Market Signal Briefing

LOS ANGELES--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (Nasdaq: FFAI) (“Faraday Future,” “FF,” or the “Company”), a California-based global Embodied AI (EAI) ecosystem company, today announced its kick-off plans for its first EAI Robotics deliveries, just weeks after the Company announced its entry into the growing robotics industry. Its first deliveries are scheduled for February 27 to Golden Hills Investment LLC, a Florida-based high-end vacation rental investor and operator.

Worley Limited (WYGPY) Q2 2026 Earnings Call Transcript

Ad hoc announcement pursuant to Art. 53 LR

Idorsia delivers on its upgraded 2025 guidance, with strong QUVIVIQ sales growth, disciplined investment, and a significantly improved bottom line.Focused investment in Idorsia’s pipeline of first-in-class medicines to drive future growth, with key readout for daridorexant in pediatric insomnia imminent and Lucerastat registration study advancing in Fabry’s disease. Allschwil, Switzerland – February 26, 2026
Idorsia Ltd (SIX: IDIA) announces strong financial and operational results for the full year 2025, setting a new base for further growth ahead and a catalyst rich 2026.

Srishti Gupta, MD, Chief Executive Officer of Idorsia, commented: “2025 marked a year of disciplined execution and renewed momentum for Idorsia. We delivered on our upgraded guidance, more than doubled QUVIVIQ sales, and significantly strengthened our financial position – demonstrating that focused investment and commercial excellence can go hand in hand. At the same time, we continued the next phase of growth: positioning TRYVIO/JERAYGO as the first treatment to target a new pathway in hypertension in decades and progressing our pipeline, including the upcoming readout of the pediatric insomnia study and the registrational program for lucerastat in Fabry disease. With multiple catalysts ahead, we enter 2026 with clarity, confidence, and a clear path toward sustainable growth.”

QUVIVIQ® (daridorexant)

Global 2025 net sales grow to CHF 134 million, reflecting outstanding year-over-year momentum – with continued strong growth ahead.QUVIVIQ continues to reshape the insomnia treatment landscape, and we are investing to accelerate its trajectory toward blockbuster status. Growth will be driven by expanded global reach through partnerships targeting general practitioners, strategic commercial alliances, additional public reimbursement wins, potential U.S. descheduling, adoption of innovative digital and distribution models, and the initiation of a U.S. label-enhancing study focused on daytime functioning.New opportunity to transform the treatment paradigm in pediatric insomnia with results expected in Q2 2026 from the Phase 2 study for daridorexant – the only dual orexin receptor antagonist in development for this population with high unmet need. TRYVIO™ / JERAYGO™ (aprocitentan)

TRYVIO is available in the US and used in the top 25 hypertension centers.Robust on-market experience among leading experts indicates “PRECISION-like” double-digit blood pressure reductions and confirms the tolerability profile across diverse patient groups.Regulatory success in 2025 – JERAYGO is approved in EU, UK, Switzerland, and Canada.Partnering discussions to maximize the global value of TRYVIO/JERAYGO are progressing. Research & Development

Alignment with the FDA on the registrational program for lucerastat, positioning Idorsia to advance the first oral therapy intended for all patients with Fabry disease.Advancing Idorsia’s immunology portfolio of first-in-class compounds – starting with Idorsia’s CCR6 antagonist proof-of-concept in psoriasis (proof-of-mechanism for other CCR6- and Th17-associated autoimmune diseases).Clinical validation for Idorsia's revolutionary drug-like synthetic glycan vaccine technology. Financial highlights for full year 2025

QUVIVIQ sales: CHF 134 millionContract revenue (one-off): CHF 72 million contract revenueNon-GAAP operating expenses: CHF 328 millionNon-GAAP operating loss: CHF 100 million including one-off contract revenue of CHF 72 million (US GAAP operating loss: CHF 33 million including CHF 90 million one-off income from Viatris agreement)Strengthened balance sheet through successful debt restructuring and new financing. Financial Guidance for 2026

QUVIVIQ sales: CHF 200 millionNon-GAAP operating expenses: approx. CHF 330 millionNon-GAAP operating loss: CHF 120 million (US GAAP operating loss: approx. CHF 160 million)Positive commercial contribution and focused investment in value-driving pipeline assets results in continued improvement of underlying business performance. 2026 guidance reflects continued growth of QUVIVIQ (approximately 50% increase in Idorsia-led sales), investment in the lucerastat registration program, and development of the company’s immunology portfolio. TRYVIO/JERAYGO revenues and investments are not included, as these will be considered in any potential partnership agreement. All amounts exclude unforeseen events and any potential upsides from new direct-to-patient distribution models currently being implemented in several geographies and revenue related to additional business development activities.

Financial results

US GAAP resultsFull YearFourth Quarterin CHF millions, except EPS (CHF) and number of shares (millions)2025202420252024Net revenue2211134860Operating expenses(268)(351)(106)(140)Operating income (loss)(33)(232)(56)(78)Net income (loss)(112)(264)(78)(84)Basic & diluted EPS(0.52)(1.45)(0.31)(0.45)Basic & diluted weighted average number of shares214.7182.4248.3188.3 Net revenue of CHF 221 million in 2025 resulted from product sales (CHF 134 million), product sales to partners (CHF 7 million), and contract revenues (CHF 79 million). This compares to net revenue of CHF 113 million in 2024 as a result of QUVIVIQ product sales (CHF 61 million), product sales to partners (CHF 47 million), and contract revenue (CHF 5 million).

US GAAP operating expenses of CHF 268 million in 2025 and CHF 351 million in 2024 were impacted by a one-off gain of CHF 90 million (Viatris deal amendment) in 2025 and CHF 125 million (Viatris deal) in 2024, respectively. Excluding these one-off gains, US GAAP operating expenses for 2025 decreased by CHF 83 million, mainly driven by R&D expenses of CHF 102 million decreasing by CHF 42 million compared to 2024 (CHF 144 million), and SG&A expenses of CHF 221 million decreasing by CHF 52 million compared to 2024 (CHF 273 million).

US GAAP net loss in 2025 amounted to CHF 112 million compared to CHF 264 million (net loss) in 2024. The reduced net loss in 2025 was primarily driven by revenue growth and lower operating expenses as a result of an operational restructuring initiated in Q4 2024.

The US GAAP net loss resulted in a net loss per share of CHF 0.52 (basic and diluted) in 2025, compared to a net loss per share of CHF 1.45 (basic and diluted) in 2024.

Non-GAAP* measuresFull YearFourth Quarterin CHF millions, except EPS (CHF) and number of shares (millions)2025202420252024Net revenue2141134760Operating expenses(328)(427)(96)(121)Operating income (loss)(100)(308)(47)(60)Net income (loss)(118)(330)(54)(73)Basic and diluted EPS(0.55)(1.81)(0.22)(0.39)Basic and diluted weighted average number of shares214.7182.4248.3188.3 * Idorsia measures, reports, and issues guidance on non-GAAP operating performance. Idorsia believes that these non-GAAP financial measurements more accurately reflect the underlying business performance and therefore provide useful supplementary information to investors. These non-GAAP measures are reported in addition to, not as a substitute for, US GAAP financial performance.

Non-GAAP net loss in 2025 amounted to CHF 118 million; the difference versus US GAAP net income was mainly driven by the one-off gain from the amendment of the Viatris deal (CHF 90 million), depreciation and amortization (CHF 17 million) , share-based compensation (CHF 6 m), impairment charges (CHF 3 m), restructuring charges (CHF 3 m), accretion and issuance cost amortization (CHF 16 m) and a debt extinguishment loss related to the debt restructuring (CHF 37 million).

The non-GAAP net loss resulted in a net loss per share of CHF 0.55 (basic and diluted) in 2025, compared to a net loss per share of CHF 1.81 (basic and diluted) in 2024.

Liquidity and indebtedness
Liquidity on December 31, 2025, amounted to CHF 89 million. This amount does not include the remaining CHF 80 million available under the new money facility (term loan).

(in CHF millions)Dec 31, 2025Sep 30, 2025Dec 31, 2024Liquidity   Cash and cash equivalents8964106Total liquidity*8964106    Indebtedness   Convertible loan335335335Convertible bonds4949797Debt notes**753753-Term loan1813-Other financial debt187186189Total indebtedness1,3421,3361,321 *rounding differences may occur

** The debt notes issued by Idorsia Investments SARL in exchange for convertible bonds are senior secured with the shares in Idorsia Investments SARL. The A Notes only benefit from a limited and subordinated Swiss-law governed guarantee by Idorsia Ltd.

Human Resources
Idorsia reduced more than 200 positions worldwide in 2025, bringing the total number of permanent employees to 487 (2024: 689).

Annual Report
Idorsia's Annual Report 2025 – consisting of the Business Report, Governance Report, Compensation Report, Sustainability Report, and Financial Report, is available at www.idorsia.com/annual-report.

Note to Shareholders
The Annual General Meeting (AGM) of Shareholders to approve the Annual Report of the year ending December 31, 2025, will be held on Wednesday, May 6, 2026.

Registered shareholders with voting rights individually or jointly representing at least 0.5% of the share capital of the company, being entitled to add items to the agenda of the general meeting of shareholders, are invited to send in proposals, if any, to Idorsia Ltd, attention Corporate Secretary, Hegenheimermattweg 91, CH-4123 Allschwil, to arrive no later than March 22, 2026. Any proposal received after the deadline will be disregarded.

In order to vote at the Annual General Meeting, shareholders must be registered in the company's shareholder register by April 27, 2026, 17:00 CEST, at the latest.

Results Day Center
Investor community: To make your job easier, we provide all relevant documentation via the Results Day Center on our corporate website: www.idorsia.com/results-day-center.

Events

First Quarter 2026 Financial Results reporting on April 28, 2026Annual General Meeting of Shareholders on May 6, 2026Half-Year 2026 Financial Results reporting on July 30, 2026 Notes to the editor

About Idorsia
The purpose of Idorsia is to challenge accepted medical paradigms, answering the questions that matter most. To achieve this, we will discover, develop, and commercialize transformative medicines – either with in-house capabilities or together with partners – and evolve Idorsia into a leading biopharmaceutical company, with a strong scientific core.

Headquartered near Basel, Switzerland – a European biotech hub – Idorsia has a highly experienced team of dedicated professionals, covering all disciplines from bench to bedside; QUVIVIQ™ (daridorexant), a different kind of insomnia treatment with the potential to revolutionize this mounting public health concern; strong partners to maximize the value of our portfolio; a promising in-house development pipeline; and a specialized drug discovery engine focused on small-molecule drugs that can change the treatment paradigm for many patients. Idorsia is listed on the SIX Swiss Exchange (ticker symbol: IDIA).

For further information, please contact
George Thampy
Senior Vice President, Head of Investor Relations
Idorsia Pharmaceuticals Ltd, Hegenheimermattweg 91, CH-4123 Allschwil
+41 58 844 10 10
[email protected] – [email protected] – www.idorsia.com

The above information contains certain "forward-looking statements", relating to the company's business, which can be identified by the use of forward-looking terminology such as “intend”, "estimates", "believes", "expects", "may", "are expected to", "will", "will continue", "should", "would be", "seeks", "pending" or "anticipates" or similar expressions, or by discussions of strategy, plans or intentions. Such statements include descriptions of the company's investment and research and development programs, business development activities and anticipated expenditures in connection therewith, descriptions of new products expected to be introduced by the company and anticipated customer demand for such products and products in the company's existing portfolio. Such statements reflect the current views of the company with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected.

Press Release PDF

February 26, 2026 01:00 ET  | Source: Molecular Partners

ZURICH-SCHLIEREN, Switzerland and CONCORD, Mass., Feb. 26, 2026 (GLOBE NEWSWIRE) -- Molecular Partners AG (SIX: MOLN; NASDAQ: MOLN), a clinical-stage biotech company developing a new class of custom-built protein drugs known as DARPin therapeutics (“Molecular Partners” or the “Company”), today announced its attendance and presentations at upcoming investor conferences.

Molecular Partners will also issue its full-year 2025 financial report, along with its Annual Report, on March 12, 2026.

Details of the events:

TD Cowen 46th Annual Health Care Conference
Boston, MA, March 2-4, 2026
Molecular Partners CEO Patrick Amstutz will take part in a fireside chat on Monday, March 2 at 2.30-3.00 pm ET (8.30-9.00 pm CET).

Leerink Partners Global Healthcare Conference 2026
Miami, FL, March 9-11 March, 2026
Molecular Partners CEO Patrick Amstutz will take part in a fireside chat on Monday, March 9 at 4.20-4.50 pm EDT (9.20-9.50 pm CET).

Full Year 2025 Financial Results Announcement
Thursday, March 12, 2026 at 4.00 pm EDT (9.00 pm CET).

Both fireside chats will be made available on the Company’s website under the investor section.

About Molecular Partners AG 
Molecular Partners AG (SIX: MOLN, NASDAQ: MOLN) is a clinical-stage biotech company pioneering a novel class of protein drugs known as DARPin therapeutics, for medical challenges other treatment modalities cannot readily address. Molecular Partners leverages the key properties of DARPins to design and develop differentiated therapeutics for cancer patients, including targeted radiopharmaceuticals and next-generation immune cell engagers. The Company has proprietary programs in various stages of pre-clinical and clinical development, as well as programs developed through partnerships with leading pharmaceutical companies and academic centers. Molecular Partners, founded in 2004, has offices in both Zurich, Switzerland and Concord, MA, USA. For more information, visit www.molecularpartners.com and find us on LinkedIn and Twitter / X @MolecularPrtnrs

For further details, please contact:
Seth Lewis, SVP Investor Relations & Strategy
Concord, Massachusetts, U.S.
[email protected]
Tel: +1 781 420 2361

Laura Jeanbart, PhD, Head of Portfolio Management & Communications
Zurich-Schlieren, Switzerland
[email protected]
Tel: +41 44 575 19 35

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements. Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, as amended, including without limitation: implied and express statements regarding the clinical development of Molecular Partners’ current or future product candidates; expectations regarding timing for reporting data from ongoing clinical trials or the initiation of future clinical trials; the potential therapeutic and clinical benefits of Molecular Partners’ product candidates and its RDT and Switch-DARPin platforms; the selection and development of future programs; Molecular Partners’ collaboration with Orano Med including the benefits and results that may be achieved through the collaboration; and Molecular Partners’ expected business and financial outlook, including anticipated expenses and cash utilization for 2026 and its expectation of its current cash runway. These statements may be identified by words such as “aim”, "anticipate", “expect”, “guidance”, “intend”, “outlook”, “plan”, “potential”, “will” and similar expressions, and are based on Molecular Partners’ current beliefs and expectations. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Some of the key factors that could cause actual results to differ from Molecular Partners’ expectations include, but are not limited to, those set forth in under the heading “Risk Factors” in Molecular Partners’ Annual Report on Form 20-F for the year ended December 31, 2024 and other filings Molecular Partners makes with the SEC from time to time. These documents are available on the Investors page of Molecular Partners’ website at www.molecularpartners.com.

Any forward-looking statements speak only as of the date of this press release and are based on information available to Molecular Partners as of the date of this release, and Molecular Partners assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.​

PRESS RELEASE – FEBRUARY 26, 2026

2025 Full-Year Results

In 2025, Wendel accelerated the transformation of its business model:

€1591 million of proforma FRE generated by Wendel Investment ManagersStrengthened operational profile of Wendel Principal Investments
Strong progress in the execution of the 2030 strategic roadmap announced in December 2025:

€1.65 billion of disposals announced to date More than €5002 million to be returned to shareholders in 2026
Fully diluted3 NAV per share of €164.2 as of December 31, 2025

Wendel Investment Managers: strong organic growth in revenues and fundraising in 2025, continued build-out of the platform

Wendel Investment Managers, Wendel's third-party asset management platform reached €41.2 billion assets under management as of December 31,2025 and will reach €47 billion AuM upon completion of the acquisition of Committed Advisors4.The acquisition of Committed Advisors illustrates the attractiveness of the platform, adding new expertise: the secondary market.Over the year, WIM’s GPs5 have raised €4.5bn of equity Nearly €8 billion deployed in Europe and the United States in the mid-market segment207% FPAuM growth in 2025 including 13% organic growth.Management fees & others totaled €349 million reported in 2025, growing by +177% compared to 2024, thanks to strong organic growth and including 9 months of Monroe Capital activity. Management fees & others totaled €404 million on 12 months proforma basis.Reported Fee Related Earnings (FRE) totaled €139.5 million in 2025 and €159 million proforma 12 months, in line with the target announced in October 2024 of €160 million. Wendel Principal Investments: robust overall activity performance and strong portfolio rotation over 2025

Good consolidated revenue growth: +6.1% vs. 2024Good operating performance of Bureau Veritas and Globeducate, and a sharp rebound at ACAMSNew leadership at CPI and ScalianPortfolio rotation: In 2025: €1.3 billion proceeds from the disposal of shares of Bureau Veritas through two transactions completed in March and SeptemberIn 2026: €1.65 billion proceeds expected from the disposals of Stahl and IHS6 announced in February Operational transformation: Wendel has created a unique private asset investment ecosystem in North America and Europe, powered by two complementary value creation engines. This ecosystem is supported by an optimized operating model and a robust financial structure.

Wendel Investment Managers (WIM): Following the acquisition of Committed Advisors, WIM is expected to generate FREF7 in excess of €20018 million in 2026 (on a pro forma basis) across private equity, private debt and private market solutions, supported by teams with a strong track record of performance and a highly diversified institutional investor base (LPs)WIM benefits from strong recurring revenues and boasts significant growth potential, with an average organic2F9 FRE annual growth target of 15% through to 2030Wendel will continue to assess selective external growth opportunities to potentially strengthen its platform and expertise Wendel Principal Investments (WPI): WPI has awarded IK Partners an advisory mandate to strengthen the value creation of its private controlled assets and benefit from the proven expertise of its ecosystem for new and existing investments;Dynamic management of the listed and unlisted portfolio to continue until the end of 2030; Objective to achieve an average annual increase in the intrinsic value of Wendel’s Principal Investments of 12% to 16% Fully diluted Net Asset Value as of December 31, 2025: €164.2 per share, slight increase vs Q3 of +0.7% and +1.7% restated from the interim dividend paid in November 2025

Fully diluted NAV per share slightly improving by €1.2 per share in Q4, mainly reflecting the impact of the increase in the value of Stahl based on the signed purchase offer which is c.20% above the value recorded in the September 30, 2025 NAV. For the remainder, value creation by activity can be analyzed as follows: Wendel Investment Managers (c.26% of GAV excluding cash): total value in NAV down by €1.3 per share compared to the end of September impacted by the decrease in listed comparable GPs' valuation multiples. Asset management now represents c.26% of GAV excluding cash10.Listed assets (c.29% of GAV excluding cash): total value up by €1.2 per share due to Bureau Veritas’ and IHS' share prices slight increase over Q4. Of note, Tarkett that is no longer listed and is now included in the non-listed assets value.Unlisted assets (c.44% of GAV excluding cash): total value up by €3.7 per share over Q4, mainly due to Stahl’s transaction price which is expected to be completed at a premium of c.20% compared to the last value booked in NAV on September 30, 2025.The remaining change in NAV per share in the fourth quarter mainly reflects the payment of the €1.5 interim dividend in November 2025. Increasing shareholder returns, in line with the strategic roadmap

Ordinary dividend of €5.1 per share for 2025 will be submitted for approval at the next Shareholders’ Meeting, to be held on May 2026. It will be up by +8.5% compared to 2024, equivalent to 3.1%11 of December 31, 2025 NAV and representing a 5.8%12 yield on Wendel’s share price as of February 25, 2026An interim dividend of €1.50 has been paid on November 20, 2025. The balance of the dividend for 2025 will be submitted for approval at the next Shareholders’ Meeting, to be held on May 21, 2026The next interim dividend is expected to represent 50% of the dividend paid for 2025.Expected launch of a share buyback program covering 9% of the capital as of February 27, 2026, representing an amount of approximately €340 million, on the current share price basis. Strong financial structure and committed to remain Investment Grade

Debt maturity of 4.0 years with an average cost of 2.6%LTV ratio at 9.6%13 as of December 31, 2025 on a pro forma basis taking into account future investment commitments in IK Partners and Monroe Capital funds, the acquisition of Committed Advisors, the disposals of Stahl and IHS and the share buyback.Cash position: €2.2 billion + €875 million in committed credit facility (fully undrawn) Net income: €344.7 million

Consolidated net sales up 6.1% to 7,567.9 M€Stable net income from operations at €753.0 million from €753.7 million in 2024Consolidated net income totaled €344.7 million, down compared to 2024 due to non-recurring items in 2024, notably the €692 million capital gain on the sale of Constantia Flexibles. Net loss, group share, at €-151.8 million in 2025, compared to an income of €293.9 million in 2024, mainly due to the evolution of non-recurring items compared to 2025. Gain on transaction on Bureau Veritas shares in 2025 and IHS Towers share price increase are not accounted in P&L but in shareholder equity, for a positive impact of €1.2 billion. Laurent Mignon, Wendel Group CEO, commented:”The year 2025 was marked by an acceleration in the shift of Wendel’s growth profile, Over the past three years, Wendel has become a global investment firm with a unique model dedicated to private assets, offering two complementary businesses that create long-term value: our long-standing WPI business, dedicated to direct principal investments, and third-party asset management with WIM.

These two powerful engines of growth and value creation, and an organization that is now streamlined and focused on expertise and operational efficiency, enable Wendel to launch in December 2025 a new phase in its development for the benefit of its shareholders and clients.

The recurring cash flows generated by asset management and proceeds from portfolio disposals are expected to generate a solid cash inflow of more than €7 billion by 2030 and will enable the return of more than €1.6 billion to shareholders in dividends and share buybacks. In two months, we have already demonstrated our ability to deliver on these strategic ambitions, with €1.65 billion of disposals announced to date, highlighting the quality of these assets, and over €500 million of shareholder returns in 2026 through share buybacks and dividend.

In 2026, we will continue the rollout of WIM, which now operates in three asset classes: private equity, private debt, and private market solutions, and which is expected to exceed €200 million of pro forma FRE. WIM will represent already 38% of Wendel assets, pro forma of Committed Advisors’ acquisition and Stahl and IHS disposals. Finally, we will continue to strengthen WPI, notably supported by the advisory mandate entrusted to IK Partners will pursue its development and its value creation journey.”

Wendel’s net asset value as of December 31, 2025: €164.2 per share on a fully diluted basis

Change in NAV compared to Q3 2025:

Wendel’s Net Asset Value (NAV) as of December 31, 2025, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.

Fully diluted Net Asset Value was €164.2 per share as of December 31, 2025 (see detail in the table below), as compared to €163.0 on September 30, 2025, representing an increase of €1.2 per share since September. Compared to the last 20-day average share price as of December 31, the discount to the December 31, 2025, fully diluted NAV per share was -51.3%.

The change in NAV in the fourth quarter breaks down as follows:

WIM’s contribution to NAV growth was slightly negative, -€1.3 per share in Q4 due to the decrease in listed comparables’ multiples used for the valuation of IK Partners’ and Monroe Capital. A total of €217 million of sponsor money is included in the NAV as of end of December, corresponding to investments in funds managed by IK Partners and Monroe Capital.WPI contributed positively to value creation in the fourth quarter with a gain of €4.9 per share: Concerning listed assets, Bureau Veritas contributed positively to Net Asset Value, as end of December 2025, its 20-day average share price was up QTD (+1.9%) same as, IHS Towers (+4.8% 20-day average share prices). Total value creation per share of listed assets was up (+€1.2) on a fully diluted basis over the fourth quarter. Note that Tarkett is no longer listed and is now included in the unlisted assets value.Unlisted assets contribution to NAV was positive over the fourth quarter with a total change of +€3.7 per share, mainly reflecting Stahl’s valuation at the disposal price, exhibiting a premium of over 20% compared to the value retained in September.Cash operating costs, net financing results and other items impacted NAV by -€0.8 per share over Q4, reflecting contained operating costs, offset by positive financial income. Total Net Asset Value increase amounted to +€1.2 per share since September 30, 2025 and by €2.7 restated for the interim dividend paid in November 2025

Over 2025, Fully diluted Net Asset Value, is decreasing by -4.5 % restated for the dividend paid in 2025 and the FX impact and by -11.6% in total. Compared to the last 20-day average share price as of December 31, 2025 the discount to the December 31, 2025, fully diluted NAV per share was -51.3%.

Fully diluted NAV per share of €164.2 as of December 31, 2025

(in millions of euros)  Dec. 31,
2025Sept. 30, 2025Dec. 31, 2024 Listed investmentsNumber of shares Share price (1)2,1702,2713,793 Bureau Veritas66.6m/66.6/120.3m€26.6/€26.1/€29.51,7751,7423,544 IHS63.0m/63.0m/63.0m$7.4/$7.0/$3.2395377192 Tarkett unlisted/€17.0/€10.5-15257 Unlisted assets (2)3,2972,9653,612 Wendel Investments Managers (3) 1,9441,888616 Asset Managers (IK Partners & Monroe)1,7271,821616 Sponsor Money21767- Other assets and liabilities of Wendel and holding companies (4)16127174 Net cash position & financial assets (5)2,2002,4482,407 Gross asset value  9,6279,69910,603 Wendel bond debt   -2,397-2,381-2,401 IK Partners transaction deferred payment and Monroe earnout-235-235-131 Net Asset Value  6,9957,0828,071 Of which net debt  -432-169-124 Number of shares  42,823,53744,512,03844,461,997 Net Asset Value per share€163,3€159.1€181.5 Wendel’s 20 days share price average €79.9€80.6€93.5 Premium (discount) on NAV(51.1)%(49.3)%(48.5)% Number of shares – fully diluted 42,391,15042,413,58542,466,569 Fully diluted Net Asset Value, per share €164.2€163.0€185.7 Premium (discount) on fully diluted NAV (51.3)%(50.6)%(49.6)%  (1)   Last 20 trading days average as of December 31,2025, September 30, 2025, December 31, 2024. Tarkett share price as of September 30, 2025 is based on ongoing Tender Offer.
(2)   Investments in unlisted companies (Tarkett, Stahl, Crisis Prevention Institute, ACAMS, Scalian, Globeducate, Muno, Wendel Growth). Aggregates retained for the calculation exclude the impact of IFRS16. Globeducate valued based on transaction multiples. Stahl valued based on transaction price. Tarkett valued based on squeeze-out price.
(3)   Investments in IK Partners and Monroe (excl. Cash to be distributed to shareholders). Valued as a platform based on Net Income / Distributable earnings multiples.
(4)   Of which 432,387 treasury shares as of December 31,2025, 2,098,453 as of September 30, 2025 and 1,995,428 as of December 31, 2024.
(5)   Cash position and financial assets of Wendel & holdings.

Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 285 of the 2024 Registration Document.

Wendel’s Principal Investments’ portfolio rotation

In 2025 Wendel realized a total of €1.3 billion in disposals for its own account:

On March 12, 2025, Wendel implemented a prepaid 3-year forward sale representing approximately 6.7% of Bureau Veritas share capital. The transaction immediately generated net cash proceeds of approximately €750M to Wendel.On September 16, 2025, Wendel successfully disposed of 23.3 million Bureau Veritas shares underlying the exchangeable bond into Bureau Veritas shares issued by Wendel in March 2023 and maturing in March 2026, for a total amount of approximately €591M. Wendel reinvested c.€100M in Scalian in 2025 to support its external growth and to strengthen its balance sheet. Early 2026, Wendel announced the following transactions:

Sale of Stahl: a significant step forward in our €7bn capital allocation strategy announced in December 2025. Wendel has entered into an agreement to sell its stake in Stahl (excluding Muno) for an enterprise value of €2.1 billion to Henkel, a German-headquartered global coatings and adhesives leader serving a broad range of industrial and consumer end markets. The contemplated transaction values Stahl at a level that would yield total net proceeds at completion (after debt and transaction costs) of c.€1.2 billion for Wendel. This corresponds to a multiple of 6.6 times Wendel’s total investment since 2006, including €427m of past proceeds thanks to Stahl’s robust cash generation. This represents an annualized IRR of over 15% over 20 years. This compares with a value of €960 million in Wendel’s net asset value (“NAV”) published before the transaction announcement, as of September 30, 2025. This transaction is a great illustration of the quality of Wendel Principal Investments (WPI) assets and the cautiousness of their value in our Net Asset Value with a value to be realized representing a premium of over 20%. Wendel supports MTN’s offer to acquire IHS Towers pursuant to which it will receive full liquidity on its 19% stake, representing net proceeds of approximately $535m. Upon closing, Wendel will receive full liquidity on its c.19% stake in IHS, representing proceeds of approximately $535m to Wendel. The selling price represents a 21% premium over Wendel’s latest reported Net Asset Value (September 30, 2025). Together, these two transactions will generate approximately €1.65 billion and give Wendel full flexibility to achieve its long-term value creation objectives through investments in private assets, the development of Wendel Investment Managers (WIM), and a higher return to shareholders

Wendel Investment Managers
c.26% of Gross Asset Value excluding cash (c.30% proforma of Committed Advisors)

Over 2025, the Wendel Asset Management platform (IK Partners and Monroe Capital), focused on the midmarket private markets, registered particularly strong levels of activity, generating a total of €349 million in Management fees and others, up 177 % vs. 2024, thanks to good organic growth and strong scope effects: IK Partners was consolidated from the end of April 2024, whereas in 2025, IK Partners was consolidated for the full year, and Monroe Capital has been consolidated since the end of March 2025.

As a consequence, the consolidated Fee Related Earnings of the platform amounted to €139.5 million in 2025, up 146% vs last year, and Recurring Profit Before Tax (FRE+PRE) was €145.6 million, up 156% vs. last year.

On a full year proforma basis, WIM FRE would have amounted to €159 million at constant exchange rates, in line with the target announced in October 2024 of €160 million.

The Wendel Asset Management Platform has known a Strong Momentum in terms of fund raising with €4.5 billion raised over the year including €1.3 billion for IK Partners and $3.8 billion for Monroe Capital.

Since joining Wendel Investment Managers, IK Partners, a leading European private equity firm (announced in October 2023), and Monroe Capital, a US private debt specialist (announced in October 2024), have together raised more than €11 billion through their closed-end funds14. This remarkable performance demonstrates the strong appeal of the Wendel Investment Managers platform.

As of December 31, 2025 Wendel’s third-party asset management platform15 represented total assets under management of €41.2 billion (of which €10.6 billion of Dry Powder16), and FPAuM17 of €31.0 billion, FX adjusted, up +207% year-to-date. Over the period, €9.2 billion of new Fee Paying AuM were generated and about €5.2 billion of exits and payoffs have been realized.

The platform's model and dynamics attract new talent.

The signing of a new acquisition with Committed Advisors in October 2025 will enable us to reach $47 billion in AuM and integrate new expertise with strong organic growth potential: the secondary market. This transaction is expected to be finalized in the first quarter of 2026A 16% increase in headcount by 2025 to strengthen the platform's organic growth capacity. Sponsor money invested by Wendel

Wendel uncalled commitments in IK Partners, Monroe Capital and Committed Advisors funds amount to €575 million. As of December 31, 2025, a value in the NAV of €217 million of sponsor money has been called in IK Partners and Monroe Capital funds.

Principal Investment companies’ value creation and performance

Figures post IFRS 16 unless otherwise specified.

Listed Assets: 29% of Gross Asset Value excluding cash

Bureau Veritas: Sector leading organic revenue growth of 6.5% in FY 2025. Strong margin improvement to 16.3% in FY 2025. Positive growth outlook with continued margin expansion in 2026. New €200 million share buyback.

(full consolidation)

In the full year of 2025, Bureau Veritas reported total revenue of €6,466.4 million, marking a 3.6% increase compared to 2024. Organic revenue growth was 6.5% compared to full year 2024, with a 6.3% increase in the fourth quarter of 2025. This growth was driven by solid underlying trends across most businesses and geographies. 

Full year adjusted operating profit increased by 5.7% to €1,052.9 million and increased by 51 basis points at constant currency. This represents an adjusted operating margin of 16.3%, up 32 basis points compared to the full year 2024. Adjusted attributable net profit totaled €631.4 million in 2025, up 1.7% vs. €620.7 million in 2024. Adjusted EPS stood at €1.42 in 2025, and a 2.8% increase versus 2024 (€1.38 per share) and of a 9.2% increase based on constant currencies.

2026 outlook  

Bureau Veritas is starting the third year of LEAP I 28 strategy with sound market fundamentals. Building on a strong 2025 performance, Bureau Veritas aims to deliver full year results for 2026 that align with the financial ambition outlined in its strategy:

Mid-to-high single-digit organic revenue growth, Improvement in adjusted operating margin at constant exchange rates,  Strong cash flow generation. 
Return to shareholders: Proposed dividend of €0.92 and new €200 million share buyback to be launched in 2026

The Board of Directors of Bureau Veritas is recommending a dividend of €0.92 per share for 2025, up 2.2% compared to the prior year. This corresponds to a payout ratio of 65% of its adjusted net profit. This is subject to the approval of the Shareholders’ Meeting to be held on May 19, 2026.In line with the commitment to continue to improve shareholder returns, on February 25, 2026, a new €200 million share buyback program is announced, to be completed within the next twelve months. The program is subject to approval by the Annual General Meeting of May 19, 2026 if any or all is to be executed after that date.In 2025, double-digit shareholder returns were achieved based on EPS growth of c. 9%. For further details: group.bureauveritas.com

IHS Towers – IHS Towers will report its FY 2025 results in March 2026

Unlisted Assets: 44% of Gross Asset Value excluding cash

(in millions)SalesEBITDANet debt 202420252024 including IFRS 162025     including IFRS 16Δ2025 End of December including IFRS 16CPI(1)$150.1$152.9$74.0$75.7+2.3%$428.2ACAMS$102.1$111.5$25.1$27.2+8.4%$164.0Scalian €533.4€505.9€59.8€54.9-8.2%€366.9Globeducate(2) €376.2€415.9n.a€108.2+28.5%€826.2 (1) In accordance with IFRS 5, the contribution of CPI France has been reclassified in "Net income from discontinued operations and operations held for sale” in 2025 with an impact of €0.4M. Comparable sales for 12M 2024 represent €138.3M versus 2024 published sales of €138.8M. The difference of €0.5M corresponds to CPI France classified as assets held for sale and discontinued operations in accordance with IFRS 5. EBITDA FY 2025 is excluding French activities. which has been treated as a discontinued operation.

(2) Globeducate acquisition was completed on October 16th, 2024. For FY 2025 and FY2024, contribution of 12 months of sales from December 1st, to November 30st including India.

Stahl – Agreement to sell Stahl, the global leader in specialty coatings for flexible materials, to Henkel. Estimated net proceeds of €1.2 billion for Wendel, representing an annualized IRR of over 15% since 2006

(full consolidation)

On February 4th, 2026, Wendel announced it has entered into an agreement to sell its stake in Stahl (excluding Muno) for an enterprise value of €2.1 billion to Henkel, a German-headquartered global coatings and adhesives leader serving a broad range of industrial and consumer end markets.

The contemplated transaction values Stahl at a level that will yield total net proceeds at completion (after debt and transaction costs) of c.€1.2 billion for Wendel. This corresponds to a multiple of 6.6 times (net) Wendel’s total investment since 2006, including €427m of past proceeds related to Stahl’s robust cash generation. This represents an annualized IRR of over 15% over 20 years. Expected proceeds compare with a value of €960 million in Wendel’s last net asset value (“NAV”) published before the transaction announcement, as of September 30, 2025.

The transaction is subject to mandatory consultation processes and the satisfaction of customary closing conditions, including regulatory approvals.

Crisis Prevention Institute reports +1.8% revenue and EBITDA is slightly increasing +2.3% year on year

(full consolidation)

CPI reported 2025 revenue of $152.9 million, an increase of +1.8% year over year, or +0.9% organically on a foreign-exchange-neutral basis. North American performance remained broadly stable (–0.7% vs. 2024) despite continued federal oversight and funding uncertainty across CPI’s end markets.

International operations delivered strong momentum, with revenue outside North America growing +24% year over year. These results exclude France, where CPI made the strategic decision to discontinue operations in Q4 2025 following several years of underperformance.

Full Year 2025 EBITDA was $75.7 million18, up 2.3% from 2024, reflecting modest margin improvement to 49.5% (from 49.3% in 2024).

As of December 31, 2025, net debt totaled $428.2 million19, or 5.2x EBITDA as defined in CPI’s credit agreement. In Q3 2025, CPI raised $60m in incremental debt to fund a shareholder dividend ($34 million to Wendel) and repurchase management’s stock and options, net of reinvestment.

ACAMS – Total sales up + 9.2% and solid margin at 24.4% reflecting strategic investments of recent years

(full consolidation)

ACAMS, the global leader in training and certifications for anti-money laundering and financial crime prevention professionals, generated 2025 revenue of $111.5 million, up 9.2% vs. 2024.   Results for the FY 2025 were driven by recovery in conference sponsorship & exhibition (“S&E”) up by 45% vs 2024 and the APAC region (+9% vs LY), continued growth across the Americas +13%, offset by weaker performance in Europe which continues to be affected by softness in the European banking market.

Strategic investments made by ACAMS in the past few years have positively impacted performance, including the appointment of new Executive Leadership Team members, enhancements made to the Company’s technology platform, and market expansion with the introduction of the Certified Anti-Fraud Specialist certification (CAFS). In January 2026, ACAMS released a new digital member experience powered by a technology-enabled content platform, laying the foundation for ACAMS’ next phase of growth.

EBITDA20 in 2025 was $27.2 million, up 8,3% vs. 2024, and reflecting a margin21 of 24.4%, slightly down 20 bps year-over -year.

As of December 31, 2025, net debt totaled $164.0 million22, slightly down from $165.0 million at the end of 2024, which represents 5.0x EBITDA leverage as defined in ACAMS’ credit agreement, with ample room relative to the 9.5x covenant level.

Scalian - Decrease of total sales of -5.1 % in 2025, in the context of continued market growth slowdown. EBITDA margin at 10.9%, down c. 30 bps, in persisting challenging market conditions

(Full consolidation)  

Scalian, a European leader in digital transformation, project management and operational performance consulting, reported total sales of €506 million as of December 31, 2025, a -5.1% decrease vs. 2024. The slowdown is spread across several sectors and geographies, primarily in France reflecting reflecting a sharp slowdown in IT activities (mainly small clients) and continued weakness in the automotive market. Sales are down -9.0% organically and benefited from a positive scope effect of +3.8%.

Scalian generated an EBITDA23 of €54.9 million in 2025. The EBITDA margin rate stood at 10.9%, down by c.30 bps vs. 2024, mainly explained by lower utilization rate, partially offset by strict cost discipline.

As of December 31, 2025, net debt24 stood at €366.9 million (leverage of 6.68x25 EBITDA).

Wendel reinvested c.€100M in Scalian in 2025 to support its external growth (acquisition of Skills&Affinity in 2025) and to strengthen its balance sheet.

Globeducate – Total sales up +10.5%26 over LTM as of November 30, 2025 Year-end. Strong EBITDA margin at 26.0%27 in line with expectations

(equity accounted)

(Globeducate acquisition was completed on October 16th, 2024. For FY 2024 and 2025, contribution of 12 months of sales from December 1st, to November 30th, including India)

Globeducate, one of the world’s leading bilingual K-12 education groups, posted total sales of €415.9 million1 for the full year ending in November 2025, representing a total increase of +10.5% year on year.

EBITDA2 for the year ending in November 2025 amounted to €108.2 million, translating into a strong EBITDA margin of 26.0%, in line with expectations. This solid financial performance was fueled by a combination of organic and external growth.

Over 2025 Globeducate completed 4 acquisitions: Olympion School and Paphos School in Cyprus, and Ecole des Petits in the UK, and Clover in Canada

Net debt28 as of November 30th, 2025, was €826.2 million and leverage29 stood at 7.6x.

Other unlisted assets

Tarkett is valued at the buyout offer price and Muno is classified as an asset held for sale (IFRS 5). The combined value of these two assets in Wendel's NAV as of December 31, 2025 is approximately €200 million.

Consolidated Accounts

On February 25, 2025, Wendel’s Supervisory Board met under the chairmanship of Nicolas ver Hulst and reviewed Wendel’s consolidated financial statements, as approved by the Executive Board on February 20, 2026. The audit procedures by the statutory auditors on the consolidated financial statements are underway. The audit report would be released mid-March 2026. 

Wendel Group’s consolidated net sales30 totaled €7,567.9 million, up +6.1% overall and up +5.1% organically. FX contribution is -3.4% and scope effect is +4.4%.

WIM's contribution to net income from operations rose from €42.3 million in 2024 to €127.5 million in 2025 thanks to the acquisition of Monroe Capital in March 2025 and IK Partners' contribution over 12 months in 2025 (compared to 8 months in 2024). WIM's contribution to the net income group share increased from €21.6 million to €79.5 million.

In addition, the total contribution from WPI portfolio companies to net income from operations attributable to the Group amounted to €186.7 million, down 31.9%, mainly due to the reduction in 2025 of Wendel’s stake in Bureau Veritas and weaker results from Stahl and Scalian.

Total financial expenses, general and administrative expenses, and taxes recorded at the level of Wendel SE amounted to €104.9 million (including €24.1 million in non-cash items), representing a sharp increase of 66.5% compared with €63 million in 2024 (including €22.4 million in non-cash items). While general and administrative expenses were slightly lower, net financial income (€-11.5 million in 2025 compared with +€35.6 million in the previous year) no longer benefited from the very significant treasury income recorded in 2024, which resulted from an exceptionally high cash balance during the period and a materially higher average short-term interest rate environment than in 2025.

Net income from operations therefore remained stable at €753.0 million compared with €753.7 million in 2024, while net income from operations attributable to the Group amounted to €161.2 million, down 30.7%.

Consolidated net income for 2025 totaled +€344.7 million (€-151.8 million attributable to the Group), down year on year due to non-recurring items and acquisition-related accounting charges 2024 included a €692 million capital gain on the disposal of Constantia Flexibles. The results of transaction completed in 2025 relating to Bureau Veritas and the increase in the share price of IHS Towers are not recognized in the income statement but in shareholders’ equity, for a positive impact of €1.2 billion.

Supervisory Board composition

At the Shareholders’ Meeting of May 21, 2026, it will be proposed to the shareholders that Franca Bertagnin Benetton and William D. Torchiana be reappointed as independent members of the Supervisory Board for a further four-year term. If the renewal of his mandate is approved, William Torchiana will continue to serve as Chairman of the Governance and Sustainability Committee and as a member of the Audit, Risks and Compliance Committee.

It will also be proposed to the shareholders to appoint Alain Missoffe as a Supervisory Board observer (“censeur”) for a one-year term until the 2027 Shareholders’ Meeting. Alain Missoffe has been appointed as Chair of Wendel-Participations, effective June 4, 2026. He is Managing Director, Group transversal development of Diot-Siaci, a leading French insurance broker.

Agenda

Thursday, April 23, 2026  

Q1 2026 Trading update – Financial communication as of March 31, 2026 (before-market release)  

Thursday, May 21, 2026  

Annual General Meeting  

Thursday, July 30, 2026  

H1 2026 results – Financial communication as of June 30, 2026, and condensed Half-Year consolidated financial statements (before-market release)  

Thursday, October 22, 2026  

Q3 2026 Trading update – Financial communication as of September 30, 2026 (before-market release)  

Wednesday, December 2, 2026  

Investor Day 2026

About Wendel

Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In this context, Wendel completed the acquisitions of a 51% stake in IK Partners in May 2024 and 72% of Monroe Capital in March 2025 and announced the acquisition of Committed Advisors in October 2025. As of December 31, 2025, Wendel Investment Managers manages 47 billion euros on behalf of third-party investors, pro forma of the acquisition of Committed Advisors, and c.5.5 billion euros invested in its Principal Investments activity.

Wendel is listed on Eurolist by Euronext Paris.

Standard & Poor’s ratings: Long-term: BBB, negative outlook – Short-term: A-2 

Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.For more information: wendelgroup.com

Follow us on LinkedIn @Wendel

Press contacts  Analyst and investor contactsChristine Anglade: +33 6 14 04 03 87         Olivier Allot: +33 1 42 85 63 [email protected]@wendelgroup.com  Caroline Decaux: +33 1 42 85 91 27             Lucile Roch: +33 1 42 85 63 [email protected]   [email protected]  Primatice Olivier Labesse: +33 6 79 11 49 71 [email protected] Hugues Schmitt: +33 6 71 99 74 58 [email protected]   Kekst CNC Todd Fogarty: +1 212 521 4854 [email protected]  Appendix 1: 2025 Consolidated sales and results

2025 consolidated net sales

(in millions of euros)20242025ΔOrganic ΔBureau Veritas6,240.96,466.4+3.6%+6.5%Scalian533.4506.0-5.1%-9.0%CPI (1)138.3135.3-2.2%+0.9%ACAMS93.798.8+5.4%+8.6%IK Partners(2)126.5185.7+46.8%n.a.Monroe Capital(3)n.a175.7n.a.n.a.Consolidated sales(4)7,132.97,567.9+6.1%+5.1% (1)   In accordance with IFRS 5, the contribution of CPI France has been reclassified in "Net income from discontinued operations and operations held for sale” in 2025 with an impact of €0.4M. Comparable sales for 12M 2024 represent €138.3M versus 2024 published sales of €138.8M. The difference of €0.5M corresponds to CPI France classified as assets held for sale and discontinued operations in accordance with IFRS 5.

(2)   Acquisition of IK Partners in May 2024. Contribution of sales for 8 months in 2024 versus 12 months in 2025.

(3)   Contribution of 9 months sales from April 1st, 2025 to December 31, 2025

(4)   In accordance with IFRS 5, the contribution of Stahl has been reclassified in "Net income from discontinued operations and operations held for sale”

2025 net sales of equity-accounted companies

(in millions of euros)20242025ΔOrganic ΔTarkett (5)3,331.93,346.0+0.4%-0.2%Globeducate (6)n.a415.9n.a n.a Sales (Equity method)3,331.93,762.012.9%-0.5% (5)   Selling price adjustments in the CIS countries are historically intended to offset currency movements and are therefore excluded from the 
“organic growth” indicator

(6)   Contribution of 12 months of sales from December 1st, 2024 to November 30st, 2025 including India

2025 consolidated results

(in millions of euros) 20242025Contribution from asset management42.3127.5Consolidated subsidiaries774.4730.4Financing, operating expenses and taxes-63.0-104.9Net income from operations(1) 753.7753.0Net income from operations, Group share232.7161.2Non-recurring income/loss 561.2-120.9Impact of goodwill allocation-136.8-227.7Impairment-188.2-59.8Total net income(2)989.9344.7Net income, Group share293.9-151.8 (1) Net income before goodwill allocation entries and non-recurring items.

(2) 222.8m€ of change in fair value for IHS and capital gain on prepaid 3-year forward sale and underlying shares sale of the 2026 exchangeable bond into Bureau Veritas shares (+980m€) recognized through OCI

2025 net income from operations

(in millions of euros)20242025ChangeIK Partners 42.364.4 52.0% Monroe Capital n.a63.1 n.aTotal contribution from asset management:       42.3127.5 201.3%Bureau Veritas643.3654.8+1.8%Stahl100.269.6-30.5%CPI22.223.5+5.9%ACAMS-0.7-3.6-437.3%Scalian-6.2-23.3-274.4 %Tarkett (equity accounted)15.615.9+2.0%Globeducate (equity accounted)n.a-6.5n.aTotal contribution from Group companies774.4730.4-5.7%of which Group share274.1186.7-31.9%Operating expenses net of management fees-72.2-68.1-5.7%Taxes-4.0-1.2-69.8%Financial expenses35.6-11.5-132.3%Non-cash operating expenses-22.4-24.1+7.6%Net income from operations753.7753.0-0.1%of which Group share232.7161.2-30.7% Appendix 2: Conversion from accounting presentation to economic presentation

Please refer to table 7.1 of the consolidated statements.

Appendix 3: Loan-to-Value Ratio as of Dec.31, 2025

 Dec. 31, 2025Total Assets as of December 31, 2025 (A)7 427  Total cash as of 31/12/20252 200  Bond debt & accrued interest (2 397) IK Parners deffered payments & Monroe earnout                                           (235) Total debt as of Dec. 31, 2025                                      (2 632)   Net debt (B)                                           (432)     Spot LTV before restatements (B/A)5.8%  Puts related to Monroe acquisition                                           (438) Puts related to Committed Advisors(91)Funds Uncalled Commitments Monroe Capital                                           (90) Funds Uncalled Commitments IK Partners                                           (323) Funds Uncalled Commitments Committed Advisors(162)Post Dec 31, 2025 sales & acquisitions, including SBB784  Total adjustments (C) (320)   Adjusted net debt (B+C)(752)  S&P LTV as of Dec. 31, 2025 (B+C)/(A+C)9.6% Appendix 4: Glossary

AUM (Assets under Management): Corresponding – for a given fund – to total investors’ commitment (during the fund’s investment period) or total invested amount (post investment period). FRE (Fee-Related Earnings): This indicator is used by Wendel Investment Managers. It corresponds to operating income from third-party asset management activities, excluding Performance Related Earnings (see below). FRE also includes net income from Monroe Capital's Fund O. It does not take into account other financial results, (with the exception of financial income from investment activities), impairment of non-current assets, non-recurring income and expenses (in particular restructuring costs), income and expenses unrelated to the business, entries relating to mergers and acquisitions (in particular gains and losses on disposals, impairment of goodwill allocations, earn-out and deferred payment expenses) and taxes. PRE (Performance Related Earnings): (Performance Related Earnings): this indicator is used by Wendel Investment Managers. It constitutes the variable portion of fees (carried interest allocated to the Group). GP (General Partner): Entity in charge of the overall management, administration and investment of the funds. The GP is paid by management fees charged on assets under management (AuM). 1 FRE Proforma, including Monroe Capital on 12 months

2 Including €340 million in share buybacks for the repurchase of 9% of the capital in 2026 and more than €200 million in dividends for the 2025 financial year.

3 Fully diluted of share buybacks and treasury shares.

4 The acquisition of Committed Advisors is expected to be finalized in the first quarter of 2026.

5 IK Partners and Monroe Capital

6 Closing of the transaction is expected to occur in 2026, subject to IHS shareholder approval, regulatory approvals in the relevant markets, and customary closing conditions.

7 FRE – Fee Related Earnings - pre-tax results generated by management fees.

8 Consolidated FRE, including Committed Advisors acquisition on a full-year basis, with a USD/EUR rate of 1.175. Wendel SE share: approx. €130 million.

9 Based on the IK Partners, Monroe Capital and Committed Advisors scope. At constant exchange rates.

10 GAV excluding cash & other assets.

11 Dividend payout calculated on the basis of fully-diluted NAV at the end of December 2025.

12 Based on Wendel’s share price of €87.95 as of February 25, 2025.

13 LTV calculation explained in Appendix 3.

14 Closed-end fund with a fixed term

15 IK Partners & Monroe Capital

16 Commitments non invested

17 Fee Paying AuM

18 Recurring EBITDA post IFRS 16 excluding French activities. Recurring EBITDA pre IFRS 16 was $74.5m.

19 Post IFRS 16 impact. Net debt pre IFRS 16 impact was $424.5m.

20 EBITDA including IFRS 16. EBITDA excluding IFRS16 stands at $26.0m

21 One time capital expenditures have impacted margins in FY2025, which were higher than in prior years.

22 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was $162.2m.

23 EBITDA including IFRS 16 impact. Excluding IFRS 16, EBITDA stands at €46.2m.

24 Net debt including IFRS 16 impact. Excluding IFRS 16, net debt stands at €334.6m.

25 As per credit documentation (pre IFRS 16).

26 Including Indian activities. Indian estimated revenue stands at €18.9 m in 2025 and €20.9 m in 2024

27 EBITDA including IFRS 16 impacts, including Indian activities in FY 2025. Indian estimated EBITDA stands at €6.7 m.

28 Net debt including IFRS 16 impact. Excluding IFRS 16, net debt stands at €639.8m.

29 As per credit documentation definition.

30 Consolidated sales will be published only for Full Year and Interim results. For Q1 & Q3, sales by companies/activities will continue to be commented on an individual basis 

Wendel_EN_FY 2025_

CMB.TECH ANNOUNCES Q4 2025 RESULTS
EIGHT VLCCS SOLD AT STELLAR PRICES

ANTWERP, Belgium, 26 February 2026 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the company”) (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) reported its unaudited financial results today for the fourth quarter ended 31 December 2025.

HIGHLIGHTS

Financial highlights: Profit for the period of USD 90.1 million in Q4 2025. EBITDA for the same period was USD 322 million.CMB.TECH’s contract backlog increased by USD 304 million to USD 3.05 billion with the addition of 5 x 5-year charters for Capesizes and a 3-year contract for a CSOV.Declaration of an interim dividend of USD 0.16 per share.Over the course of Q4 2025 and Q1 2026, the company has fully repaid the bridge loan facility that was originally raised to finance the acquisition of a large stake in Golden Ocean  Fleet highlights: 

Delivery of 6 newbuilding vessels (Q4 + quarter to date): VLCCs: Atrebates, EburonesChemical tankers: Bochem CallaoCSOV: Windcat AmsterdamCTV: FRS Windcat 62, FRS Windcat 61 Previously announced sale of 8 VLCCs: Daishan (2007, 306,005 dwt), Hirado (2011, 302,550 dwt), Ilma (2012, 314,000 dwt), Ingrid (2012, 314,000 dwt), Hojo (2013, 302,965 dwt), Dia (2015, 299,999 dwt), Antigone (2015, 299,421 dwt), and Aegean (2016, 299,999 dwt).Previously announced sale of Capesize vessels Golden Magnum (2009, 179,790 dwt), and Belgravia (2009, 169,390 dwt). Corporate highlights:

Sale of stake in Tankers International Pool, closed on 27 January 2026.CMB.TECH is investing in the Chinese ammonia supply chain.Management Board changes: resignation of Mr. Benoit Timmermans For the fourth quarter of 2025, the company realised a net gain of USD 90.1 million or USD 0.31 per share (fourth quarter 2024: a net gain of USD 93.1 million or USD 0.48 per share). EBITDA (a non-IFRS measure) for the same period was USD 322.1 million (fourth quarter 2024: USD 180.4 million).

Commenting on the Q4 results, Alexander Saverys (CEO) said:

“Tanker markets continue to defy gravity due to a mix of shifting trade patterns, modest newbuilding deliveries and a particularly active tanker owner/operator who is adding fuel to the fire. Dry bulk freight rates have also held up very well during Q4 and well into Q1. With two CSOVs delivered to our fleet, we are starting to generate meaningful cash flows in the offshore supply markets. The versatile nature of our ships allows us to serve wind and oil and gas customers alike.

We have used this very strong market back-drop to sell some of our older vessels at stellar prices, and fixed multiple long-term charter contracts at attractive rates. We will use the proceeds to decrease our leverage, strengthen our balance sheet and pay dividends. The repayment of the Golden Ocean bridge – less than six months after the merger – is testimony to our capability to execute large transactions swiftly, efficiently and in a disciplined manner.”

Key figures

             The most important key figures (unaudited) are:                       (in thousands of USD)   Fourth Quarter 2025 Fourth Quarter 2024 YTD 2025 YTD 2024              Revenue          589,123         226,029         1,666,223         940,246          Other operating income          1,361         8,254         29,613         50,660                      Raw materials and consumables          (3,769)         (1,576)         (10,265)         (3,735)          Voyage expenses and commissions          (128,169)         (42,692)         (362,155)         (174,310)          Vessel operating expenses          (128,067)         (52,817)         (420,409)         (199,646)          Charter hire expenses          (415)         (3)         (3,124)         (138)          General and administrative expenses          (52,813)         (24,616)         (143,284)         (77,766)          Net gain (loss) on disposal of tangible assets          49,489         71,114         192,564         635,017          Depreciation and amortisation          (114,526)         (43,911)         (387,968)         (166,029)          Impairment losses          (2,081)         (1,847)         (5,354)         (1,847)                      Net finance expenses          (110,997)         (47,096)         (404,630)         (130,650)          Share of profit (loss) of equity accounted investees          (2,599)         (1,418)         (882)         920          Result before taxation          96,537         89,421         150,329         872,722                      Income tax benefit (expense)          (6,476)         3,709         (10,185)         (1,893)  Profit (loss) for the period          90,061         93,130         140,144         870,829                      Attributable to:            Owners of the Company          90,061         93,130         161,698         870,829           Non-controlling interest          —         —         (21,554)         —                                             Earnings per share:                     (in USD per share) Fourth Quarter 2025 Fourth Quarter 2024 YTD 2025 YTD 2024             Weighted average number of shares (basic) *         290,169,769         194,216,835                 229,443,392         196,041,579          Basic earnings per share         0.31         0.48                 0.61         4.44                                The number of shares issued on 31 December 2025 is 315,977,647. However, the number of shares excluding the owned shares held by CMB.TECH at 31 December 2025 is 290,169,769.              EBITDA reconciliation (unaudited):                       (in thousands of USD)  Fourth Quarter 2025 Fourth Quarter 2024 YTD 2025 YTD 2024              Profit (loss) for the period          90,061         93,130                 140,144         870,829          + Net finance expenses          110,997         47,096                 404,630         130,650          + Depreciation and amortisation          114,526         43,911                 387,968         166,029          + Income tax expense (benefit)          6,476         (3,709)                 10,185         1,893          EBITDA (unaudited)          322,060         180,428                 942,927         1,169,401                                  EBITDA per share:                       (in USD per share)  Fourth Quarter 2025 Fourth Quarter 2024 YTD 2025 YTD 2024              Weighted average number of shares (basic)          290,169,769         194,216,835                 229,443,392         196,041,579          EBITDA          1.11         0.93                 4.11         5.97                                  All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor.

During the quarter, several nonrecurring items affected the company’s financial performance. The company fully repaid the bridge loan facility that had originally been raised to finance the acquisition of a large stake in Golden Ocean, resulting in a one-off charge of USD 13.6 million, mainly related to arrangement and success fees. Furthermore, following the various refinancings completed in Q4 (which included a repayment of more than USD 700 million under the USD 2 billion facility) approximately USD 11 million in arrangement fees were expensed. In addition, 28 reflagging operations were carried out in Q4, temporarily increasing operating expenses by approximately USD 2.9 million. Reflagging of vessels is required in view of the contemplated cross-border merger of CMB.TECH Bermuda (holding company of ex-Golden Ocean group) with CMB.TECH Belgium. Other non-recurring costs (SG&A and tax) accounted for USD 15 million.

Interim dividend

CMB.TECH has declared an interim dividend of USD 0.16 per share, which is expected to be paid on or about 27 April 2026.

The timing of the distribution of this interim dividend is as follows:

COUPON 44Ex-dividend dateRecord datePayment dateEuronext14 April 202615 April 202622 April 2026NYSE15 April 202615 April 202622 April 2026OSE14 April 202615 April 2026On or about 27 April 2026 TCE

The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows:

 Q4 2025Q4 2024Quarter-to-Date Q1 2026USD/dayUSD/dayUSD/dayFixed %DRY BULK VESSELSNewcastlemax average spot rate(1)34,88629,80030,67380.0%Newcastlemax average time charter rate21,284   Capesize average rate(1)30,137 26,72572.0%Panamax/Kamsarmax average spot rate(1)17,337 13,27966.0%Panamax/Kamsarmax average time charter rate13,207   TANKERSVLCC average spot rate (2)74,84237,40074,46578.0%VLCC average time charter rate(3)45,58246,300  Suezmax average spot rate(1) (3)64,54338,30061,80987.0%Suezmax average time charter rate33,61331,800  CONTAINER VESSELSAverage time charter rate29,37829,378  CHEMICAL TANKERSAverage spot rate(1) (2)20,88724,500 17,878 N/AAverage time charter rate19,30619,306   OFFSHORE WINDCSOV Average time charter rate108,046 69,90050.0%CTV Average time charter rate2,8832,9002,47268.8% 1) Reporting load-to-discharge, in line with IFRS 15, net of commission
(2) CMB.TECH owned ships in TI Pool or Stolt Pool (excluding technical off hire days)
(3) Including profit share where applicable

CORPORATE UPDATE

Sale TI Pool

CMB.TECH has sold its share in the Tankers International (TI) Pool to International Seaways (INSW), closed on 27 January 2026. Our tanker division Euronav was one of the founding fathers of TI and has supported the company throughout its successful history. With the sale of a large part of our VLCC fleet to Frontline in 2024 and the recent sale of some older tankers more recently, it was the right moment to exit TI. Under the new full ownership of INSW, the company and its employees will remain a strong reference in the crude oil tanker markets.

Andefu

CMB.TECH previously announced that the company is investing in the Chinese ammonia supply chain. CMB.TECH has signed an off-take agreement for green ammonia produced by CEEC Hydrogen Energy (“CEEC”) in Jilin Province and owns a minority share in privately owned Jiangsu Andefu Energy Technology Co., Ltd. (“Andefu”) one of China's largest ammonia supply chain companies. This creates an industrial partnership between two companies supporting maritime decarbonisation and the development of a green ammonia supply infrastructure.

A subsidiary of Andefu, Jiangsu Andefu Storage Co., Ltd., is currently constructing a 49,000 m³ low-temperature ammonia storage tank in Nanjing, providing critical hub capacity for ammonia distribution and future marine fuel applications. The storage tank is scheduled to be commissioned in Q1 2026. In addition, Andefu, in cooperation with CEEC, will build an ammonia storage terminal into operation in Panjin in the second half of 2027, significantly enhancing China’s large-scale green ammonia logistics and supply capabilities. Andefu is also advancing ship-to-ship (STS) ammonia bunkering operations, targeting commercial deployment in 2026, to support the emerging global ammonia-fuelled shipping fleet together with CMB.TECH.

Golden Ocean bridge

Over the course of Q4 2025 and Q1 2026, the company has fully repaid the bridge loan facility that was originally raised to finance the acquisition of a controlling stake in Golden Ocean while continuing the integration workstreams related to the Golden Ocean merger. This resulted in a one‑off charge of USD 13.6 million, primarily reflecting arrangement and success fees. No additional costs related to these activities are anticipated in the 2026 financial year. The early repayment in full of the USD 1.4 billion Golden Ocean bridge loan facility is projected to yield approximately USD 41.9 million in interest savings over the 2026 reporting period.

Management Board change

Mr. Benoit Timmermans has decided to resign as member of the Management Board of CMB.TECH with effect as of 1 May 2026. Mr. Benoit Timmermans joined the Management Board of CMB.TECH as Chief Strategy Officer and has assisted the company in the transition from a pure-play crude oil tanker player to a large and diversified maritime group. For the time being, Mr. Timmermans will not be replaced. His responsibilities will be taken over by the current members of the Management Board.

CMB.TECH FLEET DEVELOPMENTS

Commercial contracts

CMB.TECH’s contract backlog increased by USD 304 million to USD 3.05 billion:

5 Capesizes were fixed for charter contracts of 5 years each. These will commence in the coming months.

Mineral Ajisai (2014, 180,600 dwt)Mineral Sakura (2014, 182,480 dwt)Mineral Cumulus (2018, 180,600 dwt)Mineral Calvus (2018, 180,520 dwt)Mineral Incus (2018, 180,510 dwt) The CSOV Windcat Amsterdam was fixed for 3 years as from 1 April 2026.

Sales

Following vessels were delivered to new owners in Q4 2025 - generating a total capital gain of approximately USD 49.2 million:

VLCC Dalma (2007, 306,543 dwt) – capital gain of USD 26.4 million Capesize Battersea (2009, 169,390 dwt) – capital gain of USD 2.4 millionCapesize Golden Zhoushan (2011, 175,834) was delivered to its new owner during Q4 2025 – no capital gain Suezmax Sofia (2010, 165,000 dwt) – capital gain of USD 20.4 million Following vessels will be delivered to new owners in Q1 2026:

Capesize vessels Golden Magnum (2009, 179,790 dwt), and Belgravia (2009, 169,390 dwt) - capital gain of approximately USD 8.1 million in Q1 2026, based on the net sales price and book valuesSix VLCCs: Daishan (2007, 306,005 dwt), Hirado (2011, 302,550 dwt), Hojo (2013, 302,965 dwt), Dia (2015, 299,999 dwt), Antigone (2015, 299,421 dwt), and Aegean (2016, 299,999 dwt) - capital gain of approximately USD 261.1 million in Q1 2026, based on the net sales price and book values. Following vessels will be delivered to new owners in Q2 2026:

Two VLCCs: Ilma (2012, 314,000 dwt) and Ingrid (2012, 314,000 dwt) - capital gain of approximately USD 98.2 million in Q2 2026, based on the net sales price and book values. Newbuilding deliveries

Delivery dateType of vesselName10 November 2025VLCCAtrebates (2025, 319,000 dwt)12 November 2025CTVWindcat 6112 December 2025CTVWindcat 6219 December 2025CSOVWindcat Amsterdam12 January 2026VLCCEburones (2026, 319,000 dwt)13 January 2026Chemical tankerBochem Callao (2026, 25,000 dwt) MARKET & OUTLOOK

Bocimar – Dry-Bulk Market1

Following a slow first half in 2025, imports of iron ore to mainland China rebounded strongly in H2 2025, ending the year at 1,327 million tonnes, driven by stockpiling, a strengthening yuan which made imports more cost-effective, and targeted stimulus aimed at stabilising construction and manufacturing activity. The expansion was primarily fuelled by heightened trade flows between major iron ore producing regions and key consuming markets: Australia, Brazil, Sub-Saharan Africa, and Canada significantly increased shipments to mainland China, while Brazil and Oman boosted their shipments to India, and Liberia expanded its supply to Europe. Chinese steel exports also hit a record 11.3 million tons in December 2025, raising for the full year by 7.5% to 119.2 million tons. Capesize spot earnings in Q4 2025 averaged about 27,120 USD/day (34% higher than the 10-year Q4 average). Panamax spot earnings in Q4 2025 averaged about 14,880 USD/day (6% below the 10-year Q4 average).

In China, portside inventories are on a raising trend, reaching 151.6 million tonnes by the end of 2025, just below all-time highs. While elevated stocks can slow the rhythm of spot cargoes as mills draw down port inventories first, the iron ore market remains fundamentally supported. Despite sustained policy initiatives aimed at improving domestic resource security, China’s local iron-ore mines continue to fall short of official production objectives. Output of iron-ore concentrate decreased y-o-y 2025 by 3.2%. This decline underlines persistent challenges, including diminishing ore grades, fragmented industry ownership, and slow rates of capital investment. China’s domestic ore, with its low iron content and high impurities, cannot meet the requirements of modern blast-furnace operations on its own. To achieve stable furnace performance, steelmakers blend higher-grade imported fines with domestic material – raising the effective grade, improving fuel efficiency, and supporting consistent output. Hence, high-grade seaborne imports of iron ore are essential for keeping China’s steel production efficient, cost-effective, and technically reliable. In addition, on the steel side, the introduction of export licensing from 1 January 2026 marks a clear change in how outbound steel trade is managed and exports switched from quantity to quality. Higher quality steel exports further reconfirm the requirement of seaborne high-grade iron ore sourcing and hence also further support the ton-mile story for the Capesize and Newcastlemax segment.

Structurally longer trade flows and high-grade substitution support tonne-mile demand. The ramp-up of the Simandou project in Guinea—targeting 120 million tonnes/year by 2028—will introduce high-grade ore flows (65% Fe) that are structurally longer than Australia-to-China shipments. Initial deliveries of 200,000 tonnes have already reached China, with total 2026 production expected at 15–20 million tonnes. Next to Simandou, South Buchanan/Liberia (Mittal) will increase iron ore exports from 5 to15 million tonnes in 2026.

Overall, iron ore discharge to mainland China in 2026 is projected to rise to 1,361 million tonnes (up 2.5% y-o-y), underpinned by supportive fiscal and monetary policies, a strong yuan, and declining domestic output. However, there is potential for reduced shipments in the first quarter of 2026, as demand from Chinese steel mills may soften during the Lunar New Year holiday. Global seaborne iron ore shipments are projected to increase by 1.9% y-o-y in 2026, reaching 1,799 million tonnes.

Bauxite has become an increasingly important cargo stream for Capesize vessels (roughly 16% of Capesize tonne-mile demand), offsetting weakness in coal volumes. Guinea’s bauxite shipments have been outperforming its historical volumes, with 47 million tonnes shipped in Q4 2025, up approximately 7 million tonnes y-o-y, with 91% of the volume shipped to mainland China. We expect this buoyancy to persist in 2026, even though with a lesser degree, with Q1 2026 volume to be up 3 million tonnes y-o-y from Guinea. Mainland China’s bauxite arrivals are expected to expand by 9 million tonnes during the year in line with the increased domestic demand for inputs feeding into the aluminium industry. However, this is considerably less than the 40 million tonnes surge experienced in 2025. Domestic bauxite inventories have been historically high along with an oversupply of alumina and with the government mandated production cap on aluminium at 45 million tonnes, the expected increase in additional bauxite demand will likely moderate relative to last year. However, notably, capacity expansion at Chinese-owned Chalco-Boffa Mining site in Guinea should continue facilitating additional supply between the two trade partners.

While bauxite and iron ore continue to be positive contributors to the dry bulk market, the coal trade is trending in the opposite direction. Demand from mainland China for thermal coal took a hit over 2025 as the expansion in renewable capacity and generation increasingly ate into coal-fired generation, and rising domestic output displaced seaborne supply. We may have already seen the peak of coal consumption in mainland China as over 2025 we have seen coal-fired generation drop, as the growth in electricity generation takes on a more restrained pace and renewable additions continue their fierce 25-30% y-o-y growth rate. The outlook for the beginning of 2026 remains flat, as the market remains fundamentally weak in terms of coal demand, save for some import activity from buyers in mainland China looking to fulfil their requirements for the colder than expected winter months.

Agribulk shipments rose 2.5% y-o-y 2025 followed by a 1.5% growth expected in 2026. US shipments are expected to rise on the back of healthy corn production in addition to revival in soybean trade with mainland China (revival after interruption of exports since May due to tariff war). In Q1 2026 to date, an early start to grain season has supported the Kamsarmax market which in turn supports the other dry bulk segments during the low season

The Capesize and Newcastlemax orderbook currently stands at 12.4% of the active fleet. 36% or 586 vessels are over 15 years old and are increasingly uneconomical to operate amid rising environmental compliance costs. The Panamax and Kamsarmax orderbook currently stands at 15.16% – with 32% or 900 vessels over 15 years old. The market remains relatively balanced, though growth drivers are strongly skewed in favour of Capesizes: estimated demand growth in 2026 of 2.7%, in billion tonne miles with a net fleet growth of 2.3%. (Panamax estimated demand growth in 2026 of 3.2%, in billion tonne miles with a net fleet growth of 4.7%)

Bocimar has 36 (+10NB) Newcastlemaxes on the water (average age 3.2y), 37 Capesize vessels on the water (average age 11.2), 30 Kamsarmax/Panamax vessels on the water (average age 6.9y), and two 5,000 dwt dry-bulk coasters on order.

Q4 2025 Performance Highlights:

Newcastlemax: Q4 2025 TCE actuals at 34,886 USD/day, outperforming 5TC BCI by 7,455 USD/day net of commissions. Q1 2026 TCE quarter to date rates at 30,673 USD/day (80% fixed).Capesize: Q4 2025 TCE actuals at 30,137 USD/day, outperforming 5TC BCI by 2,706 USD/day net of commissions. Q1 2026 TCE quarter to date rates at 26,725 USD/day (72% fixed).Kamsarmax/Panamax: Q4 2025 TCE actuals at 17,337 USD/day, outperforming 5TC BPI-82 by 2,109 USD/day net of commissions. Q1 2026 TCE quarter to date rates at 13,207 USD/day (66% fixed).
Euronav – Tanker Markets2

Both OPEC and non-OPEC supply ended 2025 at elevated levels. Over the full year, non-OPEC crude oil and condensate supply averaged 1.2 mb/d higher than in 2024. In addition, since March 2025, OPEC’s production quota increased by 2.9 mb/d, while actual output rose by 0.5 mb/d over the same period.

The crude oil tanker market strengthened markedly in late 2025, with the VLCC and Suezmax segments recording their highest earnings in several years. Key drivers were crude oil supply growth and increased volumes of oil-on-water. During 2025, global inventories of crude oil and refined products rose by 529 million barrels, reflecting oil that has been produced but not yet consumed, including in-transit volumes. China continued stockpiling in line with its mandate, hitting a record high crude import of 13.2 mb/d in December 2025. China's crude inventories built at near-record levels in December, rising by 31.3 million barrels. Newly implemented sanctions also reduced the effectiveness of the non-compliant tanker fleet.

The resulting tightening in effective fleet capacity pushed freight rates significantly higher. VLCC spot earnings in Q4 2025 averaged about 102,414 USD/day, more than double the 10-year Q4 average of 47,986 USD/day. Suezmax spot earnings in Q4 2025 averaged 77,370 USD/day, almost double the 10-year Q4 average of 43,507 USD/day. By mid-Q4, VLCC spot rates consistently exceeded 100,000 USD/day, reflecting a limited supply of available tonnage.

OPEC and non-OPEC supply growth also sets up the market for a surplus in the 2026 crude oil-only balance. Agencies differ in their views on the size of this surplus: the IEA estimates a +4.00 mb/d balance, the EIA +2.30 mb/d, while OPEC projects equilibrium. As a result, seaborne crude oil demand is currently driven less by end-consumer consumption and more by inventory accumulation in China and by OPEC+ maintaining market share over price. If these trends continue at similar rates, global inventories could approach the Covid-era peak of May 2020 by the end of 2026, supporting seaborne crude transportation through the remainder of 2026. A continued surplus would pressure oil prices and encourage further inventory building, which has historically supported tanker rates in the short term. Over time, however, sustained lower prices would increase the likelihood of OPEC+ production cuts, which would reduce tanker demand.

Higher charter rates have been accompanied by higher asset values. Second-hand VLCC and Suezmax prices are at their highest levels in 20 years. Clarksons data shows that ten-year-old VLCC values increased from approximately USD 43 million in 2020 to over USD 90 million by the end of 2025 (Suezmax 10-year-old: USD 28 million in 2020 to over USD 64 million by the end of 2025).

Geopolitics continue to influence crude trade patterns. Russia’s war in Ukraine and related sanctions have redirected exports from Europe toward Asia and led to complex compliance and non-compliance practices that reshape tanker flows and lengthen shipping routes. Instability in Iran and around the Strait of Hormuz presents ongoing risk to a key global chokepoint. Red Sea disruptions have reduced traffic through important maritime routes, forcing detours and increasing transport costs. Political pressure on Venezuelan exports and shadow fleet activity continue to alter Atlantic Basin trade, while China’s role as a major buyer of sanctioned barrels means that changes in sanction policy or enforcement could quickly affect tanker demand and deployment. These dynamics remain fluid and complex, making short-term impacts on the compliant tanker fleet difficult to predict.

Market fundamentals indicate continued medium-term strength into H1 2026. Fleet supply growth is accelerating with a Suezmax OB/F of 22.1%, and VLCC OB/F of 18.8%. However, approximately 18–19% of the existing fleet are aged 20 years or older (40%>15 years), implying elevated scrapping potential (once market rates cool down and non-compliant crude tankers become idle).

Euronav has 3 (+3NB) VLCCs (average age 4.9y) and 17 (+2NB) Suezmaxes (average age 6.9y) on the water. Q3 2025 Performance Highlights:

VLCC: actual Q4 TCE for VLCC of 74,842 USD/day and actual Q1 2026 quarter-to-date of 74,465 USD/day (78% fixed)Suezmax: actual Q4 TCE for Suezmax of 64,543 USD/day and actual Q1 2026 quarter-to-date of 61,809 USD/day (87% fixed)  Delphis – Container Markets3

Container freight markets remain supported but cyclical risks are further building. Spot rates are moderate overall, underpinned by firm pre–Lunar New Year demand. The SCFI stood just below 1,500 in mid-January—around 40% below the elevated 2024 average but still ~50% above 2023 levels.

Supply growth is set to outpace demand over the medium term. Containership fleet capacity is projected to expand with 4.5% in 2026, accelerating to 6.4% by 2027, materially above expected volume growth and likely to drive rate normalisation. Container trade growth is forecasted to slow to 2.5% this year amid tariff headwinds—particularly on the Transpacific—and with Asia–Europe and secondary trades moderating from the exceptionally strong levels seen in 2025. A steadier 3.0% growth profile is forecasted for 2027.

Red Sea disruption remains the key swing factor. Rerouting is currently adding 11.0% to global TEU-mile demand and is the main uphold to earnings and utilisation. Any de-escalation would remove this support and accelerate the move toward materially weaker market conditions. While carriers may respond through capacity management and higher demolition, the risk is skewed to a more challenging rate environment ahead, with another wave of supply (>4m TEU on order for 2028) building in the background.

CMB.TECH’s 4 x 6,000 TEU (average age 1.8y) and 1 NB 1,400 TEU container vessels are all employed under 10 to 15-year time charter contracts.

Bochem – Chemical Markets4

The chemical tanker markets have shown signs of gradual easing through-out 2025, albeit from a robust starting point earlier in 2024. Demand remains closely tied to global GDP growth. Seaborne trade volumes appear to have been negative in 2025 (-0.8% billion tonne-miles), as tariff volatility weighed on arbitrage activity.

The global chemical tanker orderbook now stands at 18.8% of the existing fleet. The current fleet has an average age of 18 years, with 26% of vessels aged 20 years or older, suggesting that much of the orderbook should primarily serve as replacement tonnage. Nevertheless, the risk of oversupply could emerge in 2026 to 2027, depending on demand growth. 2025 net fleet growth was 3.7%, accelerating to 9.7% in 2026 and 5.9% in 2027, before easing to below 3% in 2028, assuming no additional ships are ordered.

Low ton-mile growth for 2026 and 2027 of 0.8% and 0.9%, respectively, and swing product tankers continue to be a factor in effective supply, although their impact is currently limited. While a strong product tanker market could reduce effective fleet growth somewhat, we do not expect this to be sufficient to halt the anticipated downtrend in earnings.

Bochem 25,000 DWT chemical tankers fleet comprises out of 8 delivered vessels, and 8 NB vessels (average age <1y). They are employed under a 10-year time charter (6 vessels), under a 7-year time charter (6 vessels), and in a spot pool (2 vessels). Q4 2025 performance highlights:

Bochem achieved TCE Q4 2025 of USD 20,887 per day USD/day (spot pool) Q1 2026 spot rates to-date: USD 17,878 per day (spot pool) Windcat – Offshore Energy Markets5

Nine North Sea countries have signed a binding offshore wind investment pact, with the UK, Germany and the Netherlands—Europe’s three core offshore wind markets—all participating. Under the agreement, governments commit to accelerating offshore wind deployment through large-scale, cross-border projects and coordinated infrastructure planning. The countries had previously pledged to develop 300GW of offshore wind by 2050; the new pact reportedly earmarks 100GW of this capacity for joint development. For context, Europe currently has only 36GW of installed offshore wind, implying a step-change in the medium- to long-term build-out trajectory. Reports suggest up to 20GW of jointly developed capacity could already be underway by 2030. The joint declaration said the governments would also step up their efforts to increase financing for wind projects, potentially including through guarantees from the EU budget, and subsidy frameworks like CfD (contracts for difference).

From a vessel market perspective, this confirmation is important. It gives confidence in the medium-term pipeline and validates the scale of construction and O&M demand, following a period where negative headlines through 2025 had raised concerns around project progression.

CSOV demand strengthened through Q4 2025, allowing a large portion of the fleet to secure employment through the winter (off)season. In addition to near-term activity, a material increase is noticeable in contract opportunities for the 2026 season and beyond, with a significant share of projects still unfixed. While some vessel availability is expected in Q1 2026, utilisation should rise sharply from April, with the majority of the European CSOV fleet effectively committed. Incremental availability is not expected to return before late Q3 2026.

Rates and earnings momentum is building in the CSOV market. Owners with open capacity in 2026 are well positioned to benefit from a tightening market, a trend already reflected in rate indications for next year’s work. The supply–demand balance is further supported by rising oil & gas-related demand (including outside Europe) and a sharp slowdown in speculative newbuild ordering over the past 12 months.

Medium-term setup remains constructive. The reduction in new orders should moderate fleet growth from 2028 onwards, while underlying CSOV demand from offshore wind and oil & gas is expected to continue expanding.

In general, we see orders for offshore wind vessels reducing, including CSOVs: 2024 #19 NB orders, and 2025 #9 NB orders – with 16 C/SOVs delivered throughout 2025, while 15 CSOVs are scheduled to be delivered throughout 2026. CSOV fleet stands today at 71 vessels versus an orderbook of 50 vessels (OB/F 70.4%).

CTV fleet utilisation remained high at the start of Q4 2025, although a number of vessels, particularly smaller and 12-pax units, were redelivered to owners in October and November as seasonal activity tapered. Spot chartering during the quarter was limited to minor crew-change and cargo-transfer work. That said, a meaningful volume of 2026 season requirements entered the market, several of which have already been fixed, with additional fixtures expected early in Q1, improving forward revenue visibility.

CTV fleet stands at 731 units with 101 units on order (OB/F 13.8%). As newbuilding levels are relatively modest, it is not expected that supply will exceed demand and hence market conditions are likely to remain familiar (including the typical seasonal patterns).

Windcat has 2 (+5NB) CSOVs, and 59(+4NB) CTVs (average age 9.43y). Q4 2025 performance highlights:

CSOVs: achieved TCE Q4 2025 of USD 108,046 per day. CSOV Q1 2026 spot rates to-date: so far 50.0% fixed at USD 69,900 per dayCTVs: achieved TCE Q4 2025 of USD 2,883 per day. CTV Q1 2026 spot rates to-date: so far 68.8% fixed at USD 2,472 per day CONFERENCE CALL
The call will be a webcast with an accompanying slideshow. You can find the details of this conference call below and on the “Investor Relations” page of the website. The presentation, recording & transcript will also be available on this page.

Webcast Information Event Type: Audio webcast with user-controlled slide presentationEvent Date:26 February 2026Event Time:8 a.m. EST / 2 p.m. CETEvent Title: “Q4 2025 Earnings Conference Call”Event Site/URL:  https://events.teams.microsoft.com/event/5ed65c96-e28b-44be-a75a-6ca20467b7eb@d0b2b045-83aa-4027-8cf2-ea360b91d5e4 To attend this conference call, please register via the following link.

Telephone participants who are unable to pre-register may dial in to the respective number of their location (to be found here). The Phone conference ID is the following: 273 707 348#

Publication final year results – 31 March 2026

About CMB.TECH

CMB.TECH (all capitals) is one of the largest listed, diversified and future-proof maritime groups in the world with a combined fleet of about 250 vessels: dry bulk vessels, crude oil tankers, chemical tankers, container vessels, offshore energy vessels and port vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers.

CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa.

CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT” and on Euronext Oslo Børs under the ticker symbol “CMBTO”.

More information can be found at https://cmb.tech

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other   factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

This information is published in accordance with the requirements of the Continuing Obligations on Euronext Oslo Børs.

Condensed consolidated interim statement of financial position (unaudited)

(in thousands of USD)

          December 31, 2025  December 31, 2024ASSETS             Non-current assets      Vessels          6,323,773  2,617,484Assets under construction          738,298  628,405Right-of-use assets          4,847  1,910Other tangible assets          23,981  21,628Prepayments          1,075  1,657Intangible assets          12,710  16,187Goodwill          177,022  —Receivables          98,618  75,076Investments          111,346  61,806Deferred tax assets          2,850  10,074       Total non-current assets  7,494,520  3,434,227       Current assets      Inventory          77,175  26,500Trade and other receivables          319,341  235,883Current tax assets          4,912  3,984Cash and cash equivalents          146,529  38,869   547,957  305,236       Non-current assets held for sale          363,097  165,583       Total current assets  911,054  470,819       TOTAL ASSETS  8,405,574  3,905,046              EQUITY and LIABILITIES             Equity      Share capital          343,440  239,148Share premium          1,817,557  460,486Translation reserve          9,502  (2,045)Hedging reserve          90  2,145Treasury shares          (284,508)  (284,508)Retained earnings          738,241  777,098       Equity attributable to owners of the Company  2,624,322  1,192,324       Non-current liabilities      Bank loans          2,839,590  1,450,869Other notes          —  198,887Other borrowings          1,876,795  667,361Lease liabilities          3,368  1,451Other payables          20  —Employee benefits          1,180  1,060Deferred tax liabilities          485  438       Total non-current liabilities  4,721,438  2,320,066       Current liabilities      Trade and other payables          208,857  79,591Current tax liabilities          8,288  9,104Bank loans          351,170  201,937Other notes          203,287  3,733Other borrowings          286,531  95,724Lease liabilities          1,681  2,293Provisions          —  274       Total current liabilities  1,059,814  392,656       TOTAL EQUITY and LIABILITIES  8,405,574  3,905,046               Condensed consolidated interim statement of profit or loss (unaudited)

(in thousands of USD except per share amounts)

          2025  2024   Jan. 1 - Dec. 31, 2025  Jan. 1 - Dec. 31, 2024Shipping income      Revenue  1,666,223  940,246Gains on disposal of vessels/other tangible assets  192,568  635,019Other operating income  29,613  50,660Total shipping income  1,888,404  1,625,925       Operating expenses      Raw materials and consumables          (10,265)          (3,735)Voyage expenses and commissions          (362,155)  (174,310)Vessel operating expenses          (420,409)  (199,646)Charter hire expenses          (3,124)  (138)Loss on disposal of vessels/other tangible assets          (4)          (2)Depreciation tangible assets          (384,684)  (163,148)Amortisation intangible assets          (3,284)  (2,881)Impairment losses          (5,354)          (1,847)General and administrative expenses  (143,284)  (77,766)Total operating expenses  (1,332,563)  (623,473)       RESULT FROM OPERATING ACTIVITIES  555,841  1,002,452       Finance income  28,729  38,689Finance expenses  (433,359)  (169,339)Net finance expenses  (404,630)  (130,650)       Share of profit (loss) of equity accounted investees (net of income tax)          (882)  920       PROFIT (LOSS) BEFORE INCOME TAX  150,329  872,722       Income tax benefit (expense)  (10,185)  (1,893)       PROFIT (LOSS) FOR THE PERIOD  140,144  870,829       Attributable to:      Owners of the company  161,698  870,829Non-controlling interest  (21,554)          —       Basic earnings per share  0.70  4.44Diluted earnings per share  0.70  4.44       Weighted average number of shares (basic)  229,443,392  196,041,579Weighted average number of shares (diluted)  229,443,392  196,041,579                      Condensed consolidated interim statement of comprehensive income (unaudited)

(in thousands of USD)

          2025  2024   Jan. 1 - Dec. 31, 2025  Jan. 1 - Dec. 31, 2024       Profit/(loss) for the period  140,144  870,829       Other comprehensive income (expense), net of tax      Items that will never be reclassified to profit or loss:      Remeasurements of the defined benefit liability (asset)          88          200       Items that are or may be reclassified to profit or loss:      Foreign currency translation differences  11,547  (2,280)Cash flow hedges - effective portion of changes in fair value  (2,055)  1,005       Other comprehensive income (expense), net of tax  9,580  (1,075)       Total comprehensive income (expense) for the period  149,724  869,754       Attributable to:      Owners of the company  171,278  869,754Non-controlling interest  (21,554)  —               Condensed consolidated interim statement of changes in equity (unaudited)

 Share capitalShare premiumTranslation reserveHedging reserveTreasury sharesRetained earningsEquity attributable to owners of the CompanyNon-controlling interestTotal equity          Balance at January 1, 2024239,1481,466,5292351,140(157,595)807,9162,357,373—2,357,373          Total comprehensive income (expense)        —        —(2,280)1,005        —871,029869,754—869,754          Total transactions with owners        —        (1,006,043)        —        —        (126,913)        (901,847)(2,034,803)—(2,034,803)          Balance at December 31, 2024239,148460,486(2,045)2,145(284,508)777,0981,192,324—1,192,324                               Share capitalShare premiumTranslation reserveHedging reserveTreasury sharesRetained earningsEquity attributable to owners of the CompanyNon-controlling interestTotal equity          Balance at January 1, 2025239,148460,486(2,045)2,145(284,508)777,0981,192,324—1,192,324          Total comprehensive income (expense)        —        —11,547(2,055)        —161,786171,278(21,554)149,724          Total transactions with owners104,2921,357,071———(200,643)1,260,72021,5541,282,274          Balance at December 31, 2025343,4401,817,5579,50290(284,508)738,2412,624,322—2,624,322                      (In thousands of USD)

Condensed consolidated interim statement of cash flows (unaudited)

(in thousands of USD)

          2025  2024   Jan. 1 - Dec. 31, 2025  Jan. 1 - Dec. 31, 2024              Net cash from (used in) operating activities  438,313  459,064              Net cash from (used in) investing activities  (1,621,677)  (680,230)              Net cash from (used in) financing activities  1,291,667  (172,971)              Net increase (decrease) in cash and cash equivalents  108,304  (394,137)       Net cash and cash equivalents at the beginning of the period  38,869          429,370Effect of changes in exchange rates  (644)          3,636       Net cash and cash equivalents at the end of the period  146,529  38,869               1 Source: AXS Marine, Clarksons SIN, Breakwave Advisors, Morgan Stanley, BRS, Intermodal, Deutsche Bank, Allied, S&P Global
2 Source: AXS Marine, Clarksons SIN, IEA, Morgan Stanley, Goldman Sachs
3 Source: Clarksons SIN
4 Source: Clarksons SIN, Stolt Pool
5 Source: Clarksons Offshore, Reuters, Spinergie

Q4_2025_Earnings_release_ENG (1)

Item 1 of 2 A Hongkong and Shanghai Banking Corporation (HSBC) logo is displayed outside a bank branch in Sydney, Australia, August 19, 2025. REUTERS/Hollie Adams

[1/2]A Hongkong and Shanghai Banking Corporation (HSBC) logo is displayed outside a bank branch in Sydney, Australia, August 19, 2025. REUTERS/Hollie Adams Purchase Licensing Rights, opens new tab

HONG KONG, Feb 26 (Reuters) - HSBC (HSBA.L), opens new tab has started the sale process for its Singapore life insurance product manufacturing business with the hiring of an adviser, and is hoping for the deal to be valued at more than $1 billion, said three sources with knowledge of the matter.

The bank, which makes the bulk of its revenues and profits in Asia, has hired JPMorgan (JPM.N), opens new tab as its adviser, said two of the sources, who declined to be named as they were not authorised to speak to the media.

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HSBC has started engaging with potential buyers including Japanese insurers Nippon Life and Dai-ichi Life (8750.T), opens new tab, and non-binding bids for the business could be expected in a month, said one of the sources.

HSBC, JPMorgan, and Dai-ichi Life declined to comment on the potential sale of the Singapore insurance manufacturing business. Nippon Life did not immediately respond to a Reuters request for comment.

Reporting by Kane Wu and Selena Li in Hong Kong, additional reporting by Jemima Denham of The Insurer in London and Anton Bridge in Tokyo; Editing by Sumeet Chatterjee and Muralikumar Anantharaman

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RxSight, Inc. (RXST) Q4 2025 Earnings Call Transcript

Jayant Dasgupta, former Indian Ambassador to the World Trade Organization, says India is within its rights to withdraw the tariff concessions it had extended to the US, as one side has altered tariff rates, effectively reopening the agreement for negotiation. He adds that, in his view, India is likely to be in a relatively advantageous position compared with its Asian peers under the new 15% tariff regime.

Snowflake Inc. (SNOW) Q4 2026 Earnings Call Transcript

Diamondback Energy is rated a Buy, supported by robust Q4 results, aggressive Permian expansion, and resilient cash flow despite commodity price weakness. FANG leads peers in cost efficiency, reducing Midland Basin drilling costs to $550–$580 per lateral foot, underpinned by in-house infrastructure and operational innovation. Recent transformative acquisitions, notably Endeavor Energy and Double Eagle IV, have doubled FANG's footprint and unlocked substantial cash flow and operational synergies.

Amplify CEF High Income ETF offers diversified exposure to high-yield closed-end funds with a 50/50 equities/bonds allocation and no top-level leverage. Despite a 12% yield, YYY's long-term annualized return is under 6%, raising concerns about fee drag and real, after-inflation returns. Recent 3-year performance exceeded 12.5% annualized, but peer funds like CEFS and FOF have delivered stronger risk-adjusted results.

Agilent Technologies, Inc. (A) Q1 2026 Earnings Call Transcript

Omni Bridgeway Limited (IMMFF) Q2 2026 Earnings Call Transcript

Jensen Huang, president/CEO of Nvidia, speaks during a Siemens keynote at CES 2026, an annual consumer electronics trade show, in Las Vegas, Nevada, U.S. January 6, 2026. REUTERS/Steve... Purchase Licensing Rights, opens new tab Read more

SummaryCompaniesCPUs making a comeback as AI companies shift to from training models to deploying 'agents'Nvidia sealed recent deal with Meta to supply standalone CPUsCPUs have traditionally been the domain of Intel and AMDSAN FRANCISCO, Feb 25 (Reuters) - Nvidia (NVDA.O), opens new tab may have made its immense fortune on the back of specialized graphics processing units (GPUs) used to power artificial intelligence servers, but CEO Jensen Huang is increasingly professing his love for the more generalist CPU.

The CPU, or central processing unit, was for decades traditionally viewed as the main brain of a computer - a product most associated with Intel (INTC.O), opens new tab or sometimes Advanced Micro Devices (AMD.O), opens new tab.

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Huang is fond of saying that where once 90% of computing used to happen on CPUs and 10% on chips like his, the ratio had flipped in recent years.

But the CPU is now making a comeback - increasingly seen as an equivalent if not better option as AI companies shift from training their models to deploying them - a shift that Nvidia plans to be a big part of.

"We love CPUs as well as GPUs," Huang said on a call with analysts on Wednesday for the company's fourth-quarter results.

He assured them that Nvidia was not only ready for the CPU's return to the spotlight, but also that Nvidia's own CPU offerings for data centers, first released in 2023, would outcompete rivals.

Last month, at the Consumer Electronics Show in Las Vegas in January, Huang also said the number of high-performance Nvidia CPUs being used in data centers would explode and that he wouldn't be surprised "if Nvidia becomes one of the largest CPU makers in the world."

THE CPU VERSUS THE GPUCPUs and GPUs have served different computing tasks for decades. CPUs are generalist chips designed to handle any mathematical task a software programmer might throw at the chip at reasonable speed, given the variety of work.

GPUs, by contrast, specialize in carrying out a simpler set of mathematical tasks, but doing those simple calculations in parallel thousands of times at once.

In video games that meant calculating the value of thousands of pixels on a screen many times a second, and in AI work that means multiplying and adding large matrices of numbers that developers use to represent real-world data such as words and images.

AI companies are increasingly deploying "agents" that can independently carry out tasks such as writing code, sifting through documents and writing research reports - and that sort of computing "is happening more and more, and sometimes primarily, on the CPU," said Ben Bajarin, an analyst at Creative Strategies.

Nvidia's current flagship AI server - called the NVL72 - contains 36 of its CPUs and 72 of its GPUs. Bajarin thinks that could change to a 1 to 1 ratio for so-called agentic work or even that the GPU could be skipped altogether.

NVIDIA OUT TO PROVE A POINTUnderscoring its CPU ambitions, Nvidia recently announced a deal with Meta Platforms (META.O), opens new tab that will see the Facebook owner use large volumes of its Grace and Vera CPU chips on a standalone basis. That's a relatively new development compared to Nvidia's current AI servers where each CPU is accompanied by multiple GPUs.

Though it's not that Meta has switched vendors for CPUs - it's just securing more suppliers. Days later, AMD also announced a large deal with Meta that also included its CPUs, which Meta has been buying for years.

On the call with analysts, Huang argued that Nvidia had taken a fundamentally different approach to CPUs.

He outlined why Nvidia had minimized an approach to breaking up chips into smaller parts that Intel and AMD have used, saying the Nvidia CPU was able to carry out many simple tasks in a row with good access to a lot of computer memory.

"It is designed to be focused on very high data processing capabilities," Huang said on the call. "And the reason for that is because most of the computing problems that we're interested in are data driven - artificial intelligence being one."

Dave Altavilla, principal analyst at HotTech Vision and Analysis, said Nvidia is aiming to prove that the CPU type once supplied primarily by Intel "is no longer the assumed default foundation of modern compute infrastructure. Instead, it becomes just one architectural option among several."

Huang said that Nvidia would have more to disclose about its CPUs at the company's annual developer conference in Silicon Valley next month.

Reporting by Stephen Nellis in San Francisco; Editing by Peter Henderson and Edwina Gibbs

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Thomas Russell
Executive Director

All right. Tony, we're ready.

Tony Sheehan
Chief Executive Officer

Thanks, Tom. Good morning, and welcome to the H1 FY '26 update for Change Financial. My name is Tony Sheehan, CEO of Change, and I'm joined by Tom Russell, Executive Director.

Similar to our usual webinar format, Tom and I will run through a presentation and then take Q&A at the end. If you do have any questions, please submit them through the chat function on this webinar.

Okay. Just a little bit briefly about Change Financial. So, Change Financial provides innovative and scalable payment solutions for over 150 clients across more than 40 countries. We are a B2B business with 2 core products. The first being Vertexon, which is our Payments as a Service offering, which provides card issuing, card management and transaction processing. Vertexon supports prepaid, debit and credit card issuing, and there are 2 main models under Vertexon, the first one being processing only. Under this model, we provide the technology, which is a card management system to clients to run their card programs. The clients hold the necessary scheme and regulatory licenses to issue cards. So processing only is available globally and supports all major schemes. And we have clients using Vertexon in Southeast Asia and Latin America, including 2 of the largest banks in the Philippines running over 45 million cards on the platform.

The second model is processing and issuing. This is only available in Australia and New Zealand. And under this model, clients utilize Vertexon for processing capabilities and leverage our regulatory and scheme licenses and issuing capabilities. So under this model changes the card issuer

Operator

Thank you for standing by, and welcome to the Cromwell Property Group Half Year Results. [Operator Instructions]

I would now like to hand the conference over to Mr. Jonathan Callaghan, Chief Executive Officer. Please go ahead.

Jonathan Callaghan
CEO, MD & Director

Good morning to everyone, and thank you for joining us today for Cromwell Property Group's results for the half year ending 31 December, 2025.

I open today's presentation by acknowledging the traditional custodians of the land from where this call is being hosted, the Gadigal people of the Eora Nation, and pay our respects to their elders past and present.

On Slide 5, we outlined some highlights over the 6-month period. Pleasingly, we have been able to deliver growth in key areas. Importantly, operating profit increased 1.5% on the prior corresponding period to $55.9 million. Additionally, since June last year, we've been able to grow assets under management by 13.6% to $5 billion.

Cromwell's investment portfolio, which continues to perform strongly with sector-leading occupancy of 97.2%, recorded a valuation uplift of $72 million. This valuation increase has driven an increase in the group's NTA, up 3.6% to $0.58 per security.

Our balance sheet remains in good shape. At 30.2% gearing, gearing remains at the lower end of our stated gearing range of 30% to 40%, and we have ample liquidity of $418 million to fund growth opportunities and capital expenditure. Our interest rate hedging profile is robust with 71% of our net debt being hedged at period end.

The iShares Dow Jones U.S. ETF tracks the Dow Jones U.S. Index, offering exposure to close to 1,000 equities. Despite being much more diversified than IVV, IYY does not offer anything appealing in terms of both annualized and risk-adjusted returns. Regarding sector and factor exposures, IYY is rather close to IVV, though with slightly lower allocation to IT and marginally better valuation characteristics.

Veracyte, Inc. (VCYT) Q4 2025 Earnings Call Transcript

Ethos Technologies Inc. (LIFE) Q3 2026 Earnings Call Transcript

By PYMNTS  |  February 25, 2026

 | 

Sezzle is accelerating its super app plans in 2026 after seeing growing engagement with its existing offerings in 2025, the company said in a Wednesday (Feb. 25) press release.

During the fourth quarter, the company’s digital payment platform saw its gross merchandise value (GMV) increase by 35.3% year over year to reach a new quarterly high of $1.2 billion, according to the release.

The company attributed this growth in part to its focus on higher lifetime value (LTV) subscribers, targeted subscriber marketing and continued adoption of new shopping features.

“2025 brought a shifting landscape for BNPL and for FinTech more broadly,” Sezzle Executive Chairman and CEO Charlie Youakim said Wednesday during the company’s earnings conference call.

“We continued to see the sector mature within the broader U.S. financial ecosystem, as BNPL became more embedded in everyday commerce and more firmly established within the financial ecosystem.”

Sezzle also added 134,000 new Monthly On-Demand and Subscribers during the quarter, bringing the total to 918,000, per the release. In addition, its number of monthly app sessions increased 51% year over year.

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The company said this growing engagement was driven by its continued addition of enhancements to its app. Those added in 2025 include Price Comparison, Browser Extension, Express Checkout, Earn Tab, Wishlist, Products Tab and Sezzle Balance.

Sezzle’s embedded financial education tool MoneyIQ delivered more than 1 million lessons during its first year, according to the release.

This year, the company plans to continue building its app into an all-in-one app by integrating “shopping, flexible payments and essential services,” the release said.

The product roadmap for 2026 includes an artificial intelligence-powered shopping assistant, the Sezzle Mobile wireless service, enhanced long-term lending that will include higher credit limits and broader merchant acceptance, and a receipt scanning and rewards feature that will reward spending activity, per the release. The company announced Feb. 18 that it opened a waitlist for Sezzle Mobile mobile phone plan.

The Sezzle app’s expanding range of financial tools help grow consumer LTV and drive consumer acquisition, while its shopping features engage and retain customers, the firm said in an earnings presentation released Wednesday.

“Importantly, these features extend our value proposition beyond payments and move us closer to being an everyday financial companion for our consumers,” Youakim said during the call.

Later, after outlining features that will help consumers find products, the best price and the best payment terms, Youakim said: “We feel it’s a super app in the making for a value-focused consumer. We want our target audience to have the app installed and use us daily.”

The software sell-off has set up some good buying opportunities.

Investors came into 2026 worried about an AI bubble. Indeed, a bubble is bursting, but it's not in AI stocks.

Instead, software stocks have dived this year with the iShares Expanded Tech-Software Sector ETF (IGV +3.11%), which counts Microsoft, Palantir, and Salesforce among its biggest holdings, down 24% year-to-date through Feb. 25 as fears of AI disruption have sparked a wave of selling in high-priced software-as-a-service (SaaS) stocks.

While some of the selling seems justified given the lofty valuations in the sector and the rapid advancement of AI tools like Claude Cowork, some SaaS stocks seem oversold. Keep reading to see why Figma (FIG +13.89%) and Axon Enterprise (AXON +17.63%) look like buys, especially after their recent earnings reports.

Image source: Getty Images.

1. Figma (down 74%) Figma went public seven months ago, and the stock has been on a wild ride since then. The design software stock surged out of the gate, but has faded since then, sinking as low as $20 a share, or a market cap of just $10 billion, half of what Adobe agreed to acquire it for in 2022 before the deal was blocked by regulators.

After a rebound over the last week, the stock is still down 74% from its closing-day peak shortly after it went public.

However, the fears around Figma seem overblown as the company is both growing quickly and has demonstrated generally accepted accounting principles (GAAP) profitability. The company has also launched a number of AI products and has moved aggressively in AI through both acquisitions and native products.

In fact, the company just posted accelerating revenue growth in its fourth quarter as the top line jumped 40% to $303.8 million, which included a record for net new revenue and 136% net dollar retention rate, showing revenue from existing customers rose 36% over the last year.

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AI products like Figma Make are experiencing strong growth with weekly active users up 70% quarter-over-quarter, and Figma is working closely with Anthropic, showing that AI start-ups are likely to be more of a partner than a competitor. For example, it launched the Figma Model Context Protocol (MCP) app in Claude. It also expanded its Figma app in ChatGPT and released a new Claude Code to Figma feature.

Figma called for first-quarter revenue growth of 38% and sees adjusted operating income of $100 million-$110 million for the year.

Figma stock is still expensive, but it has a lot of long-term growth potential as it has rapidly gained market share on Adobe in recent years. With a savvy AI strategy, Figma looks poised to continue to deliver strong growth.

2. Axon Enterprise (down 40%) Axon Enterprise has been a longtime winner on the stock market, and it's established itself as the clear leader in its niche.

Axon is a law enforcement technology company known for making TASER electrical weapons, body cameras, and a suite of software programs to help law enforcement agencies manage records, evidence, prosecutions, and related matters.

The TASER maker is also coming off a strong earnings report with revenue up 39% to $797 million, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $206 million, up 46%.

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In addition to that impressive growth rate, Axon is also investing aggressively in AI. It introduced Draft One, a generative AI tool that generates first drafts of police reports from footage from Axon body and dashboard cameras.

It also launched an automatic license plate recognition (ALPR) product, expanding its vehicle intelligence program, and it's using AI to unify data across platforms, including in its emergency response program.

Axon is pushing back on the AI disruption narrative not only with its own AI products, but also with a forecast to deliver $8 billion in revenue in 2028, implying annual growth of about 30% through the next three years.

Even after its recent sell-off, Axon isn't cheap, but the company has built a strong set of competitive advantages and looks poised to deliver rapid growth for years to come.

SAN FRANCISCO--(BUSINESS WIRE)--Vir Biotechnology, Inc. (Nasdaq: VIR), a clinical-stage biopharmaceutical company focused on powering the immune system to transform lives by discovering and developing medicines for serious infectious diseases and cancer, today announced the pricing of its underwritten public offering of 17,647,058 shares of its common stock at a price to the public of $8.50 per share. The gross proceeds to Vir Biotechnology from the offering are expected to be $150 million, before deducting underwriting discounts and commissions and estimated offering expenses. In addition, Vir Biotechnology has granted the underwriters a 30-day option to purchase up to an additional 2,647,058 shares of its common stock at the public offering price, less underwriting discounts and commissions. All of the shares in the offering are being sold by Vir Biotechnology. Closing of the offering is expected to occur on February 27, 2026, subject to customary closing conditions.

Goldman Sachs & Co. LLC, Leerink Partners, Evercore ISI and Barclays are acting as book-running managers for the offering.

The shares described above are being offered pursuant to an automatically effective shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission, or the SEC, on November 3, 2023. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering was filed with the SEC on February 24, 2026. The final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and may be obtained, when available, by contacting: Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or by email at [email protected]; Leerink Partners LLC, Attn: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525, ext. 6105, or by email at [email protected]; Evercore Group L.L.C., Attn: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, or by telephone at (888) 474-0200, or by email at [email protected]; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (888) 603-5847, or by email at [email protected]; or by accessing the SEC’s website at www.sec.gov.

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

About Vir Biotechnology, Inc.

Vir Biotechnology, Inc. is a clinical-stage biopharmaceutical company focused on powering the immune system to transform lives by discovering and developing medicines for serious infectious diseases and cancer. Its clinical-stage portfolio includes programs for chronic hepatitis delta and multiple PRO-XTEN® dual-masked T-cell engagers across validated targets in solid tumor indications. Vir Biotechnology also has a portfolio of preclinical programs across a range of infectious diseases and oncologic malignancies.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “should,” “could,” “may,” “might,” “will,” “plan,” “potential,” “aim,” “expect,” “anticipate,” “promising” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements regarding the completion of the offering. Many factors may cause differences between current expectations and actual results, including, without limitation, risks and uncertainties related to the satisfaction of the customary closing conditions related to the offering. In light of these risks and uncertainties, the events or circumstances referred to in the forward-looking statements may not occur. The actual results may vary from the anticipated results, and the variations may be material. You are cautioned not to place undue reliance on these forward-looking statements, which are based on Vir Biotechnology’s available information, expectations and assumptions as of the date of this press release. Other factors that may cause Vir Biotechnology’s actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in the section titled “Risk Factors” of Vir Biotechnology’s Annual Report on Form 10-K, filed with the SEC on February 23, 2026, and in the preliminary prospectus supplement relating to the offering. Except as required by law, Vir Biotechnology assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Vir Biotechnology has exclusive rights to the universal PRO-XTEN® masking platform for oncology and infectious disease. PRO-XTEN® is a trademark of Amunix Pharmaceuticals, Inc., a Sanofi company.

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