Market Signal Briefing

Lindblad Expeditions Holdings, Inc. (LIND) Q4 2025 Earnings Call Transcript

Q4: 2026-02-25 Earnings SummaryEPS of $0.34 beats by $0.11

 |

Revenue of

$502.04M

(12.43% Y/Y)

beats by $33.42M

Chemtrade Logistics Income Fund (CHE.UN:CA) Q4 2025 Earnings Call February 26, 2026 10:00 AM EST

Company Participants

Rohit Bhardwaj - VP of Finance & CFO
Scott Rook - CEO, President & Trustee

Conference Call Participants

Nikolai Goroupitch - CIBC Capital Markets, Research Division
Joel Jackson - BMO Capital Markets Equity Research
Zachary Evershed - National Bank Financial, Inc., Research Division
Gary Ho - Desjardins Securities Inc., Research Division

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to the Chemtrade Logistics Income Fund Q4 2025 question-and-answer session. This call is being recorded on Thursday, February 26, 2026.

And I would now like to turn the conference over to Mr. Rohit Bhardwaj. Please go ahead.

Rohit Bhardwaj
VP of Finance & CFO

Thank you, operator, and thank you for joining the Q&A session for Chemtrade's fourth quarter and full year 2025 results. I would like to remind everyone that today's call will contain certain forward-looking statements that are based on current expectations and are subject to a number of risks and uncertainties.

Actual results may differ materially from those expressed or implied. Additional information regarding these risks, uncertainties and assumptions as well as information on certain non-IFRS and other financial measures referred to today, can be found in our disclosure documents filed with the securities regulators and available on sedarplus.com.

One of the non-IFRS measures we will refer to today is adjusted EBITDA, which is EBITDA modified to exclude noncash items such as unrealized foreign exchange gains and losses. While our slide deck and disclosure documents refer to adjusted EBITDA, we may refer to it as EBITDA during the call.

With that, we would now like to open the line up for your questions. Thank you. Operator?

Question-and-Answer Session

Operator

[Operator Instructions] And your first question comes from the line of Nikolai Goroupitch from

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Masonite International Corporation ("Masonite" or "the Company") (NYSE: DOOR) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between June 5, 2023 and February 8, 2024, inclusive (the "Class Period"), are encouraged to contact the firm before April 7, 2026.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Masonite was aware of multiple acquisition offers from Owens Corning to purchase all outstanding shares of the Company even as it initiated share repurchases from investors. The acquisition offers the Company received were at a share price well above the price it was repurchasing shares from current shareholders. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Masonite, investors suffered damages.

Join the case to recover your losses

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.          

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

SOURCE The Schall Law Firm

Pebblebrook Hotel Trust (PEB) Q4 2025 Earnings Call Transcript

A logo of Mediobanca is pictured at Mediobanca headquarters in Milan, Italy, November 12, 2019. REUTERS/Flavio Lo Scalzo/File Photo Purchase Licensing Rights, opens new tab

MILAN, Feb 27 (Reuters) - Italy's Monte dei Paschi di Siena (BMPS.MI), opens new tab said it would complete the merger with Mediobanca (MDBI.MI), opens new tab by the end of the year and target a profit of 3.7 billion euros ($4.4 billion) for the combined group in 2030.

The figure, which excludes one-off items, compares with 2.4 billion euros in 2025, Monte dei Paschi (MPS) said on Friday, as it presented a multi-year strategy after acquiring the larger rival last year.

The Week in Breakingviews newsletter offers insights and ideas from Reuters' global financial commentary team. Sign up here.

Bailed out by the state in 2017, MPS was re-privatised in 2023-2024, and went on to acquire 86% of Mediobanca in a round of consolidation sweeping Italian banking.

It will now buy the remaining 14% and take Mediobanca private to secure the full 700 million euros in savings expected from the tie-up.

Planning to pay out 100% of the profits in the coming years, MPS said it would distribute 16 billion euros in dividends by 2030. Driven by higher interest rates in recent years, lenders have paid out record profits.

MPS said the high payout would still allow it to keep some 3 billion euros in cash above a targeted 13% core capital threshold, which it could use for additional deals or to remunerate investors.

MPS' 16 billion-euro share-and-cash takeover of Mediobanca was the biggest and boldest deal in last year's M&A world in Italy, bringing together a commercial bank with a branchless peer focused on wealth management, consumer finance and investment banking.

($1 = 0.8470 euros)

Reporting by Valentina Za, editing by Giulia Segreti and Thomas Derpinghaus

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Fourth quarter and full year results 2025

HIGHLIGHTS

Q4 EBITDA USD 47.8 million and operating cashflow of USD 107.7 million2025 EBITDA USD 240.1 million and operating cashflow of USD 409.2 millionEquity ratio 30.2% and USD 634.5 million in available liquidity at year-end 2025Q4 dividend USD 0.18 per share equivalent to USD 33.2 million2025 dividend USD 67.0 million, fifth consecutive year of increased shareholder distributionBW Opal commissioning progressing, targeting 100% production within Q2 2026BW Opal transitioning to volume-based rate from mid-March, practical completion expected in Q2 2026Limited strategic review ongoingFull-year 2026 EBITDA guidance in the range of USD 340-370 million Commissioning and production ramp-up for BW Opal FPSO continued with BW Offshore receiving a commissioning rate equal to 60% of the contractual dayrate. Commissioning was extended in the fourth quarter by two connection failures on the utilities and firewater seawater piping systems and a campaign to strengthen similar connections across the FPSO. In early 2026, compressor dry-gas seal replacements have impacted production regularity. BW Opal is targeting to reach 100% production capacity within the second quarter of 2026. BW Offshore will transition to a production volume-based dayrate in mid-March, with revenue recognition commencing at that time. Formal practical completion and commencement of the 15-year fixed contract is also expected in the second quarter.

The Board of Directors has declared a quarterly cash dividend of USD 0.18 per share. The shares will trade ex-dividend from 4 March 2026. Shareholders recorded in VPS following the close of trading on Oslo Børs on 5 March 2026, will be entitled to the distribution, payable on or around 13 March 2026. The total dividend for 2025 amounts to USD 67.0 million (USD 0.37 per share) equal to 50% of net income for the year. This is an increase of 12% compared to 2024.

"In 2025, BW Offshore achieved key operational and strategic milestones with first gas from BW Opal, high commercial uptime from the fleet and strong cash flow generation. We also delivered a dividend equal to 50% of net income marking the fifth consecutive year of increased shareholder distributions,” said Marco Beenen, CEO of BW Offshore. “With BW Opal ramping up production, we expect EBITDA growth in 2026. We continue to advance the prestigious Bay du Nord FPSO project with Equinor and with BW Elara we progress growth opportunities within floating transition solutions.”

For 2026, BW Offshore expects to report EBITDA in the range of USD 340-370 million. The outlook reflects firm backlog for BW Adolo and BW Catcher and expected revenue recognition from BW Opal following the transition to volume-based rate from mid-March.

On 5 December 2025, BW Offshore announced the engagement of an external adviser to assist in a strategic review. The process is a response to incoming interest for the Company considering the strong FPSO market. The Company’s main strategic focus of growing the FPSO business supported by an optimised capital structure and strong partnerships remains unchanged.

FINANCIALS
EBITDA for the fourth quarter of 2025 was USD 47.8 million (USD 43.9 million in Q3 2025), reflecting strong operational performance from the fleet. EBIT for the fourth quarter was USD 27.5 million (USD 22.5 million).

Net financial items were negative at USD 0.5 million (positive USD 6.7 million).

Loss from equity-accounted investments was USD 1.9 million (loss of USD 3.6 million), including a valuation adjustment on the Barossa finance receivable related to changes in timing of future cash flows.

Tax expense was USD 1.0 million (USD 2.3 million).

Net profit for the fourth quarter was USD 24.1 million (USD 23.3 million).

On 31 December 2025, total equity was USD 1 293.0 million (USD 1 273.9 million), and the equity ratio was 30.2% (30.5%).

As a result of strong cash generation from the fleet and asset sales in recent quarters, the Company was net cash positive by USD 211.8 million (USD 186.6 million) as of 31 December 2025.

Available liquidity was USD 634.5 million, excluding consolidated cash from BW Ideol and including USD 220 million available under the undrawn revolving credit facility.

FPSO OPERATIONS
The FPSO fleet continued to deliver stable operations in the quarter with a weighted average fleet uptime of 100% (98.7% in Q3 2025).

On 31 December 2025, the firm and probable backlog measured by expected cashflow from operations amounted to USD 2.2 billion (USD 2.1 billion).

FPSO PROJECTS
BW Offshore continued to progress all technical and commercial discussions on schedule for the Bay du Nord FPSO under the Heads of Agreement signed with Equinor in September. The pre-FEED and bridging phases have been completed, and the FEED is planned to commence in the first half of 2026, subject to final agreements with Equinor. The process for ordering major long-lead equipment packages is underway and the Company expects to open a local office in St. John’s, Canada, during the first half of 2026.

FLOATING TRANSITION SOLUTIONS
BW Offshore now holds 68% of BW Ideol following a strategic partnership with Holcim in December. This transaction, which includes a capital increase, funds operations for the upcoming year. Operationally, the three floaters for the 30 MW Eolmed wind pilot project were completed with turbines and are now enroute for connection and commissioning. Additionally, the Fos3F project, for developing a fabrication line for concrete floating foundations, secured combined grants of EUR 127 million from the EU Innovation Fund and the French Government.

The BW Elara joint venture, created by BW Offshore and an affiliate BW Group to design and build Floating Desalination Units (FDUs), progressed towards investment decision for the first unit in 2026. In parallel, there was high commercial activity across target markets. The FDUs will be delivered through a flexible service supply model.

OUTLOOK
BW Offshore expects that the current fleet will continue to generate significant cash flow in the time ahead, supported by the firm contract backlog. Furthermore, growing energy demand continues to drive demand for developing new FPSO projects with long production profiles, low break-even costs and reduced emissions.

Increased project complexity and higher construction costs necessitates financial structures with significant day rate prepayments during the construction period for new lease and operate projects. Alternatively, oil and gas companies may finance and own FPSOs, relying on FPSO specialists for the design, construction and installation scope, combined with operation and maintenance services. BW Offshore is well positioned to offer both solutions.

After an extended period with FPSO project sanctions lagging expectations there is a historically high number of projects at various stages of maturity, reflected in increased FEED and tendering activity. The Company continues to selectively evaluate new projects that meet required return targets, offer contracts with no residual value risk after firm period, and provide a financeable structure with strong national or investment grade counterparties.

BW Offshore expects that a number of the FPSO projects the Company is engaging with will reach a final investment decision over the next 12 to 36 months.

Current market dynamics and the high competence levels required for project execution should enable better risk-reward and improved margins for FPSO companies going forward. Furthermore, BW Offshore is evolving its project execution model focused on strong partnerships for the design, engineering and construction phases and overall strengthened risk management. The same principles are also applied to new business opportunities within floating transition solutions.

Please see the attached the fourth quarter presentation and 2025 Annual Report and Sustainability Statement. The earnings tables are available at:

https://bwoffshore.com/financials

BW Offshore will host a webcast of the financial results 09:00 (CET) today. The presentation will be given by CEO Marco Beenen and CFO Ståle Andreassen.

Webcast information:
You can follow the presentation via webcast with supporting slides and a Q&A module, available on:

BW Offshore Limited – Q4 presentation webcast

Please note, that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call. The web page works best in an updated browser - Chrome is recommended.

For further information, please contact:
Ståle Andreassen, CFO, +47 91 71 86 55
[email protected] or www.bwoffshore.com

About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of FPSOs and floating wind solutions. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets worldwide. BW Offshore has around 900 employees and is publicly listed on the Oslo stock exchange.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

BW Offshore 2025 Annual Report and Sustainability Statement bwoffshoreltd-2025-12-31-1-en 2025 Q4 Presentation

Postal Realty Trust maintains a Buy rating, supported by strong AFFO growth, resilient operations, and a solid dividend yield. PSTL's 2026 AFFO per share guidance of $1.39–$1.41 reflects continued reliability, with a ~6% midpoint growth and robust acquisition plans. Debt maturities are well-laddered with virtually no obligations until 2028, providing flexibility amid uncertain macro conditions and potential rate volatility.

Amerigo Resources Ltd. (ARG:CA) Q4 2025 Earnings Call Transcript

DoubleVerify Holdings, Inc. (DV) Q4 2025 Earnings Call Transcript

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Tetragon has released its Monthly Factsheet for January 2026.

Net Asset Value: $3,795m Fully Diluted NAV per Share: $40.80 Share Price (TFG NA): $15.85 Monthly NAV per Share Total Return: -2.6% Monthly Return on Equity: -2.5% Most Recent Quarterly Dividend: $0.11 Dividend Yield: -2.0% Please refer to important disclosures on page three of the Monthly Factsheet.

Please click below to access the Monthly Factsheet.

January 2026 Factsheet

About Tetragon:

Tetragon is a Guernsey closed-ended investment company. Its non-voting shares are listed on Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V., and also traded on the Specialist Fund Segment of the Main Market of the London Stock Exchange. Our investment manager is Tetragon Financial Management LP. Find out more at www.tetragoninv.com.

Tetragon's non-voting shares are subject to restrictions on ownership by U.S. persons and are not intended for European retail investors.

Please see: https://www.tetragoninv.com/shareholders/additional-information.

Tetragon Investor Relations:
Yuko Thomas
[email protected]

Press Inquiries:
Prosek Partners
[email protected]
U.K. +44 20 3890 9193
U.S. +1 212 279 3115

This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of Tetragon have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States or to U.S. persons unless they are registered under applicable law or exempt from registration. Tetragon does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, Tetragon has not been and will not be registered under the U.S. Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. Tetragon is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act as a collective investment scheme from a designated country.    

SOURCE Tetragon Financial Group Limited

The chemical giant returned to net profit in the fourth quarter, supported by cost-saving programs and streamlining of the organization.

Landsberg Bennett Private Wealth Management CIO Michael Landsberg analyzes the 'A.I. ecosystem' and earnings on 'Making Money.

February 27, 2026 02:05 ET  | Source: Flutter Entertainment PLC

DUBLIN and TORONTO, Feb. 27, 2026 (GLOBE NEWSWIRE) --

Flutter Entertainment plc
(the "Company")

Publication of Annual Report and Accounts 2025

Flutter Entertainment plc announces that its Annual Report on Form 10-K for the financial year ended 31 December 2025 (the “Annual Report on Form 10-K”) has been published and filed with the U.S. Securities and Exchange Commission (the “SEC”)

In connection with its reporting obligations under the Listing Rules of the UK Financial Conduct Authority, the Company has also prepared a UK annual report, incorporating the Annual Report on Form 10-K (the “Annual Report and Accounts 2025”). A copy of the Annual Report and Accounts 2025 is available at http://www.rns-pdf.londonstockexchange.com/rns/6194U_1-2026-2-26.pdf and has been submitted to the UK National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The Annual Report on Form 10-K and the Annual Report and Accounts 2025 are also publicly available on the Company's website at https://flutter.com/investors/investor-hub/results-reports/.

Enquiries:
Edward Traynor
Company Secretary
+353 (87) 2232455

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

Confident in outlook, guiding to mid-single digit sales growth for 2026 and beyond. Strong financial position, with £350m share buyback well underway. 

, /PRNewswire/ --

Financial Highlights

£m

2025

vs 2024

£m

2025

2024

Business performance

Statutory results

Sales

3,577

+4%1

Sales

3,577

3,552

Adjusted operating profit

614

+6%1

Operating profit

507

541

Operating cash flow

571

-14%2

Profit for the period

336

435

Free cash flow

527

+8%2

Net cash generated from operations   

731

811

Adjusted earnings per share   

64.5p

+4%2

Basic earnings per share

51.4p

64.5p

Highlights

Underlying Group sales growth of 4% for the full year. Group adjusted operating profit of £614m, up 6% underlying with margin expansion from 16.9% to 17.2%. Operating cash conversion remained strong at 93%, with an increase in working capital given high Q4 sales growth. Free cash flow up 8%, resulting in free cash flow conversion3 of 125%. Adjusted earnings per share increased 9% at constant exchange rates4, and 4% on a headline basis. Full year dividend per share up 5% to 25.2p. Recently announced £350m share buyback programme well underway. Significant strategic progress in delivering our 2025 priorities: Continued to lead with the application of innovative technologies, deepening and scaling AI across our offering, driving measurable improvements in learner outcomes and saving educators meaningful time, whilst embedding AI as a foundational capability within Pearson. Advanced our enterprise strategy, securing eight partnerships with industry-leading firms with continued momentum into 2026, announcing a new strategic partnership with Salesforce. Positive outlook for 2026: mid-single digit underlying sales growth, adjusted operating profit of £640m-£685m at FX rates as at the end of 2025 (£:$ 1.35), including the impact of the 2025 product development impairment, and free cash flow conversion of 90%-100%. Medium term guidance reiterated. Omar Abbosh, Pearson's Chief Executive, said:

"We delivered on our goals in 2025, making significant progress in scaling AI across our products and services and building tangible momentum in our enterprise offering. The partnerships we secured with leading technology companies are a recognition of Pearson's unique role at the intersection of education, skills and workforce development, underpinned by our unrivalled strength in assessments which positions us to deliver meaningful shareholder value over the medium term. Through our unique competitive positioning, we look to the future with confidence as we meet the growing and urgent need among enterprises and learners to adapt to an AI-enabled world."

Statutory results

Sales increased 1% on a headline basis to £3,577m (2024: £3,552m) with currency movements partially offsetting underlying business performance. Statutory operating profit decreased 6% to £507m (2024: £541m). Underlying operating profit growth and the reversal of prior property provisions were more than offset by adverse currency movements and an £87m non-cash, one-off impairment of legacy product development assets arising from strategic platform convergence. This convergence is expected to deliver ongoing operational improvements and results in a c.£15m per annum adjusted operating profit improvement, on average, over the next 6 years in Higher Education. 2026 priorities

Deliver on 2026 guidance for Group underlying sales growth, adjusted operating profit and free cash flow. Lead with the application of innovative technologies, including AI powered learning and assessment products and services, driving better attainment outcomes and enhanced experiences. Progress core business and enterprise power metrics. 2025 Financial Performance 

Underlying Group sales growth of 4% for the full year

Assessment & Qualifications sales grew 4% with all sub-business units contributing to growth. Virtual Learning delivered a strong performance with 8% sales growth for the full year, and H2 up 18% driven by a 13% increase in 2025/26 Fall semester enrolments, as well as favourable mix and funding. Higher Education sales grew 2%, with US Higher Education up 3% driven by enrolments and pricing in core Courseware with adoption share maintained. English Language Learning sales increased 1%, driven by Institutional, with Pearson Test of English (PTE) performing well against a tough market backdrop. Enterprise Learning & Skills sales grew 6% with a solid performance in Vocational Qualifications and continued quarter-on-quarter improvement in Enterprise Solutions. Adjusted operating profit up 6% on an underlying basis to £614m

Underlying performance up 6% driven by sales growth and continued cost savings, partially offset by investment and inflation. Adjusted operating profit margin rose to 17.2% (2024: 16.9%). Headline adjusted operating profit growth was 2% reflecting business performance and portfolio changes partially offset by currency movements. Adjusted net finance costs increased to £57m (2024: £45m). The effective tax rate on adjusted profit before tax held broadly flat at 24.5% (2024: 24.4%). Adjusted earnings per share increased 4% to 64.5p (2024: 62.1p) reflecting adjusted operating profit growth and the reduction in issued shares due to the 2025 share buyback, partially offset by increased interest costs. Adjusted earnings per share increased 9% at constant exchange rates. Strong cash performance

Operating cash conversion remained strong at 93%, with an increase in working capital given high Q4 sales growth and increased investment spend. Operating cash inflow decreased on a headline basis from £662m in 2024 to £571m in 2025 given these factors as well as currency movements. Free cash flow increased 8%, resulting in free cash flow conversion of 125%, driven by the £0.1bn recovery of State Aid taxes. Free cash flow conversion excluding the recovery of State Aid taxes was 98%, at the top end of guidance. Strong balance sheet supporting continued investment and shareholder returns

Year-end net debt of £1.1bn (2024: £0.9bn), with free cash flow more than offset by the share buyback, acquisition of eDynamic Learning and dividends. Net debt / adjusted EBITDA ratio of 1.3x (2024: 1.1x). Proposed final dividend of 17.4p (2024: 16.6p) which equates to a full year dividend of 25.2p (2024: 24.0p) an increase of 5% compared to 2024. In 2025 we completed a £350m share buyback, reducing our share count by 5%. In line with our capital allocation framework and supported by strong free cash flow, we commenced a further £350m share buyback in January 2026. Secured new three-year, $800m revolving credit facility, enhancing our liquidity and strategic flexibility. Return on capital was 11.3% (2024: 10.5%). Continued operational and strategic progress, strengthening our core business while expanding into faster growth adjacent markets

 Assessment & Qualifications: Pearson Professional Assessments continued to lead the global market in large-scale testing services, securing several new contracts and maintaining strong customer retention supporting future growth. US Student Assessment announced an integrated partnership with McGraw Hill embedding formative assessments into core K12 curricula, and although we lost the contract with New Jersey we subsequently renewed and extended several key contracts, including Maryland and others at a late stage of contract completion. In UK & International Qualifications, we commenced the delivery of the new UK Government Test Operations Services contract and we expanded our digital offerings, including increased adoption of onscreen assessment and ActiveHub, our flagship teaching and learning platform. In Clinical Assessment we have implemented the first statewide adoption of our digital platform in Tennessee and expanded our pharmaceutical business. Key innovations included the launch in Clinical Assessment of Revibe, a wearable device designed to support individuals experiencing challenges with focus and attention such as those with ADHD, alongside the integration of AI by Pearson Professional Assessment to drive efficiencies in assessment generation. Virtual Learning: We completed the launch of a new enrolment portal across our school network, helping to remove friction in the enrolment process. During the year, we made targeted marketing investments to capitalise on strong market demand for virtual schooling. We continue to enhance our career offering through new and extended partnerships and also embedded our career programmes across the school network, supporting students in their transition to the workforce. We deepened the integration of AI into our study tools, contributing to higher course scores and end-of-semester pass rates, and expanded our teacher AI custom assessment tool network-wide, driving increased adoption and usage allowing teachers to focus on meaningful student interactions by halving the time it takes to create custom student assessments. Higher Education: We expanded the successful monetisation of our Study Prep tool, extending reach into International markets. Our AI powered study tools continue to deliver measurable improvements in learning outcomes, with our latest research showing repeat usage of our AI study tools increases the likelihood of a student becoming an active reader by 24 times. We also saw sustained momentum in our Inclusive Access offerings, achieving another year of strong double digit sales growth. We made significant strategic progress in expanding into the fast growing Early Careers space, broadening capabilities in career-readiness solutions which support learners as they transition from formal education into the workforce. We established a dedicated direct sales force to deepen and expand our relationships with US school administrators and completed the acquisition of eDynamic Learning – North America's largest provider of digital Career and Technical Education. English Language Learning: We launched the PTE Express test, addressing growing demand for trusted online testing among US-bound learners, and renewed our agreement with Australia's Department of Home Affairs. Within Institutional, we continued to expand internationally, securing customer wins in key markets including Latin America and Asia. We also continued to make progress on the application of innovative technologies with the launch of Communications Coach - an AI-powered learning solution integrated into Microsoft 365, enabling professionals to enhance communication skills seamlessly within the flow of work, marking our first go-to-market collaboration with Microsoft. Enterprise Learning & Skills: Vocational Qualifications secured several new contract wins including apprenticeship courses with the UK Ministry of Defence, the Uzbekistan Ministry of Education, and the Kingdom of Saudi Arabia, alongside International BTEC expansion. Within Enterprise Solutions, we launched a global go to market approach, establishing a dedicated enterprise sales team supported by marketing and delivery. We also signed strategic partnerships with eight industry-leading firms, securing sales opportunities and collaborating on joint go-to market initiatives across a broad range of learning experiences. Confident in future thanks to AI trends driving major multi-year demand for upskilling and the validation of skills

The advancement of AI drives large scale reconfiguration of industries, occupations, roles and educational approaches. This is proving a major demand driver for skilling and the validation of skills. Pearson's core capability is assessment and verification and we already see resultant demand from enterprises. Approximately 90% of 2025 adjusted operating profit was generated from assessments, virtual schools and print. These are operationally complex, large-scale services with very high quality requirements. These services often need high levels of security, statistical evidence bases while meeting regulatory outcomes, where trust in delivery standards is critical. We use AI and other technologies to enhance the productivity of our operations and improve services to customers. The remaining approximately 10% of 2025 adjusted operating profit was generated primarily from digital courseware, where AI technologies play an important role in personalisation. We have made significant progress in advancing the application of AI to improve learning outcomes, and this continues to be a company priority.  We benefit from our deep integration into the learning ecosystem, significant proprietary data, and demand for trusted pedagogy. Outlook

2026 guidance

Underlying
Sales
Growth

Group

Mid-single digit growth.

Assessment &
Qualifications

Low to mid-single digit growth, driven by new contracts,
products and pricing. Q1 to decline due to the loss of the New
Jersey contract and PDRI headwinds, returning to growth in
subsequent quarters supported by new business and recently
awarded contracts.

Virtual Learning

Stronger growth than 2025, particularly in H1, driven by a full year
of enrolment growth.

Higher Education

Will grow more than 2025, supported by continued product and
platform innovation, pricing and Inclusive Access in our core US
courseware business, with improvement in the K12 channel.  

English Language
Learning

Higher growth than 2025 driven by market share gains and
pricing, with PTE returning to growth. Growth will again be Q4
weighted given the seasonality of the business.

Enterprise Learning &     
Skills

Growth to be driven by a solid performance in Vocational
Qualifications and strategic account growth in Enterprise
Solutions.

Group Profit   

Adjusted Operating
Profit

£640m-£685m at FX rates as at the end of 2025 (£:$ 1.35), which
includes lower amortisation in 2026 following the 2025 product
development impairment.

Interest

Adjusted net finance costs of c.£80m – includes associated
costs of funding the recently announced £350m share buyback.

Tax rate

We expect the effective tax rate on adjusted profit before tax to
be c.25%.

Cash flow

We expect a free cash flow conversion of 90%-100%.

FX

Every 1c movement in £:$ rate equates to approximately £5m
adjusted operating profit impact.

Exchange rates

FY 2025

FY 2024

£:$

Average rate for profits   

1.32

1.28

Period end rate

1.35

1.25

Medium term outlook

Over the medium term, Pearson is well positioned to deliver a mid-single digit underlying sales growth CAGR, sustained margin improvement that will equate to an average increase of 40 basis points per annum and strong free cash conversion, in the region of 90% to 100%, on average, across the period. Financial Calendar

2026 Q1 Trading Update will be announced on 1 May 2026. Executive change

Sally Johnson, Group Chief Financial Officer (CFO), has informed the Board of her decision to leave the company later this year to take up the role of CFO at a large privately owned business. The Board would like to thank Sally for her contribution and leadership during her tenure as Group CFO.

Following a carefully managed succession process, Simon Robson, currently CFO at Sky, will succeed Sally as Group CFO. Simon will join Pearson on 30 March 2026 and assume the role of Group CFO and Executive Director on 8 May 2026, ensuring a smooth and orderly transition.

Simon brings extensive financial leadership from Sky, one of Europe's largest media, technology and connectivity businesses. Having joined Sky in 1997, he has held a number of senior finance and strategy roles, including CFO of Sky Deutschland from 2015 to 2018, followed by Deputy Group CFO, before being appointed Group CFO in June 2020. A chartered certified accountant, Simon brings a strong track record of delivering high‑impact financial strategy and operational excellence.

There is no further information to be declared in accordance with LR 6.4.8.

Contacts

Investor Relations

Alex Shore

Steph Crinnegan

 +44 (0) 7720 947 853

 +44 (0) 7780 555 351

Gemma Terry

Brennan Matthews

[email protected]

 +44 (0) 7841 363 216

 +1 (332) 238-8785

https://plc.pearson.com/en-GB/investors

Media

Edelman Smithfield     

Pearson

Latika Shah

Laura Ewart

 +44 (0)7950 671 948

 +44 (0) 7798 846 805

Results event

Pearson's prelim results presentation today
at 09:30 (GMT). If you would like to attend
the in-person session, please email:
[email protected]

Register to join the session virtually here: 
https://pearson.connectid.cloud/register

About Pearson

At Pearson, our purpose is simple: to help people realise the life they imagine through learning. We believe that every learning opportunity is a chance for a personal breakthrough. That's why our Pearson employees are committed to creating vibrant and enriching learning experiences designed for real-life impact. We are the world's lifelong learning company, serving customers with digital content, assessments, qualifications, and data. For us, learning isn't just what we do. It's who we are. Visit us at pearsonplc.com.

Notes

Forward looking statements: Except for the historical information contained herein, the matters discussed in this statement include forward-looking statements. In particular, all statements that express forecasts, expectations and projections with respect to future matters, including trends in results of operations, margins, growth rates, overall market trends, the impact of interest or exchange rates, the availability of financing, anticipated cost savings and synergies and the execution of Pearson's strategy, are forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will occur in future. They are based on numerous assumptions regarding Pearson's present and future business strategies and the environment in which it will operate in the future. There are a number of factors which could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including a number of factors outside Pearson's control. These include international, national and local conditions, as well as competition. They also include other risks detailed from time to time in Pearson's publicly-filed documents and you are advised to read, in particular, the risk factors set out in Pearson's latest annual report and accounts, which can be found on its website (www.pearsonplc.com). Any forward-looking statements speak only as of the date they are made, and Pearson gives no undertaking to update forward-looking statements to reflect any changes in its expectations with regard thereto or any changes to events, conditions or circumstances on which any such statement is based. Readers are cautioned not to place undue reliance on such forward-looking statements.

Operational review

£m

2025

20245

Headline

growth2

Underlying

growth1

Sales

Assessment & Qualifications     

1,604

1,591

1 %

4 %

Virtual Learning

511

489

4 %

8 %

Higher Education

775

781

(1) %

2 %

English Language Learning

405

420

(4) %

1 %

Enterprise Learning & Skills

282

271

4 %

6 %

Total

3,577

3,552

1 %

4 %

Adjusted operating profit

Assessment & Qualifications

361

368

(2) %

1 %

Virtual Learning

81

66

23 %

29 %

Higher Education

93

96

(3) %

0 %

English Language Learning

50

50

0 %

16 %

Enterprise Learning & Skills

29

20

45 %

40 %

Total

614

600

2 %

6 %

1 Throughout this announcement: a) Growth rates are stated on an underlying basis unless otherwise stated. Underlying growth rates exclude currency movements, and portfolio changes. b) The 'business performance' measures are non-GAAP measures and reconciliations to the equivalent statutory heading under IFRS are included in notes to the attached condensed consolidated financial statements 2, 3, 4, 6 and 12.

2 Headline growth rates include currency movements, and portfolio changes.

3 Free cash flow conversion calculated as free cash flow divided by adjusted earnings.

4 Calculated using adjusted operating profit at constant exchange rates. Constant exchange rates are calculated by assuming the average FX in the prior year prevailed through the current year.

5 In January 2025, the Group announced that Workforce Skills would evolve to become Enterprise Learning & Skills, incorporating our IT Pro business which was previously in Higher Education. Comparative figures have been restated to reflect the move between segments, resulting in £45m of sales and £12m of adjusted operating profit being transferred from Higher Education to Enterprise Learning & Skills in full year 2024.

Assessment & Qualifications

In Assessment & Qualifications, sales increased 4% on an underlying basis and 1% on a headline basis with currency movements partially offsetting trading. Adjusted operating profit increased 1% in underlying terms due to operating leverage on sales growth partially offset by investment and inflation, and decreased 2% in headline terms due to currency movements offsetting trading.

Pearson Professional Assessments sales increased 1% on an underlying basis driven by new contract launches partially offset by the pause in a contract delivered in 2024, which resumed in Q3, and headwinds in PDRI, which has been impacted by US federal government hiring and spend reductions.

In US Student Assessment, sales increased 2% on an underlying basis supported by scope increases with existing customers.

In Clinical Assessment, sales increased 8% on an underlying basis due to the continued traction of our products in the market, pricing and digital product growth.

In UK & International Qualifications, sales increased 9% on an underlying basis driven by volume, pricing and strong International growth.

For Assessment & Qualifications, we expect low to mid-single digit underlying sales growth in 2026. This will be driven by new contracts, products and pricing. 2026 priorities include expansion into adjacent markets, including high stakes test prep and formative assessments, along with key contract renewals and new wins. We will also continue to expand internationally, enhance operational excellence, and accelerate innovation, particularly through AI.

Virtual Learning

Virtual Learning sales grew 8% on an underlying basis, with strong performance in H2 driven by enrolment performance, favourable mix and funding. On a headline basis sales were up 4% with currency movements partially offsetting trading. Adjusted operating profit increased 29% in underlying terms, due to operating leverage on sales growth, and 23% in headline terms due to this partially offset by currency movements. 

Enrolments for the 2025/26 academic year increased by 13% in the Fall semester, benefiting from targeted marketing investments to capture demand. We also successfully opened two new schools for the 2025/26 academic year bringing our total number of schools to 41 across 31 states and renewed all six of our long term school contracts.

For Virtual Learning, we expect even stronger underlying sales growth in 2026 than 2025, driven by a full year of enrolment growth. 2026 priorities include continuing to capture growing demand for US virtual schooling, further strengthening of our marketing and enrolment capabilities, targeted school expansion and the ongoing application of AI to personalise teaching and learning.

Higher Education

In Higher Education, sales increased 2% on an underlying basis and decreased 1% on a headline basis due to currency movements more than offsetting trading and portfolio changes. Adjusted operating profit was flat in underlying terms driven by operating leverage on sales growth offset by investment in the business and inflation, and decreased 3% in headline terms due to currency movements more than offsetting trading and portfolio changes.

In US Higher Education, underlying sales grew 3%, driven by enrolment growth and pricing in our core Courseware business, partly offset by expected declines in the K12 channel due to the transitionary period, with adoption share maintained. We delivered strong growth in Inclusive Access, up 19%, and achieved 2% growth in US digital subscriptions.  In addition, we continued to see strong monetisation of our Study Prep tool and sustained engagement with our AI-powered study tools. International Higher Education faced ongoing challenging trading conditions in mature markets, declining 7% for the full year.

For Higher Education, we expect underlying sales to grow more in 2026 than 2025, supported by continued product and platform innovation, pricing and Inclusive Access in our core US courseware business as well as improvement in the K12 channel. 2026 priorities include building on our Early Careers offerings, continuing to enhance access and integration across our Inclusive Access offerings in the US, while focusing internationally on emerging markets, digital expansion and content localisation.

English Language Learning

In English Language Learning, sales grew 1% on an underlying basis, driven by Institutional, and decreased 4% on a headline basis due to currency movements more than offsetting trading. Adjusted operating profit increased by 16% in underlying terms due to cost savings partially offset by inflation and was flat in headline terms due to currency movements offsetting trading.

PTE continued to perform well against a challenging market backdrop of tightening migration policies. While volumes declined 5%, sales remained flat and we continued to gain market share. Our Institutional business delivered a solid performance, with strength in key Latin American markets and Asia.  

For English Language Learning, we expect higher underlying sales growth in 2026 than 2025, driven by market share gains and pricing, with PTE returning to growth. 2026 priorities include continued strong operational performance, refreshing our Institutional product suite developing next‑generation solutions for institutional and government partners, and supporting enterprise customers with advanced upskilling capabilities.

Enterprise Learning & Skills

In Enterprise Learning & Skills, sales were up 6% on an underlying basis and 4% on a headline basis due to currency movements more than offsetting trading. Adjusted operating profit increased by 40% in underlying terms due to operating leverage on sales and increased 45% in headline terms due to trading performance and favourable currency movements.

Vocational Qualifications delivered a solid performance while Enterprise Solutions growth improved quarter-on-quarter as we build momentum in our enterprise approach and related sales capability, driven by the recently announced partnerships.

For Enterprise Learning & Skills in 2026, we expect underlying sales growth to be driven by a solid performance in Vocational Qualifications and strategic account growth in Enterprise Solutions. 2026 priorities include addressing growing demand for trusted talent solutions that help employees work more effectively with AI, deepening value from our strategic partners and broadening our validated skills data to support workforce mobility at scale.

Financial Review

Operating result

Sales increased on a headline basis by £25m or 1% from £3,552m in 2024 to £3,577m in 2025 and adjusted operating profit increased by 2% on a headline basis to £614m in 2025 compared to £600m in 2024 (for a reconciliation of this measure see note 2 to the condensed consolidated financial statements).

The headline basis simply compares the reported results for 2025 with those for 2024. We also present sales and profits on an underlying basis which excludes the effects of exchange, the effect of portfolio changes arising from acquisitions and disposals and the impact of adopting new accounting standards that are not retrospectively applied, when relevant. Our portfolio change is calculated by excluding sales and profits made by businesses disposed in 2024 or 2025 and by ensuring the contribution from acquisitions is comparable year on year. For prior year acquisitions, the corresponding pre-acquisition period is excluded from the current year, and for current year acquisitions, the results for the current year are excluded. Portfolio changes mainly relate to the acquisition of eDynamic Learning and disposal of Copp Clark in 2025.

On an underlying basis, sales increased by 4% in 2025 compared to 2024 and adjusted operating profit increased by 6%. Currency movements decreased sales by £112m and adjusted operating profit by £26m, and portfolio changes increased sales by £7m and adjusted operating profit by £2m. There were no new accounting standards adopted in 2025 that impacted sales or profits.

Adjusted operating profit includes the results from discontinued operations when relevant but excludes charges for acquired intangible amortisation and impairment, acquisition related costs, gains and losses arising from disposals, the cost of major reorganisation and associated property charges, one off-costs related to the UK pension scheme and certain other one-off material items. A summary of these adjustments is included below and in note 2 to the condensed consolidated financial statements.

all figures in £ millions

2025

2024

Operating profit

507

541

Add back: Cost of major reorganisation

-

(2)

Add back: Product development impairment

87

-

Add back: Intangible charges

42

41

Add back: UK pension discretionary increase     

-

13

Add back: Other net gains and losses

3

7

Add back: Property charges

(25)

-

Adjusted operating profit

614

600

Costs of major reorganisation – In 2025, there are no costs of major reorganisation.  In 2024, there was a release of £2m relating to amounts previously accrued.

Product development impairment charges in 2025 relate to the impairment of product development assets as a result of courseware platform convergence. There were no such amounts in 2024.

Intangible amortisation charges in 2025 were £42m compared to a charge of £41m in 2024. This is due to increased amortisation from recent acquisitions partially offset by decreased amortisation from assets reaching the end of their useful economic lives.

UK pension discretionary increases in 2024 related to one-off pension increases awarded to certain cohorts of pensioners in response to the cost of living crisis. There were no such amounts in 2025.

Other net gains and losses in 2025 relate to the gain on disposal of Copp Clark, a business in our Higher Education division, a fair value gain relating to a previous disposal and costs relating to current and prior year acquisitions and disposals. Other net gains and losses in 2024 related to costs related to prior year acquisitions and disposals, partially offset by a gain on the partial disposal of our investment in an associate.

Property charges in 2025 are a gain of £25m relating to reversals of impairments of property assets that were previously impaired through property charges. Impairment reversals have arisen from new sublets on previously vacant space in corporate properties. There were no such amounts in 2024.

The reported operating profit of £507m in 2025 compares to a profit of £541m in 2024. The decrease has been driven by unfavourable foreign exchange movements, the product development impairment, investment  and inflation, partially offset by operating leverage on sales growth and cost savings, as well as a reduction in one-off pension charges and property related impairment reversals.

Net finance costs

Net finance costs increased on a headline basis from a net cost of £31m in 2024 to a net cost of £50m in 2025. The increase is primarily due to  increased net borrowing costs given increased average net debt following last year's share buy back and movements on derivatives.

Adjusted net finance costs reflected in adjusted earnings in 2025 was £57m, compared to a net cost of £45m in 2024. The increase is primarily due to increased net borrowing costs given increased average net debt following last year's share buy back and movements on derivatives.

In 2025, the total of items excluded from adjusted earnings was net income of £7m compared to net income of £14m in 2024. For a reconciliation of the adjusted measure see note 3 to the condensed consolidated financial statements.

Taxation

The reported tax on statutory earnings in 2025 was a charge of £121m compared to a charge of £75m in 2024. This equates to an effective tax rate of 26.5% (2024: 14.7%), with the increase from prior year principally due to the release of the State Aid uncertain tax provision in the prior year.

The total adjusted tax charge in 2025 was £136m (2024: £136m), corresponding to an effective tax rate on adjusted profit before tax of 24.5% (2024: 24.4%). For a reconciliation of the adjusted measure see note 4 to the condensed consolidated financial statements.

In 2025, there was a net tax payment of £2m (2024: £119m net tax payment). This includes a £97m receipt from HMRC in respect of the State Aid matter, with an additional £17m of associated interest also received in the period. The interest element is classified within interest received in the cash flow statement. This repayment is a result of the Court of Justice of the European Union handing down its decision on 19 September 2024 determining that the United Kingdom controlled foreign company group financing partial exemption did not constitute State Aid, thereby resulting in a refund of the £97m of tax paid (plus £17m of interest) under the Charging Notices issued by HMRC in 2021. The balance excluding the State Aid repayment, principally relates to tax payments in the US and the UK, and decreased due to lower tax liabilities and installment payments for 2025.

A net deferred tax liability of £31m is recognised in 2025 compared to a net deferred tax liability of £11m in 2024. The overall amount increased mainly due to the ongoing utilisation of tax losses and other tax attributes. The current tax creditor principally consists of provisions for tax uncertainties.

Other comprehensive income

Included in other comprehensive income are the net exchange differences on translation of foreign operations. The loss on translation of £193m in 2025 compares to a loss in 2024 of £35m. The loss in 2025 arises from an overall weakening of the majority of currencies to which the Group is exposed, in particular the US dollar. A significant proportion of the Group's operations are based in the US and the US dollar closing rate at 31 December 2025 was £1:$1.35 compared to the opening rate of £1:$1.25. At the end of 2024, the US dollar rate was £1:$1.25 compared to the opening rate of £1:$1.27.

Also included in other comprehensive income at 31 December 2025 is an actuarial gain of £10m in relation to retirement benefit obligations. The gain arises largely from a decrease in liabilities driven by lower long-term inflation assumptions and updates to commutation factors. The gain in 2025 compares to an actuarial gain in 2024 of £5m.

Fair value losses of £7m (2024: losses of £2m) have been recognised in other comprehensive income and relate to movements in the value of investments in unlisted securities held at fair value through other comprehensive income (FVOCI).

Cash flow and working capital

Our operating cash flow measure is used to align cash flows with our adjusted profit measures (see note 12 to the condensed consolidated financial statements). Operating cash flow decreased on a headline basis by £91m from an inflow of £662m in 2024 to an inflow of £571m in 2025 due to an increase in working capital given high Q4 sales growth.

The equivalent statutory measure, net cash generated from operations, was an inflow of £731m in 2025 compared to an inflow of £811m in 2024. Compared to operating cash flow, this measure includes reorganisation costs but does not include regular dividends from associates. It also excludes capital expenditure on property, plant, equipment and software, and additions to right of use assets as well as disposal proceeds from the sale of property, plant, equipment and right of use assets (including the impacts of transfers to/from investment in finance lease receivable). In 2025, reorganisation cash outflow was £nil compared to £8m in 2024.

Free cash flow increased on a headline basis by £37m from £490m in 2024 to £527m in 2025. When compared to operating cash flow, free cash flow includes tax paid/received, net finance costs paid and net costs paid for major reorganisation. The increase year on year is mainly due to the receipt of monies in respect of the State Aid tax matter offset by the reduction in operating cash flow.

In 2025, there was an overall decrease of £210m in cash and cash equivalents from £543m at the end of 2024 to £333m at 31 December 2025. The decrease in 2025 is primarily due to the net cash generated from operations of £731m being more than offset by dividends paid of £160m, share buyback programme payments of £352m, own share purchases of £72m, capital expenditure on property, plant, equipment and software of £134m, payments for the acquisition of subsidiaries of £167m, and payments of lease liabilities of £77m.

Liquidity and capital resources

The Group's net debt increased from £853m at the end of 2024 to £1,069m at the end of 2025. The increase is largely due to free cash flow of £527m being more than offset by the share buyback programme, dividend payments and cash outflows related to acquisitions. In May 2025, the Group repaid its €300m bond and closed out various related derivatives. In June 2025, the Group secured a new three-year, $800 million revolving credit facility (RCF). This facility can be utilised for general corporate purposes, enhancing our liquidity, and is in addition to the Group's existing RCF. At 31 December 2025, the Group had drawn £0.3bn on its Revolving Credit Facilities.

At 31 December 2025, the Group had approximately £1.3bn in total liquidity immediately available from cash and its RCFs maturing June 2028 and February 2029. In assessing the Group's ability to continue as a going concern for the period until 30 June 2027, the Board analysed a variety of downside scenarios, including a severe but plausible scenario, where the Group is impacted by a combination of all principal risks from H1 2026, as well as reverse stress testing to identify what would be required to either breach covenants or run out of liquidity. The severe but plausible scenario modelled a severe reduction in revenue, profit and operating cash flow from risks continuing throughout 2026 and 2027. In all scenarios, the Group would maintain comfortable liquidity headroom and sufficient headroom against covenant requirements during the period under assessment even before modelling the mitigating effect of actions that management would take in the event that these downside risks were to crystallise. The directors concluded that the likelihood of the reverse stress test scenario was remote.

Post-retirement benefits

Pearson operates a variety of pension and post-retirement plans. The UK Group pension plan has by far the largest defined benefit section. This plan has a strong funding position and a surplus with a very substantially de-risked investment portfolio including approximately 50% of the assets in buy-in contracts. We have some smaller defined benefit sections in the US and Canada but, outside the UK, most of the companies operate defined contribution plans.

The charge to profit in respect of worldwide pensions and retirement benefits amounted to £43m in 2025 (2024: £60m) of which a charge of £68m (2024: £81m) was reported in operating profit and income of £25m (2024: £21m) was reported against other net finance costs. In 2024, a charge of £13m related to one-off discretionary pension increases was excluded from adjusted operating profit, with no such amounts in 2025.

The overall surplus on UK Group pension plans of £484m at the end of 2024 has increased to a surplus of £514m at the end of 2025. The increase has arisen principally due to asset returns being higher than expected  and inflation over the period being slightly lower than was expected at the beginning of the year. In total, our worldwide net position in respect of pensions and other post-retirement benefits increased from a net asset of £450m at the end of 2024 to a net asset of £482m at the end of 2025.

Businesses acquired and disposed

On 24 July 2025, the Group completed the acquisition of 100% of eDynamic Holdings LP ('eDynamic Learning'), a leading Career and Technical Education (CTE) curriculum solutions provider for cash consideration of £168m. For further details, see note 10 to the condensed consolidated financial statements.

The cash outflow in 2025 relating to the acquisition of subsidiaries of £167m includes £4m arising from the payment of deferred consideration in respect of the prior year. The cash outflow in 2024 relating to acquisitions of subsidiaries was £39m, arising from the payment of deferred consideration in respect of prior year acquisitions, mainly Credly and Mondly, which were acquired in 2022. In addition, there was a cash outflow relating to investments of £5m (2024: £7m).

The Group disposed of Copp Clark in 2025 for consideration of £9m, resulting in a gain on disposal of £8m, which has been recorded within other net gains and losses. There were no disposals of subsidiaries in 2024 with cash outflows relating primarily to prior year disposals. In 2025, the cash inflow relating to the disposal of businesses was £8m (2024: outflow of £7m).

Dividends

The dividend accounted for in the 2025 financial statements totalling £160m represents the final dividend in respect of 2024 of 16.6p and the interim dividend for 2025 of 7.8p.  We are proposing a final dividend for 2025 of 17.4p bringing the total paid and payable in respect of 2025 to 25.2p.This final 2025 dividend, which was approved by the Board in February 2026, is subject to approval at the forthcoming AGM. For 2025, the dividend is covered 2.6 times by adjusted earnings.

The final dividend will be paid on 8 May 2026 to shareholders who are on the register of members at close of business on 20 March 2026 (the Record Date). Shareholders may elect to reinvest their dividend in the Dividend Reinvestment Plan (DRIP). The last date for receipt of DRIP elections and revocations will be 16 April 2026. A Dividend Reinvestment Plan (DRIP) is provided by our Registrar, Computershare Investor Services. The DRIP enables the Company's shareholders to elect to have their cash dividend payments used to purchase the Company's shares. More information can be found at www.computershare.com/Investor.

Share buyback

On 27 February 2025, the Board approved a £350m share buyback programme in order to return capital to shareholders. The programme completed in 2025. During 2025, c32m shares have been bought back at a cash cost of £352m. The nominal value of the cancelled shares of £8m has been transferred to the capital redemption reserve.

On 21 January 2026, a further £350m share buyback programme was announced. The programme commenced on 21 January 2026. In the period from 21 January to 25 February 2026, an additional c7m of shares have been repurchased.

CONDENSED CONSOLIDATED INCOME STATEMENT
for the year ended 31 December 2025

all figures in £ millions

note

2025

2024

Continuing operations

Sales

2

3,577

3,552

Cost of goods sold

(1,717)

(1,741)

Gross profit

1,860

1,811

Operating expenses

(1,351)

(1,265)

Other net gains and losses

2

(3)

(7)

Share of results of joint ventures and associates

1

2

Operating profit

2

507

541

Finance costs

3

(98)

(112)

Finance income

3

48

81

Profit before tax

457

510

Income tax

4

(121)

(75)

Profit for the period

336

435

Attributable to:

Equity holders of the company

335

434

Non-controlling interest

1

1

Earnings per share from continuing operations (in pence per share)   

   Basic

5

51.4p

64.5p

   Diluted

5

50.7p

63.5p

The accompanying notes to the condensed consolidated financial statements form an integral part of the financial information.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2025

all figures in £ millions

2025

2024

Profit for the period

336

435

Items that may be reclassified to the income statement

Net exchange differences on translation of foreign operations

(193)

(35)

Attributable tax

-

2

Items that are not reclassified to the income statement

Fair value loss on other financial assets

(7)

(2)

Attributable tax

-

-

Remeasurement of retirement benefit obligations

10

5

Attributable tax

(3)

(2)

Other comprehensive expense

(193)

(32)

Total comprehensive income

143

403

Attributable to:

Equity holders of the company

143

402

Non-controlling interest

-

1

CONDENSED CONSOLIDATED BALANCE SHEET
as at 31 December 2025

all figures in £ millions

note

2025

2024

Property, plant and equipment

210

216

Investment property

91

77

Intangible assets

9

3,009

3,026

Investments in joint ventures and associates

8

12

Deferred income tax assets

58

52

Financial assets – derivative financial instruments

14

20

Retirement benefit assets

518

491

Other financial assets

125

141

Income tax assets

-

4

Trade and other receivables

105

125

Non-current assets

4,138

4,164

Intangible assets – product development

9

822

947

Inventories

66

74

Trade and other receivables

1,082

1,030

Financial assets – derivative financial instruments

2

31

Current income tax assets

15

103

Cash and cash equivalents (excluding overdrafts)

333

543

Current assets

2,320

2,728

Assets classified as held for sale

-

-

Total assets

6,458

6,892

Financial liabilities – borrowings

(1,419)

(1,157)

Financial liabilities – derivative financial instruments

(2)

(4)

Deferred income tax liabilities

(89)

(63)

Retirement benefit obligations

(36)

(41)

Provisions for other liabilities and charges

(12)

(13)

Other liabilities

(76)

(83)

Non-current liabilities

(1,634)

(1,361)

Trade and other liabilities

(1,043)

(1,054)

Financial liabilities – borrowings

(62)

(315)

Financial liabilities – derivative financial instruments

(1)

(54)

Current income tax liabilities

(47)

(32)

Provisions for other liabilities and charges

(8)

(23)

Current liabilities

(1,161)

(1,478)

Liabilities classified as held for sale

-

-

Total liabilities

(2,795)

(2,839)

Net assets

3,663

4,053

Share capital

158

166

Share premium

2,658

2,649

Treasury shares

(9)

(7)

Reserves

841

1,230

Total equity attributable to equity holders of the company

3,648

4,038

Non-controlling interest

15

15

Total equity

3,663

4,053

The condensed consolidated financial statements were approved by the Board on 26 February 2026.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 31 December 2025

Equity attributable to equity holders of the company

all figures in £ millions

Share
capital

Share
premium

Treasury
shares

Capital
redemption
reserve

Fair
value
reserve

Translation
reserve

Retained
earnings

Total

Non-controlling
interest

Total
equity

2025

At 1 January 2025

166

2,649

(7)

41

(14)

376

827

4,038

15

4,053

Profit for the period

-

-

-

-

-

-

335

335

1

336

Other comprehensive income /
(expense)

-

-

-

-

(7)

(192)

7

(192)

(1)

(193)

Total comprehensive income /
(expense)

-

-

-

-

(7)

(192)

342

143

-

143

Equity-settled transactions1

-

-

-

-

-

-

29

29

-

29

Taxation on equity-settled
transactions

-

-

-

-

-

-

(1)

(1)

-

(1)

Issue of ordinary shares

-

9

-

-

-

-

-

9

-

9

Buyback of equity

(8)

-

-

8

-

-

(347)

(347)

-

(347)

Purchase of treasury shares

-

-

(63)

-

-

-

-

(63)

-

(63)

Release of treasury shares

-

-

61

-

-

-

(61)

-

-

-

Dividends

-

-

-

-

-

-

(160)

(160)

-

(160)

At 31 December 2025

158

2,658

(9)

49

(21)

184

629

3,648

15

3,663

2024

At 1 January 2024

174

2,642

(19)

33

(12)

411

745

3,974

14

3,988

Profit for the period

-

-

-

-

-

-

434

434

1

435

Other comprehensive income /
(expense)

-

-

-

-

(2)

(35)

5

(32)

-

(32)

Total comprehensive income /
(expense)

-

-

-

-

(2)

(35)

439

402

1

403

Equity-settled transactions1

-

-

-

-

-

-

37

37

-

37

Taxation on equity-settled
transactions

-

-

-

-

-

-

11

11

-

11

Issue of ordinary shares

-

7

-

-

-

-

-

7

-

7

Buyback of equity

(8)

-

-

8

-

-

(204)

(204)

-

(204)

Purchase of treasury shares

-

-

(33)

-

-

-

-

(33)

-

(33)

Release of treasury shares

-

-

45

-

-

-

(45)

-

-

-

Dividends

-

-

-

-

-

-

(156)

(156)

-

(156)

At 31 December 2024

166

2,649

(7)

41

(14)

376

827

4,038

15

4,053

1.

Equity-settled transactions are presented net of withholding taxes that the Group is obligated to pay on behalf of employees. The payments to the tax authorities are accounted for as a deduction from equity for the shares withheld.

CONDENSED CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2025

all figures in £ millions

2025

2024

Cash flows from operating activities

Profit before tax

457

510

Net finance costs

50

31

Depreciation and impairment – PPE, investment property and assets held for
sale

54

77

Amortisation and impairment – software

112

117

Amortisation and impairment – acquired intangible assets

41

41

Other net gains and losses

3

5

Product development capital expenditure

(285)

(284)

Product development amortisation and impairment

364

291

Share-based payment costs

39

44

Change in inventories

5

15

Change in trade and other receivables

(104)

32

Change in trade and other liabilities

35

(99)

Change in provisions for other liabilities and charges

(19)

(1)

Other movements

(21)

32

Net cash generated from operations

731

811

Interest paid

(73)

(65)

Tax paid

(2)

(119)

Net cash generated from operating activities

656

627

Cash flows from investing activities

Acquisition of subsidiaries, net of cash acquired

(167)

(39)

Purchase of investments

(5)

(7)

Purchase of property, plant and equipment

(29)

(33)

Purchase of intangible assets

(105)

(91)

Disposal of subsidiaries, net of cash disposed

8

(7)

Proceeds from sale of property, plant and equipment

3

6

Lease receivables repaid including disposals

18

18

Interest received

33

20

Dividends received

1

2

Net cash used in investing activities

(243)

(131)

Cash flows from financing activities

Proceeds from issue of ordinary shares

9

7

Buyback of equity

(352)

(318)

Settlement of share based payments

(72)

(40)

Repayment of borrowings

(974)

(921)

Proceeds from borrowings

1,017

1,265

Repayment of lease liabilities

(77)

(78)

Dividends paid to company's shareholders

(160)

(156)

Net cash used in financing activities

(609)

(241)

Effects of exchange rate changes on cash and cash equivalents

(14)

(21)

Net (decrease) /  increase in cash and cash equivalents

(210)

234

Cash and cash equivalents at beginning of period

543

309

Cash and cash equivalents at end of period

333

543

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2025

1.     Basis of preparation

The condensed consolidated financial statements have been prepared in accordance with the accounting policies set out in the 2024 Annual Report, which has been prepared in accordance with UK-adopted International Accounting Standards and have also been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). There are no changes to accounting standards that have a material impact on the condensed consolidated financial statements for the year ended 31 December 2025. The condensed consolidated financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial assets and liabilities (including derivative financial instruments) at fair value.

In assessing the Group's ability to continue as a going concern for the period to 30 June 2027, the Board analysed a variety of downside scenarios, including a severe but plausible scenario, where the Group is impacted by a combination of all principal risks from by all principal risks in both 2026 and 2027, adjusted for probability weighting, as well as reverse stress testing to identify what would be required to either breach covenants or run out of liquidity. The net impact of the risks modelled in the severe but plausible scenario was to reduce free cashflow during the period under assessment by c41%.  

At 31 December 2025, the Group had available liquidity of c£1.3bn, comprising central cash balances and the undrawn element of its $1.8bn Revolving Credit Facilities maturing June 2028 and February 2029, but which have options to extend the maturities until 2030. Even under a severe downside case, the Group would maintain comfortable liquidity headroom and sufficient headroom against covenant requirements during the period under assessment. That is, even before modelling the mitigating effect of actions that management would take in the event that these downside risks were to crystallise. The directors concluded that the likelihood of the reverse stress test scenario was remote.

The directors have confirmed that they have a reasonable expectation that the Group has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the assessment period to 30 June 2027. The condensed consolidated financial statements have therefore been prepared on a going concern basis.

The preparation of condensed consolidated financial statements requires the use of certain critical accounting assumptions. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas requiring a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the condensed consolidated financial statements, have been set out in the 2024 Annual Report. In 2025, the valuation of acquired intangible assets recognised on the acquisition of a business is also determined to be a key area of estimation.

The Group has also assessed the impact of the uncertainty presented by the volatile macro-economic and geo-political environment on the condensed consolidated financial statements, specifically considering the impact on key judgements and significant estimates along with other areas of increased risk including financial instruments, hedge accounting and translation methodologies. No material accounting impacts relating to the areas assessed were recognised in 2025. The Group has assessed the impacts of climate change on the condensed consolidated financial statements. The assessment did not identify any material impact on the Group's significant judgements or estimates, the recoverability of the Group's assets at 31 December 2025 or the assessment of going concern for the period to 30 June 2027. The Group will continue to monitor these areas of increased judgement, estimation and risk for material changes.

The financial information for the year ended 31 December 2024 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The independent auditors' report on the full consolidated financial statements for the year ended 31 December 2024 was unqualified and did not contain an emphasis of matter paragraph or any statement under section 498 of the Companies Act 2006.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2025

1.     Basis of preparation continued

This preliminary announcement does not constitute the Group's full consolidated financial statements for the year ended 31 December 2025. The Group's full consolidated financial statements will be approved by the Board of Directors and reported on by the auditors in March 2026. Accordingly, the financial information for 2025 is presented unaudited in the preliminary announcement.

Operating segments – In January 2025, the Group announced that Workforce Skills would evolve to become Enterprise Learning and Skills, incorporating our IT Pro business which was previously within Higher Education. Comparative figures for 2024 segment information have been restated to reflect this move between segments (see note 2).

2.     Segment information

The Group has five main global business units, which are each considered separate operating segments for management and reporting purposes. These five business units are Assessment & Qualifications, Virtual Learning, English Language Learning, Higher Education and Enterprise Learning and Skills. In January 2025, the Group announced that Workforce Skills would evolve to become Enterprise Learning and Skills, incorporating our IT Pro business which was previously within Higher Education. Comparative figures have been restated to reflect the move between segments, resulting in £45m of sales and £12m of adjusted operating profit being transferred from Higher Education to Enterprise Learning and Skills for the year ended 31 December 2024.

all figures in £ millions

2025

20241

Sales

Assessment & Qualifications

1,604

1,591

Virtual Learning

511

489

English Language Learning

405

420

Enterprise Learning and Skills

282

271

Higher Education

775

781

Total sales

3,577

3,552

Adjusted operating profit

Assessment & Qualifications

361

368

Virtual Learning

81

66

English Language Learning

50

50

Enterprise Learning and Skills

29

20

Higher Education

93

96

Total adjusted operating profit   

614

600

1 Comparative amounts have been restated to reflect the move between operating segments.

There were no material inter-segment sales.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2025

2.     Segment information continued

The following table reconciles the Group's measure of segmental performance, adjusted operating profit, to statutory operating profit:

all figures in £ millions

2025

2024

Adjusted operating profit

614

600

Cost of major reorganisation

-

2

Product development impairment

(87)

-

Intangible charges

(42)

(41)

UK pension discretionary increases   

-

(13)

Other net gains and losses

(3)

(7)

Property charges

25

-

Operating profit

507

541

Adjusted operating profit is one of the Group's key business performance measures. The measure includes the operating profit from the total business but excludes charges for acquired intangibles amortisation and impairment, acquisition related costs, gains and losses arising from disposals, the cost of major reorganisation and associated property charges, one off-costs related to the UK pension scheme and certain other one-off material items.

Costs of major reorganisation – In 2025, there are no costs of major reorganisation.  In 2024, there was a release of £2m relating to amounts previously accrued.

Product development impairment charges in 2025 relate to the impairment of product development assets as a result of courseware platform convergence. There were no such amounts in 2024.

Intangible charges – These represent charges relating to intangibles acquired through business combinations. These charges are excluded as they reflect past acquisition activity and do not necessarily reflect the current year performance of the Group.

UK pension discretionary increases – Charges in 2024 related to one-off pension increases awarded to certain cohorts of pensioners in response to the cost of living crisis. There were no such amounts in 2025.

Other net gains and losses – These represent profits and losses on the sale of subsidiaries, joint ventures, associates and other financial assets and are excluded from adjusted operating profit in order to show the performance of the Group on a more comparable basis year on year. Other net gains and losses also includes costs related to business closures and acquisitions. Other net gains and losses in 2025 relate to the gain on disposal of Copp Clark, a business in our Higher Education division, a fair value gain relating to a previous disposal and  costs relating to current and prior year acquisitions and disposals. Other net gains and losses in 2024 related to costs related to prior year acquisitions and disposals, partially offset by a gain on the partial disposal of our investment in an associate.

Property charges – In 2025, a gain of £25m relates to reversals of impairments of property assets that were previously impaired through property charges. Impairment reversals have arisen from new sublets on previously vacant space in corporate properties. There are no such charges in 2024.

Adjusted operating profit should not be regarded as a complete picture of the Group's financial performance. For example, adjusted operating profit includes the benefits of major reorganisation programmes but excludes the significant associated costs, and adjusted operating profit excludes costs related to acquisitions, and the amortisation of intangibles acquired in business combinations, but does not exclude the associated revenues. The Group's definition of adjusted operating profit may not be comparable to other similarly titled measures reported by other companies.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2025

3.     Net finance income / costs

all figures in £ millions

2025

2024

Interest payable on financial liabilities at amortised cost and associated
derivatives

(51)

(48)

Interest on lease liabilities

(20)

(22)

Interest on deferred and contingent consideration

(1)

(2)

Fair value movements on investments held at FVTPL

(7)

(11)

Net foreign exchange losses

(7)

(3)

Fair value movements on derivatives

(9)

(19)

Interest on provisions for uncertain tax positions

(3)

(7)

Finance costs

(98)

(112)

Interest receivable on financial assets at amortised cost

14

25

Interest on lease receivables

3

4

Net finance income in respect of retirement benefits

25

21

Fair value movements on derivatives

6

26

Interest on provisions for uncertain tax positions

-

5

Finance income

48

81

Analysed as:

Net interest payable reflected in adjusted earnings

(57)

(45)

Other net finance income

7

14

Net finance costs

(50)

(31)

Net interest payable is the finance cost measure used in calculating adjusted earnings. The table below reconciles statutory net finance costs to net interest payable .

all figures in £ millions

2025

2024

Net finance costs

(50)

(31)

Net finance income in respect of retirement benefits

(25)

(21)

Interest on deferred and contingent consideration

1

2

Fair value movements on investments held at FVTPL   

7

11

Net foreign exchange losses

7

3

Fair value movements on derivatives

3

(7)

Interest on provisions for uncertain tax positions

-

(2)

Adjusted net finance costs

(57)

(45)

Net finance income relating to retirement benefits has been excluded from our adjusted earnings as we believe the income statement presentation does not reflect the economic substance of the underlying assets and liabilities. Also excluded are interest costs relating to acquisition or disposal transactions as it is considered part of the acquisition cost or disposal proceeds rather than being reflective of the underlying financing costs of the Group. Foreign exchange, fair value movements on investments classified as FVTPL and other gains and losses on derivatives are excluded from adjusted earnings as they represent short-term fluctuations in market value and are subject to significant volatility. Other gains and losses may not be realised in due course as it is normally the intention to hold the related instruments to maturity. Interest on certain tax provisions is excluded from our adjusted measure in order to mirror the treatment of the underlying tax item.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2025

4.     Income tax

all figures in £ millions

2025

2024

Profit before tax

457

510

Tax calculated at UK rate of 25% (2024: 25%)   

(114)

(127)

Effect of overseas tax rate

(3)

(1)

Non-deductible expenses

(5)

3

State Aid provision release

-

63

Other tax items

1

(13)

Income tax charge

(121)

(75)

Tax rate reflected in statutory earnings

26.5 %

14.7 %

The increase in the statutory rate of tax in 2025 is principally due to the release of the State Aid uncertain tax provision in the prior year.

In 2025, other tax items of £1m consists primarily of movements in provisions for tax uncertainties and the recognition of previously unrecognised tax losses. In 2024, other tax items of £13m consists primarily of movements in provisions for tax uncertainties.

Adjusted income tax is the tax measure used in calculating adjusted earnings. The table below reconciles the statutory income tax charge to the adjusted income tax charge.

all figures in £ millions

note

2025

2024

Income tax charge

(121)

(75)

Tax on cost of major reorganisation

-

1

Tax on product development impairment

(22)

-

Tax on intangible charges

(10)

(10)

Tax on UK pension discretionary increases

-

(3)

Tax on other net gains and losses

(1)

-

Tax on property charges

7

-

Tax on other net finance income

2

5

Tax amortisation benefit on goodwill and intangibles   

4

4

State Aid provision release

-

(63)

Movement in provision for tax uncertainties

3

6

Other tax items

2

(1)

Adjusted income tax charge

(136)

(136)

Adjusted profit before tax

6

557

555

Tax rate reflected in statutory earnings

26.5 %

14.7 %

Tax rate reflected in adjusted earnings

24.5 %

24.4 %

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2025

4.     Income tax continued

The adjusted income tax charge excludes the tax benefit or charge on items that are excluded from the profit or loss before tax (see notes 2 and 3).

The tax benefit from tax deductible goodwill and intangibles is added to the adjusted income tax charge as this benefit more accurately aligns the adjusted tax charge with the expected rate of cash tax payments.

The Group is within the scope of the UK legislation in relation to Pillar Two which was effective from 1 January 2024. Based on the most recent financial information available for the constituent entities in the Group, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. There are a limited number of jurisdictions where the transitional safe harbour relief does not apply, including jurisdictions that may not meet the 16% effective tax rate threshold required to qualify for the effective tax rate safe harbour test in FY25. However, the Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions.

In 2025, a repayment of £97m was received from HMRC in respect of State Aid. This repayment is a result of the Court of Justice of the European Union handing down its decision on 19 September 2024 determining that the United Kingdom controlled foreign company group financing partial exemption did not constitute State Aid, thereby resulting in a refund of the £97m of tax paid (plus interest) under the Charging Notices issued by HMRC in 2021.

5.     Earnings per share

Basic earnings per share is calculated by dividing the profit or loss attributable to equity shareholders of the company (earnings) by the weighted average number of ordinary shares in issue during the period, excluding ordinary shares purchased by the company and held as treasury shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares to take account of all dilutive potential ordinary shares and adjusting the profit attributable, if applicable, to account for any tax consequences that might arise from conversion of those shares.

all figures in £ millions

2025

2024

Earnings for the period

336

435

Non-controlling interest

(1)

(1)

Earnings attributable to equity shareholders

335

434

Weighted average number of shares (millions)

651.3

673.0

Effect of dilutive share options (millions)

9.0

11.0

Weighted average number of shares (millions) for diluted earnings   

660.3

684.0

Earnings per share (in pence per share)

Basic

51.4p

64.5p

Diluted

50.7p

63.5p

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2025

6.     Adjusted earnings per share

In order to show results from operating activities on a consistent basis, an adjusted earnings per share is presented which excludes certain items as set out below.

Adjusted earnings is a non-GAAP financial measure and is included as it is a key financial measure used by management to evaluate performance and allocate resources to business segments. The measure also enables users of the accounts to more easily, and consistently, track the underlying operational performance of the Group and its business segments over time by separating out those items of income and expenditure relating to acquisition and disposal transactions, major reorganisation programmes and certain other items that are also not representative of underlying performance (see notes 2, 3 and 4 for further information and reconciliation to equivalent statutory measures). The adjusted earnings per share includes both continuing and discontinued businesses on an undiluted basis when relevant. The company's definition of adjusted earnings per share may not be comparable to other similarly titled measures reported by other companies.

all figures in £ millions

note

2025

2024

Adjusted operating profit

2

614

600

Adjusted net finance costs

3

(57)

(45)

Adjusted profit before tax

557

555

Adjusted income tax

4

(136)

(136)

Non-controlling interest

(1)

(1)

Adjusted earnings

420

418

Weighted average number of shares (millions)

651.3

673.0

Weighted average number of shares (millions) for diluted earnings   

660.3

684.0

Adjusted earnings per share (in pence per share)

Basic

64.5p

62.1p

Diluted

63.6p

61.1p

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2025

7.     Dividends

all figures in £ millions

2025

2024

Amounts recognised as distributions to equity shareholders in the period   

160

156

The directors are declaring a final dividend of 17.4p per equity share, payable on 8 May 2026 to shareholders on the register at the close of business on 20 March 2026. This final dividend, which will absorb an estimated £109m of shareholders' funds, has not been included as a liability as at 31 December 2025.

8.     Exchange rates

Pearson earns a significant proportion of its sales and profits in overseas currencies, the most important being the US dollar. The relevant rates are as follows:

2025

2024

Average rate for profits

1.32

1.28

Year end rate

1.35

1.25

9.     Intangible assets

all figures in £ millions

2025

2024

Goodwill

2,425

2,437

Other intangibles

584

589

Non-current intangible assets

3,009

3,026

Intangible assets – product development   

822

947

Current intangible assets

822

947

Acquisitions resulted in the recognition of additional goodwill of £102m (2024: £1m) and intangible assets of £71m (2024: £1m) (see note 10 for further details).

There were no significant impairments to acquisition related or other non-current intangibles in 2025 or 2024. 

In 2025, impairment charges of £87m were recorded (2024: £nil) related to the impairment of product development assets as a result of courseware platform convergence.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2025

10.     Acquisitions

On 24 July 2025, the Group completed the acquisition of 100% of eDynamic Holdings LP ('eDynamic Learning'), a leading Career and Technical Education curriculum solutions provider, for cash consideration of £168m, with a further £3m paid into an escrow account in relation to a provision provided for on the opening balance sheet. The acquired business will form part of the Higher Education division. Net assets acquired of £66m were recognised on the Group's balance sheet including £71m of intangible assets, comprising customer relationships, technology, content and the brand, that will be amortised over periods up to 16 years.

This transaction has resulted in the recognition of £102m of goodwill, which represents the expected  growth of the business, the workforce and know-how acquired and the anticipated synergies, none of which can be recognised as separate intangible assets. The goodwill is not deductible for tax purposes. Details of the fair values of the assets and liabilities recognised at the acquisition date and the related consideration is shown in the table below.

all figures in £ millions

2025

2024

Intangible assets

71

1

Trade and other receivables

7

-

Cash and cash equivalents

8

-

Trade and other liabilities

(4)

-

Deferred revenue

(10)

-

Provisions for other liabilities and charges

(5)

-

Deferred tax

(1)

-

Net assets acquired

66

1

Goodwill

102

1

Total

168

2

Satisfied by:

Cash consideration

168

1

Contingent or deferred consideration

-

1

Total consideration

168

2

Cash flow from acquisitions

Cash – current year acquisitions

(168)

(1)

Cash paid into escrow account

(3)

-

Cash and cash equivalents acquired

8

-

Deferred payments for prior year acquisitions   

(4)

(38)

Net cash outflow

(167)

(39)

eDynamic Learning generated revenues of £10m and a loss after tax of £1m for the period from acquisition date to 31 December 2025. If the acquisition of eDynamic Learning had occurred on 1 January 2025, the Group's revenue and profit after tax would have been £18m higher and £1m  higher, respectively. The quoted profit numbers include the impact of purchase price adjustments made on acquisition, including the amortisation of acquired intangibles and reduced revenue and profit following fair value adjustments to the acquired deferred revenue balance.

Total acquisition-related costs of £7m (2024: £5m; 2023: £12m) were recognised within other net gains and losses. 

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2025

11.     Net debt

all figures in £ millions

2025

2024

Non-current assets

Derivative financial instruments

14

20

Trade and other receivables – investment in finance lease   

45

64

Current assets

Derivative financial instruments

2

31

Trade and other receivables – investment in finance lease

21

19

Cash and cash equivalents (excluding overdrafts)

333

543

Non-current liabilities

Borrowings

(1,419)

(1,157)

Derivative financial instruments

(2)

(4)

Current liabilities

Borrowings

(62)

(315)

Derivative financial instruments

(1)

(54)

Net debt

(1,069)

(853)

Included in borrowings at 31 December 2025 are lease liabilities of £478m (non-current £416m, current £62m). This compares to lease liabilities of £517m (non-current £452m, current £65m) at 31 December 2024. The net lease liability at 31 December 2025 after including the investment in finance leases noted above was £412m (2024: £434m). Net debt excluding net lease liabilities is £657m (2024: £419m).

In 2025, the movement on borrowings from 31 December 2024 primarily reflects the repayment of the €300m bond offset by the drawdown of £0.3bn on the RCF.

For the purposes of the cash flow statement, cash and cash equivalents are presented net of overdrafts of £nil (2024: £nil) which are repayable on demand. When relevant, these overdrafts are excluded from cash and cash equivalents disclosed on the balance sheet.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2025

12.     Cash flows

Operating cash flow and free cash flow are non-GAAP measures and have been disclosed as they are part of the Group's corporate and operating measures. These measures are presented in order to align the cash flows with corresponding adjusted profit measures. The table below reconciles the statutory profit and cash flow measures to the corresponding adjusted measures. The table on the next page reconciles operating cash flow to free cash flow to net debt. 

all figures in
£ millions

Statutory
measure

Cost of
major
reorganisation

Product 
development
impairment

Property 
charges

Other net gains 
and losses

Pensions

Intangible 
charges

Purchase/disposal 
of PPE
and software

Net addition
of right of use
assets

Dividends from
joint ventures
and associates

Adjusted 
measure

2025

Operating
profit

507

-

87

(25)

3

-

42

-

-

-

614

Adjusted
operating
profit

Net cash
generated from  
operations

731

-

-

-

13

2

-

(131)

(45)

1

571

Operating
cash flow

2024

Operating
profit

541

(2)

-

-

7

13

41

-

-

-

600

Adjusted
operating
profit

Net cash
generated from
operations

811

8

-

-

5

-

-

(118)

(46)

2

662

Operating
cash flow

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2025

12.     Cash flows continued

all figures in £ millions

note

2025

2024

Operating cash flow

571

662

Tax paid

(2)

(119)

Net finance costs paid

(40)

(45)

Special pension contributions

(2)

-

Cost paid for major reorganisation

-

(8)

Free cash flow

527

490

Dividends paid (including to non-controlling interest)   

(160)

(156)

Net movement of funds from operations

367

334

Acquisitions and disposals

(177)

(58)

Net equity transactions

(415)

(351)

Other movements on financial instruments

9

(34)

Movement in net debt

(216)

(109)

Opening net debt

(853)

(744)

Closing net debt

(1,069)

(853)

13.     Contingencies, tax uncertainties and other liabilities

There are Group contingent liabilities that arise in the normal course of business in respect of indemnities, warranties and guarantees in relation to former subsidiaries and in respect of guarantees in relation to subsidiaries, joint ventures and associates. In addition, there are contingent liabilities of the Group in respect of unsettled or disputed tax liabilities, legal claims, contract disputes, royalties, copyright fees, permissions and other rights. None of these claims are expected to result in a material gain or loss to the Group.

The Group is under assessment from the tax authorities in Brazil challenging the deduction for tax purposes of goodwill amortisation for the years 2012 to 2020. Similar assessments may be raised for other years. Potential total exposure (including possible interest and penalties) could be up to BRL 1,423m (£193m) for periods up to 31 December 2025, with additional potential exposure of BRL 92m (£12m) in relation to deductions expected to be taken in future periods. Such assessments are common in Brazil. The Group believes that the likelihood that the tax authorities will ultimately prevail is low and that the Group's position is strong. At present, the Group believes no provision is required.

14.     Related parties

There were no material related party transactions in the period that have materially affected the financial position or performance of the Group and no guarantees have been provided to related parties in the year.

15.     Events after the balance sheet date

On 21 January 2026, a £350m share buyback programme in order to return capital to shareholders was announced. The programme commenced on 21 January 2026.

SOURCE Pearson

Paramount Skydance is on course to win the Warner Bros Discovery (WBD) takeover battle after rival Netflix stepped away.

The World's largest streaming service had been in pole position to land a deal by which it would pay $27.75 per share for Warner's studio and HBO Max streaming businesses, valuing the divisions at almost $83bn (£61.6bn) including debt.

Netflix had been invited to raise its bid after Paramount submitted a final offer, for the whole WBD business, of $31 per share earlier this week that ultimately concluded a ping-pong process of sweetened bids.

That final offer valued WBD at $111bn (£82.4bn) including debt.

Money latest: UK's 'best' and 'worst' airlines revealed

Warner's board declared on Thursday night that while it continued to recommend the offer by Netflix, it now considered the proposal from Paramount as "superior" - its first hint of support for the bidder declared as hostile when the saga began back in December.

Netflix responded by pulling out of the process just hours later, declaring that a deal was "no longer financially attractive".

Co-CEOs Ted Sarandos and Greg Peters said: "We believe we would have been strong stewards of Warner Bros' iconic brands. But this transaction was always a 'nice to have' at the right price, not a 'must have' at any price."

The decision to withdraw does not mean that Paramount has WBD in the bag just yet.

December: Netflix agrees $72bn takeover of Warner Bros

The board is yet to give its blessing to the deal though WBD has changed its tone and voiced support for the bid for the first time.

CEO David Zaslav used a statement to declare that Paramount's offer "will create tremendous value", adding that WBD was "excited about the potential of a combined Paramount Skydance and Warner Bros Discovery".

Warner shareholders and regulators will also have to agree to the takeover, with the process for the latter facing competition concerns along with questions over political influence.

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If Paramount Skydance is successful in its takeover attempt, it would own the news channel CNN as well as CBS News, sparking concern about concentrating news services within a small number of companies linked to Donald Trump's allies.

Paramount's chair and chief executive David Ellison is the son of billionaire Larry Ellison, an ally of the US president who has put up tens of billions of dollars to satisfy funding guarantees for the WBD bid.

A Paramount-Warner combination would encompass two of Hollywood's five legacy studios.

Beyond Harry Potter, Warner movies like Superman and Barbie - as well as hit TV series like Succession - would join Paramount's content library.

Paramount's line-up of titles include Top Gun and The Godfather and includes the Paramount+ streaming service.

The city skyline of Incheon is pictured early morning in an aerial view south of Seoul, South Korea, January 21, 2018. REUTERS/ Fabrizio Bensch Purchase Licensing Rights, opens new tab

SEOUL, Feb 27 (Reuters) - South Korea said on Friday it had approved Google's request to export the country's high-precision map data to overseas servers, a major reversal after two decades of rejection that clears the way for the U.S. tech giant to enter a market dominated by local apps.

South Korea is just one of a few countries where Google Maps does not function properly.

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Seoul had shot down Google's previous bids in 2007 and 2016 on national security grounds, citing risks that detailed map data could expose sensitive military and security facilities in a country that remains technically at war with North Korea.

The decision comes amid pressure from the United States on South Korea to address what Washington views as discrimination against U.S. tech companies.

Reporting by Kyu-seok Shim Editing by Ed Davies

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Mach7 Technologies Limited (TDMMF) Q2 2026 Earnings Call February 26, 2026 5:30 PM EST

Company Participants

Francoise Dixon - Head of Investor Relations
Teri Thomas - CEO, MD & Director
Daniel Lee - Chief Financial Officer
Todd Stallard - Vice President of Sales

Presentation

Francoise Dixon
Head of Investor Relations

And welcome to Mach7 First Half FY '26 Results Briefing. My name is Francoise Debelak, and I'm Head of Investor Relations for Mach7. Today, our CEO, Teri Thomas; and our CFO, Daniel Lee, will provide an overview of the first half results. We will then open it up for questions. [Operator Instructions]

I'll now hand over to Teri.

Teri Thomas
CEO, MD & Director

Thank you, Francoise. And hello, everybody, and thank you for joining us for the first half fiscal year 2026 results. Let me start with something that I think we can all align on. Sales matters. Sales fuels growth. It funds innovation and innovation fuels more growth. And ultimately, sales drives shareholder value.

Now I happen to love sales. I've spent more time in sales than any other role in my career, and I believe it makes the business world go around. But more importantly, I know that sustainable, disciplined sales growth is what you want to see from Mach7, and I do too. Good news is we now have an enhanced, growing and focused team driving progress, strengthening pipeline quality, improving conversion discipline and aligning our commercial engine with our strategy. You'll hear more about that shortly, including a guest appearance later in the presentation.

So let's begin. On our vision, before getting into performance, I really want to ground us into who Mach7 is and where we're going. Our vision is simple, but it's ambitious, to be the global imaging EMR. We win by completing the patient picture with the patient's pictures, and we do it

archTIS Limited (ARHLF) Q2 2026 Earnings Call February 26, 2026 7:01 PM EST

Company Participants

Kurt Mueffelmann - Chief Strategy Officer & US President
Chun Leung Lai - Founder, MD, CEO & Executive Director

Presentation

Kurt Mueffelmann
Chief Strategy Officer & US President

All right. Great. Well, good morning, everybody. Welcome to archTIS's first half of fiscal '26 update for the period ending December 2025. I'm Kurt Mueffelmann, and I'm joined by our CEO and Managing Director, Daniel Lai. We generally don't have these types of updates on the first half results, however, given the level of excitement around kind of the defense sales pipeline and technology motion, we thought it would be a good opportunity to kind of address the market and really create more excitement about where we see the market opportunity and the business going today.

So during today's session, we'll update you on the half year performance, provide an in-depth financial review, update the U.S. DoD opportunity, somewhat of a resurgence that we're seeing in the Australian defense and a big military alliance win. We'll also discuss the go-forward strategy around market focus and growth, surrounding a really exciting topic around AI and the effects in the markets, product and sales opportunities.

Why don't I kick it over to Dan for a quick minute or 2 overview on the first half of the year and just kind of overall thoughts?

Chun Leung Lai
Founder, MD, CEO & Executive Director

Yes. Thanks very much, Kurt, and welcome, everybody, to our half year update. Look, it's been a very productive first half of the year. And I think that, obviously, with the acquisition of Spirion has been very active, but I think the most pleasing aspect of all of this is that we've completed that integration. We've identified synergies in terms of savings, and we're seeing the pipeline grow. But most importantly, we're seeing

Q4: 2026-02-26 Earnings SummaryEPS of -$0.02 beats by $0.02

 |

Revenue of

$31.51M

(41.00% Y/Y)

beats by $5.26M

Butterfly Network, Inc. (BFLY) Q4 2025 Earnings Call February 26, 2026 8:00 AM EST

Company Participants

John Doherty - Executive VP & CFO
Joseph DeVivo - CEO, President & Chairman of the Board

Conference Call Participants

Joshua Jennings - TD Cowen, Research Division
Andrew Brackmann - William Blair & Company L.L.C., Research Division
Benjamin Haynor - Lake Street Capital Markets, LLC, Research Division

Presentation

Operator

Hello, everyone, and thank you for joining the Butterfly Network, Inc. Q4 and FY 2025 Earnings Call. My name is Gabrielle, and I will be coordinating your call today. [Operator Instructions]

I will now hand over to your host, John Doherty. Please go ahead.

John Doherty
Executive VP & CFO

Good morning, and thanks to all of you for joining our call today. Earlier, Butterfly released financial results for the fourth quarter and full year ended December 31, 2025. We also provided a business update. The release, which includes a reconciliation of management's use of non-GAAP financial measures compared to the most applicable GAAP measures are currently available on the Investors section of the company's website at ir.butterflynetwork.com.

I, John Doherty, Chief Financial Officer of Butterfly, along with Joseph DeVivo, Butterfly's Chairman and Chief Executive Officer, will host the call this morning.

During the call, we will be making certain forward-looking statements. These statements may include, among other things, expectations with respect to financial results, future performance, development and commercialization of products and services, potential regulatory approvals, revenue attributable to embedded collaborations through revenue share, chip purchases or otherwise and the size and potential growth of current or future markets for our products and services.

These forward-looking statements are based on current information, assumptions and expectations that are subject to change and involve a number of known and unknown risks, uncertainties and other factors that may cause actual

India's Yotta Data Services, which is building a $2 billion artificial intelligence hub using Nvidia's chips, said demand for graphic processing units in the country is exceeding supply as domestic AI models prepare to scale and the local user base surges.

At present, India trails the U.S. and China in the race to develop a native AI foundational model and lacks large domestic AI infrastructure. That is beginning to shift.

Last week, during the India AI summit, a few Indian companies launched early or limited versions of their AI models, such as Sarvam AI's Indus chatbot.

"We're gradually rolling out Indus on a limited compute capacity, so you may hit a waitlist at first. We will expand access over time," Pratyush Kumar, co-founder of Sarvam AI, said in a post on X.

Most Indian AI models launched at the AI summit were trained on Nvidia's GPUs hosted in Yotta's facilities, Sunil Gupta, co-founder, managing director and CEO of the company told CNBC's Inside India on Thursday.

The Mumbai-based data center company, which began sourcing Nvidia GPUs in 2023, now owns 60% to 70% of India's GPU capacity, Gupta said. He added that demand is also expected to come from global AI companies as their user base in India expands.

watch now

Push for more data centers In recent months, U.S. tech majors such as OpenAI, Google, and Perplexity have offered their AI tools at low or no cost to millions of users in India.

Among hyperscalers, Google has firmed up its plans to invest $15 billion to build a data center hub in southern India, while Microsoft will invest $17.5 billion to expand its data center footprint.

Last week, OpenAI became the first customer of India's Tata Consultancy Services' data center business, signing up for 100 MW of capacity, with an option to scale to 1 GW.

"Through OpenAI for India, we're working together to build the infrastructure, skills, and local partnerships needed to build AI with India, for India, and in India," said Sam Altman, CEO of OpenAI, in a statement on Feb. 19.

As the Indian user base of leading global AI companies expands, Gupta said they will require local data centers and GPU capacity. Yotta plans to fund additional GPU purchases through a $1.2 billion to $1.5 billion pre-IPO round and aims to list within the next 12 months, Gupta added.

India has a total data center capacity of 1.93 gigawatt in 2025 and is projected to nearly double to 4 gigawatt by 2028, according to a Feb. 20 report by Nomura.

During the AI Summit, many companies announced plans to invest $277 billion over the next five to seven years, most of which will be directed towards building AI infrastructure in India, the brokerage said.

"Majority of these investments will flow into data centers, with domestic and US firms leading hyperscale buildouts and positioning India as a key US technology partner," the brokerage said.

AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR

 Clariant publishes Integrated Report 2025

Clariant has released its Integrated Report 2025, which provides a comprehensive overview of both the company's financial and non-financial performance throughout the yearComprehensive reporting continues under GRI, Swiss Code of Obligations, and European Sustainability Reporting Standards (ESRS)
MUTTENZ, 27 FEBRUARY 2026

Clariant, a sustainability-focused specialty chemical company, today published its Integrated Report 2025, which presents a transparent and concise account of the company's financial and non-financial business activities in 2025. Access it through the following link: Integrated Report 2025.

›Greater chemistry – between people and planet,‹ Clariant's purpose, entails four dimensions: Customer focus, Innovative chemistry, Leading in sustainability, and People engagement. The Integrated Report demonstrates how the company has structured its organization around customer needs, developed sustainable innovations, and embedded its core values throughout the company culture.

»Clariant continues to demonstrate that sustainability and profitability go hand in hand,« said Ben van Beurden, Chairman of the Board of Directors. »The featured stories throughout this report showcase how our teams across the globe are translating our sustainability commitments into real solutions for our customers and creating value for all stakeholders. I am proud of what we have achieved and excited about the opportunities ahead.«

Clariant continues its comprehensive sustainability reporting framework in reference with the European Sustainability Reporting Standards (ESRS), in compliance with the Swiss Code of Obligations, and supported by the Global Reporting Initiative (GRI), ensuring transparency and accountability to all stakeholders.

The Integrated Report 2025 will be presented to shareholders at the upcoming Annual General Meeting on 1 April 2026. 

 CORPORATE MEDIA RELATIONS

 Jochen Dubiel
Phone +41 61 469 63 63
[email protected]

 Ellese Caruana
Phone +41 61 469 63 63
[email protected]

 Luca Lavina
Phone +41 61 469 63 63
[email protected]

  Follow us on X, Facebook, LinkedIn, Instagram.

 INVESTOR RELATIONS

 Andreas Schwarzwälder
Phone +41 61 469 63 73
[email protected]

 Thijs Bouwens
Phone +41 61 469 63 73
[email protected]

 This media release contains certain statements that are neither reported financial results nor other historical information. This document also includes forward-looking statements. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond Clariant’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors such as: the timing and strength of new product offerings; pricing strategies of competitors; the company’s ability to continue to receive adequate products from its vendors on acceptable terms, or at all, and to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, including currency fluctuations, inflation and consumer confidence, on a global, regional or national basis. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. Clariant does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials.

 www.clariant.com

 Clariant is a focused specialty chemical company led by the overarching purpose of “Greater chemistry – between people and planet.” By connecting customer focus, innovation, and people, the company creates solutions to foster sustainability in different industries. On 31 December 2025, Clariant totaled a staff number of 10 281 and recorded sales of CHF 3.915 billion in the fiscal year. Since January 2023, the Group conducts its business through the three Business Units Care Chemicals, Catalysts, and Adsorbents & Additives. Clariant is based in Switzerland.

CLARIANT MEDIA RELEASE Integrated Report 2025_20260227_EN

TheRealReal continues to outperform, driven by accelerating GMV and strong Q4 results, prompting a reiterated "Buy" rating. REAL benefits from a large $200 billion TAM, with current GMV only ~1% penetrated, supporting significant long-term growth potential. The shift to a consignment-first, capital-light model has lifted gross margins to the mid-70%s, enabling substantial economies of scale.

FIGS, Inc. (FIGS) Q4 2025 Earnings Call February 26, 2026 5:00 PM EST

Company Participants

Tom Shaw - Senior Vice President of Investor Relations
Catherine Spear - Co-Founder, CEO & Director
Sarah Oughtred - Chief Financial Officer

Conference Call Participants

Dana Telsey
Joseph Reagor - ROTH Capital Partners, LLC
Brian Nagel
Robert Drbul
Rakesh Patel
Brooke Roach
Adrienne Yih-Tennant

Presentation

Operator

Good afternoon. Thank you for attending the FIGS Fourth Quarter Fiscal 2025 Earnings Conference Call. My name is Cameron, and I'll be your moderator for today.

[Operator Instructions] I would now like to pass the conference over to your host, Tom Shaw, Senior Vice President of FIGS. You may proceed.

Tom Shaw
Senior Vice President of Investor Relations

Good afternoon, and thank you for joining us to discuss FIGS' fourth quarter and full year 2025 results, which we released this afternoon and can be found in our earnings press release and in the shareholder presentation posted to our Investor Relations website at ir.wearfigs.com.

Presenting on today's call are Trina Spear, our Co-Founder and Chief Executive Officer; and Sarah Oughtred, our Chief Financial Officer.

As a reminder, remarks on this call that do not concern past events are forward-looking statements. These may include predictions, expectations or estimates, including about future financial performance, market opportunity or business plans. Forward-looking statements involve risks and uncertainties, and actual results could differ materially. These and other risks are discussed in our SEC filings, including in our 10-K we filed today. Do not place undue reliance on forward-looking statements, which speak only as of today and which we undertake no obligation to update. Finally, we will discuss certain non-GAAP metrics and key performance indicators, which we believe are useful supplemental measures for understanding our business. Definitions and reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in our shareholder presentation.

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Enphase Energy, Inc. ("Enphase" or "the Company") (NASDAQ: ENPH) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between April 22, 2025 and October 28, 2025, inclusive (the "Class Period"), are encouraged to contact the firm before April 20, 2026.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Enphase misstated its capability to manage channel inventory. The Company overstated its ability to manage the negative impact of the termination of the Residential Clean Energy Credit pursuant to Internal Revenue Code Section 25D. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Enphase, investors suffered damages.

Join the case to recover your losses

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.          

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

SOURCE The Schall Law Firm