financing activities. Taxes on the adjustments between IFRS net income and Core Net Income take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact Core EPS is calculated as Core net income divided by the weighted average number of outstanding shares Indebtedness includes financial debt and lease liabilities Includes assumptions for other income and expenses related to tangible asset impairments, ongoing litigation and onerous items, restructuring charges and others, excluding M&A fees On reported profit before tax Includes interest income and interest expense, excluding FX impact Of reported net income based on prior year results, subject to Board and AGM approval Includes 13 M USD of Operating FX from H1 2025 Forward-looking statements Certain statements in this announcement are forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", " believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions. These forward-looking statements reflect, at the time, Galderma's beliefs, intentions and current targets/ aims concerning, among other things, Galderma's results of operations, financial condition, industry, liquidity, prospects, growth and strategies and are subject to change. The estimated financial information is based on management's current expectations and is subject to change. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions, intense competition in the markets in which Galderma operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting Galderma's markets, and other factors beyond the control of Galderma). Neither Galderma nor any of their respective shareholders (as applicable), directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this announcement. Statements contained in this announcement regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. Some of the information presented herein is based on statements by third parties, and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, reasonableness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever. Except as required by applicable law, Galderma has no intention or obligation to update, keep updated or revise this announcement or any parts thereof.
