Market Signal Briefing

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A massive transfer of 116 million XRP from Kraken to Binance has sparked intense market speculation, as the $165 million transaction moves across major exchange rails. While such high-volume shifts often trigger "whale" warnings, a closer look at current order book depth and OTC patterns suggests this is a strategic play in liquidity rebalancing rather than a precursor to a retail sell-off.

The transfer in focus was 116,661,476 XRP, valued at $165,955,281 at the time of the alert. Whale Alert labeled it "unknown wallet to unknown wallet," while XRP-focused trackers like "XRPWallets" attributed the route of Kraken subwallet to Binance subwallet. 

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XRP price action and key support levelsPrice action helps frame why this is being watched. On the daily XRP-USD chart by TradingView, XRP is trading around $1.3616 after printing a session high near $1.4219 and a low near $1.35930, down 2.83% on the day. 

Daily XRP-USD chart by TradingViewThe sell-off in February has already pushed price below the $1.60688 per XRP level marked on the chart, and it is now pressing into the $1.35-$1.45 zone, with the October low near $0.99677 as the next major support if weakness continues.

Based on liquidity review, the timing of the transfer did not line up with a visible, sudden thickening of top-of-book asks that would suggest immediate distribution.

Institutional liquidity vs. sell-side intentOTC settlement frequently uses exchanges as rails. Inventory is staged, matched off-book, then transferred internally with less visible market impact. Large OTC prints can be hedged with derivatives, keeping spot reaction muted even at nine-figure transfers.

Another nearby transfer reinforces the pattern, with 104,855,849 XRP worth $146,949,435 also attributed as Kraken subwallet to Binance subwallet on Feb. 9. Repeated routing from the same source venue to the same destination venue is consistent with desk-level positioning and settlement logistics, not random wallet behavior.

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The practical read is that this is a liquidity signal, not a standalone bearish catalyst. If similar routes begin converting into confirmed hot-wallet inflows alongside expanding asks near the current price, the probability of sell-side intent rises.

Until then, the higher-confidence explanation remains inventory positioning and OTC-style settlement running through Binance’s rails.

LayerZero Labs has officially unveiled Zero, a new Layer 1 blockchain aimed at powering global financial markets on-chain. Announced on February 10, 2026, the network is being positioned as institutional-grade infrastructure for trading, clearing, settlement, and tokenization, and it’s launching with heavyweight backing from Citadel Securities, DTCC, Intercontinental Exchange (ICE), Google Cloud, ARK Invest, and Tether.

LayerZero says Zero is designed to function as permissionless financial market infrastructure, potentially enabling traditional capital markets to operate natively on blockchain rails.

Major Institutional Support and Strategic InvestmentsCitadel Securities and ARK Invest have made strategic investments by acquiring LayerZero’s native ZRO token. ARK also took an equity stake in LayerZero Labs, signaling deeper alignment with the project’s long-term vision.

Cathie Wood publicly endorsed the move, stating on X that after engaging with the team, she believes finance is moving on-chain and sees LayerZero as a core innovation platform for this “multi-decade shift.” She also joined LayerZero’s advisory board, marking her first such role in years.

Citadel Securities will contribute market structure expertise and evaluate Zero’s application in high-performance trading, clearing, and settlement workflows. DTCC will explore tokenization and collateral management use cases, while ICE plans to assess how the network could support 24/7 trading infrastructure. Google Cloud is partnering to examine blockchain infrastructure reliability and AI-driven payment systems.

Zero’s Architecture and Performance ClaimsLayerZero describes Zero as a “heterogeneous” blockchain that separates execution from verification using zero-knowledge proofs and proprietary technology called Jolt. This design aims to overcome replication bottlenecks seen in traditional blockchains.

The company claims Zero can process up to 2 million transactions per second, offering throughput up to 100,000 times faster than Ethereum and significantly higher than Solana. It also plans interoperability with more than 165 blockchains. Initial deployment will include an EVM-compatible zone, privacy payment rails, and a market-grade trading zone.

Launch Timeline and Broader ImpactZero is expected to launch in fall 2026, with ZRO as its native token. Governance and availability will depend on regulatory frameworks.

If successful, Zero could represent a major shift in blockchain adoption — moving beyond DeFi experimentation toward regulated, institutional-scale financial infrastructure designed to support the global economy on-chain.

Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

FAQsWhat is LayerZero Zero and how does it work?

Zero is a new institutional-grade Layer 1 blockchain designed to power global finance onchain. It separates execution from verification using zero-knowledge proofs and Jolt technology to process up to 2 million transactions per second.

When will LayerZero Zero launch and what is ZRO?

Zero is expected to launch in fall 2026. ZRO is its native token used for governance and network operations. Availability will depend on regulatory approvals and frameworks.

What real-world financial use cases does Zero support?

Zero is built for trading, clearing, settlement, and tokenization. Partners like DTCC and Citadel Securities are exploring collateral management, 24/7 trading infrastructure, and AI-driven payments on the network.

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Zand and Ripple Partner to Advance UAE’s Digital Economy with Stablecoin InnovationZand, a UAE-based AI and blockchain-powered digital bank, has partnered with Ripple to drive the nation’s digital economy, using Zand’s AED-backed stablecoin (AEDZ) and Ripple’s USD stablecoin (RLUSD). 

Building on their previous payments partnership, Zand and Ripple are expanding collaboration to drive innovation in digital assets. Initiatives include RLUSD support within Zand’s regulated custody, direct liquidity between AEDZ and RLUSD, and AEDZ issuance on the secure, transparent XRP Ledger (XRPL). 

Leveraging XRPL’s robust compliance and risk controls, Ripple is further enhancing institutional digital-asset management with advanced compliance, staking, and security solutions.

Furthermore, Deutsche Bank is collaborating with Ripple and SWIFT to develop a blockchain-powered ledger, enhancing the speed, security, and efficiency of cross-border payments.

Zand CEO Michael Chan welcomed the partnership, stating:

“We believe that leveraging stablecoins, blockchain technology, and tokenization, can unlock powerful new use cases as traditional finance moves on-chain. Our partnership with Ripple represents a significant step forward in the growth of the digital asset ecosystem, and has the potential to revolutionize how both governments and businesses engage with trusted blockchain solutions in the UAE.”

Zand and Ripple Partnership Paves the Way for the UAE’s Digital Finance FutureAEDZ is the UAE’s first regulated, multi-chain AED-backed stablecoin, fully backed by reserves in segregated, regulated accounts and independently audited for transparency and trust. 

Similarly, RLUSD is an enterprise-grade stablecoin backed by high-quality reserves, including USD deposits, short-term U.S. government bonds, and cash equivalents, reinforced by monthly third-party attestations to ensure reliability and transparency.

The global stablecoin market is set for explosive growth, potentially reaching $4 trillion in the coming years, driven by rising adoption in payments, DeFi, and institutional interest. 

In the UAE, stablecoins are a cornerstone of the Digital Economy Strategy, targeting a doubling of the digital economy’s contribution to non-oil GDP by 2032. Meanwhile, Latin America’s Bitso leverages XRP, RLUSD, and Ripple Payments to simplify cross-border transactions.

By integrating AI, blockchain, and tokenization, Zand and Ripple are set to transform cross-border payments, unlock new financial use cases, and connect traditional finance with the digital asset ecosystem, advancing innovation and strengthening the UAE’s vision as a global digital finance hub.

The Zand-Ripple partnership showcases how stablecoins and blockchain can power secure, efficient, and scalable financial solutions, accelerating the UAE’s digital economy.

ConclusionThe Zand-Ripple partnership highlights blockchain and stablecoins’ power to reshape finance. By merging regulatory compliance, advanced technology, and cross-border liquidity, it strengthens the UAE’s digital economy and sets a model for seamless integration of traditional and digital finance. 

Such initiatives drive innovation, boost financial inclusion, and position the UAE as a global leader in the evolving digital asset landscape.

Extreme FUD lingers after Bitcoin’s $60,000 rebound, with bearish social sentiment outweighing bullish posts.

Bitcoin (BTC) slipped back below $67,000 on Wednesday, February 11, extending a volatile stretch that began with last week’s drop to $60,000.

Despite that rebound from the lows, social data shows fear remains elevated, with traders split over whether the worst of the sell-off is over.

Social Sentiment Stays Bearish as Volatility Spikes Data shared by on-chain analytics firm Santiment shows a high ratio of bearish to bullish posts even after Bitcoin recovered from its $60,000 dip. According to the firm, retail traders seem hesitant to buy at current levels, while larger holders are facing less resistance in accumulating during periods of fear.

Santiment added that, historically, rebounds have often followed spikes in fear, though it did not claim this guarantees a bottom.

Meanwhile, short-term price action is still fragile, with market watcher Ash Crypto reporting that Bitcoin’s fall below $67,000 had liquidated roughly $127 million in long positions within four hours.

At the time of writing, market data from CoinGecko showed BTC trading around the $66,700 region, down about 3% in the last 24 hours and nearly 13% on the week. Over the past 30 days, the flagship cryptocurrency has fallen more than 27%, and it remains 47% below its October 2025 all-time high.

The 24-hour range between $66,600 and $69,900 is a reflection of ongoing intraday swings, while weekly price action has spanned from about $62,800 to $76,500, showing just how unstable conditions are.

You may also like: Miner Offloads $305M Bitcoin as Network Difficulty Sees Sharp Decline Analysts Warn of Extended Downturn as Bitcoin Struggles at $68K Robert Kiyosaki Says Bitcoin Is a Better Investment Than Gold – Here’s Why Volatility metrics support that view, with Binance data cited by Arab Chain analysts showing that Bitcoin’s seven-day annualized volatility has climbed to around 1.51, its highest reading since 2022. However, 30-day and 90-day measures remain lower at 0.81 and 0.56, suggesting recent turbulence has not yet evolved into a sustained high-volatility regime. According to the analysts, the average true range as a percentage sits near 0.075, which historically has been a compressed level that often comes right before a larger directional move.

Bear Market Comparisons Resurface An earlier report this week noted that Bitcoin has closed three consecutive weeks below its 100-week moving average, a pattern seen in previous bear markets. CryptoQuant founder Ki Young Ju wrote on February 9 that “Bitcoin is not pumpable right now,” arguing that selling pressure is limiting upside follow-through.

Other commentators, including Doctor Profit, have described the current structure as a wide consolidation range between $57,000 and $87,000, warning that sideways trading could precede another leg lower.

Furthermore, macro data is adding to the cautious tone, with XWIN Research Japan writing that weaker U.S. retail sales and easing wage growth mean that consumption is slowing, which may weigh on risk assets in the short term. The firm also noted a persistently negative Coinbase Premium Gap since late 2025, suggesting there’s weak U.S. spot demand compared to derivatives-driven activity.

Yet not all industry voices are focused solely on price cycles, with WeFi’s Maksym Sakharov saying he believes Bitcoin sentiment will eventually strengthen despite falling prices, but for different reasons than in past rallies.

“I believe Bitcoin sentiment will turn even stronger despite the falling prices, but this time it won’t be only about price or speculation, but also about real adoption,” Sakharov said.

In the meantime, BTC is sitting in a narrow zone between fear-driven pessimism and technical support near $60,000, with traders watching whether high volatility resolves higher or breaks lower in the weeks ahead.

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South Korea's Financial Supervisory Service launches a formal inspection of Bithumb over a $44 billion bitcoin overpayment accident and possible custody and control failures.

Bitcoin and ether extended declines, dragging down crypto-related stocks, even as gold and silver rallied. Feb 11, 2026, 11:36 a.m.

(CoinDesk)

What to know: Bitcoin and ether extended declines, dragging down crypto-related stocks, even as gold and silver rallied.Derivatives data show an extended deleveraging in bitcoin futures, with negative funding rates, cooling institutional demand and elevated options skew signaling defensive positioning despite some bottom-fishing.Onchain lender Spark debuted new institutional products that link offchain, custodied assets to DeFi markets, helping manage over $9 billion in stablecoin liquidity as its SPK token outperforms the broader crypto market.Bitcoin BTC$66,944.44 fell 2.4% in the past 24 hours to around $66,900, while ether ETH$1,950.42 lost 2.7% to trade back below $2,000. The broader CoinDesk 20 (CD20) index dropped 3.7%.

The declines weighed on crypto-related stocks. Coinbase (COIN) dropped about 4% in pre-market trading, while rival exchange Bullish (BLSH), which owns CoinDesk, fell 2.3%. Bitcoin treasury companies Strategy (MSTR) and Strive (ASST) also lost about 2.3%. Trading platform Robinhood (HOOD) fell 4.7% after saying fourth-quarter crypto earnings fell 38%.

STORY CONTINUES BELOW

Gold prices, in contrast, added around 0.9% to $5,070 an ounce while silver rose over 5% after weaker-than-expected U.S. retail sales data pointed to slowing consumer demand.

The dollar weakened, and Treasury yields fell as investors adjusted their expectations around interest-rate cuts. On Polymarket, odds of a Federal Reserve rate cut in March have risen from 7% to around 19% since the beginning of the month. On Kalshi they’ve reached 21%.

Derivatives PositioningBearish momentum in BTC futures is intensifying, with open interest falling further to $15.6 billion.The drop signals an extended deleveraging phase, underscored by funding rates falling deeper into negative territory on Binance (-6%) and Bybit (-0.50%), while a shrinking three-month basis (now at 1.6%) suggests institutional appetite is cooling rapidly.The bitcoin options market continues to signal high defensive caution as the one-week 25-delta skew has climbed to 23% even as call dominance remains steady at 55%, implying there's some bottom-fishing going on. Despite this localized tension, the implied volatility term structure remains unchanged, maintaining its hybrid state between backwardation and contango as the market balances expensive near-term protection with stabilized long-term volatility expectations.Coinglass data shows $297 million in 24-hour liquidations, with a 77-23 split between longs and shorts. BTC ($121 million), ETH ($89 million) and others ($16 million) were the leaders in terms of notional liquidations. The Binance liquidation heatmap indicates $66,100 as a core liquidation level to monitor in case of a price drop.Token TalkSpark, the onchain capital allocator incubated by Sky, introduced two new lending products targeting institutional borrowers, a move aimed at bridging the $33 billion offchain crypto lending market with decentralized finance.The products, Spark Prime and Spark Institutional Lending, extend the platform's reach beyond decentralized finance-native users. Spark Prime allows institutional clients to trade on margin and settle off-exchange while using collateral across both centralized and decentralized platforms.Spark Institutional Lending is built for firms that require regulated custody. Through integrations with custodians like Anchorage Digital, institutions can borrow against assets held offchain, tapping into Spark’s onchain markets without moving capital onchain themselves.Spark currently manages over $9 billion in stablecoin liquidity across DeFi and holds $5.2 billion in total value locked, per data from DefiLlama.Spark native token SPK, whose holders govern through the DAO the allocation and risk envelope for these products, is up more than 2% in the past 24 hours, outperforming the wider market.More For You

Tom Lee says stop timing the bottom and start buying the dip

3 hours ago

Thomas Lee, speaking on stage at Hong Kong Consensus 2026, said investors should be looking at opportunities as crypto is in the midst of a "mini winter."

What to know:

Fundstrat's Thomas Lee urged investors to view the sell-off as a buying opportunity, arguing that gold has likely peaked for the year and that bitcoin and ether are poised to outperformLee sees ether possibly needing a brief dip below $1,800 before a sustained recovery.Bitcoin fell back below $67,000 on Wednesday, extending a pullback from last week's rebound and marking a roughly 50 percent drawdown from its October record highs.Top Stories

TL;DR

Jobs Data Focus: Bitcoin trades near $66K to $67K as markets await the delayed U.S. jobs report, with forecasts calling for about 70,000 payroll additions and unemployment near 4.4%. Fed Rate Signals: Stronger‑than‑expected payrolls could reduce the odds of a June Fed rate cut, while analysts remain split and traders also eye Friday’s CPI release for inflation cues. Market Weakness: Altcoins fall 3% to 5%, Robinhood reports weaker crypto revenue, and analysts highlight reduced liquidity and retail disengagement.
Bitcoin slipped back into the $66K to $67K trading range as traders braced themselves for the long-awaited U.S. jobs report, which could potentially influence the Federal Reserve’s policy for its upcoming meeting. Since the beginning of the year, Bitcoin has been trapped in a downward trend, with slight recoveries here and there. The crypto market is experiencing a fragile sentiment, with investors struggling to cope with delayed economic data and a sharp decline in crypto trading activity.

Jobs Report Delay Heightens Market Sensitivity The U.S. employment report, postponed due to a short government shutdown, is set for release today and is expected to show modest job gains. Economists project about 70,000 new nonfarm payrolls in January, with the unemployment rate holding near 4.4%. Forecasts vary widely, ranging from a loss of 10,000 jobs to gains of up to 135,000, reflecting uncertainty around seasonal layoffs and sluggish labor conditions. Average hourly earnings are expected to rise 0.3% for the month. Traders are also watching Friday’s CPI release, which could further shape inflation expectations and influence the Fed’s next steps.

Market participants expect the Fed to keep rates unchanged until June after three cuts in late 2025. However, stronger‑than‑expected payrolls could reduce the likelihood of a June cut. The CME FedWatch tool shows nearly 50% odds of a 25 bps reduction. Analysts remain divided, with major institutions split on whether payrolls will exceed or fall short of estimates. Fed officials have also signaled differing views, while White House adviser Kevin Hassett warned of softer job gains ahead.

Bitcoin and Crypto Market Reacts to Macro Pressures At the time of writing, Bitcoin is trading at around $66,500, dropping 3%, according to on-chain data. Despite expectations that easier Fed policy typically supports risk assets, Bitcoin has struggled to sustain momentum. Analysts cite reduced liquidity, weak institutional participation, and fading speculative interest as the reasons behind the volatility.

Kaiko noted that a recent drawdown triggered $9 billion in liquidations and pushed stablecoin dominance above 10%, though falling volumes suggest retail disengagement rather than panic. Altcoins extended losses, with Ethereum down nearly 4% to trade below $2,000 and XRP also falling 4% to trade at $1.36. Solana, Polygon, and Cardano also declined. Meanwhile, Robinhood reported weaker‑than‑expected quarterly earnings, with crypto revenue dropping sharply and its stock sliding more than 8% in after‑hours trading.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

A token issued on the XRP Ledger with the name "XRP" is attracting attention in the XRP community.

In a tweet, XRP Ledger validator Vet shared a screenshot showing an issued token with the name "XRP" and the token code 5852500000000000000000000000000000000000.

Vet explains why this is so. According to the XRP Ledger validator, the currency code "XRP" is not allowed to be used for issued assets because there is only one XRP asset, which is the native token of the XRP Ledger.

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However, the hex currency code 5852500000000000000000000000000000000000 translates to "XRP" and is allowed to be issued, which the issuer did.

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Vet says the token is obviously not real XRP. This is because the real XRP is not issued by any issuer or has a trustline requirement. Vet noted that XRP is the only asset that does not require this, and any account can hold it.

XRP has a fixed maximum supply of 100 billion tokens, which were all issued at its 2012 inception, with no new tokens possible.

Ripple secures new partnershipsAviva Investors, the global asset management business of Aviva plc, and Ripple announced today a partnership with the intention of tokenizing traditional fund structures.

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Ripple will support Aviva Investors with the initiative as part of its broader efforts to bring traditional financial assets with real utility to the XRPL. The partnership marks Ripple’s first with an investment management business based in Europe, building upon its significant experience working with financial institutions in other regions.

Ripple recently announced it was extending its payments partnership with UAE bank Zand to explore a range of initiatives, from enabling support for Ripple’s RLUSD stablecoin within Zand’s regulated digital asset custody, to direct liquidity solutions between RLUSD and Zand’s AED-denominated stablecoin AEDZ, to the issuance of AEDZ on the XRPL.

Cryptocurrency prediction markets are forecasting that Ethereum’s (ETH) February downturn will persist through the rest of the month and that ETH will crash an additional 18% from its press time price of $1,950.

Such an expectation is consistent with the token’s recent price movements, as it is arguably the biggest loser among the largest digital assets by market cap. Since 2026 started, Ethereum is down 34.88%, while Bitcoin (BTC) fell 23.47% and XRP dropped 24.59%.

Ethereum, Bitcoin, and XRP price YTD charts. Source: Finbold Crypto markets see 1/20 odds of ETH rally to $2,800 in February Still, it is noteworthy that prediction traders on Polymarket are not particularly confident in their estimate for where ETH will land at the end of February. While it is true that a 18% drop to $1,600 is the most widely expected, the odds of actually hitting it are only at 29% at press time on February 11.

Other relatively popular forecasts are $1,400 – with 14% odds – $1,200 – with 5% – $2,800 – with 5% – and $3,000 – with odds of 3%.

Possible end-of-February Ethereum prices and press time odds of ETH hitting them. Source: Polymarket Furthermore, all targets between $800 and $4,000 are considered at least somewhat plausible by the Polymarket cryptocurrency prediction markets, as they all have a chance of at least 1% of being reached.

In contrast, prices between $4,200 and $5,000 are, at press time, apparently considered completely implausible with odds of less than 1%. 

It is also possible they have any backing due to the various trading bot strategies present on the market, as ‘yes’ might have been purchased for these simply due to the massive payout possible if ETH climbs above $4,200 somehow.

Similarly, the entire spread could easily be skewed by such strategies, though it is difficult to quantify to which extent.

Ethereum price prediction spread shows massive crypto market uncertainty What is less difficult to determine is that the very wide spread of prices deemed at least somewhat plausible for Ethereum shows the degree of uncertainty prevalent in the cryptocurrency market on February 11.

On the one hand, the bloodbath that started in late January convinced many traders and analysts that the downward part of the standard digital assets cycle has begun in earnest and that the many coins and tokens are now headed toward new lows.

On the other hand, there is a strong sense that the situation is dramatically different for the sector in previous years due to heightened institutional adoption and acceptance, investment vehicles such as spot exchange-traded funds (ETFs) for the largest cryptocurrencies, and a more favorable regulatory climate.

Such bullish factors have led some experts and traders to believe the latest price crash is temporary and that digital assets can still achieve new all-time highs later in 2026.

Featured image via Shutterstock

Michael Saylor, the outspoken Bitcoin (BTC) advocate and Strategy (previously MicroStrategy) co-founder, said on Tuesday that the company remains firmly committed to its long‑standing Bitcoin strategy, despite growing concerns about its financial risks.

Strategy Will Buy Bitcoin Every Quarter Speaking in an interview with CNBC, Saylor said Strategy plans to continue buying Bitcoin on a regular basis, regardless of price swings or skepticism from market observers. 

He said the company intends to add to its Bitcoin holdings every quarter and has no plans to reverse course. “I expect we’ll be buying bitcoin every quarter forever,” Saylor said.

Addressing concerns about the company’s debt load, Saylor was dismissive of the idea that a prolonged Bitcoin downturn could threaten Strategy’s finances. 

He said that even in a severe scenario, the company would manage its obligations through refinancing. “If Bitcoin falls 90% for the next four years, we’ll refinance the debt,” he said. “We’ll just roll it forward.”

Strategy currently carries more than $8 billion in total debt, much of it tied to convertible notes the company issued to fund Bitcoin purchases. Despite this leverage, Saylor said he believes lenders will continue to support the company even if Bitcoin prices decline sharply. 

Asked whether banks would still be willing to lend under those circumstances, he replied that Bitcoin’s inherent volatility does not undermine its long‑term value. “Yeah,” he said, “because the volatility of Bitcoin is such that it’s always going to be a value.”

Saylor also rejected any suggestion that Strategy might be forced to sell its Bitcoin holdings to shore up its balance sheet. He emphasized that liquidation is not part of the company’s plan and reiterated his belief in Bitcoin as a long‑term asset.

Short Sellers Increase Bets  Market sentiment around Strategy, however, has grown more cautious. Short interest in the company’s stock has risen sharply, increasing about 40% from a low point in September 2025, according to an analysis published by Barron’s. 

Roughly 30.5 million shares are now sold short, representing about 10% of the company’s public float. At the same time, long‑term investors have pulled back, with Strategy’s shares, MSTR, falling around 70% to current trading prices of $134. 

Despite the pressure on its stock, Strategy remains the largest corporate holder of Bitcoin. According to figures published on the company’s website, it holds 714,644 BTC, valued at approximately $49 billion at the time of writing. 

Saylor also noted that the company has sufficient liquidity to support its obligations, stating that Strategy has roughly two and a half years’ worth of cash on its balance sheet to cover dividend payments.

The 1-D chart shows BTC’s price trending downwards since October’s all-time high rally. Source: BTCUSDT on TradingView.com At the time of writing, Bitcoin was trading at around $69,192, registering losses of nearly 8% over the past seven days and 3% over the past 24 hours. 

Featured image from OpenArt, chart from TradingView.com 

The U.K. asset manager teamed up with Ripple to bring traditional fund structures onchain in its first tokenization push. Feb 11, 2026, 12:02 p.m.

Aviva Investors, the asset management arm of U.K. insurer Aviva (AV), plans to tokenize traditional fund structures on the XRP Ledger (XRPL) in a deal with blockchain firm Ripple, the companies said in a press release Wednesday.

The collaboration will see Ripple support Aviva Investors in issuing and managing tokenized funds on XRPL, a public blockchain designed for payments and financial transactions. The move marks Aviva Investors’ first foray into tokenization as it looks to integrate blockchain-based products into its lineup.

STORY CONTINUES BELOW

For Ripple, the agreement is a first partnership with a Europe-based investment manager, expanding its push to bring regulated financial assets onchain.

Asset managers have increasingly turned to tokenization to modernize fund infrastructure, using digital tokens to represent shares in money market funds, private credit, real estate and other strategies on a blockchain.

The approach promises faster settlement, lower operational costs and broader distribution, while enabling features such as fractional ownership and automated compliance.

Major firms including BlackRock, Franklin Templeton and Hamilton Lane have already introduced tokenized products, signaling a shift from pilot projects to live, regulated offerings aimed at institutional investors.

Aviva Investors and Ripple said they will work together through 2026 and beyond to develop tokenized fund structures on XRPL.

The ledger, which started up in 2012, has processed more than 4 billion transactions and supports over 7 million wallets, according to Ripple. It is maintained by 120 independent validators and does not rely on energy-intensive mining.

"We believe there are many benefits that tokenisation can bring to investors, including improvements in terms of both time and cost efficiency," said Jill Barber, chief distribution officer at Aviva Investors, in the release.

"We are committed to adopting technological advancements that we believe can bring about positive change for our business, and we think tokenized funds can be hugely beneficial to our clients,” she added.

Read more: Tokenization still at start of hype cycle, but needs more use cases, specialists say

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Franklin Templeton and SWIFT say the future of banking is 24/7 and natively on-chain

32 minutes ago

Tokenized funds and deposits are edging toward the mainstream, though regulation, infrastructure and security remain obstacles.

What to know:

Asset managers are putting money market funds onchain to enable 24/7 liquidity and lower servicing costs.Swift is building infrastructure to connect CBDCs and digital bank liabilities to global payment rails.Regulatory consistency and institutional-grade key management are critical for broader adoption.

With Bitcoin (BTC) still moving down into a bear market, who would be buying altcoins? That said, if conviction is still strong that certain altcoins are going to play a major role in tomorrow’s financial system, the currently oversold price levels for $ETH, $XRP, and $SOL are perhaps worth looking at?

Before looking at these altcoins it really must be kept in mind that the $BTC price is the big dog in the crypto market, and if Bitcoin is going to carry on going down, it will bring the altcoins with it, that is a very safe assumption.

Also, if $BTC loses another 10% of its value, $ETH will probably lose at least that, while $XRP and $SOL could lose 15% to 20% on top. This is a very scary market right now, but just like any asset can only go up for so long, before correcting, the same must hold true in the opposite direction. 

$1,950 down to $1,500 best buy level for $ETH

Source: TradingView

The higher time frames are best for looking at possible price reversals. The weekly $ETH chart above shows that the price is still making higher highs and higher lows, even if there is a huge amount of volatility between them. 

An ascending trendline can be drawn that has the last local low coming down to retest it perfectly. This trendline could also be redrawn to go through the pivot low of April 2025, and this would potentially line up with the major $1,500 horizontal support level - perhaps a better buy zone?

At the bottom of the chart, just as is the case for $BTC, both the Stochastic RSI and the RSI are at oversold levels. The RSI indicator in particular is approaching the level of the very bottom of the bear market in June 2022.

$XRP bounces here, or crashes down to $1.00 and below?

Source: TradingView

When looking at the weekly chart for $XRP it can be noticed that it is an odd one. Most of the price action takes place around the very low level of $0.10 to $0.70, and then there are huge spikes to the upside around every 4 years, which corresponds to the Bitcoin 4-year cycle. Is the price going to come all the way back down to the lower levels?

It may well do, but if Bitcoin, Ethereum and co. pivot back to the upside from hereabouts, $XRP is quite likely to follow suit. 

As things stand, the $XRP price is sitting on a decent support level now at $1.37. However, if this fails, a drop all the way to $1.00, or even $0.75 could be on the cards.

Unthinkable drop for $SOL price if $78 support fails

Source: TradingView

$SOL looks like a screaming buy as it comes down to the $78 major horizontal support. A candle wick recently went down through this level and sprang back up again, proving the willingness of buyers to step in here.

If this level does not hold, the almost unthinkable result would be a drop down to $47. Just like the previous two charts though, the Stochastic RSI and the RSI are at extreme bottoms. A bounce would appear to be the more likely prospect.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Vancouver, British Columbia--(Newsfile Corp. - February 11, 2026) - Medaro Mining Corp. (CSE: MEDA) (OTCID: MEDAF) (FSE: 1ZY) ("Medaro" or the "Company") is pleased to provide an update on its recently announced entry into Sweden, where the Company has staked approximately 1,130 hectares of mineral tenure in central Sweden within the broader Riddarhyttan-Bastnäs area of Skinnskatteberg Municipality, Västmanland County (the "Property").

The Company believes Sweden offers an increasingly attractive exploration and development environment given the European Union's accelerating focus on domestic supply chains for critical raw materials, Sweden's established mining and infrastructure base, and a regulatory regime that provides clear pathways for mineral tenure and permitting.

Sweden mining outlook: supportive demand and policy tailwinds

Sweden is positioned to play an expanding role in Europe's critical minerals supply chain. The EU Critical Raw Materials Act (CRMA) is designed to strengthen domestic extraction, processing, and recycling capacity and includes measures intended to shorten permitting timeframes for designated strategic projects (including published targets such as 27 months for extraction permits and 15 months for processing/recycling permits under the CRMA framework). (Internal Market and SMEs)

At the jurisdictional level, Sweden has publicly emphasized the strategic importance of critical minerals and responsible supply chains. Sweden joined the Sustainable Critical Mineral Alliance, underscoring a policy focus on high environmental, social and governance standards and sustainable sourcing. (Regeringskansliet)

Recent developments also point to continued momentum for critical mineral projects in-country. For example, Sweden approved a zoning plan for Talga's proposed graphite mine near Kiruna, with Swedish officials highlighting Sweden's role in supporting more independent European supply of critical raw materials. (MINING.COM)

Medaro believes these intersecting trends-EU demand pull, supply-chain security initiatives, and Sweden's emphasis on sustainable mining-create a constructive backdrop for disciplined, modern exploration.

Property overview

As previously disclosed, Medaro's staking package comprises two exploration permit applications totalling 1,131 hectares.

The Property is located in a region known for historical mining and mineral occurrences. Medaro considers the broader district to be geologically prospective for multiple mineralization styles, including iron-oxide copper-gold (IOCG), volcanogenic massive sulfide (VMS)/massive sulfide-style, and rare earth element (REE) mineralization.

About Medaro Mining Corp.

Medaro is a mineral exploration company focused on the acquisition and advancement of high-quality mineral projects in Sweden, Ontario, and Quebec.

For Further Information

Forward-Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements in this news release include, but are not limited to, statements regarding: (i) the granting of exploration permits and the timing thereof; (ii) the Company's ability to secure and maintain mineral tenure in Sweden, including in areas subject to overlapping applications; (iii) the prospectivity of the Property and the Company's exploration plans and anticipated benefits of modern exploration techniques; (iv) the Company's expectations regarding the mining and regulatory outlook in Sweden and the European Union, including any anticipated improvements to permitting timelines; and (v) the Company's business plans and strategy.

Forward-looking statements are based on management's reasonable assumptions, expectations, and estimates as of the date hereof, including assumptions regarding: the granting of required permits and approvals; access to capital; the accuracy of publicly available information; and general economic, market and regulatory conditions. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to: the risk that exploration permits are not granted or are granted on timelines different than expected; uncertainties in the interpretation of geological and technical data; exploration risks; commodity price fluctuations; changes in laws and regulations; social licence and stakeholder engagement risks; and general market and financing conditions.

Readers are cautioned not to place undue reliance on forward-looking statements. Medaro undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283504

Source: Medaro Mining Corp.

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Highlights

Hole 25MN-042 returned 5.22 g/t gold over 36.82 metres ("m"), including 19.86 g/t gold over 4.88 m.Hole 25MN-043 returned 0.36 g/t gold over 32.16 m and 9.03 g/t gold over 7.01 m, including 41.21 g/t gold over 1.37 m.Hole 25MN-041 returned 0.58 g/t gold over 16.15 m.11 holes pending assays, totalling 3,924 m, have been completed and are pending assay results.Vancouver, British Columbia--(Newsfile Corp. - February 11, 2026) - Scorpio Gold Corp. (TSXV: SGN) (OTCQB: SRCRF) (FSE: RY9) ("Scorpio Gold", or the "Company") is pleased to announce results from three holes from its 2025 drilling program at the Manhattan District Project ("Manhattan"), Nevada, USA: from the Phase Two program (25MN-041 through 25MN-043). The results are tabulated in Table 1 and discussed below. Scorpio Gold has drilled 44 drill holes to date from its Phase Two diamond drilling program, 25MN-011 through 25MN-045 and 26MN-046 through 26MN-054, for a grand total of 14,324 m. With the results herein, Scorpio Gold has reported assays on 33 of these (25MN-011 through 25MN-043), totalling 10,406 m, and assays are pending from 11 holes (25MN-044 through 25MN-045 and 26MN-046 through 26MN-054), totalling 3,924 m. The pending results will be reported as they come available and the holes are discussed briefly below.

"Results from our current three-rig diamond drilling program continue to reinforce the presence of strong grades along the main mineralized trend at Manhattan. As the program advances, we will continue stepping out along the Reliance Trend with the objective of adding ounces ahead of the next resource update. We have also planned several more aggressive step-outs designed to rapidly test the broader strike potential of the system, including pending results from exploration drill holes targeting new areas such as Black Mammoth," stated Harrison Pokrandt, Vice President of Exploration.

One hole was drilled along the Reliance Trend (25MN-042), one hole was drilled in the Gap Zone (25MN-041), and one hole was drilled in the East Pit area (25MN-043), see Figure 1. These holes were designed to add Inferred category resource blocks in areas where drill density was insufficient to categorise them as Inferred in the June 2025 estimate. The holes tested laterally and below the Inferred Resource Constraining Pit ("IRCP"), modelled at a gold price of USD $2,500 with a 0.3 g/t gold only cutoff grade, along with other inputs including: mill recovery of 90%, 50 degree pit slope angle for in-situ rock, mining costs of $3.00 per tonne for both ore and waste, milling costs of $15.00 per tonne processed, general administration cost of $3.50 per tonne processed and 2% royalty costs, and ore loss and dilution not applied. For further details see "Mineral Resource Estimate and NI 43-101 Technical Report, Manhattan Property, Nye County, Nevada" with an effective date of June 4, 2025, on Scorpio Gold's website, here.

Figure 1. Surface Plan Map of drill results with highlights noted.

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https://images.newsfilecorp.com/files/9779/283520_4a9139074452eb74_002full.jpg

Drill Hole ID
Hole DepthTarget
Azimuth / DipFrom (m)To (m)Intercept¹ (m)Gold (g/t)25MN-041Gap Zone11.4317.375.940.32203 m055° / -55°50.2956.396.100.77

79.25108.2028.960.28

111.86128.0216.150.5825MN-042Reliance Trend92.13105.3713.230.26269 m055° / -45°115.00119.364.362.14

127.01163.8336.825.22
including154.23159.114.8819.86

167.21175.568.350.22

189.80197.427.620.4425MN-043East Pit207.42239.5732.160.36276 m060° / -45°268.53275.547.019.03
including271.42272.801.3741.21¹ Intervals contain no more than 3 continuous metres grading less than 0.1 g/t gold, high grade samples were capped at 70 g/t gold.Table 1. Results from the current batch of drill holes. Note: There is insufficient geological information to estimate a true width for the drill intercepts reported.

Completed hole summaries, reported results, see Figure 1:

25MN-041: contained three intervals, all hosted in meta-sedimentary fine grained clastic units, of 5.94 m, 6.10 m, and 28.96 m, grading 0.32 g/t gold, 0.77 g/t gold, 0.28 g/t gold, 0.58 g/t gold respectively. One interval, hosted in limestone, of 16.15 m grading 0.58 g/t gold overlies and is adjacent to the volcanic tuff/caldera contact. See Figure 2, section A to A'.

25MN-042: contained five intervals, all hosted in meta-sedimentary fine grained clastic and limestone units, of 13.23 m, 4.36 m, 36.82 m, 8.35 m, and 7.62 m, grading 0.26 g/t gold, 2.14 g/t gold, 5.22 g/t gold, 0.22 g/t gold, and 0.44 g/t gold respectively. The 36.82 m length interval includes 4.88 m grading 19.86 g/t gold. See Figure 3, section B to B'.

25MN-043: contained two intervals, all hosted in meta-sedimentary fine grained clastic and quartzite units, of 32.16 m and 7.01 m, grading 0.36 g/t gold and 9.03 g/t gold respectively. The later interval includes 1.37 m grading 41.21 g/t gold and is open to depth. See Figure 4, section C to C'.

Figure 2. Section A-A', along trace of hole 25MN-041, showing gold grades with reported intervals highlighted.

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Figure 3. Section B-B', along trace of holes 25MN-042, showing gold grades with reported intervals highlighted.

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Figure 4. Section C-C', along trace of hole 25MN-043, showing gold grades with reported intervals highlighted.

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Completed hole summaries, assays pending, see Figure 5:

25MN-044: drilled near Mustang Hill, to the north, to test the faulted contact zone between caldera volcanics and older sedimentary units that host the current Inferred Mineral Resource.

25MN-045: drilled near Mustang Hill, to the north-northeast to test the faulted contact zone between caldera volcanics and older sedimentary units that host the current Inferred Mineral Resource.

26MN-046: drilled directly north of the historic East Pit, to test for a northerly extension of a westerly mineralised fault splay. A 50 m step-out from drill hole 25MN-043.

26MN-047: drilled as a 50 m step out on drill hole 25MN-042 to the north northwest, on the Reliance Trend.

26MN-048: drilled at Goldwedge to test the faulted contact zone between caldera volcanics and older sedimentary units that host the current Inferred Mineral Resource.

26MN-049: drilled directly north of the historic West Pit, along the Reliance Trend, a 50 m step-out to the southwest and at depth from drill hole 25MN-042.

26MN-050: exploration hole drilled along a structure recognised in the company's recently completed magnetic survey northwest of Mustang Hill, in a newly recognised are called Sloppy Gulch where a circular 1km diameter gold in soils anomaly defined at 100ppm gold where newly discovered historic workings were found.

26MN-051: drilled directly north of the historic East Pit, to test for a northerly extension of a westerly mineralised fault splay. A 50 m step-out to the southeast from drill hole 26MN-046.

26MN-052: drilled directly north of the historic West Pit, along the Reliance Trend, a 50 m step-out to the southwest from drill hole 26MN-049.

26MN-053: the first deep penetrating exploration hole at the peripheral Black Mammoth prospect, targeting the extension of the Reliance Trend where it intersects the Caldera Margin, as it extends northwest of Goldwedge.

26MN-054: drilled directly north of the historic East Pit, to test for a northerly extension of a westerly mineralised fault splay. A 50 m step-out to the northeast from drill hole 26MN-046.

Figure 5. Location and surface traces of completed holes with assays pending, with modelled structures and current Inferred Mineral Resource Block Model2.

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QA/QC

HQ sized diamond drill core samples were cut in halves, then bagged and secured with security tags to ensure integrity during transportation to the Reno, NV, Paragon Geochemical facility for preparation. For quality assurance ("QA"), unmarked coarse blanks, unmarked certified reference materials, and requested laboratory duplicates were inserted into the sampling sequence. QA samples were systematically inserted into each batch of samples, amounting to approximately 10% of the run of samples. Samples were analyzed for gold using method PA-AU02 (~500 g), a two-cycle PhotonAssayTM analysis of crushed material (70% passing 2 mm). All Paragon Geochemical facilities comply with ISO 17025:2017.

About the Manhattan District

Manhattan, located in the Walker Lane Trend of Nevada, USA, is road accessible and lies approximately 20 kilometers south of the operating Round Mountain Gold Mine, which has produced more than 15 million ounces of gold. For the first time, the Company has consolidated Manhattan's past-producing mines under a single entity that holds valuable permitting and water rights. Historically, Manhattan has produced approximately 700,000 ounces of gold from high-grade placer and lode operations dating from the late 1890s through to the mid-2000s.¹ The maiden mineral resource estimate (the "Maiden MRE") covering the Goldwedge and Manhattan Pit areas of Manhattan is comprised of 18,343,000 tonnes grading 1.26 g/t gold for a total of 740,000 oz contained gold in the inferred category.²

A historical mineral resource estimate (the "Historical MRE") covers the Black Mammoth, April Fool, Hooligan, Keystone, and Jumbo areas of Manhattan and comprises 1,652,325 tonnes grading 5.89 g/t gold for a total of 303,949 oz contained gold.³ The deposit is interpreted as a low-sulfidation, epithermal, gold-rich system situated adjacent to the Tertiary-aged Manhattan caldera in the Southern Toquima Range of Nevada. A "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") has not done sufficient work to make the Historical MRE current, and the Company is not treating the Historical MRE as current.

Notes

Adjacent Properties: The Company has no interest in, or rights to, any of the adjacent properties mentioned, including the Round Mountain Gold Mine, and exploration results on adjacent properties are not necessarily indicative of mineralization on the Company's properties. Any references to exploration results on adjacent properties are provided for information only and do not imply any certainty of achieving similar results on the Company's properties.Historical Data: This news release includes historical information that has been reviewed by the Company's qualified person. The Company's review of the historical records and information reasonably substantiate the validity of the information presented in this presentation. The Company encourages readers to exercise appropriate caution when evaluating these data and/or results.Third-Party Mineral Projects: These deposits are cited solely for geological context. The Company cautions that these properties are not necessarily adjacent to, nor does the Company or have any interest in or control over them. Although certain geological features may be similar, there is no assurance that mineralization comparable to these deposits will be discovered on any of the Company's properties. Information regarding the aforementioned deposits is taken from publicly available sources and technical reports believed to be reliable but has not been independently verified by the Company. The Company encourages readers to exercise appropriate caution when evaluating these data and/or results.Mineral Resource Estimate (MRE): All scientific and technical information relating to Manhattan pertaining to Maiden MRE contained in this news release is derived from the Technical Report dated October 23, 2025 (with an effective date of June 4, 2025) titled "Mineral Resource Estimate and NI 43-101 Technical Report" (the "Technical Report") prepared by Matthew R. Dumala, P.Eng (BC) of Archer Cathro Geological (US) Ltd., Patrick Loury, M.Sc., CPG (AIPG) of Daniel Kunz & Associates, Annaliese Miller, LG (WA) of Geosyntec Consultants, Inc. and Art Ibrado, PhD, PE (AZ) of Fort Lowell Consulting PPLC. The information contained herein in respect of the Maiden MRE is subject to all of the assumptions, qualifications and procedures set out in the Technical Report and reference should be made to the full text of the Technical Report, a copy of which has been filed with the applicable securities regulators and is available under the Company's profile on www.sedarplus.ca.Historical MRE: A Qualified Person has not done sufficient work to make the Historical MRE current, and the Company is not treating the Historical MRE as current. The Company considers the Historical MRE relevant as it demonstrates the presence of significant gold mineralization across multiple zones within Manhattan; however, its reliability is uncertain because it was prepared prior to the adoption of the current CIM Definition Standards and current QA/QC practices. The Historical MRE provides limited disclosure of assumptions, parameters, estimation methods, cutoff grades, and QA/QC protocols, and therefore these cannot be fully verified by the Company. The categories used in the historical estimate predate, and are not directly comparable to, current CIM Definition Standards, and the Company is not treating the Historical MRE as a current Mineral Resource Estimate. To upgrade and verify the Historical MRE in order to make it a current Mineral Resource Estimate, the Company would be required to undertake confirmatory drilling, modern QA/QC sampling, validation and digitization of historical datasets and updated geological modeling followed by the preparation of a new Mineral Resource Estimate in accordance with CIM Definition Standards and NI 43-101. The Company encourages readers to exercise appropriate caution when evaluating the Historical MRE.All scientific and technical information relating to Manhattan pertaining to the Historical MRE contained in this news release is derived from the Technical Report dated May 1997 titled "Exploration and Pre-Production Mine Development, Manhattan District Project, Nye County" (the "Historical Technical Report") prepared by New Concept Mining, Inc. The information contained herein in respect of the Historical MRE is subject to all the assumptions, qualifications and procedures set out in the Historical Technical Report and reference should be made to the full text of the Historical Technical Report.References: (1) Strachan, D. G., and Master, T. D., 2005: Update and Revision of the Gold Wedge Project Development, Nye County. Report prepared for Nevada; Royal Standard Minerals, Inc. and dated March 31, 2005; (2) Dumala, M. R., and Lowry, P., 2025: Mineral Resource Estimate and NI 43-101 Technical Report, Manhattan Property, Nye County, Nevada. Report prepared for Scorpio Gold Corporation and dated October 23, 2025 (with an effective date of June 4, 2025); and (3) Berry, A., and Willard, P., 1997: "Exploration and Pre-Production Mine Development, Manhattan District Project, Nye County". Report prepared for New Concept Mining, Inc. and dated May 1997. Qualified Person

The scientific and technical information in this news release has been reviewed, verified and approved by Thomas Poitras, P. Geo., Chief Geologist of Scorpio Gold, a "Qualified Person", as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Verification included review of laboratory certificates, review of field logs and chain-of-custody records, inspection of blank/standard/duplicate performance, and review of collar and down-hole survey data. No limitations or failures to verify were identified.

About Scorpio Gold Corp.

Scorpio Gold holds a 100% interest in the Manhattan District located in the Walker Lane Trend of Nevada, USA. Scorpio Gold's Manhattan District is ~4,780-hectares and comprises the advanced exploration-stage Goldwedge Mine, with a 400 ton per day maximum capacity gravity mill, and four past-producing pits that were acquired from Kinross in 2021 (see news release dated March 25, 2021). The consolidated Manhattan District presents an exciting late-stage exploration opportunity, with over 140,000 metres of historical drilling, significant resource potential, and valuable permitting and water rights.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD OF SCORPIO GOLD CORPORATION

Forward-Looking Statements

This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Forward-looking statements in this news release include, among others, statements relating to the timing, scope and interpretation of assay results; potential for resource growth; the potential continuity, extent and characteristics of mineralization along the Reliance Trend, Gap Zone, Zanzibar Trend and Mustang Hill; the intended follow-up exploration activities and timing of future disclosures, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company's business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company's securities, regardless of its operating performance.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283520

Source: Scorpio Gold Corp

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MCLEAN, Va.--(BUSINESS WIRE)--Hilton Worldwide Holdings Inc. ("Hilton," "the Company," "we," "us" or "our") (NYSE: HLT) today reported its fourth quarter and full year 2025 results. Highlights include:

Diluted EPS was $1.27 for the fourth quarter and $6.12 for the full year Diluted EPS, adjusted for special items, was $2.08 for the fourth quarter and $8.11 for the full year Net income was $298 million for the fourth quarter and $1,461 million for the full year Adjusted EBITDA was $946 million for the fourth quarter and $3,725 million for the full year System-wide comparable RevPAR increased 0.5 percent and 0.4 percent, on a currency neutral basis, for the fourth quarter and full year, respectively, compared to the same periods in 2024 Approved 37,400 new rooms for development during the fourth quarter, bringing our development pipeline to a record 520,500 rooms as of December 31, 2025, representing growth of 4 percent from December 31, 2024 Added 26,000 rooms to our system in the fourth quarter, resulting in 97,000 room openings for the full year, contributing to net unit growth of 6.7 percent from December 31, 2024 Issued $1.0 billion aggregate principal amount of 5.500% Senior Notes due 2034 in December 2025 Announced the launch of a new brand, Apartment Collection by Hilton, in January 2026 Expanded Hilton Honors Adventures in December 2025, welcoming Explora Journeys as the second partner, following AutoCamp in 2024, and expanding into luxury ocean travel Repurchased 2.8 million shares of Hilton common stock during the fourth quarter, bringing total capital return, including dividends, to $792 million for the quarter and $3.3 billion for the full year Full year 2026 system-wide RevPAR is projected to increase between 1.0 percent and 2.0 percent on a comparable and currency neutral basis compared to 2025; full year net income is projected to be between $1,982 million and $2,011 million; full year Adjusted EBITDA is projected to be between $4,000 million and $4,040 million Full year 2026 capital return is projected to be approximately $3.5 billion Net unit growth for 2026 is expected to be between 6.0% and 7.0% Overview

Christopher J. Nassetta, President & Chief Executive Officer of Hilton, said, "We delivered another quarter of strong bottom-line results, demonstrating the continued strength of our business model. As we look ahead to 2026, we are increasingly optimistic about the tailwinds building, including improving demand patterns, driven by broader macroeconomic growth and major global and domestic events, which, when paired with limited supply growth, should result in stronger RevPAR performance. The quality of our development pipeline, the introduction of our exciting new brands and partnerships, as well as the continued growth in the presence of our existing brands globally, give us confidence in delivering net unit growth between 6.0 percent and 7.0 percent in 2026 and beyond."

For the three months ended December 31, 2025, system-wide comparable RevPAR increased 0.5 percent compared to the same period in 2024 due to an increase in ADR, partially offset by modest occupancy declines. Management and franchise fee revenues increased 7.4 percent compared to the same period in 2024.

For the year ended December 31, 2025, system-wide comparable RevPAR increased 0.4 percent compared to the same period in 2024 due to an increase in ADR. Management and franchise fee revenues increased 6.4 percent compared to the same period in 2024.

For the three months ended December 31, 2025, diluted EPS was $1.27 and diluted EPS, adjusted for special items, was $2.08, compared to $2.06 and $1.76, respectively, for the three months ended December 31, 2024. Net income and Adjusted EBITDA were $298 million and $946 million, respectively, for the three months ended December 31, 2025, compared to $505 million and $858 million, respectively, for the three months ended December 31, 2024.

For the year ended December 31, 2025, diluted EPS was $6.12 and diluted EPS, adjusted for special items, was $8.11, compared to $6.14 and $7.12, respectively, for the year ended December 31, 2024. Net income and Adjusted EBITDA were $1,461 million and $3,725 million, respectively, for the year ended December 31, 2025, compared to $1,539 million and $3,429 million, respectively, for the year ended December 31, 2024.

Development

In the fourth quarter of 2025, we opened 190 hotels, totaling 26,000 rooms, resulting in 21,300 net room additions. Notable openings included the Waldorf Astoria Shanghai Qiantan in China and over 10 Tapestry Collection hotels, including the Anise Aluma Athens, Tapestry Collection by Hilton in Greece and the Diyar Ajwa, Tapestry Collection by Hilton in Saudi Arabia, continuing the expansion of the lifestyle brand across the globe. We expect to continue to see our Tapestry brand grow, with nearly 20 signings in the fourth quarter. Other notable lifestyle openings include the Canopy by Hilton Istanbul Taksim and the Canopy by Hilton Izmir Bomonti, representing the brand's first hotels in Türkiye. We also introduced our first Outset Collection by Hilton hotels with the openings of the Slackline Moab and ACME Hotel Chicago. In January 2026, we announced the launch of our new brand, Apartment Collection by Hilton, which will initially add as many as 3,000 incremental units to our already established base of apartment-style units in our system, with bookings starting in the first half of 2026.

We added 37,400 rooms to the development pipeline during the fourth quarter, and, as of December 31, 2025, our development pipeline totaled 3,703 hotels representing 520,500 rooms throughout 129 countries and territories, including 26 countries and territories where we had no existing hotels. Additionally, of the rooms in the development pipeline, almost half were under construction and more than half were located outside of the U.S.

Balance Sheet and Liquidity

As of December 31, 2025, we had $12.5 billion of debt outstanding, excluding the deduction for unamortized deferred financing costs and discount, with a weighted average interest rate of 4.76 percent. Excluding all finance lease liabilities, we had $12.1 billion of debt outstanding with a weighted average interest rate of 4.76 percent and no material indebtedness that matures prior to April 2027. We believe that we have sufficient sources of liquidity and access to debt markets to address the repayment of all indebtedness that becomes due at or prior to the respective maturity dates.

In December 2025, we issued $1.0 billion aggregate principal amount of 5.500% Senior Notes due 2034 and used a portion of the net proceeds to redeem all $500 million in aggregate principal amount of the 5.750% Senior Notes due 2028, plus accrued and unpaid interest. No borrowings were outstanding under our Revolving Credit Facility as of December 31, 2025, which had an available borrowing capacity of $1,894 million after considering $106 million of letters of credit outstanding. Total cash and cash equivalents were $970 million as of December 31, 2025, including $52 million of restricted cash and cash equivalents.

In December 2025, we paid a quarterly cash dividend of $0.15 per share of common stock, for a total payment of $35 million, bringing total dividend payments for the year to $143 million. In February 2026, our board of directors authorized a regular quarterly cash dividend of $0.15 per share of common stock to be paid on March 31, 2026 to holders of record of our common stock as of the close of business on February 27, 2026.

During the three months ended December 31, 2025, we repurchased 2.8 million shares of Hilton common stock at an average price per share of $272.40, for a total of $757 million. During the year ended December 31, 2025, we repurchased 12.5 million shares of Hilton common stock at an average price per share of $253.71, returning $3.3 billion of capital to shareholders, including dividends. The amount authorized remaining under our stock repurchase program as of December 31, 2025 was approximately $1.3 billion. In January 2026, our board of directors authorized an additional $3.5 billion for share repurchases under our stock repurchase program.

The number of shares outstanding as of February 6, 2026 was 229.3 million.

Outlook

Share-based metrics in Hilton's outlook include actual share repurchases through the fourth quarter but do not include the effects of potential share repurchases thereafter.

Full Year 2026

System-wide comparable RevPAR, on a currency neutral basis, is projected to increase between 1.0 percent and 2.0 percent compared to 2025. Diluted EPS is projected to be between $8.49 and $8.61. Diluted EPS, adjusted for special items, is projected to be between $8.65 and $8.77. Net income is projected to be between $1,982 million and $2,011 million. Adjusted EBITDA is projected to be between $4,000 million and $4,040 million. Contract acquisition costs and capital expenditures, excluding amounts reimbursed by third parties, are projected to be approximately $300 million. Capital return is projected to be approximately $3.5 billion. General and administrative expenses are projected to be approximately $400 million. Net unit growth is projected to be between 6.0 percent and 7.0 percent. First Quarter 2026

System-wide comparable RevPAR, on a currency neutral basis, is projected to increase between 1.0 percent and 2.0 percent compared to the first quarter of 2025. Diluted EPS is projected to be between $1.87 and $1.93. Diluted EPS, adjusted for special items, is projected to be between $1.91 and $1.97. Net income is projected to be between $436 million and $450 million. Adjusted EBITDA is projected to be between $875 million and $895 million. Conference Call

Hilton will host a conference call to discuss fourth quarter and full year 2025 results on February 11, 2026 at 9:00 a.m. Eastern Time. Participants may listen to the live webcast by logging on to the Hilton Investor Relations website at https://ir.hilton.com/events-and-presentations. A replay and transcript of the webcast will be available within 24 hours after the live event at https://ir.hilton.com/financial-reporting.

Alternatively, participants may listen to the live call by dialing 1-888-317-6003 in the United States ("U.S.") or 1-412-317-6061 internationally using the conference ID 0675957. Participants are encouraged to dial into the call or link to the webcast at least fifteen minutes prior to the scheduled start time. A telephone replay will be available for seven days following the call. To access the telephone replay, dial 1-855-669-9658 in the U.S. or 1-412-317-0088 internationally using the conference ID 1157393.

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. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, future financial results, liquidity and capital resources and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "forecasts," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties including, among others, risks inherent to the hospitality industry; macroeconomic factors beyond our control, such as inflation, changes in interest rates, challenges due to labor shortages or disputes and supply chain disruptions; the loss of key senior management personnel; competition for hotel guests and management and franchise contracts; risks related to doing business with third-party hotel owners; performance of our information technology systems; growth of reservation channels outside of our system; risks of doing business outside of the U.S.; risks associated with geopolitical conflicts; uncertainty resulting from U.S. and global political trends, tariffs and other policies, including potential barriers to travel, trade and immigration and other geopolitical events; and our indebtedness. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under the section entitled "Part I—Item 1A. Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which is filed with the Securities and Exchange Commission (the "SEC") and is accessible on the SEC's website at www.sec.gov. Such factors may be updated from time to time in our periodic filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which is expected to be filed with the SEC on or about the date of this press release. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Definitions

See the "Definitions" section for the definition of certain terms used within this press release, including within the schedules.

Non-GAAP Financial Measures

We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles ("GAAP") in this press release, including: net income, adjusted for special items; diluted EPS, adjusted for special items; Adjusted EBITDA; Adjusted EBITDA margin; net debt; and net debt to Adjusted EBITDA ratio. See the schedules to this press release, including the "Definitions" section, for additional information and reconciliations of such non-GAAP financial measures, as well as the most comparable GAAP financial measures.

About Hilton

Hilton (NYSE: HLT) is a leading global hospitality company with a portfolio of 26 world-class brands comprising more than 9,100 properties and over 1.3 million rooms, in 143 countries and territories. Dedicated to fulfilling its founding vision to fill the earth with the light and warmth of hospitality, Hilton has welcomed over 4 billion guests in its more than 100-year history. Named as the No. 1 World's Best Workplace by Great Place to Work and Fortune, Hilton aims to create the best culture for its 500,000 team members around the world. Hilton has introduced industry-leading technology enhancements to improve the guest experience, including Digital Key Share, automated complimentary room upgrades and the ability to book confirmed connecting rooms. Through the award-winning guest loyalty program Hilton Honors, the more than 243 million Hilton Honors members who book directly with Hilton can earn Points for hotel stays and experiences money can't buy. With the free Hilton Honors app, guests can book their stay, select their room, check in, unlock their door with a Digital Key and check out, all from their smartphone. Visit stories.hilton.com for more information, and connect with Hilton on facebook.com/hiltonnewsroom, x.com/hiltonnewsroom, linkedin.com/company/hilton, instagram.com/hiltonnewsroom and youtube.com/@hilton.

HILTON WORLDWIDE HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share amounts)

(unaudited)

  Three Months Ended

Year Ended

December 31,

December 31,

2025

2024

2025

2024

Revenues

Franchise and licensing fees

$

671

$

642

$

2,780

$

2,600

Base and other management fees

98

82

376

369

Incentive management fees

101

86

313

290

Ownership

345

333

1,233

1,255

Other revenues

65

53

252

232

1,280

1,196

4,954

4,746

Cost reimbursement revenues

1,807

1,587

7,085

6,428

Total revenues

3,087

2,783

12,039

11,174

Expenses

Ownership

292

293

1,094

1,126

Depreciation and amortization

47

39

177

146

General and administrative

95

97

393

415

Other expenses

57

44

132

137

491

473

1,796

1,824

Reimbursed expenses

1,994

1,821

7,550

6,985

Total expenses

2,485

2,294

9,346

8,809

Gain on sales of assets, net

—

—

—

5

Operating income

602

489

2,693

2,370

Interest expense

(165

)

(157

)

(620

)

(569

)

Loss on foreign currency transactions

(3

)

(7

)

(11

)

(12

)

Other non-operating income (loss), net

(5

)

11

10

(6

)

Income before income taxes

429

336

2,072

1,783

Income tax benefit (expense)

(131

)

169

(611

)

(244

)

Net income

298

505

1,461

1,539

Net income attributable to redeemable and nonredeemable noncontrolling interests

(1

)

—

(4

)

(4

)

Net income attributable to Hilton stockholders

$

297

$

505

$

1,457

$

1,535

Weighted average shares outstanding:

Basic

232

243

236

248

Diluted

234

246

238

250

Earnings per share:

Basic

$

1.28

$

2.08

$

6.18

$

6.20

Diluted

$

1.27

$

2.06

$

6.12

$

6.14

Cash dividends declared per share

$

0.15

$

0.15

$

0.60

$

0.60

HILTON WORLDWIDE HOLDINGS INC.

COMPARABLE AND CURRENCY NEUTRAL SYSTEM-WIDE HOTEL OPERATING STATISTICS

BY REGION, BRAND AND SEGMENT

(unaudited)

  Three Months Ended December 31,

Occupancy

ADR

RevPAR

2025

vs. 2024

2025

vs. 2024

2025

vs. 2024

System-wide

69.6

%

(0.3

)%

pts.

$

159.25

0.9

%

$

110.89

0.5

%

Region

U.S.

68.8

%

(0.9

)%

pts.

$

166.53

(0.2

)%

$

114.57

(1.6

)%

Americas (excluding U.S.)

67.2

1.2

153.44

2.0

103.12

3.8

Europe

75.1

1.5

170.11

3.1

127.82

5.3

Middle East & Africa

78.7

2.8

216.59

11.8

170.35

15.9

Asia Pacific

69.4

0.5

108.70

2.8

75.46

3.5

Brand(1)

Waldorf Astoria Hotels & Resorts

69.7

%

4.0

%

pts.

$

484.11

5.6

%

$

337.55

12.1

%

Conrad Hotels & Resorts

77.8

3.3

294.35

3.8

229.10

8.4

LXR Hotels & Resorts

66.5

8.6

483.71

10.9

321.50

27.4

Canopy by Hilton

74.0

2.4

227.96

(1.0

)

168.74

2.3

Hilton Hotels & Resorts

69.9

1.0

195.09

1.7

136.31

3.2

Curio Collection by Hilton

71.3

0.7

243.58

2.4

173.65

3.4

DoubleTree by Hilton

67.2

(0.4

)

146.26

1.6

98.26

1.0

Tapestry Collection by Hilton

66.8

0.8

184.80

0.6

123.40

1.8

Embassy Suites by Hilton

70.7

(1.1

)

177.28

(1.1

)

125.38

(2.6

)

Motto by Hilton

85.1

1.1

273.83

2.3

232.96

3.6

Hilton Garden Inn

67.8

(0.9

)

141.06

(0.5

)

95.65

(1.8

)

Hampton by Hilton

68.6

(1.0

)

126.42

(0.8

)

86.78

(2.2

)

Tru by Hilton

68.0

(1.4

)

121.82

(2.2

)

82.79

(4.2

)

Homewood Suites by Hilton

75.4

(0.9

)

154.61

(1.1

)

116.65

(2.2

)

Home2 Suites by Hilton

73.4

(0.5

)

133.32

—

97.81

(0.7

)

Segment

Management and franchise

69.5

%

(0.3

)%

pts.

$

158.10

0.8

%

$

109.84

0.3

%

Ownership(2)

81.9

3.0

238.78

3.0

195.61

6.9

HILTON WORLDWIDE HOLDINGS INC.

COMPARABLE AND CURRENCY NEUTRAL SYSTEM-WIDE HOTEL OPERATING STATISTICS

BY REGION, BRAND AND SEGMENT

(unaudited)

  Year Ended December 31,

Occupancy

ADR

RevPAR

2025

vs. 2024

2025

vs. 2024

2025

vs. 2024

System-wide

71.5

%

(0.1

)%

pts.

$

159.89

0.5

%

$

114.39

0.4

%

Region

U.S.

72.0

%

(0.5

)%

pts.

$

169.28

—

%

$

121.91

(0.8

)%

Americas (excluding U.S.)

68.3

0.5

153.79

4.4

105.06

5.1

Europe

74.3

0.8

168.43

1.8

125.13

2.9

Middle East & Africa

72.8

4.2

192.15

5.0

139.89

11.5

Asia Pacific

68.7

0.4

104.62

0.5

71.86

1.1

Brand(1)

Waldorf Astoria Hotels & Resorts

65.1

%

4.0

%

pts.

$

467.39

3.1

%

$

304.14

9.7

%

Conrad Hotels & Resorts

75.6

2.3

276.54

2.0

209.10

5.1

LXR Hotels & Resorts

60.3

5.0

489.67

0.2

295.34

9.2

Canopy by Hilton

73.6

2.2

227.75

(0.9

)

167.67

2.1

Hilton Hotels & Resorts

70.5

0.5

193.00

1.1

135.98

1.8

Curio Collection by Hilton

71.9

1.9

240.77

1.1

173.15

3.8

DoubleTree by Hilton

68.9

(0.1

)

145.70

0.9

100.35

0.7

Tapestry Collection by Hilton

68.2

0.3

186.52

0.9

127.30

1.3

Embassy Suites by Hilton

73.8

(0.9

)

184.36

(0.4

)

136.05

(1.6

)

Motto by Hilton

83.0

2.0

226.28

0.8

187.85

3.3

Hilton Garden Inn

70.4

(0.3

)

143.09

(0.5

)

100.68

(0.9

)

Hampton by Hilton

71.1

(0.6

)

130.00

(0.3

)

92.38

(1.2

)

Tru by Hilton

71.3

(0.4

)

127.68

(1.4

)

91.04

(2.0

)

Homewood Suites by Hilton

78.6

(0.5

)

159.47

(0.5

)

125.39

(1.1

)

Home2 Suites by Hilton

76.2

(0.4

)

137.20

0.2

104.54

(0.3

)

Segment

Management and franchise

71.5

%

(0.1

)%

pts.

$

159.02

0.5

%

$

113.64

0.3

%

Ownership(2)

78.1

2.0

224.80

2.1

175.47

4.8

HILTON WORLDWIDE HOLDINGS INC.

PROPERTY SUMMARY

As of December 31, 2025

  Ownership(1)

Managed

Franchised / Licensed

Total

Properties

Rooms

Properties

Rooms

Properties

Rooms

Properties

Rooms

Waldorf Astoria Hotels & Resorts

2

463

37

9,225

—

—

39

9,688

Conrad Hotels & Resorts

1

164

44

14,121

5

2,779

50

17,064

LXR Hotels & Resorts

—

—

7

1,155

11

1,788

18

2,943

NoMad

—

—

1

91

—

—

1

91

Signia by Hilton

—

—

5

3,293

—

—

5

3,293

Canopy by Hilton

—

—

14

2,393

34

6,103

48

8,496

Hilton Hotels & Resorts

43

14,660

309

130,725

270

83,226

622

228,611

Curio Collection by Hilton

—

—

31

7,720

165

30,629

196

38,349

Graduate by Hilton

—

—

—

—

35

5,881

35

5,881

DoubleTree by Hilton

—

—

169

45,523

546

114,615

715

160,138

Tapestry Collection by Hilton

—

—

8

2,479

184

21,385

192

23,864

Embassy Suites by Hilton

—

—

37

9,703

233

52,613

270

62,316

Tempo by Hilton

—

—

1

661

5

763

6

1,424

Outset Collection by Hilton

—

—

—

—

2

268

2

268

Motto by Hilton

—

—

—

—

10

2,261

10

2,261

Hilton Garden Inn

—

—

131

25,718

993

140,064

1,124

165,782

Hampton by Hilton

—

—

52

8,355

3,143

351,531

3,195

359,886

Tru by Hilton

—

—

14

1,565

324

31,372

338

32,937

Spark by Hilton

—

—

—

—

228

20,191

228

20,191

Homewood Suites by Hilton

—

—

8

1,020

551

63,223

559

64,243

Home2 Suites by Hilton

—

—

2

210

863

95,137

865

95,347

LivSmart Studios by Hilton

—

—

—

—

2

226

2

226

Strategic partner hotels(2)

—

—

—

—

509

23,567

509

23,567

Other(3)

—

—

3

803

12

3,278

15

4,081

Total hotels

46

15,287

873

264,760

8,125

1,050,900

9,044

1,330,947

Hilton Grand Vacations(4)

—

—

—

—

114

20,404

114

20,404

Total system

46

15,287

873

264,760

8,239

1,071,304

9,158

1,351,351

Ownership(1)

Managed

Franchised / Licensed

Total

Properties

Rooms

Properties

Rooms

Properties

Rooms

Properties

Rooms

U.S.

—

—

180

79,351

6,031

772,231

6,211

851,582

Americas (excluding U.S.)

1

405

69

18,118

432

55,895

502

74,418

Europe

37

10,662

113

28,116

754

90,987

904

129,765

Middle East & Africa

3

1,376

120

34,437

45

6,704

168

42,517

Asia Pacific

5

2,844

391

104,738

863

125,083

1,259

232,665

Total hotels

46

15,287

873

264,760

8,125

1,050,900

9,044

1,330,947

Hilton Grand Vacations(4)

—

—

—

—

114

20,404

114

20,404

Total system

46

15,287

873

264,760

8,239

1,071,304

9,158

1,351,351

HILTON WORLDWIDE HOLDINGS INC.

CAPITAL EXPENDITURES AND CONTRACT ACQUISITION COSTS

(dollars in millions)

(unaudited)

  Three Months Ended

December 31,

Increase / (Decrease)

2025

2024

$

%

Capital expenditures for property and equipment(2)

$

30

$

48

(18

)

(37.5)

Capitalized software costs(3)

22

31

(9

)

(29.0)

Total capital expenditures

52

79

(27

)

(34.2)

Contract acquisition costs, net of refunds(4)

128

18

110

NM(1)

Total capital expenditures and contract acquisition costs

$

180

$

97

83

85.6

Year Ended

December 31,

Increase / (Decrease)

2025

2024

$

%

Capital expenditures for property and equipment(2)

$

101

$

96

5

5.2

Capitalized software costs(3)

84

102

(18

)

(17.6)

Total capital expenditures

185

198

(13

)

(6.6)

Contract acquisition costs, net of refunds(4)

231

105

126

NM(1)

Total capital expenditures and contract acquisition costs

$

416

$

303

113

37.3

HILTON WORLDWIDE HOLDINGS INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

NET INCOME AND DILUTED EPS, ADJUSTED FOR SPECIAL ITEMS

(in millions, except per share data)

(unaudited)

  Three Months Ended

Year Ended

December 31,

December 31,

2025

2024

2025

2024

Net income attributable to Hilton stockholders, as reported

$

297

$

505

$

1,457

$

1,535

Diluted EPS, as reported

$

1.27

$

2.06

$

6.12

$

6.14

Special items:

Cost reimbursement revenues(1)

$

(1,807

)

$

(1,587

)

$

(7,085

)

$

(6,428

)

Reimbursed expenses(1)

1,994

1,821

7,550

6,985

Loss on debt guarantees(2)

—

—

—

50

FF&E replacement reserves

23

19

73

57

Gain on sales of assets, net

—

—

—

(5

)

Tax-related adjustments(3)

1

(274

)

4

(278

)

Other adjustments(4)

40

15

80

32

Total special items before taxes

251

(6

)

622

413

Income tax expense on special items

(61

)

(67

)

(149

)

(168

)

Total special items after taxes

$

190

$

(73

)

$

473

$

245

Net income, adjusted for special items

$

487

$

432

$

1,930

$

1,780

Diluted EPS, adjusted for special items

$

2.08

$

1.76

$

8.11

$

7.12

HILTON WORLDWIDE HOLDINGS INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

NET INCOME MARGIN AND

ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN

(dollars in millions)

(unaudited)

  Three Months Ended

Year Ended

December 31,

December 31,

2025

2024

2025

2024

Net income

$

298

$

505

$

1,461

$

1,539

Interest expense

165

157

620

569

Income tax expense (benefit)

131

(169

)

611

244

Depreciation and amortization expenses

47

39

177

146

Gain on sales of assets, net

—

—

—

(5

)

Loss on foreign currency transactions

3

7

11

12

Loss on debt guarantees(1)

—

—

—

50

FF&E replacement reserves

23

19

73

57

Share-based compensation expense

35

36

170

176

Amortization of contract acquisition costs

15

13

57

50

Cost reimbursement revenues(2)

(1,807

)

(1,587

)

(7,085

)

(6,428

)

Reimbursed expenses(2)

1,994

1,821

7,550

6,985

Other adjustments(3)

42

17

80

34

Adjusted EBITDA

$

946

$

858

$

3,725

$

3,429

Three Months Ended

Year Ended

December 31,

December 31,

2025

2024

2025

2024

Total revenues, as reported

$

3,087

$

2,783

$

12,039

$

11,174

Add: amortization of contract acquisition costs

15

13

57

50

Less: cost reimbursement revenues(1)

(1,807

)

(1,587

)

(7,085

)

(6,428

)

Total revenues, as adjusted

$

1,295

$

1,209

$

5,011

$

4,796

Net income

$

298

$

505

$

1,461

$

1,539

Net income margin

9.7

%

18.2

%

12.1

%

13.8

%

Adjusted EBITDA

$

946

$

858

$

3,725

$

3,429

Adjusted EBITDA margin

73.0

%

71.0

%

74.4

%

71.5

%

HILTON WORLDWIDE HOLDINGS INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

LONG-TERM DEBT TO NET INCOME RATIO AND

NET DEBT AND NET DEBT TO ADJUSTED EBITDA RATIO

(dollars in millions)

(unaudited)

  December 31,

2025

2024

Long-term debt, including current maturities

$

12,363

$

11,151

Add: unamortized deferred financing costs and discount

96

85

Long-term debt, including current maturities and excluding the deduction for unamortized deferred financing costs and discount

12,459

11,236

Less: cash and cash equivalents

(918

)

(1,301

)

Less: restricted cash and cash equivalents

(52

)

(75

)

Net debt

$

11,489

$

9,860

Net income

$

1,461

$

1,539

Long-term debt to net income ratio

8.5

7.2

Adjusted EBITDA

$

3,725

$

3,429

Net debt to Adjusted EBITDA ratio

3.1

2.9

HILTON WORLDWIDE HOLDINGS INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

OUTLOOK: NET INCOME AND DILUTED EPS, ADJUSTED FOR SPECIAL ITEMS

(in millions, except per share data)

(unaudited)

  Three Months Ending

March 31, 2026

Low Case

High Case

Net income attributable to Hilton stockholders

$

435

$

449

Diluted EPS(1)

$

1.87

$

1.93

Special items(2):

FF&E replacement reserves

$

11

$

11

Other adjustments

1

1

Total special items before taxes

12

12

Income tax expense on special items

(3

)

(3

)

Total special items after taxes

$

9

$

9

Net income, adjusted for special items

$

444

$

458

Diluted EPS, adjusted for special items(1)

$

1.91

$

1.97

Year Ending

December 31, 2026

Low Case

High Case

Net income attributable to Hilton stockholders

$

1,979

$

2,008

Diluted EPS(1)

$

8.49

$

8.61

Special items(2):

FF&E replacement reserves

$

43

$

43

Other adjustments

5

5

Total special items before taxes

48

48

Income tax expense on special items

(10

)

(10

)

Total special items after taxes

$

38

$

38

Net income, adjusted for special items

$

2,017

$

2,046

Diluted EPS, adjusted for special items(1)

$

8.65

$

8.77

HILTON WORLDWIDE HOLDINGS INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

OUTLOOK: NET INCOME AND ADJUSTED EBITDA

(in millions)

(unaudited)

  Three Months Ending

March 31, 2026

Low Case

High Case

Net income

$

436

$

450

Interest expense

164

164

Income tax expense

159

165

Depreciation and amortization expenses

48

48

FF&E replacement reserves

11

11

Share-based compensation expense

40

40

Amortization of contract acquisition costs

16

16

Other adjustments(1)

1

1

Adjusted EBITDA

$

875

$

895

Year Ending

December 31, 2026

Low Case

High Case

Net income

$

1,982

$

2,011

Interest expense

720

720

Income tax expense

791

802

Depreciation and amortization expenses

201

201

FF&E replacement reserves

43

43

Share-based compensation expense

192

192

Amortization of contract acquisition costs

65

65

Other adjustments(1)

6

6

Adjusted EBITDA

$

4,000

$

4,040

HILTON WORLDWIDE HOLDINGS INC.
DEFINITIONS

Net Income (Loss), Adjusted for Special Items, and Diluted EPS, Adjusted for Special Items

Net income (loss), adjusted for special items is calculated as net income (loss) attributable to Hilton stockholders, as reported, plus total special items after taxes. Net income (loss), adjusted for special items, and diluted earnings (loss) per share ("EPS"), adjusted for special items, are not recognized terms under GAAP and should not be considered as alternatives to net income (loss), diluted EPS or other measures of financial performance or liquidity derived in accordance with GAAP. In addition, our definition of net income (loss), adjusted for special items, and diluted EPS, adjusted for special items, may not be comparable to similarly titled measures of other companies.

Net income (loss), adjusted for special items, and diluted EPS, adjusted for special items, are included to assist investors in performing meaningful comparisons of past, present and future operating results and as a means of highlighting the results of our ongoing operations.

Adjusted EBITDA, Net Income (Loss) Margin and Adjusted EBITDA Margin

Adjusted EBITDA is calculated as net income (loss), excluding interest expense, a provision for income tax benefit (expense) and depreciation and amortization expenses, as well as gains, losses, revenues and expenses earned or incurred in connection with: (i) asset dispositions for both consolidated and unconsolidated investments; (ii) foreign currency transactions; (iii) debt restructurings and retirements; (iv) furniture, fixtures and equipment ("FF&E") replacement reserves required under certain lease agreements; (v) share-based compensation; (vi) reorganization, severance, relocation and other expenses; (vii) non-cash impairment; (viii) amortization of contract acquisition costs; (ix) cost reimbursement revenues and reimbursed expenses; and (x) other items.

Net income (loss) margin represents net income (loss) as a percentage of total revenues. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of total revenues, adjusted to exclude the amortization of contract acquisition costs and cost reimbursement revenues.

We believe that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors about us and our financial condition and results of operations for the following reasons: (i) these measures are used by our management team to evaluate our operating performance and make day-to-day operating decisions and (ii) these measures are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in our industry. Additionally, these measures exclude certain items that can vary widely across different industries and among competitors within our industry. For instance, interest expense and income taxes are dependent on company specifics, including, among other things, capital structure and operating jurisdictions, respectively, and, therefore, could vary significantly across companies. Depreciation and amortization expenses, as well as amortization of contract acquisition costs, are dependent upon company policies, including the method of acquiring and depreciating assets and the useful lives that are assigned to those depreciating or amortizing assets for accounting purposes. We also exclude items such as: (i) FF&E replacement reserves for leased hotels to be consistent with the treatment of capital expenditures for property and equipment, where depreciation of such capitalized assets is reported within depreciation and amortization expenses; (ii) share-based compensation, as this could vary widely among companies due to the different plans in place and the usage of them; and (iii) other items that are not reflective of our operating performance, such as amounts related to debt restructurings and debt retirements and reorganization and related severance costs, to enhance period-over-period comparisons of our ongoing operations. Further, Adjusted EBITDA excludes both cost reimbursement revenues and reimbursed expenses as we contractually do not operate the related programs to generate a profit and have contractual rights to adjust future collections to recover prior period expenditures. The direct reimbursements from property owners are billable and reimbursable as the costs are incurred and have no net effect on net income (loss) in the reporting period. The indirect reimbursements from property owners are typically billed and collected monthly, based on the underlying hotel's sales or usage (e.g., gross room revenue or number of reservations processed), while the associated costs are recognized as incurred by Hilton, creating timing differences, with the net effect impacting net income (loss) in the reporting period. These timing differences are due to our discretion to spend in excess of revenues earned or less than revenues earned in a single period to ensure that the programs are operated in the best long-term interests of our property owners. However, over the life of the operation of these programs, the expenses incurred related to the indirect reimbursements are designed to equal the revenues earned from the indirect reimbursements over time such that, in the long term, the programs will not earn a profit or generate a loss and do not impact our economics, either positively or negatively. Therefore, the net effect of our reimbursed revenues and expenses is not used by management to evaluate our operating performance, determine executive compensation or make other operating decisions, and we exclude their impact when evaluating period over period performance results.

Adjusted EBITDA and Adjusted EBITDA margin are not recognized terms under GAAP and should not be considered as alternatives, either in isolation or as a substitute, for net income (loss), net income (loss) margin or other measures of financial performance or liquidity, including cash flows, derived in accordance with GAAP. Further, Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, may not be comparable to similarly titled measures of other companies and should not be considered as other methods of analyzing our results as reported under GAAP.

Net Debt, Long-Term Debt to Net Income (Loss) Ratio and Net Debt to Adjusted EBITDA Ratio

Long-term debt to net income (loss) ratio is calculated as the ratio of Hilton's long-term debt, including current maturities, to net income (loss). Net debt is calculated as: long-term debt, including current maturities and excluding the deduction for unamortized deferred financing costs and discounts; reduced by: (i) cash and cash equivalents and (ii) restricted cash and cash equivalents. Net debt to Adjusted EBITDA ratio is calculated as the ratio of Hilton's net debt to Adjusted EBITDA. Net debt and net debt to Adjusted EBITDA ratio, presented herein, are non-GAAP financial measures that the Company uses to evaluate its financial leverage.

Net debt should not be considered as a substitute to debt presented in accordance with GAAP, and net debt to Adjusted EBITDA ratio should not be considered as an alternative to measures of financial condition derived in accordance with GAAP. Net debt and net debt to Adjusted EBITDA ratio may not be comparable to similarly titled measures of other companies. We believe net debt and net debt to Adjusted EBITDA ratio provide useful information about our indebtedness to investors as they are frequently used by securities analysts, investors and other interested parties to compare the indebtedness between companies.

Comparable Hotels

We define our comparable hotels as those that were active and operating in our system for at least one full calendar year and were open January 1st of the previous year. We exclude hotels that have undergone a change in brand or ownership type or a large-scale capital project during the current or comparable periods or otherwise do not have available comparable results, such as those that have sustained substantial property damage or encountered business interruption. We exclude strategic partner hotels from our comparable hotels. Of the 9,044 hotels in our system as of December 31, 2025, 509 hotels were strategic partner hotels and 6,162 hotels were classified as comparable hotels. Our 2,373 non-comparable hotels as of December 31, 2025 included (i) 1,281 hotels that were added to our system after January 1, 2024 or that have undergone a change in brand or ownership type during the current or comparable periods reported and (ii) 1,092 hotels that were removed from the comparable group for the current or comparable periods reported because they underwent or are undergoing large-scale capital projects, sustained substantial property damage, encountered business interruption or comparable results were otherwise not available for them.

Occupancy

Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels for a given period. Occupancy measures the utilization of available capacity at a hotel or group of hotels. Management uses occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help management determine achievable Average Daily Rate ("ADR") pricing levels as demand for hotel rooms increases or decreases.

ADR

ADR represents hotel room revenue divided by the total number of room nights sold for a given period. ADR measures the average room price attained by a hotel, and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in the industry, and we use ADR to assess pricing levels that we are able to generate by type of customer, as changes in rates charged to customers have different effects on overall revenues and incremental profitability than changes in occupancy, as described above.

Revenue per Available Room ("RevPAR")

RevPAR is calculated by dividing hotel room revenue by the total number of room nights available to guests for a given period. We consider RevPAR to be a meaningful indicator of our performance as it provides a metric correlated to two primary and key drivers of operations at a hotel or group of hotels, as previously described: occupancy and ADR. RevPAR is also a useful indicator in measuring performance over comparable periods for comparable hotels.

References to occupancy, ADR and RevPAR are presented on a comparable basis, based on the comparable hotels as of December 31, 2025, and references to ADR and RevPAR are presented on a currency neutral basis, unless otherwise noted. As such, comparisons of these hotel operating statistics for the three months and years ended December 31, 2025 and 2024 use foreign currency exchange rates for the three months and year ended year ended December 31, 2025, respectively.

Pipeline

Rooms under construction include rooms for hotels under construction or operating hotels that are in the process of conversion to our system.

More News From Hilton Worldwide Holdings Inc.

LOUISVILLE, Ky.--(BUSINESS WIRE)--Humana Inc. (NYSE: HUM) today reported consolidated pretax results and net (loss) earnings per share (EPS) for the quarter ended December 31, 2025 (4Q25) versus the quarter ended December 31 31, 2024 (4Q24) and for the year ended December 31, 2025 (FY 2025) versus the year ended December 31, 2024 (FY 2024) as noted in the tables below.

Consolidated (loss) income before income taxes and equity in net losses (pretax results)

in millions

4Q25 (a)

4Q24 (a)

FY 2025 (a)

FY 2024 (a)

Generally Accepted Accounting Principles (GAAP)

($1,011

)

($862

)

$1,555

$1,721

Amortization associated with identifiable intangibles

8

14

51

60

Put/call valuation adjustments associated with company's non-consolidating minority interest investments

53

155

513

296

Value creation initiatives

129

130

449

281

Impact of exit of employer group commercial medical products business

—

67

(62

)

144

Settlement of certain litigation expenses

—

—

15

—

Loss on sale of business

4

—

67

—

Impairment charges

221

200

253

200

Adjusted (non-GAAP)

($596

)

($296

)

$2,841

$2,702

(Net loss per share) EPS

4Q25 (a)

4Q24 (a)

FY 2025 (a)

FY 2024 (a)

GAAP

($6.61

)

($5.76

)

$9.84

$9.98

Amortization associated with identifiable intangibles

0.07

0.12

0.42

0.50

Put/call valuation adjustments associated with company's non-consolidating minority interest investments

0.45

1.29

4.25

2.45

Value creation initiatives

1.07

1.08

3.72

2.33

Impact of exit of employer group commercial medical products business

—

0.55

(0.52

)

1.19

Settlement of certain litigation expenses

—

—

0.13

—

Loss on sale of business

0.03

—

0.55

—

Impairment charges

1.83

1.66

2.09

1.65

Cumulative net tax impact of non-GAAP adjustments

(0.80

)

(1.10

)

(3.34

)

(1.89

)

Adjusted (non-GAAP)

($3.96

)

($2.16

)

$17.14

$16.21

Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as reconciliations.

Please refer to the tables above, as well as the consolidated and segment highlight sections in the detailed earnings release for additional discussion of the factors impacting the year-over-year quarterly and FY comparisons.

“We were pleased with our solid financial performance and operational progress in 2025,” said Humana President and CEO Jim Rechtin. "We continue to feel good about our consumer-focused strategy and our individual Medicare Advantage membership growth in 2026, which will allow us to build for the future with even better outcomes and experiences."

FY 2026 Earnings Guidance

Humana introduces its GAAP EPS guidance for the year ending December 31, 2026 (FY 2026) of 'at least $8.89', or 'at least $9.00' on an Adjusted basis. The FY 2026 projected guidance anticipates a year-over-year decline as a result of the Star Ratings headwind for Bonus Year 2026, net of mitigation.

Diluted earnings per share (a)

FY 2026
Guidance

FY 2025

GAAP

at least $8.89

$9.84

Amortization associated with identifiable intangibles

0.15

0.42

Put/call valuation adjustments associated with the company's non-consolidating minority interest investments (b)

—

4.25

Value creation initiatives (b)

—

3.72

Impact of exit of employer group commercial medical products business (b)

—

(0.52

)

Settlement of certain litigation expenses (b)

—

0.13

Loss on sale of business (b)

—

0.55

Impairment charges (b)

—

2.09

Cumulative net tax impact

(0.04

)

(3.34

)

Adjusted (non-GAAP) – FY 2026 projected (b); FY 2025 reported

at least $9.00

$17.14

Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as additional reconciliations.

Detailed Press Release

Humana’s full earnings press release, including the statistical pages, has been posted to the company’s Investor Relations site and may be accessed at https://humana.gcs-web.com/ or via a current report on Form 8-K filed by the company with the Securities and Exchange Commission this morning (available at www.sec.gov or on the company’s website).

Conference Call

Humana will host a live question-and-answer session for analysts at 8:00 a.m. Eastern time today to discuss its financial results for the quarter and the company’s expectations for future earnings. In advance of the question-and-answer session, Humana will post prepared management remarks to the Quarterly Results section of its Investor Relations page (https://humana.gcs-web.com/financial-information/quarterly-results).

A webcast of the 4Q25 earnings call may be accessed via Humana’s Investor Relations page at https://humana.gcs-web.com/.

If you anticipate asking a question during the question-and-answer session, please register in advance at this link - https://register-conf.media-server.com/register/BIb3f01f81dd3b4f7cb8331d38dad89903.

Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique registrant ID.

The company suggests participants listening via the web or the conference call sign in or dial in at least 15 minutes in advance of the call. For those unable to participate in the live event, the virtual presentation archive will be available in the Historical Webcasts and Presentations section of the Investor Relations page at https://humana.gcs-web.com/, approximately two hours following the live webcast.

Footnotes

The company has included financial measures throughout this earnings release that are not in accordance with GAAP. Management believes that these measures, when presented in conjunction with the corresponding GAAP measures, provide a comprehensive perspective to more accurately compare and analyze the company’s core operating performance over time. Consequently, management uses these non-GAAP (Adjusted) financial measures as consistent indicators of the company’s core business operations from period to period, as well as for planning and decision-making purposes and in determination of incentive compensation. Non-GAAP (Adjusted) financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. The company’s non-GAAP measures are not intended to normalize earnings, eliminate volatility, or represent future performance. Non-GAAP measures are subject to inherent limitations and may differ from similarly titled measures used by other companies. All financial measures in this earnings release are in accordance with GAAP unless otherwise indicated. Please refer to the footnotes for a detailed description of each item adjusted out of GAAP financial measures to arrive at non-GAAP (Adjusted) financial measures.

(a) For the periods covered in this earnings release, the following items are excluded from the non-GAAP financial measures described above, as applicable.

Amortization associated with identifiable intangibles - Since amortization varies based on the size and timing of acquisition activity, management believes the exclusion of this non-cash expense provides a more consistent and uniform indicator of performance from period to period. For all periods shown within this earnings release, GAAP measures affected include consolidated pretax results, EPS (net loss per share), and Insurance and CenterWell segments' income from operations. The table below discloses respective period amortization expense for each segment: Amortization
(in millions)

4Q25

4Q24

FY 2025

FY 2024

Insurance segment

$4

$4

$17

$17

CenterWell segment

$4

$10

$34

$43

Put/call valuation adjustments associated with the company’s non-consolidating minority interest investments - These non-cash amounts are the result of fair value measurements associated with the company's primary care strategic partnership and are unrelated to the company's core business performance. For all periods shown within this earnings release, GAAP measures affected include consolidated pretax results and EPS (net loss per share). Value creation initiatives - These charges relate to the company's multi-year transformation program, as approved by management with defined scope and milestones. The intent of the program is to re-align the company’s cost structure, operating model, and technology footprint with evolving market conditions. These costs primarily include severance and associate exit costs, asset impairments, and external consulting expenses incurred to execute the program. These charges were recorded at the corporate level and not allocated to the segments. The company has consistently applied this adjustment across all periods. For all periods shown within this earnings release, GAAP measures affected in this release include consolidated pretax results, EPS (net loss per share), and the consolidated operating cost ratio. Impact of exit of employer group commercial medical products business - These amounts relate to activity from the exit of the employer group commercial medical products business as announced by Humana on February 23, 2023. For FY 2025, 4Q24, and FY 2024, GAAP measures affected include consolidated pretax results and EPS (net loss per share). Additionally for 4Q24 and FY 2024, impacted measures also include consolidated revenues, consolidated benefit ratio, consolidated operating cost ratio, Insurance segment revenues, Insurance segment benefit ratio, Insurance segment operating cost ratio, and Insurance segment income from operations. Settlement of certain litigation expenses - These charges relate to expenses that the company recognized in connection with a discrete legal matter. The nature and magnitude of this settlement are not indicative of the company’s ongoing operations. For FY 2025, GAAP measures affected in this release include consolidated pretax results, EPS, the consolidated and Insurance segment operating cost ratios, and Insurance segment income from operations. Loss on sale of business - This discrete disposition is not part of the company's ordinary course operations and the impacts recognized from the disposal do not reflect core operational performance. The loss primarily reflects the difference between the carrying value and proceeds at the time of sale. For 4Q25 and FY 2025, GAAP measures affected in this release include consolidated pretax results and EPS (net loss per share). Impairment charges - The company recognized non-cash impairment charges related to certain indefinite-lived intangible assets based on the company's estimate of future financial performance in certain state markets. Additionally, the company recognized non-cash impairment charges in 4Q25 related to a discrete joint-venture investment for which the company held minority ownership interests that were deemed to be unrecoverable based on recent market activity. These charges were recorded at the corporate level and not allocated to the segments. For all periods shown within this earnings release, GAAP measures affected in this release include consolidated pretax results, EPS (net loss per share), and the consolidated operating cost ratio. For 4Q25 and FY 2025, the GAAP measure of consolidated revenues (specifically investment income) was further impacted. Cumulative net tax impact - This adjustment represents the cumulative net impact of the corresponding tax benefit or expense at the applicable marginal rate related to the aforementioned items excluded from the applicable GAAP measures. For 4Q25 and FY 2025, the tax adjustment reflects the impact of the loss on sale of business, which exceeded the book loss. The related tax benefit from the loss on sale of business is realizable via capital loss carryback. The tax impact of the aforementioned items differs from the statutory rates due to jurisdictional mix, limitations on deductibility, and other factors. The cumulative tax impact is not intended to represent a normalized effective tax rate or expected future tax outcomes. For all periods presented in this earnings release, EPS (net loss per share) is the sole GAAP measure affected. In addition to the reconciliations shown on page 2 of this release, the following are reconciliations of GAAP to Adjusted (non-GAAP) measures described above and disclosed within this earnings release:

Revenues

CONSOLIDATED
Revenues
(in millions)

4Q25

4Q24

FY 2025

FY 2024

GAAP

$32,515

$29,213

$129,664

$117,761

Impairment charges

125

—

125

—

Impact of exit of employer group commercial medical products business

—

(14

)

—

(551

)

Adjusted (non-GAAP)

$32,640

$29,199

$129,789

$117,210

INSURANCE SEGMENT
Revenues
(in millions)

4Q25

4Q24

FY 2025

FY 2024

GAAP

$31,343

$28,170

$124,563

$113,764

Impact of exit of employer group commercial medical products business

—

(14

)

—

(551

)

Adjusted (non-GAAP)

$31,343

$28,156

$124,563

$113,213

Benefit ratio

CONSOLIDATED
Benefit ratio

4Q25

4Q24

FY 2025

FY 2024

GAAP

93.0

%

91.5

%

90.2

%

89.8

%

Impact of exit of employer group commercial medical products business

—

%

(0.2

)%

—

%

(0.1

)%

Adjusted (non-GAAP)

93.0

%

91.3

%

90.2

%

89.7

%

INSURANCE SEGMENT
Benefit ratio

4Q25

4Q24

FY 2025

FY 2024

GAAP

93.1

%

92.1

%

90.4

%

90.4

%

Impact of exit of employer group commercial medical products business

—

%

(0.2

)%

—

%

(0.1

)%

Adjusted (non-GAAP)

93.1

%

91.9

%

90.4

%

90.3

%

Operating cost ratio

CONSOLIDATED
Operating cost ratio

4Q25

4Q24

FY 2025

FY 2024

GAAP

13.7

%

14.4

%

12.0

%

11.8

%

Value creation initiatives

(0.4

)%

(0.5

)%

(0.4

)%

(0.2

)%

Impact of exit of employer group commercial medical products business

—

%

—

%

—

%

(0.1

)%

Settlement of certain litigation expenses

—

%

—

%

—

%

—

%

Impairment charges

(0.3

)%

(0.7

)%

(0.1

)%

(0.2

)%

Adjusted (non-GAAP)

13.0

%

13.2

%

11.5

%

11.3

%

INSURANCE SEGMENT
Operating cost ratio

4Q25

4Q24

FY 2025

FY 2024

GAAP

10.8

%

11.0

%

9.1

%

9.2

%

Impact of exit of employer group commercial medical products business

—

%

—

%

—

%

—

%

Settlement of certain litigation expenses

—

%

—

%

—

%

—

%

Adjusted (non-GAAP)

10.8

%

11.0

%

9.1

%

9.2

%

Insurance Segment - (Loss) Income from operations

INSURANCE SEGMENT
(Loss) income from operations
(in millions)

4Q25

4Q24

FY 2025

FY 2024

GAAP

($927

)

($646

)

$1,664

$1,289

Amortization associated with identifiable intangibles

4

4

17

17

Settlement of certain litigation expenses

—

—

15

—

Impact of exit of employer group commercial medical products business

—

67

—

177

Adjusted (non-GAAP)

($923

)

($575

)

$1,696

$1,483

(b) FY 2026 GAAP EPS guidance and FY 2026 Adjusted (non-GAAP) EPS guidance exclude the impact of future value changes to items that have not yet been recognized and cannot currently be reasonably estimated.

Cautionary Statement

This news release includes forward-looking statements regarding Humana within the meaning of the Private Securities Litigation Reform Act of 1995. When used in investor presentations, press releases, Securities and Exchange Commission (SEC) filings, and in oral statements made by or with the approval of one of Humana’s executive officers, the words or phrases like “expects,” “believes,” “anticipates,” “assumes,” “intends,” “likely will result,” “estimates,” “projects” or variations of such words and similar expressions are intended to identify such forward-looking statements.

These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions, including, among other things, information set forth in the “Risk Factors” section of the company’s SEC filings, a summary of which includes but is not limited to the following:

If Humana does not design and price its products properly and competitively, if the premiums Humana receives are insufficient to cover the cost of healthcare services delivered to its members, if the company is unable to implement clinical initiatives to provide a better healthcare experience for its members, lower costs and appropriately document the risk profile of its members, or if its estimates of benefits expense are inadequate, Humana’s profitability could be materially adversely affected. Humana estimates the costs of its benefit expense payments, and designs and prices its products accordingly, using actuarial methods and assumptions based upon, among other relevant factors, claim payment patterns, medical cost inflation, and historical developments such as claim inventory levels and claim receipt patterns. The company continually reviews estimates of future payments relating to benefit expenses for services incurred in the current and prior periods and makes necessary adjustments to its reserves, including premium deficiency reserves, where appropriate. These estimates involve extensive judgment, and have considerable inherent variability because they are extremely sensitive to changes in claim payment patterns and medical cost trends. Accordingly, Humana's reserves may be insufficient. If Humana fails to effectively implement its operational and strategic initiatives, including its Medicare initiatives, which are of particular importance given the concentration of the company's revenues in these products, state-based contract strategy, the growth of its CenterWell business, and its integrated care delivery model, the company’s business may be materially adversely affected. The number of Humana’s Medicare Advantage plans rated 4-star or higher significantly declined in 2025. Humana filed a lawsuit seeking to set aside and vacate the 2025 Star Ratings of its Medicare Advantage plans, and on October 14, 2025, the Court issued a decision rejecting Humana's challenge. Although the company has appealed that decision, there can be no assurances that it will ultimately prevail in the lawsuit. If the company is not successful, the decline in Star Ratings will negatively impact its 2026 quality bonus payments from CMS and may also significantly adversely affect the company’s revenues, operating results, and cash flows. In addition, there can be no assurances the company will be successful in maintaining or improving its Star Ratings in future years. If Humana, or the third-party service providers on which it relies, fails to properly maintain the integrity of its data, to strategically maintain existing or implement new information systems (including systems powered by or incorporating artificial intelligence (AI) or machine learning (ML)), or to protect Humana’s proprietary rights to its systems, or to defend against cyber-security attacks, contain such attacks when they occur, or prevent other privacy or data security incidents that result in security breaches that disrupt the company's operations or in the unintentional dissemination of sensitive personal information or proprietary or confidential information, the company’s business may be materially adversely affected. Humana is involved in various legal actions, or disputes that could lead to legal actions (such as, among other things, provider contract disputes and qui tam litigation brought by individuals on behalf of the government), governmental and internal investigations, and routine internal review of business processes any of which, if resolved unfavorably to the company, could result in substantial monetary damages or changes in its business practices. Increased litigation and negative publicity could also increase the company’s cost of doing business. As a government contractor, Humana is exposed to risks that may materially adversely affect its business or its willingness or ability to participate in government healthcare programs including, among other things, loss of material government contracts; governmental audits and investigations; potential inadequacy of government determined payment rates; potential restrictions on profitability, including by comparison of profitability of the company’s Medicare Advantage business to non-Medicare Advantage business; or other changes in the governmental programs in which Humana participates. Changes to the risk-adjustment model utilized by CMS to adjust premiums paid to Medicare Advantage plans or retrospective recovery by CMS of previously paid premiums as a result of the final rule related to the risk adjustment data validation audit methodology published by CMS on January 30, 2023 (Final RADV Rule), which Humana believes fails to address adequately the statutory requirement of actuarial equivalence and violates the Administrative Procedure Act due to its failure to include a "Fee for Service Adjuster" could have a material adverse effect on the company's operating results, financial position and cash flows. Humana's business activities are subject to substantial government regulation. New laws or regulations, or legislative, judicial, or regulatory changes in existing laws or regulations or their manner of application could increase the company's cost of doing business and have a material adverse effect on Humana’s results of operations (including restricting revenue, enrollment and premium growth in certain products and market segments, restricting the company’s ability to expand into new markets, increasing the company’s medical and operating costs by, among other things, requiring a minimum benefit ratio on insured products, lowering the company’s Medicare payment rates and increasing the company’s expenses associated with a non-deductible health insurance industry fee and other assessments); the company’s financial position (including the company’s ability to maintain the value of its goodwill); and the company’s cash flows. Humana’s failure to manage acquisitions, divestitures and other significant transactions successfully may have a material adverse effect on the company’s results of operations, financial position, and cash flows. If Humana fails to develop and maintain satisfactory relationships with the providers of care to its members, the company’s business may be adversely affected. Humana faces significant competition in attracting and retaining talented employees. Further, managing succession for, and retention of, key executives is critical to the Company’s success, and its failure to do so could adversely affect the Company’s businesses, operating results and/or future performance. Humana’s pharmacy business is highly competitive and subjects it to regulations and supply chain risks in addition to those the company faces with its core health benefits businesses. Changes in the prescription drug industry pricing benchmarks may adversely affect Humana’s financial performance. Humana’s ability to obtain funds from certain of its licensed subsidiaries is restricted by state insurance regulations. Downgrades in Humana’s debt ratings, should they occur, may adversely affect its business, results of operations, and financial condition. Volatility or disruption in the securities and credit markets may significantly and adversely affect the value of our investment portfolio and the investment income that we derive from this portfolio. In making forward-looking statements, Humana is not undertaking to address or update them in future filings or communications regarding its business or results. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed herein may or may not occur. There also may be other risks that the company is unable to predict at this time. Any of these risks and uncertainties may cause actual results to differ materially from the results discussed in the forward-looking statements.

Humana advises investors to read the following documents as filed by the company with the SEC for further discussion both of the risks it faces and its historical performance:

Form 10-K for the year ended December 31, 2024; Form 10-Q for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025; and Form 8-Ks filed during 2025 and 2026. About Humana

Humana Inc. is committed to putting health first – for our teammates, our customers, and our company. Through our Humana insurance services, and our CenterWell health care services, we make it easier for the millions of people we serve to achieve their best health – delivering the care and service they need, when they need it. These efforts are leading to a better quality of life for people with Medicare, Medicaid, families, individuals, military service personnel, and communities at large. Learn more about what we offer at Humana.com and at CenterWell.com.

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To schedule a meeting with management, please contact your Citi representative. If you are unable to attend the conference and would like to schedule a call with management, please contact Christine Cannella, Vice President of Investor Relations, [email protected].

About Fresh Del Monte Produce Inc.

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