Market Signal Briefing

Bitcoin treasury company Strategy will further lean on its preferred stock sales to acquire Bitcoin, shifting from its strategy of selling common stock, says CEO Phong Le.

“We will start to transition from equity capital to preferred capital,” Le told Bloomberg’s “The Close” on Wednesday.

Stretch (STRC) is Strategy’s perpetual preferred stock, launched in July, and is aimed at buyers looking for stability by offering an annual dividend of over 11%. 

STRC is the company’s fourth perpetual preferred offering, launched to finance its Bitcoin (BTC) purchases. It’s an alternative to issuing new shares that dilute its stock price.

Strategy CEO Phong Le appears on Bloomberg’s “The Close” on Wednesday. Source: YouTubeLe admitted that its preferred stock will “take some seasoning” and marketing to pitch traders on the offering, but added that “throughout the course of this year, we expect Stretch to be a big product for us.”

Strategy could restart offerings as STRC hits $100STRC reclaimed its par value of $100 at the close of trading on Wednesday for the first time since mid-January, which Le said was the “story of the day.”

The stock had dipped below $94 earlier this month as Bitcoin crashed under $60,000, but with it now trading at par — the price Strategy has designated as its minimum — the company could again offer shares to fund more Bitcoin purchases.

Bitcoin has traded mostly flat over the last 24 hours at around $66,800, down from an intraday high of over $68,000.

Buying Bitcoin treasury rivals a “distraction”Analysts have warned that the crypto treasury space is becoming crowded as companies compete for a small segment of traders, leading to some companies' crypto holdings being worth more than the companies themselves.

In that case, some analysts said that rival treasury firms could move to acquire underperforming companies to scoop up Bitcoin on the cheap, but Le said Strategy isn’t interested in making such a move.

“I think in any new market, whether it be electric cars or AI or SaaS software, you want to focus on your core product,” Le said. “I think it would be a distraction to go buy, at a discount to net asset value, another digital asset treasury company.”

Shares in Strategy (MSTR) ended trading on Wednesday down over 5% at $126.14. 

Magazine: Bitget’s Gracy Chen is looking for ‘entrepreneurs, not wantrepreneurs’

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XRP Prints $4.11B Volume on Upbit Amid Market ShakeoutXRP is in the spotlight this week, logging $4.11B in seven-day trading volume on top South Korean exchange Upbit, according to leading market analyst X Finance Bull.

Nevertheless, the price has slipped by 5.06% to around $1.38 per CoinCodex data, highlighting a market in motion, where rising activity amid a dip reflects decisive buying and selling pressure, not routine fluctuations.

Source: CoinCodexRising trading volumes during XRP’s recent pullback signal a redistribution phase, strong hands accumulate while weaker holders exit. This decisive market behavior, rather than indecision, sets the stage for the next trend. Notably, XRP led 2025 trading in South Korea, surpassing Bitcoin and Ethereum, per Upbit.

Historically, high-volume periods with moderate price dips often precede consolidation or renewed gains. XRP’s current environment mirrors this pattern, as investors carefully rebalance, some buying on dips, others exiting near entry to limit losses, resulting in a cleaner market with fewer speculative distortions. 

Notably, a 4.8M XRP transfer from Upbit last month cost just $0.02, highlighting the XRP Ledger’s efficiency.

XRP Reset Zone Signals Market Redistribution and Potential Base-BuildingOn-chain metrics reinforce a reset narrative for XRP. Its SOPR hovers near 1.0, showing coins are trading at break-even, typical of a 'reset zone' where weaker hands exit and stronger holders accumulate, setting the stage for healthier price action. 

Meanwhile, panic buying on South Korea’s Upbit drove $1.55B in seven-day volume, outpacing global exchanges and highlighting heightened investor urgency.

What’s the key takeaway? Well, XRP remains in focus as the market tests conviction. Strong hands show confidence in the long-term narrative while weaker holders exit. 

Tracking trading volumes, key support levels, and on-chain metrics offers critical insights into whether this redistribution phase will lead to base-building or a renewed rally.

Notably, XRP’s $4.11 billion surge on Upbit highlights a market in transition, participants’ actions are signaling a decision, giving attentive traders a potential strategic edge.

ConclusionXRP’s rising volume amid a slight price dip signals active market reshaping. Strong hands are accumulating as weaker holders exit, indicating a redistribution phase. 

This surge in activity may set the stage for consolidation or a future upward move. Traders should closely monitor volume trends, key supports, and on-chain metrics to gauge XRP’s next direction.

Berachain price exploded higher after an extreme funding imbalance in perpetual markets triggered a wave of short liquidations.

Summary

BERA rallied 82% in 24 hours as futures volume rose 632% and open interest jumped over 102%. Funding rates swung between -5,900% and +3,000% annualized, triggering a short squeeze post-unlock. Technical structure has improved above key resistance, but broader trend reversal still needs confirmation. BERA was trading at $0.937 at press time, up 82% in the past 24 hours. The token moved between $0.5117 and $1.43 during that period and had earlier surged more than 150% before pulling back. The rally leaves BERA up 120% over the past seven days and 70% over the last month.

Spot activity expanded sharply. 24-hour trading volume reached $1.05 billion, a 465% increase. Derivatives markets were even more aggressive.

According to CoinGlass data, futures volume jumped 632% to $2.94 billion, while open interest climbed 102% to $142.80 million, indicating heavy repositioning rather than simple spot buying.

Extreme funding rates trigger squeeze The move was driven by an unusual discrepancy in Berachain (BERA) perpetual futures. Traders reported funding rates ranging from -5,900% to +3,000% on an annualized basis, far outside typical norms. Perpetual contracts were also trading materially below spot, creating a wide basis.

Funding rates act as a balancing tool between longs and shorts. When rates turn deeply negative, shorts pay longs. That structure often reflects crowded bearish positioning. If the price begins to rise, shorts are forced to buy back contracts, which accelerates the move.

That is what appears to have happened.

The anomaly intensified after the Feb. 6 token unlock of 63.75 million BERA, roughly 41.7% of the circulating supply. Many traders had positioned for heavy post-unlock selling. Instead, the market absorbed the supply without a collapse. As prices began to climb, short positions were squeezed.

BERA spiked 83% to around $1.4 before dropping 35% within 15 minutes. Binance alone reportedly saw close to $1 billion in perpetual volume during the swing. In a token with a market cap near $190–210 million, concentrated whale activity can easily trigger liquidation cascades.

Sentiment was also supported by the project’s strategic pivot toward a more revenue-focused approach and relief after earlier overhangs, including a refund clause expiry and the unlock event itself.

Berachain price technical analysis Structurally, BERA has been in a clear downtrend since listing, printing lower highs and lower lows while trading below the 20-day and 50-day moving averages. The recent 80% surge is the first meaningful impulsive leg against that structure.

Berachain daily chart. Credit: crypto.news Price has now reclaimed the 20-day moving average and is attempting to hold above the 50-day average near $0.57, which had acted as dynamic resistance for weeks. However, the 20-day remains below the 50-day. No bullish crossover has formed yet, so the broader trend has not officially flipped.

Bollinger Bands had been tightly compressed before the move. They have now expanded sharply, with price breaking above the upper band and printing a wick above $1.50. Such expansion can signal either continuation or a blow-off top.

Momentum has improved. The relative strength index sits near 67 after spending months below 50. A sustained move above 60 often marks an early shift in regime, though it is not yet in extreme overbought territory.

For bulls, holding above the $0.87–$0.90 zone is critical. A strong daily close above $1.50 would confirm a higher high and open the door toward $1.80–$2.00.

For bears, a breakdown below $0.90 followed by a close under the $0.57 50-day average would suggest the rally was primarily a funding-driven squeeze rather than the start of a durable reversal.

Losses are mounting up for short-term holders of Bitcoin as the asset dumps below $70,000 again.

“Short-term holders keep suffering as this correction drags on,” said CryptoQuant analyst ‘Darkfost’ on Wednesday.

The short-term holder cost basis is around $94,200, and with BTC back at around $67,000, the price gap has now reached 28%, they said.

“So we can roughly estimate an average unrealized loss of about 28% for STHs, if we simplify things.”

Not a Correction, But Bear Market The analyst noted that Bitcoin’s price has been trading below the STH cost basis for four months, “marking their longest period of stress so far.”

They added that it was unusual for this cycle and “suggests that the current correction is increasingly resembling a bear market.” During the two previous bear markets, this situation lasted for a little over a year, the analyst cautioned.

Short term holders keep suffering as this correction drags on.

📊 With an STH cost basis of around $94,200 and BTC at $68,000, the price gap has now reached 28%.

So we can roughly estimate an average unrealized loss of about 28% for STHs, if we simplify things.

But that is not… pic.twitter.com/MnLcbAgHCx

— Darkfost (@Darkfost_Coc) February 11, 2026

A “lack of fresh capital” is reinforcing bear conditions, confirmed CryptoQuant on Wednesday, with analysts stating that new investor inflows have flipped negative.

“The sell-off is not being absorbed by fresh capital. In bull markets, drawdowns attract accelerating capital. In early bear markets, weakness triggers withdrawal.”

Analyst ‘Daan Trades Crypto’ said that after holding the .382 Fibonacci retracement temporarily, the price eventually fell through and broke the pattern it had held this cycle.

You may also like: Fragile Optimism in Crypto as ETF Flows Return Extreme FUD Persists on Social Media Despite BTC’s $60K Dip Recovery Miner Offloads $305M Bitcoin as Network Difficulty Sees Sharp Decline “The .618 Fibonacci retracement level has historically always been another important one to watch during larger drawdowns,” he added. This level is currently around $57,800 and could be the next support zone.

Bitfinex analysts were a little more positive, observing that Bitcoin long-term holder supply has turned up after months of distribution, and is now back near 14.3 million BTC.

“If this buildup continues, it supports the view that this is a mid-cycle reset, not a final top,” they said.

Bitcoin long term holder supply has turned up after months of distribution, now back near 14.3M BTC.

In past cycles fresh highs in LTH supply led $BTC by roughly 3–4 months.

If this build up continues, it supports the view that this is a mid cycle reset, not a final top. pic.twitter.com/EJ0Q87vp7d

— Bitfinex (@bitfinex) February 11, 2026

Bitcoin Falls to $66,000 Short term holder loses are even worse with Bitcoin’s collapse back to just under $66,000 in late trading on Wednesday. The asset was trading at $67,200 on Thursday morning in Asia, but the path of least resistance remains down.

Ether failed to hold above the psychological $2,000 level and crashed back to $1,950 on Wednesday, failing to reclaim it at the time of writing. ETH is now trading at March 2025 lows, but it has yet to dip as low as the April 2025 crash.

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Paxful, once one of the largest peer‑to‑peer (P2P) Bitcoin marketplaces, has agreed to pay a $4 million criminal penalty after pleading guilty to multiple federal offenses, the US Department of Justice (DOJ) announced Wednesday. 

The charges include conspiracies to promote illegal prostitution, operate an unlicensed money transmitting business, violate the Bank Secrecy Act, and knowingly transmit funds derived from criminal activity.

Paxful’s Compliance Failures Prosecutors said the company was aware that some customers were using the platform to move proceeds from criminal activity, including fraud schemes and illegal prostitution. 

Among the most significant examples cited was Paxful’s relationship with Backpage, a now‑defunct online classifieds site whose owners admitted in criminal proceedings that it profited from illegal prostitution, including advertisements involving minors. 

The Justice Department stated that between December 2015 and December 2022, Paxful’s collaboration with Backpage and a related copycat site resulted in nearly $17 million worth of Bitcoin being sent from Paxful wallets to those platforms. 

The plea agreement outlines a broader pattern of compliance failures. From July 2015 through June 2019, Paxful and its founders marketed the exchange as not requiring know‑your‑customer (KYC) verification. Customers were allowed to open accounts and conduct transactions without sufficient identity checks. 

The company also provided third parties with anti‑money laundering policies that prosecutors said were not actually implemented or enforced. In addition, Paxful failed to file suspicious activity reports despite being aware of illicit conduct on the platform.

As a result, authorities concluded that the exchange became a vehicle for a range of criminal activity, including prostitution, fraud, romance scams, extortion schemes, hacks attributed to malign state actors, and even the distribution of child sexual abuse material.

Cooperation Earns Reduced Sentence  In determining the resolution, the Department of Justice considered the seriousness of the offenses, which involved processing millions of dollars in illicit transactions. 

While Paxful did not voluntarily disclose the wrongdoing in a timely manner, it received credit for cooperating with investigators, which included gathering and producing extensive documentation, providing updates from its internal investigation, and undertaking significant remedial measures.

Under the plea agreement, Paxful acknowledged that the appropriate criminal penalty under the law would be $112.5 million. However, after conducting an independent financial analysis, the Justice Department determined that the company lacked the ability to pay that amount. As a result, the penalty was reduced to $4 million.

The case has also ensnared company leadership. On July 8, 2024, Paxful co‑founder and former chief technology officer Artur Schaback pleaded guilty to conspiracy to fail to maintain an effective anti‑money laundering program in connection with the same conduct.

The 1-D chart shows the total crypto market cap’s drop below $2.3 trillion on Wednesday. Source: TOTAL on TradingView.com Featured image from OpenArt, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

3 mins mins

No verified evidence of $15M SOL allocation to creditorsThere is no verified evidence that alameda research’s bankruptcy management allocated $15 million worth of Solana (SOL) to creditors. A review of publicly reported actions and coverage shows no court-filed or estate-issued confirmation of that specific figure.

Available reporting instead points to routine estate management steps, such as staking changes, internal wallet consolidation, and approved asset monetization, under the FTX Debtors (FTX Trading Ltd.) umbrella. These actions are consistent with recovery procedures rather than direct creditor distributions.

Why the claim matters for Alameda Research bankruptcyWhether $15 million in SOL was earmarked would speak to how quickly and in what form crypto assets move from estate control toward distributions. Misstating such an allocation can confuse expectations around priority, timing, and valuation for creditor recoveries.

As reported by NullTX, observers have questioned whether creditor repayments are calculated at petition-date USD values from November 2022 rather than current market prices. That distinction materially affects outcomes in crypto-heavy estates.

Internal estate movements, such as unstaking or inter-wallet transfers, do not necessarily imply immediate market selling. They more often indicate liquidity preparation, custody changes, or compliance with court-supervised monetization procedures.

At the time of this writing, SOL trades near $80.66, and supplied metrics flag “Bearish” sentiment with 18.36% volatility. These figures are contextual and do not indicate estate selling pressure or distribution timing on their own.

What confirmed actions indicate about SOL and creditor repaymentsOn-chain movements, unstaking, and internal transfers versus distributionsAccording to AInvest, the estate unstaked approximately 188,000 SOL, described as about $31.5 million at the time, in connection with creditor repayment efforts. Such on-chain movements signal preparation and treasury management, not a completed distribution to individual claimants.

Operationally, unstaking increases flexibility for subsequent sales or swaps under approved procedures. By contrast, a creditor distribution would be memorialized by formal notices and reflected in the bankruptcy claims process.

Token swaps like STG to ZRO within recovery proceduresCoverage also indicates token-for-token operations can occur as part of recovery planning, in addition to sales. This points to a broader toolkit for maximizing value, subject to court oversight and risk controls.

“Alameda Research Executes Monumental $24.29M STG for ZRO Token Swap in Bankruptcy Proceedings,” said BitcoinWorld. The report frames the swap as a bankruptcy-anchored action rather than a retail-facing market trade.

FAQ about Alameda Research bankruptcyHow much SOL does the FTX/Alameda estate currently control, and what recent on-chain movements are confirmed?Exact current holdings were not independently verified here. Public reports note SOL unstaking and internal transfers as part of estate recovery steps.

How will creditors be repaid, based on petition-date USD values or current market prices, and what is the timeline?Coverage indicates petition-date USD valuations are central. Timeline and mechanics remain court-supervised, case-specific, and subject to formal notices.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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A strong set of results and healthy guidance could supercharge this AI stock later this month.

Shares of Nvidia (NVDA +0.86%) have been under pressure over the past three months, shedding almost 2% of their value owing to a variety of factors.

From geopolitical tensions related to the shipments of its chips to China to the sustainability of the huge spending on artificial intelligence (AI) data centers to concerns about AI being in a bubble, investors have found multiple reasons to doubt Nvidia's prospects. However, they seem to be overlooking the remarkable growth that Nvidia has been clocking despite its status as the largest company in the world.

As a result, it won't be surprising to see the stock soaring when it releases another round of terrific results on Feb. 25.

Image source: Nvidia.

Nvidia's growth is anticipated to accelerate this year Nvidia will release its fiscal 2026 fourth-quarter results (for the period ended Jan. 25, 2026) after the market closes on Feb. 25. The company has exceeded consensus earnings estimates in each of the last four quarters, which is impressive considering that it has witnessed headwinds such as restrictions on sales of its chips to Chinese customers.

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Analysts are expecting a 67% increase in Nvidia's revenue for fiscal Q4 to $65.5 billion, almost in line with the company's guidance. Its earnings are expected to jump by 71% from the year-ago period, which seems achievable considering Nvidia's improving product mix and cost-control initiatives. It is worth noting that Nvidia's guidance didn't include any potential sales to Chinese customers.

Looking ahead, analysts forecast Nvidia's earnings growth to accelerate to 63% in fiscal 2027 from 57% last year. The solid growth forecasts for the new fiscal year aren't surprising. Nvidia is on track to launch its next-generation Vera Rubin data center graphics cards this year. These cards are already in full production, as Nvidia pointed out last month.

According to HSBC, Vera Rubin chip systems will carry a premium over the previous-generation Blackwell systems. Given that the Vera Rubin data center chips are expected to reduce AI inference costs by 10 times when compared to Blackwell, it won't be surprising to see sales of these new processors take off.

So, there is a possibility Nvidia will deliver better-than-expected guidance when it releases its results later this month, and that could be enough for the stock to regain its mojo.

Investors may be missing an obvious reason to buy Nvidia stock right now Nvidia stock's recent weakness and the company's impressive growth have made it a no-brainer buy right now. It can be bought at just 24 times forward earnings, a discount to the tech-focused Nasdaq-100 index's forward earnings multiple of 26 (using the index as a proxy for tech stocks).

What's more, analysts are bullish about the stock's prospects over the next year. Nvidia stock has a 12-month median price target of $250, which would be a 35% jump from current levels. However, this semiconductor stock could clock bigger gains given its strong revenue pipeline and the arrival of its new generation of AI processors, which is why it would be a good idea to buy it before Feb. 25 while it trades at attractive levels.

Q4: 2026-02-11 Earnings SummaryEPS of -$1.38 misses by $0.48

 |

Revenue of

$0.00

beats by $0.00

Viking Therapeutics, Inc. (VKTX) Q4 2025 Earnings Call February 11, 2026 4:30 PM EST

Company Participants

Brian Lian - President, CEO & Director
Gregory Zante - Chief Financial Officer
Neil Aubuchon - Chief Commercial Officer

Conference Call Participants

Stephanie Diaz - Vida Strategic Partners, Inc.
Timur Ivannikov - Cantor Fitzgerald & Co., Research Division
Joon Lee - Truist Securities, Inc., Research Division
Hardik Parikh - JPMorgan Chase & Co, Research Division
Tsan-Yu Hsieh - William Blair & Company L.L.C., Research Division
William Wood - B. Riley Securities, Inc., Research Division
Jiale Song - Jefferies LLC, Research Division
Annabel Samimy - Stifel, Nicolaus & Company, Incorporated, Research Division
Biren Amin - Piper Sandler & Co., Research Division
Rohit Bhasin - Morgan Stanley, Research Division
Thomas Smith - Leerink Partners LLC, Research Division
Yale Jen - Laidlaw & Company (UK) Ltd., Research Division
Ryan Deschner - Raymond James & Associates, Inc., Research Division

Presentation

Operator

Welcome to the Viking Therapeutics Fourth Quarter and Full Year 2025 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded today, February 11, 2026.

I would now like to turn the call over to Viking's Manager of Investor Relations, Ms. Stephanie Diaz. Please go ahead, Stephanie.

Stephanie Diaz
Vida Strategic Partners, Inc.

Hello, and thank you all for participating in today's call. Joining me today is Brian Lian, Viking's President and CEO; and Greg Zante, Viking's CFO.

Before we begin, I'd like to caution that comments made during this conference call today, February 11, 2026, will contain forward-looking statements under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements about Viking's expectations regarding its development activities, time lines and milestones. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and adversely, and reported results should not be considered as an indication of future performance.

Toyota logo is seen in this illustration taken July 28, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

CompaniesTOKYO, Feb 12 (Reuters) - A group company of Toyota Motor (7203.T), opens new tab said on Thursday that the tender offer period for its buyout of forklift maker Toyota Industries (6201.T), opens new tab will be extended until March 2 to increase the chances of the bid succeeding.

The deadline was extended from February 12 to give shareholders a fresh opportunity to decide whether to tender, Toyota Asset Preparatory, which is the entity through which the bid is being made, said in a filing.

The Reuters Inside Track newsletter is your essential guide to the biggest events in global sport. Sign up here.

Shares of Toyota Industries rose after the disclosure, briefly rising as high as 20,000 yen, up from around 19,400 yen before. The stock was last up 1.0% at 19,865 yen.

The planned buyout of Toyota Industries, which holds 9% of Toyota Motor and has stakes in a number of other group firms, would strengthen the Toyoda founding family's grip on the automotive conglomerate.

However, the deal has run into staunch and high-profile opposition from U.S. activist investor Elliott Investment Management and others, becoming a test case of governance for Japan's most storied company and for Japan Inc more broadly.

Reporting by Daniel Leussink and Anton Bridge; Editing by Christopher Cushing and Muralikumar Anantharaman

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

, /PRNewswire/ -- Tuniu Corporation (NASDAQ:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced that it plans to release its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025, before the market opens on March 5, 2026.

Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time on March 5, 2026 (9:00 pm Beijing/Hong Kong Time on March 5, 2026).

Listeners may access the call by dialing the following numbers:

US

1-888-346-8982

Hong Kong

852-301-84992

Mainland China

4001-201203

International

1-412-902-4272

Conference ID: Tuniu 4Q 2025 Earnings Conference Call

A telephone replay will be available one hour after the end of the conference call through March 12, 2026. The dial-in details are as follows:

US                    

1-855-669-9658

International

1-412-317-0088

Replay Access Code: 8431671

Additionally, a live and archived webcast of this conference call will be available at http://ir.tuniu.com/.

About Tuniu Corporation

Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers integrated travel service with a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.

SOURCE Tuniu Corporation

Robotaxi public operations have commenced with routes between Corniche Road and the Sheikh Zayed Grand Mosque, as well as in Khalifa City, Masdar City, and RabdanExpanded service endorsed by Integrated Transport Centre (ITC) ABU DHABI, United Arab Emirates, Feb. 12, 2026 (GLOBE NEWSWIRE) -- WeRide (NASDAQ: WRD, HKEX: 0800), a global leader in autonomous driving technology, and Uber Technologies, Inc. (NYSE: UBER), have launched the first commercial Robotaxi service in downtown Abu Dhabi – marking the Emirate's first autonomous vehicle (AV) deployment in its city center. With this latest downtown expansion, the WeRide-Uber service now reaches approximately 70% of Abu Dhabi's core areas, with the fleet quadrupling in size since starting operations in December 2024.

The newly expanded service operates across Khalifa City, Masdar City, Rabdan, and routes between Corniche Road and the Sheikh Zayed Grand Mosque, in partnership with the Integrated Transport Centre (ITC). Within the coverage area are major landmarks such as Sheikh Zayed Grand Mosque and popular hotels along Corniche Road, including Grand Hyatt Abu Dhabi Hotel & Residences; InterContinental Abu Dhabi by IHG; Edition Hotel, Abu Dhabi; Emirates Palace Mandarin Oriental Rixos Marina Abu Dhabi; and Radisson Blu Hotel & Resort, Abu Dhabi Corniche.

WeRide's Robotaxi GXR at Grand Mosque, downtown Abu Dhabi

Starting today, riders using the Uber platform and travelling to or from the new areas may be matched with a WeRide Robotaxi GXR through UberX or Uber Comfort, and can also choose to book directly via the dedicated “Autonomous” option on the app. Public commercial operations are now underway with a vehicle specialist on-board, as part of a phased approach towards fully driverless operations. Tawasul Transport, a leading UAE national transport company, is the main fleet operator for WeRide vehicles on the Uber platform, providing fleet management services.

This expansion enhances urban connectivity, improves transport accessibility, and supports the UAE’s broader smart mobility vision. Previously, the service covered about half of Abu Dhabi’s core areas, including Al Reem, Al Maryah, Yas, and Saadiyat, as well as highway routes to and from Zayed International Airport. WeRide now has over 200 Robotaxis in the Middle East.

WeRide's Robotaxi GXR on Corniche Road, downtown Abu Dhabi

The Sheikh Zayed Grand Mosque was named the top attraction in the Middle East in 2025, and a popular tourist destination on the Uber app. The expanded WeRide-Uber Robotaxi service supports Abu Dhabi’s growth as a tourism hub, with hotels across the Emirate receiving 4.8 million guests as of 2024 – a 27% year-on-year increase in international visitors. By connecting this high-demand hotel and tourism corridor with other parts of Abu Dhabi, the service highlights ITC’s confidence in the partners' ability to operate safely in complex urban environments.

This development highlights WeRide and Uber's rapid progress in the UAE, as they work to scale their Middle East operations to thousands of Robotaxis over the coming years. In February 2026, both companies committed to deploy at least 1,200 Robotaxis across the Middle East as soon as 2027, spanning Abu Dhabi, Dubai, and Riyadh.

In November 2025, WeRide and Uber launched the Middle East's first Level 4 fully driverless Robotaxi commercial operations in Abu Dhabi, which started with Yas Island. The launch was enabled by WeRide's Robotaxi securing the world’s first city-level fully driverless Robotaxi permit outside the US in October 2025.

WeRide Robotaxi on Yas Island, Abu Dhabi

WeRide maintains a 4-year first mover advantage in autonomous vehicle deployment in Abu Dhabi, having operated Robotaxis in Abu Dhabi since 2021. In 2023, it became the first company in the UAE to receive a national license covering all types of self-driving vehicles, authorizing autonomous testing and operation on public roads across the country, subject to emirate-level approvals. In December 2024, WeRide and Uber launched their Robotaxi ride-hailing partnership in Abu Dhabi – the largest commercial Robotaxi service outside the US and China.

About WeRide
WeRide is a global leader and a first mover in the autonomous driving industry, as well as the first publicly traded Robotaxi company. Our autonomous vehicles have been tested or operated in over 40 cities across 11 countries. We are also the first and only technology company whose products have received autonomous driving permits in eight markets: China, the UAE, Singapore, France, Switzerland, Saudi Arabia, Belgium, and the US. Empowered by the smart, versatile, cost-effective, and highly adaptable WeRide One platform, WeRide provides autonomous driving products and services from L2 to L4, addressing transportation needs in the mobility, logistics, and sanitation industries. WeRide was named to Fortune's 2025 Change the World and 2025 Future 50 lists.

About Uber
Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 72 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

Media Contact
[email protected]

Media Contact
[email protected]

Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about WeRide’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in WeRide’s filings with the U.S. Securities and Exchange Commission and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release. WeRide does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Photos accompanying this announcement are available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/94b3f9ca-c8d8-41c5-ba1f-e65fa308dbc1

https://www.globenewswire.com/NewsRoom/AttachmentNg/8232e839-59e5-4a27-b26e-6f9dcaa036bc

https://www.globenewswire.com/NewsRoom/AttachmentNg/358677a8-067c-4a9c-a5e2-60593e7b8d45

Underlying EPS increased by 6% with continued margin expansion and free cash flow generation of 11.3 billion USD

BRUSSELS--(BUSINESS WIRE)--Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):

Regulated and inside information1

“Beer plays an important role in bringing people together and creating moments of celebration. In 2025, we executed our strategy, made disciplined capital allocation choices and delivered growth within our outlook for the year, even as we navigated a dynamic consumer environment. We exit 2025 with improved momentum and enter 2026 well positioned to engage consumers with our megabrands and an unparalleled lineup of mega platforms. Thank you to our colleagues for their ongoing commitment, hard work and passion for our business.” – Michel Doukeris, CEO, AB InBev

The 2025 Full Year Financial Report is available on our website at www.ab-inbev.com.

Management comments

Continued earnings growth, margin expansion and solid free cash flow generation

In 2025, we continued to execute our strategy with discipline, delivering consistent financial performance while further strengthening the fundamentals of our business. Our teams remained focused on building great brands, operating efficiently and increasing our capital allocation flexibility. Momentum improved across many of our key markets in 4Q25 and we enter 2026 well positioned to engage consumers and accelerate growth.

Beer is a vibrant and resilient category, deeply connected to consumers across social occasions and embedded in culture. While near-term demand in some key markets was impacted by a constrained consumer environment and unseasonable weather, the long-term fundamentals and growth potential of the category remain unchanged. Our brands are iconic, our geographic footprint is advantaged, and our execution capabilities continue to strengthen.

The fundamentals of our business underpinned another year of solid financial performance. Revenue increased by 2.0%, with growth in 65% of our markets. Underlying EPS increased by 6.0% in USD and 9.4% in constant currency, and we maintained our solid free cash flow generation, delivering 11.3 billion USD. Disciplined revenue management and premiumization drove a revenue per hl increase of 4.4% and efficient overhead management supported an EBITDA margin expansion of 101bps.

Our ability to deliver consistent results across varying operating conditions is a testament to the durability of our strategy and the resilience of our business.

Progressing our strategic priorities

Lead and grow the category In FY25, we invested 7.4 billion USD in sales and marketing behind our megabrands, mega platforms and brand building capabilities to lead the long-term growth of the industry. The beer and Beyond Beer category is forecast to continue to gain share of alcohol beverages globally in FY25, with further growth projected over the next 5 years, according to IWSR. We estimate we gained or maintained market share in two thirds of our markets, with our megabrands leading our growth with a 4.1% revenue increase. Our portfolio of brands is unparalleled. We hold 20 iconic billion-dollar revenue beer brands and 8 out of the top 10 most valuable beer brands in the world, with Corona and Budweiser remaining the #1 and #2, according to Kantar BrandZ. In Beyond Beer, we are investing to fuel the momentum behind fast growing brands such as Cutwater, Nutrl, Flying Fish and Brutal Fruit. Our mega platform approach is a core element of how we build brands effectively at scale. Our activations in some of the largest consumer moments such as the Super Bowl, NBA, FIFA Club World Cup, Wimbledon, Roland Garros and Lollapalooza were a key contributor to our portfolio brand power reaching a record high in 2025. Our marketing effectiveness and creativity were recognized by being named the most effective marketer in the world by both Effies and the World Advertising Research Center for the fourth consecutive year.

Driven by performance across each of the category expansion levers and participation gains in Corona, Beyond Beer and our no-alcohol beer brands, we estimate that the number of legal drinking age consumers purchasing our portfolio increased versus FY24.

Core Superiority: Our mainstream beer portfolio accounted for approximately 50% of our FY25 revenue and delivered flattish revenue growth year-on-year, with growth in Africa, Middle Americas and South America offset by a soft industry in Europe and North America. Premiumization: We are the global leader in premium and super premium beer. Our above core beer portfolio accounted for 35% of our FY25 revenue and grew revenue by low-single digits. Corona led our performance, increasing revenue by 8.3% outside of Mexico with double-digit volume growth in 30 markets. In the US, Michelob Ultra was the #1 volume share gainer and is now the leading brand by volume in the industry. In Brazil, our premium and above portfolio continued to gain share and now leads the premium segment. Balanced choices: Growth in FY25 was driven by our no-alcohol beer portfolio which delivered a 34% revenue increase. No-alcohol beer performance was led by Corona Cero which grew volumes by strong double-digits. We are the leader in no-alcohol beer in many of our key markets, including the US, Canada, Brazil, Mexico, Colombia and Belgium, and see significant headroom for future growth. Our overall balanced choices portfolio of low carb, sugar free, gluten free and no-alcohol beer brands delivered a revenue increase of 8.9%. Beyond Beer: The growth of our Beyond Beer portfolio accelerated in FY25, increasing revenue by 23% and now representing 3% of our total revenue. Performance was led by Cutwater in the US, which grew revenue by triple-digits and was the #1 share gaining brand in the total spirits industry in 4Q25, and Brutal Fruit and Flying Fish which were expanded to new markets across Africa, Europe and Latin America. Digitize and monetize our ecosystem We continued to progress our digital transformation by expanding the availability and usage of BEES, accelerating the growth of BEES Marketplace and scaling our digital DTC solutions.
Digitizing our relationships with our more than 6 million customers globally: As of 31 December 2025, BEES was live in 29 markets, with 72% of our revenues captured through B2B digital platforms. In FY25, BEES captured 52.5 billion USD in GMV, growth of 12% versus FY24. Monetizing our route-to-market: The growth of BEES Marketplace GMV accelerated in FY25, increasing by 61% versus FY24 to reach 3.5 billion USD from sales of third-party products. Growth was led by the expansion of the asset-light 3P model from which GMV approximately tripled year-over-year. Leading the way in direct-to-consumer (‘DTC’) solutions: Our DTC ecosystem of digital and physical products generated revenue of 1.3 billion USD this year. Zé Delivery, TaDa Delivery and PerfectDraft generated over 76 million e-commerce orders and delivered 550 million USD of revenue in FY25, growth of 8% versus FY24. Optimize our business
Maximizing value creation: The continued optimization of our business enabled us to increase our sales and marketing investments, strengthen our balance sheet through bond repurchases and redemptions, increase returns to our shareholders, and pursue accretive bolt-on acquisitions. Efficient resource allocation and overhead management more than offset transactional FX headwinds to drive EBITDA margin expansion of 101bps. USD EBITDA growth, balanced net working capital management and lower net finance costs delivered another year of solid free cash flow generation with 11.3 billion USD, consolidating the step-change delivered in FY24.

We continued to proactively manage our debt portfolio with bond repurchases and redemptions of 6 billion USD and issuances of 3.2 billion Euro, strengthening our debt maturity profile while maintaining our average coupon with our net debt to EBITDA ratio reaching 2.87x as of 31 December 2025.

The AB InBev Board of Directors has proposed a final dividend of 1.00 EUR per share, which combined with the interim dividend of 0.15 EUR per share, represents a 15% increase versus FY24, with the ambition to continue a progressive dividend over time. In addition, as of 9 February 2026 we have completed 635 million USD of our 6 billion USD share buyback program announced on 30 October 2025.

Advancing our sustainability priorities: In 2025, we closed the sustainability goals we set in 2018 and we are proud of the goals we achieved and progress made on those we continue to work towards. Since 2017, we reduced our absolute GHG emissions across Scopes 1 and 2 by 44% and GHG emissions intensity across Scopes 1, 2 and 3 by 32%. We increased our percentage of operational renewable electricity by 67 percentage points since 2018 to 84%. In sustainable agriculture, 100% of our direct farmers met our criteria for being skilled, connected and financially empowered. In water stewardship, 100% of sites in scope of our goal recorded measurable improvement in watershed health and our global water use efficiency ratio reached 2.38 hl/hl, a 23% improvement versus our 2017 baseline. For circular packaging, 89.7% of our products were in packaging that was returnable or made from majority recycled content in 2025. Please refer to our Sustainability Statements in our 2025 annual report here for further details, including how our metrics are calculated and the related assumptions.

Delivering reliable compounding growth

A central objective of our strategy is to deliver reliable compounding growth over time. While each year will have unique dynamics, our focus remains on consistent progress across the 3 pillars of our strategy to drive long-term value creation.

Since FY21, we have increased our revenue by 5 billion USD, EBITDA by 2 billion USD and free cash flow by 2 billion USD. Our Underlying EPS has increased by a CAGR of 6.7% in USD. Our financial performance has been consistent, with organic EBITDA growth within or above our medium-term growth outlook in every year. We have been disciplined in our capital allocation choices, reducing net debt by 15.3 billion USD to reach 2.87x net debt to EBITDA, progressively increased our dividend each year, including the payment of an interim dividend in 2025, completed 3.2 billion USD of share buybacks, and are currently executing a further 6 billion USD program.

The consistency of our financial performance is a reflection of our deliberate choices, clear strategic priorities and the unwavering commitment of our people to best-in-class execution.

Looking forward

We remain confident in the long-term potential of the beer category, which has structural tailwinds for growth and plays an important role in bringing people together and creating moments of celebration. The progress we have made in executing our strategy has driven consistent financial performance, increased our capital allocation flexibility and enabled increased returns to our shareholders while continuing to deleverage. We enter 2026 in a position of strength, with a highly engaged team, improved momentum across many of our key markets and with an unparalleled portfolio and lineup of mega platforms. From the Super Bowl to the Winter Olympics to the FIFA World Cup to our partnership with Netflix and, as from 2027, our sponsorship of the UEFA Men's Club Competitions, including the UEFA Champions League, we are uniquely positioned to engage consumers and activate the category. In closing, we would like to thank our colleagues around the world for their hard work, commitment, and passion, which continue to underpin our progress and performance.

2026 Outlook

(i) Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-8%. The outlook for FY26 reflects our current assessment of inflation and other macroeconomic conditions.

(ii) Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 190 to 220 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY26 to be approximately 4%.

(iii) Effective Tax Rate (ETR): We expect the normalized ETR in FY26 to be in the range of 26% to 28%. The ETR outlook does not consider the impact of potential future changes in legislation.

(iv) Net Capital Expenditure: We expect net capital expenditure of between 3.5 and 4.0 billion USD in FY26.

Figure 1. Consolidated performance

in USD Mio, except EPS in USD per share and Volumes in thousand hls

4Q24

4Q25

Organic

growth

Volumes

141 829

139 166

(1.5

)%

Beer

121 052

119 039

(1.9

)%

Non-Beer

20 777

20 127

0.6

%

Revenue

14 841

15 555

2.5

%

Gross profit

8 197

8 613

2.5

%

Gross margin

55.2

%

55.4

%

(1)bps

Normalized EBITDA

5 245

5 473

2.3

%

Normalized EBITDA margin

35.3

%

35.2

%

(10)bps

Normalized EBIT

3 824

4 049

4.5

%

Normalized EBIT margin

25.8

%

26.0

%

49bps

Profit attributable to equity holders of AB InBev

1 220

1 959

Underlying Profit

1 770

1 884

Basic EPS

0.61

0.99

Underlying EPS

0.88

0.95

FY24

FY25

Organic

growth

Volumes

575 706

561 100

(2.3

)%

Beer

496 354

484 187

(2.6

)%

Non-Beer

79 352

76 914

(0.4

)%

Revenue

59 768

59 320

2.0

%

Gross profit

33 024

33 179

3.4

%

Gross margin

55.3

%

55.9

%

78bps

Normalized EBITDA

20 958

21 223

4.9

%

Normalized EBITDA margin

35.1

%

35.8

%

101bps

Normalized EBIT

15 462

15 854

7.0

%

Normalized EBIT margin

25.9

%

26.7

%

126bps

Profit attributable to equity holders of AB InBev

5 855

6 837

Underlying Profit

7 061

7 410

Basic EPS

2.92

3.45

Underlying EPS

3.53

3.73

Figure 2. Volumes

in thousand hls

4Q24

Scope

Organic

growth

4Q25

Organic growth

Total

Beer

North America

19 516

(216

)

(681

)

18 619

(3.5

)%

(5.5

)%

Middle Americas

38 907

(300

)

1 065

39 672

2.8

%

2.0

%

South America

44 950

-

(1 791

)

43 160

(4.0

)%

(3.7

)%

EMEA

24 883

(15

)

(619

)

24 249

(2.5

)%

(2.4

)%

Asia Pacific

13 439

1

(106

)

13 334

(0.8

)%

(0.8

)%

Global Export and Holding Companies

135

-

(4

)

131

(2.7

)%

(2.7

)%

AB InBev Worldwide

141 829

(529

)

(2 135

)

139 166

(1.5

)%

(1.9

)%

FY24

Scope

Organic

growth

FY25

Organic growth

Total

Beer

North America

86 272

(961

)

(2 577

)

82 734

(3.0

)%

(3.9

)%

Middle Americas

150 086

(351

)

755

150 490

0.5

%

0.4

%

South America

160 768

-

(5 597

)

155 171

(3.5

)%

(3.8

)%

EMEA

93 804

147

(629

)

93 323

(0.7

)%

(0.7

)%

Asia Pacific

84 397

(91

)

(5 306

)

78 999

(6.3

)%

(6.2

)%

Global Export and Holding Companies

380

(9

)

13

383

3.4

%

3.4

%

AB InBev Worldwide

575 706

(1 265

)

(13 341

)

561 100

(2.3

)%

(2.6

)%

Key Markets Performance

United States: Building momentum and gaining market share in beer and spirits driven by Michelob Ultra and Cutwater

Operating performance: 4Q25: Revenue declined by 1.4% with revenue per hl increasing by 2.6% driven by revenue management and premiumization. Sales-to-retailers (STRs) declined by 3.5%, estimated to have outperformed a soft industry. Sales-to-wholesalers (STWs) declined by 3.9%. EBITDA decreased by 6.2%, impacted by phasing of sales and marketing investments. FY25: Revenue declined by 1.3%, with revenue per hl increasing by 2.0%. STRs declined by 3.2%, estimated to have outperformed the industry. STWs were down by 3.2%. EBITDA margin improved by 29bps, resulting in flattish EBITDA of -0.4% as we increased sales and marketing investments. Commercial highlights: Our market share momentum continued in FY25, with share gains in beer and the spirits-based ready-to-drink category, according to Circana. Our beer performance was led by Michelob Ultra, the leading brand by volume in the industry and the #1 volume share gainer, and Busch Light, which continued to be the #2 volume share gainer in the industry. In Beyond Beer, our portfolio momentum accelerated, with revenue growth in the high-thirties, led by Cutwater which grew revenue in the triple digits and was the #1 share gaining brand in the total spirits industry in 4Q25. We strengthened our leadership position in no-alcohol beer, with our portfolio gaining share and growing revenue by high-twenties. We are leading the industry in innovation, with Michelob Ultra Zero and Busch Light Apple the top 2 innovations in beer in FY25. Consistent execution, market share gains, and productivity initiatives enabled us to offset a soft industry and increase our sales and marketing investments to fuel momentum. Mexico: Market share gain and margin expansion drove mid-single digit top- and bottom-line growth

Operating performance: 4Q25: Revenue increased by mid-single digits, with low-single digit revenue per hl growth driven by revenue management. Our volumes increased by low-single digits, outperforming an improved industry. Disciplined revenue management and productivity initiatives offset transactional FX headwinds to deliver mid-single digit EBITDA growth. FY25: Revenue grew by mid-single digits with revenue per hl growth of mid-single digits and flat volumes, outperforming the industry. EBITDA grew by mid-single digits with margin expansion. Commercial highlights: Our business continued to gain share of the industry in FY25. Our performance was led by our above core beer portfolio, which grew revenue by high-single digits driven by Modelo and Pacifico. We gained share of no-alcohol beer and, as of 3Q25, are the industry leader, with Corona Cero growing volume by strong double-digits. We continue to progress our digital initiatives, with BEES Marketplace growing GMV by 29% versus FY24 and our digital DTC platform, TaDa Delivery, fulfilling 4.2 million orders, a 3% increase versus FY24. Colombia: Record high volume and margin expansion drove double-digit bottom-line growth

Operating performance: 4Q25: Revenue increased by high-single digits with high-single digit revenue per hl growth, driven by revenue management and positive mix. Volumes grew by low-single digits. EBITDA grew by mid-teens with margin expansion driven by disciplined cost management and operational leverage. FY25: Revenue grew by high-single digits with high-single digit revenue per hl growth. Volumes increased by low-single digits, estimated to be in-line with the industry. EBITDA grew by low-teens with margin expansion. Commercial highlights: Driven by the consistent execution of our category expansion levers, the beer industry continued to grow in FY25 with our volumes reaching a new record high. Revenue increased across all price segments of our portfolio, with our above core beer brands leading our performance with mid-teens revenue growth. Brazil: Improved momentum in 4Q25 with market share gain driven by our premium portfolio

Operating performance: 4Q25: Revenue increased by 2.8% with revenue per hl growth of 6.8%, driven by revenue management and premiumization. Beer volumes declined by 2.8%, estimated to have outperformed the industry, with our volumes returning to growth in December as weather conditions normalized. Non-beer volumes decreased by 6.1%, resulting in a total volume decline of 3.7%. EBITDA increased by 5.1% with margin expansion of 78bps. FY25: Revenue grew by 1.0% with revenue per hl growth of 5.4%. Beer volumes declined by 4.6%, estimated to be in-line with the industry which was impacted by unseasonable weather and a soft consumer environment. Non-beer volumes declined by 2.9%, resulting in a total volume decline of 4.1%. EBITDA increased by 6.1% with margin expansion of 165bps as disciplined revenue management and productivity initiatives more than offset transactional FX headwinds. Commercial highlights: Our premium and super premium beer brands led our performance in FY25, delivering high-teens volume growth and estimated to have gained market share to now lead the premium segment. Our mainstream volume trend improved sequentially in 4Q25 as weather conditions normalized, estimated to have gained share of the segment in the quarter. Our portfolio of balanced choices drove incremental growth, with volumes of our no-alcohol beer brands increasing by 30% in FY25. In non-beer, our low- and no-sugar portfolio continued to outperform, delivering mid-twenties volume growth. We continue to progress our digital initiatives, with BEES Marketplace growing GMV by 78% versus FY24, and our digital DTC platform, Zé Delivery, generating approximately 67 million orders. Europe: Continued market share gains and premiumization partially offset a soft industry

Operating performance: 4Q25: Revenue declined by high single digits with a revenue per hl decrease of low-single digits, impacted by phasing of promotional activities and negative channel mix. Volumes declined by high-single digits, as estimated market share gains in the majority of our key markets were offset by a soft industry and October shipment phasing. EBITDA declined by mid-twenties impacted by top-line performance and increased sales and marketing investments ahead of the Milano Cortina 2026 Winter Olympics. FY25: Revenue declined by low-single digits with flattish revenue per hl. Volumes declined by low-single digits, estimated to have gained market share in 5 of our 6 of our key markets. EBITDA declined by low-single digits with flat EBITDA margin. Commercial highlights: The beer category was estimated to have gained share of alcohol beverages across our key markets in FY25. We continued to premiumize our portfolio and increase our overall brand power, with our premium and super premium brands making up approximately 61% of our FY25 revenue. Our performance this year was driven by our megabrands, led by Corona, which delivered mid-single digit volume growth, and Stella Artois. We successfully completed the integration of San Miguel into our UK portfolio, becoming the leading brewer in the UK. Led by Corona Cero, the momentum of our no-alcohol beer portfolio continued, delivering mid-twenties volume growth and gaining share in key markets such as the Netherlands, France and Italy. South Africa: Continued momentum and market share gain delivered mid-single digit top- and bottom-line growth

Operating performance: 4Q25: Revenue increased by mid-single digits with revenue per hl growth of mid-single digits, driven by revenue management and premiumization. Volumes grew by low-single digits, estimated to be in-line with the beer and Beyond Beer industry. EBITDA grew by low-single digits. FY25: Revenue increased by mid-single digits with revenue per hl growth of low-single digits. Volumes grew by low-single digits, estimated to have outperformed the industry in both beer and Beyond Beer. EBITDA grew by mid-single digits. Commercial highlights: Both the beer and Beyond Beer categories continued to grow and gain share of alcohol beverages this year according to our estimates. The momentum of our business continued, with focused investments in our megabrands increasing the brand power of our portfolio. Our performance was led by our premium and super premium beer brands, which grew volumes by mid-teens. In Beyond Beer, our portfolio grew volumes by high-single digits led by Flying Fish and our spirits-based RTD innovations. China: Top- and bottom-line declined, impacted by volume performance

Operating performance: 4Q25: Volumes declined by 3.9%, estimated to be in-line with a soft industry which was impacted by shipment phasing from a later Chinese New Year. Revenue per hl declined by 7.7%, driven by increased investments to expand our in-home presence, resulting in a revenue decline of 11.3%. EBITDA declined by 38.7%, impacted by top-line performance. FY25: Volumes declined by 8.6%. Revenue per hl decreased by 3.0% resulting in a revenue decline of 11.3%. EBITDA declined by 14.7%. Commercial highlights: The beer industry showed signs of stabilization in FY25 with volumes estimated to have declined by low-single digits. Our FY25 results in China were below our potential as we adjusted inventory levels to better reflect the channel and geographic shifts in the industry and worked towards better positioning our business to participate in the growth areas. In 4Q25, we estimate our market share trend improved to be flat versus 4Q24, driven by improvements in Budweiser brand power and in-home channel performance. As we move forward, we are focused on rebuilding momentum and reigniting growth. To achieve this, we will continue to invest in our portfolio, innovation and mega platform activations, enhancing our route to market in the in-home channel, and expanding our footprint through targeted geographic expansion. In FY25, we expanded innovations in brands, such as the national rollout of Budweiser Magnum, and in packaging, such as the launch of the 1 liter can and the Corona full-open lid can. Highlights from our other markets

Canada: Revenue and revenue per hl increased by low-single digits in both 4Q25 and FY25. Our volumes were estimated to have outperformed the industry in beer and Beyond Beer, declining by low-single digits in both 4Q25 and FY25. Our beer performance was led by Busch and Michelob Ultra which were the top two share gainers in the industry in FY25. Beyond Beer growth was led by Cutwater and Mike’s Hard Lemonade which were both in the top five share gainers in the category. Peru: Revenue grew by mid-single digits in 4Q25 with low-single digit revenue per hl growth. Volumes grew by mid-single digits. In FY25, revenue increased by mid-single digits with mid-single digit revenue per hl growth. Volumes increased by low-single digits, with our performance led by our above core beer portfolio which grew volume by low-teens. Ecuador: Revenue grew by mid-single digits in both 4Q25 and FY25 with performance led by our above core beer brands which grew revenues by double-digits in both the quarter and full year. Volumes increased by high-single digits in 4Q25 and by low-single digits in FY25. Argentina: Volume declined by mid-single digits in 4Q25 and FY25, estimated to have underperformed the industry, as overall consumer demand continued to be impacted by inflationary pressures. Since 1Q24, the definition of organic revenue growth in Argentina has been amended to cap the price growth to a maximum of 2% per month. Revenue grew by high-single digits in 4Q25 and by mid-teens in FY25 on this basis. Africa excluding South Africa: In Nigeria, revenue was flattish in 4Q25 and increased by mid-twenties in FY25, driven by revenue management in a highly inflationary environment. Beer volumes declined by mid-teens in 4Q25 and FY25, impacted by a soft industry.
In our other markets in Africa, revenue grew in aggregate by low-teens and volumes by low-single digits in both 4Q25 and FY25. Performance was led by growth in Mozambique, Tanzania and Uganda, with our businesses in Mozambique and Zambia reaching their highest market share in the last five years. South Korea: Revenue was flattish in 4Q25 with mid-single digit revenue per hl growth driven by revenue management. Volumes declined by mid-single digits in 4Q25 and by low-single digits in FY25, estimated to have outperformed a soft industry in both the quarter and full year. Revenue increased by low-single digits in FY25 with low-single digit revenue per hl growth. Consolidated Income Statement

Figure 3. Consolidated income statement

in USD Mio

4Q24

4Q25

Organic

growth

Revenue

14 841

15 555

2.5

%

Cost of sales

(6 645

)

(6 943

)

(2.6

)%

Gross profit

8 197

8 613

2.5

%

SG&A

(4 603

)

(4 786

)

(1.2

)%

Other operating income/(expenses)

231

223

10.5

%

Normalized EBIT

3 824

4 049

4.5

%

Non-underlying items above EBIT

269

(410

)

Net finance income/(expense)

(958

)

(1 070

)

Non-underlying net finance income/(expense)

(701

)

395

Share of results of associates

103

133

Non-underlying share of results of associates

-

-

Income tax expense

(848

)

(720

)

Profit

1 691

2 377

Profit attributable to non-controlling interest

471

418

Profit attributable to equity holders of AB InBev

1 220

1 959

  Normalized EBITDA

5 245

5 473

2.3

%

Underlying Profit

1 770

1 884

FY24

FY25

Organic

growth

Revenue

59 768

59 320

2.0

%

Cost of sales

(26 744

)

(26 141

)

(0.2

)%

Gross profit

33 024

33 179

3.4

%

SG&A

(18 341

)

(18 133

)

(0.7

)%

Other operating income/(expenses)

779

808

10.6

%

Normalized EBIT

15 462

15 854

7.0

%

Non-underlying items above EBIT

25

(449

)

Net finance income/(expense)

(4 358

)

(4 280

)

Non-underlying net finance income/(expense)

(995

)

(185

)

Share of results of associates

329

378

Non-underlying share of results of associates

104

9

Income tax expense

(3 152

)

(2 850

)

Profit

7 416

8 477

Profit attributable to non-controlling interest

1 561

1 640

Profit attributable to equity holders of AB InBev

5 855

6 837

  Normalized EBITDA

20 958

21 223

4.9

%

Underlying Profit

7 061

7 410

Non-underlying items above EBIT & Non-underlying share of results of associates

Figure 4. Non-underlying items above EBIT & Non-underlying share of results of associates

in USD Mio

4Q24

4Q25

FY24

FY25

Restructuring

(60

)

(48

)

(156

)

(116

)

Business and asset disposals (including impairment losses)

329

(322

)

181

(274

)

Claims and legal costs

-

(35

)

-

(53

)

Acquisition-related costs (business combinations)

-

(5

)

-

(5

)

Non-underlying items in EBIT

269

(410

)

25

(449

)

Non-underlying share of results of associates

-

-

104

9

Normalized EBIT excludes negative non-underlying items of 410 million USD in 4Q25 and 449 million USD in FY25.

Business and asset disposals (including impairment losses) for FY25 mainly comprised a loss of 214 million USD related to the planned sale of the Newark brewery and the closure of two other breweries in the United States and 60 million USD net loss related to the disposal of assets held for sale in Barbados and other Caribbean islands and the sale and impairment of non-core assets.

Non-underlying share of results from associates of FY24 included the impact from our associate Anadolu Efes’ adoption of IAS 29 hyperinflation accounting on their 2023 results.

Net finance income/(expense)

Figure 5. Net finance income/(expense)

in USD Mio

4Q24

4Q25

FY24

FY25

Net interest expense

(620

)

(607

)

(2 704

)

(2 566

)

Accretion expense and interest on pensions

(199

)

(241

)

(811

)

(821

)

Other financial results

(139

)

(221

)

(843

)

(893

)

Net finance income/(expense)

(958

)

(1 070

)

(4 358

)

(4 280

)

Non-underlying net finance income/(expense)

Figure 6. Non-underlying net finance income/(expense)

in USD Mio

4Q24

4Q25

FY24

FY25

Mark-to-market

(940

)

395

(1 211

)

(213

)

Gain/(loss) on bond redemption and other

239

-

216

28

Non-underlying net finance income/(expense)

(701

)

395

(995

)

(185

)

Non-underlying net finance expense in FY25 includes mark-to-market losses on derivative instruments entered into in order to hedge our share-based payment programs and shares issued in relation to the combination with Grupo Modelo and SAB.

The number of shares covered by the hedging of our share-based payment program, the deferred share instrument and the restricted shares are shown below, together with the opening and closing share prices.

Figure 7. Non-underlying equity derivative instruments

4Q24

4Q25

FY24

FY25

Share price at the start of the period (Euro)

59.38

50.80

58.42

48.25

Share price at the end of the period (Euro)

48.25

54.90

48.25

54.90

Number of equity derivative instruments at the end of the period (in million)

100.5

100.5

100.5

100.5

Income tax expense

Figure 8. Income tax expense

in USD Mio

4Q24

4Q25

FY24

FY25

Income tax expense

848

720

3 152

2 850

Effective tax rate

34.8%

24.3%

31.1%

26.1%

Normalized effective tax rate

26.4%

27.5%

26.5%

26.0%

The 4Q24, FY24 and FY25 effective tax rates were negatively impacted by non-deductible losses from derivatives related to the hedging of share-based payment programs and of the shares issued in a transaction related to the combinations with Grupo Modelo and SAB, while the 4Q25 effective tax rate was positively impacted by non-taxable gains from these derivatives.

Furthermore, the FY25 effective tax rate included 156 million USD of non-underlying tax income, while the FY24 effective tax rate included 205 million USD of non-underlying tax expense. The difference in Normalized ETR in 4Q25 and FY25 compared to 4Q24 and FY24 was primarily due to country mix.

Underlying EPS

Figure 9. Underlying EPS

in USD per share, except number of shares in million

4Q24

4Q25

FY24

FY25

Normalized EBITDA

2.62

2.76

10.46

10.70

Depreciation, amortization and impairment

(0.71

)

(0.72

)

(2.74

)

(2.71

)

Normalized EBIT

1.91

2.04

7.72

7.99

Net finance income/(expense)

(0.48

)

(0.54

)

(2.18

)

(2.16

)

Income tax expense

(0.38

)

(0.41

)

(1.47

)

(1.52

)

Associates & non-controlling interests

(0.18

)

(0.15

)

(0.62

)

(0.62

)

Hyperinflation impacts

0.02

0.01

0.07

0.04

Underlying EPS

0.88

0.95

3.53

3.73

Weighted average number of ordinary and restricted shares

2 003

1 984

2 003

1 984

Reconciliation of IFRS and Non-IFRS Financial Measures

Profit attributable to equity holders and Underlying Profit

Figure 10. Underlying Profit

in USD Mio

4Q24

4Q25

FY24

FY25

Profit attributable to equity holders of AB InBev

1 220

1 959

5 855

6 837

Net impact of non-underlying items on profit

520

(94

)

1 062

499

Hyperinflation impacts

31

20

145

74

Underlying Profit

1 770

1 884

7 061

7 410

Basic and Underlying EPS

Figure 11. Basic and Underlying EPS

in USD per share, except number of shares in million

4Q24

4Q25

FY24

FY25

Basic EPS

0.61

0.99

2.92

3.45

Net impact of non-underlying items

0.26

(0.05

)

0.53

0.25

Hyperinflation impacts

0.02

0.01

0.07

0.04

Underlying EPS

0.88

0.95

3.53

3.73

FX translation impact

-

(0.05

)

-

0.13

Underlying EPS in constant currency

0.88

0.90

3.53

3.86

Weighted average number of ordinary and restricted shares

2 003

1 984

2 003

1 984

Profit attributable to equity holders and Normalized EBITDA

Figure 12. Reconciliation of Normalized EBITDA to Profit attributable to equity holders of AB InBev

in USD Mio

4Q24

4Q25

FY24

FY25

Profit attributable to equity holders of AB InBev

1 220

1 959

5 855

6 837

Non-controlling interests

471

418

1 561

1 640

Profit

1 691

2 377

7 416

8 477

Income tax expense

848

720

3 152

2 850

Share of result of associates

(103

)

(133

)

(329

)

(378

)

Non-underlying share of results of associates

-

-

(104

)

(9

)

Net finance (income)/expense

958

1 070

4 358

4 280

Non-underlying net finance (income)/expense

701

(395

)

995

185

Non-underlying items above EBIT (incl. impairment losses)

(269

)

410

(25

)

449

Normalized EBIT

3 824

4 049

15 462

15 854

Depreciation, amortization and impairment

1 421

1 424

5 496

5 369

Normalized EBITDA

5 245

5 473

20 958

21 223

Normalized EBITDA, Normalized EBIT and Underlying Profit are non-IFRS financial measures used by AB InBev to reflect the company’s underlying performance. Underlying EPS and constant currency Underlying EPS are non-IFRS financial measures that AB InBev believes are useful to investors because they facilitate comparisons of EPS from period to period.

Normalized EBITDA is calculated by adjusting profit attributable to equity holders of AB InBev to exclude: (i) non-controlling interest; (ii) income tax expense; (iii) share of results of associates; (iv) non-underlying share of results of associates; (v) net finance income or cost; (vi) non-underlying net finance income or cost; (vii) non-underlying items above EBIT; and (viii) depreciation, amortization and impairment.

Underlying Profit is calculated by adjusting profit attributable to equity holders of AB InBev to exclude: (i) non-underlying items and (ii) hyperinflation impacts. Underlying EPS is calculated as Underlying Profit divided by the weighted average number of ordinary and restricted shares. Constant currency Underlying EPS is calculated as Underlying EPS excluding the effects of foreign currency translation by translating current period figures using the exchange rates from the same period in the prior year.

Normalized EBITDA, Normalized EBIT and Underlying Profit are not accounting measures under IFRS and should not be considered as an alternative to profit attributable to equity holders as a measure of operational performance, or an alternative to cash flow as a measure of liquidity. Underlying EPS and constant currency Underlying EPS are not accounting measures under IFRS and should not be considered as alternatives to earnings per share as a measure of operating performance on a per share basis. These non-IFRS financial measures do not have a standard calculation method and AB InBev’s definition of Normalized EBITDA, Normalized EBIT, Underlying Profit, Underlying EPS and constant currency Underlying EPS may not be comparable to that of other companies.

Cash Flows and Financial position

Figure 13. Cash Flow Statement (million USD)

FY24

FY25

Operating activities

Profit of the period

7 416

8 477

Interest, taxes and non-cash items included in profit

13 990

13 160

Cash flow from operating activities before changes in working capital and use of provisions

21 406

21 637

Change in working capital

(22

)

(398

)

Pension contributions and use of provisions

(374

)

(426

)

Interest and taxes (paid)/received

(6 189

)

(6 126

)

Dividends received

234

195

Cash flow from/(used in) operating activities

15 055

14 883

Investing activities

Net capex

(3 735

)

(3 552

)

Sale/(acquisition) of subsidiaries, net of cash

(46

)

18

Net proceeds from sale/(acquisition) of other assets

523

98

Cash flow from/(used in) investing activities

(3 259

)

(3 436

)

Financing activities

Net (repayments of) / proceeds from borrowings

(3 830

)

(2 460

)

Dividends paid

(2 672

)

(4 543

)

Share buyback

(937

)

(2 301

)

Payment of lease liabilities

(787

)

(733

)

Derivative financial instruments

(431

)

(206

)

Sale/(acquisition) of non-controlling interests

(435

)

(323

)

Other financing cash flows

(763

)

(883

)

Cash flow from/(used in) financing activities

(9 854

)

(11 450

)

Net increase/(decrease) in cash and cash equivalents

1 942

(3

)

Our free cash flow (defined as cash flow from operating activities less net capex) amounted to 11 331 million USD in FY25, in-line with FY24. Our cash and cash equivalents decreased by 3 million USD in FY25, compared to an increase of 1 942 million USD in FY24, with the following movements:

Our cash flow from operating activities reached 14 883 million USD in FY25 compared to 15 055 million USD in FY24. The decrease was driven primarily by working capital movements. Our cash outflow from investing activities was 3 436 million USD in FY25 compared to a cash outflow of 3 259 million USD in FY24, with FY24 positively impacted by proceeds from the sale of our share in associate Ghost Beverages LLC. Out of the total FY25 capital expenditures, approximately 26% was used to improve the company’s production facilities while 50% was used for logistics and commercial investments and 24% was used for improving administrative capabilities and for the purchase of hardware and software. Our cash outflow from financing activities amounted to 11 450 million USD in FY25, as compared to a cash outflow of 9 854 million USD in FY24. The increase in the cash outflow versus FY24 was primarily driven by higher dividends paid, and increased cash outflow for share buybacks. Our net debt increased to 60.9 billion USD as of 31 December 2025 from 60.6 billion USD as of 31 December 2024. Our net debt to normalized EBITDA ratio was 2.87x as of 31 December 2025. Our optimal capital structure is a net debt to normalized EBITDA ratio of around 2x.

We continue to proactively manage our debt portfolio. After bond repurchases and redemptions of 6 billion USD and issuances of 3.2 billion Euro in FY25, 98% of our bond portfolio holds a fixed-interest rate, 51% is denominated in currencies other than USD and maturities are well-distributed across the next several years.

As of 31 December 2025, we had total liquidity of 22.0 billion USD, which consisted of 11.9 billion USD of cash, cash equivalents and short-term investments in debt securities less bank overdrafts and 10.1 billion USD available under committed long-term credit facilities.

Proposed final dividend for the fiscal year 2025

The AB InBev Board of Directors proposes a final dividend of 1.00 EUR per share, subject to approval by the General Meeting of Shareholders to be held on 29 April 2026. In line with the Company’s financial discipline and deleveraging objectives, the proposed final dividend balances the Company’s capital allocation priorities and dividend policy while returning cash to shareholders. A timeline showing the ex-dividend, record and payment dates can be found below:

Dividend timeline

Ex-dividend date

Record Date

Payment date

Euronext

7 May 2026

8 May 2026

11 May 2026

MEXBOL

7 May 2026

8 May 2026

11 May 2026

JSE

6 May 2026

8 May 2026

11 May 2026

NYSE (ADR program)

8 May 2026

8 May 2026

5 June 2026

Restricted Shares

7 May 2026

8 May 2026

11 May 2026

Recent Events

Re-acquisition of minority stake in US-based Metal Container Plants

On 30 January 2026, AB InBev announced the completion of the re-acquisition of the 49.9% minority stake in AB InBev’s US-based metal container plants from a consortium of institutional investors led and/or advised by affiliates of Apollo Global Management, Inc. (NYSE: APO) for approximately 2.9 billion USD. AB InBev previously announced it had exercised its right to reacquire this minority stake in a Press Release dated January 6th.

Notes

To facilitate the understanding of AB InBev’s underlying performance, the analyses of growth, including all comments in this press release, unless otherwise indicated, are based on organic growth and normalized numbers. In other words, financials are analyzed eliminating the impact of changes in currencies on translation of foreign operations, and scope changes. Since 1Q24, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year). Corresponding adjustments are made to all income statement related items in the organic growth calculations through scope changes. Scope changes also represent the impact of acquisitions and divestitures, the start or termination of activities or the transfer of activities between segments, curtailment gains and losses and year over year changes in accounting estimates and other assumptions that management does not consider as part of the underlying performance of the business. The organic growth of our global brands, Budweiser, Stella Artois, and Corona excludes exports to Australia for which a perpetual license was granted to a third party upon disposal of the Australia operations in 2020. All references per hectoliter (per hl) exclude US non-beverage activities. Whenever presented in this document, all performance measures (EBITDA, EBIT, profit, tax rate, EPS) are presented on a “normalized” basis, which means they are presented before non-underlying items. Non-underlying items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the measures determined in accordance with IFRS as an indicator of the Company’s performance. We are reporting the results from Argentina applying hyperinflation accounting since 3Q18. The IFRS rules (IAS 29) require us to restate the year-to-date results for the change in the general purchasing power of the local currency, using official indices before converting the local amounts at the closing rate of the period. In FY25, we reported a negative impact from hyperinflation accounting on the profit attributable to equity holders of AB InBev of 74 million USD. The impact in FY25 Basic EPS was (0.04) USD. Values in the figures and annexes may not add up, due to rounding. 4Q25 and FY25 EPS is based upon a weighted average of 1 984 million shares compared to a weighted average of 2 003 million shares for 4Q24 and FY24.

Legal disclaimer

This release contains “forward-looking statements”. These statements are based on the current expectations and views of future events and developments of the management of AB InBev and are naturally subject to uncertainty and changes in circumstances. The forward-looking statements contained in this release include statements other than historical facts and include statements typically containing words such as “will”, “may”, “should”, “believe”, “intends”, “expects”, “anticipates”, “targets”, “ambition”, “estimates”, “likely”, “foresees” and words of similar import. All statements other than statements of historical facts are forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect the current views of the management of AB InBev, are subject to numerous risks and uncertainties about AB InBev and are dependent on many factors, some of which are outside of AB InBev’s control. There are important factors, risks and uncertainties that could cause actual outcomes and results to be materially different, including, but not limited to the risks and uncertainties relating to AB InBev that are described under Item 3.D of AB InBev’s Annual Report on Form 20-F filed with the SEC on 12 March 2025. Many of these risks and uncertainties are, and will be, exacerbated by any further worsening of the global business and economic environment, including as a result of foreign currency exchange rate fluctuations and ongoing geopolitical instability. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere, including AB InBev’s most recent Form 20-F and other reports furnished on Form 6-K, and any other documents that AB InBev has made public. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements and there can be no assurance that the actual results or developments anticipated by AB InBev will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, AB InBev or its business or operations. Except as required by law, AB InBev undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The full year 2025 (FY25) financial data set out in Figure 1 (except for the volume information), Figures 3 to 6, 8, 10, 12 and 13 of this press release have been extracted from the group’s audited consolidated financial statements as of and for the twelve months ended 31 December 2025, which have been audited by our statutory auditors PwC Bedrijfsrevisoren BV/Réviseurs d’Entreprises SRL. The fourth quarter 2025 (4Q25) financial data set out in Figure 1 (except for the volume information), Figures 3 to 6, 8, 10 and 12, and the financial data included in Figures 7, 9, 11 and 14 of this press release have been extracted from the underlying accounting records as of and for the twelve months ended 31 December 2025. References in this document to materials on our websites, such as www.ab-inbev.com, are included as an aid to their location and are not incorporated by reference into this document.

Conference call and webcast

Investor Conference call and webcast on Thursday, 12 February 2026:
3.00pm Brussels / 2.00pm London / 9.00am New York

Registration details:
Webcast (listen-only mode):
AB InBev 4Q25 Results Webcast

To join by phone, please use one of the following two phone numbers:
Toll-Free: +1-877-407-8029
Toll: +1-201-689-8029

About AB InBev

Anheuser-Busch InBev (AB InBev) is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). As a company, we dream big to create a future with more cheers. We are always looking to serve up new ways to meet life’s moments, move our industry forward and make a meaningful impact in the world. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest ingredients. Beer is the drink for moderation, and for over a century, AB InBev has championed responsible drinking. We are committed to providing our consumers with balanced choices to enjoy on any occasion. We also invest in marketing that aims to reinforce positive behaviors, and we work with communities, customers, and partners to promote responsible consumption through evidence-based initiatives.

Our diverse portfolio of well over 400 beer brands includes global brands Budweiser®, Corona®, Stella Artois® and Michelob Ultra®; multi-country brands Beck’s®, Hoegaarden® and Leffe®; and local champions such as Aguila®, Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®, Cristal®, Harbin®, Jupiler®, Modelo Especial®, Quilmes®, Victoria®, Sedrin®, and Skol®. Our brewing heritage dates back more than 600 years, spanning continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the Anheuser & Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing markets, we leverage the collective strengths of approximately 137 000 colleagues based in more than 40 countries worldwide. For 2025, AB InBev’s reported revenue was 59.3 billion USD (excluding JVs and associates).

Annex 1: Segment reporting (4Q)

AB InBev Worldwide

4Q24

Scope

Currency

Translation

Organic

Growth

4Q25

Organic

Growth

Volumes

141 829

(529

)

-

(2 135

)

139 166

(1.5

)%

Revenue

14 841

(100

)

441

373

15 555

2.5

%

Cost of sales

(6 645

)

44

(173

)

(168

)

(6 943

)

(2.6

)%

Gross profit

8 197

(56

)

267

204

8 613

2.5

%

SG&A

(4 603

)

(7

)

(121

)

(55

)

(4 786

)

(1.2

)%

Other operating income/(expenses)

231

(40

)

12

19

223

10.5

%

Normalized EBIT

3 824

(103

)

158

169

4 049

4.5

%

Normalized EBITDA

5 245

(94

)

206

116

5 473

2.3

%

Normalized EBITDA margin

35.3

%

35.2

%

(10)bps

North America

4Q24

Scope

Currency

Translation

Organic

Growth

4Q25

Organic

Growth

Volumes

19 516

(216

)

-

(681

)

18 619

(3.5

)%

Revenue

3 331

(59

)

(6

)

(31

)

3 235

(1.0

)%

Cost of sales

(1 483

)

46

2

20

(1 416

)

1.4

%

Gross profit

1 848

(12

)

(4

)

(12

)

1 819

(0.6

)%

SG&A

(1 078

)

(1

)

2

(35

)

(1 112

)

(3.2

)%

Other operating income/(expenses)

8

-

0

3

12

42.4

%

Normalized EBIT

777

(14

)

(2

)

(43

)

719

(5.6

)%

Normalized EBITDA

969

(12

)

(2

)

(49

)

906

(5.1

)%

Normalized EBITDA margin

29.1

%

28.0

%

(122)bps

Middle Americas

4Q24

Scope

Currency

Translation

Organic

Growth

4Q25

Organic

Growth

Volumes

38 907

(300

)

-

1 065

39 672

2.8

%

Revenue

4 395

(34

)

307

259

4 927

5.9

%

Cost of sales

(1 601

)

8

(101

)

(63

)

(1 757

)

(4.0

)%

Gross profit

2 794

(26

)

206

195

3 170

7.0

%

SG&A

(975

)

10

(71

)

(10

)

(1 045

)

(1.1

)%

Other operating income/(expenses)

8

0

0

(3

)

6

(35.2

)%

Normalized EBIT

1 828

(15

)

136

182

2 130

10.0

%

Normalized EBITDA

2 227

(16

)

159

138

2 508

6.2

%

Normalized EBITDA margin

50.7

%

50.9

%

13bps

  South America

4Q24

Scope

Currency

Translation

Organic

Growth

4Q25

Organic

Growth

Volumes

44 950

-

-

(1 791

)

43 160

(4.0

)%

Revenue

3 473

(40

)

36

175

3 645

5.0

%

Cost of sales

(1 558

)

24

(18

)

(160

)

(1 711

)

(10.3

)%

Gross profit

1 915

(15

)

19

15

1 934

0.8

%

SG&A

(992

)

(17

)

(18

)

25

(1 002

)

2.5

%

Other operating income/(expenses)

133

(42

)

9

25

124

31.3

%

Normalized EBIT

1 056

(75

)

10

65

1 056

6.7

%

Normalized EBITDA

1 310

(64

)

17

58

1 321

4.7

%

Normalized EBITDA margin

37.7

%

36.2

%

(12)bps

EMEA

4Q24

Scope

Currency

Translation

Organic

Growth

4Q25

Organic

Growth

Volumes

24 883

(15

)

-

(619

)

24 249

(2.5

)%

Revenue

2 424

(29

)

123

6

2 524

0.2

%

Cost of sales

(1 276

)

13

(66

)

21

(1 308

)

1.6

%

Gross profit

1 149

(16

)

57

26

1 216

2.3

%

SG&A

(708

)

9

(36

)

(20

)

(755

)

(2.9

)%

Other operating income/(expenses)

51

3

3

18

75

33.0

%

Normalized EBIT

493

(5

)

24

24

536

5.0

%

Normalized EBITDA

776

2

40

(2

)

815

(0.3

)%

Normalized EBITDA margin

32.0

%

32.3

%

(17)bps

Asia Pacific

4Q24

Scope

Currency

Translation

Organic

Growth

4Q25

Organic

Growth

Volumes

13 439

1

-

(106

)

13 334

(0.8

)%

Revenue

1 122

0

(21

)

(48

)

1 053

(4.3

)%

Cost of sales

(589

)

(2

)

10

14

(567

)

2.3

%

Gross profit

533

(2

)

(11

)

(35

)

486

(6.5

)%

SG&A

(484

)

(0

)

9

18

(457

)

3.8

%

Other operating income/(expenses)

33

-

-

(21

)

13

(62.5

)%

Normalized EBIT

83

(2

)

(2

)

(37

)

42

(45.7

)%

Normalized EBITDA

244

1

(3

)

(49

)

192

(19.9

)%

Normalized EBITDA margin

21.7

%

18.3

%

(356)bps

Global Export and Holding Companies

4Q24

Scope

Currency

Translation

Organic

Growth

4Q25

Organic

Growth

Volumes

135

-

-

(4

)

131

(2.7

)%

Revenue

95

62

1

13

172

14.0

%

Cost of sales

(138

)

(46

)

(1

)

1

(183

)

0.9

%

Gross profit

(42

)

16

1

15

(12

)

34.3

%

SG&A

(367

)

(7

)

(8

)

(33

)

(415

)

(9.5

)%

Other operating income/(expenses)

(3

)

(0

)

(1

)

(4

)

(7

)

-

Normalized EBIT

(412

)

8

(8

)

(22

)

(434

)

(5.6

)%

Normalized EBITDA

(281

)

(4

)

(4

)

21

(269

)

7.6

%

Annex 2: Segment reporting (FY)

AB InBev Worldwide

FY24

Scope

Currency

Translation

Organic

Growth

FY25

Organic

Growth

Volumes

575 706

(1 265

)

-

(13 341

)

561 100

(2.3

)%

Revenue

59 768

(290

)

(1 336

)

1 178

59 320

2.0

%

Cost of sales

(26 744

)

38

619

(54

)

(26 141

)

(0.2

)%

Gross profit

33 024

(251

)

(717

)

1 123

33 179

3.4

%

SG&A

(18 341

)

(42

)

383

(133

)

(18 133

)

(0.7

)%

Other operating income/(expenses)

779

(34

)

(13

)

77

808

10.6

%

Normalized EBIT

15 462

(328

)

(347

)

1 067

15 854

7.0

%

Normalized EBITDA

20 958

(319

)

(441

)

1 026

21 223

4.9

%

Normalized EBITDA margin

35.1

%

35.8

%

101bps

  North America

FY24

Scope

Currency

Translation

Organic

Growth

FY25

Organic

Growth

Volumes

86 272

(961

)

-

(2 577

)

82 734

(3.0

)%

Revenue

14 655

(259

)

(46

)

(142

)

14 207

(1.0

)%

Cost of sales

(6 236

)

193

16

164

(5 863

)

2.7

%

Gross profit

8 419

(66

)

(31

)

21

8 345

0.3

%

SG&A

(4 358

)

(30

)

16

(35

)

(4 407

)

(0.8

)%

Other operating income/(expenses)

7

-

2

29

38

-

Normalized EBIT

4 069

(95

)

(13

)

15

3 975

0.4

%

Normalized EBITDA

4 791

(94

)

(16

)

6

4 687

0.1

%

Normalized EBITDA margin

32.7

%

33.0

%

37bps

  Middle Americas

FY24

Scope

Currency

Translation

Organic

Growth

FY25

Organic

Growth

Volumes

150 086

(351

)

-

755

150 490

0.5

%

Revenue

17 072

(53

)

(451

)

807

17 376

4.7

%

Cost of sales

(6 242

)

(24

)

162

(46

)

(6 151

)

(0.7

)%

Gross profit

10 830

(77

)

(289

)

761

11 225

7.1

%

SG&A

(3 976

)

(0

)

108

(36

)

(3 904

)

(0.9

)%

Other operating income/(expenses)

34

0

(1

)

(13

)

21

(36.4

)%

Normalized EBIT

6 889

(77

)

(182

)

712

7 342

10.4

%

Normalized EBITDA

8 400

(79

)

(224

)

588

8 685

7.0

%

Normalized EBITDA margin

49.2

%

50.0

%

108bps

  South America

FY24

Scope

Currency

Translation

Organic

Growth

FY25

Organic

Growth

Volumes

160 768

-

-

(5 597

)

155 171

(3.5

)%

Revenue

12 423

(80

)

(999

)

610

11 954

4.9

%

Cost of sales

(6 073

)

(46

)

531

(300

)

(5 888

)

(4.9

)%

Gross profit

6 350

(126

)

(468

)

310

6 066

4.9

%

SG&A

(3 779

)

(33

)

317

(60

)

(3 555

)

(1.6

)%

Other operating income/(expenses)

452

(51

)

(19

)

44

426

11.6

%

Normalized EBIT

3 024

(210

)

(170

)

294

2 937

10.2

%

Normalized EBITDA

4 052

(195

)

(251

)

294

3 901

7.5

%

Normalized EBITDA margin

32.6

%

32.6

%

78bps

EMEA

FY24

Scope

Currency

Translation

Organic

Growth

FY25

Organic

Growth

Volumes

93 804

147

-

(629

)

93 323

(0.7

)%

Revenue

9 003

(36

)

250

284

9 502

3.2

%

Cost of sales

(4 678

)

31

(128

)

(56

)

(4 832

)

(1.2

)%

Gross profit

4 325

(4

)

122

228

4 670

5.3

%

SG&A

(2 701

)

(45

)

(80

)

(60

)

(2 886

)

(2.2

)%

Other operating income/(expenses)

177

17

7

33

234

17.2

%

Normalized EBIT

1 801

(32

)

49

201

2 019

11.4

%

Normalized EBITDA

2 847

(26

)

80

198

3 098

7.0

%

Normalized EBITDA margin

31.6

%

32.6

%

117bps

  Asia Pacific

FY24

Scope

Currency

Translation

Organic

Growth

FY25

Organic

Growth

Volumes

84 397

(91

)

-

(5 306

)

78 999

(6.3

)%

Revenue

6 196

(6

)

(92

)

(404

)

5 693

(6.5

)%

Cost of sales

(2 970

)

(19

)

42

205

(2 741

)

6.9

%

Gross profit

3 227

(25

)

(50

)

(199

)

2 952

(6.2

)%

SG&A

(2 059

)

(13

)

32

96

(1 944

)

4.6

%

Other operating income/(expenses)

116

0

0

(30

)

86

(26.2

)%

Normalized EBIT

1 284

(38

)

(18

)

(134

)

1 094

(10.6

)%

Normalized EBITDA

1 933

(35

)

(25

)

(172

)

1 700

(9.0

)%

Normalized EBITDA margin

31.2

%

29.9

%

(81)bps

  Global Export and Holding Companies

FY24

Scope

Currency

Translation

Organic

Growth

FY25

Organic

Growth

Volumes

380

(9

)

-

13

383

3.4

%

Revenue

418

144

3

23

588

6.1

%

Cost of sales

(546

)

(98

)

(3

)

(21

)

(667

)

(4.1

)%

Gross profit

(128

)

46

0

2

(79

)

1.8

%

SG&A

(1 468

)

79

(11

)

(38

)

(1 438

)

(2.8

)%

Other operating income/(expenses)

(8

)

-

(2

)

14

3

-

Normalized EBIT

(1 604

)

125

(14

)

(22

)

(1 513

)

(1.5

)%

Normalized EBITDA

(1 065

)

110

(5

)

111

(848

)

11.6

%

Annex 3: Consolidated statement of financial position (FY)

Million US dollar

31 December 2024

31 December 2025

  ASSETS

Non-current assets

Property, plant and equipment

23 503

23 664

Goodwill

110 479

117 908

Intangible assets

40 034

41 985

Investments in associates

4 612

5 002

Investment securities

168

161

Deferred tax assets

2 493

2 708

Pensions and similar obligations

42

150

Income tax receivables

470

444

Derivatives

261

145

Trade and other receivables

1 577

1 871

Total non-current assets

183 637

194 039

  Current assets

Investment securities

221

306

Inventories

5 020

5 107

Income tax receivables

727

785

Derivatives

554

583

Trade and other receivables

5 270

6 161

Cash and cash equivalents

11 174

11 638

Assets classified as held for sale

33

190

Total current assets

22 999

24 769

  Total assets

206 637

218 808

  EQUITY AND LIABILITIES

Equity

Issued capital

1 736

1 736

Share premium

17 620

17 620

Reserves

12 304

17 803

Retained earnings

46 577

50 128

Equity attributable to equity holders of AB InBev

78 237

87 287

  Non-controlling interests

10 463

10 449

Total equity

88 700

97 736

  Non-current liabilities

Interest-bearing loans and borrowings

70 720

72 128

Pensions and similar obligations

1 296

1 275

Deferred tax liabilities

11 321

11 400

Income tax payables

284

206

Derivatives

68

293

Trade and other payables

797

869

Provisions

385

425

Total non-current liabilities

84 871

86 596

  Current liabilities

Bank overdrafts

-

14

Interest-bearing loans and borrowings

1 449

885

Income tax payables

1 805

1 825

Derivatives

5 817

6 104

Trade and other payables

23 804

25 455

Provisions

191

192

Total current liabilities

33 066

34 475

  Total equity and liabilities

206 637

218 808

Annex 4: Consolidated statement of cash flows (FY)

For the year ended 31 December

Million US dollar

2024

2025

  OPERATING ACTIVITIES

Profit of the period

7 416

8 477

Depreciation, amortization and impairment

5 544

5 652

Net finance expense/(income)

5 353

4 465

Equity-settled share-based payment expense

644

625

Income tax expense

3 152

2 850

Share of results of associates

(433

)

(387

)

Other non-cash items

(269

)

(45

)

Cash flow from operating activities before changes in working capital and use of provisions

21 406

21 637

Decrease/(increase) in trade and other receivables

341

(187

)

Decrease/(increase) in inventories

(149

)

87

Increase/(decrease) in trade and other payables

(215

)

(298

)

Pension contributions and use of provisions

(374

)

(426

)

Cash generated from operations

21 009

20 814

Interest paid

(3 649

)

(3 348

)

Interest received

594

462

Dividends received

234

195

Income tax paid

(3 134

)

(3 240

)

Cash flow from/(used in) operating activities

15 055

14 883

  INVESTING ACTIVITIES

Acquisition of property, plant and equipment and of intangible assets

(3 863

)

(3 656

)

Proceeds from sale of property, plant and equipment and of intangible assets

128

104

Sale/(acquisition) of subsidiaries, net of cash

(46

)

18

Proceeds from sale/(acquisition) of other assets

523

98

Cash flow from/(used in) investing activities

(3 259

)

(3 436

)

  FINANCING ACTIVITIES

Proceeds from borrowings

5 465

4 400

Repayments of borrowings

(9 295

)

(6 861

)

Dividends paid

(2 672

)

(4 543

)

Share buyback

(937

)

(2 301

)

Payment of lease liabilities

(787

)

(733

)

Derivative financial instruments

(431

)

(206

)

Sale/(acquisition) of non-controlling interests

(435

)

(323

)

Other financing cash flows

(763

)

(883

)

Cash flow from/(used in) financing activities

(9 854

)

(11 450

)

  Net increase/(decrease) in cash and cash equivalents

1 942

(3

)

Cash and cash equivalents less bank overdrafts at beginning of year

10 314

11 174

Effect of exchange rate fluctuations

(1 082

)

452

Cash and cash equivalents less bank overdrafts at end of period

11 174

11 623

February 12, 2026 01:05 ET  | Source: Marimekko Corporation

Marimekko Corporation, Stock Exchange Release, 12 February 2026 at 8.05 a.m. EET

Marimekko to start acquiring the company’s own shares

Marimekko Corporation’s Board of Directors has decided to start acquiring the company’s own shares based on the authorization granted by the Annual General Meeting held on 15 April 2025. The maximum number of shares to be acquired will be 90,000, corresponding to approximately 0.22 percent of the total number of the company’s shares. The shares will be acquired through public trading on Nasdaq Helsinki at the market price prevailing at the time of acquisition. Acquisitions will start on 16 February 2026 at the earliest and are estimated to be concluded by the end of May 2026.

The Annual General Meeting on 15 April 2025 authorized the Board of Directors to decide on the acquisition of a maximum of 150,000 of the company’s own shares, in one or more instalments, representing approximately 0.4 percent of the total number of the company’s shares. The shares will be acquired with funds from the company’s non-restricted equity, which means that the acquisition will reduce funds available for distribution. As per the authorization granted by the Annual General Meeting, the acquired shares may be used for the company’s incentive compensation program, be transferred for other purposes or be cancelled. The authorization is valid until 15 October 2026.

The total number of shares and votes in Marimekko Corporation is 40,649,170. At the moment, Marimekko holds 77,790 of its own shares.

MARIMEKKO CORPORATION
Corporate Communications

Anna Tuominen
Tel. +358 40 584 6944
[email protected]

DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2025, the company's net sales totaled EUR 190 million and comparable operating profit margin was 17.1 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 39 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 490 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com

Marimekko Corporation, Stock Exchange Release, 12 February 2026 at 8.10 a.m. EET

Notice of Marimekko Corporation’s Annual General Meeting

The Annual General Meeting of Marimekko Corporation will be held on Thursday 16 April 2026 at 2.00 p.m. (EEST) at Finlandia Hall (Congress Hall A), at the address Mannerheimintie 13 e, 00100 Helsinki. The registration of attendees and the distribution of voting slips will commence at the meeting venue at 1.00 p.m. (EEST).

Shareholders can also exercise their voting rights by voting in advance. In addition, it is possible to follow the Annual General Meeting online via webcast on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2026/. For further instructions, please refer to Section C “Instructions for the participants of the Annual General Meeting” of this notice.

A. Matters on the agenda of the Annual General Meeting

1. Opening of the meeting

2. Calling the meeting to order

3. Election of persons to scrutinize the minutes and supervise the counting of votes

4. Recording the legality of the meeting

5. Recording the attendance at the meeting and adoption of the list of votes

6. Presentation of the financial statements, the report of the Board of Directors, the auditor’s report and the assurance report on sustainability reporting for 2025

Review by the President and CEO.

The company’s financial statements, the report of the Board of Directors (including the sustainability report), the auditor’s report and the assurance report on sustainability reporting will be made available on 26 March 2026 at the latest on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2026/.

7. Adoption of the financial statements

8. Resolution on the use of the profit shown on the balance sheet and the payment of dividend

On 31 December 2025, the parent company’s distributable funds amounted to EUR 67,287,863.08 of which EUR 23,054,505.65 was profit for the financial year 2025. The Board of Directors proposes to the Annual General Meeting that a regular dividend of EUR 0.42 per share be paid for the financial year 2025. The total amount of the proposed dividend is approximately EUR 17.0 million, and the remaining funds are to be retained in equity.

The Board of Directors proposes that the dividend will be paid to shareholders who are registered on the dividend payout record date of 20 April 2026 in the company’s shareholder register held by Euroclear Finland Ltd on behalf of the Board of Directors of the company. The Board of Directors proposes 27 April 2026 as the dividend payout date. No substantial changes in the company’s financial position have occurred after the end of the financial year. The company’s liquidity is good and, in the view of the Board of Directors, the proposed dividend payout does not jeopardize the company’s solvency.

9. Resolution on the discharge of the members of the Board of Directors and the President and CEO of the company from liability for the financial year 1 January–31 December 2025

10. Consideration of the remuneration report for governing bodies

The remuneration report for 2025, prepared in accordance with the remuneration policy adopted on 16 April 2024 by the company’s Annual General Meeting, will be available on 26 March 2026 at the latest on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2026/.

The Board of Directors proposes that the Annual General Meeting adopt the company’s remuneration report for governing bodies as an advisory resolution.

11. Resolution on the remuneration of the members of the Board of Directors

Shareholders representing in total approximately 31 percent of all the shares and votes of Marimekko Corporation have proposed to the Annual General Meeting, on the basis of the proposal of the Audit and Remuneration Committee, that the fees payable to the members and the Chair of the Board would remain unchanged from 2025 and be as follows: an annual remuneration of EUR 55,000 would be paid to the Chair, EUR 40,000 to the Vice Chair and EUR 30,000 to the other Board members. Board members who reside outside Finland would receive EUR 1,000 per Board meeting where they are physically present. In addition, it is proposed that a separate remuneration be paid for committee work to persons elected to a committee as follows: EUR 2,000 per meeting to Chair and EUR 1,000 per meeting to members. The fees for committee work would remain unchanged from 2025.

The above-mentioned shareholders have also proposed, based on the proposal of the Audit and Remuneration Committee, that approximately 40 percent of the annual remuneration of the members of the Board of Directors would be paid in Marimekko Corporation’s shares acquired from the market and the rest in cash. The shares would be acquired directly on behalf of the Board members within two weeks from the release of the interim report for 1 January–31 March 2026 or at the first time as possible under applicable legislation. The annual remuneration would be paid entirely in cash, if a Board member on the date of the Annual General Meeting, 16 April 2026, holds the company’s shares worth more than EUR 1,000,000.

If Mika Ihamuotila is elected a member and Chair of the Board of Directors as proposed in the section 13 of this notice in addition to the aforementioned annual remuneration, a monthly fee of EUR 5,000 for half-time duty pursuant to a separate executive service agreement will be paid. The fee is unchanged from 2025. The Audit and Remuneration Committee separately evaluates the terms of the service agreement, but Mika Ihamuotila will not take part in the evaluation. If Mika Ihamuotila is elected as a member of the Audit and Remuneration Committee, he will not receive the separate remuneration for committee work.

12. Resolution on the number of members of the Board of Directors

Shareholders representing in total approximately 31 percent of all the shares and votes of Marimekko Corporation have proposed to the Annual General Meeting that six (6) members be elected to the Board of Directors.

13. Election of the members of the Board of Directors

Shareholders representing in total approximately 31 percent of all the shares and votes of Marimekko Corporation have proposed to the Annual General Meeting that Massimiliano Brunazzo, Mika Ihamuotila, Teemu Kangas-Kärki and Marianne Vikkula be re-elected to the Board of Directors. Of the current members of the Board, Carol Chen and Tomoki Takebayashi have announced that they will not be available for re-election.

The same shareholders further propose that Jean-Baptiste Debains and Antoinette Louis be elected as new members of the Board. Debains (b. 1967, MBA) has worked for over twenty years in leadership positions in luxury fashion companies, latest as President of Christian Dior Couture in the Asia Pacific region, and prior to that at Loro Piana, Fendi and as well as a total of 14 years at Louis Vuitton, of which seven years as President, Asia Pacific both in Asia and Europe. Louis (b. 1970, MBA) is a consultant focusing on the high-end sector. Before founding her own company, Louis worked for ten years in leadership positions in luxury house Hermès overseeing the business for their iconic silk scarves and other accessories, among others. Before that Louis held versatile management positions in at Nespresso France and underwear company DIM.

Massimiliano Brunazzo, Jean-Baptiste Debains, Teemu Kangas-Kärki, Antoinette Louis and Marianne Vikkula are independent of the company and its significant shareholders according to the evaluation of the above-mentioned shareholders. Mika Ihamuotila is not independent of the company nor its significant shareholders due to his indirect shareholding through PowerBank Ventures Ltd, equaling 12.5 percent of the shares and votes in the company.

The proposed Board members have informed the company that, if they are elected, they intend to elect Mika Ihamuotila as Chair of the Board and Teemu Kangas-Kärki as Vice Chair of the Board as well as Teemu Kangas-Kärki as Chair and Mika Ihamuotila and Marianne Vikkula as members of the Audit and Remuneration Committee.

All proposed persons have given their consent to the election. The term of all the Board members ends at the end of the Annual General Meeting of 2027. Biographical details of the new proposed members of the Board of Directors are available on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2026. Other proposed Board members are presented at https://company.marimekko.com/investors/management/board-of-directors.

14. Resolution on the remuneration of the auditor

In accordance with the recommendation of the Audit and Remuneration Committee, the Board of Directors proposes to the Annual General Meeting that the auditor’s remuneration be paid as per invoice approved by the company.

15. Election of the auditor

In accordance with the recommendation of the Audit and Remuneration Committee, the Board of Directors proposes to the Annual General Meeting that KPMG Oy Ab, Authorized Public Accountants, be re-elected as the company’s auditor. KPMG Oy Ab has informed that Heli Tuuri, Authorized Public Accountant, KHT, would act as the principal auditor.

16. Resolution on the remuneration of the sustainability reporting assurance provider

In accordance with the recommendation of the Audit and Remuneration Committee, the Board of Directors proposes to the Annual General Meeting that the remuneration of the sustainability reporting assurance provider be paid as per invoice approved by the company.

17. Election of the sustainability reporting assurance provider

In accordance with the recommendation of the Audit and Remuneration Committee, the Board of Directors proposes to the Annual General Meeting that KPMG Oy Ab, be elected as the company’s sustainability reporting assurance provider. KPMG Oy Ab has informed that Heli Tuuri, (ASA), would act as the Authorized Sustainability Auditor having principal responsibility.

18. Authorization of the Board of Directors to decide on the acquisition of the company’s own shares

The Board of Directors proposes that the Board be authorized by the Annual General Meeting to decide on the acquisition of a maximum of 150,000 of the company’s own shares in one or more instalments. The number of shares represents approximately 0.4 percent of the total number of the company’s shares at the time of the proposal. The shares would be acquired with funds from the company’s non-restricted equity, which means that the acquisition would reduce funds available for distribution. The shares would be acquired otherwise than in proportion to the shareholdings of the shareholders through public trading on Nasdaq Helsinki Ltd at the market price prevailing at the time of acquisition and in accordance with the rules and regulations of Nasdaq Helsinki Ltd. The shares would be acquired to be used as a part of the company’s incentive system, to be transferred for other purposes or to be cancelled. The authorization is proposed to include the right of the Board of Directors to decide on all of the other terms and conditions of the acquisition of the shares. The authorization is proposed to be valid for eighteen (18) months from the decision of the Annual General Meeting and to supersede the authorization granted by the 2025 Annual General Meeting.

19. Authorization of the Board of Directors to decide on the issuance of new shares and transfer of the company’s own shares

The Board of Directors proposes that the Board be authorized by the Annual General Meeting to decide on the issuance of new shares and the transfer of the company’s own shares in one or more instalments. The total number of shares to be issued or transferred pursuant to the authorization may not exceed 200,000 (new or the company’s own) shares, which represents approximately 0.5 percent of the total number of the company’s shares at the time of the proposal. Pursuant to the authorization, the Board may decide on a directed share issue in deviation from the shareholders’ pre-emptive rights for a weighty financial reason, such as the company’s incentive system, personnel share issue, developing the company’s capital structure, using the shares as consideration in possible company acquisitions or carrying out other business transactions. The share issue may be subject to a charge or free. A directed share issue can be free of charge only if there is a particularly weighty financial reason for the company and taking into account the interests of all of the company’s shareholders. The subscription price of the new shares and the amount paid for the company’s own shares would be recorded in the company’s reserve for invested non-restricted equity. The authorization is proposed to include the right of the Board of Directors to decide on all of the other terms and conditions of the share issue. The authorization is proposed to remain in force for a period of eighteen (18) months from the resolution of the Annual General Meeting and to supersede the authorization granted by the 2025 Annual General Meeting.

20. Resolution on the establishment of a Shareholders’ Nomination Board

The Board of Directors proposes to the Annual General Meeting that the company establishes a Shareholders’ Nomination Board and that its charter be approved with the principal terms set out below.

In accordance with the proposal, the duty of the Shareholders’ Nomination Board would be to prepare to the Annual General Meeting and, where necessary, to an Extraordinary General Meeting, proposals for the number, composition, and remuneration of the members of the Board of Directors. The Nomination Board would be established for an indefinite term until otherwise decided by a General Meeting. Under the proposal, the Shareholders’ Nomination Board would consist of up to four (4) members representing the company’s four (4) largest shareholders, determined based on the voting rights carried by all shares in the company on the last business day of May preceding the Annual General Meeting. If the Chair of the company’s Board of Directors is not a representative appointed by one of the largest shareholders, the Chair of the Board shall act as an expert member of the Nomination Board without being an official member and without voting rights.

The Nomination Board shall elect a chair from among its members. The term of office of the members of the Shareholders’ Nomination Board ends annually upon the appointment of the next Shareholders’ Nomination Board (appointed after the following Annual General Meeting).

The nomination procedure as well as the composition, duties, and operations of the Shareholders’ Nomination Board are defined in more detail in its charter. The proposed charter is available on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2026/.

21. Closing of the meeting

B. Documents of the Annual General Meeting

The proposals for the decisions on the matters on the agenda of the Annual General Meeting as well as this notice are available on Marimekko Corporation’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2026/. The company’s financial statements, the report of the Board of Directors (including the sustainability report), the auditor’s report, the assurance report on sustainability reporting, the remuneration report as well as the remuneration policy adopted by the Annual General Meeting of 2024 will be available on the company’s website on 26 March 2026 at the latest. Copies of these documents and of this notice will be sent to shareholders upon request. The minutes of the Annual General Meeting can be viewed on the company’s website as of 30 April 2026 at the latest.

C. Instructions for the participants in the Annual General Meeting

1. Shareholders registered in the shareholders’ register

Each shareholder who on the record date for the Annual General Meeting, 2 April 2026, is registered in the shareholders’ register of the company, held by Euroclear Finland Oy, has the right to participate in the Annual General Meeting. A shareholder whose shares are registered on their personal Finnish book-entry account (including equity savings account) is registered in the shareholders’ register of the company.

A shareholder who is registered in the company's Shareholder Register and who wants to participate in the Annual General Meeting is requested to register for the meeting no later than Wednesday 8 April 2026 at 4.00 p.m. (EEST), by which time the registration must be received.

Notice of participation can be given starting from Wednesday 11 March 2026 at 9.00 a.m. (EET):

a) by filling in the registration form on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2026/

Electronic registration requires strong electronic authentication of the shareholder or the shareholder’s proxy representative or legal representative with a Finnish, Swedish or Danish bank ID or mobile certificate. If shareholders use Suomi.fi-authorizations, registration requires the authorized person’s strong electronic authentication with Finnish online banking codes or a mobile certificate.

b) by mail or email

A shareholder registering by mail or email must submit the registration and advance voting form available on the company's website or corresponding information by mail to Innovatics Oy, General Meeting / Marimekko Oyj, Ratamestarinkatu 13 A, 00520 Helsinki, Finland or by email to [email protected].

In connection with the registration, a shareholder shall provide the requested information, such as their name, date of birth, business ID, email address, telephone number, the name of any assistant as well as the name, date of birth, phone number and/or email address of a possible proxy representative or legal representative. The personal data given by shareholders to Marimekko Corporation or Innovatics Oy is used only in connection with the Annual General Meeting and the processing of the necessary related registrations. For further information on how Marimekko processes personal data, please review Marimekko Corporation’s privacy notice regarding the Annual General Meeting, which is available at the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2026/ or contact the company by email at [email protected]. Please note that personal information provided in connection with registration by email is possibly sent through an unsecure connection on the shareholder’s own responsibility.

The shareholder, their authorized representative or proxy representative should, when necessary, be able to prove their identity and/or right of representation at the meeting venue.

Further information on registration is available during the registration period of the Annual General Meeting by calling Innovatics Oy at +358 10 2818 909 on business days from 9.00 a.m. to 12.00 noon and from 1.00 p.m. to 4.00 p.m.

2. Holder of nominee-registered shares

A holder of nominee-registered shares has the right to participate in the Annual General Meeting by virtue of those shares based on which the holder on the record date for the Annual General Meeting, 2 April 2026, would be entitled to be registered in the shareholders’ register of the company, held by Euroclear Finland Oy. In addition, participation in the Annual General Meeting requires that the shareholder on the basis of such shares has been temporarily registered in the shareholders’ register held by Euroclear Finland Oy by 13 April 2026 at 10.00 a.m. (EEST) at the latest. As regards nominee-registered shares, this constitutes due registration for the Annual General Meeting. Changes in shareholding after the record date for the Annual General Meeting do not affect the right to participate in the Annual General Meeting or the number of votes held by the shareholder.

A holder of nominee-registered shares is advised to well in advance request the necessary instructions regarding the temporary registration in the shareholders’ register of the company, the issuing of proxy documents, voting instructions and registration for the Annual General Meeting from their custodian bank as well as voting in advance. The account manager of the custodian bank shall register a holder of nominee-registered shares who wishes to participate in the Annual General Meeting to be temporarily entered into the shareholders’ register of the company by the time stated above and shall arrange advance voting on behalf of the holder of nominee-registered shares within the registration period for nominee-registered shares.

3. Proxy representative and powers of attorney

A shareholder may participate in the Annual General Meeting and exercise their rights at the meeting by way of proxy representation. Shareholders proxy representative may also vote in advance in the manner described in this notice. Electronic registration and advance voting on behalf of a shareholder requires strong electronic authentication of the proxy representative. A proxy representative shall provide a dated proxy document or otherwise in a reliable manner demonstrate their right to represent the shareholder at the Annual General Meeting. Should a shareholder participate in the Annual General Meeting by means of several proxy representatives representing the shareholder with shares on different book-entry accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration.

Proxy and voting instruction templates will be available on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2026/ on 11 March 2026 at the latest. Any proxy documents, including the advance voting form, are requested to be submitted preferably as an attachment with the electronic registration or alternatively by mail to Innovatics Oy, General Meeting / Marimekko Oyj, Ratamestarinkatu 13 A, 00520 Helsinki, Finland or by email to [email protected]. In addition to delivering the proxy documents, the shareholder or their proxy representative should register for the Annual General Meeting in the manner described above.

Instead of traditional proxy document, shareholders can use electronic authorization services of Suomi.fi. In that case the shareholder authorizes a named authorised person through Suomi.fi’s services at https://www.suomi.fi/e-authorizations by using the mandate theme “Representation at the General Meeting”. In connection with the registration, General Meeting Services require strong electronic authentication after which the electronic authorization is automatically verified. Strong electronic authentication requires Finnish online banking codes or a mobile certificate. For more information, please see Suomi.fi’s e-authorization pages at https://www.suomi.fi/e-authorizations/ as well as the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2026/.

4. Voting in advance

A shareholder whose shares are registered on the shareholder’s Finnish book-entry account can register and vote in advance on certain matters on the agenda of the Annual General Meeting from 11 March 2026 at 9.00 a.m. (EET) until 8 April 2026 at 4.00 p.m. (EEST) by the following means:

a) Through the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2026/

Electronic advance voting requires strong electronic authentication of the shareholder or the shareholder’s proxy representative or legal representative with a Finnish, Swedish or Danish bank ID or mobile certificate. If shareholders use Suomi.fi-authorizations, registration requires the authorized person’s strong electronic authentication with Finnish online banking codes or a mobile certificate.

b) Through mail or email

Shareholders can also submit the advance voting form available on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2026/ or corresponding information by mail to Innovatics Oy, General Meeting / Marimekko Oyj, Ratamestarinkatu 13 A, 00520 Helsinki, Finland or by email to [email protected]. The advance voting form will be available on the company’s website on 11 March 2026 at the latest.

In addition to voting in advance, the shareholder must register for the Annual General Meeting prior to the end of the registration period.

A shareholder who has voted in advance cannot request information under the Finnish Companies Act or request a vote at the General Meeting or change the given votes if they or their proxy representative is not present at the General Meeting venue.

With regards to holders of nominee-registered shares, the advance voting is performed via the account management organisation. The account management organisation may vote in advance on behalf of the holders of nominee-registered shares it represents, in accordance with the voting instructions provided by them, during the registration period for holders of nominee-registered shares.

A proposal subject to advance voting is considered to have been presented unchanged at the General Meeting. The terms and other instructions concerning the electronic voting are available on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2026/.

Further information on advance voting is available during the registration period of the Annual General Meeting by calling Innovatics Oy at +358 10 2818 909 on business days from 9.00 a.m. to 12.00 noon and from 1.00 p.m. to 4.00 p.m.

5. Other instructions and information

It is possible to follow the Annual General Meeting online via webcast. Instructions on following the webcast are available on the company’s website at https://company.marimekko.com/investors/management/general-meeting/annual-general-meeting-2026/. Following the Annual General Meeting via webcast is not considered participating in the Annual General Meeting or exercising shareholder rights.

Pursuant to Chapter 5, Section 25 of the Finnish Companies Act, a shareholder who is present at the Annual General Meeting has the right to request information with respect to the matters to be considered at the Annual General Meeting.

Changes in shareholding after the record date for the Annual General Meeting do not affect the right to participate in the Annual General Meeting or the number of votes held by the shareholder.

On the date of this notice, 12 February 2026, the total number of shares and votes in Marimekko Corporation is 40,649,170. On the date of this notice, the company holds 77,790 of its own shares, which do not entitle to voting at the Annual General Meeting.

Helsinki, 12 February 2026

MARIMEKKO CORPORATION
Board of Directors

Further information:
Anna Tuominen
Tel. +358 40 584 6944
[email protected]

DISTRIBUTION
Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2025, the company's net sales totaled EUR 190 million and comparable operating profit margin was 17.1 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 39 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 490 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com

HubSpot, Inc. (HUBS) Q4 2025 Earnings Call Transcript

Vertiv Holdings Co (VRT) Q4 2025 Earnings Call Transcript

MELVILLE, N.Y., Feb. 11, 2026 (GLOBE NEWSWIRE) -- BioRestorative Therapies, Inc. (“BioRestorative”, “BRTX” or the “Company”) (NASDAQ:BRTX), a late stage clinical regenerative medicine innovator focused on stem cell-based therapies and products, today announced the pricing of a public offering of 14,285,715 shares of common stock (or pre-funded warrants in lieu thereof) and warrants to purchase up to 14,285,715 shares of common stock, at a combined public offering price of $0.35 per share (or pre-funded warrant in lieu thereof) and accompanying warrants. The warrants will have an exercise price of $0.35 per share and will be exercisable immediately upon issuance and will expire five years from the date of issuance. The closing of the offering is expected to occur on or about February 13, 2026, subject to the satisfaction of customary closing conditions.

Rodman & Renshaw LLC is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from the offering are expected to be approximately $5.0 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for its clinical trials with respect to BRTX-100, pre-clinical research and development with respect to its ThermoStem Program, the development of its commercial biocosmeceuticals platform and for general corporate purposes and working capital.

A registration statement on Form S-1, as amended (File No. 333-293322), relating to the offering was declared effective by the Securities and Exchange Commission (the “SEC”) on February 11, 2026. The offering is being made only by means of a prospectus forming part of the effective registration statement relating to the offering. A preliminary prospectus relating to the offering has been filed with the SEC. Electronic copies of the final prospectus, when available, may be obtained on the SEC’s website at http://www.sec.gov and may also be obtained, when available, by contacting Rodman & Renshaw LLC at 600 Lexington Ave, Floor 32, New York, NY 10022, by phone at (212) 540-4414 or e-mail at [email protected].

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About BioRestorative Therapies, Inc.

BioRestorative (www.biorestorative.com) develops therapeutic products using cell and tissue protocols, primarily involving adult stem cells. As described below, our two core clinical development programs relate to the treatment of disc/spine disease and metabolic disorders, and we also operate a commercial BioCosmeceutical platform:

• Disc/Spine Program (brtxDISC™): Our lead cell therapy candidate, BRTX-100, is a product formulated from autologous (or a person’s own) cultured mesenchymal stem cells collected from the patient’s bone marrow. We intend that the product will be used for the non-surgical treatment of painful lumbosacral disc disorders or as a complementary therapeutic to a surgical procedure. The BRTX-100 production process utilizes proprietary technology and involves collecting a patient’s bone marrow, isolating and culturing stem cells from the bone marrow and cryopreserving the cells. In an outpatient procedure, BRTX-100 is to be injected by a physician into the patient’s damaged disc. The treatment is intended for patients whose pain has not been alleviated by non-invasive procedures and who potentially face the prospect of surgery. We have commenced a Phase 2 clinical trial using BRTX-100 to treat chronic lower back pain arising from degenerative disc disease. We have also obtained U.S. Food and Drug Administration (“FDA”) Investigational New Drug (“IND”) clearance to evaluate BRTX-100 in the treatment of chronic cervical discogenic pain.

• Metabolic Program (ThermoStem®): We are developing cell-based therapy candidates to target obesity and metabolic disorders using brown adipose (fat) derived stem cells (“BADSC”) to generate brown adipose tissue (“BAT”), as well as exosomes secreted by BADSC. BAT is intended to mimic naturally occurring brown adipose depots that regulate metabolic homeostasis in humans. Initial preclinical research indicates that increased amounts of brown fat in animals may be responsible for additional caloric burning as well as reduced glucose and lipid levels. Researchers have found that people with higher levels of brown fat may have a reduced risk for obesity and diabetes. BADSC secreted exosomes may also impact weight loss.

• BioCosmeceuticals: We operate a commercial BioCosmeceutical platform. Our current commercial product, formulated and manufactured using our cGMP ISO-7 certified clean room, is a cell-based secretome containing exosomes, proteins and growth factors. This proprietary biologic serum has been specifically engineered by us to reduce the appearance of fine lines and wrinkles and bring forth other areas of cosmetic effectiveness. Moving forward, we also intend to explore the potential of expanding our commercial offering to include a broader family of cell-based biologic aesthetic products and therapeutics via IND-enabling studies, with the aim of pioneering FDA approvals in the emerging BioCosmeceuticals space.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements as a result of various factors and other risks, including, without limitation, the completion, size and timing of the offering, the Company’s intended use of proceeds from the offering, and those set forth in the Company’s latest Form 10-K, filed with the Securities and Exchange Commission and subsequent filings with the SEC. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and the Company undertakes no obligation to update such statements.

CONTACT:

Stephen Kilmer
Investor Relations
Direct: (646) 274-3580
Email: [email protected]

Q4: 2026-02-11 Earnings SummaryEPS of $0.12 beats by $0.06

 |

Revenue of

$172.61M

(22.79% Y/Y)

beats by $11.25M

Fastly, Inc. (FSLY) Q4 2025 Earnings Call February 11, 2026 4:30 PM EST

Company Participants

Vernon Essi - Head of IR
Kip Compton - CEO & Director
Richard Wong - Chief Financial Officer

Conference Call Participants

Jeff Van Rhee - Craig-Hallum Capital Group LLC, Research Division
Frank Louthan - Raymond James & Associates, Inc., Research Division
Jonathan Ho - William Blair & Company L.L.C., Research Division
Fatima Boolani - Citigroup Inc., Research Division
Jackson Ader - KeyBanc Capital Markets Inc., Research Division
Paramveer Singh - Oppenheimer & Co. Inc., Research Division
Rudy Kessinger - D.A. Davidson & Co., Research Division

Presentation

Operator

Good afternoon. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fastly Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Vern Essi, Investor Relations at Fastly. Please go ahead.

Vernon Essi
Head of IR

Thank you, and welcome, everyone, to our fourth quarter 2025 earnings conference call. We have Fastly's CEO, Kip Compton, and CFO, Rich Wong with us today. The webcast of this call can be accessed through our website, fastly.com will be archived for 1 year. Also, a replay will be available by dialing (800) 770-2030 and referencing conference ID number 7543239, shortly after the conclusion of today's call. A copy of today's earnings press release, related financial tables and supplements, all of which are furnished in our 8-K filing today, can be found in the Investor Relations portion of Fastly's website along with the investor presentation.

During this call, we will make forward-looking statements, including statements related to the expected performance of our business, future financial results, product sales, strategy, long-term growth and overall future prospects. These statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to differ

Equinix, Inc. (EQIX) Q4 2025 Earnings Call Transcript

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.

Why this AI leader probably won't tumble from its mountain top any time soon.

Nvidia (NVDA +0.86%) has been the unquestioned leader in GPU chips for artificial intelligence (AI) data centers since the start of the AI boom in early 2023.

Perhaps the most impressive feat is that Nvidia, with $187 billion in trailing-12-month sales, continues to grow far faster than competitors such as Advanced Micro Devices and Broadcom, both of which are much smaller.

There's no doubt that competition will continue coming for Nvidia's crown. However, that shouldn't scare investors away from the AI leader. If you have $200 to invest, you can confidently buy Nvidia stock and hold it for the long term. Here is why.

Image source: Nvidia.

Entering a new era with Nvidia Rubin AI companies have primarily used Nvidia's GPU chips to train AI models over the past several years. But AI inference is becoming a bigger piece of the puzzle. Training AI involves feeding it data to make it intelligent, while inference consists of applying AI to real-world tasks.

Demand for inference is growing rapidly, with agentic AI and other complex use cases placing greater strain on AI chip memory. Memory strain causes slower response times in AI apps. A recent report indicated that OpenAI had grown frustrated with slow response times from Nvidia's GPUs and was allegedly exploring alternatives to supply 10% of its inference needs.

Nvidia's upcoming Rubin chip platform, the successor to Blackwell, features Inference Context Memory Storage (ICMS). The technology acts as a specialized memory layer between a GPU's fast (but small) memory and larger (but slower) external storage. The ICMS will store KV caches containing data generated as AI models work through prompts.

Rubin represents a crucial step forward for Nvidia as AI computing increasingly shifts toward inference.

The future is bright, and AI is only getting started OpenAI's reported dissatisfaction is a shot across Nvidia's bow, but it's still unlikely that a competitor will surpass it any time soon. Nvidia's entrenched hardware footprint is a tremendous competitive advantage and would take time and consistent effort to replace. It is still the gold standard.

Today's Change

(

0.86

%) $

1.63

Current Price

$

190.17

Plus, Nvidia isn't sitting still. The company recently announced a $20 billion deal to purchase the assets of Groq, a start-up specializing in AI inference chip technology. Nvidia entered a non-exclusive licensing agreement with Groq for its inference technology and hired Groq's CEO and key personnel to help develop it.

Nvidia clearly recognizes the need to continue innovating, and that bodes well for the stock's long-term prospects. Remember, next-level AI applications such as AI agents are only just getting started, and there are still enormous future opportunities in AI technologies, ranging from self-driving vehicles to humanoid robotics.

Analysts estimate that Nvidia's earnings will grow at an annualized rate of 37% over the long term. The stock trades at 46 times earnings, a valuation that leaves ample room for investment returns if Nvidia continues to perform at a high level as AI grows and matures over the next five years and beyond.

Justin Pope has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices and Nvidia. The Motley Fool recommends Broadcom. The Motley Fool has a disclosure policy.

Q4: 2026-02-11 Earnings SummaryEPS of $0.49 misses by $0.13

 |

Revenue of

$95.79M

(16.85% Y/Y)

misses by $3.82M

DoubleDown Interactive Co., Ltd. (DDI) Q4 2025 Earnings Call February 11, 2026 5:00 PM EST

Company Participants

Joseph Jaffoni - Investor Realtion Adviser
In Keuk Kim - CEO & Director
Joseph A. Sigrist - CFO & Director

Conference Call Participants

David Bain
Aaron Lee - Macquarie Research
Eric Handler - ROTH Capital Partners, LLC, Research Division
Josh Nichols - B. Riley Securities, Inc., Research Division
Eric Gregg - Four Tree Island Advisory LLC

Presentation

Operator

Good afternoon, and welcome to DoubleDown Interactive's Earnings Conference Call for the Fourth Quarter Ended December 31, 2025. My name is Sherry, and I will be your operator this afternoon.

Prior to this call, DoubleDown issued its financial results for the fourth quarter of 2025 in a press release, a copy of which is available in the Investor Relations section of the company's website at www.doubledowninteractive.com. You can find the link to the Investor Relations section at the top of the home page.

Joining us on today's call are DoubleDown's CEO, Mr. In Keuk Kim; and its CFO, Mr. Joe Sigrist. Following their remarks, we will open the call for questions. Before we begin, Joe Jaffoni, the company's Investor Relations adviser will make a brief introductory statement.

Joseph Jaffoni
Investor Realtion Adviser

Thank you, Sherry. Before management begins their formal remarks, we need to remind everyone that some of management's comments today will be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Act of 1934 as amended, and we hereby claim the protection of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are statements about future events and include expectations and projections not present or historical facts and can be identified by the use of words such as

Bain Capital Specialty Finance remains resilient amid sector headwinds, offering a 12.1% dividend yield and trading at a 22.47% discount to NAV. BCSF's portfolio is anchored by first lien debt, maintains low non-accruals at 0.7% of fair value, and demonstrates strong dividend coverage with spillover income. Despite NAV trending downward and limited net investment growth, BCSF's fundamentals support continued supplemental distributions over the next year.

Shopify continues to grow its revenue at a rapid rate. But is the stock overvalued?

E-commerce specialist Shopify (SHOP 7.22%) saw its shares take a hit on Wednesday following its latest earnings report. While revenue for its fourth quarter came in ahead of analysts' consensus forecast for the period, it marked a deceleration from its Q3 growth rate. During a period when many investors are expecting accelerated growth as companies integrate AI (artificial intelligence) into their businesses, the market may have been hoping for stronger growth than Wall Street analysts were.

But some investors may be wondering whether the tech stock's 6.7% decline on Wednesday went too far, potentially creating a buying opportunity. After all, it adds to an already difficult year for the growth stock. Unfortunately, I think shares remain overvalued, even after a more than 26% decline already in 2026.

Here's a closer look at why I'm not buying the dip in Shopify's stock price.

Image source: Getty Images.

Strong fourth-quarter results Just because I don't like the stock doesn't mean I can't like the business. And Shopify's fourth-quarter results continued to show a company firing on all cylinders.

Shopify's fourth-quarter revenue grew at an explosive rate, climbing 31% year over year. Additionally, its bottom-line performance was impressive. Net income, when excluding the impact of equity investments, rose about 30% year over year during the period.

And free cash flow, which represents its cash flow from operations less capital expenditures, remains a strength for Shopify. The company's free cash flow rose 17% year over year to $715 million. That translated into an impressive 19% free cash flow margin. And on a full-year basis, Shopify's free cash flow rose 26% year over year to more than $2 billion.

With strong free cash flow and no debt on its balance sheet, Shopify launched a massive share repurchase program, authorizing up to $2 billion to buy back its own stock.

"We are launching this share repurchase program from a position of financial and operating strength," said Shopify chief financial officer Jeff Hoffmeister in the company's earnings release, "as clearly demonstrated by the results we announced today."

Throughout the company's earnings call, management emphasized how AI is enhancing its business. And the company provided some encouraging numbers, too. Shopify president Harley Finkelstein said during the company's fourth-quarter earnings call that, since January 2025, orders on its platform from AI search have increased 15-fold. Of course, Finkelstein clarified that this is off a small base, but "that's still a really big jump in 12 months."

The company is also using AI to automate workflows and tasks for merchants, ushering in an era that Shopify calls agentic commerce.

Today's Change

(

-7.22

%) $

-9.19

Current Price

$

118.06

A frothy valuation With such impressive momentum in its underlying business, why am I still refraining from buying the dip in the growth stock's share price?

The main reason is valuation.

As of this writing, Shopify has a forward price-to-earnings ratio in the sixties. With a forward price-to-earnings ratio measuring a stock's valuation by looking at its price as a multiple of analysts' consensus forecast for earnings per share over the next 12 months, this is a good metric for evaluating a fast-growing company like Shopify.

But does Shopify really deserve a forward price-to-earnings ratio this high? I don't think so. To justify this valuation, Shopify would need to deliver exceptionally strong earnings-per-share growth for years to come. Being more specific, Shopify would likely need to grow its earnings per share at an average compound annual growth rate in the twenties or higher for the next decade to live up to this valuation. In other words, I think the valuation is a bit euphoric, leaving almost no room for any detours or slip-ups.

Further, with Shopify's top-line growth rate actually decelerating in Q4 compared to Q3, when revenue rose 32% year over year, it begs the question: Are AI commerce experiences simply cannibalizing traditional e-commerce channels, or will the era of agentic AI be incremental for Shopify?

With that said, even if AI helps Shopify gain more market share than it would without it, I think the current valuation already prices this in, so I'm not buying the stock today.

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