BRC Group Holdings, Inc. Agrees to Acquire Sangoma Technologies Corporation to Scale Communications Portfolio

- Transaction values Sangoma at an enterprise value of approximately $204 million (C$289 million)

- On a combined basis, BRC communications businesses and Sangoma generated approximately $441 million in trailing-twelve-month revenue as of June 2026

- BRC's communications businesses generated approximately $52 million of segment income on a trailing-twelve-month basis as of June 2026

LOS ANGELES and TORONTO, Sept. 28, 2026 /PRNewswire/ -- BRC Group Holdings, Inc. (NASDAQ: RILY) ("BRC" or the "Company"), a diversified holding company, and Sangoma Technologies Corporation (TSX: STC; NASDAQ: SANG) ("Sangoma"), a trusted industry leader delivering cloud-based, on-premises, and hybrid communications solutions, today announced a definitive agreement under which a wholly owned subsidiary of BRC will acquire all issued and outstanding common shares of Sangoma. The transaction values Sangoma at an enterprise value of approximately $204 million (C$289 million).

Bryant Riley, Chairman and Co-CEO of BRC Group Holdings, said: "Our communications portfolio is a proven engine for cash generation, and we believe acquiring a scaled operator like Sangoma accelerates our recurring revenue and earnings power. Through this transaction, we are deploying capital where we see the most compelling opportunity to add durable, recurring cash flow while expanding the enterprise-grade capabilities that our communications portfolio companies offer to the market."

Ananth Veluppillai, CEO of BRC Telecom, added: "Over the last decade, we have built an ecosystem that allows established communications businesses to operate at their full potential. We have successfully brought five companies onto this platform, providing the operational stability they need to serve their customers while generating significant, sustainable value. Sangoma has built an incredible enterprise-grade architecture and a highly loyal customer base. By combining their strengths with our proven operating model, we are creating a more robust platform for both our customers and our shareholders."

Strategic Acquisition of Sangoma

Founded in 1984 and headquartered in Markham, Ontario, Sangoma serves more than 100,000 business customers across a base of over 2.7 million unified-communications seats. Its comprehensive solutions span UCaaS, contact center, CPaaS, and connectivity. The platform offers the extensibility to serve customers from small business through the mid-market, anchored by robust, enterprise-grade architecture.

The addition of Sangoma's capabilities - including its AI-enabled customer experience and contact-center solutions - significantly expands the range of offerings within BRC's communications portfolio, complementing its established strengths in the SMB and enterprise markets. Upon closing, Sangoma will be held as part of BRC Telecom, BRC's portfolio of communications businesses, currently comprised of UOL, magicJack, Marconi Wireless, and Lingo (which includes BullsEye Telecom).

BRC's communications portfolio was formed on the basis of acquiring mature, late-stage companies with predictable revenues, strong gross margins, and meaningful cash flow potential. Since 2016, the Company has acquired five communications businesses with an aggregate total investment of approximately $303 million. Through 2026, these businesses have generated approximately $411 million in cumulative cash distributions — approximately 1.4x their total acquisition cost. On a trailing-twelve-month basis as of June 2026, BRC's communications businesses generated approximately $52 million of combined segment income.

BRC's communications portfolio continues to execute against plan as a reliable engine of cash generation, and the addition of Sangoma represents an ideal continuation of this acquisition thesis. On a combined, trailing-twelve-month basis as of June 2026, BRC's communications businesses and Sangoma generated approximately $441 million of revenue, reflecting approximately $241 million from BRC's communications businesses and approximately $200 million from Sangoma, as reported by Sangoma.

Transaction Detail

The transaction will be completed by way of a plan of arrangement under the Business Corporations Act (Ontario). Under the terms of the agreement, Sangoma shareholders will receive $4.925 in cash and 0.04767 of a BRC share for each Sangoma share held. In the aggregate, Sangoma shareholders will receive approximately $170 million in cash and approximately $10 million in BRC shares. Upon completion, current Sangoma shareholders will hold approximately 4% of BRC's pro forma outstanding shares. In connection with the closing of the transaction, the shares of Sangoma will be delisted from the Toronto Stock Exchange and Nasdaq Stock Market, and BRC will become a reporting issuer under applicable Canadian securities laws.

The transaction is expected to be partially funded through an amended and restated $215 million senior secured term loan facility at BRC's communications-platform level, together with an equity contribution from BRC. The facility will also be used to retire the existing debt of BRC's communications businesses. Banc of California is serving as sole lead arranger, bookrunner, and administrative agent on the facility, together with Axos Bank and Israel Discount Bank of New York as lenders. The transaction is not subject to any financing condition.

The transaction has been unanimously approved by the board of directors of BRC and the board of directors of Sangoma. Completion is subject to approval by at least two-thirds of the votes cast by holders of Sangoma shares present in person or represented by proxy at a special meeting of Sangoma shareholders (the "Meeting"), a simple majority of the votes cast by holders of Sangoma shares present in person or represented by proxy at the Meeting, excluding the Sangoma shares required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, applicable court and regulatory approvals, and other customary closing conditions. The transaction is expected to close no later than early 2027.

Advisors

Blake, Cassels & Graydon LLP is acting as Canadian legal counsel and Choate, Hall & Stewart LLP, Klein Law Group PLLC and The NBD Group, Inc. are acting as US legal counsel to BRC. ATB Cormark Capital Markets is acting as the exclusive financial advisor and fairness opinion provider to Sangoma. Goodmans LLP is acting as Canadian legal counsel and Norton Rose Fulbright LLP is acting as US legal counsel to Sangoma.

About BRC Group Holdings, Inc.

BRC Group Holdings, Inc. (NASDAQ: RILY) is a diversified holding company with operations in financial services, communications, and retail, alongside investments in equity, debt, and venture capital. Our core financial services platform provides small-cap and middle-market companies with customized end-to-end solutions at every stage of the enterprise life cycle. Our investment banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Our wealth management business provides financial planning services, including brokerage, investment management, insurance, and tax preparation. Our communications businesses provide consumer and business services including traditional, mobile, and cloud phone, internet and data, security, and email. Our consumer products and retail businesses provide mobile computing accessories and home furnishings. BRC Group deploys its capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. For more information, please visit www.brcgh.com.

About Sangoma Technologies Corporation

Sangoma (TSX: STC; NASDAQ: SANG) is a leading business communications platform provider with solutions that include its award-winning UCaaS, CCaaS, CPaaS, and Trunking technologies. The enterprise-grade communications suite is developed in-house; available for cloud, hybrid, or on-premises setups. Additionally, Sangoma provides managed services for connectivity, network, and security. A trusted communications partner with over 40 years on the market, Sangoma has over 2.7 million UC seats across a diversified base of over 100,000 customers. Sangoma has been recognized for nine years running in the Gartner UCaaS Magic Quadrant. As the primary developer and sponsor of the open source Asterisk and FreePBX projects, Sangoma is determined to drive innovation in communication technology continuously. For more information, visit www.sangoma.com.

Additional Information and Where to Find It

In connection with the proposed acquisition of Sangoma, Sangoma expects to call a special meeting of its shareholders and to prepare and make available to its shareholders a management information circular (the "Circular") containing important information about the proposed transaction. SHAREHOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THE CIRCULAR AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED IN CONNECTION WITH THE PROPOSED TRANSACTION CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS.

Shareholders and other interested parties will be able to obtain a free copy of the Circular (when available), together with other documents filed by Sangoma with the Canadian securities regulatory authorities, under Sangoma's profile on SEDAR+ at www.sedarplus.ca and, to the extent furnished or filed with the U.S. Securities and Exchange Commission (the "SEC"), on the SEC's website at www.sec.gov. Copies of these documents may also be obtained free of charge on Sangoma's investor relations website at https://sangoma.com/company/investor-relations.

In the news release, RODAN + FIELDS, INVESTS $350,000 TO ADVANCE A NEW GENERATION OF FEMALE STEM FOUNDERS THROUGH LANDMARK PARTNERSHIP WITH GIRLS INC., issued 16-Sep-2026 by Rodan + Fields over PR Newswire, we are advised by the company that changes have been made. The complete, corrected release follows, with additional details at the end:

RODAN + FIELDS, INVESTS $350,000 TO ADVANCE A NEW GENERATION OF FEMALE STEM FOUNDERS THROUGH LANDMARK PARTNERSHIP WITH GIRLS INC.

$100,000 Rodan + Fields Futures Scholarship and $250,000 Project Accelerate Investment Positions Rodan + Fields As A Strategic Partner In Advancing Women-Led STEM Businesses

NEW YORK, Sept. 16, 2026 /PRNewswire/ -- From Rodan & Fields, Beauty, LLC: Today, Rodan + Fields, the #1 female dermatologist-founded skincare brand in the US*, announced a $350,000 partnership with Girls Inc., the preeminent girls' leadership organization in the US and Canada, to invest directly in the new generation of female founders and STEM innovators. The initiative includes a $100,000 investment in the Rodan + Fields Futures Scholarship and a $250,000 commitment to Girls Inc.'s college and career readiness program, Project Accelerate. Collectively the investment creates a pathway of funding, mentorship and real-world opportunity for young women pursuing STEM-driven entrepreneurship. The initiative marks the beginning of a year-long commitment, with scholarship announcements, mentorship milestones and participant stories to follow throughout 2026 and beyond.

Young women remain critically underrepresented in STEM entrepreneurship, as only 28% of startups include a female founder, and just 1% of leading skincare brands are founded by female dermatologists, the very category Rodan + Fields helped define. This Rodan + Fields contribution directly impacts future change, starting with the young women building the new generation of science-driven businesses. Founded by Stanford-trained dermatologists Dr. Katie Rodan and Dr. Kathy Fields, Rodan + Fields was built on the belief that women belong at the forefront of science, innovation and entrepreneurship. The Girls Inc. partnership extends that legacy by creating new pathways for young women pursuing careers in STEM, business and leadership.

"Rodan + Fields was built by women who believed that science could be a vehicle for independence, confidence, and opportunity. We know firsthand what's possible when young women are given access to STEM education, mentorship, and real investment," said Dimitri Haloulos, Chief Executive Officer, Rodan + Fields. "We're proud of this to support Girls Inc. and power forward tangible funding and access to the new generation of female founders and to stand alongside the young women who will define the future."

Project Accelerate, launched by Girls Inc. in 2021 serves more than 5,900 young women across 76 affiliate networks nationwide. The program provides mentorship, internship placements, college application support and career development beginning in high school, and is on track to place approximately 1,000 participants directly into the workforce by 2030. The Rodan + Fields $250,000 investment will deepen the program's reach and expand access to professional development opportunities across the Girls Inc. network.

Beyond funding, Rodan + Fields is opening its doors to Project Accelerate participants through exclusive "From Lab to Leadership" experiences. In November and February, girls from local Girls Inc. affiliates will visit the company's Berkeley innovation lab for behind-the-scenes access to the science and business of beauty entrepreneurship. Participants will meet the scientists, innovators and leaders behind the brand, explore how products move from concept to commercialization and gain firsthand exposure to careers in STEM, product development and entrepreneurship. By connecting young women directly with female role models working across science and business, Rodan + Fields aims to make STEM careers more tangible, attainable and inspiring.

"Creating lasting change for girls requires partners who are willing to invest in their potential in meaningful ways," said Dr. Stephanie J. Hull, President & CEO, Girls Inc. "Rodan + Fields is doing more than funding a program—they're helping expand access to mentorship, career exploration, and opportunities that prepare girls to lead in STEM and beyond. "

The Rodan + Fields Futures Scholarship, funded at $100,000, will provide direct financial support to young women pursuing STEM-focused education and entrepreneurship pathways. It reflects the brand's own origin as a company founded by women in science, and is intended to help open the same path for the new generation of women founders.

For more information on the Rodan + Fields Futures Scholarship and Project Accelerate, visit rodanandfields.com and girlsinc.org.

"Euromonitor International Ltd; Based on custom research conducted Dec 2025- Jan 2026, Retail Value Sales for 2024, Definitions per Beauty & Personal Care 2025ed."

About Rodan + Fields

Founded by Stanford-trained dermatologists Dr. Katie Rodan and Dr. Kathy Fields, Rodan + Fields creates science-backed, dermatologist-developed skincare and haircare designed to deliver clinically proven results.As the #1 Female Dermatologist-founded Skincare Brand in the U.S.*, the company is committed to expanding opportunities for the new generation through science, innovation, and philanthropy. To date, Rodan + Fields has contributed more than $18 Million to programs that empower young people to succeed in school, work, and life. For more information on the brand, please visit rodanandfields.com

Follow Rodan + Fields:

Instagram: @rodanandfields

Facebook: facebook.com/rodanandfields/

TikTok: @rodanandfields

LinkedIn: linkedin.com/company/rodan-fields/

For any media inquiries, please contact: [email protected]

About Girls Inc.

Girls Inc. is a network of local organizations that works with schools and in communities across the United States and Canada. Through direct service and advocacy, Girls Inc. equips girls with the knowledge and skills to effect positive changes in their lives and to become leaders who will change the world. Professionally trained staff and volunteers provide mentorship, supportive spaces, and research-informed programming that address the challenges girls face and are proven to help them succeed. Together with partners and supporters, Girls Inc. is building the new generation of leaders. Join us at girlsinc.org.

About Project Accelerate

Girls Inc.'s Project Accelerate is a college and career readiness program providing mentorship, internship placements, educational support and career development for young women beginning in high school. Project Accelerate has served more than 8,400 young women since its launch in 2021.

Correction: An earlier version of this release incorrectly listed the scholarship as the 'Rodan + Fields Future Founders Scholarship' instead of the 'Rodan + Fields Futures Scholarship'

SOURCE Rodan + Fields

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Eleven faculty members recognized for excellence in teaching, student support and academic leadership during University's 50th anniversary year

PHOENIX, Sept. 28, 2026 /PRNewswire/ -- University of Phoenix today announced the recipients of its 2026 Faculty of the Year Awards, recognizing 11 faculty members for their dedication to student success, excellence in teaching and meaningful contributions to the University learning experience.

The 2026 Faculty of the Year honorees represent colleges across the University and were recognized during a special awards celebration held Sept. 19 at the Arizona Biltmore in Phoenix. The annual awards recognize faculty members whose expertise, mentorship and commitment help learners progress toward their academic and professional goals during the University's 50th anniversary year.

"As we celebrate this milestone year, it is especially meaningful to recognize faculty who exemplify the impact dedicated educators can have on students' lives," said John Woods, PhD, provost and chief academic officer at University of Phoenix. "Through their guidance, professional expertise, care for students and commitment to teaching, these faculty members create meaningful learning experiences that help students pursue their educational and career aspirations."

University of Phoenix practitioner faculty bring extensive real-world expertise to the classroom, averaging 29 years of professional experience and 16 years of University teaching experience. This combination of industry knowledge and teaching experience helps students connect academic concepts with workplace application and supports the University's mission of serving working adult learners.

Among this year's honorees, Brett Novick, EdD, faculty member in the College of Social and Behavioral Sciences, reflected on the significance of the recognition.

"I am both honored and humbled to receive the Faculty of the Year award, especially following in the footsteps of so many wonderful and deserving educators at the university," said Novick. "My goal is to always provide the quality our students and community have come to expect from University of Phoenix. I learn so much from our students; they inspire me to be a lifelong learner and recognize the true definition of balance and resilience. It is a unique privilege to guide the next generation of mental health providers and work together to advance our field for a society in great need of competent practitioners."

The 2026 Faculty of the Year recipients are:

- Gina Coffaro, College of Education

- Karen Diggs, College of Business & Information Technology

- Patrick LaRose, College of Nursing

- Kimberly Mahr, College of Social & Behavioral Sciences

- Nita Magee, College of Nursing

- Scott McCalla, College of Doctoral Studies

- Valerie Merriwether, College of General Studies

- Brett Novick, College of Social & Behavioral Sciences

- Debra Sandberg, College of Health Professions

- Melissa Warren, College of General Studies

- Mel Waterhouse, College of General Studies

Several honorees shared reflections on what the recognition means to them and their opportunity to support students throughout their educational journeys.

"With this award, the value of what we do here at the University of Phoenix came into sharp focus," said Mel Waterhouse, faculty member at the College of General Studies. "It is an honor to work with such intelligent, caring professors, all united by the goal of helping a unique student population pursue its aspirations. With this trophy on my desk, I am even more excited to log in, and watch miracles happen."

Dr. Debra Sandberg, faculty member at the College of Health Professions, also expressed her appreciation for the recognition.

"Being named Faculty of the Year is a tremendous honor and one of the highlights of my career," said Sandberg. "The celebration weekend was first-class, and I am grateful to the remarkable event team who made every honoree feel special. Most importantly, this recognition reflects the privilege I have of supporting students in achieving their goals while connecting with outstanding colleagues across the University."

The 2026 honorees exemplify the role faculty play in advancing student success and academic excellence across the University. The awards celebrate educators whose experience, mentorship and dedication continue to shape meaningful learning experiences for students and contribute to the University's mission of serving working adult learners.

About University of Phoenix

University of Phoenix is Built for Real Life. 50 Years Strong. The University innovates to help working adults enhance their careers and develop skills in a rapidly changing world through flexible online learning, relevant courses, academic AI pillars, and skills-mapped curriculum for associate, bachelor's and master's degree programs. Active students and alumni have access to Career Services for Life® resources including career guidance and tools. For more information, visit phoenix.edu.

SOURCE University of Phoenix

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Key Takeaways:

- Ameren Missouri's Integrated Resource Plan outlines the long-term roadmap for meeting customer needs through disciplined scenario planning and investments to cost-effectively keep the lights on for customers.

- The plan optimizes a mix of natural gas, solar, energy storage, fuel cells, wind, nuclear and other technologies to support reliability and stabilize costs under a range of future conditions.

- The plan identifies investments needed to keep energy available when customers need it most.

ST. LOUIS, Sept. 28, 2026 /PRNewswire/ -- Reliable energy service depends on decisions made years before the energy is needed. Through its 2026 Integrated Resource Plan (IRP), Ameren Missouri, a subsidiary of Ameren Corporation (NYSE: AEE), outlines a 20-year energy roadmap for maintaining reliable service and managing costs under a range of customer usage scenarios. Details of the plan are available at AmerenMissouri.com/Reliable.

The IRP reflects several long-term considerations, including forecasted customer energy needs, economic growth, available energy resource technologies and associated costs.

"Our customers depend on us to make thoughtful decisions about the energy system that powers their homes, businesses and communities," said Martin J. Lyons Jr., chairman, president and chief executive officer of Ameren Corporation. "This plan provides a clear path for maintaining reliability, supporting the communities we serve by making the most of existing resources while prudently investing in a mix of additional generation technologies to cost-effectively power the future needs of our customers."

The plan maintains a balanced mix of generation resources, combining existing assets with planned additions to ensure continued reliability. Multiple scenarios were evaluated to help ensure the resource portfolio remains reliable under a range of future conditions.

As part of the IRP, Ameren Missouri identified a portfolio of resources intended to support reliability and customer needs in the years ahead. The preferred plan was selected from more than 20 potential plans. It includes resource additions along with other investments intended to strengthen the energy system and maintain flexibility as future conditions evolve, including:

- Continuing to strengthen reliability through around-the-clock combined-cycle natural gas generation resources, with 2,100 megawatts (MW) scheduled to be in service by 2031, another 2,800 MW by 2035 and a further 1,400 MW by 2042.

- Building 1,900 MW of on-demand simple-cycle natural gas generation resources by 2029, with an additional 2,400 MW after 2040.

- Adding 500 MW of natural gas fuel cells by 2030, a promising and scalable technology that can deliver reliable, on-demand energy at any time of day.

- Supplementing those on-demand generation resources with 1,300 MW of new solar generation resources by 2030 and an additional 2,300 MW by 2045. The plan also calls for the addition of 1,500 MW of wind energy resources after 2030.

- Accelerating and expanding the addition of battery storage, with 2,400 MW planned by 2030, to keep energy available when energy needs are high and customers need it most.

- Planning for 1,200 MW of new nuclear generation by 2040. Although neither a location nor a technology has been selected yet, both advanced large-scale reactor designs and small modular reactors are being considered. Ameren Missouri continues to expect to seek an extension to operate the Callaway Energy Center beyond 2044.

"Reliable service is built on a mix of energy resources that can be called upon under different conditions," said Aaron Melda, chairman and president of Ameren Missouri. "Because no single technology can meet every customer's energy needs on its own, the IRP evaluates how resources can work together to maintain reliability, adapt as customer energy use evolves, and manage costs over time."

Ameren Missouri has committed to serving 2.8 gigawatts of aggregate large-load demand by 2030 through signed electric service agreements, with the potential for additional growth, and this plan accounts for that. State law and the company's Powering Missouri Growth Plan include provisions to ensure these customers cover the costs of the infrastructure needed to serve them, helping protect existing customers while providing reliable service to all.

The IRP is filed with the Missouri Public Service Commission every three years and may be updated more frequently as part of Ameren Missouri's ongoing planning process. The plan evaluates resource options using a broad range of assumptions and scenarios to support sound, long-term decision-making.

About Ameren Corporation

St. Louis-based Ameren Corporation powers the quality of life for 2.5 million electric customers and more than 900,000 natural gas customers in a 67,700-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution services, as well as natural gas distribution service. Ameren Transmission Company of Illinois develops, owns and operates rate-regulated regional electric transmission projects in the Midcontinent Independent System Operator, Inc. For more information, visit Ameren.com, or follow us at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn.com/company/Ameren. 

Forward-looking Statements

Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, projections, strategies, targets, estimates, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Ameren and Ameren Missouri are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed under Risk Factors in Ameren's and Ameren Missouri's Annual Report on Form 10-K for the year ended December 31, 2025, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:

- regulatory, judicial, or legislative actions, and any changes in regulatory policies and ratemaking determinations that may change regulatory recovery mechanisms or our ability to recover costs and earn a return, such as those that may result from Ameren Missouri's electric service regulatory rate review filed with the Missouri Public Service Commission (MoPSC) in June 2026;

- our ability to control costs and make substantial investments in our businesses, including our ability to recover costs and investments, and to earn our allowed returns on equity, within frameworks established by our regulators, while maintaining affordability for our customers;

- the effect on Ameren Missouri of any customer rate caps or limitations on increasing the electric service revenue requirement pursuant to Ameren Missouri's election to use the plant-in-service accounting regulatory mechanism;

- Ameren Missouri's ability to construct and/or acquire wind, solar, and other renewable energy generation facilities and battery storage, as well as natural gas-fired and nuclear energy centers, extend the operating license for the Callaway Energy Center, reliably operate existing energy centers through their expected retirement dates, retire fossil fuel-fired energy centers, and implement new or existing customer energy-efficiency programs, including any such construction, acquisition, retirement, or implementation in connection with its Smart Energy Plan, integrated resource plan, or emissions reduction goals, and to recover its cost of investment, a related return, and, in the case of customer energy-efficiency programs, any lost electric revenues in a timely manner, each of which is affected by the ability to timely obtain all necessary regulatory and project approvals, including certificates of convenience and necessity (CCNs) from the MoPSC or any other required approvals, including permits to operate the facilities;

- our ability to realize and support forecasted energy demand and capacity from new and potential new customers, including demand growth dependent on the addition of new data centers and other large primary service customers within our service territories, such as the large load customers that signed electric service agreements with Ameren Missouri in 2026;

- the effects on energy prices and demand for our services resulting from customer growth patterns or usage, including demand from data centers, technological advances, including advances in customer energy efficiency, electric vehicles, electrification of various industries, energy storage, and private generation sources, which are becoming increasingly cost-competitive;

- Ameren Missouri's ability to earn, utilize, or transfer at a reasonable price federal production and investment tax credits related to renewable energy and energy storage projects and nuclear energy production; the cost of wind, solar, and other renewable generation and battery storage technologies; and our ability to obtain timely interconnection agreements with the Midcontinent Independent System Operator, Inc.

PUNE, India, Sept. 28, 2026 /PRNewswire/ -- The Global Agrochemicals Market was valued at USD 245.15 Billion in 2025 and is projected to expand at a 4.2% CAGR from 2026 to 2034, reaching USD 355.01 Billion by 2034, according to a new analysis by Maximize Market Research.

Global Agrochemicals Market

The Global Agrochemicals Market Report 2025 provides a detailed analysis of market trends, crop protection demand, fertilizer use, pesticide consumption, agricultural productivity, regulatory developments, sustainable farming practices, competitive strategies, and market forecasts through 2034. Agrochemicals are becoming central to modern farming as growers look for better ways to protect yields, improve soil health, and manage pests, weeds, and diseases. Their role is expanding beyond traditional crop protection into nutrient management, precision farming, and integrated pest management. Farmers are increasingly using these products alongside digital tools and biological solutions to improve efficiency. This shift is helping reduce unnecessary chemical use while supporting better crop performance. Demand is especially strong across cereals, grains, fruits, vegetables, and other high-value crops. As agriculture becomes more technology-driven, agrochemicals are evolving into a key part of smarter and more sustainable farming systems.

The Global Agrochemicals Market is growing as farmers work to produce more food from limited farmland while managing pest pressure, crop diseases, changing weather conditions, and rising demand for better yields. Cereals & grains remain an important area of agrochemical use, supported by widespread cultivation of rice, wheat, corn, barley, oats, and other staple crops. At the same time, demand for herbicides, fungicides, insecticides, fertilizers, seed-treatment products, and crop nutrition solutions continues to grow across major farming economies. Precision agriculture, digital farm management, integrated pest management, and biological crop protection are also changing how agrochemicals are selected and applied, helping farmers improve efficiency while reducing unnecessary chemical use.

Innovation in the Agrochemicals Market is increasingly being shaped by sustainable agriculture, biological crop protection, precision farming, new active ingredients, advanced formulations, digital tools, and more efficient fertilizer use. Leading companies are investing in new herbicides, fungicides, insecticides, biological solutions, seed technologies, and integrated crop-management systems to address resistant weeds, changing pest patterns, and environmental concerns. Recent developments from BASF, Syngenta, Bayer, UPL, and Corteva-linked partnerships show how strongly the industry is moving toward smarter crop protection and more targeted farm solutions. Growing investment in R&D, sustainable formulations, precision application, and farmer-focused technologies is expected to create new opportunities across the Global Agrochemicals Market through 2034.

Get Full PDF Sample Copy of Report: (Including Full TOC, List of Tables & Figures, Chart) @ https://www.maximizemarketresearch.com/request-sample/105150/

The Global Agrochemicals Market is entering a more intelligent phase of growth as crop protection, fertilizer efficiency, precision agriculture, biological solutions, and sustainable farming come together to reshape modern food production. As farmers face greater pressure to protect yields, manage resistant pests, and use resources more carefully, innovation in agrochemicals is becoming central to the future of agriculture: Maximize Market Research reveals the key forces shaping the market through 2034.

Global Agrochemicals Market Size & Forecast

Global Agrochemicals Market Trends & Insights

- Biological crop protection and bioinputs are gaining ground as farmers look for ways to reduce dependence on conventional chemicals while maintaining yields. FAO highlighted bioinputs in 2026 as a strategic response to fertilizer-market volatility and climate pressure, supporting wider interest in biopesticides, biofertilizers, biological crop protection, and integrated pest management.

- Precision agriculture is changing how agrochemicals are applied, with farmers increasingly using sensors, digital platforms, data analytics, targeted spraying, and variable-rate nutrient management. This shift is helping improve fertilizer efficiency, pesticide use, crop protection performance, and farm productivity while reducing unnecessary input use.

- Crop protection innovation is accelerating as pest, weed, and disease pressure remains high. Bayer noted in 2026 that plant diseases and pests can destroy up to 40% of global crops each year, reinforcing demand for advanced herbicides, insecticides, fungicides, seed technologies, and new crop protection modes of action.

- Fertilizer and agrochemical supply chains are becoming more sensitive to energy, trade, and geopolitical risks. FAO's 2026 Food Outlook highlighted continued links between energy and fertilizer markets, while global agriculture remains exposed to weather disruptions, trade uncertainty, and broader economic shocks. This is increasing attention on supply security, pricing, local production, and more efficient fertilizer use.

- Asia Pacific remains a key growth region for the Global Agrochemicals Market, supported by large farming economies, strong cereal and grain production, rising fertilizer demand, and continued need for crop protection. Expanding use of herbicides, fungicides, insecticides, biological crop protection, and precision farming technologies is helping farmers improve productivity while managing pests, diseases, and changing growing conditions more efficiently.

Rising Need to Protect Crop Yields Drives Agrochemicals Market Growth

The growing need to protect crops from weeds, pests, diseases, and climate-related stress is a major driver of the Global Agrochemicals Market. Nearly 40% of global crop yields are lost to pests and diseases each year, while weeds alone can reduce yields by close to 34%. This keeps demand strong for herbicides, insecticides, fungicides, fertilizers, seed-treatment products, and other crop protection solutions. Rising food demand, limited farmland, cereal and grain production, and pressure to improve farm productivity are further supporting agrochemical use across major agricultural regions.

Strict Regulations and Changing Farm Economics Restrain Market Growth

The Agrochemicals Market also faces pressure from tighter pesticide regulations, environmental rules, product restrictions, and changing farm support policies. Europe, in particular, continues to apply stricter standards to crop protection products and agricultural chemicals, making regulatory approval more complex and expensive. Farmers can also become more cautious about adopting premium agrochemical products when subsidies decline or input costs rise. These factors can slow product launches, increase compliance costs, and put pressure on agrochemical companies that rely heavily on major herbicides, pesticides, and traditional crop protection chemicals.

Precision Farming, Biologicals, and Sustainable Agriculture Create New Opportunities

Precision agriculture, integrated pest management, biological crop protection, and digital farming are opening new opportunities across the Global Agrochemicals Market. Farmers are increasingly using sensors, data analytics, targeted spraying, and digital tools to apply fertilizers and pesticides more accurately. At the same time, demand is rising for biopesticides, biofertilizers, pheromone-based products, and other biological solutions that support sustainable agriculture. The growing role of machine learning and AI in agricultural R&D are helping companies shorten development timelines and improve product testing, while creating new possibilities for smarter crop protection and nutrient management.

Resistance, Climate Pressure, and Supply Challenges Create Market Risks

The Agrochemicals Market continues to face challenges from herbicide-resistant weeds, changing pest patterns, climate stress, fertilizer price volatility, and supply-chain disruptions. Continuous cropping and limited crop rotation can weaken soil health and increase resistance problems, forcing farmers to use more advanced crop protection strategies. At the same time, manufacturers must balance product performance, environmental impact, farmer affordability, and regulatory compliance. Companies that can combine effective herbicides, insecticides, fungicides, fertilizers, biological solutions, precision agriculture, and sustainable formulations are better placed to respond to these changing market conditions.

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Global Agrochemicals Market Segmentation

The Global Agrochemicals Market is segmented by Pesticide Type, Fertilizer Type, Crop Type, and Region. Rising demand for crop protection, higher agricultural productivity, improved fertilizer efficiency, pest and disease management, and sustainable farming practices is supporting market development across these segments.

Asia Pacific Leads the Global Agrochemicals Market as Large Farming Economies, Crop Protection Demand, and Fertilizer Use Support Regional Growth

Asia Pacific is the leading region in the Global Agrochemicals Market, supported by the scale of agriculture across China, India, Japan, South Korea, Australia, and Southeast Asia. Demand remains strong for herbicides, insecticides, fungicides, fertilizers, seed-treatment products, and biological crop protection as farmers work to improve yields and protect crops from weeds, pests, and diseases.

PARSIPPANY, N.J., Sept. 28, 2026 /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) announced today that it will release its earnings results for the third quarter 2026 on Thursday, October 29, 2026. The company will host a conference call and webcast regarding results and other business matters on Thursday, October 29, 2026, at 8:30 a.m. ET.

The call is being webcast and can be accessed on PBF Energy's website, http://www.pbfenergy.com. The call can also be accessed by dialing (800) 715-9871 or (646) 307-1963. The audio replay will be available approximately two hours after the end of the call and will be available on the company's website.

About PBF Energy Inc.

PBF Energy Inc. (NYSE: PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business and provide superior returns to our investors.

PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels.

Contacts:

Colin Murray (investors) 

[email protected] 

Tel: 973.455.7578 

Michael C. Karlovich (media)

[email protected]

Tel: 973.455.8981

SOURCE PBF Energy Inc.

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BROOMFIELD, Colo., Sept. 28, 2026 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the fourth quarter and fiscal year ended July 31, 2026, reported season-to-date pass product sales and provided its outlook for the fiscal year ending July 31, 2027.

Highlights

- Net income attributable to Vail Resorts, Inc. was $147.5 million for fiscal 2026 compared to $280.0 million in the prior year.

- Resort Reported EBITDA was $745.7 million for fiscal 2026 compared to $844.1 million in the prior year, which includes $11 million of one-time costs related to the previously announced resource efficiency transformation plan.

- Pass product unit sales through September 18, 2026 for the upcoming 2026/2027 North American ski season decreased approximately 12%, days sold decreased approximately 10% and sales dollars, inclusive of sales and admissions taxes, decreased approximately 6%, as compared to the prior year period through September 19, 2025.

- The Company provided its fiscal 2027 outlook, including net income attributable to Vail Resorts, Inc. of $158 million to $233 million and Resort Reported EBITDA of $805 million to $865 million, which includes an estimated $14 million of one-time costs.

- The Company declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock that will be payable on October 27, 2026 to shareholders of record as of October 8, 2026.

Commenting on the Company's fiscal 2026 results, Rob Katz, Chief Executive Officer said, "This past winter was one of the most challenging winters in history across the western U.S. for the ski industry, which negatively impacted financial performance for the year. Conditions were particularly severe in the Rockies, where snowfall and snowpack were at or near historic lows and significantly below prior record-low seasons, resulting in the most difficult weather environment we have ever experienced. With that backdrop, this past year demonstrated the resilience of our business model and encouraging signs for the future. Our advanced commitment model and cost discipline provided considerable stability, and our investments in talent, technology and our resorts drove record guest satisfaction scores and strong employee engagement, which are critical measures of our success.

"Looking back over the past year and a half, we have taken decisive action and accelerated the pace of change across our business, strengthening leadership, advancing growth initiatives, enhancing the guest experience, and improving operational efficiency. In addition to appointing a new CEO, we have brought on a new Chief Revenue Officer and a new independent board member with hospitality and operations expertise, with an ongoing search for a second director. We refreshed our marketing approach and increased our investment across media, channel strategies, branding and optimization of our products and pricing. We also announced our multi-year Epic Experience growth strategy to further differentiate the guest experience to drive increased guest engagement and loyalty, and the expansion of our resource efficiency transformation plan to deliver an additional $30 million of savings by fiscal 2028."

"While this past season had a challenging weather backdrop, we are encouraged by the early progress we are seeing across these strategies, including strong performance from our new product and pricing initiatives, lift ticket and pass sales trends that are outperforming the industry, increased brand awareness, and exceeding our original resource efficiency plan savings. Looking ahead, our Epic Experience strategy provides a clear roadmap for growth by placing the guest at the center of everything we do, in areas where we can drive clear competitive differentiation. By enhancing, personalizing and reducing friction at every stage of the guest journey, we see a significant opportunity to drive greater visitation, guest spending and loyalty through our differentiated resort network, marketing capabilities, and technology investments."

Fourth Quarter Operating Results

- Resort Net Revenue increased $0.9 million, or 0.3%, compared to the prior year primarily driven by strong performance at Grand Teton Lodge Company, partially offset by unfavorable weather conditions in Australia. Australian results were below expectations, as cumulative snowfall in the region during the quarter was approximately 57% below the 10-year average, which pressured visitation and revenue, partially mitigated by the growth in Australian pass sales. North American summer demand was in line with expectations.

- Resort Reported EBITDA increased $1.2 million, or 1.0%, compared to the prior year, primarily due to $8.1 million of CEO transition costs incurred in the prior year, disciplined cost management and $4 million lower one-time resource efficiency transformation costs, including $1 million of a timing shift into next year. These benefits were partially offset by weaker performance in Australia due to unfavorable weather conditions, typical cost inflation and increased marketing investments.

Full Year Operating Results

- Resort Net Revenue decreased $131.9 million, or 4.5%, compared to the prior year, primarily driven by unfavorable weather conditions that impacted visitation and revenue for both local and destination guests, particularly at the Rockies and Tahoe resorts. Compared to the prior year, total lift revenue declined 3.5%, despite visitation being down 13.4%, primarily as a result of pass revenue increasing 3.9% for the year.

- Resort Reported EBITDA decreased $98.5 million, or 11.7%, compared to the prior year, which was primarily driven by weather-related headwinds, and were partially offset by disciplined cost management, $45 million of resource efficiency transformation cost savings, $16.7 million of reduced costs from company-wide performance based management incentive plan expense that were not earned, and $6.2 million favorable EBITDA impact from changes in foreign exchange rates relative to the prior year. These cost benefits were partially offset by an incremental $20 million in marketing investment to support growth in pass sales, lift ticket initiatives and branding.

Season Pass Sales

Pass product units sold through September 18, 2026 for the upcoming North American ski season decreased approximately 12%, days sold1 decreased approximately 10% and sales dollars2, inclusive of sales and admissions taxes, decreased approximately 6%, as compared to the prior year period through September 19, 2025. Results through the Labor Day sales deadline were generally consistent with trends experienced during the spring selling period, when excluding auto-renew, as demand across the industry continued to be impacted by the effects of last season's historically challenging conditions.

Results following the Spring deadline in May showed modest improvement in Colorado and Utah local markets, while weakness remains concentrated among Destination frequency products, especially lower frequency passes. Third-party data continues to show Vail Resorts outperforming the broader industry, especially amongst comparable unlimited products. The Company's recently introduced product and pricing initiatives have continued to generate encouraging results, with relative strength in unlimited pass products compared to lower-frequency product offerings driving improved mix and pricing performance. As unit declines remain concentrated among Destination frequency pass products, the Company believes these trends may reflect delayed purchase behavior among less committed guests rather than fully lost demand, creating an opportunity to recapture visitation through pass sales in the remainder of the selling season and/or lift ticket products during the season, especially given the Company's ability to seamlessly and efficiently market broad-based and resort-specific season passes and lift tickets across all of its channels.

Fiscal Year 2027 Guidance

The Company is providing its initial guidance for the year ending July 31, 2027 and expects:

- Net income attributable to Vail Resorts, Inc. of $158 million to $233 million.

- Resort Reported EBITDA of $805 million to $865 million, including approximately $14 million of one-time costs.

Fiscal 2027 guidance reflects a meaningful recovery from the weather-impacted fiscal 2026 season, supported by increased lift ticket visitation, pricing growth, increased guest spending across ancillary businesses and approximately $25 million of incremental efficiencies from the resource efficiency transformation plan. These benefits are expected to be partially offset by lower pass demand trends, the normalization of operating expenses, inflationary pressures, additional strategic investments to support future growth and approximately $14 million of one-time costs.

At the midpoint, guidance implies an estimated Resort EBITDA margin of approximately 26.9%, or approximately 27.3% excluding one-time costs.

Relative to the Company's original fiscal 2026 expectations issued in September 2025, fiscal 2027 guidance assumes visitation is modestly lower with overall lift revenue flat from pricing and product optimization efforts, along with increased marketing investments to drive visitation. As a result, ancillary revenue growth and savings from Resource Efficiency Transformation are not expected to fully offset inflationary pressures, resulting in a lower Resort EBITDA margin than originally expected for fiscal 2026.

The guidance also assumes (1) a continuation of the current economic environment, (2) a range of normal weather conditions for the 2026/2027 North American and European ski season and the 2027 Australian ski seasons, and (3) foreign currency exchange rates as of September 25, 2026 noted below, and does not include any potential impacts related to future fluctuations in foreign currency exchange rates, which may be impacted by tariffs, trade disputes, or other factors.

Experienced Consumer and Apparel Executive to Lead L2 Brands' Next Phase of Growth

HANOVER, Pa., Sept. 28, 2026 /PRNewswire/ -- L2 Brands, a leading designer, manufacturer and marketer of premium custom-decorated apparel and headwear, today announced the appointment of John Fryer as Chief Executive Officer, effective September 28, 2026.

Fryer is a seasoned apparel and licensed products executive with experience leading scaled businesses across activewear, teamwear, and the collegiate channels. He most recently served as President of Unrivaled Teamwear, a carve-out from Hanesbrands, and operator of Champion Teamwear, Gear for Sports, and Knights Apparel brands. At L2 Brands, Fryer will lead a fully integrated organization spanning commercial, product, supply chain, and manufacturing.

Fryer brings extensive leadership experience in the consumer products and apparel industries, with a track record of building brands, driving profitable growth and developing high-performing organizations. In his new role, Fryer will lead L2 Brands as the company continues to expand its position across the collegiate, resort and destination, golf and corporate markets.

L2 Brands is a portfolio company of Sentinel Capital Partners, a private equity firm focused on investing in promising midmarket companies.

"We are thrilled to welcome John to L2 Brands," said Paige Wingert, Interim Co-CEO and co-founder of Legacy Headwear. "Throughout this process, we were looking for a leader who understood what makes L2 special — our people, our brands, our customers and the culture that has been built over more than three decades. John brings the leadership experience, energy and values that we believe make him the right person to lead L2 into its next chapter. I am excited about what lies ahead for the company and our team."

Evan Toporek, Interim Co-CEO, added, "L2 has tremendous momentum and significant opportunities for continued growth. John's experience building and leading consumer businesses, combined with his focus on customers, brands and operational execution, stood out to us. Just as importantly, he appreciates the entrepreneurial culture and customer-first mindset that have been central to L2's success. We believe John is exceptionally well suited to build on the strong foundation already in place and help L2 realize its full potential."

Fryer joins L2 at an important point in the company's evolution. Over the past several years, L2 Brands has expanded its portfolio and capabilities while maintaining its commitment to premium products, differentiated design and decoration, outstanding customer service and a highly responsive supply chain. Today, the company serves customers through its League, Legacy, Ouray, Locale, and newly acquired Wild Tribute brands, with a growing presence across multiple end markets.

"I am honored and excited to join L2 Brands," said John Fryer. "L2 has built an outstanding reputation based on great brands, exceptional products, deep customer relationships and, importantly, a talented and passionate team. I have tremendous respect for what L2 has accomplished and see an enormous opportunity to build on that foundation."

"I look forward to spending time with our employees, customers and partners, learning from them and working together to write the next chapter of L2's growth."

Wingert and Toporek have served as Interim Co-CEOs during the company's leadership transition and will work closely with Fryer to ensure a seamless transition before returning to their positions on the company's Board of Directors.

About L2 Brands

L2 Brands is a leading designer, manufacturer and marketer of high-quality, custom-logo apparel and headwear serving the collegiate, resort and destination, golf and corporate markets. For more than 30 years, L2 Brands and its family of lifestyle brands have created premium customized products that connect consumers with the schools, traditions, destinations and organizations they love.

Headquartered in Hanover, Pennsylvania, L2 Brands is known for its innovative product design, extensive decoration and customization capabilities, commitment to customer service and entrepreneurial culture. L2 Brands' portfolio includes League, Legacy, Ouray, Locale, and Wild Tribute.

For more information, visit https://l2brands.com/.

About Sentinel Capital Partners

Sentinel Capital Partners (https://www.sentinelpartners.com/) is a private equity firm that invests in promising midmarket companies across a variety of industries. Sentinel partners with management teams to build businesses through a combination of organic growth, operational improvement and strategic acquisitions. L2 Brands is an active portfolio company of Sentinel Capital Partners.

SOURCE L2 Brands

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- Acquisition significantly enhances AAR's scale, margins, and cash flow profile

- Adds more than $1 billion in revenue supporting blue-chip, U.S. airline customers

- Expands AAR's consolidated adjusted EBITDA margins1 from approximately 12% to 16%, before synergies

- Expected to be accretive to adjusted EPS in the first full fiscal year post closing

- Updating AAR's adjusted EBITDA margin target to approximately 19% to 20% within three to four years

WOOD DALE, Ill., Sept. 28, 2026 /PRNewswire/ -- AAR CORP. (NYSE: AIR) (the "Company" or "AAR"), a leading Parts, Repair, and Software platform in the aviation aftermarket, today announced it has entered into a definitive agreement to acquire a 65% controlling interest in MRO Holdings at an implied enterprise value of $4.0 billion. This represents 10.7x MRO Holdings' forecasted full calendar year 2026 adjusted EBITDA, including $75 million in anticipated run-rate cost synergies and net of transaction-related tax benefits with an expected present value of approximately $150 million. The transaction will expand and strengthen AAR's leading aviation aftermarket platform and create significant additional growth opportunities across the Company's core Parts, Repair, and Software activities. The combination creates advantages for AAR's customers as the Company will offer a broader range of maintenance solutions.

MRO Holdings is a leading global provider of aircraft maintenance, repair, and overhaul (MRO) with more than four decades of experience. Through its team of approximately 10,000 professionals and 115 lines of airframe maintenance capacity, MRO Holdings performs aircraft maintenance and modifications across its extensive network in the Americas, with facilities in El Salvador, Mexico, Colombia, and the United States. Approximately 90% of MRO Holdings' revenue is from sales to U.S. customers.

"Over the last several years, AAR has taken important steps to reshape our portfolio into an integrated Parts, Repair, and Software aviation aftermarket platform," said John M. Holmes, Chairman, President and CEO of AAR. "Heavy maintenance is a foundational element of this platform, driving revenue to all other areas of the Company. Through the acquisition of MRO Holdings, we will create the largest heavy maintenance MRO in the world, servicing a combined total of nearly 3,000 aircraft per year in our hangars. As a result of this scale, we expect to drive additional volume through our Component MRO facilities, we will have a much larger channel for new and existing OEM distribution relationships, and we will have additional avenues for data collection supporting our software business. In addition, we see more growth opportunities for the heavy maintenance business itself, including widebody maintenance and increased capture of European and Middle Eastern fleets for service in the Americas.

"The transaction structure allows us to partner with a proven team that brings decades of experience in a strategically important region. This structure also provides the financial flexibility to continue to pursue AAR's broader strategy. This highly strategic acquisition is truly transformational for AAR and marks a significant step in our long-term growth plan," concluded Holmes.

In calendar year 2026, MRO Holdings is expected to generate approximately $1.0 billion of sales and $285 million of adjusted EBITDA, representing an adjusted EBITDA margin of approximately 27%. MRO Holdings also has an exceptional cash flow conversion profile, converting approximately 70% of adjusted EBITDA into adjusted cash flow from operating activities in calendar year 2025.

On a pro forma basis, the Company's adjusted EBITDA margin before synergies is approximately 16%, or roughly 400 basis points accretive to AAR's standalone FY 2026 results2. AAR expects to generate approximately $75 million of run-rate cost synergies from operations optimization, procurement savings, SG&A optimization, and the sharing of operational best practices. The Company expects to achieve the full run-rate benefit of the synergies within three to four years following closing and is targeting an adjusted EBITDA margin of approximately 19% to 20% in that timeframe.

Holmes continued, "While the strategic benefits are significant, the acquisition of MRO Holdings also greatly enhances our financial profile. The acquisition further strengthens our ability to generate above-market sales growth, and we see a path to 20% adjusted EBITDA margins in the next three to four years. Further, the cash generated by the combination of AAR and MRO Holdings will be substantial, allowing the Company to quickly de-lever and retain future financial flexibility. With greater scale and a stronger financial profile, AAR will be better positioned to deliver higher, more profitable growth across our Parts, Repair, and Software platform."

"This is a major milestone in MRO Holdings' evolution, and AAR is the right partner," said Roberto Kriete, Chairman of MRO Holdings. "Combining our technical expertise and customer relationships with AAR's broader aftermarket capabilities will strengthen our value proposition and support continued investment in our people, capabilities, and facilities. Together, MRO Holdings and AAR create a stronger platform with greater scale, deeper technical resources, and a broader ability to serve the world's leading airlines. We are staying on as shareholders of MRO Holdings because we share AAR's ambition for continued growth and want to be a part of it."

"As a significant minority shareholder in MRO Holdings, we are proud to have been part of a period of meaningful growth for the company," said Matt Evans, a Partner at Bain Capital. "MRO Holdings has built a differentiated offering with deep customer relationships, a highly skilled workforce, and a compelling position in a market supported by durable demand for aircraft maintenance. We believe AAR is an excellent partner for the company's next chapter and look forward to participating in continued value creation as shareholders."

Transaction details

Under the terms of the agreement, AAR will initially acquire a 65% interest in MRO Holdings for an equity value of approximately $1.8 billion. As part of this initial transaction, AAR will also repay approximately $1.3 billion of MRO Holdings' existing borrowings. AAR expects to fund the transaction, including related expenses, through approximately $2.1 billion of new debt, approximately $780 million of equity issued at $135 per share to existing MRO Holdings shareholders, and approximately $230 million of proceeds from a private investment in public equity (PIPE) offering, led by The Pritzker Organization and other blue-chip institutional investors.

AAR will have the option to acquire the remaining 35% ownership interest of MRO Holdings with 5% exercisable at any time within six years of the closing of the initial Acquisition, and the remaining 30% exercisable in three equal tranches of 10% on the second, third, and fourth anniversaries of the closing of the initial acquisition. AAR will control the MRO Holdings Board of Managers, and the selling owners will be subject to customary lockups and voting-support provisions with respect to the AAR shares they receive in the transaction.

The approximately $2.1 billion of new debt financing is supported by a fully committed bridge facility, which AAR intends to replace with permanent debt financing prior to closing. AAR expects net leverage at closing to be approximately 3.6x, including run-rate synergies. As part of the agreement, AAR will receive 100% of the excess cash flow from MRO Holdings during its first two years of ownership. AAR expects net leverage to be approximately 3.0x within two years following close of the transaction and to return to its target range of 2.0x to 2.5x over the medium term, even as we exercise the purchase options. AAR expects to maintain its BB-category credit rating profile at each of S&P and Moody's.

The transaction is expected to close in AAR's fiscal third quarter ending February 2027, subject to receipt of regulatory approvals and satisfaction of other customary closing conditions. The Board of Directors of AAR has unanimously approved the transaction. Following closing, AAR will fully consolidate MRO Holdings into its financial results.

Advisors

Goldman Sachs & Co. LLC; William Blair & Company, LLC; and Centerview Partners LLC are serving as financial advisors to AAR. Kirkland & Ellis LLP is serving as legal counsel to AAR. Goldman Sachs Bank USA and Wells Fargo Securities, LLC are serving as underwriters of the committed debt financing supporting the transaction, and Goldman Sachs & Co. LLC is exclusive placement agent for the PIPE offering.

Solomon Partners is serving as lead financial advisor to MRO Holdings. RBC Capital Markets, LLC is also advising MRO Holdings. Greenberg Traurig, LLP is serving as legal counsel to MRO Holdings.

Conference call

On Tuesday, September 29, 2026, at 7:00 a.m. CT, AAR will hold a conference call to discuss the transaction as well as the Company's first quarter fiscal 2027 earnings results, which were announced in a separate release today. A listen-only webcast and slides can be accessed at https://edge.media-server.com/mmc/p/ogsm2rh7. Participants may join via phone by registering at https://register-conf.media-server.com/register/BIe2a403237161465d99fb8af7cc93b3e8. Once registered, participants will receive a dial-in number and a unique PIN that will allow them to access the call.

A replay of the conference call will be available for on-demand listening shortly after the completion of the call at the webcast link and will remain available for approximately one year.

A slide presentation pertaining to the transaction has also been made available on the Investors section of AAR's website at https://www.aarcorp.com/en/investors/.

WOOD DALE, Ill., Sept. 28, 2026 /PRNewswire/ -- AAR CORP. (NYSE: AIR) (the "Company" or "AAR"), a leading parts, repair, and software platform in the aviation aftermarket, reported today financial results for the fiscal year 2027 first quarter ended August 31, 2026.

In a separate press release issued today, AAR announced it has entered into a definitive agreement to acquire a controlling interest in MRO Holdings. For additional information on the transaction, please refer to the transaction-specific press release and the investor presentation on the Investors section of AAR's website. Due to this agreement, AAR's previously scheduled earnings conference call has been rescheduled to 7:00 AM CT on Tuesday, September 29, 2026.

FIRST QUARTER FISCAL YEAR 2027 HIGHLIGHTS

(As compared to Q1 FY2026)

- Sales of $918 million; increased 24%

- GAAP diluted EPS of $1.00

- Adjusted diluted EPS of $1.49; increased 38%

- GAAP Net income of $40 million

- Adjusted EBITDA of $117 million; increased 34%

- Adjusted EBITDA margin increased from 11.7% to 12.7%

"This was a very strong start to our fiscal year," said John M. Holmes, AAR's Chairman, President and CEO. "Our airline customers continue to experience strong demand for air travel, which in turn is driving strong demand for our services, as evidenced by our results this quarter. Total sales were up 24%, and we saw growth across all three core segments. In our Parts Supply segment, total growth of 31% was led by 23% organic growth in new parts Distribution on strength in both Commercial and Government end markets. Our Repair, Engineering & Software (RE&S) segment reported 31% sales growth, driven by our Airframe MRO, Component MRO, and software activities. Government Solutions was up 4% driven by strength in Mobility Systems.

"Our sales growth resulted in an adjusted EBITDA increase of 34% in the quarter and adjusted EBITDA margins of 12.7%, up 100 basis points year over year. Total adjusted EBITDA margin from the Parts Supply, RE&S, and Government Solutions segments was 13.3%.

"Cash from operations in the quarter was $56 million, helping to further reduce net leverage to 1.81x.

"Along with our strong fiscal first quarter earnings, we also announced an agreement to acquire a 65% controlling interest in MRO Holdings. Over the last several years, AAR has taken important steps to reshape our portfolio into an integrated Parts, Repair, and Software aviation aftermarket platform. Through the acquisition of MRO Holdings, AAR will achieve scale that significantly accelerates our strategy as heavy maintenance helps drive revenue to all other areas of the company. Further, the transaction structure allows us to partner with a proven team that brings decades of experience in a strategically important region while also providing the financial flexibility to continue to pursue AAR's broader strategy. This acquisition is highly strategic for AAR and marks a significant step in our long-term growth plan."

Holmes concluded, "Our strategy has been successful over the last several years as we have delivered above-market growth and consistent margin expansion. The acquisition of MRO Holdings will further propel this growth and drive a meaningful step-up in our margin profile. The strategy, portfolio, and combination add to the strength and resilience of our aftermarket platform. Given our solid first quarter results and continued demand for our solutions, we remain confident in our ability to deliver another year of strong performance in fiscal 2027."

FIRST QUARTER FISCAL YEAR 2027 RESULTS

Consolidated first quarter sales increased 24% to $918.0 million, compared to $739.6 million in the same quarter last year. Sales to commercial customers increased 28%, or $147.5 million, primarily due to the acquisition contributions combined with continued above-market Commercial Distribution sales. Sales to government customers increased 14%, or $30.9, over the same period last year, primarily due to increased volumes in our new parts distribution activities. Sales to commercial customers were 73% of consolidated sales, compared to 71% in the prior year quarter.

The Company reported net income of $40.1 million, or $1.00 per diluted share. For the first quarter of the prior year, the Company reported net income of $34.4 million, or $0.95 per diluted share. Adjusted diluted earnings per share in the first quarter of fiscal year 2027 were $1.49, compared to $1.08 in the first quarter of the prior year.

Selling, general, and administrative expenses were $107.0 million in the current quarter, compared to $71.8 million in the prior year quarter. Acquisition, amortization, and integration expenses were $19.6 million in the quarter, compared to $4.4 million in the prior year quarter.

Operating margins were 7.9% in the quarter, compared to 8.8% in the prior year quarter. Adjusted operating margin increased to 10.6% in the current year quarter from 9.7% in the prior year quarter, primarily as a result of growth in our Parts Supply segment and increased profitability in our Government Solutions segment.

Net interest expense for the quarter was $16.2 million, compared to $18.5 million last year. Average diluted share count increased from 35.9 million shares in the prior year quarter to 39.9 million shares in the current year quarter.

Cash flow provided by operating activities was $55.8 million during the current quarter, compared to $44.9 million of cash used in the prior year quarter. As of August 31, 2026, net debt was $780.5 million and net leverage was 1.81x.

SECOND QUARTER AND FULL YEAR FISCAL 2027 GUIDANCE

The Company is providing the following guidance for the second quarter and full year fiscal 2027. This guidance does not include any impact of the MRO Holdings acquisition:

Conference call information

On Tuesday, September 29, 2026, at 7:00 a.m. Central Time, AAR will hold a conference call to discuss the quarterly results and the announced acquisition of MRO Holdings. A listen-only webcast and slides can be accessed at https://edge.media-server.com/mmc/p/ogsm2rh7. Participants may join via phone by registering at https://register-conf.media-server.com/register/BIe2a403237161465d99fb8af7cc93b3e8. Once registered, participants will receive a dial-in number and a unique PIN that will allow them to access the call.

A replay of the conference call will be available for on-demand listening shortly after the completion of the call at the webcast link and will remain available for approximately one year.

The slides are also available on AAR's website at https://www.aarcorp.com/en/investors/.

About AAR

AAR is a global aerospace and defense aftermarket solutions company with operations in over 20 countries. Headquartered in the Chicago area, AAR supports commercial and government customers through four operating segments: Parts Supply; Repair, Engineering, and Software; and Government Solutions. Additional information can be found at aarcorp.com/.

Contact: Chris Tillett – Investor Relations | +1-630-227-5830 | [email protected]

This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, which reflect management's expectations about future conditions, including, but not limited to, our second quarter and full year FY 2027 guidance, execution of strategies, continued demand in the commercial and government aviation markets; market position; anticipated activities and benefits related to new or expanding business relationships; expected contributions and synergies related to acquisitions; expansion of capabilities and operational footprint; opportunities for margin improvement through operations, integration activities and other efficiency initiatives; and continued sales and margin growth, earnings performance, debt management, and capital allocation.

Forward-looking statements often address our expected future operating and financial performance and financial condition, or targets, goals, commitments, and other business plans, and often may also be identified because they contain words such as "anticipate," "continue," "estimate," "expect," "project," "plan," "potential," "predict," "intend," "believe," "may," "might," "will," "would," "should," "seek," "could," "positions," "likely," "target," "goal," "strategy" or similar expressions and the negatives of those terms.

These forward-looking statements are subject to certain risks and uncertainties that may cause actual results to differ materially from historical results or those anticipated, depending on a variety of factors, including: factors that adversely affect the commercial aviation industry; adverse events and negative publicity in the aviation industry; a reduction in sales to the U.S.