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Nasdaq Ticker to Change to ‘SAEN’ on November 4, 2026

Perini Management Services, Inc. Awarded $19 Million Project to Upgrade Infrastructure Systems at Dwight D. Eisenhower Army Medical Center, Ft. Gordon, GA

LOS ANGELES–(BUSINESS WIRE)–Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Perini Management Services, Inc. (“PMSI”), has been awarded a design-build contract valued at approximately $19 million by the U.S. Army Corps of Engineers (“USACE”), Huntsville Center, to upgrade infrastructure systems at the Dwight D. Eisenhower Army Medical Center, Ft. Gordon, GA.

The project consists of providing all required investigation, engineering, design, and associated services necessary to perform a major mechanical system modernization at the Dwight D. Eisenhower Army Medical Center. Work includes the repair and/or replacement of air handling units, heating systems, air conditioning systems, ventilation systems, and bulk liquid oxygen systems, together with all related testing and commissioning.

Design work is expected to begin this month, with substantial completion anticipated in November 2028. The contract value will be included in the Company’s backlog reported for the third quarter of 2026.

About Tutor Perini Corporation

Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261102687848/en/

Tutor Perini Corporation
Jorge Casado, 818-362-8391
Senior Vice President, Investor Relations and Corporate Communications
www.tutorperini.com

KEYWORDS: United States North America California Georgia

INDUSTRY KEYWORDS: Architecture Commercial Building & Real Estate Construction & Property Building Systems

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Vertical Aerospace Appoints Defence Technology Pioneer and Former FLIR CEO Andrew Teich to Its Board of Directors

Defence technology leader, part of the team that grew FLIR from c.$60 million to more than $6 billion in market value, is the fourth senior aerospace and defence appointment in recent weeks

LONDON & NEW YORK–(BUSINESS WIRE)–
Vertical Aerospace (“Vertical” or the “Company”) (NYSE: EVTL), a global aerospace and technology company pioneering electric aviation, today announced the appointment of Andrew Teich to its Board of Directors, effective from today.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261102961341/en/

Vertical Aerospace appoints defence technology pioneer and former FLIR CEO Andrew Teich to its Board of Directors

Mr. Teich brings more than 40 years of experience developing and commercialising advanced technologies for military, industrial and commercial customers. He spent nearly two decades in senior leadership at FLIR Systems (now Teledyne FLIR LLC), culminating as President and CEO from 2013 to 2017. During that time, FLIR grew from a market capitalisation of approximately $60 million to more than $6 billion and became a global leader in advanced sensing and imaging systems.

A named inventor on over 50 U.S. and international patents, Mr. Teich brings extensive experience in U.S. Department of War programmes, advanced sensing technologies, artificial intelligence, autonomous systems and UAV technologies, all of which are directly relevant to Vertical’s expanding defence and dual-use applications. He currently serves as a consultant to the U.S. Department of War.

He also has significant corporate growth, transformation and transaction experience, having acquired and integrated more than 35 technology businesses during his career.

Mr. Teich joined FLIR in 1999 after the company acquired Inframetrics Inc., where he grew revenue threefold.

He currently chairs the boards of two public companies, sensing company Sensata Technologies (NYSE: ST) and technology provider Resideo Technologies (NYSE: REZI).

Mr. Teich joins recently appointed Chair, Fabrice Brégier, former Airbus Commercial Aircraft CEO, and directors Clyde Woltman, former Leonardo Helicopters U.S. CEO, and Marc Fontaine, former Airbus executive and current Helsing France CEO. The appointments strengthen Vertical’s leadership as it advances Valo towards certification and commercial operations and progresses hybrid-electric, defence and other dual-use applications.

As previously announced on 24 September 2026, Vertical has retained Jefferies LLC as its financial advisor in connection with its review of strategic alternatives, including potential strategic and financial partnerships to advance the next stage of development.

Stuart Simpson, CEO of Vertical Aerospace, said:

“Andy understands both what advanced technology can do and what defence customers need it to deliver. He has taken innovations from development into demanding operational environments, experience that will help us make better decisions about where to take our technology and how to turn its potential into commercial opportunities.

“With Fabrice, Clyde, Marc and Andy, we have brought together leaders who have delivered aircraft programmes, built technology businesses and served military customers. Their experience is invaluable as we bring our products to market. Andy’s decision to join, following these recent appointments, says a great deal about how people who have built and led major aerospace, defence and technology businesses view Vertical. Each of them sees the growth potential in our aircraft, our technology and our team.”

Andrew Teich, Non-Executive Director of Vertical Aerospace, said:

“My experience at FLIR taught me to look beyond the development milestones to what proprietary technology can deliver in operational service. That is what attracts me to Vertical: a highly capable team, Valo’s certification programme targeting the highest safety standard in the eVTOL category, and an architecture designed to accommodate a hybrid-electric powertrain, opening up clear defence and dual-use applications. I believe the market has yet to recognise the full value of that combination.

“My immediate focus will be working with Fabrice, the Board and the leadership team, alongside Jefferies, to bring in the right strategic or financial partners to support Vertical through certification and into commercialisation.”

About Vertical Aerospace

Vertical Aerospace is a global aerospace and technology company pioneering electric aviation. Vertical is creating a safer, cleaner, and quieter way to travel. Valo is a piloted, four-passenger, Electric Vertical Take-Off and Landing (eVTOL) aircraft, with zero operating emissions. Vertical is also developing a hybrid-electric variant, offering increased range and mission flexibility to meet the evolving needs of the advanced air mobility market.

Vertical combines partnerships with leading aerospace companies, including Honeywell, Syensqo and Sonaca, with its own proprietary battery and propeller technology to develop the world’s most advanced and safest eVTOL.

Vertical has c.1,500 pre-orders of Valo, with customers across four continents, including American Airlines, Avolon, Bristow, GOL and Japan Airlines. Certain customer obligations are expected to be fulfilled via third-party agreements. Headquartered in Bristol, UK, Vertical’s experienced leadership team comes from top-tier aerospace and automotive companies such as Rolls-Royce, Airbus, GM, and Leonardo. Together, they have previously certified and supported over 30 different civil and military aircraft and propulsion systems.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding the anticipated Board changes, the design and manufacture of our aircraft and the hybrid-electric variant, certification and the commercialization of our aircraft and our ability to achieve regulatory certification of our aircraft product on any particular timeline or at all, the features and capabilities of the aircraft, business strategy and plans and objectives of management for future operations, including the building and testing of our prototype aircraft on timelines projected, selection of suppliers, the Company’s ability to obtain additional financing on acceptable terms or at all, the outcome of any financing or strategic alternative review process, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate,” “will,” “aim,” “potential,” “continue,” “are likely to” and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation the important factors discussed under the caption “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) on March 24, 2026, as such factors may be updated from time to time in our other filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261102961341/en/

For more information:

Vertical Aerospace Media: Justin Bates, Head of Communications, [email protected], +44 7878 357 463

Vertical Aerospace Investor Relations: Gillian Levine, Investor Relations Lead, [email protected], +1 248 470 8732

KEYWORDS: New York Europe United States United Kingdom North America

INDUSTRY KEYWORDS: Transportation Aerospace Technology Manufacturing Travel Air Transport Other Technology Other Defense Defense Engineering

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Vertical Aerospace appoints defence technology pioneer and former FLIR CEO Andrew Teich to its Board of Directors

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TriGemX Bio and TCGX Acquisition Corp. Announce Confidential Submission of Draft Registration Statement on Form S-4 in Connection with Proposed Business Combination

NEW YORK & PALO ALTO, Calif.–(BUSINESS WIRE)–
TriGemX Bio, Inc. (“TriGemX Bio”), a biotechnology company focused on developing elismetrep, a potential first-in-class treatment for migraine, and TCGX Acquisition Corp. (Nasdaq: TCGX) (“TCGX”), a publicly listed special purpose acquisition company, today announced the confidential submission of a draft registration statement on Form S-4 (the “Registration Statement”) to the U.S. Securities and Exchange Commission (“SEC”).

The submission of the Registration Statement marks an important milestone toward the completion of the previously announced proposed business combination between TriGemX Bio and TCGX that would result in TriGemX Bio becoming a publicly traded company listed on Nasdaq under the ticker symbol “TGEM”.

The closing of the business combination is expected to occur in the first quarter of 2027 and is subject to the receipt of the requisite approval of TCGX’s shareholders, the Registration Statement being declared effective by the SEC, approval by Nasdaq to list the securities of the combined company, and other customary closing conditions.

About TriGemX Bio

TriGemX Bio is a biotechnology company focused on developing elismetrep, a potential first-in-class TRPM8 channel blocker for the treatment of migraine. The targeting of TRPM8 for the treatment of migraine is a direct result of TriGemX Bio’s unique insights into neural signaling pathways. The name “TriGemX” is a reference to the trigeminal ganglion, a migraine-relevant neural structure where TRPM8 is expressed. Elismetrep is currently in Phase 3 trials for the acute treatment of migraine, with results from the first Phase 3 trial anticipated in mid-2027. For more information, visit www.tgemx.com.

About TCGX Acquisition Corp.

TCGX Acquisition Corp. (Nasdaq: TCGX) is a special purpose acquisition company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. TCGX is sponsored by TCGX Sponsor, LLC, an affiliate of TCG Crossover Management, LLC. TCGX is led by Chief Executive Officer Chen Yu and Chief Financial Officer Craig Skaling.

Additional Information About the Transaction and Where to Find It

In connection with the business combination, TCGX and TriGemX Bio have prepared and confidentially submitted a draft Registration Statement on Form S-4 with the SEC, which includes a preliminary proxy statement and a preliminary prospectus of TCGX with respect to the securities to be offered in the business combination. After the Registration Statement is publicly filed, and ultimately declared effective, TCGX will mail a definitive proxy statement/final prospectus to its shareholders as of a record date to be established for voting on the business combination. The Registration Statement, including the proxy statement/prospectus contained therein, will contain important information about the business combination and the other matters to be voted upon at a meeting of TCGX’s shareholders. This press release does not contain all the information that should be considered concerning the business combination and other matters and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. TCGX and TriGemX Bio may also file other documents with the SEC regarding the business combination. TCGX’s shareholders and other interested persons are advised to read, when available, the Registration Statement, including the preliminary proxy statement/preliminary prospectus contained therein, the amendments thereto and the definitive proxy statement/final prospectus and other documents filed in connection with the business combination, as these materials will contain important information about TCGX, TriGemX Bio, and the business combination. The documents filed by TCGX and TriGemX Bio with the SEC also may be obtained free of charge upon written request to TCGX at TCGX Acquisition Corp., 245 Lytton Ave., Suite 350, Palo Alto, California 94301. There can be no assurance that the proposed business combination will be completed, or completed on the terms currently contemplated.

Forward-Looking Statements

This press release includes forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “anticipated,” “potential,” “provide,” “may,” “could,” “expected,” “will,” “would,” “will be” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the proposed business combination, its completion, the expected timing of closing and the satisfaction of closing conditions; TriGemX Bio becoming a publicly traded company listed on Nasdaq under the ticker symbol “TGEM”; the development of elismetrep and its potential as a first-in-class treatment for migraine, including the anticipated timing of results from the first Phase 3 trial in mid-2027; and the anticipated public filing and effectiveness of the Registration Statement, the mailing of the definitive proxy statement/final prospectus to TCGX shareholders, and the content and availability of future SEC filings and disclosures relating to the proposed business combination.

These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of TriGemX Bio’s and TCGX’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond the control of TriGemX Bio and TCGX. These forward-looking statements are subject to a number of risks and uncertainties, including but not limited to changes in domestic and foreign business, market, financial, political, and legal and regulatory conditions; the inability of the parties to successfully or timely consummate the proposed business combination and other related transactions, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions (such as any SEC statements or enforcement actions or other actions relating to SPACs) that could adversely affect the combined company or the expected benefits of the proposed business combination and other related transactions; the failure to obtain the approval of TCGX’s shareholders or TriGemX Bio’s stockholders or to satisfy other conditions to closing; the ability to complete the domestication of TCGX as a Delaware corporation; the ability to meet Nasdaq listing standards in connection with or following the consummation of the proposed business combination; failure to realize the anticipated benefits of the proposed business combination and other related transactions; risks related to the approval of TriGemX Bio’s product candidates and the timing of expected regulatory and business milestones; ability to obtain additional financing; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the outcome of any legal proceedings that may be instituted against TCGX or TriGemX Bio related to the proposed business combination; and the amount of redemption requests made by TCGX’s public shareholders. Additional risks related to TriGemX Bio’s business include, but are not limited to: uncertainty regarding outcomes of TriGemX Bio’s product development activities, including timing of initiation, completion and data readouts for clinical trials and the potential approval of TriGemX Bio’s product candidates; risks associated with TriGemX Bio’s efforts to commercialize its product candidates; TriGemX Bio’s ability to maintain its existing agreements with third parties and to negotiate and enter into new definitive agreements on favorable terms, if at all; the impact of competing products and product candidates on TriGemX Bio’s future business; intellectual property-related claims; TriGemX Bio’s ability to attract and retain qualified personnel; and TriGemX Bio’s ability to source the raw materials for its product candidates. Additional risks related to TCGX include those factors discussed in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in those documents that TCGX has filed, or will file, with the SEC, including the Registration Statement when it becomes available. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither TCGX nor TriGemX Bio undertakes any duty to update these forward-looking statements, except as required by law.

Participants in the Solicitation

TCGX, TriGemX Bio, and their respective directors and executive officers may be deemed to be participants in the solicitations of proxies from TCGX’s shareholders with respect to the proposed business combination and the other matters set forth in the Registration Statement. Information regarding TCGX’s directors and executive officers, and a description of their interests in TCGX, is contained in the sections entitled “Management,” “Principal Shareholders” and “Certain Transactions” of the registration statement for TCGX’s initial public offering, which was filed with the SEC and is available free of charge at the SEC’s website located at www.sec.gov, or by directing a request to TCGX Acquisition Corp., 245 Lytton Ave., Suite 350, Palo Alto, California 94301. Additional information regarding the interests of such participants in the proxy solicitation and a description of their direct and indirect interests will be contained in the proxy statement/prospectus relating to the proposed business combination when it becomes available.

This press release is not a substitute for the Registration Statement, the proxy statement/prospectus or any other document that TCGX may file with the SEC in connection with the proposed business combination. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND THE OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You may obtain free copies of these documents from the sources described above.

No Offer or Solicitation

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, or a recommendation to purchase, any securities, in any jurisdiction, or the solicitation of any vote, consent or approval in any jurisdiction in connection with the proposed business combination or any related transactions, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261102177653/en/

TriGemX Bio Contact

Media Contact:

[email protected]

Investor Contact:

[email protected]

TCGX Acquisition Corp. Contact

Investor Contact:

[email protected]

Edward Amorosi

[email protected]

Media Contact:

[email protected]

KEYWORDS: United States North America California New York

INDUSTRY KEYWORDS: Biotechnology Neurology Health Pharmaceutical Clinical Trials

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Ennis Acquires Telemark Diversified Graphics, Expands Thermal Paper Business

MIDLOTHIAN, Texas–(BUSINESS WIRE)–
Ennis, Inc. (the “Company”), (NYSE: EBF) today announced that it has acquired Telemark Diversified Graphics, a thermal paper products manufacturer located in Sturgis, Michigan. The acquisition expands Ennis’ thermal paper capabilities and broadens its product offerings for distributors serving financial institutions, retailers and other businesses.

Like Ennis, Telemark sells its products through distributors. The company serves banking, gaming, food distribution, law enforcement and parking management markets. Its products support everyday transactions and field operations, from ATM and retail receipts to parking tickets and mobile printing.

“Telemark’s experience in thermal paper products and its focus on serving distributors make it a good fit for Ennis,” said Keith Walters, Chairman, President and Chief Executive Officer of Ennis. “The addition of Telemark complements our existing manufacturing capabilities and broadens the products available to our distributor network. I want to welcome Telemark’s employees and customers to the Ennis family.”

Telemark’s product offerings include ATM paper, point-of-sale paper, mobile printer rolls, kiosk paper, parking tickets and event tickets. Distributors seeking product specifications, custom printing options, samples or pricing can submit inquiries through telemarkcorp.com. The company’s sales team can be reached at [email protected] or (269)651-7876. Telemark is located at 411 McKee St. in Sturgis.

About Ennis

Since 1909, Ennis, Inc. has primarily engaged in the production and sale of business forms and other business products. The Company is one of the largest private-label printed business product suppliers in the United States. Headquartered in Midlothian, Texas, the Company has production and distribution facilities strategically located throughout the United States to serve the Company’s national network of distributors. The Company manufactures and sells business forms, other printed business and commercial products, printed and electronic media, presentation products, flexographic printing, internal bank forms, secure and negotiable documents, envelopes, tags and labels, advertising specialties, adhesive notes, plastic cards and other custom products. For more information, visit ennis.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261102698508/en/

For Further Information Contact:

Mr. Keith S. Walters, Chairman, President and CEO

Mr. Dan Gus, General Counsel

Ennis, Inc.

2441 Presidential Pkwy

Midlothian, TX 76065

Phone: 972.775.9801

Fax: 972.775.9820

ennis.com

KEYWORDS: Texas Michigan United States North America

INDUSTRY KEYWORDS: Other Manufacturing Packaging Office Products Business Professional Services Manufacturing Forest Products Retail Natural Resources

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The Estée Lauder Companies Reports Fiscal 2027 First Quarter Results

Delivered Strong First Quarter Results across Sales, Margins and EPS

Net Sales Growth Across Nearly All Product Categories and Every Geographic Region

Raises Fiscal 2027 Full-Year Outlook on Sales, Margin and EPS

NEW YORK–(BUSINESS WIRE)–The Estée Lauder Companies Inc. (NYSE: EL) today reported its financial results for the first quarter ended September 30, 2026.

“Our first quarter of fiscal 2027 marks another powerful step forward for The Estée Lauder Companies. Growth is accelerating, profitability is strengthening significantly, and the impact of Beauty Reimagined is becoming increasingly evident across our business. We are bringing more breakthrough innovation to consumers, amplifying the desirability of our brands with bold, high impact campaigns, and building a faster, more agile organization that is converting momentum into stronger financial performance,” said Stéphane de La Faverie, President and CEO.

“We have moved beyond restoring growth. We are building diverse drivers for sustained profitable growth. The energy and determination of our teams, combined with the strength of our brands and the progress of our transformation, give me greater confidence than ever in the opportunities that lie ahead. We are raising our fiscal 2027 outlook, reflecting both our strong start and our conviction in the future we are creating.”

FISCAL 2027 FIRST QUARTER SELECT FINANCIAL RESULTS (unaudited)^1,2,3

• As Reported Net sales increased 7% to $3.7 billion. Organic Net sales increased 6%.

• As Reported Gross margin expanded 230 basis points, to 75.7% from 73.4% in the prior year and Adjusted Gross margin expanded 240 basis points, to 75.7% from 73.3%. This reflects net benefits from cost and operational efficiencies enabled through the Company’s Profit Recovery and Growth Plan (“PRGP”), sales leverage and the net benefit of strategic pricing actions, which collectively offset inflation. The PRGP benefits included procurement savings, expense optimization and manufacturing efficiencies.

• As Reported Operating margin expanded 610 basis points, to 11.0% from 4.9% in the prior year and Adjusted Operating margin expanded 480 basis points, to 12.1% from 7.3%, driven by operating leverage and gross margin expansion, which provided funding for increased consumer-facing investments⁴. As Reported Operating margin also reflects the year-over-year decrease in restructuring and other charges of $45 million.

• As Reported Effective tax rate decreased to 32.5% from 56.9% in the prior year and Adjusted Effective tax rate decreased to 31.9% from 40.5%, reflecting the impact of lower pre-tax income in the fiscal 2026 first quarter. The decrease was primarily driven by a more favorable estimated full-year mix of earnings, partially offset by an estimated increase in unrecognized tax benefits, primarily related to transfer pricing matters.

• As Reported Diluted net earnings per common share increased to $.64 from $.13 in the prior year and Adjusted Diluted net earnings per common share increased to $.72, compared with $.32.

• For the three months ended September 30, 2026, Cash and cash equivalents increased to $3.20 billion compared with $2.22 billion in the prior year. This reflects decreases of $300 million and $702 million for the three months ended September 30, 2026 and 2025, respectively, driven by:
  • Net cash flows used for operating activities decreased to $166 million, compared with $340 million in the prior year, primarily reflecting higher net earnings, excluding non-cash items. The improvement also reflects the favorable change in operating assets and liabilities, net of the increase in restructuring payments and investments in working capital to support the business.
  • Capital expenditures decreased to $69 million from $96 million in the prior year, reflecting the timing of projects and the Company’s continued focus on optimizing overall spend, prioritizing consumer-facing investments to fuel growth.
  • Free Cash Flow⁵ improved to negative $235 million from negative $436 million in the prior year, reflecting the improvement in cash flows used for operations as well as the timing of capital expenditures. The Company continues to focus on improving Free Cash Flow through operational efficiencies and the optimization of its investments.
  • Dividend payments of $126 million.

SELECT FISCAL 2027 FIRST QUARTER HIGHLIGHTS⁶

Beauty Gains and Achievements

• Prestige beauty share gains in some key markets:
  • Mainland China: Value share gains driven by Makeup, Skin Care and Fragrance, led by TOM FORD, The Ordinary, Le Labo and La Mer

  • Japan: Value share gains led by Makeup and Fragrance, driven by double-digit retail sales growth from Le Labo, M·A·C and TOM FORD

  • Korea: Double-digit retail sales growth, with share gains in Makeup led by M·A·C and TOM FORD

  • U.S.⁷: Volume share gains, driven by The Ordinary and M·A·C, and value share gains in Fragrance and Hair Care

  • Western Europe⁸: Value share gains in Skin Care and Fragrance

Operations and Execution

• Expanded online consumer coverage on Amazon, reaching 13 brands across 17 markets, and on TikTok Shop, now with 15 brands across 11 markets
• Broadened specialty-multi distribution in the UK with Jo Malone London’s launch at Boots and Space NK, in August and September 2026, respectively

• Boosted consumer-facing investments,increasing 8% compared to the prior year
• Fortified the Company’s One Operating Ecosystem as the first prestige beauty company to partner with AI marketing platform, Profound, to bring enterprise-wide global AI insights and Generative Engine Optimization across emerging digital touchpoints, announced in September 2026

• Continued modernizing its digital technology infrastructure to deliver best-in-class consumer experiences with the full deployment of Shopify for M·A·C and Clinique on their US and UK brand.com, as well as the initial rollout for M·A·C freestanding stores in the US and UK

• Enhanced its global value chain agility and efficiency with the opening of its Hainan Fulfillment Center in July 2026 and investment in advanced water infrastructure at its Oevel manufacturing campus in Belgium, announced in October 2026
• Continued to invest forlong-term growth, completing the acquisition of the remaining equity interest in Mountain Valley Springs India Private Limited, the owner of the Forest Essentials brand in October 2026

Product and Commercial Innovation

• Launched breakthrough, on-trend and commercial innovations across categories, including:
  • Elevated iconic heroes with enhanced efficacy, claims, and shade rosters including La Mer’s new The Concentrate Serum, Bobbi Brown Vitamin Enriched Face Base, and M·A·C Lustreglass Sheer-Shine Lipstick
  • Harnessed breakthrough science in nighttime and longevity skin care with Estée Lauder Advanced Night Repair Recovery Treatment Essence/Treatment Lotion and Re-Nutriv Age Reversal Ultimate Diamond Recovery

  • Captured emerging ingredient trends across prestige price tiers with Clinique Smart Clinical Repair Collagen + PDRN Cream and The Ordinary Lacto-PDRN* 4% + B9 Eye Cream

  • Unlocked white space opportunities with new and trending forms including M·A·C Lustreglass Stainglass Lip Tint, M·A·C Studio Radiance Skin Tint Stick, and Clinique Daily Calm Makeup Balm Foundation

  • Deepened local relevance in high-growth sub-categories in the East with Estée Lauder Double Wear SkinFit Cushion and M·A·C Studio Radiance Serum-Powered Cushion Foundation, and expanded artistry offerings in eye and brow from M·A·C with Kajal Excess Longwear Smoky Eye Liner, Pro Brow Styler and Pro Brow Whipgrip Mousse

  • Drove new consumer acquisition in fragrance with Estée Lauder Glimmer, KILIAN PARIS The Cocktails Collection, and Balmain Beauty Destin de Balmain Parfum in the prestige price tier; from newness in signature luxury scent territories with Jo Malone London Sea Salt & Bergamot, TOM FORD Ombre Leather Reserve, and TOM FORD Tobacco Chocolat; and new Beijing City Exclusive scent from Le Labo, Shiu 25

  • Captured growing demand for salon quality multi-benefit haircare with Aveda One For All Leave-In Elixir and Bumble and bumble’s Seaweed Oil Control Collection

  • Drove consumer engagement through bold campaigns and commercial innovation for flagship franchises including “Feels Like Moisture Surge” for Clinique, “We All Wear M·A·C” for M·A·C, and “Energy of Change” for La Mer

Social Impact & Sustainability

• Published the Company’s annual SI&S report in October 2026 highlighting progress towards newly announced 2030 goals, including being on track to achieve 16 of the 17 goals, and for fiscal 2026, significant reductions in water withdrawal and waste, 100% renewable energy across operations, and more than $16 million invested in programs supporting women and girls

• Advanced the Company’s longstanding commitment to breast cancer research with a $15 million, five-year commitment to establish the largest global research initiative focused on breast cancer in younger women with the Breast Cancer Research Foundation

• Signed a second green Virtual Power Purchase Agreement for onshore wind in Spain in August 2026, supporting The Estée Lauder Company’s renewable energy supply and price, while also strengthening grid energy security and decarbonization

Capital Markets Experience: China Ecosystem Immersion

• The Company announced that it will webcast presentations from its Capital Markets Experience in Shanghai, China, on November 4, 2026. The presentations will discuss its long-term strategy to drive sustainable growth and stronger profitability, featuring senior and local leaders discussing Beauty Reimagined in action in China and its role as a blueprint for deploying global capabilities.

FISCAL 2027 FIRST QUARTER RESULTS BY PRODUCT CATEGORY AND BY REGION

Net Sales by Product Category
(Unaudited)
	Three Months Ended September 30
	Net Sales						Percentage Change1
($ in millions)	2026			2025			Reported Basis		Impact of Foreign Currency Translation		Organic Net Sales (Non-GAAP)
Skin Care	$	1,651		$	1,575		5	%	(1	)%	4	%
Makeup		1,048			1,030		2		—		1
Fragrance		861			721		19		—		20
Hair Care		128			129		(1	)	1		—
Other		28			25		12		—		12
Subtotal	$	3,716		$	3,480		7	%	(1	)%	6	%
Returns associated with restructuring and other
activities		(1	)		1
Total	$	3,715		$	3,481		7	%	(1	)%	6	%
1Percentages are calculated on an individual basis.

Operating Income (Loss) Results by Product Category
(Unaudited)
	Three Months Ended September 30
	As Reported Operating Income (Loss)									Non-GAAP Adjustments to As Reported Operating Income (Loss)1						As Adjusted Operating Income (Loss)						Percentage Change
($ in millions)	2026			2025			Variance			2026			2025			2026			2025			As Reported		As Adjusted
Skin Care	$	262		$	187		$	75		$	—		$	—		$	262		$	187		40	%	40	%
Makeup		3			(15	)		18			—			—			3			(15	)	100	+	100	+
Fragrance		166			86			80			—			—			166			86		93		93
Hair Care		5			(12	)		17			—			—			5			(12	)	100	+	100	+
Other		13			9			4			—			—			13			9		44		44
Subtotal	$	449		$	255		$	194		$	—		$	—		$	449		$	255		76	%	76	%
Returns/charges
associated with
restructuring and
other activities		(41	)		(86	)		45
Total	$	408		$	169		$	239
1There were no Non-GAAP Adjustments that impacted As Reported Operating Income (Loss) Results by Product Category for the three months ended September 30, 2026 and 2025.

The product category net sales commentary below reflects organic net sales, excluding the (favorable)/unfavorable impacts from foreign currency translation. As there were no non-GAAP adjustments to product category results in the fiscal 2027 and 2026 first quarters, the commentary below reflects both reported and adjusted operating results. In addition to the Operational Highlights above, below are the drivers of the Company’s performance.

Skin Care

• Skin Care net sales increased 4%, primarily driven by growth from La Mer and The Ordinary.
  • Net sales increased from La Mer, benefitting from innovation, including the new The Concentrate Serum, as well as continued success of The Treatment Lotion product franchise.

  • The Ordinary net sales increased, reflecting targeted expanded consumer reach, along with growth in existing distribution supported by key activations, by the success of its Glycolic Acid 7% Exfoliating Toner and the launch of Lacto‑PDRN 4% + B9 Eye Cream.

• Skin Care operating income increased 40%, primarily due to the increase in net sales as well as the reduction in non-consumer-facing expenses, partially offset by the net increase in consumer-facing investments, including to support new product launches, key activations and distribution expansion.

Makeup

• Makeup net sales grew 1%, primarily driven by M·A·C, partially offset by the decline from Estée Lauder.
  • Net sales increased from M·A·C, benefitting from targeted expanded consumer reach—including the fiscal 2026 second-half launches in select U.S. and Middle East Sephora locations, in Sephora at Kohl’s and online in these markets—which, along with the launches of Lustreglass Sheer-Shine Lipstick and Lustreglass Stainglass Lip Tint, fueled the growth in the lip subcategory.

  • Estée Lauder net sales declined, reflecting lower net sales in the face subcategory, including the timing of fiscal 2027 new product launches, partially offset by incremental sales from the next-generation of Double Wear Stay-in-Place Longwear Matte Foundation that launched in the second half of fiscal 2026.

• Makeup operating results improved to income from a loss in the prior year, primarily due to the increase in net sales as well as the reduction in non-consumer-facing expenses. This was partially offset by the net increase in consumer-facing investments—net of the strategic reduction in selling expenses—including those to support distribution expansion, key activations and new product launches.

Fragrance

• Fragrance net sales increased 20%, driven by double-digit growth from the Company’s Luxury Brands—led by Le Labo, TOM FORD, Jo Malone London and KILIAN PARIS—and from Estée Lauder.
  • Net sales increased from Le Labo, primarily due to the ongoing success of its Classic Collection, including Another 13 and Santal 33, and its City Exclusives—including Gaiac 10 and the launch of Shiu 25, the Beijing City Exclusive. This reflects growth from both targeted expanded consumer reach and existing distribution.

  • TOM FORD net sales increased, benefitting from innovation across both the Private Blend and Signature product franchises—including Tobacco Chocolat and Ombré Leather Reserve—which created a halo effect that supported existing product sales growth.

  • Net sales from Jo Malone London increased, driven by innovation—such as Sea Salt & Bergamot—and growth from hero product franchises, both supported by targeted expanded consumer reach.

  • The net sales growth from Estée Lauder was driven by the launch of Glimmer, the brand’s first gourmand scent.

  • Net sales increased from KILIAN PARIS—the Company’s fastest growing Luxury Brand—reflecting innovation success from The Cocktails Collection and continued strength from its hero products, along with growth from targeted expanded consumer reach.

• Fragrance operating income increased 93%, primarily due to the increase in net sales, partially offset by increased consumer-facing investments, including those to support new product launches, key activations and distribution expansion.

Hair Care

• Hair Care net sales were flat, primarily driven by growth from The Ordinary, offset by the decline from Aveda:
  • Net sales growth from The Ordinary was fueled by continued success of Multi-Peptide Serum for Hair Density as well as targeted expanded consumer reach.

  • The decline in net sales from Aveda, reflected lower shipments primarily due to brand-specific supply chain logistical challenges.

• Hair Care operating results improved to income from a loss in the prior year, reflecting the reduction in non-consumer-facing expenses and lower cost of sales.

Net Sales by Geographic Region
(Unaudited)
	Three Months Ended September 30
	Net Sales						Percentage Change1
($ in millions)	2026			2025			Reported Basis		Impact of Foreign Currency Translation		Organic Net Sales (Non-GAAP)
The Americas	$	1,227		$	1,174		5	%	—	%	4	%
EUKEM		923			901		2		1		4
Asia/Pacific		952			873		9		1		10
Mainland China		614			532		15		(7	)	9
Subtotal	$	3,716		$	3,480		7	%	(1	)%	6	%
Returns associated with restructuring and other
activities		(1	)		1
Total	$	3,715		$	3,481		7	%	(1	)%	6	%
1Percentages are calculated on an individual basis.

Operating Income Results by Geographic Region
(Unaudited)
	Three Months Ended September 30
	As Reported Operating Income									Non-GAAP Adjustments to As Reported Operating Income1						As Adjusted Operating Income						Percentage Change
($ in millions)	2026			2025			Variance			2026			2025			2026			2025			As Reported		As Adjusted
The Americas	$	114		$	87		$	27		$	—		$	—		$	114		$	87		31	%	31	%
EUKEM		44			6			38			—			—			44			6		100	+	100	+
Asia/Pacific		259			150			109			—			—			259			150		73		73
Mainland China		32			12			20			—			—			32			12		100	+	100	+
Subtotal	$	449		$	255		$	194		$	—		$	—		$	449		$	255		76	%	76	%
Returns/charges
associated with
restructuring and
other activities		(41	)		(86	)		45
Total	$	408		$	169		$	239
1There were no Non-GAAP Adjustments that impacted As Reported Operating Income Results by Geographic Region for the three months ended September 30, 2026 and 2025.

The geographic region net sales commentary below reflects organic net sales, excluding the (favorable)/unfavorable impact from foreign currency translation. As there were no non-GAAP adjustments to geographic region results in the fiscal 2027 and 2026 first quarters, the commentary below reflects both reported and adjusted operating results. In addition to the Operational Highlights above, below are the drivers of the Company’s performance.

Organic Net Sales – increased 6%, with growth in every geographic region, led by:

• The growth in Asia/Pacific, primarily due to the Company’s Asia travel retail business, including:
  • Net sales growth from the Beijing and Shanghai airports, reflecting an increase in replenishment orders amid continued stabilization following changes in duty-free retailers—including the related online businesses—that began in the fiscal 2026 second quarter.

  • The increase in net sales in Hainan travel retail, primarily driven by the improvement in online retail sales.

• Growth in Mainland China, driven by both innovation and existing products, including during key shopping moments, with increased consumer-facing investments supporting key activations to drive sales growth. Targeted expanded consumer reach contributed to the growth in both online and brick-and-mortar channels.

• Continued net sales growth in North America, benefitting from targeted expanded consumer reach and innovation, supported by consumer-facing investments to drive sales growth

• The increase in the Company’s Priority Emerging Markets, collectively—led by Turkey, Mexico and India—with successful innovation and targeted expanded consumer reach contributing to growth

Operating Income – increased, due to improvement across all geographic regions.

• The Americas – operating income increased 31%, reflecting higher gross profit from both the increase in net sales and lower cost of sales, partially offset by the net increase in consumer-facing investments to drive sales growth, including to support new product launches and distribution expansion.
• EUKEM – operating margin increased to 4.8% from 0.7%, primarily due the increase in net sales as well as the reduction in non-consumer-facing expenses. This was partially offset by the net increase in consumer-facing investments—net of the strategic reduction in selling expenses—to drive sales growth, including to support distribution expansion and new product launches.
• Asia/Pacific – operating income increased 73%, reflecting higher gross profit due to the increase in net sales as well as lower cost of sales.
• Mainland China – operating margin increased to 5.2% from 2.3%, primarily driven by higher net sales, partially offset by increased consumer-facing investments to support sales growth, including to support new product launches and key activations.

QUARTERLY DIVIDEND

Today, the Company announced a quarterly dividend of $.35 per share on its Class A and Class B Common Stock, payable in cash on December 15, 2026 to stockholders of record at the close of business on November 30, 2026.

OUTLOOK FOR FISCAL 2027 FULL YEAR

The Company is raising its fiscal 2027 full-year outlook, reflecting its strong performance in the fiscal 2027 first quarter while remaining cautious amid ongoing geopolitical and macroeconomic uncertainty.

The Company’s fiscal 2027 full-year outlook now assumes:

• Organic net sales growth of 4.0% to 5.5%, ranging from the mid-point to above the high-end of the previously communicated range of 3% to 5%

• Adjusted operating margin to range between 12.9% to 13.7%, an increase from the previously communicated range of 12.7% to 13.5%

• Adjusted diluted net earnings per common share to range between $3.20 to $3.45, an increase from the previously communicated range of $3.10 to $3.35

Reconciliation between GAAP and Non-GAAP – Net Sales Growth
(Unaudited)
	Current – November 2, 2026		Prior – August 19, 2026
	Twelve Months Ending		Twelve Months Ending
	June 30, 2027(1)		June 30, 2027(2)
As Reported – GAAP	5.0% – 6.5%		3% – 5%
Impact of foreign currency translation	1		—
Impact of Forest Essentials	—		—
Returns associated with restructuring and other activities	—		—
Organic, Non-GAAP	4.0% – 5.5%		3% – 5%
(1)Represents forecast, using spot rates as of September 30, 2026.
(2)Represents forecast, using spot rates as of June 25, 2026.

Reconciliation between GAAP and Non-GAAP – Diluted Net Earnings Per Common Share (“EPS”)
(Unaudited)
	Current – November 2, 2026							Prior – August 19, 2026
	Twelve Months Ending							Twelve Months Ending
	June 30							June 30
	2027(1)		2026			Growth		2027(2)		2026			Growth
Forecasted/As Reported EPS – GAAP	$2.85 – $3.18		$	.50		100+%		$2.52 – $2.85		$	.50		100+%
Non-GAAP
Restructuring and other charges	.50 – .44			1.83				.58 – .50			1.83
Forest Essentials one-time inducement payment	.10			—				—			—
Forest Essentials gain on previously held equity
interest	(.25) – (.27	)		—				—			—
Securities class action litigation settlement	—			.18				—			.18
Forecasted/Adjusted EPS – Non-GAAP	$3.20 – $3.45		$	2.51		28% – 38%		$3.10 – $3.35		$	2.51		24% – 34%
Impact of foreign currency translation	(.04	)						(.04	)
Forecasted/Adjusted Constant Currency EPS – Non-GAAP	$3.16 – $3.41		$	2.51		26% – 36%		$3.06 – $3.31		$	2.51		22% – 32%
(1)Represents forecast, using spot rates as of September 30, 2026.
(2)Represents forecast, using spot rates as of June 25, 2026.

The Company has now reflected the following assumptions in its fiscal 2027 full-year outlook:

• Organic net sales growth of 4.0% to 5.5%, ranging from the mid-point to above the high-end of the previously communicated range, and reflecting:
  • Greater increase in the first half compared to the second due to: (i) more new product launches earlier in fiscal 2027, (ii) an increase in travel retail shipments reflecting retail trend improvements entering fiscal 2027 and (iii) a lower base of travel retail shipments in the first half of fiscal 2026 relative to the second half

  • Continued growth in Fragrance and Skin Care, as well as a return to growth in Makeup for the full year

  • More diversified growth across geographic regions
    • In EUKEM, stronger growth is expected in the second half of fiscal 2027, reflecting an easier comparison to the prior-year period, which was negatively impacted by business disruptions related to the conflict in the Middle East

    • Based on current conditions and the Company’s assessment to date, it does not expect the conflict in the Middle East to have a material impact on its fiscal 2027 results, and will continue to monitor the situation closely. The Company also assumes the stabilization from recent disruptions in other key markets in EUKEM.

• Adjusted operating margin of 12.9% to 13.7%

• An adjusted effective tax rate in the range of approximately 33% to 34%

• On October 5, 2026, the Company completed the acquisition of the remaining equity interest in Mountain Valley Springs India Private Limited, the owner of the Forest Essentials brand. The brand’s fiscal 2027 results are not expected to have a material impact on the Company’s consolidated net sales or diluted net earnings per common share.

• Diluted weighted-average shares outstanding of approximately 368 million shares

• Net cash flows provided by operating activities to be between $1.4 billion and $1.5 billion, an increase from the previously communicated range of $1.3 billion to $1.4 billion. This is a decrease from fiscal 2026, reflecting higher restructuring payments as well as an increase in working capital needs to support growth.

• Capital expenditures to be approximately 4% of projected sales, reflecting the Company’s continued focus on optimizing its overall investments as it prioritizes consumer-facing investments to fuel growth—including upgrades to existing brick-and-mortar and online distribution channels, along with targeted expanded consumer reach

• No deterioration in the geopolitical landscape or related impacts, including tariffs and consumer sentiment

CONFERENCE CALL AND WEBCAST DETAILS

The Estée Lauder Companies will host a conference call at 8:30 a.m. (ET) today, November 2, 2026 to discuss its results for the fiscal 2027 first quarter.

The call will also be webcast live at http://www.elcompanies.com/investors/events-and-presentations and will be available for replay until February 2, 2027.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Statements in this press release, in particular those in “Outlook,” as well as remarks by the CEO and other members of management, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may address the Company’s expectations regarding sales, earnings or other future financial performance and liquidity, other performance measures, product introductions, entry into new geographic regions, information technology initiatives, new methods of sale, the Company’s long-term strategy, restructuring and other charges and resulting cost savings, and future operations or operating results. These statements may contain words like “expect,” “will,” “will likely result,” “would,” “believe,” “estimate,” “planned,” “plans,” “intends,” “may,” “should,” “could,” “anticipate,” “estimate,” “project,” “projected,” “forecast,” and “forecasted” or similar expressions. Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, actual results may differ materially from the Company’s expectations. Factors that could cause actual results to differ from expectations include, without limitation:

(1)		increased competitive activity from companies in the skin care, makeup, fragrance and hair care businesses;
(2)		the Company’s ability to develop, produce and market new products on which future operating results may depend and to successfully address challenges in the Company’s business;
(3)		consolidations, restructurings, bankruptcies and reorganizations in the retail industry causing a decrease in the number of stores that sell the Company’s products, an increase in the ownership concentration within the retail industry, ownership of retailers by the Company’s competitors or ownership of competitors by the Company’s customers that are retailers and the Company’s inability to collect receivables;
(4)		destocking and tighter working capital management by retailers;
(5)		the success, or changes in timing or scope, of new product innovation, including launches, and the success, or changes in timing or scope, of advertising, sampling and merchandising programs;
(6)		shifts in the preferences of consumers as to how they perceive value and where and how they shop;
(7)		social, political and economic risks to the Company’s foreign or domestic manufacturing, distribution and retail operations, including changes in foreign investment and trade policies and regulations of the host countries and of the United States;
(8)		changes in the laws, regulations and policies (including the interpretations and enforcement thereof) that affect, or will affect, the Company’s business, including those relating to its products or distribution networks, changes in accounting standards, tax laws and regulations, environmental or climate change laws, regulations or accords, trade rules and customs regulations, and the outcome and expense of legal or regulatory proceedings, and any action the Company may take as a result;
(9)		foreign currency fluctuations affecting the Company’s results of operations and the value of its foreign assets, the relative prices at which the Company and its foreign competitors sell products in the same markets and the Company’s operating and manufacturing costs outside of the United States;
(10)		changes in global or local conditions, including those due to volatility in the global credit and equity markets, government economic policies, natural or man-made disasters, real or perceived epidemics, supply chain challenges, inflation, or increased energy costs, that could affect consumer purchasing, the willingness or ability of consumers to travel and/or purchase the Company’s products while traveling, the financial strength of the Company’s customers, suppliers or other contract counterparties, the Company’s operations, the cost and availability of capital which the Company may need for new equipment, facilities or acquisitions, the returns that the Company is able to generate on its pension assets and the resulting impact on funding obligations, the cost and availability of raw materials and the assumptions underlying the Company’s critical accounting estimates;
(11)		shipment delays, commodity pricing, depletion of inventory and increased production costs resulting from disruptions of operations at any of the facilities that manufacture the Company’s products or at the Company’s distribution or inventory centers, including disruptions that may be caused by the implementation of information technology initiatives, or by restructurings;
(12)		real estate rates and availability, which may affect the Company’s ability to increase or maintain the number of retail locations at which the Company sells its products and the costs associated with the Company’s other facilities;
(13)		changes in product mix to products which are less profitable;
(14)		the Company’s ability to acquire, develop or implement new information technology, including operational technology and websites, on a timely basis and within the Company’s cost estimates; to maintain continuous operations of its new and existing information technology; and to secure the data and other information that may be stored in such technologies or other systems or media;
(15)		the Company’s ability to capitalize on opportunities for improved efficiency, such as publicly-announced strategies and restructuring and cost-savings initiatives, and to integrate acquired businesses and realize value therefrom;
(16)		consequences attributable to local or international conflicts around the world, as well as from any terrorist action, retaliation and the threat of further action or retaliation;
(17)		the timing and impact of acquisitions, investments and divestitures; and
(18)		additional factors as described in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2026.

The Company assumes no responsibility to update forward-looking statements made herein or otherwise.

The Estée Lauder Companies Inc. is one of the world’s leading manufacturers, marketers and sellers of quality skin care, makeup, fragrance and hair care products, and is a steward of luxury and prestige brands globally. The Company’s products are sold in approximately 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Lab Series, Origins, M·A·C, La Mer, Bobbi Brown Cosmetics, Aveda, Jo Malone London, Bumble and bumble, Darphin Paris, TOM FORD, Smashbox, AERIN Beauty, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, KILIAN PARIS, Too Faced, Dr.Jart+, the DECIEM family of brands—including The Ordinary, NIOD, Avestan and Loopha—as well as Balmain Beauty and Forest Essentials.

ELC-F

ELC-E

CONSOLIDATED STATEMENT OF EARNINGS
(Unaudited)
	Three Months Ended September 30						Percentage Change
($ in millions, except per share data)	2026			2025
Net sales(A)	$	3,715		$	3,481		7	%
Cost of sales(A)		902			927		(3	)
Gross profit		2,813			2,554		10
Gross margin		75.7	%		73.4	%
Operating expenses
Selling, general and administrative		2,365			2,296		3
Restructuring and other charges(A)		40			89		(55	)
Total operating expenses		2,405			2,385		1
Operating expense margin		64.7	%		68.5	%
Operating income		408			169		100	+
Operating income margin		11.0	%		4.9	%
Interest expense		83			86		(3	)
Interest income and investment income, net		25			30		(17	)
Other components of net periodic benefit cost		5			4		25
Earnings before income taxes		345			109		100	+
Provision for income taxes		112			62		81
Net earnings	$	233		$	47		100	+%
Net earnings per common share
Basic	$	.64		$	.13		100	+%
Diluted	$	.64		$	.13		100	+%
Weighted-average common shares outstanding
Basic		363.3			361.2
Diluted		366.1			363.3
(A) Included in net sales, cost of sales and restructuring and other charges are the impacts of returns and charges associated primarily with the restructuring program component of the PRGP. Additional information about the restructuring program component of the PRGP is included in the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2026.

This earnings release includes some non-GAAP financial measures relating to charges associated with restructuring and other activities and adjustments, as well as organic net sales and free cash flow. Included herein are reconciliations between the non-GAAP financial measures and the most directly comparable GAAP measures for certain consolidated statements of earnings accounts and consolidated statements of cash flow line items before and after the relevant adjustments. The Company uses certain non-GAAP financial measures, among other financial measures, to evaluate its operating performance, which represent the manner in which the Company conducts and views its business. Management believes that excluding certain items that are not comparable from period-to-period, or do not reflect the Company’s underlying ongoing business, provides transparency for such items and helps investors and others compare and analyze operating performance from period-to-period. In the future, the Company expects to incur charges or adjustments similar in nature to those presented herein; however, the impact to the Company’s results in a given period may be highly variable and difficult to predict. For free cash flow, this measure represents how much cash the Company has available from operations after the deduction of capital expenditures, which are a recurring and necessary use of cash. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures used by, or determined in a manner consistent with, other companies. While the Company considers the non-GAAP measures useful in analyzing its results, they are not intended to replace, or act as a substitute for, any presentation included in the consolidated financial statements prepared in conformity with U.S. GAAP.

The Company operates on a global basis, with the majority of its net sales generated outside the United States. Accordingly, fluctuations in foreign currency exchange rates can affect the Company’s results of operations. Therefore, the Company presents certain net sales, operating results, provision for income taxes and diluted net earnings per common share information excluding the effect of foreign currency rate fluctuations to provide a framework for assessing the performance of its underlying business outside the United States. Constant currency information compares results between periods as if exchange rates had remained constant period-over-period. The Company calculates constant currency information by translating current-period results using prior-year period monthly average foreign currency exchange rates and adjusting for the period-over-period impact of foreign currency cash flow hedging activities.

Reconciliation between GAAP and Non-GAAP Net Sales
(Unaudited)
	Three Months Ended September 30						Percentage Change
($ in millions)	2026			2025
Net Sales	$	3,715		$	3,481		7	%
Non-GAAP Adjustments
Returns associated with restructuring and other activities		1			(1	)
Adjusted Net Sales, Non-GAAP		3,716			3,480
Impact of foreign currency translation		(20	)		—
Organic Net Sales, Non-GAAP	$	3,696		$	3,480		6	%

Reconciliation of Certain Consolidated Statements of Earnings Accounts
Before and After Returns, Charges and Other Adjustments
(Unaudited)1
	Three Months Ended September 30						Percentage Change
($ in millions, except per share data)	2026			2025
Gross Profit	$	2,813		$	2,554		10	%
Non-GAAP Adjustments
Restructuring and other activities		1			(3	)
Adjusted Gross Profit, Non-GAAP	$	2,814		$	2,551		10	%
Impact of foreign currency translation		(8	)		—
Adjusted Gross Profit, Non-GAAP constant currency	$	2,806		$	2,551		10	%
Gross Margin		75.7	%		73.4	%
Non-GAAP Adjustments
Restructuring and other activities		—			(0.1	)
Adjusted Gross Margin, Non-GAAP		75.7	%		73.3	%
Operating Income	$	408		$	169		100	+%
Non-GAAP Adjustments
Restructuring and other charges		41			86
Adjusted Operating Income, Non-GAAP	$	449		$	255		76	%
Impact of foreign currency translation		9			—
Adjusted Operating Income, Non-GAAP constant currency	$	458		$	255		80	%
Operating Margin		11.0	%		4.9	%
Non-GAAP Adjustments
Restructuring and other charges		1.1			2.4
Adjusted Operating Margin, Non-GAAP		12.1	%		7.3	%
Provision for Income Taxes	$	112		$	62		81	%
Effective Tax Rate (“ETR”)		32.5	%		56.9	%
Tax Impact on Non-GAAP adjustments
Restructuring and other charges		11			17
Adjusted Provision for Income Taxes, Non-GAAP	$	123		$	79
Adjusted ETR, Non-GAAP		31.9	%		40.5	%
Diluted Net Earnings Per Common Share	$	.64		$	.13		100	+%
Non-GAAP Adjustments
Restructuring and other charges		.08			.19
Adjusted Diluted Net Earnings Per Common Share, Non-GAAP	$	.72		$	.32		100	+%
Impact of foreign currency translation		.01			—
Adjusted Diluted Net Earnings Per Common Share, Non-GAAP constant currency	$	.73		$	.32		100	+%
1Percentages are calculated on an individual basis.

Reconciliation of Certain Consolidated Statements of Cash Flows Accounts
Cash Flows from Operating Activities to Free Cash Flow
(Unaudited)
	Three Months Ended September 30
($ in millions)	2026			2025
Net cash flows used for operating activities	$	(166	)	$	(340	)
Less: capital expenditures		(69	)		(96	)
Free cash flow	$	(235	)	$	(436	)

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, except where noted)
	September 30,			June 30, 2026			September 30,
($ in millions)	2026			(Audited)			2025
ASSETS
Cash and cash equivalents	$	3,198		$	3,498		$	2,219
Accounts receivable, net		1,914			1,518			1,884
Inventory and promotional merchandise		2,147			1,999			2,062
Prepaid expenses and other current assets		565			597			549
Total current assets		7,824			7,612			6,714
Property, plant and equipment, net		2,707			2,805			3,065
Operating lease right-of-use assets		1,752			1,740			1,889
Other assets		7,680			7,605			7,661
Total assets	$	19,963		$	19,762		$	19,329
LIABILITIES AND EQUITY
Current debt	$	503		$	503		$	3
Accounts payable		1,472			1,578			1,289
Operating lease liabilities		392			399			415
Other accrued liabilities		3,888			3,751			3,376
Total current liabilities		6,255			6,231			5,083
Long-term debt		6,748			6,803			7,320
Long-term operating lease liabilities		1,557			1,541			1,684
Other noncurrent liabilities		1,365			1,381			1,352
Total noncurrent liabilities		9,670			9,725			10,356
Total equity		4,038			3,806			3,890
Total liabilities and equity	$	19,963		$	19,762		$	19,329

SELECT CASH FLOW DATA
(Unaudited)
	Three Months Ended September 30
($ in millions)	2026			2025
Net earnings	$	233		$	47
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization		191			200
Deferred income taxes		(71	)		(34	)
Other items		93			82
Changes in operating assets and liabilities:
Increase in accounts receivable, net		(399	)		(358	)
(Increase) decrease in inventory and promotional merchandise		(146	)		6
Increase in other assets, net		(6	)		(11	)
Decrease in accounts payable and other liabilities, net		(61	)		(272	)
Net cash flows used for operating activities	$	(166	)	$	(340	)
Other Investing and Financing Uses:
Capital expenditures	$	(69	)	$	(96	)
Dividends paid to stockholders		(126	)		(127	)
Payment of deferred consideration		—			(150	)
Supplemental cash flow information:
Cash paid for interest	$	56		$	62
Cash paid for income taxes		29			148

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261102120928/en/

Investors: Rainey Mancini

[email protected]

Media: Brendan Riley

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Fashion Luxury Cosmetics Retail Specialty

MEDIA:

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