Market Newsdesk

January 16, 2026 5:33 am

M&T Bank Corporation (NYSE:MTB) announces fourth quarter and full-year 2025 results

PR Newswire

BUFFALO, N.Y., Jan. 16, 2026 /PRNewswire/ — M&T Bank Corporation (“M&T” or “the Company”) reports quarterly net income of $759 million or $4.67 of diluted earnings per common share and full-year net income of $2.85 billion or $17.00 of diluted earnings per common share.

(Dollars in millions, except per share data)	4Q25	3Q25	4Q24	2025	2024
Earnings Highlights
Net interest income	$ 1,779	$ 1,761	$ 1,728	$ 6,948	$ 6,852
Taxable-equivalent adjustment	11	12	12	44	50
Net interest income – taxable-equivalent	1,790	1,773	1,740	6,992	6,902
Provision for credit losses	125	125	140	505	610
Noninterest income	696	752	657	2,742	2,427
Noninterest expense	1,379	1,363	1,363	5,493	5,359
Net income	759	792	681	2,851	2,588
Net income available to common shareholders – diluted	718	754	644	2,699	2,449
Diluted earnings per common share	4.67	4.82	3.86	17.00	14.64
Return on average assets – annualized	1.41 %	1.49 %	1.28 %	1.35 %	1.23 %
Return on average common shareholders’ equity – annualized	10.87	11.45	9.75	10.27	9.54
Average Balance Sheet
Total assets	$ 212,891	$ 211,053	$ 211,853	$ 210,645	$ 211,220
Interest-bearing deposits at banks	17,964	17,739	23,602	18,767	27,244
Investment securities	36,705	36,559	33,679	35,778	30,755
Loans	137,600	136,527	135,723	136,103	134,717
Deposits	165,057	162,706	164,639	163,107	163,423
Borrowings	14,619	15,633	14,228	14,671	15,523
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin	3.69 %	3.68 %	3.58 %	3.67 %	3.58 %
Efficiency ratio (1)	55.1	53.6	56.8	56.0	56.9
Net charge-offs to average total loans – annualized	.54	.42	.47	.41	.41
Allowance for loan losses to total loans	1.53	1.58	1.61	1.53	1.61
Nonaccrual loans to total loans	.90	1.10	1.25	.90	1.25
Common equity Tier 1 (“CET1”) capital ratio (2)	10.84	10.99	11.68	10.84	11.68
Common shareholders’ equity per share	$ 173.49	$ 170.43	$ 160.90	$ 173.49	$ 160.90

(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.
(2) CET1 capital ratio at December 31, 2025 is estimated.

Financial Highlights

Taxable-equivalent net interest income increased $17 million in the recent quarter as compared with the third quarter of 2025 reflecting loan and deposit growth.
Average loans in the recent quarter reflect commercial and industrial, residential real estate and consumer loan growth, partially offset by a nominal reduction in the average balance of commercial real estate loans.
Noninterest income reflects higher mortgage banking revenues and trust income in the recent quarter, more than offset by a $28 million distribution of an earnout payment related to the Company’s 2023 sale of its Collective Investment Trust (“CIT”) business, a $20 million distribution from M&T’s investment in Bayview Lending Group LLC (“BLG”) and a $12 million gain on the sale of equipment leases each in the third quarter of 2025.
The increase in noninterest expense reflects higher professional and other services expense, partially offset by lower salaries and employee benefits expense. A decline in FDIC assessments resulting from a decrease in the FDIC’s loss estimate associated with certain failed banks was offset by a $30 million contribution to The M&T Charitable Foundation.
Reflecting better asset quality metrics and modestly improved macroeconomic forecasts, the allowance for loan losses as a percent of total loans declined 5 basis points to 1.53% at December 31, 2025.
In 2025 M&T increased its quarterly dividend by 11%, repurchased 9% of its outstanding shares and grew tangible equity per common share by 7%. M&T’s CET1 capital ratio is estimated to be 10.84% at December 31, 2025.

Chief Financial Officer Commentary

“M&T finished 2025 with another quarter of strong financial performance. For the full-year 2025, M&T achieved a 16% increase in diluted earnings per common share, meaningfully reduced its level of criticized loans and improved its efficiency ratio while continuing to expand and improve our capabilities. M&T’s fundamentals remain strong, positioning the Company for growth as we enter the new year. As we close out 2025, I’d like to thank my colleagues for their unwavering commitment to our customers and the communities we serve.”

– Daryl N. Bible, M&T’s Chief Financial Officer

Contact:
Investor Relations:	Rajiv Ranjan	716.842.5138
	Steve Wendelboe	716.842.5138
Media Relations:	Frank Lentini	929.651.0447

Non-GAAP Measures (1)

(Dollars in millions, except per share data)	4Q25	3Q25	Change 4Q25 vs. 3Q25	4Q24	Change 4Q25 vs. 4Q24
Net operating income	$ 767	$ 798	-4 %	$ 691	11 %
Diluted net operating earnings per common share	4.72	4.87	-3	3.92	20
Annualized return on average tangible assets	1.49 %	1.56 %		1.35 %
Annualized return on average tangible common equity	16.24	17.13		14.66
Efficiency ratio	55.1	53.6		56.8
Tangible equity per common share	$ 117.45	$ 115.31	2	$ 109.36	7
______________
(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.

M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be “nonoperating” in nature.

For the year ended December 31, 2025, diluted net operating earnings per common share were $17.20, compared with $14.88 in 2024. Net operating income was $2.88 billion and $2.63 billion in 2025 and 2024, respectively. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders’ equity, net operating income in 2025 was 1.43% and 15.36%, respectively, compared with 1.30% and 14.54%, respectively, in 2024.

Taxable-equivalent Net Interest Income

(Dollars in millions)	4Q25	3Q25	Change 4Q25 vs. 3Q25	4Q24	Change 4Q25 vs. 4Q24
Average earning assets	$ 192,366	$ 190,920	1 %	$ 193,106	— %
Average interest-bearing liabilities	135,492	134,283	1	132,313	2
Net interest income – taxable-equivalent	1,790	1,773	1	1,740	3
Yield on average earning assets	5.46 %	5.59 %		5.60 %
Cost of interest-bearing liabilities	2.51	2.71		2.94
Net interest spread	2.95	2.88		2.66
Net interest margin	3.69	3.68		3.58

Taxable-equivalent net interest income increased $17 million, or 1%, in the recent quarter as compared with the third quarter of 2025 and $50 million, or 3%, as compared with the year-earlier fourth quarter reflecting loan and deposit growth and favorable earning asset and interest-bearing liability repricing, including a reduction of the negative impact from interest rate swap agreements.

Taxable-equivalent net interest income increased $90 million, or 1%, for the full-year 2025 as compared with 2024 reflecting loan growth and favorable earning asset and interest-bearing liability repricing, including a reduction of the negative impact from interest rate swap agreements, as the net interest margin widened 9 basis points.

Average Earning Assets

(Dollars in millions)	4Q25	3Q25	Change 4Q25 vs. 3Q25	4Q24	Change 4Q25 vs. 4Q24
Interest-bearing deposits at banks	$ 17,964	$ 17,739	1 %	$ 23,602	-24 %
Trading account	97	95	2	102	-5
Investment securities	36,705	36,559	—	33,679	9
Loans
Commercial and industrial	62,257	61,716	1	60,704	3
Real estate – commercial	24,101	24,353	-1	27,896	-14
Real estate – residential	24,765	24,359	2	23,088	7
Consumer	26,477	26,099	1	24,035	10
Total loans	137,600	136,527	1	135,723	1
Total earning assets	$ 192,366	$ 190,920	1	$ 193,106	—

Average earning assets increased $1.4 billion from the third quarter of 2025 reflecting loan growth and an increase in average interest-bearing deposits at banks. Contributing to the increase in average loans in the recent quarter were higher average commercial and industrial loans, including loans to motor vehicle and recreational finance dealers, residential real estate loans and consumer loans, predominantly recreational finance loans and home equity loans and lines of credit. Partially offsetting that loan growth was a decline in average commercial real estate loans of $252 million.

Average earning assets decreased $740 million from the fourth quarter of 2024. Average interest-bearing deposits at banks decreased $5.6 billion as liquidity was deployed into investment securities purchases and loan growth. The growth in average loans reflected higher average balances of commercial and industrial loans of $1.6 billion, including a rise in loans in the financial and insurance industry, an increase in average residential real estate loans of $1.7 billion and higher average consumer loans of $2.4 billion, reflecting a rise in average balances of recreational finance, automobile loans and home equity loans and lines of credit. Partially offsetting those increases in average loans was a $3.8 billion decline in average commercial real estate loans, reflecting payoffs.

Average Interest-bearing Liabilities

(Dollars in millions)	4Q25	3Q25	Change 4Q25 vs. 3Q25	4Q24	Change 4Q25 vs. 4Q24
Interest-bearing deposits
Savings and interest-checking deposits	$ 107,287	$ 104,660	3 %	$ 102,127	5 %
Time deposits	13,586	13,990	-3	15,958	-15
Total interest-bearing deposits	120,873	118,650	2	118,085	2
Short-term borrowings	2,064	2,844	-27	2,563	-19
Long-term borrowings	12,555	12,789	-2	11,665	8
Total interest-bearing liabilities	$ 135,492	$ 134,283	1	$ 132,313	2

Average interest-bearing liabilities in the recent quarter rose $1.2 billion from the third quarter of 2025 reflecting growth in average savings and interest-checking deposits that reduced the use of higher cost funding from short-term borrowings from the FHLB of New York.

Average interest-bearing liabilities increased $3.2 billion from the fourth quarter of 2024, reflecting higher average interest-bearing deposits that included a $5.2 billion increase in average savings and interest-checking deposits, partially offset by lower average time deposits of $2.4 billion reflecting maturities. Average borrowings increased modestly.

Provision for Credit Losses/Asset Quality

(Dollars in millions)	4Q25	3Q25	Change 4Q25 vs. 3Q25	4Q24	Change 4Q25 vs. 4Q24
At end of quarter
Nonaccrual loans	$ 1,252	$ 1,512	-17 %	$ 1,690	-26 %
Real estate and other foreclosed assets	35	37	-7	35	-1
Total nonperforming assets	1,287	1,549	-17	1,725	-25
Accruing loans past due 90 days or more (1)	561	432	30	338	66
Nonaccrual loans as % of loans outstanding	.90 %	1.10 %		1.25 %

Allowance for loan losses	$ 2,116	$ 2,161	-2	$ 2,184	-3
Allowance for loan losses as % of loans outstanding	1.53 %	1.58 %		1.61 %
Reserve for unfunded credit commitments	$ 80	$ 95	-16	$ 60	33

For the period
Provision for loan losses	$ 140	$ 110	27	$ 140	—
Provision for unfunded credit commitments	(15)	15	—	—	—
Total provision for credit losses	125	125	—	140	-11
Net charge-offs	185	146	28	160	16
Net charge-offs as % of average loans (annualized)	.54 %	.42 %		.47 %
_______________
(1) Predominantly government-guaranteed residential real estate loans.

The provision for credit losses was $125 million in each of the fourth and third quarters of 2025 as compared with $140 million in 2024’s final quarter. The provision for credit losses was $505 million in 2025 as compared with $610 million in 2024. The allowance for loan losses as a percent of loans outstanding decreased from 1.61% at December 31, 2024 to 1.58% at September 30, 2025 and 1.53% at December 31, 2025 reflecting lower levels of criticized loans, predominantly commercial real estate loans. For 2025 and 2024, net charge-offs totaled $553 million and $555 million, respectively, representing .41% of average loans outstanding for each period. Net charge-offs in the final quarter of 2025 reflected three charge-offs totaling $106 million, which had been previously identified by the Company.

Nonaccrual loans were $1.3 billion at December 31, 2025, compared with $1.5 billion at September 30, 2025 and $1.7 billion at December 31, 2024. The lower level of nonaccrual loans at the recent quarter end as compared with September 30, 2025 and December 31, 2024 predominantly reflects decreases in commercial and industrial and commercial real estate nonaccrual loans.

Noninterest Income

(Dollars in millions)	4Q25	3Q25	Change 4Q25 vs. 3Q25	4Q24	Change 4Q25 vs. 4Q24
Mortgage banking revenues	$ 155	$ 147	5 %	$ 117	32 %
Service charges on deposit accounts	140	141	-1	131	6
Trust income	184	181	2	175	5
Brokerage services income	34	34	-1	30	9
Trading account and other non-hedging derivative gains	19	18	1	10	102
Gain (loss) on bank investment securities	1	1	—	18	-93
Other revenues from operations	163	230	-29	176	-7
Total	$ 696	$ 752	-7	$ 657	6

Noninterest income in the fourth quarter of 2025 decreased $56 million, or 7%, from 2025’s third quarter.

Mortgage banking revenues rose $8 million reflecting higher gains on sales of commercial mortgage loans.
Trust income increased $3 million largely due to the Company’s global capital markets business.
Other revenues from operations decreased $67 million reflecting a $28 million distribution of an earnout payment related to the Company’s 2023 sale of its CIT business, a $20 million distribution from M&T’s investment in BLG and a $12 million gain on sale of equipment leases each in the third quarter of 2025.

Noninterest income rose $39 million, or 6%, as compared with the fourth quarter of 2024.

Mortgage banking revenues increased $38 million predominantly due to a rise in residential mortgage loan servicing income and higher gains on sales of commercial mortgage loans.
Service charges on deposit accounts increased $9 million reflecting higher commercial service charges.
Trust income rose $9 million reflecting higher revenues from the Company’s global capital markets and wealth advisory services businesses.
Trading account and other non-hedging derivative gains increased $9 million reflecting an increase in revenues from interest rate swap transactions with commercial customers.
The lower gain on bank investment securities reflects realized gains on the sales of Fannie Mae and Freddie Mac preferred securities in the fourth quarter of 2024.
Other revenues from operations decreased $13 million reflecting a $23 million distribution from M&T’s investment in BLG in the fourth quarter of 2024, partially offset by higher merchant discount and credit card fees and letter of credit and other credit-related fees in the recent quarter.

Noninterest income rose $315 million, or 13%, to $2.74 billion in 2025 as compared with $2.43 billion in 2024, reflecting higher mortgage banking revenues, service charges on deposit accounts, trust income and other revenues from operations. The increase in other revenues from operations included a $28 million distribution of an earnout payment related to the Company’s 2023 sale of its CIT business, a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio, a $12 million gain on the sale of equipment leases, a $10 million gain on the sale of a subsidiary that specialized in institutional services each in 2025 and higher letter of credit and other credit-related fees, partially offset by higher distributions from M&T’s investment in BLG in 2024.

Noninterest Expense

(Dollars in millions)	4Q25	3Q25	Change 4Q25 vs. 3Q25	4Q24	Change 4Q25 vs. 4Q24
Salaries and employee benefits	$ 809	$ 833	-3 %	$ 790	2 %
Equipment and net occupancy	134	129	3	133	—
Outside data processing and software	146	138	6	125	18
Professional and other services	105	81	31	80	30
FDIC assessments	(8)	13	—	24	—
Advertising and marketing	32	23	39	30	7
Amortization of core deposit and other intangible assets	10	10	—	13	-24
Other costs of operations	151	136	12	168	-9
Total	$ 1,379	$ 1,363	1	$ 1,363	1

Noninterest expense rose $16 million, or 1%, from the third quarter of 2025.

Salaries and employee benefits expense decreased $24 million reflecting lower severance-related and other employee benefit expenses.
Outside data processing and software costs increased $8 million reflecting higher software maintenance expense and a write-off of certain capitalized project costs due to re-prioritization.
Professional and other services expense rose $24 million reflecting legal and review costs.
FDIC assessment expense reflects reductions of the estimated special assessment of $29 million in the recent quarter as compared with $8 million in the third quarter of 2025 resulting from decreases in the FDIC’s loss estimates associated with certain failed banks.
Advertising and marketing expense rose $9 million reflecting seasonal campaigns.
Other costs of operations increased $15 million reflecting a $30 million contribution to The M&T Charitable Foundation, partially offset by a pension settlement gain of $8 million resulting from the purchase of annuities for plan participants that represented approximately $270 million of the Company’s pension benefit obligation, each in the recent quarter, and an impairment of a renewable energy tax credit investment in the third quarter of 2025.

Noninterest expense increased $16 million, or 1%, from the fourth quarter of 2024.

Salaries and employee benefits expense increased $19 million reflecting higher salaries expense from annual merit and other increases.
Outside data processing and software costs rose $21 million reflecting costs associated with enhancements to the Company’s technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.
Professional and other services expense increased $25 million reflecting legal and review costs.
FDIC assessment expense declined $32 million reflecting a reduction of the estimated special assessment.
Other costs of operations decreased $17 million reflecting vacated facility write-downs and a loss on the redemption of certain of M&T’s trust preferred obligations each in the fourth quarter of 2024, partially offset by a $30 million contribution to The M&T Charitable Foundation in the recent quarter.

For the year ended December 31, 2025, noninterest expense aggregated $5.49 billion, up 2% from $5.36 billion in 2024. The $134 million increase in noninterest expenses reflected higher salaries and employee benefits expense, resulting from annual merit and other increases, an increase in medical benefits costs, severance-related costs and higher stock compensation expense, and a rise in outside data processing and software costs, partially offset by lower FDIC assessment expense.

Income Taxes

The Company’s effective income tax rate was 21.8% in the fourth quarter of 2025, compared with 22.8% in each of the third quarter of 2025 and the fourth quarter of 2024. The lower effective income tax rate in the recent quarter reflects a discrete income tax benefit of $8 million claimed on prior year tax returns. The Company’s effective tax rates were 22.8% and 21.8% in 2025 and 2024, respectively. The increase in the effective income tax rate in 2025 as compared with 2024 reflects the recognition of a discrete tax benefit claimed on a prior year tax return and a net discrete tax benefit related to the resolution of an income tax matter inherited from the acquisition of People’s United Financial, Inc. each in 2024, partially offset by the recent quarter discrete income tax benefit.

Capital and Liquidity

	4Q25		3Q25	4Q24
CET1	10.84 %	(1)	10.99 %	11.68 %
Tier 1 capital	12.59	(1)	12.49	13.21
Total capital	14.43	(1)	14.35	14.73
Tangible capital – common	8.70		8.79	9.07
______________
(1) Capital ratios at December 31, 2025 are estimated.

M&T’s capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T’s common and preferred stock totaled $230 million and $39 million, respectively, for the quarter ended December 31, 2025.

The CET1 capital ratio for M&T was estimated at 10.84% as of December 31, 2025. M&T’s total risk-weighted assets at December 31, 2025 are estimated to be $161.9 billion.

M&T repurchased 2.7 million shares of its common stock in accordance with its capital plan during the recent quarter at an average cost per share of $183.30 resulting in a total cost, including the share repurchase excise tax, of $507 million, compared with 2.1 million and 1.0 million shares at an average cost per share of $193.46 and $206.70 and a total cost, including the share repurchase excise tax, of $409 million and $200 million in the third quarter of 2025 and the fourth quarter of 2024, respectively. Reflecting loan growth in the recent quarter M&T’s tangible common equity to tangible asset ratio at December 31, 2025 decreased 9 basis points from September 30, 2025.

While not subject to the liquidity coverage ratio requirements (“LCR”), M&T estimates that its LCR on December 31, 2025 was 109%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.

Conference Call

Investors will have an opportunity to listen to M&T’s conference call to discuss fourth quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ425. The conference call will be webcast live through M&T’s website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Friday January 23, 2026, by calling (800) 695-2185 or (402) 530-9028 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T’s website at https://ir.mtb.com/news-events/events-presentations.

About M&T

M&T is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T’s Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.

Forward-Looking Statements

This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T’s business, and management’s beliefs and assumptions.

Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T’s business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T’s control.

Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could,” or “may,” or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted.

While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events, developments and current conditions in the financial services industry, including trust, brokerage and investment management businesses; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T’s credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-, brokerage-, and investment management-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the initiation and outcome of potential, pending and future litigation, investigations and governmental proceedings, including tax-related examinations and other matters; operational risk events, including loss resulting from fraud by employees or persons outside M&T and breaches in data and cybersecurity; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries’ future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T’s initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.

M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2024, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.

Financial Highlights

	Three Months Ended			Year Ended
	December 31,			December 31,
(Dollars in millions, except per share, shares in thousands)	2025	2024	Change	2025	2024	Change
Performance
Net income	$ 759	$ 681	12 %	$ 2,851	$ 2,588	10 %
Net income available to common shareholders	718	644	11	2,699	2,449	10
Per common share:
Basic earnings	4.71	3.88	21	17.10	14.71	16
Diluted earnings	4.67	3.86	21	17.00	14.64	16
Cash dividends	1.50	1.35	11	5.70	5.35	7
Common shares outstanding:
Average – diluted (1)	153,712	166,969	-8	158,791	167,319	-5
Period end (2)	151,840	165,526	-8	151,840	165,526	-8
Return on (annualized):
Average total assets	1.41 %	1.28 %		1.35 %	1.23 %
Average common shareholders’ equity	10.87	9.75		10.27	9.54
Taxable-equivalent net interest income	$ 1,790	$ 1,740	3	$ 6,992	$ 6,902	1
Yield on average earning assets	5.46 %	5.60 %		5.52 %	5.74 %
Cost of interest-bearing liabilities	2.51	2.94		2.66	3.17
Net interest spread	2.95	2.66		2.86	2.57
Contribution of interest-free funds	.74	.92		.81	1.01
Net interest margin	3.69	3.58		3.67	3.58
Net charge-offs to average total net loans (annualized)	.54	.47		.41	.41
Net operating results (3)
Net operating income	$ 767	$ 691	11	$ 2,883	$ 2,630	10
Diluted net operating earnings per common share	4.72	3.92	20	17.20	14.88	16
Return on (annualized):
Average tangible assets	1.49 %	1.35 %		1.43 %	1.30 %
Average tangible common equity	16.24	14.66		15.36	14.54
Efficiency ratio	55.1	56.8		56.0	56.9

	At December 31,
Loan quality	2025	2024	Change
Nonaccrual loans	$ 1,252	$ 1,690	-26 %
Real estate and other foreclosed assets	35	35	-1
Total nonperforming assets	$ 1,287	$ 1,725	-25
Accruing loans past due 90 days or more (4)	$ 561	$ 338	66
Government guaranteed loans included in totals above:
Nonaccrual loans	$ 83	$ 69	20
Accruing loans past due 90 days or more	543	318	71
Nonaccrual loans to total loans	.90 %	1.25 %
Allowance for loan losses to total loans	1.53	1.61
Additional information
Period end common stock price	$ 201.48	$ 188.01	7
Domestic banking offices	942	955	-1
Full time equivalent employees	22,080	22,101	—
______________________
(1) Includes common stock equivalents.
(2) Includes common stock issuable under deferred compensation plans.
(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein.
(4) Predominantly government-guaranteed residential real estate loans.

Financial Highlights, Five Quarter Trend

	Three Months Ended
	December 31,	September 30,	June 30,	March 31,	December 31,
(Dollars in millions, except per share, shares in thousands)	2025	2025	2025	2025	2024
Performance
Net income	$ 759	$ 792	$ 716	$ 584	$ 681
Net income available to common shareholders	718	754	679	547	644
Per common share:
Basic earnings	4.71	4.85	4.26	3.33	3.88
Diluted earnings	4.67	4.82	4.24	3.32	3.86
Cash dividends	1.50	1.50	1.35	1.35	1.35
Common shares outstanding:
Average – diluted (1)	153,712	156,553	160,005	165,047	166,969
Period end (2)	151,840	154,518	156,532	162,552	165,526
Return on (annualized):
Average total assets	1.41 %	1.49 %	1.37 %	1.14 %	1.28 %
Average common shareholders’ equity	10.87	11.45	10.39	8.36	9.75
Taxable-equivalent net interest income	$ 1,790	$ 1,773	$ 1,722	$ 1,707	$ 1,740
Yield on average earning assets	5.46 %	5.59 %	5.51 %	5.52 %	5.60 %
Cost of interest-bearing liabilities	2.51	2.71	2.71	2.70	2.94
Net interest spread	2.95	2.88	2.80	2.82	2.66
Contribution of interest-free funds	.74	.80	.82	.84	.92
Net interest margin	3.69	3.68	3.62	3.66	3.58
Net charge-offs to average total net loans (annualized)	.54	.42	.32	.34	.47
Net operating results (3)
Net operating income	$ 767	$ 798	$ 724	$ 594	$ 691
Diluted net operating earnings per common share	4.72	4.87	4.28	3.38	3.92
Return on (annualized):
Average tangible assets	1.49 %	1.56 %	1.44 %	1.21 %	1.35 %
Average tangible common equity	16.24	17.13	15.54	12.53	14.66
Efficiency ratio	55.1	53.6	55.2	60.5	56.8

	December 31,	September 30,	June 30,	March 31,	December 31,
Loan quality	2025	2025	2025	2025	2024
Nonaccrual loans	$ 1,252	$ 1,512	$ 1,573	$ 1,540	$ 1,690
Real estate and other foreclosed assets	35	37	30	34	35
Total nonperforming assets	$ 1,287	$ 1,549	$ 1,603	$ 1,574	$ 1,725
Accruing loans past due 90 days or more (4)	$ 561	$ 432	$ 496	$ 384	$ 338
Government guaranteed loans included in totals above:
Nonaccrual loans	83	71	75	69	69
Accruing loans past due 90 days or more	543	403	450	368	318
Nonaccrual loans to total loans	.90 %	1.10 %	1.16 %	1.14 %	1.25 %
Allowance for loan losses to total loans	1.53	1.58	1.61	1.63	1.61
Additional information
Period end common stock price	$ 201.48	$ 197.62	$ 193.99	$ 178.75	$ 188.01
Domestic banking offices	942	942	941	955	955
Full time equivalent employees	22,080	22,383	22,590	22,291	22,101
______________________
(1) Includes common stock equivalents.
(2) Includes common stock issuable under deferred compensation plans.
(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein.
(4) Predominantly government-guaranteed residential real estate loans.

Condensed Consolidated Statement of Income

	Three Months Ended			Year Ended
	December 31,			December 31,
(Dollars in millions)	2025	2024	Change	2025	2024	Change
Interest income	$ 2,637	$ 2,707	-3 %	$ 10,486	$ 11,026	-5 %
Interest expense	858	979	-12	3,538	4,174	-15
Net interest income	1,779	1,728	3	6,948	6,852	1
Provision for credit losses	125	140	-11	505	610	-17
Net interest income after provision for credit losses	1,654	1,588	4	6,443	6,242	3
Other income
Mortgage banking revenues	155	117	32	550	436	26
Service charges on deposit accounts	140	131	6	551	514	7
Trust income	184	175	5	724	675	7
Brokerage services income	34	30	9	131	121	8
Trading account and other non-hedging derivative gains	19	10	102	58	39	48
Gain (loss) on bank investment securities	1	18	-93	2	10	-82
Other revenues from operations	163	176	-7	726	632	15
Total other income	696	657	6	2,742	2,427	13
Other expense
Salaries and employee benefits	809	790	2	3,342	3,162	6
Equipment and net occupancy	134	133	—	525	512	2
Outside data processing and software	146	125	18	558	492	14
Professional and other services	105	80	30	356	344	3
FDIC assessments	(8)	24	—	50	146	-66
Advertising and marketing	32	30	7	102	104	-2
Amortization of core deposit and other intangible assets	10	13	-24	42	53	-21
Other costs of operations	151	168	-9	518	546	-5
Total other expense	1,379	1,363	1	5,493	5,359	2
Income before taxes	971	882	10	3,692	3,310	12
Income taxes	212	201	5	841	722	16
Net income	$ 759	$ 681	12 %	$ 2,851	$ 2,588	10 %

Condensed Consolidated Statement of Income, Five Quarter Trend

	Three Months Ended
	December 31,	September 30,	June 30,	March 31,	December 31,
(Dollars in millions)	2025	2025	2025	2025	2024
Interest income	$ 2,637	$ 2,680	$ 2,609	$ 2,560	$ 2,707
Interest expense	858	919	896	865	979
Net interest income	1,779	1,761	1,713	1,695	1,728
Provision for credit losses	125	125	125	130	140
Net interest income after provision for credit losses	1,654	1,636	1,588	1,565	1,588
Other income
Mortgage banking revenues	155	147	130	118	117
Service charges on deposit accounts	140	141	137	133	131
Trust income	184	181	182	177	175
Brokerage services income	34	34	31	32	30
Trading account and other non-hedging derivative gains	19	18	12	9	10
Gain (loss) on bank investment securities	1	1	—	—	18
Other revenues from operations	163	230	191	142	176
Total other income	696	752	683	611	657
Other expense
Salaries and employee benefits	809	833	813	887	790
Equipment and net occupancy	134	129	130	132	133
Outside data processing and software	146	138	138	136	125
Professional and other services	105	81	86	84	80
FDIC assessments	(8)	13	22	23	24
Advertising and marketing	32	23	25	22	30
Amortization of core deposit and other intangible assets	10	10	9	13	13
Other costs of operations	151	136	113	118	168
Total other expense	1,379	1,363	1,336	1,415	1,363
Income before taxes	971	1,025	935	761	882
Income taxes	212	233	219	177	201
Net income	$ 759	$ 792	$ 716	$ 584	$ 681

Condensed Consolidated Balance Sheet

	December 31,
(Dollars in millions)	2025	2024	Change
ASSETS
Cash and due from banks	$ 1,701	$ 1,909	-11 %
Interest-bearing deposits at banks	17,068	18,873	-10
Trading account	97	101	-4
Investment securities	36,649	34,051	8
Loans:
Commercial and industrial	63,548	61,481	3
Real estate – commercial	23,819	26,764	-11
Real estate – residential	24,874	23,166	7
Consumer	26,461	24,170	9
Total loans	138,702	135,581	2
Less: allowance for loan losses	2,116	2,184	-3
Net loans	136,586	133,397	2
Goodwill	8,465	8,465	—
Core deposit and other intangible assets	64	94	-32
Other assets	12,880	11,215	15
Total assets	$ 213,510	$ 208,105	3 %

LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$ 46,509	$ 46,020	1 %
Interest-bearing deposits	120,400	115,075	5
Total deposits	166,909	161,095	4
Short-term borrowings	2,149	1,060	103
Long-term borrowings	10,911	12,605	-13
Accrued interest and other liabilities	4,364	4,318	1
Total liabilities	184,333	179,078	3
Shareholders’ equity:
Preferred	2,834	2,394	18
Common	26,343	26,633	-1
Total shareholders’ equity	29,177	29,027	1
Total liabilities and shareholders’ equity	$ 213,510	$ 208,105	3 %

Condensed Consolidated Balance Sheet, Five Quarter Trend

	December 31,	September 30,	June 30,	March 31,	December 31,
(Dollars in millions)	2025	2025	2025	2025	2024
ASSETS
Cash and due from banks	$ 1,701	$ 1,950	$ 2,128	$ 2,109	$ 1,909
Interest-bearing deposits at banks	17,068	16,751	19,297	20,656	18,873
Trading account	97	95	93	96	101
Investment securities	36,649	36,864	35,568	35,137	34,051
Loans:
Commercial and industrial	63,548	61,887	61,660	60,596	61,481
Real estate – commercial	23,819	24,046	24,567	25,867	26,764
Real estate – residential	24,874	24,662	24,117	23,284	23,166
Consumer	26,461	26,379	25,772	24,827	24,170
Total loans	138,702	136,974	136,116	134,574	135,581
Less: allowance for loan losses	2,116	2,161	2,197	2,200	2,184
Net loans	136,586	134,813	133,919	132,374	133,397
Goodwill	8,465	8,465	8,465	8,465	8,465
Core deposit and other intangible assets	64	74	84	93	94
Other assets	12,880	12,265	12,030	11,391	11,215
Total assets	$ 213,510	$ 211,277	$ 211,584	$ 210,321	$ 208,105

LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$ 46,509	$ 44,994	$ 47,485	$ 49,051	$ 46,020
Interest-bearing deposits	120,400	118,432	116,968	116,358	115,075
Total deposits	166,909	163,426	164,453	165,409	161,095
Short-term borrowings	2,149	2,059	2,071	1,573	1,060
Long-term borrowings	10,911	12,928	12,380	10,496	12,605
Accrued interest and other liabilities	4,364	4,136	4,155	3,852	4,318
Total liabilities	184,333	182,549	183,059	181,330	179,078
Shareholders’ equity:
Preferred	2,834	2,394	2,394	2,394	2,394
Common	26,343	26,334	26,131	26,597	26,633
Total shareholders’ equity	29,177	28,728	28,525	28,991	29,027
Total liabilities and shareholders’ equity	$ 213,510	$ 211,277	$ 211,584	$ 210,321	$ 208,105

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

	Three Months Ended						Change in Balance		Year Ended
	December 31,		September 30,		December 31,		December 31, 2025 from		December 31,				Change
	2025		2025		2024		September 30,	December 31,	2025		2024		in
(Dollars in millions)	Balance	Rate	Balance	Rate	Balance	Rate	2025	2024	Balance	Rate	Balance	Rate	Balance
ASSETS
Interest-bearing deposits at banks	$ 17,964	3.98 %	$ 17,739	4.43 %	$ 23,602	4.80 %	1 %	-24 %	$ 18,767	4.35 %	$ 27,244	5.33 %	-31 %
Trading account	97	3.42	95	3.48	102	3.37	2	-5	96	3.45	102	3.42	-6
Investment securities (1)	36,705	4.17	36,559	4.13	33,679	3.88	—	9	35,778	4.03	30,755	3.64	16
Loans:
Commercial and industrial	62,257	6.22	61,716	6.45	60,704	6.56	1	3	61,520	6.36	58,871	6.90	4
Real estate – commercial	24,101	6.21	24,353	6.35	27,896	6.25	-1	-14	25,004	6.26	30,271	6.32	-17
Real estate – residential	24,765	4.60	24,359	4.59	23,088	4.45	2	7	24,001	4.54	23,056	4.36	4
Consumer	26,477	6.58	26,099	6.60	24,035	6.65	1	10	25,578	6.58	22,519	6.63	14
Total loans	137,600	6.00	136,527	6.14	135,723	6.17	1	1	136,103	6.08	134,717	6.31	1
Total earning assets	192,366	5.46	190,920	5.59	193,106	5.60	1	—	190,744	5.52	192,818	5.74	-1
Goodwill	8,465		8,465		8,465		—	—	8,465		8,465		—
Core deposit and other intangible assets	69		79		100		-12	-31	82		120		-32
Other assets	11,991		11,589		10,182		3	18	11,354		9,817		16
Total assets	$ 212,891		$ 211,053		$ 211,853		1 %	— %	$ 210,645		$ 211,220		— %

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits
Savings and interest-checking deposits	$ 107,287	2.04 %	$ 104,660	2.23 %	$ 102,127	2.44 %	3 %	5 %	$ 104,385	2.17 %	$ 97,824	2.57 %	7 %
Time deposits	13,586	3.18	13,990	3.38	15,958	3.95	-3	-15	14,020	3.39	18,339	4.26	-24
Total interest-bearing deposits	120,873	2.17	118,650	2.36	118,085	2.64	2	2	118,405	2.32	116,163	2.84	2
Short-term borrowings	2,064	4.21	2,844	4.50	2,563	4.93	-27	-19	2,774	4.45	4,440	5.45	-38
Long-term borrowings	12,555	5.51	12,789	5.59	11,665	5.57	-2	8	11,897	5.61	11,083	5.76	7
Total interest-bearing liabilities	135,492	2.51	134,283	2.71	132,313	2.94	1	2	133,076	2.66	131,686	3.17	1
Noninterest-bearing deposits	44,184		44,056		46,554		—	-5	44,702		47,260		-5
Other liabilities	4,245		4,131		4,279		3	-1	4,063		4,222		-4
Total liabilities	183,921		182,470		183,146		1	—	181,841		183,168		-1
Shareholders’ equity	28,970		28,583		28,707		1	1	28,804		28,052		3
Total liabilities and shareholders’ equity	$ 212,891		$ 211,053		$ 211,853		1 %	— %	$ 210,645		$ 211,220		— %
Net interest spread		2.95		2.88		2.66				2.86		2.57
Contribution of interest-free funds		.74		.80		.92				.81		1.01
Net interest margin		3.69 %		3.68 %		3.58 %				3.67 %		3.58 %
_______________
(1) Yields on investment securities for the year ended December 31, 2025 reflect $18 million of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People’s United Financial, Inc.

Reconciliation of Quarterly GAAP to Non-GAAP Measures

	Three Months Ended		Year Ended
	December 31,		December 31,
	2025	2024	2025	2024
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$ 759	$ 681	$ 2,851	$ 2,588
Amortization of core deposit and other intangible assets (1)	8	10	32	42
Net operating income	$ 767	$ 691	$ 2,883	$ 2,630
Earnings per common share
Diluted earnings per common share	$ 4.67	$ 3.86	$ 17.00	$ 14.64
Amortization of core deposit and other intangible assets (1)	.05	.06	.20	.24
Diluted net operating earnings per common share	$ 4.72	$ 3.92	$ 17.20	$ 14.88
Other expense
Other expense	$ 1,379	$ 1,363	$ 5,493	$ 5,359
Amortization of core deposit and other intangible assets	(10)	(13)	(42)	(53)
Noninterest operating expense	$ 1,369	$ 1,350	$ 5,451	$ 5,306
Efficiency ratio
Noninterest operating expense (numerator)	$ 1,369	$ 1,350	$ 5,451	$ 5,306
Taxable-equivalent net interest income	$ 1,790	$ 1,740	$ 6,992	$ 6,902
Other income	696	657	2,742	2,427
Less: Gain (loss) on bank investment securities	1	18	2	10
Denominator	$ 2,485	$ 2,379	$ 9,732	$ 9,319
Efficiency ratio	55.1 %	56.8 %	56.0 %	56.9 %
Balance sheet data
Average assets
Average assets	$ 212,891	$ 211,853	$ 210,645	$ 211,220
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(69)	(100)	(82)	(120)
Deferred taxes	22	29	24	33
Average tangible assets	$ 204,379	$ 203,317	$ 202,122	$ 202,668
Average common equity
Average total equity	$ 28,970	$ 28,707	$ 28,804	$ 28,052
Preferred stock	(2,691)	(2,394)	(2,468)	(2,344)
Average common equity	26,279	26,313	26,336	25,708
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(69)	(100)	(82)	(120)
Deferred taxes	22	29	24	33
Average tangible common equity	$ 17,767	$ 17,777	$ 17,813	$ 17,156
At end of quarter
Total assets
Total assets	$ 213,510	$ 208,105
Goodwill	(8,465)	(8,465)
Core deposit and other intangible assets	(64)	(94)
Deferred taxes	20	28
Total tangible assets	$ 205,001	$ 199,574
Total common equity
Total equity	$ 29,177	$ 29,027
Preferred stock	(2,834)	(2,394)
Common equity	26,343	26,633
Goodwill	(8,465)	(8,465)
Core deposit and other intangible assets	(64)	(94)
Deferred taxes	20	28
Total tangible common equity	$ 17,834	$ 18,102
_______________
(1) After any related tax effect.

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend

	Three Months Ended
	December 31,	September 30,	June 30,	March 31,	December 31,
	2025	2025	2025	2025	2024
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$ 759	$ 792	$ 716	$ 584	$ 681
Amortization of core deposit and other intangible assets (1)	8	6	8	10	10
Net operating income	$ 767	$ 798	$ 724	$ 594	$ 691
Earnings per common share
Diluted earnings per common share	$ 4.67	$ 4.82	$ 4.24	$ 3.32	$ 3.86
Amortization of core deposit and other intangible assets (1)	.05	.05	.04	.06	.06
Diluted net operating earnings per common share	$ 4.72	$ 4.87	$ 4.28	$ 3.38	$ 3.92
Other expense
Other expense	$ 1,379	$ 1,363	$ 1,336	$ 1,415	$ 1,363
Amortization of core deposit and other intangible assets	(10)	(10)	(9)	(13)	(13)
Noninterest operating expense	$ 1,369	$ 1,353	$ 1,327	$ 1,402	$ 1,350
Efficiency ratio
Noninterest operating expense (numerator)	$ 1,369	$ 1,353	$ 1,327	$ 1,402	$ 1,350
Taxable-equivalent net interest income	$ 1,790	$ 1,773	$ 1,722	$ 1,707	$ 1,740
Other income	696	752	683	611	657
Less: Gain (loss) on bank investment securities	1	1	—	—	18
Denominator	$ 2,485	$ 2,524	$ 2,405	$ 2,318	$ 2,379
Efficiency ratio	55.1 %	53.6 %	55.2 %	60.5 %	56.8 %
Balance sheet data
Average assets
Average assets	$ 212,891	$ 211,053	$ 210,261	$ 208,321	$ 211,853
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(69)	(79)	(89)	(92)	(100)
Deferred taxes	22	24	26	27	29
Average tangible assets	$ 204,379	$ 202,533	$ 201,733	$ 199,791	$ 203,317
Average common equity
Average total equity	$ 28,970	$ 28,583	$ 28,666	$ 28,998	$ 28,707
Preferred stock	(2,691)	(2,394)	(2,394)	(2,394)	(2,394)
Average common equity	26,279	26,189	26,272	26,604	26,313
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(69)	(79)	(89)	(92)	(100)
Deferred taxes	22	24	26	27	29
Average tangible common equity	$ 17,767	$ 17,669	$ 17,744	$ 18,074	$ 17,777
At end of quarter
Total assets
Total assets	$ 213,510	$ 211,277	$ 211,584	$ 210,321	$ 208,105
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(64)	(74)	(84)	(93)	(94)
Deferred taxes	20	23	25	26	28
Total tangible assets	$ 205,001	$ 202,761	$ 203,060	$ 201,789	$ 199,574
Total common equity
Total equity	$ 29,177	$ 28,728	$ 28,525	$ 28,991	$ 29,027
Preferred stock	(2,834)	(2,394)	(2,394)	(2,394)	(2,394)
Common equity	26,343	26,334	26,131	26,597	26,633
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(64)	(74)	(84)	(93)	(94)
Deferred taxes	20	23	25	26	28
Total tangible common equity	$ 17,834	$ 17,818	$ 17,607	$ 18,065	$ 18,102
_______________
(1) After any related tax effect.

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SOURCE M&T Bank Corporation

January 16, 2026 5:03 am

U.K. Enterprises Redefine Multicloud Strategies

U.K. Enterprises Redefine Multicloud Strategies

Organizations focus on sovereign infrastructure, GenAI and FinOps in carrying out AI-native cloud transformation, ISG Provider Lens^® report says

LONDON–(BUSINESS WIRE)–
Enterprises in the U.K. are adopting AI-native multicloud environments to improve agility, compliance and cost transparency amid tighter regulations and economic uncertainty, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm.

The 2025 ISG Provider Lens^® Multi Public Cloud Services report for the U.K. finds enterprises entering a pivotal phase of cloud transformation shaped by generative AI (GenAI) deployments, sovereign infrastructure mandates and automation-focused operating models. Especially in the finance, healthcare and manufacturing sectors, organizations are redesigning their cloud environments to support next-generation workloads while enforcing jurisdictional data controls. This approach reflects a growing need for cloud platforms that prioritize governance, accountability and long-term flexibility.

“As British enterprises build their cloud strategies, they are striking a balance between governance, cost optimization and innovation,” said Rakesh Parameshwara B, director and head of U.K. Banking and Insurance at ISG. “Digital sovereignty and GenAI adoption are becoming key considerations in productivity and operational resilience.”

A growing number of U.K. enterprises are embedding autonomous agents into workflows, the report says. They are using GenAI for documentation, incident resolution and knowledge retrieval to streamline operations and reduce manual effort. As agentic automation matures, it is reshaping expectations around productivity, observability and operational resilience. AI is becoming integral to how enterprises manage and operate cloud environments at scale.

As cloud strategies mature, FinOps is evolving from a cost control function into a core governance discipline, ISG says. The unpredictability of costs in multicloud environments has increased the importance of cost transparency and financial accountability. Enterprises increasingly rely on cost optimization and predictive budgeting based on service level agreements (SLAs) to improve oversight and manage spending more effectively. This focus reflects enterprises’ efforts to sustain AI-driven cloud adoption while maintaining financial discipline.

Digital sovereignty requirements are accelerating the adoption of jurisdictional controls across the U.K. market, the report says. Enterprises are implementing Hold Your Own Key (HYOK) models, U.K.-specific cloud zones and strict data residency policies to address regulatory and risk obligations. These measures are especially important for enterprises functioning in highly regulated sectors, such as finance, healthcare and manufacturing.

“Enterprises are moving away from transactional cloud sourcing toward long-term approaches focused on innovation,” said Meenakshi Srivastava, lead analyst, ISG Provider Lens Research, and lead author of the report. “They seek providers that are strategically investing in compliant architectures and outcome-driven engagement models.”

The report also explores other trends in the public cloud services market in the U.K., including the rising influence of sustainability metrics and cross-industry convergence in shaping enterprise cloud transformation priorities.

For more insights into the enterprise challenges raised by multicloud environments in the U.K., along with ISG’s advice for addressing them, see the ISG Provider Lens^® Focal Points briefing here.

The 2026 ISG Provider Lens^® Multi Public Cloud Services report for the U.K. evaluates the capabilities of 61 providers across seven quadrants: Consulting and Transformation Services — Large Accounts, Consulting and Transformation Services — Midmarket, Managed Services — Large Accounts, Managed Services — Midmarket, FinOps Services and AI-driven Optimization, Hyperscale Infrastructure and Platform Services, and SAP HANA Infrastructure Services.

The report names Computacenter and Rackspace Technology as Leaders in four quadrants each. Accenture, Capgemini, HCLTech, Infosys, LTIMindtree and Wipro are named as Leaders in three quadrants each. AWS, Claranet, Coforge, Cognizant, DXC Technology, Google, Hexaware, IBM, Kyndryl, Microsoft, TCS, Tech Mahindra and Unisys are named as Leaders in two quadrants each. Telefonica Tech is named as a Leader in one quadrant.

In addition, Hexaware, Kainos, LTIMindtree, Mphasis and TCS are named as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in one quadrant each.

In the area of customer experience, LTIMindtree is named the global ISG CX Star Performer for 2025 among multi public cloud service providers. LTIMindtree earned the highest customer satisfaction scores in ISG’s Voice of the Customer survey, part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry.

Customized versions of the report are available from AWS, Coforge, Computacenter and Unisys.

The 2025 ISG Provider Lens^® Multi Public Cloud Services report for the U.K. is available to subscribers or for one-time purchase on this webpage.

About ISG Provider Lens^® Research

The ISG Provider Lens^® Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG’s global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG’s enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.

About ISG

ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its 1,600 professionals worldwide working together to help clients maximize the value of their technology investments.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260116010832/en/

Press Contacts:

Sarah Ye, ISG

+44 7833 567868

[email protected]

Laura Hupprich, ISG

+1 203-517-3100

[email protected]

KEYWORDS: Europe Ireland United Kingdom

INDUSTRY KEYWORDS: Professional Services Data Management Data Analytics Technology Software Consulting Artificial Intelligence

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January 16, 2026 4:03 am

European Enterprises Accelerate Responsible AI Adoption

European Enterprises Accelerate Responsible AI Adoption

Organizations in Europe move beyond experimentation, embedding analytics and AI into core operations under strong governance, ISG Provider Lens^® report says

LONDON–(BUSINESS WIRE)–
The European data analytics and AI market is entering a phase of accelerated enterprise adoption as modern data platforms, unified governance and adaptive systems reshape how organizations implement AI, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm.

The 2025 ISG Provider Lens^® Advanced Analytics and AI Services reports for Europe find that enterprises are shifting decisively from pilot-led experimentation to production-grade analytics and AI initiatives aligned with business priorities. Economic uncertainty, supply chain disruption, sustainability mandates and persistent talent shortages have increased companies’ reliance on data-driven decision-making. Simultaneously, increasing regulatory alignment around the EU AI Act, EU Data Act and data localization and sovereign cloud mandates is reinforcing responsible and sustainable innovation across the region.

“Europe’s regulatory environment has made governance, transparency and accountability essential to enterprise AI adoption,” said Matthias Paletta, director at ISG. “Under this framework, organizations have begun to treat analytics and AI as foundational enterprise capabilities.”

European enterprises are modernizing their data estates to support scalable and reliable AI adoption, the report says. They are transitioning from siloed architectures toward unified data platforms based on data fabric and data mesh models. These approaches improve data consistency, lineage and trust across enterprise systems. As a result, enterprises gain faster access to insights across operations, finance, supply chain and customer experience functions.

Across Europe, advanced AI adoption is expanding through approaches that integrate forecasting and simulation with deep learning, computer vision and agentic systems, ISG says. These capabilities support higher levels of automation and more context-aware decision intelligence across enterprise business functions. Demand for specialized AI solutions aligned with sector-specific challenges and regulations is rising. In this environment, joint innovation between enterprises and service providers is increasing.

Organizations in Europe are recognizing that data and AI deliver greater value when business users can directly access and act on AI-driven insights, the report says. They are placing greater emphasis on trusted and governed data environments that give non-technical users access through self-service analytics tools, natural language interfaces and embedded AI features. In this manner, enterprises are striking a balance between democratization and robust governance frameworks to ensure accountability and responsible AI use.

“As AI adoption scales across enterprises, data maturity becomes a pivotal success factor,” said Saravanan M S, senior lead analyst, ISG Provider Lens Research, and lead author of the report. “Enterprises are prioritizing initiatives that build organizational confidence and transparency through AI literacy programs.”

The report also explores other trends in the advanced analytics and AI services market in Europe, including the development of the AI factory model as a strategic blueprint for enterprises and increased focus on autonomous analytics capabilities within enterprise environments.

For more insights into key challenges that enterprises in Europe face with analytics and AI initiatives, along with ISG’s advice for addressing them, see the ISG Provider Lens Focal Points briefing here.

For 2025, ISG Provider Lens has published two Advanced Analytics and AI Services reports for Europe: one examining large and midsize providers and one assessing specialist providers. The Large and Midsize report evaluates the capabilities of 56 providers across four quadrants: Data Science and AI Services — Large, Data Science and AI Services — Midsize, Data and Analytics Modernization Services — Large and Data and Analytics Modernization Services — Midsize.

The Large and Midsize report names Accenture, Atos, Capgemini, Cognizant, EXL, GFT, HARMAN, HCLTech, IBM, Infosys, Merkle, Mphasis, Orange Business, Persistent Systems, Reply, TCS, T-Systems, Unisys, Virtusa and Wipro as Leaders in two quadrants each. It names Hexaware and Stefanini as Leaders in one quadrant each.

In addition, Avenga and DXC Technology are named as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in two quadrants each.

The 2025 ISG Provider Lens Advanced Analytics and AI Services — Specialist report evaluates the capabilities of 26 specialist providers across two quadrants: Data Science and AI Services — Specialist and Data and Analytics Modernization Services — Specialist.

The Specialist report names Alexander Thamm, Fractal Analytics, Lingaro, MathCo, Quantiphi, SDG Group, Tiger Analytics, Tredence, Version 1 and WNS Analytics as Leaders in both quadrants.

In addition, Telana is named as a Rising Star — a company with a “promising portfolio” and “high future potential” by ISG’s definition — in two quadrants.

In the area of customer experience, Capgemini is named the global ISG CX Star Performer for 2025 among advanced analytics and AI service providers. Capgemini earned the highest customer satisfaction scores in ISG’s Voice of the Customer survey, part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry.

Customized versions of the report are available from Akkodis, Atos, Avenga, Deutsche Telekom/T-Systems, Lingaro, Orange Business, Quantiphi, and WNS.

The 2025 ISG Provider Lens Advanced Analytics and AI Services — Large and Midsize report for Europe is available to subscribers or for one-time purchase on this webpage. The 2025 ISG Provider Lens Advanced Analytics and AI Services — Specialist report for Europe is available on this webpage.

About ISG Provider Lens^® Research

About ISG

View source version on businesswire.com: https://www.businesswire.com/news/home/20260116289653/en/

Press Contacts:

Laura Hupprich, ISG

+1 203-517-3100

[email protected]

Philipp Jaensch, ISG

+49 151 730 365 76

[email protected]

KEYWORDS: Germany Europe United Kingdom France

INDUSTRY KEYWORDS: Professional Services Data Analytics Technology Software Networks Consulting Artificial Intelligence

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January 16, 2026 4:03 am

Paysafe and Pay.com Launch Strategic Partnership

Paysafe and Pay.com Launch Strategic Partnership

Payment orchestration platform includes Paysafe among its acquirer options for merchants’ card payments and adds suite of its alternative payment methods

LONDON–(BUSINESS WIRE)–Paysafe (NYSE: PSFE), a leading payments platform, today announced a strategic partnership with Pay.com, a payments orchestration platform. The partnership sees Paysafe become one of the recommended acquirers for card transactions for online merchants using the Pay.com platform, which has also integrated Paysafe’s Skrill and Neteller digital wallets and its PaysafeCard eCash solution, among other alternative payment methods (APMs).

As a pioneer in intelligent payment orchestration, Pay.com’s technology enhances the checkout experience by leveraging advanced orchestration with a centralised risk engine to maximise acceptance and authorisation rates. The platform now includes Paysafe’s seamless payment processing of credit card and debit card transactions. Whether a merchant serves the e-commerce, travel, regulated iGaming, or financial services sector, Pay.com will offer Paysafe as one of its acquirer options for card payments, allowing merchants to benefit from the company’s 30 years’ experience as a processor across diverse industry verticals.

Aligned with Pay.com’s ethos of providing merchants and their customers with a comprehensive range of payment options, the orchestration platform has also integrated Paysafe’s flagship digital wallets, Skrill and Neteller. Launched over two decades ago, live across 130 countries and boasting high brand recognition among iGaming and e-commerce consumers, the wallets will serve to further strengthen Pay.com’s APM offering globally and in niche industries.

Other Paysafe APMs integrated by the Pay.com platform include PaysafeCard, a voucher-based solution that enables cash-focused consumers to transact online with their favourite payment method.

Paysafe is already live and processing payments for multiple Pay.com merchant customers, with 20+ additional merchants expected to be onboarded under the partnership by end-2026.

Rob Gatto, Chief Revenue Officer at Paysafe, said: “We’re delighted to unveil our strategic partnership with Pay.com, a true innovator in the field of payments orchestration. Our collaboration will likely be a game-changer for online merchants, optimising payment routing, enhancing approval rates, and, above all, strengthening their checkouts and ultimately customer relationships. More broadly, with Paysafe’s heritage and with our payment solutions serving as trust-marks for merchants worldwide, we expect to support Pay.com’s business growth and global expansion.”

Nicholas Banerjee, Chief Revenue Officer at Pay.com, commented: “Integrating Paysafe into our platform enhances the advanced orchestration capabilities we provide to merchants, helping them maximise authorisation rates and optimise every transaction. This partnership ensures our customers benefit from greater flexibility across card payments and a wide range of alternative payment methods.”

About Paysafe

Paysafe is a leading payments platform with an extensive track record of serving merchants and consumers in the global entertainment sectors. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With 30 years of online payment experience, an annualized transactional volume of $152 billion in 2024, and approximately 3,000 employees located in 12+ countries, Paysafe connects businesses and consumers across 260 payment types in 48 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com

About Pay.com

Pay.com is a group of companies offering payments orchestration and acquiring, designed to optimise, route, and manage global payments through a single, intelligent hub. Our infrastructure connects seamlessly with third-party payment providers while maintaining a centralised token vault, agnostic 3DS, network tokenisation, and an advanced risk engine. As a licensed acquirer with all pre-authorisation tools built in-house, we give merchants full control to route transactions optimally, using multiple methodologies and a self-service rule engine.

Built with zero technical debt, our platform combines cutting-edge technology with the financial strength of global providers to accelerate growth, enhance reliability, ensure compliance, and maximise transaction success rates. Further information is available at https://pay.com/

View source version on businesswire.com: https://www.businesswire.com/news/home/20260116906631/en/

For further information about Paysafe, please contact:

The Paysafe Press Office via [email protected]

KEYWORDS: Europe United States United Kingdom North America

INDUSTRY KEYWORDS: Professional Services Payments Technology Other Technology Finance Fintech Banking

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January 16, 2026 1:23 am

Chevron Takes Final Investment Decision on Leviathan Gas Expansion

Chevron Takes Final Investment Decision on Leviathan Gas Expansion

Project Increases Affordable, Reliable Gas for Israel, Egypt and Jordan

HOUSTON–(BUSINESS WIRE)–
Chevron Corporation (NYSE: CVX) by its subsidiary, Chevron Mediterranean Limited (CML), and the working interest owners of the Leviathan natural gas reservoir have reached a Final Investment Decision (FID) to expand the production capacity of the strategic Leviathan production platform located offshore Israel.

“Chevron is a leading energy player in the Eastern Mediterranean where we are focused on natural gas production and exports. Our operations are critical to meeting the growing energy needs of local and regional markets,” said Clay Neff, president of Chevron Upstream.

“Our decision to invest in the expansion of Leviathan’s production capacity reflects our confidence in the future of energy in the region. Pragmatic U.S. and regional energy policies are helping to strengthen energy security across the Eastern Mediterranean and foster an environment that encourages investment in the Middle East and globally.”

The Leviathan expansion project is expected to come online towards the end of this decade.

The project includes drilling three additional offshore wells, adding additional subsea infrastructure, and enhancing the treatment facilities on the Leviathan production platform as we progress towards increasing total gas delivery to Israel and the region to approximately 21 billion cubic meters (BCM) annually from the Leviathan reservoir.

“This milestone demonstrates our ongoing commitment to partner with the State of Israel to develop natural gas resources and provide essential energy to millions of people in Israel, Egypt and Jordan,” said Jack Baker, managing director of Chevron’s Eastern Mediterranean region.

The Leviathan production platform is located approximately 10 kilometers offshore Dor, Israel.

Leviathan working interest owners include Chevron Mediterranean Limited as operator (39.66%), NewMed Energy (45.34%), and Ratio Energies (15%).

In addition to Leviathan, Chevron’s assets in the Eastern Mediterranean include the Tamar gas producing field (offshore Israel), and the Aphrodite gas field which is currently in development (offshore Cyprus). Chevron is also the operator of 2 Egyptian exploration blocks and is in a non-operated joint venture (NOJV) in one Egyptian exploration block (in the Mediterranean Sea).

About Chevron

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow new energies businesses. More information about Chevron is available at www.chevron.com.

NOTICE

As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. Structural cost reductions describe decreases in operating expenses from operational efficiencies, divestments, and other cost saving measures that are expected to be sustainable compared with 2024 levels.

Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/ investors, LinkedIn: www.linkedin.com/company/chevron, X: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations. Chevron also publishes a “Sensitivities and Forward Guidance” document with consolidated guidance and sensitivities that is updated quarterly and posted to the Chevron website the month prior to earnings calls.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations, assets and strategy that are based on management’s current expectations, estimates, and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to successfully integrate the operations of the company and Hess Corporation and achieve the anticipated benefits and projected synergies from the transaction; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 27 of the company’s 2024 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements

View source version on businesswire.com: https://www.businesswire.com/news/home/20260115527100/en/

Sally Jones: [email protected]

KEYWORDS: Texas United States North America Israel Middle East

INDUSTRY KEYWORDS: Oil/Gas Energy

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January 16, 2026 1:05 am

BW LPG Limited – Update on BW LPG’s Product Services Q4 2025 Segment Performance

BW LPG Limited – Update on BW LPG’s Product Services Q4 2025 Segment Performance

SINGAPORE–(BUSINESS WIRE)–
BW LPG Limited (“BW LPG” or the “Company”, OSE ticker code: “BWLPG.OL”, NYSE ticker code: “BWLP”) today provides an update on its Product Services’ (“BW Product Services”) Q4 2025 segment performance.

For the quarter ending 31 December 2025, BW Product Services achieved a gross profit of approximately USD 27 million. This gross profit comprises of a realised gain of USD 12 million from our portfolio of cargo, freight and hedging transactions, and a positive unrealised mark-to-market change of USD 15 million from our open cargo contracts and hedging transactions.

After general and administrative expenses and income taxes, BW Product Services reported a net profit of approximately USD 23 million for the quarter. The reported net profit includes accruals for personnel costs which may change subject to Board approvals.

Besides the positive realised trading result, the overall dividend capacity will be determined by net profit after tax, cash flow and other commercial considerations.

The average Value-At-Risk (VAR) for the quarter was approximately USD 3 million.

BW LPG will release its Q4 2025 financial report on 3 March 2026.

Says Kristian Sørensen, Chief Executive Officer, “We are pleased to report a strong finish to fiscal year 2025 for our Product Services segment, highlighted by the realised gain of USD 12 million from the completed trading portfolio in the fourth quarter, bringing the full-year realised trading result to approximately USD 66 million, before deducting general and administrative expenses and income taxes. As we transition into fiscal year 2026, we remain committed to maintaining a well-balanced trading portfolio, guided by disciplined risk management as we navigate the ongoing macroeconomic and geopolitical uncertainty and market volatility.”

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, with a fleet of more than 50 Very Large Gas Carriers (VLGCs), including 22 vessels powered by LPG dual-fuel propulsion technology. Building on over five decades of LPG shipping experience, the company is strengthened by an in-house LPG trading division and the commercial expertise to explore investments in value chain assets. Together, these capabilities enable BW LPG to provide trusted and reliable services for sourcing and delivering LPG to customers worldwide.

Delivering energy for a better world – more information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 450 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, and water treatment.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260115913388/en/

For further information, please contact:

Kristian Sørensen

Chief Executive Officer

Samantha Xu

Chief Financial Officer

E-mail: [email protected]

KEYWORDS: North America United States Asia Pacific Singapore Southeast Asia

INDUSTRY KEYWORDS: Oil/Gas Energy Maritime Transport Other Energy

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January 16, 2026 1:03 am

BridgeBio Prices Offering of $550 Million Convertible Senior Notes due 2033 to Prefund Repayment of Convertible Senior Notes due 2027

The transaction is part of our strategy to lower interest expense, reduce dilution, and significantly extend debt maturity
Offering priced at 0.75% interest rate and 45% conversion premium

PALO ALTO, Calif., Jan. 15, 2026 (GLOBE NEWSWIRE) — BridgeBio Pharma, Inc. (Nasdaq: BBIO) (the “Company,” “we” or “BridgeBio”), a new type of biopharmaceutical company focused on genetic diseases, announced today the pricing of $550 million aggregate principal amount of 0.75% convertible senior notes due 2033 (the “notes”) in a private offering (the “offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). In connection with the offering, the Company granted the initial purchasers an option to purchase up to an additional $82.5 million aggregate principal amount of notes. The sale of the notes is expected to close on January 21, 2026, subject to customary closing conditions.

The Company estimates that the net proceeds from the sale of the notes will be approximately $538.4 million (or approximately $619.3 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers’ discounts and estimated offering expenses payable by the Company.

The Company intends to use the net proceeds from the offering to repurchase, settle future conversion obligations in respect of or repay at maturity a portion of the Company’s 2.50% convertible senior notes due 2027 (the “2027 notes”) on or before the maturity date of the 2027 notes and for general corporate purposes, which may include working capital, capital expenditures and/or debt repayment. No assurance can be given as to how much, if any, of the 2027 notes will be repurchased with the net proceeds from the offering, the terms on which they will be repurchased or the timing of any such repurchases. This press release does not constitute an offer to purchase the 2027 notes.

The Company intends to use approximately $82.5 million of cash on hand to repurchase approximately 1.1 million shares of its common stock from certain purchasers of the notes in privately negotiated transactions effected through one of the initial purchasers or an affiliate thereof and entered into concurrently with the pricing of the notes, at a price per share equal to the last reported sale price of the common stock on the Nasdaq Global Select Market on January 15, 2026 (such transactions, the “share repurchases”). The share repurchases could increase (or reduce the size of any decrease in) the market price of the Company’s common stock prior to, concurrently with or shortly after the pricing of the notes, and may have resulted in a higher initial conversion price for the notes. The Company cannot predict the magnitude of such market activity or the overall effect it will have on the market price of the notes and/or the market price of the Company’s common stock.

The notes will bear interest at a rate of 0.75% per year, payable semi-annually in arrears on February 1 and August 1 of each year, beginning August 1, 2026. The notes will mature on February 1, 2033, unless earlier converted, redeemed or repurchased. Prior to November 1, 2032, the notes will be convertible only upon satisfaction of certain conditions and during certain periods. Thereafter, the notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The notes will be convertible at the option of the holders, subject to certain conditions and during certain periods, into cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, with the form of consideration determined at the Company’s election.

The conversion rate will initially be 9.0435 shares of the Company’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $110.58 per share of the Company’s common stock). The initial conversion price of the notes represents a premium of approximately 45% over the last reported sale price of the Company’s common stock the Nasdaq Global Select Market of $76.26 per share on January 15, 2026.

The Company may not redeem the notes prior to February 6, 2030. On or after February 6, 2030 and on or before the 21st scheduled trading day immediately before the maturity date of the notes, the Company may redeem for cash all or any portion of the notes, at its option at any time, and from time to time, if the last reported sale price per share of the Company’s common stock has been at least 130% of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

Holders of the notes will have the right to require the Company to repurchase all or a portion of their notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of certain events.

When issued, the notes will be the Company’s senior unsecured obligations and will rank senior in right of payment to any of the Company’s unsecured indebtedness that is expressly subordinated in right of payment to the notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness and obligations, to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries.

The notes and the shares of common stock issuable upon conversion of the notes, if any, are not being registered under the Securities Act, or the securities laws of any other jurisdiction. The notes and the shares of common stock issuable upon conversion of the notes, if any, may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the Securities Act and any applicable state securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, 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 such jurisdiction.

About BridgeBio

BridgeBio Pharma, Inc. (BridgeBio; Nasdaq: BBIO) is a new type of biopharmaceutical company founded to discover, create, test, and deliver transformative medicines to treat patients who suffer from genetic diseases. BridgeBio’s pipeline of development programs ranges from early science to advanced clinical trials. BridgeBio was founded in 2015 and its team of experienced drug discoverers, developers and innovators are committed to applying advances in genetic medicine to help patients as quickly as possible.

Forward-Looking Statements

This press release contains forward-looking statements. Statements in this press release may include statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are usually identified by the use of words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “hopes,” “intends,” “may,” “plans,” “projects,” “remains,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements, including statements relating to whether we will issue the notes, the terms of the notes, any potential repayments of our 2027 notes, the anticipated use of the net proceeds from the offering and the expectations regarding the effect of the share repurchases, reflect our current views about our plans, intentions, expectations and strategies, which are based on the information currently available to us and on assumptions we have made.

Although we believe that our plans, intentions, expectations and strategies as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a number of risks, uncertainties and assumptions, including, but not limited to, those risks set forth in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2024 and our other filings with the U.S. Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. These forward-looking statements are based upon the current expectations and beliefs of our management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as required by applicable law, we assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

BridgeBio Media Contact:
Bubba Murarka, Executive Vice President
[email protected]
(650)-789-8220

BridgeBio Investor Contact:
Chinmay Shukla, Senior Vice President, Strategic Finance
[email protected]

Source: BridgeBio Pharma, Inc.

January 16, 2026 12:03 am

Tigo Energy and Weco Certify MLPE-Inverter Compatibility to Simplify PV System Design

Tigo MLPE technology and hybrid inverters of Italian manufacturer Weco are now certified to work together to enhance design flexibility, system performance, and seamless integration.

MONTEVARCHI, Italy–(BUSINESS WIRE)–Tigo Energy, Inc. (NASDAQ: TYGO) (“Tigo” or “Company”), a leading provider of intelligent solar and energy software solutions, today announced the Company has signed a certificate of compatibility with Weco S.r.l., documenting the compatibility between Tigo Flex MLPE products and hybrid solar inverters from Weco. The certification covers certain single-phase and three-phase Weco products and members of the Tigo TS4-A and TS4-X product families, when properly designed and installed. Together, these products are designed to deliver high-quality, enhanced value through a system that generates and manages solar energy more efficiently and delivers the features residential energy customers demand.

“The compatibility between our inverter solutions and Tigo optimizers represents a significant step forward for the entire industry, and confirms our commitment to simplifying the work of solar professionals,” said Federico Cusumano, R&D manager at Weco S.r.l. “Thanks to this certification, designers and installers can now benefit from greater sizing flexibility to optimize system configurations according to the precise requirements of each customer site. Together, Weco and Tigo are delivering a more integrated, intelligent energy ecosystem focused on long-term value for the end customer.”

The use of Tigo MLPE technology with hybrid inverters, such as those provided by Weco, enhances overall solar performance, particularly in installations that include partial shading, module mismatch, or constraints inherent to residential rooftop architecture and layout. With optimization from Tigo, solar systems become more efficient, versatile, and capable of delivering stable energy production even under non-ideal conditions. Tigo and Weco will host a joint webinar where installers can gain deeper insight into the two companies’ product portfolios and explore real-world case studies that demonstrate how the technologies work together.

“For Tigo, this announcement is first and foremost about giving installers greater control at the module level without adding complexity to system design,” said Gal Bauer, senior director of validation, growth, and product management at Tigo Energy. “Certified compatibility with Weco inverters ensures that Tigo Flex MLPE technology can be deployed exactly where it delivers the most value, while maintaining a smooth commissioning process and predictable system behavior. This is yet another concrete example of how Tigo continues to build an open ecosystem that prioritizes safety, flexibility, and long-term system performance.”

A complete list of Weco products certified for use with Tigo MLPE products is available at the Tigo MLPE compatibility page, here. Installers are invited to sign up for the joint technical webinar with Tigo and Weco representatives here, scheduled for Thursday, Feb. 5 at 4:30 p.m. CET. Information about the Tigo TS4 range of Flex MLPE can be found on the Tigo product page, and commercial inquiries can be made via the sales contact form, here. For further information about Weco solutions, please visit the official Weco website.

About Tigo Energy

Founded in 2007, Tigo Energy, Inc. (Nasdaq: TYGO) is a worldwide leader in the development and provider of smart hardware and software solutions that enhance safety, increase energy yield, and lower operating costs of residential, commercial, and utility-scale solar systems. Tigo combines its Flex MLPE (Module Level Power Electronics) and solar optimizer technology with intelligent, cloud-based software capabilities for advanced energy monitoring and control. Tigo MLPE products maximize performance, enable real-time energy monitoring, and provide code-required rapid shutdown at the module level. The company also develops and manufactures products such as inverters and battery storage systems for the residential solar-plus-storage market. For more information, please visit www.tigoenergy.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260115873312/en/

Technica Communications

Luis de Leon

Email: [email protected]

KEYWORDS: Italy Europe

INDUSTRY KEYWORDS: Other Energy Software Utilities Batteries Hardware Alternative Energy Energy Technology

MEDIA:

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January 15, 2026 11:56 pm

QXO Announces Pricing of Common Stock Offering

QXO Announces Pricing of Common Stock Offering

GREENWICH, Conn.–(BUSINESS WIRE)–
QXO, Inc. (NYSE: QXO) (the “Company” or “QXO”) today announced the pricing of its previously announced public offering of 31,645,570 shares of its common stock (the “Offering”) at a price to public of $23.80 per share. The Offering is expected to close on January 20, 2026, subject to customary closing conditions.

QXO has granted the underwriter of the Offering an option to purchase up to an additional 4,746,835 shares of common stock at the public offering price less underwriting discounts and commissions.

QXO intends to use the net proceeds from the Offering for general corporate purposes, which may include, among other things, funding future acquisitions of businesses.

BofA Securities is acting as the sole underwriter for the Offering.

The Offering is being made by means of a prospectus supplement under QXO’s effective registration statement on Form S-3ASR, as filed with the Securities and Exchange Commission (the “SEC”).

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor does it constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale is unlawful. The Offering may be made only by means of a prospectus supplement relating to such Offering and the accompanying prospectus. Copies of the final prospectus supplement for the Offering and the accompanying prospectus, when available, can be obtained from BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, email: [email protected].

About QXO

QXO is the largest publicly traded distributor of roofing, waterproofing and complementary building products in North America. The company plans to become the tech-enabled leader in the $800 billion building products distribution industry and generate outsized value for shareholders. QXO is targeting $50 billion in annual revenues within the next decade through accretive acquisitions and organic growth.

Cautionary Statement Regarding Forward-Looking Statements

This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact, including statements about beliefs, expectations, targets or goals, the use of proceeds of the Offering and the expected closing date of the Offering, are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “trajectory” or the negative of these terms or other comparable terms. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances.

These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC, and the following:

an inability to obtain the products we distribute, resulting in lost revenues and reduced margins and damaging our relationships with customers;
a change in supplier pricing and demand, which may adversely affect our income and gross margins;
a change in vendor rebates, which may adversely affect our income and gross margins;
our inability to identify potential acquisition targets or successfully complete acquisitions on acceptable terms;
risks related to maintaining our safety record;
the possibility that building products distribution industry demand may soften or shift substantially due to cyclicality or dependence on general economic and political conditions, including inflation or deflation, interest rates, governmental subsidies or incentives, consumer confidence, labor and supply shortages, weather and commodity prices;
the possibility that regional, national or global barriers to trade, including trade wars, could increase the cost of products in the building products distribution industry, which could adversely impact the competitiveness of such products and the financial results of businesses in the industry;
seasonality, weather-related conditions and natural disasters;
risks related to the proper functioning of our information technology systems, including threats related to cybersecurity and artificial intelligence;
loss of key talent or our inability to attract and retain new qualified talent;
risks related to work stoppages, union negotiations, labor disputes and other matters associated with our labor force or the labor forces of our suppliers or customers;
the risk that the anticipated benefits of our acquisition of Beacon Roofing Supply, Inc. (the “Beacon Acquisition”) or any future acquisition may not be fully realized or may take longer to realize than expected;
the effect of the Beacon Acquisition or any future acquisition on our business relationships with employees, customers or suppliers, operating results and the business generally;
unexpected liabilities, costs, charges, expenses or accounting adjustments resulting from the Beacon Acquisition or any future acquisition or difficulties in integrating and operating acquired companies;
risks related to the Company’s obligations under the indebtedness incurred in connection with the Beacon Acquisition;
the risk that the Company is or becomes highly dependent on the continued leadership of Brad Jacobs as chairman and chief executive officer and the possibility that the loss of Mr. Jacobs in these roles could have a material adverse effect on the Company’s business, financial condition and results of operations;
the possible economic impact of the Company’s outstanding warrants and preferred stock on the Company and the holders of its common stock, including market price volatility, dilution from the exercise or conversion of the warrants or preferred stock, or the impact of dividend payments from preferred stock that remains outstanding;
challenges in raising additional equity or debt capital from public or private markets to pursue the Company’s business plan and the effects that raising such capital may have on the Company and its business;
the possibility that new investors in any future financing transactions could gain rights, preferences and privileges senior to those of the Company’s existing stockholders;
risks associated with periodic litigation, regulatory proceedings and enforcement actions, which may adversely affect the Company’s business and financial performance;
the impact of legislative, regulatory, economic, competitive and technological changes;
unknown liabilities and uncertainties regarding general economic, business, competitive, legal, regulatory, tax and geopolitical conditions; and
other factors, including those set forth in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q.

All forward-looking statements set forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences for or effects on us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements except to the extent required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260115713656/en/

Media Contact

Joe Checkler

[email protected]

203-609-9650

Investor Contact

Mark Manduca

[email protected]

203-321-3889

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Architecture Commercial Building & Real Estate Construction & Property Other Manufacturing Building Systems Trucking Transport Manufacturing

MEDIA:

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January 15, 2026 11:10 pm

BBWI Investors Have Opportunity to Lead Bath & Body Works, Inc. Securities Fraud Lawsuit

PR Newswire

NEW YORK, Jan. 15, 2026 /PRNewswire/ —

Why: Rosen Law Firm, a global investor rights law firm, announces a class action lawsuit on behalf of purchasers of Bath & Body Works, Inc. (NYSE: BBWI) securities between June 4, 2024 and November 19, 2025, both dates inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 16, 2026.

So What: If you purchased Bath & Body Works securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

What to do next: To join the Bath & Body Works class action, go to https://rosenlegal.com/submit-form/?case_id=50622 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 16, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Details of the case: According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements, and that defendants failed to disclose that: (1) Bath & Body Works’ strategy of pursuing “adjacencies, collaborations and promotions” was not growing the customer base and/or delivering the level of growth in net sales touted; (2) as Bath & Body Works’ strategy of “adjacencies, collaborations and promotions” faltered, it relied on brand collaborations “to carry quarters” and obfuscate otherwise weak underlying financial results; (3) as a result, Bath & Body Works was unlikely to meet its own previously issued financial guidance; and (4) as a result of the foregoing, defendants’ positive statements about Bath & Body Works’ business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Body & Body Works class action, go to https://rosenlegal.com/submit-form/?case_id=50622 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com

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SOURCE THE ROSEN LAW FIRM, P. A.