Market Newsdesk

March 12, 2026 5:03 am

Here Announces Unaudited Financial Results for the Second Quarter of Fiscal Year 2026

BEIJING, March 12, 2026 (GLOBE NEWSWIRE) — Here Group Limited (NASDAQ: HERE) (“Here” or the “Company”), an IP¹-based pop toy company dedicated to creating beloved collectibles and trend-defining experiences, today announced its unaudited financial results for the second quarter of the fiscal year ending June 30, 2026 (the “second quarter of FY 2026”, which refers to the quarter from October 1, 2025 to December 31, 2025).

Financial Highlights
for the Second Quarter of FY 2026
²

Revenues for the second quarter of FY 2026 were RMB177.3 million (US$25.3 million), representing an increase of 39.4% from the first quarter of the fiscal year ending June 30, 2026 (the “first quarter of FY 2026”).
Net loss from continuing operations, net of income tax for the second quarter of FY 2026 was RMB25.4 million (US$3.6 million), compared with RMB25.8 million in the first quarter of FY 2026.
Adjusted net loss from continuing operations
³ for the second quarter of FY 2026 was RMB16.1 million (US$2.3 million), compared with RMB17.1 million in the first quarter of FY 2026.
The Company has a total of 18 IPs as of December 31, 2025, including 11 proprietary IPs, 5 exclusive licensed IPs, and 2 non-exclusive licensed IPs.

Mr. Peng Li, Chairman and Chief Executive Officer of Here, commented, “This quarter we achieved revenues of RMB177.3 million, representing a 39.4% increase quarter-over-quarter. It also marks a significant milestone as our first full quarter operating as a fully independent IP trend company. We are firmly committed to executing our strategy centered on IP products and operations, with a sharp focus on IP development and product iteration, while continuously refining our organizational structure and operational foundation. Concurrently, we are strengthening our diversified sales channels to further amplify our IP momentum and drive sustainable sales growth. Our solid execution and strategic clarity position us well to capture the significant opportunities ahead and deliver long-term value to our shareholders as we advance toward our vision of becoming a leading global IP trend company.”

Mr. Dong Xie, Chief Financial Officer of Here, added, “Our revenues exceeded the high end of our guidance, driven by the continued execution of our core IP operation strategy. We are proactively optimizing our revenue mix, with a strategic emphasis on increasing the contribution from offline channels. We believe offline experiences are crucial for IP empowerment, as they effectively enhance user engagement and emotional connection with our IPs. Furthermore, as a dedicated IP trend company, we further refined our cost structure this quarter to better align with our asset-light, high-value-added model centered around IP. We anticipate that these ongoing adjustments will consistently improve our operational efficiency and financial health, solidifying our foundation for sustainable, long-term growth in the global IP trend market.”

Financial Results for the Second Quarter of FY 2026

Revenues

Revenues were RMB177.3 million (US$25.3 million) in the second quarter of FY 2026, exclusively reflecting the performance of the high-growth pop toys business.

Cost of revenues

Cost of revenues was RMB122.3 million (US$17.5 million) in the second quarter of FY 2026, primarily composed of costs associated with pop toy products sold. The decline in gross margin was mainly attributable to the Company’s strategic expansion of offline channels, which generated lower per-unit margins than direct online sales. This channel diversification strategy is designed to enhance IP engagement and strengthen customer loyalty through physical retail experiences, aligning with the Company’s long-term vision as a leading IP trend company.

Sales and marketing expenses

Sales and marketing expenses were RMB52.8 million (US$7.6 million) in the second quarter of FY 2026, primarily consisting of advertising and promotion expenses and staff compensation. These investments supported brand building and customer acquisition efforts across multiple platforms.

Research and development expenses

Research and development expenses were RMB9.1 million (US$1.3 million) in the second quarter of FY 2026, primarily consisting of IP design and product development expenses.

General and administrative expenses

General and administrative expenses were RMB31.3 million (US$4.5 million) in the second quarter of FY 2026, primarily associated with core corporate functions, including employee compensation, professional service fees, and other operational expenses.

Others, net

Others, net were RMB9.6 million (US$1.4 million) in the second quarter of FY 2026, primarily comprising net income from support service fees charged to the Established Business during the service support period following the deal closing, as well as investment income from both equity-method investment and wealth management products.

Net loss from continuing operations, net of income tax and adjusted net loss from continuing operations

Net loss from continuing operations, net of income tax was RMB25.4 million (US$3.6 million) in the second quarter of FY 2026. Adjusted net loss from continuing operations was RMB16.1 million (US$2.3 million) in the second quarter of FY 2026.

Net loss from continuing operations per share and adjusted net loss from continuing operations per share
⁴

Basic and diluted net loss from continuing operations per share were RMB0.16 (US$0.02) in the second quarter of FY 2026. Basic and diluted adjusted net loss from continuing operations per share were RMB0.10 (US$0.01) in the second quarter of FY 2026.

Financial Outlook

Based on currently available information, the Company expects its revenues from the pop toy business to be in the range of RMB140.0 million to RMB150.0 million for the third quarter of FY 2026 (which refers to the quarter from January 1, 2026 to March 31, 2026) and in the range of RMB750.0 million to RMB800.0 million for FY 2026 (which refers to the year from July 1, 2025 to June 30, 2026). The forecasts reflect the Company’s current and preliminary views on the pop toy market and its pop toy business operating conditions, which are subject to change.

Recent Developments

2025 Share Repurchase Program

On June 6, 2025, the Company announced that the Board had approved a new share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a purchase period beginning on June 11, 2025 and ending on June 30, 2026 (the “2025 Share Repurchase Program”). As of March 6, 2026, a total of 1.7 million ADSs had been repurchased for an aggregate consideration of US$10.8 million under the 2025 Share Repurchase Program.

Conference Call Information

The Company’s management will hold an earnings conference call at 07:00 A.M. Eastern Time on Thursday, March 12, 2026 (07:00 P.M. Beijing Time on the same day) to discuss the financial results. Details for the conference call are as follows:

Event Title: Here Group Limited Q2 FY2026 Earnings Call

Pre-register Link: https://dpregister.com/sreg/10207117/103685ff5fa

All participants may use the link provided above to complete the online registration process in advance of the conference call. Upon registration, each participant will receive an email with a set of participant dial-in numbers, a passcode, and a unique PIN to join the conference call.

The replay will be accessible through March 19, 2026 by dialing the following numbers:

International: United States Toll Free: Replay Access Code:	1-412-317-0088 1-855-669-9658 8306387

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.heregroup.com.

Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, the Company uses adjusted net loss from continuing operations and basic and diluted adjusted net loss from continuing operations per ordinary share as its non-GAAP financial measures. Adjusted net loss from continuing operations represents net loss from continuing operations, net of income tax excluding share-based compensation expense. Basic and diluted adjusted net loss from continuing operations per ordinary share represents adjusted net loss from continuing operations attributable to Here Group Limited divided by weighted average number of ordinary shares outstanding during the periods used in computing adjusted net loss from continuing operations per ordinary share, basic and diluted. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss from continuing operations, net of income tax, net loss from continuing operations per ordinary share, basic and diluted or other consolidated statements of operations data prepared in accordance with U.S. GAAP. The Company’s definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on these non-GAAP financial measures, please see the table captioned “Here Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this release.

Exchange Rate Information

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

Safe Harbor Statements

This announcement contains forward-looking statements within the meaning of Section 27A of Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1955. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding the Company’s financial outlook, beliefs and expectations. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. Among other things, the Financial Outlook for Pop Toy Business in this announcement contains forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new consumers and to increase the spending and revenues generated from consumers; its ability to maintain and enhance the recognition and reputation of its brands; its expectations regarding demand for and market acceptance of its services and products; expected growth, future trends and competition in the markets that it operates in; changes in its revenues and certain cost or expense items; PRC governmental policies and regulations relating to its various business lines and industries, general economic and political conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

About the Company

The Company, through its HERE奇梦岛 brand, creates collectible pop toys that spark joy and inspire global culture. With innovative design and storytelling at its core, the Company delivers immersive experiences that connect deeply with collectors worldwide. Guided by joy, integrity, wonder, and co-creation, the Company is building vibrant cultural ecosystems where fans shape and share dreams.

For more information, please visit: https://ir.heregroup.com.

Contact
Investor Relations
Tina Tang
Here Group Limited
Email: [email protected]
Tel: +852 2988-8279

Robin Yang, Partner
ICR, LLC
Email: [email protected]
Phone: +1 (212) 537-0429

________________________

¹ “IP” refers to the design of a single or a series of characters and the underlying intellectual property rights.
² As previously reported, the Company completed the disposal of its Established Business (all the business operations established prior to the acquisition of Shenzhen Yiqi Culture Co., Ltd., including the individual online learning services business, consumer businesses and other businesses aside from the pop toy business) on September 30, 2025. As the disposal met the definition of discontinued operations in accordance with ASC 205-20, the historical financial results of the Established Business were reflected as discontinued operations in the Company’s consolidated financial statements, and the related assets and liabilities associated with discontinued operations in the prior year consolidated balance sheets were classified as assets/liabilities held for sale.
³ Adjusted net loss from continuing operations is a non-GAAP financial measure. For a reconciliation of net loss from continuing operations, net of income tax to adjusted net loss from continuing operations, see the “Non-GAAP Financial Measures” section and the table captioned “Here Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
⁴ Basic and diluted adjusted net loss from continuing operations per share are non-GAAP financial measures. For a reconciliation of basic and diluted net loss from continuing operations per share to basic and diluted adjusted net loss from continuing operations per share, see the “Non-GAAP Financial Measures” section and the table captioned “Here Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.

HERE GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data)

	As of
	June 30, 2025	December 31, 2025	December 31, 2025
	RMB	RMB	US$

ASSETS
Current assets:
Cash and cash equivalents	472,943	167,154	23,903
Restricted cash	20,757	1,043	149
Short-term investments	139,990	561,077	80,233
Accounts receivable, net	29,505	32,623	4,665
Amounts due from related parties	1,577	28,849	4,125
Inventory, net	16,229	111,826	15,991
Prepayments and other current assets	73,434	165,057	23,604
Current assets held for sale	558,316	–	–
Total current assets	1,312,751	1,067,629	152,670

Non-current assets:
Property and equipment, net	9,935	17,073	2,441
Intangible assets, net	65,938	65,272	9,334
Long-term investments	28,254	25,936	3,709
Operating lease right-of-use assets	12,504	27,539	3,938
Goodwill	187,598	187,598	26,826
Other non-current assets	1,475	47,256	6,758
Non-current assets held for sale	43,064	–	–
Total non-current assets	348,768	370,674	53,006
TOTAL ASSETS	1,661,519	1,438,303	205,676

LIABILITIES
Current liabilities:
Short-term borrowings	11,100	3,300	472
Accounts payable	14,321	79,382	11,351
Accrued expenses and other current liabilities	66,168	65,715	9,397
Amounts due to related parties	3,321	7,336	1,049
Income tax payable	9,440	71,903	10,282
Contract liabilities	1,665	2,489	356
Operating lease liabilities, current portion	9,482	10,593	1,515
Current liabilities held for sale	498,516	–	–
Total current liabilities	614,013	240,718	34,422

Non-current liabilities:
Operating lease liabilities, non-current portion	4,617	14,292	2,044
Deferred tax liabilities	72,014	104,026	14,876
Non-current liabilities held for sale	37,912	–	–
Total non-current liabilities	114,543	118,318	16,920
TOTAL LIABILITIES	728,556	359,036	51,342

HERE GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS – continued (Amounts in thousands, except for share and per share data)

	As of
	June 30, 2025	December 31, 2025	December 31, 2025
	RMB	RMB	US$

MEZZANINE EQUITY
Non-controlling interests	40,999	221,372	31,656

SHAREHOLDERS’ EQUITY
Class A ordinary shares	81	81	12
Class B ordinary shares	34	34	5
Treasury stock	(49,054)	(79,889)	(11,424)
Additional paid-in capital	1,066,860	882,743	126,231
Accumulated other comprehensive income	16,507	14,160	2,025
(Accumulative deficit)/retained earnings	(225,431)	40,766	5,829
TOTAL HERE GROUP LIMITED SHAREHOLDERS’ EQUITY	808,997	857,895	122,678
Non-controlling interests	82,967	–	–
TOTAL SHAREHOLDERS’ EQUITY	891,964	857,895	122,678

TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY	1,661,519	1,438,303	205,676

HERE GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) (Amounts in thousands, except for share and per share data)

	For the Three Months Ended
	September 30, 2025	December 31, 2025	December 31, 2025
	RMB	RMB	US$

Revenues (including revenues from one related party of RMB3,973 and RMB9,486 for the three months ended September 30, 2025 and December 31, 2025, respectively)	127,147	177,257	25,347
Cost of revenues (including related party transaction of nil and RMB2,679 for the three months ended September 30, 2025 and December 31, 2025, respectively)	(74,725)	(122,267)	(17,484)
Gross Profit	52,422	54,990	7,863

Operating expenses:
Sales and marketing expenses (including related party transaction of RMB2,241 and RMB1,739 for the three months ended September 30, 2025 and December 31, 2025, respectively)	(27,584)	(52,844)	(7,557)
Research and development expenses	(15,820)	(9,066)	(1,296)
General and administrative expenses	(38,146)	(31,295)	(4,475)
Total operating expenses	(81,550 )	(93,205 )	(13,328 )

Loss from operations	(29,128 )	(38,215 )	(5,465 )

Other income:
Interest income	878	3,633	520
Others, net	3,663	9,626	1,376

Loss before income tax	(24,587 )	(24,956 )	(3,569 )
Income tax expense	(1,170)	(458)	(65)

Net loss from continuing operations, net of income tax	(25,757 )	(25,414 )	(3,634 )
Net income from discontinued operations, net of income tax (including gain on disposal of RMB284,737 and nil for the three months ended September 30, 2025 and December 31, 2025, respectively)	318,451	–	–
Net income/(loss)	292,694	(25,414 )	(3,634 )
Net income attributable to noncontrolling interests	(1,083)	–	–
Net income/(loss) attributable to ordinary shareholders of the Company	291,611	(25,414 )	(3,634 )
Including：
Net loss from continuing operations attributable to ordinary shareholders of the Company	(26,828)	(25,414)	(3,634)
Net income from discontinued operations attributable to ordinary shareholders of the Company	318,439	–	–

Weighted average number of ordinary shares used in computing net (loss)/income per share
– Basic	163,710,546	163,065,311	163,065,311
– Diluted	163,710,546	163,065,311	163,065,311

Net loss from continuing operations per share attributable to ordinary shareholders of the Company– basic	(0.16)	(0.16)	(0.02)
Net income from discontinued operations per share attributable to ordinary shareholders of the Company– basic	1.95	–	–

Net loss from continuing operations per share attributable to ordinary shareholders of the Company– diluted	(0.16)	(0.16)	(0.02)
Net income from discontinued operations per share attributable to ordinary shareholders of the Company– diluted	1.95	–	–

Other comprehensive loss
Foreign currency translation adjustments, net of nil tax	(1,090)	(1,257)	(180)
Total other comprehensive loss	(1,090 )	(1,257 )	(180 )

Total comprehensive income/(loss)	291,604	(26,671 )	(3,814 )
Comprehensive income attributable to non-controlling interests	(1,083)	–	–
Total comprehensive income/(loss) attributable to ordinary shareholders of the Company	290,521	(26,671 )	(3,814 )

HERE GROUP LIMITED UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands, except for share and per share data)

The following table below sets forth a reconciliation of net loss from continuing operations, net of income tax to adjusted net loss from continuing operations and basic and diluted net loss from continuing operations per share to basic and diluted adjusted net loss from continuing operations per share for the periods indicated:

	For the Three Months Ended
	September 30, 2025	December 31, 2025	December 31, 2025
	RMB	RMB	US$

Net loss from continuing operations, net of income tax	(25,757)	(25,414)	(3,634)
Less: Share-based compensation expenses	(8,635)	(9,271)	(1,326)

Adjusted net loss from continuing operations	(17,122 )	(16,143 )	(2,308 )
Attributable to noncontrolling interests	(1,071)	–	–
Adjusted net loss from continuing operations attributable to the Company	(18,193 )	(16,143 )	(2,308 )

Weighted average number of ordinary shares used in computing net loss from continuing operations per share
– Basic	163,710,546	163,065,311	163,065,311
– Diluted	163,710,546	163,065,311	163,065,311
Weighted average number of ordinary shares used in computing adjusted net loss from continuing operations per share
– Basic	163,710,546	163,065,311	163,065,311
– Diluted	163,710,546	163,065,311	163,065,311

Net loss from continuing operations per ordinary share
– Basic	(0.16)	(0.16)	(0.02)
– Diluted	(0.16)	(0.16)	(0.02)
Adjusted net loss from continuing operations per ordinary share
– Basic	(0.11)	(0.10)	(0.01)
– Diluted	(0.11)	(0.10)	(0.01)

HERE GROUP LIMITED UNAUDITED ADDITIONAL INFORMATION (Amounts in thousands, except for shares and per share data)

The following table below sets forth a breakdown of revenue by IPs for the periods indicated:

	For the Three Months Ended
	September 30, 2025	December 31, 2025	December 31, 2025
	RMB	RMB	US$

Revenues
WAKUKU	89,727	129,414	18,506
ZIYULI	20,763	9,504	1,359
SIINONO	12,887	19,229	2,750
Others⁽¹⁾	3,770	19,110	2,732

	127,147	177,257	25,347

(1) “Others” refers to revenue generated from all other IPs, such as “MEMIMO”, “FUNII”, “FIILA” and “impopo pix”, and other revenues, aggregated and presented as “Others”.

March 12, 2026 5:03 am

Amentum, GXO, Accenture and Maersk enter alliance to support the next generation of supply chain solutions to the UK Defence Sector

Torus Defence Supply Chain brings together complementary global leaders with proven capabilities and mission-critical expertise

LONDON, UK, March 12, 2026 (GLOBE NEWSWIRE) —
Amentum, a global leader in advanced engineering and innovative technology solutions, GXO Logistics, Inc., the world’s largest pure-play contract logistics provider, Accenture, a leading global solutions and services company, and A.P.Moller – Maersk, the world’s largest integrated supply chain provider, have today announced a new alliance, Torus Defence Supply Chain, to help strengthen the future of the UK defence sector.

Torus will provide resilient, agile and integrated defence supply chain solutions, helping the UK defence sector adapt to the evolving threat landscape and build the agile capacity required to enhance sovereign capability.

Designed to help address the UK Government policy shift to readiness, visibility and data exploitation, Torus draws on alliance members’ proven capabilities and mission-critical expertise in military domain, procurement and supply chain. The alliance is underpinned by a shared commitment of collaboration, compliance and continuous improvement to solve complex challenges in the UK defence market.

Amentum will provide overall integration and programme management based on more than 60 years of support to UK defence operations, procurement, logistics support, programme/project delivery and transformation. Its global expertise, built over decades of defence, aerospace and national security experience in the USA and UK, ensures interoperability with allied sustainment systems and proven global buying power. Last September, Amentum announced plans to add another 3,000 people to its current UK workforce of more than 6,000 over the next four years.

GXO will develop and operate innovative logistics solutions, leveraging its more than two decades of experience partnering with leading aerospace and defence organisations. With A&D operations spanning more than 30 global sites, GXO recently bolstered its UK defence capabilities through the acquisition of Wincanton, a longstanding trusted partner to the UK defence and industrial sector. GXO currently employs more than 60,000 team members across 450 sites in the UK and is a Gold Award level member of the UK’s Defence Employer recognition scheme for its work with the Armed Forces.

Accenture will lead digital reinvention with a core role to deliver digital enablement and integrated decision support capability. Accenture’s deep experience of defence logistics information systems and digital transformation will enable real-time, single-version-of-the-truth visibility and smarter, data and AI-powered decision making that balance readiness, cost and resilience.

Maersk will provide global integrated movement solutions utilising its extensive network across multiple modes to enable global reach ensuring compliance with stringent security standards for defence and government cargo whilst ensuring the scale of its owned assets provide agility and resilience to allow defence to plan and react to a changing need.

Loren Jones, Amentum Senior Vice President, said: “Our combined global reach and military domain experience, specifically Amentum’s proven success in deployed logistics and integrating complex systems for the U.S. Government, perfectly aligns with the UK Defence sector’s requirement for future operational resilience and it’s imperative to move beyond systems optimised for just-in-time to ones of assured readiness and global reach.” 

Gavin Williams, Managing Director, GXO UK & Ireland, said: “The defence sector is tasked with responding to dynamic global challenges which has created substantial demands on its supply chains. GXO’s proven capability in the global defence sector optimises efficiency and builds resilience in complex supply chains, providing leading defence organisations with the assurance they will have the adaptive capacity required to deliver with confidence.”

Mark Smith, EMEA Defence Lead at Accenture, said: “This alliance brings together unmatched expertise in logistics systems and data-driven digital transformation – enabling scalable, interoperable solutions that enhance mission readiness. Accenture’s deep defence logistics knowledge and cutting-edge digital capabilities, refined through working with over 20 NATO countries, can help ensure operational continuity and resilience in complex global environments.”

Beyond focusing on supporting UK sovereign mission readiness, the alliance is committed to investing in UK infrastructure, contributing to economic growth and fostering digital skills in local communities.

The announcement comes prior to DPRTE, the UK’s leading defence procurement and supply chain event, which takes place on 25^th and 26^th March at the Farnborough International Exhibition and Conference Centre. Visit GXO (Stand 99) and Amentum (Stand 65) to find out more.

About Amentum 

Amentum is a global leader in designing, engineering, and managing mission-critical programmes and advanced technical services. Amentum provides complex logistics, sustainment, and specialised support to US, UK, and allied governments across all seven continents, with a focus on ensuring operational success in challenging environments.

About GXO 

GXO Logistics, Inc. (NYSE: GXO) is the world’s largest pure-play contract logistics provider and is positioned to capitalise on the rapid growth of ecommerce, automation and outsourcing. GXO has more than 150,000 team members across more than 1,000 facilities totaling more than 200 million square feet. The company serves the world’s leading blue-chip companies to solve complex logistics challenges with technologically advanced supply chain and ecommerce solutions, at scale and with speed. Visit GXO.com for more information and connect with GXO on LinkedIn, X, Facebook, Instagram and YouTube.

About Accenture 

Accenture is a leading solutions and services company that helps the world’s leading enterprises reinvent by building their digital core and unleashing the power of AI to create value at speed across the enterprise, bringing together the talent of our approximately 784,000 people, our proprietary assets and platforms, and deep ecosystem relationships. Our strategy is to be the reinvention partner of choice for our clients and to be the most client-focused, AI-enabled, great place to work in the world. Through our Reinvention Services we bring together our capabilities across strategy, consulting, technology, operations, Song and Industry X with our deep industry expertise to create and deliver solutions and services for our clients. Our purpose is to deliver on the promise of technology and human ingenuity, and we measure our success by the 360° value we create for all our stakeholders. Visit us at accenture.com.

About Maersk

A.P. Moller – Maersk is an integrated logistics company connecting and simplifying its customers’ supply chains. As a global leader in logistics services, the company has 100,000+ customers, operates in about 130 countries, and employs 100,000+ people. Maersk delivers innovative, reliable ocean network solutions, offers truly integrated logistics products and operates advanced container terminals, both gateways and hubs, with 60+ locations globally.

Amentum Media Contact

Steve Brauner
[email protected]
Tel: +44 (0)7875 877120

GXO Media Contact

Chris Walton
+44 (0)7971 840874
[email protected]

Attachment

Amentum, GXO, Accenture and Maersk enter Torus Defence Supply Chain alliance

March 12, 2026 4:33 am

Li Auto Inc. Announces Unaudited Fourth Quarter and Full Year 2025 Financial Results

Quarterly total revenues reached RMB28.8 billion (US$4.1 billion)¹
Quarterly deliveries were 109,194 vehicles
Full year total revenues reached RMB112.3 billion (US$16.1 billion)
Full year deliveries were 406,343 vehicles

BEIJING, China, March 12, 2026 (GLOBE NEWSWIRE) — Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced its unaudited financial results for the quarter and full year ended December 31, 2025.

Operating Highlights for the Fourth Quarter of 2025 and Full Year 2025

Total deliveries for the fourth quarter of 2025 were 109,194 vehicles, representing a 31.2% year-over-year decrease.


	FY 2025	2025 Q4	2025 Q3	2025 Q2	2025 Q1
Deliveries	406,343	109,194	93,211	111,074	92,864

	FY 2024	2024 Q4	2024 Q3	2024 Q2	2024 Q1
Deliveries	500,508	158,696	152,831	108,581	80,400

As of December 31, 2025, in China, the Company had 548 retail stores in 159 cities, 561 servicing centers and Li Auto-authorized body and paint shops operating in 224 cities, and 3,907 super charging stations in operation equipped with 21,651 charging stalls.

Financial Highlights for the Fourth Quarter of 2025

Vehicle sales were RMB27.3 billion (US$3.9 billion) in the fourth quarter of 2025, representing a decrease of 36.1% from RMB42.6 billion in the fourth quarter of 2024 and an increase of 5.4% from RMB25.9 billion in the third quarter of 2025.
Vehicle margin
² was 16.8% in the fourth quarter of 2025, compared with 19.7% in the fourth quarter of 2024 and 15.5% in the third quarter of 2025.
Total revenues were RMB28.8 billion (US$4.1 billion) in the fourth quarter of 2025, representing a decrease of 35.0% from RMB44.3 billion in the fourth quarter of 2024 and an increase of 5.2% from RMB27.4 billion in the third quarter of 2025.
Gross profit was RMB5.1 billion (US$733.7 million) in the fourth quarter of 2025, representing a decrease of 42.8% from RMB9.0 billion in the fourth quarter of 2024 and an increase of 14.8% from RMB4.5 billion in the third quarter of 2025.
Gross margin was 17.8% in the fourth quarter of 2025, compared with 20.3% in the fourth quarter of 2024 and 16.3% in the third quarter of 2025.
Operating expenses were RMB5.6 billion (US$797.0 million) in the fourth quarter of 2025, representing an increase of 5.8% from RMB5.3 billion in the fourth quarter of 2024 and a decrease of 1.3% from RMB5.6 billion in the third quarter of 2025.
Loss from operations was RMB442.6 million (US$63.3 million) in the fourth quarter of 2025, compared with RMB3.7 billion income from operations in the fourth quarter of 2024 and RMB1.2 billion loss from operations in the third quarter of 2025.
Operating margin was negative 1.5% in the fourth quarter of 2025, compared with 8.4% in the fourth quarter of 2024 and negative 4.3% in the third quarter of 2025.
Net income was RMB20.2 million (US$2.9 million) in the fourth quarter of 2025, compared with net income of RMB3.5 billion in the fourth quarter of 2024 and net loss of RMB624.4 million in the third quarter of 2025. Non-GAAP net income³ was RMB274.4 million (US$39.2 million) in the fourth quarter of 2025, compared with non-GAAP net income of RMB4.0 billion in the fourth quarter of 2024 and non-GAAP net loss of RMB359.7 million in the third quarter of 2025.
Diluted net earnings per ADS
⁴
attributable to ordinary shareholders was RMB0.01 (US$0.001) in the fourth quarter of 2025, compared with diluted net earnings per ADS attributable to ordinary shareholders of RMB3.31 in the fourth quarter of 2024 and diluted net loss per ADS attributable to ordinary shareholders of RMB0.62 in the third quarter of 2025. Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders was RMB0.25 (US$0.04) in the fourth quarter of 2025, compared with non-GAAP diluted net earnings per ADS attributable to ordinary shareholders of RMB3.79 in the fourth quarter of 2024 and non-GAAP diluted net loss per ADS attributable to ordinary shareholders of RMB0.36 in the third quarter of 2025.
Net cash provided by operating activities was RMB3.5 billion (US$503.5 million) in the fourth quarter of 2025, compared with RMB8.7 billion net cash provided by operating activities in the fourth quarter of 2024 and RMB7.4 billion net cash used in operating activities in the third quarter of 2025.
Free cash flow
⁵ was RMB2.5 billion (US$352.9 million) in the fourth quarter of 2025, compared with RMB6.1 billion in the fourth quarter of 2024 and negative RMB8.9 billion in the third quarter of 2025.


Key Financial Results (in millions, except for percentages and per ADS data)

	For the Three Months Ended			% Change ⁶
	December 31, 2024	September 30, 2025	December 31, 2025	YoY	QoQ
	RMB	RMB	RMB
Vehicle sales	42,643.0	25,867.1	27,252.3	(36.1)%	5.4%
Vehicle margin	19.7%	15.5%	16.8%	(2.9)pts	1.3pts

Total revenues	44,273.7	27,364.7	28,775.4	(35.0)%	5.2%
Gross profit	8,970.2	4,469.0	5,130.6	(42.8)%	14.8%
Gross margin	20.3%	16.3%	17.8%	(2.5)pts	1.5pts

Operating expenses	(5,266.9)	(5,646.2)	(5,573.2)	5.8%	(1.3)%
Income/(Loss) from operations	3,703.3	(1,177.2)	(442.6)	N/A	(62.4)%
Operating margin	8.4%	(4.3)%	(1.5)%	(9.9)pts	2.8pts

Net income/(loss)	3,532.7	(624.4)	20.2	(99.4)%	N/A
Non-GAAP net income/(loss)	4,039.7	(359.7)	274.4	(93.2)%	N/A

Diluted net earnings/(loss) per ADS attributable to ordinary shareholders	3.31	(0.62)	0.01	(99.7)%	N/A
Non-GAAP diluted net earnings/(loss) per ADS attributable to ordinary shareholders	3.79	(0.36)	0.25	(93.4)%	N/A

Net cash provided by/(used in) operating activities	8,680.3	(7,395.6)	3,521.4	(59.4)%	N/A
Free cash flow (non-GAAP)	6,059.3	(8,912.2)	2,467.6	(59.3)%	N/A

Financial Highlights for the Full Year 2025

Vehicle sales were RMB106.7 billion (US$15.3 billion) in 2025, representing a decrease of 23.0% from RMB138.5 billion in 2024.
Vehicle margin was 17.9% in 2025, compared with 19.8% in 2024.
Total revenues were RMB112.3 billion (US$16.1 billion) in 2025, representing a decrease of 22.3% from RMB144.5 billion in 2024.
Gross profit was RMB21.0 billion (US$3.0 billion) in 2025, representing a decrease of 29.2% from RMB29.7 billion in 2024.
Gross margin was 18.7% in 2025, compared with 20.5% in 2024.
Operating expenses were RMB21.5 billion (US$3.1 billion) in 2025, representing a decrease of 5.0% from RMB22.6 billion in 2024.
Loss from operations was RMB521.1 million (US$74.5 million) in 2025, compared with RMB7.0 billion income from operations in 2024.
Operating margin was negative 0.5% in 2025, compared with 4.9% in 2024.
Net income was RMB1.1 billion (US$162.9 million) in 2025, representing a decrease of 85.8% from RMB8.0 billion in 2024. Non-GAAP net income was RMB2.4 billion (US$342.8 million) in 2025, representing a decrease of 77.5% from RMB10.7 billion in 2024.
Diluted net earnings per ADS attributable to ordinary shareholders was RMB1.08 (US$0.15) in 2025, compared with RMB7.58 in 2024. Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders was RMB2.25 (US$0.32) in 2025, compared with RMB10.04 in 2024.
Net cash used in operating activities was RMB8.6 billion (US$1.2 billion) in 2025, compared with RMB15.9 billion net cash provided by operating activities in 2024.
Free cash flow was negative RMB12.8 billion (US$1.8 billion) in 2025, compared with RMB8.2 billion in 2024.


Key Financial Results (in millions, except for percentages and per ADS data)

	For the Year Ended		% Change
	December 31, 2024	December 31, 2025	YoY
	RMB	RMB
Vehicle sales	138,538.1	106,683.1	(23.0)%
Vehicle margin	19.8%	17.9%	(1.9)pts

Total revenues	144,459.9	112,312.5	(22.3)%
Gross profit	29,656.1	20,985.1	(29.2)%
Gross margin	20.5%	18.7%	(1.8)pts

Operating expenses	(22,637.0)	(21,506.2)	(5.0)%
Income/(Loss) from operations	7,019.1	(521.1)	N/A
Operating margin	4.9%	(0.5)%	(5.4)pts

Net income	8,045.3	1,139.4	(85.8)%
Non-GAAP net income	10,670.1	2,397.2	(77.5)%

Diluted net earnings per ADS attributable to ordinary shareholders	7.58	1.08	(85.8)%
Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders	10.04	2.25	(77.6)%

Net cash provided by/(used in) operating activities	15,933.2	(8,611.4)	N/A
Free cash flow (non-GAAP)	8,203.1	(12,816.9)	N/A

Recent Developments

Delivery Update

In January and February 2026, the Company delivered 27,668 and 26,421 vehicles, respectively. As of February 28, 2026, in China, the Company had 539 retail stores in 160 cities, 548 servicing centers and Li Auto-authorized servicing shops operating in 223 cities, and 4,054 super charging stations in operation equipped with 22,447 charging stalls.

Li AI Glasses, Livis

In December 2025, the Company launched its AI glasses, Livis, at a starting price of RMB1,999. Livis comes standard with high-quality ZEISS lenses and features frames weighing 36 grams. It is equipped with Li Xiang Tong Xue Agent and Livis OS, an operating system developed in-house by the Company specifically for AI glasses, offering capabilities such as photo and video capture, intelligent Q&A, and audio playback. Livis can also seamlessly integrate with Li Auto’s in-car infotainment system, facilitating a more convenient vehicle control experience.

Overseas Expansion

In December 2025, the Company entered the markets in Egypt, Kazakhstan, and Azerbaijan, further expanding its global footprint.

Safety and Health Assessment Results

In January 2026, according to China Insurance Automotive Safety Index (C-IASI) evaluation results under the latest assessment protocol, Li i8 received top ratings across occupant safety, pedestrian safety, assistance safety and new energy vehicle (NEV)-specific categories, along with a “G” rating for crashworthiness and repair economy.
In December 2025, Li i6 achieved the highest overall score ever recorded among NEVs in the China-Automobile Health Index (C-AHI) assessment conducted by China Automotive Engineering Research Institute Co., Ltd. Li i6 also received the highest ratings across all three categories assessed: the Clean Air Index, the Health Protection Index, and the Energy Efficiency and Emission Index.

CEO and CFO Comments

Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, “Following our proactive strategic adjustments in 2025, we have seen positive momentum across organizational efficiency, supply capability, and sales system since the fourth quarter. These improvements have translated into higher store efficiency, alleviated Li i6 production constraints, and a recovery in Li i8 sales. In 2026, we will embark on an important product cycle. The all-new Li L9 to be launched in the second quarter will feature comprehensive upgrades in powertrain, autonomous driving, and chassis technology, all designed to deliver a generational leap in user experience. Looking ahead, we will continue to refine our restructured AI-native R&D system and consistently invest in R&D to drive product innovation and technological breakthroughs over the long term.”

Mr. Tie Li, chief financial officer of Li Auto, added, “Despite near-term challenges from product cycle transitions and heightened industry competition, we leveraged our operational strength and disciplined cost management to achieve a resilient gross margin for the fourth quarter. Our solid financial position also underpinned overall performance, resulting in a positive bottom line for the full year. Our year-end cash position remained robust at RMB101.2 billion, providing ample fuel for us to capture the immense opportunities in embodied AI while accelerating global expansion.”

Financial Results for the Fourth Quarter of 2025

Revenues

Total revenues were RMB28.8 billion (US$4.1 billion) in the fourth quarter of 2025, representing a decrease of 35.0% from RMB44.3 billion in the fourth quarter of 2024 and an increase of 5.2% from RMB27.4 billion in the third quarter of 2025.
Vehicle sales were RMB27.3 billion (US$3.9 billion) in the fourth quarter of 2025, representing a decrease of 36.1% from RMB42.6 billion in the fourth quarter of 2024 and an increase of 5.4% from RMB25.9 billion in the third quarter of 2025. The decrease in revenue from vehicle sales over the fourth quarter of 2024 was primarily attributable to the decrease in vehicle deliveries. The increase in revenue from vehicle sales over the third quarter of 2025 was primarily attributable to the increase in vehicle deliveries, partially offset by lower average selling price due to different product mix following the commencement of Li i6 deliveries.
Other sales and services were RMB1.5 billion (US$217.8 million) in the fourth quarter of 2025, representing a decrease of 6.6% from RMB1.6 billion in the fourth quarter of 2024 and an increase of 1.7% from RMB1.5 billion in the third quarter of 2025. The revenue from other sales and services remained relatively stable over the fourth quarter of 2024 and third quarter of 2025.

Cost of Sales and Gross Margin

Cost of sales was RMB23.6 billion (US$3.4 billion) in the fourth quarter of 2025, representing a decrease of 33.0% from RMB35.3 billion in the fourth quarter of 2024 and an increase of 3.3% from RMB22.9 billion in the third quarter of 2025. The decrease in cost of sales over the fourth quarter of 2024 was primarily attributable to the decrease in vehicle deliveries. The increase in cost of sales over the third quarter of 2025 was primarily attributable to the increase in vehicle deliveries, partially offset by the estimated costs related to the recall of Li MEGA in the third quarter of 2025 and lower average cost of sales due to different product mix.
Gross profit was RMB5.1 billion (US$733.7 million) in the fourth quarter of 2025, representing a decrease of 42.8% from RMB9.0 billion in the fourth quarter of 2024 and an increase of 14.8% from RMB4.5 billion in the third quarter of 2025.
Vehicle margin was 16.8% in the fourth quarter of 2025, compared with 19.7% in the fourth quarter of 2024 and 15.5% in the third quarter of 2025. The decrease in vehicle margin over the fourth quarter of 2024 was mainly attributable to different product mix. The increase in vehicle margin over the third quarter of 2025 was mainly attributable to the estimated costs related to the recall of Li MEGA in the third quarter of 2025, partially offset by lower average selling price due to different product mix following the commencement of Li i6 deliveries.
Gross margin was 17.8% in the fourth quarter of 2025, compared with 20.3% in the fourth quarter of 2024 and 16.3% in the third quarter of 2025. The changes in gross margin over the fourth quarter of 2024 and third quarter of 2025 were mainly due to the changes in vehicle margin.

Operating Expenses

Operating expenses were RMB5.6 billion (US$797.0 million) in the fourth quarter of 2025, representing an increase of 5.8% from RMB5.3 billion in the fourth quarter of 2024 and a decrease of 1.3% from RMB5.6 billion in the third quarter of 2025.
Research and development expenses were RMB3.0 billion (US$431.4 million) in the fourth quarter of 2025, representing an increase of 25.3% from RMB2.4 billion in the fourth quarter of 2024 and an increase of 1.4% from RMB3.0 billion in the third quarter of 2025. The increase in research and development expenses over the fourth quarter of 2024 was mainly attributable to costs related to AI and other programs to support expanding product portfolios and technologies. The research and development expenses remained relatively stable over the third quarter of 2025.
Selling, general and administrative expenses were RMB2.6 billion (US$378.5 million) in the fourth quarter of 2025, representing a decrease of 14.0% from RMB3.1 billion in the fourth quarter of 2024 and a decrease of 4.4% from RMB2.8 billion in the third quarter of 2025. The decrease in selling, general and administrative expenses over the fourth quarter of 2024 was primarily due to decreased employee compensation. The selling, general and administrative expenses remained relatively stable over the third quarter of 2025.

Income/(Loss) from Operations

Loss from operations was RMB442.6 million (US$63.3 million) in the fourth quarter of 2025, compared with RMB3.7 billion income from operations in the fourth quarter of 2024 and RMB1.2 billion loss from operations in the third quarter of 2025. Operating margin was negative 1.5% in the fourth quarter of 2025, compared with 8.4% in the fourth quarter of 2024 and negative 4.3% in the third quarter of 2025. Non-GAAP loss from operations was RMB188.4 million (US$26.9 million) in the fourth quarter of 2025, compared with RMB4.2 billion non-GAAP income from operations in the fourth quarter of 2024 and RMB912.5 million non-GAAP loss from operations in the third quarter of 2025.

Net Income/(Loss) and Net Earnings/(Loss) Per Share

Net income was RMB20.2 million (US$2.9 million) in the fourth quarter of 2025, compared with RMB3.5 billion net income in the fourth quarter of 2024 and RMB624.4 million net loss in the third quarter of 2025. Non-GAAP net income was RMB274.4 million (US$39.2 million) in the fourth quarter of 2025, compared with RMB4.0 billion non-GAAP net income in the fourth quarter of 2024 and RMB359.7 million non-GAAP net loss in the third quarter of 2025.
Basic and diluted net earnings per ADS attributable to ordinary shareholders were both RMB0.01 (US$0.001) in the fourth quarter of 2025, compared with RMB3.52 and RMB3.31 basic and diluted net earnings per ADS attributable to ordinary shareholders in the fourth quarter of 2024, respectively, and RMB0.62 and RMB0.62 basic and diluted net loss per ADS attributable to ordinary shareholders in the third quarter of 2025, respectively. Non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders was RMB0.26 (US$0.04) and RMB0.25 (US$0.04) in the fourth quarter of 2025, respectively, compared with RMB4.03 and RMB3.79 non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders in the fourth quarter of 2024, respectively, and RMB0.36 and RMB0.36 non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders in the third quarter of 2025, respectively.

Cash Position, Operating Cash Flow and Free Cash Flow

Cash position
⁷was RMB101.2 billion (US$14.5 billion) as of December 31, 2025.
Net cash provided by operating activities was RMB3.5 billion (US$503.5 million) in the fourth quarter of 2025, compared with RMB8.7 billion net cash provided by operating activities in the fourth quarter of 2024 and RMB7.4 billion net cash used in operating activities in the third quarter of 2025. The change in net cash provided by operating activities over the fourth quarter of 2024 was mainly due to the decrease in cash received from customers, partially offset by decreased payment related to inventory purchase. The change in net cash provided by operating activities over the third quarter of 2025 was mainly due to decreased payment related to inventory purchase.
Free cash flow was RMB2.5 billion (US$352.9 million) in the fourth quarter of 2025, compared with RMB6.1 billion in the fourth quarter of 2024 and negative RMB8.9 billion in the third quarter of 2025.

Financial Results for the Full Year 2025

Revenues

Total revenues were RMB112.3 billion (US$16.1 billion) in 2025, representing a decrease of 22.3% from RMB144.5 billion in 2024.
Vehicle sales were RMB106.7 billion (US$15.3 billion) in 2025, representing a decrease of 23.0% from RMB138.5 billion in 2024. The decrease in revenue from vehicle sales was mainly attributable to the decrease in vehicle deliveries.
Other sales and services were RMB5.6 billion (US$805.0 million) in 2025, representing a decrease of 4.9% from RMB5.9 billion in 2024. The revenue from other sales and services remained relatively stable over the year of 2024.

Cost of Sales and Gross Margin

Cost of sales was RMB91.3 billion (US$13.1 billion) in 2025, representing a decrease of 20.4% from RMB114.8 billion in 2024. The decrease in cost of sales was mainly attributable to the decrease in vehicle deliveries.
Gross profit was RMB21.0 billion (US$3.0 billion) in 2025, representing a decrease of 29.2% from RMB29.7 billion in 2024.
Vehicle margin was 17.9% in 2025, compared with 19.8% in 2024. The decrease in vehicle margin was mainly due to different product mix.
Gross margin was 18.7% in 2025, compared with 20.5% in 2024. The decrease in gross margin was mainly attributable to the decrease in vehicle margin.

Operating Expenses

Operating expenses were RMB21.5 billion (US$3.1 billion) in 2025, representing a decrease of 5.0% from RMB22.6 billion in 2024.
Research and development expenses were RMB11.3 billion (US$1.6 billion) in 2025, representing an increase of 2.2% from RMB11.1 billion in 2024. The research and development expenses remained relatively stable over the year of 2024.
Selling, general and administrative expenses were RMB10.7 billion (US$1.5 billion) in 2025, representing a decrease of 12.8% from RMB12.2 billion in 2024. The decrease in selling, general and administrative expenses was primarily due to decreased employee compensation associated with the recognition of share-based compensation expenses regarding the chief executive officer’s performance-based awards in 2024.

Income/(Loss) from Operations

Loss from operations was RMB521.1 million (US$74.5 million) in 2025, compared with RMB7.0 billion income from operations in 2024. Operating margin was negative 0.5% in 2025, compared with 4.9% in 2024. Non-GAAP income from operations was RMB736.6 million (US$105.3 million) in 2025, representing a decrease of 92.4% from RMB9.7 billion in 2024.

Net Income and Net Earnings Per Share

Net income was RMB1.1 billion (US$162.9 million) in 2025, representing a decrease of 85.8% from RMB8.0 billion in 2024. Non-GAAP net income was RMB2.4 billion (US$342.8 million) in 2025, representing a decrease of 77.5% from RMB10.7 billion in 2024.
Basic and diluted net earnings per ADS attributable to ordinary shareholders was RMB1.12 (US$0.16) and RMB1.08 (US$0.15) in 2025, respectively, compared with RMB8.06 and RMB7.58 in 2024, respectively. Non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders was RMB2.36 (US$0.34) and RMB2.25 (US$0.32) in 2025, respectively, compared with RMB10.69 and RMB10.04 in 2024, respectively.

Operating Cash Flow and Free Cash Flow

Net cash used in operating activities was RMB8.6 billion (US$1.2 billion) in 2025, compared with RMB15.9 billion net cash provided by operating activities in 2024. The change in net cash used in operating activities was mainly due to decrease in cash received from customers.
Free cash flow was negative RMB12.8 billion (US$1.8 billion) in 2025, compared with RMB8.2 billion in 2024.

Employees

As of December 31, 2025, the Company had a total of 30,728 employees.

Business Outlook

For the first quarter of 2026, the Company expects:

Deliveries of vehicles to be between 85,000 and 90,000 vehicles, representing a year-over-year decrease of 8.5% to 3.1%.
Total revenues to be between RMB20.4 billion (US$2.9 billion) and RMB21.6 billion (US$3.1 billion), representing a year–over-year decrease of 21.3% to 16.7%.

This business outlook reflects the Company’s current and preliminary views on its business situation and market conditions, which are subject to change.

Conference Call

Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on Thursday, March 12, 2026 (8:00 p.m. Beijing/Hong Kong Time on March 12, 2026) to discuss financial results and answer questions from investors and analysts.

For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, passcode, and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10053202-045ws9.html

A replay of the conference call will be accessible through March 19, 2026, by dialing the following numbers:

United States:	+1-855-883-1031
Mainland China:	+86-400-1209-216
Hong Kong, China:	+852-800-930-639
International:	+61-7-3107-6325
Replay PIN:	10053202

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.lixiang.com.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as non-GAAP cost of sales, non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP income/(loss) from operations, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per ADS attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per share attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and release of valuation allowance on deferred tax assets, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

About Li Auto Inc.

Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Be Proactive, Change the World (主动积极, 改变世界). Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. Its current model lineup includes a high-tech flagship family MPV, four Li L series extended-range electric SUVs, and two Li i series battery electric SUVs. The Company will continue to expand its product lineup to target a broader user base.

For more information, please visit: https://ir.lixiang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to,” “challenges,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Li Auto Inc.
Investor Relations
Email: [email protected]

Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: [email protected]


Li Auto Inc. Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss) (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

	For the Three Months Ended				For the Year Ended
	December 31, 2024	September 30, 2025	December 31, 2025	December 31, 2025	December 31, 2024	December 31, 2025	December 31, 2025
	RMB	RMB	RMB	US$	RMB	RMB	US$
Revenues:
Vehicle sales	42,642,978	25,867,091	27,252,291	3,897,026	138,538,092	106,683,100	15,255,480
Other sales and services	1,630,694	1,497,571	1,523,131	217,805	5,921,854	5,629,411	804,995
Total revenues	44,273,672	27,364,662	28,775,422	4,114,831	144,459,946	112,312,511	16,060,475
Cost of sales:
Vehicle sales	(34,252,151)	(21,846,962)	(22,669,292)	(3,241,666)	(111,121,036)	(87,591,473)	(12,525,414)
Other sales and services	(1,051,303)	(1,048,699)	(975,501)	(139,495)	(3,682,772)	(3,735,980)	(534,238)
Total cost of sales	(35,303,454)	(22,895,661)	(23,644,793)	(3,381,161)	(114,803,808)	(91,327,453)	(13,059,652)
Gross profit	8,970,218	4,469,001	5,130,629	733,670	29,656,138	20,985,058	3,000,823
Operating expenses:
Research and development	(2,408,357)	(2,974,338)	(3,016,587)	(431,366)	(11,071,358)	(11,314,949)	(1,618,016)
Selling, general and administrative	(3,076,993)	(2,769,019)	(2,647,068)	(378,525)	(12,229,323)	(10,664,857)	(1,525,055)
Other operating income, net	218,446	97,155	90,438	12,932	663,657	473,631	67,728
Total operating expenses	(5,266,904)	(5,646,202)	(5,573,217)	(796,959)	(22,637,024)	(21,506,175)	(3,075,343)
Income/(Loss) from operations	3,703,314	(1,177,201)	(442,588)	(63,289)	7,019,114	(521,117)	(74,520)
Other (expense)/income:
Interest expense	(61,759)	(32,663)	(37,419)	(5,351)	(187,755)	(168,078)	(24,035)
Interest income and investment income, net	403,021	475,435	430,733	61,594	1,819,964	1,918,883	274,397
Others, net	17,128	(4,501)	21,930	3,136	664,301	67,447	9,645
Income/(Loss) before income tax	4,061,704	(738,930)	(27,344)	(3,910)	9,315,624	1,297,135	185,487
Income tax (expense)/benefit	(529,010)	114,534	47,587	6,805	(1,270,374)	(157,707)	(22,552)
Net income/(loss)	3,532,694	(624,396)	20,243	2,895	8,045,250	1,139,428	162,935
Less: Net income attributable to noncontrolling interests	9,757	580	13,724	1,963	12,900	14,990	2,143
Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.	3,522,937	(624,976)	6,519	932	8,032,350	1,124,438	160,792

Net income/(loss)	3,532,694	(624,396)	20,243	2,895	8,045,250	1,139,428	162,935
Other comprehensive income/(loss)
Foreign currency translation adjustment, net of nil tax	236,903	(71,876)	(337,950)	(48,326)	53,128	(653,432)	(93,440)
Total other comprehensive income/(loss)	236,903	(71,876)	(337,950)	(48,326)	53,128	(653,432)	(93,440)
Total comprehensive income/(loss)	3,769,597	(696,272)	(317,707)	(45,431)	8,098,378	485,996	69,495
Less: Net income attributable to noncontrolling interests	9,757	580	13,724	1,963	12,900	14,990	2,143
Comprehensive income/(loss) attributable to ordinary shareholders of Li Auto Inc.	3,759,840	(696,852)	(331,431)	(47,394)	8,085,478	471,006	67,352
Weighted average number of ADSs
Basic	1,000,250,311	1,009,414,942	1,010,547,649	1,010,547,649	996,595,976	1,007,535,097	1,007,535,097
Diluted	1,066,897,163	1,009,414,942	1,041,928,950	1,041,928,950	1,064,636,715	1,071,363,764	1,071,363,764
Net earnings/(loss) per ADS attributable to ordinary shareholders
Basic	3.52	(0.62)	0.01	0.00	8.06	1.12	0.16
Diluted	3.31	(0.62)	0.01	0.00	7.58	1.08	0.15
Weighted average number of ordinary shares
Basic	2,000,500,621	2,018,829,884	2,021,095,298	2,021,095,298	1,993,191,951	2,015,070,194	2,015,070,194
Diluted	2,133,794,325	2,018,829,884	2,083,857,900	2,083,857,900	2,129,273,430	2,142,727,527	2,142,727,527
Net earnings/(loss) per share attributable to ordinary shareholders
Basic	1.76	(0.31)	0.00	0.00	4.03	0.56	0.08
Diluted	1.65	(0.31)	0.00	0.00	3.79	0.54	0.08

Li Auto Inc. Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands)

		As of
	December 31, 2024	December 31, 2025	December 31, 2025
	RMB	RMB	US$
ASSETS
Current assets:
Cash and cash equivalents	65,901,123	56,691,765	8,106,815
Restricted cash	6,849	216,314	30,932
Time deposits and short-term investments	46,904,548	44,331,407	6,339,307
Trade receivable	135,112	119,823	17,134
Inventories	8,185,604	8,752,439	1,251,582
Prepayments and other current assets	5,176,546	5,174,246	739,907
Total current assets	126,309,782	115,285,994	16,485,677
Non-current assets:
Long-term investments	922,897	848,672	121,358
Property, plant and equipment, net	21,140,933	22,774,938	3,256,773
Operating lease right-of-use assets, net	8,323,963	9,099,313	1,301,184
Intangible assets, net	914,951	1,191,974	170,450
Goodwill	5,484	5,484	784
Deferred tax assets	2,542,180	3,334,206	476,785
Other non-current assets	2,188,888	1,755,237	250,996
Total non-current assets	36,039,296	39,009,824	5,578,330
Total assets	162,349,078	154,295,818	22,064,007
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings	281,102	6,217,745	889,126
Trade and notes payable	53,596,194	40,579,219	5,802,751
Amounts due to related parties	11,492	26,644	3,810
Deferred revenue, current	1,396,489	1,621,429	231,861
Operating lease liabilities, current	1,438,092	1,690,356	241,718
Finance lease liabilities, current	95,205	–	–
Accruals and other current liabilities	12,397,322	13,412,260	1,917,924
Total current liabilities	69,215,896	63,547,653	9,087,190
Non-current liabilities:
Long-term borrowings	8,151,598	3,299,203	471,780
Deferred revenue, non-current	720,531	624,734	89,336
Operating lease liabilities, non-current	5,735,738	6,258,957	895,019
Finance lease liabilities, non-current	642,984	348,506	49,836
Deferred tax liabilities	864,999	691,652	98,905
Other non-current liabilities	5,696,950	6,385,370	913,096
Total non-current liabilities	21,812,800	17,608,422	2,517,972
Total liabilities	91,028,696	81,156,075	11,605,162
Total Li Auto Inc. shareholders’ equity	70,874,884	72,619,255	10,384,416
Noncontrolling interests	445,498	520,488	74,429
Total shareholders’ equity	71,320,382	73,139,743	10,458,845
Total liabilities and shareholders’ equity	162,349,078	154,295,818	22,064,007

Li Auto Inc. Unaudited Condensed Consolidated Statements of Cash Flows (All amounts in thousands)

	For the Three Months Ended				For the Year Ended
	December 31, 2024	September 30, 2025	December 31, 2025	December 31, 2025	December 31, 2024	December 31, 2025	December 31, 2025
	RMB	RMB	RMB	US$	RMB	RMB	US$
Net cash provided by/(used in) operating activities	8,680,301	(7,395,580)	3,521,370	503,549	15,933,160	(8,611,397)	(1,231,413)
Net cash (used in)/provided by investing activities	(19,987,058)	8,373,137	2,110,251	301,762	(41,137,169)	(703,125)	(100,546)
Net cash (used in)/provided by financing activities	(734,467)	597,470	178,563	25,534	(415,648)	767,402	109,737
Effect of exchange rate changes on cash, cash equivalents and restricted cash	355,742	(48,607)	(225,491)	(32,245)	198,120	(452,773)	(64,746)
Net change in cash, cash equivalents and restricted cash	(11,685,482)	1,526,420	5,584,693	798,600	(25,421,537)	(8,999,893)	(1,286,968)
Cash, cash equivalents and restricted cash at beginning of period	77,593,454	49,796,966	51,323,386	7,339,147	91,329,509	65,907,972	9,424,715
Cash, cash equivalents and restricted cash at end of period	65,907,972	51,323,386	56,908,079	8,137,747	65,907,972	56,908,079	8,137,747

Net cash provided by/(used in) operating activities	8,680,301	(7,395,580)	3,521,370	503,549	15,933,160	(8,611,397)	(1,231,413)
Capital expenditures	(2,620,969)	(1,516,607)	(1,053,769)	(150,687)	(7,730,022)	(4,205,517)	(601,381)
Free cash flow (non-GAAP)	6,059,332	(8,912,187)	2,467,601	352,862	8,203,138	(12,816,914)	(1,832,794)

Li Auto Inc. Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

	For the Three Months Ended				For the Year Ended
	December 31, 2024	September 30, 2025	December 31, 2025	December 31, 2025	December 31, 2024	December 31, 2025	December 31, 2025
	RMB	RMB	RMB	US$	RMB	RMB	US$
Cost of sales	(35,303,454)	(22,895,661)	(23,644,793)	(3,381,161)	(114,803,808)	(91,327,453)	(13,059,652)
Share-based compensation expenses	10,394	10,260	10,405	1,488	39,728	35,996	5,147
Non-GAAP cost of sales	(35,293,060)	(22,885,401)	(23,634,388)	(3,379,673)	(114,764,080)	(91,291,457)	(13,054,505)

Research and development expenses	(2,408,357)	(2,974,338)	(3,016,587)	(431,366)	(11,071,358)	(11,314,949)	(1,618,016)
Share-based compensation expenses	303,047	164,014	143,303	20,492	1,257,921	782,917	111,956
Non-GAAP research and development expenses	(2,105,310)	(2,810,324)	(2,873,284)	(410,874)	(9,813,437)	(10,532,032)	(1,506,060)

Selling, general and administrative expenses	(3,076,993)	(2,769,019)	(2,647,068)	(378,525)	(12,229,323)	(10,664,857)	(1,525,055)
Share-based compensation expenses	199,633	90,425	100,492	14,370	1,333,256	438,841	62,753
Non-GAAP selling, general and administrative expenses	(2,877,360)	(2,678,594)	(2,546,576)	(364,155)	(10,896,067)	(10,226,016)	(1,462,302)

Income/(Loss) from operations	3,703,314	(1,177,201)	(442,588)	(63,289)	7,019,114	(521,117)	(74,520)
Share-based compensation expenses	513,074	264,699	254,200	36,350	2,630,905	1,257,754	179,856
Non-GAAP income/(loss) from operations	4,216,388	(912,502)	(188,388)	(26,939)	9,650,019	736,637	105,336

Net income/(loss)	3,532,694	(624,396)	20,243	2,895	8,045,250	1,139,428	162,935
Share-based compensation expenses	513,074	264,699	254,200	36,350	2,630,905	1,257,754	179,856
Release of valuation allowance on deferred tax assets	(6,085)	—	—	—	(6,085)	—	—
Non-GAAP net income/(loss) ⁸	4,039,683	(359,697)	274,443	39,245	10,670,070	2,397,182	342,791

Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.	3,522,937	(624,976)	6,519	932	8,032,350	1,124,438	160,792
Share-based compensation expenses	513,074	264,699	254,200	36,350	2,630,905	1,257,754	179,856
Release of valuation allowance on deferred tax assets	(6,085)	—	—	—	(6,085)	—	—
Non-GAAP net income/(loss) attributable to ordinary shareholders of Li Auto Inc.	4,029,926	(360,277)	260,719	37,282	10,657,170	2,382,192	340,648

Weighted average number of ADSs
Basic	1,000,250,311	1,009,414,942	1,010,547,649	1,010,547,649	996,595,976	1,007,535,097	1,007,535,097
Diluted	1,066,897,163	1,009,414,942	1,041,928,950	1,041,928,950	1,064,636,715	1,071,363,764	1,071,363,764
Non-GAAP net earnings/(loss) per ADS attributable to ordinary shareholders
Basic	4.03	(0.36)	0.26	0.04	10.69	2.36	0.34
Diluted	3.79	(0.36)	0.25	0.04	10.04	2.25	0.32
Weighted average number of ordinary shares
Basic	2,000,500,621	2,018,829,884	2,021,095,298	2,021,095,298	1,993,191,951	2,015,070,194	2,015,070,194
Diluted	2,133,794,325	2,018,829,884	2,083,857,900	2,083,857,900	2,129,273,430	2,142,727,527	2,142,727,527
Non-GAAP net earnings/(loss) per share attributable to ordinary shareholders
Basic	2.01	(0.18)	0.13	0.02	5.35	1.18	0.17
Diluted	1.89	(0.18)	0.13	0.02	5.02	1.13	0.16

___________________

¹ All translations from Renminbi (“RMB”) to U.S. dollars (“US$”) are made at a rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

² Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.

³ The Company’s non-GAAP financial measures exclude share-based compensation expenses and release of valuation allowance on deferred tax assets. See “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release.

⁴ Each ADS represents two Class A ordinary shares.

⁵
Free cash flow represents operating cash flow less capital expenditures, which is considered a non-GAAP financial measure.

⁶ Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented.

⁷ Cash position includes cash and cash equivalents, restricted cash, time deposits and short-term investments, and long-term time deposits and financial instruments included in long-term investments.

⁸ Non-GAAP items have no tax impact for all the periods presented.

March 12, 2026 4:05 am

Futu Announces Fourth Quarter and Full Year 2025 Unaudited Financial Results

HONG KONG, March 12, 2026 (GLOBE NEWSWIRE) — Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter and Full Year 2025 Operational Highlights

Total number of funded accounts
¹ increased 39.6% year-over-year to 3,365,414 as of December 31, 2025.
Total number of brokerage accounts
² increased 29.8% year-over-year to 5,948,093 as of December 31, 2025.
Total number of users
³ increased 16.0% year-over-year to 29.2 million as of December 31, 2025.
Total client assets increased 65.9% year-over-year to HK$1.23 trillion as of December 31, 2025.
Daily average client assets were HK$1.24 trillion in the fourth quarter of 2025, an increase of 71.0% from the same period in 2024.
Total trading volume in the fourth quarter of 2025 increased by 37.8% year-over-year to HK$3.98 trillion, in which trading volume for U.S. stocks was HK$3.04 trillion, and trading volume for Hong Kong stocks was HK$821.1 billion. Total trading volume in 2025 increased 89.4% year-over-year to HK$14.68 trillion.
Margin financing and securities lending balance increased 33.1% year-over-year to HK$67.7 billion as of December 31, 2025.

Fourth Quarter 2025 Financial Highlights

Total revenues increased 45.3% year-over-year to HK$6,438.5 million (US$827.2 million).
Total gross profit increased 56.2% year-over-year to HK$5,709.7 million (US$733.6 million).
Net income increased 80.2% year-over-year to HK$3,369.4 million (US$432.9 million).
Non-GAAP adjusted net income
⁴ increased 77.0% year-over-year to HK$3,455.7 million (US$444.0 million).

Full Year 2025 Financial Highlights

Total revenues increased 68.1% year-over-year to HK$22,846.9 million (US$2,935.4 million).
Total gross profit increased 78.6% year-over-year to HK$19,904.5 million (US$2,557.3 million).
Net income increased 108.0% year-over-year to HK$11,301.9 million (US$1,452.1 million).
Non-GAAP adjusted net income increased 101.9% year-over-year to HK$11,644.9 million (US$1,496.1 million).

Mr. Leaf Hua Li, Futu’s Chairman and Chief Executive Officer, said, “In 2025, we added over 954 thousand net new funded accounts, bringing total funded accounts to 3.4 million, up 39.6% year-over-year. Robust growth was broad-based in 2025, led by strong client additions from Hong Kong and Malaysia. Not only did we reinforce our market leadership in Hong Kong, where we hold the largest market share among all regions, but also achieved significant share gains in Malaysia, our newest international market in Asia. We were also encouraged to see solid growth in other international markets, with this momentum extending into the year end, despite choppy equity and crypto market performance. We acquired approximately 234 thousand net new funded accounts in the fourth quarter, down 8.0% quarter-over-quarter but up 9.0% year-over-year. Growth in Hong Kong decelerated quarter-over-quarter due to a sharp Hong Kong stock market downturn, yet growth in Japan and Malaysia picked up meaningfully sequentially. We continue to see ample bottom-up growth opportunities across our markets and are guiding to 800 thousand net new funded accounts in 2026.”

“Net asset inflow remained robust in the fourth quarter, but depreciation of clients’ Hong Kong stock holdings weighed on client assets. Total client assets were HK$1.23 trillion as of quarter end, up 65.9% year-over-year and flat quarter-over-quarter. Hong Kong, Singapore, and the U.S. markets were major contributors to net asset inflow, while the U.S. market recorded the fastest sequential growth in average client assets. Margin financing and securities lending balance climbed 7.3% quarter-over-quarter to HK$67.7 billion, mainly driven by higher U.S. stock margin trading activity. A number of popular Hong Kong IPOs during the quarter spurred short-term financing demand, resulting in a double-digit sequential increase in daily average margin balance.”

“Total trading volume hit a record HK$3.98 trillion, up 37.8% year-over-year and 2.0% quarter-over-quarter. U.S. stock trading volume grew 17.1% sequentially to HK$3.04 trillion, primarily driven by heightened client interests in companies across the AI value chain. Hong Kong stock turnover declined 31.0% quarter-over-quarter to HK$821.1 billion amid subdued investor interests in China technology names during the second-half drawdown, partially offset by increased trading activity in gold and other precious metals-related equities. Despite weak sentiment in crypto in the fourth quarter, crypto trading volume remained resilient, and crypto penetration continued to trend upward in Hong Kong, Singapore, and the U.S.”

“Total client assets in wealth management increased 62.0% year-over-year and 2.3% quarter-over-quarter to HK$179.6 billion. To meet rising demand for diversification, we expanded our high-dividend fund offerings in Hong Kong, introduced more domestic equity-focused funds in Singapore, and launched Shariah-compliant gold tracker funds in Malaysia, which were well received by local clients.”

“As of quarter end, we served 600 IPO distribution and IR clients, up 24.5% year-over-year. In 2025, we further strengthened our position as the go-to online broker for Hong Kong IPO distribution and subscription. We provided investment banking services to more than half of the newly listed Hong Kong Main Board companies during the year, and the full year subscription amount on our platform accounted for 49% of total public offering subscription amount. In the fourth quarter, we acted as overall coordinators for several prominent Hong Kong IPOs, including those of Xunce Technology and Xiao Noodles.”

Fourth Quarter 2025 Financial Results

Revenues

Total revenues were HK$6,438.5 million (US$827.2 million), an increase of 45.3% from HK$4,432.5 million in the fourth quarter of 2024.

Brokerage commission and handling charge income was HK$2,770.1 million (US$355.9 million), an increase of 34.6% from the fourth quarter of 2024. This was mainly due to higher trading volume, partially offset by a mild decline in blended commission rate.

Interest income was HK$3,037.9 million (US$390.3 million), an increase of 50.2% from the fourth quarter of 2024. The increase was mainly driven by higher interest income from securities borrowing and lending business, bank deposits and margin financing.

Other income was HK$630.4 million (US$81.0 million), an increase of 78.7% from the fourth quarter of 2024. The increase was primarily attributable to higher fund distribution service income and IPO subscription service charge income.

Costs

Total costs were HK$728.8 million (US$93.6 million), a decrease of 6.1% from HK$776.0 million in the fourth quarter of 2024.

Brokerage commission and handling charge expenses were HK$141.3 million (US$18.2 million), an increase of 25.9% from the fourth quarter of 2024. This increase was roughly in line with the growth of our brokerage commission and handling charge income.

Interest expenses were HK$437.1 million (US$56.2 million), a decrease of 14.9% from the fourth quarter of 2024. The decrease was primarily due to lower expenses associated with our securities borrowing and lending business.

Processing and servicing costs were HK$150.4 million (US$19.3 million), flat compared to the fourth quarter of 2024.

Gross Profit

Total gross profit was HK$5,709.7 million (US$733.6 million), an increase of 56.2% from HK$3,656.5 million in the fourth quarter of 2024. Gross margin was 88.7%, as compared to 82.5% in the fourth quarter of 2024.

Operating Expenses

Total operating expenses were HK$1,562.7 million (US$200.8 million), an increase of 8.6% from HK$1,439.1 million in the fourth quarter of 2024.

Research and development expenses were HK$506.6 million (US$65.1 million), an increase of 26.8% from the fourth quarter of 2024. This increase was primarily due to an increase in research and development headcount to support crypto and AI-related initiatives.

Selling and marketing expenses were HK$506.6 million (US$65.1 million), an increase of 9.2% from HK$464.0 million in the fourth quarter of 2024. This was mainly driven by the increase in net new funded accounts as customer acquisition costs were flat compared to the year-ago quarter.

General and administrative expenses were HK$549.5 million (US$70.6 million), a decrease of 4.6% from the fourth quarter of 2024. The decrease was primarily due to lower professional service expenses compared to the year-ago quarter.

Income from Operations

Income from operations increased by 87.0% to HK$4,147.0 million (US$532.8 million) from HK$2,217.4 million in the fourth quarter of 2024. Operating margin increased to 64.4% from 50.0% in the fourth quarter of 2024 mainly due to strong topline growth and operating leverage.

Net Income

Net income increased by 80.2% to HK$3,369.4 million (US$432.9 million) from HK$1,869.5 million in the fourth quarter of 2024. Net income margin for the fourth quarter of 2025 increased to 52.3% from 42.2% in the year-ago quarter.

Non-GAAP adjusted net income increased by 77.0% to HK$3,455.7 million (US$444.0 million) from the fourth quarter of 2024. Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses. For further information, see “Use of Non-GAAP Financial Measures” at the bottom of this press release.

Net Income per ADS

Basic net income per American Depositary Share (“ADS”) was HK$24.32 (US$3.12), compared with HK$13.54 in the fourth quarter of 2024. Diluted net income per ADS was HK$23.92 (US$3.07), compared with HK$13.35 in the fourth quarter of 2024. Each ADS represents eight Class A ordinary shares.

Full Year 2025 Financial Results

Revenues

Total revenues were HK$22,846.9 million (US$2,935.4 million), an increase of 68.1% from HK$13,590.1 million in 2024.

Brokerage commission and handling charge income was HK$10,572.7 million (US$1,358.4 million), an increase of 74.9% from HK$6,044.7 million in 2024. This was mainly due to an 89.4% increase in trading volume, partially offset by lower blended commission rate.

Interest income was HK$10,441.6 million (US$1,341.5 million), an increase of 56.6% from HK$6,666.9 million in 2024. The increase was mainly driven by higher interest income from securities borrowing and lending business, bank deposits and margin financing.

Other income was HK$1,832.6 million (US$235.4 million), an increase of 108.6% from HK$878.5 million in 2024. The increase was primarily attributable to higher fund distribution service income and currency exchange service income.

Costs

Total costs were HK$2,942.4 million (US$378.0 million), an increase of 20.3% from HK$2,445.5 million in 2024.

Brokerage commission and handling charge expenses were HK$606.0 million (US$77.9 million), an increase of 77.6% from HK$341.2 million in 2024. This increase was roughly in line with the growth of our brokerage commission and handling charge income.

Interest expenses were HK$1,757.9 million (US$225.8 million), an increase of 8.7% from HK$1,617.5 million in 2024. The increase was mainly driven by higher expenses associated with our securities borrowing and lending business, and higher margin financing interest expenses.

Processing and servicing costs were HK$578.5 million (US$74.3 million), an increase of 18.8% from HK$486.8 million in 2024. The increase was primarily due to higher cloud service fee as well as higher market information and data fee.

Gross Profit

Total gross profit was HK$19,904.5 million (US$2,557.3 million), an increase of 78.6% from HK$11,144.7 million in 2024. Gross profit margin increased from 82.0% in 2024 to 87.1% in 2025.

Operating Expenses

Total operating expenses were HK$5,823.9 million (US$748.3 million), an increase of 28.8% from HK$4,523.0 million in 2024.

Research and development expenses were HK$1,908.8 million (US$245.2 million), an increase of 27.8% from HK$1,493.6 million in 2024. This increase was primarily due to increased investment in crypto and AI capabilities.

Selling and marketing expenses were HK$1,980.5 million (US$254.5 million), an increase of 40.5% from HK$1,409.3 million in 2024. This was mainly driven by a 36.1% increase in net new funded accounts, while customer acquisition costs remained largely flat year-over-year.

General and administrative expenses were HK$1,934.7 million (US$248.6 million), an increase of 19.4% from HK$1,620.0 million in 2024. The increase was primarily due to an increase in general and administrative personnel.

Income from Operations

Income from operations increased by 112.6% to HK$14,080.6 million (US$1,809.1 million) from HK$6,621.7 million in 2024. Operating margin increased to 61.6% from 48.7% in 2024 mainly due to strong topline growth and operating leverage.

Net Income

Net income increased by 108.0% to HK$11,301.9 million (US$1,452.1 million) from HK$5,433.1 million in 2024. Net income margin increased to 49.5% from 40.0% in 2024.

Non-GAAP adjusted net income increased by 101.9% to HK$11,644.9 million (US$1,496.1 million) from HK$5,768.0 million in 2024. Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses. For further information, see “Use of Non-GAAP Financial Measures” at the bottom of this press release.

Net Income per ADS

Basic net income per ADS was HK$81.36 (US$10.45), compared with HK$39.44 in 2024. Diluted net income per ADS was HK$80.24 (US$10.31), compared with HK$38.88 in 2024. Each ADS represents eight Class A ordinary shares.

Conference Call and Webcast

Futu’s management will hold an earnings conference call on Thursday, March 12, 2026, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time).

Please note that all participants will need to pre-register for the conference call, using the link

https://register-conf.media-server.com/register/BIe49e3331c0f24a9d9926d5b979ab55df.

It will automatically lead to the registration page of “Futu Holdings Ltd Fourth Quarter and Full Year 2025 Earnings Conference Call”, where details for RSVP are needed.

Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

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

About Futu Holdings Limited

Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and Moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP adjusted net income, a non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted net income as net income excluding share-based compensation expenses. The Company presents the non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income enables the management to assess the Company’s operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors’ assessment of its operating performance.

Non-GAAP adjusted net income is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using non-GAAP adjusted net income is that it does not reflect all items of expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in the business and is not reflected in the presentation of non-GAAP adjusted net income. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance.

For more information on this non-GAAP financial measure, please see the table captioned “Unaudited Reconciliations of Non-GAAP and GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain HK dollars (“HK$”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from HK$ to US$ were made at the rate of HK$7.7833 to US$1.00, the noon buying rate in effect on December 31, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the HK$ or US$ amounts referred could be converted into US$ or HK$, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from the management team of the Company, contain forward-looking statements. Futu may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Futu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Futu’s goal and strategies; Futu’s expansion plans; Futu’s future business development, financial condition and results of operations; Futu’s expectations regarding demand for, and market acceptance of, its credit products; Futu’s expectations regarding keeping and strengthening its relationships with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Futu’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Futu does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor inquiries, please contact:

Investor Relations
Futu Holdings Limited
[email protected]

_____________________

¹ The number of funded accounts refers to the number of brokerage accounts with Futu that have a positive account balance. Multiple funded accounts by one client are counted as one funded account.
² Multiple brokerage accounts by one client are counted as one brokerage account.
³ The number of users refers to the number of user accounts registered with Futu.
⁴ Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses.

FUTU HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share data)

	As of December 31,		As of December 31,
	2024		2025		2025
	HK$		HK$		US$
ASSETS
Cash and cash equivalents	11,688,383		10,465,888		1,344,659
Cash held on behalf of clients	68,639,816		113,398,356		14,569,444
Restricted cash	1,121		2,510		322
Term deposit	4,990		–		–
Short-term investments	2,411,074		6,688,871		859,388
Securities purchased under agreements to resell	316,301		507,767		65,238
Loans and advances-current (net of allowance of HK$85,252 thousand and HK$374,604 thousand as of December 31, 2024 and December 31, 2025, respectively)	49,695,691		64,607,370		8,300,768
Receivables:
Clients	534,077		838,521		107,733
Brokers	17,224,387		18,459,373		2,371,664
Clearing organizations	3,277,063		5,522,472		709,529
Fund management companies and fund distributors	1,210,472		1,997,086		256,586
Interest	597,483		852,186		109,489
Amounts due from related parties	61,200		6,780		871
Prepaid assets	63,497		77,960		10,016
Other current assets	160,330		225,478		28,969
Total current assets	155,885,885		223,650,618		28,734,676

Operating lease right-of-use assets	253,212		569,939		73,226
Long-term investments	573,190		615,220		79,044
Loans and advances – non-current	18,805		139,668		17,945
Other non-current assets	2,025,841		3,461,431		444,726
Total non-current assets	2,871,048		4,786,258		614,941
Total assets	158,756,933		228,436,876		29,349,617

LIABILITIES
Amounts due to related parties	79,090		67,143		8,627
Payables:
Clients	72,379,135		125,249,957		16,092,141
Brokers	43,697,746		38,678,396		4,969,408
Clearing organizations	503,396		750,964		96,484
Fund management companies and fund distributors	507,076		1,277,467		164,129
Interest	86,964		62,527		8,033
Borrowings	5,702,259		12,143,237		1,560,166
Securities sold under agreements to repurchase	2,574,659		4,743,096		609,394
Lease liabilities – current	144,357		200,089		25,707
Accrued expenses and other current liabilities	4,936,805		4,527,129		581,646
Total current liabilities	130,611,487		187,700,005		24,115,735

Lease liabilities – non-current	132,924		393,843		50,603
Other non-current liabilities	8,061		21,906		2,816
Total non-current liabilities	140,985		415,749		53,419
Total liabilities	130,752,472		188,115,754		24,169,154


SHAREHOLDERS’ EQUITY
Class A ordinary shares	72		73		9
Class B ordinary shares	27		27		3
Additional paid-in capital	18,807,369		19,158,175		2,461,446
Treasury Stock	(5,199,257	)	(5,199,257	)	(668,002	)
Accumulated other comprehensive (loss)/gain	(249,916	)	51,503		6,617
Retained earnings	14,652,946		25,990,667		3,339,285
Total shareholders’ equity	28,011,241		40,001,188		5,139,358



Non-controlling interests	(6,780	)	319,934		41,105
Total equity	28,004,461		40,321,122		5,180,463
Total liabilities and equity	158,756,933		228,436,876		29,349,617

FUTU HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands, except for share and per share data)

	For the Three Months Ended						For the Twelve Months Ended
	December 31, 2024		December 31, 2025		December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2025
	HK$		HK$		US$		HK$		HK$		US$
Revenues
Brokerage commission and handling charge income	2,057,429		2,770,103		355,903		6,044,746		10,572,744		1,358,388
Interest income	2,022,283		3,037,941		390,315		6,666,864		10,441,585		1,341,537
Other income	352,836		630,427		80,999		878,515		1,832,569		235,449
Total revenues	4,432,548		6,438,471		827,217		13,590,125		22,846,898		2,935,374

Costs
Brokerage commission and handling charge expenses	(112,241	)	(141,328	)	(18,158	)	(341,238	)	(606,044	)	(77,865	)
Interest expenses	(513,352	)	(437,073	)	(56,155	)	(1,617,450	)	(1,757,852	)	(225,849	)
Processing and servicing costs	(150,453	)	(150,381	)	(19,321	)	(486,783	)	(578,459	)	(74,321	)
Total costs	(776,046	)	(728,782	)	(93,634	)	(2,445,471	)	(2,942,355	)	(378,035	)
Total gross profit	3,656,502		5,709,689		733,583		11,144,654		19,904,543		2,557,339

Operating expenses
Research and development expenses	(399,462	)	(506,622	)	(65,091	)	(1,493,620	)	(1,908,758	)	(245,238	)
Selling and marketing expenses	(464,001	)	(506,594	)	(65,087	)	(1,409,313	)	(1,980,486	)	(254,453	)
General and administrative expenses	(575,676	)	(549,489	)	(70,598	)	(1,620,017	)	(1,934,692	)	(248,570	)
Total operating expenses	(1,439,139	)	(1,562,705	)	(200,776	)	(4,522,950	)	(5,823,936	)	(748,261	)

Income from operations	2,217,363		4,146,984		532,807		6,621,704		14,080,607		1,809,078

Others, net	55,882		(144,037	)	(18,506	)	(86,372	)	(367,448	)	(47,210	)

Income before income tax expense and share of (loss)/gain from equity method investments	2,273,245		4,002,947		514,301		6,535,332		13,713,159		1,761,868

Income tax expense	(358,429	)	(655,738	)	(84,249	)	(998,342	)	(2,359,633	)	(303,166	)
Share of (loss)/gain from equity method investments	(45,357	)	22,234		2,857		(103,934	)	(51,619	)	(6,632	)
Net income	1,869,459		3,369,443		432,909		5,433,056		11,301,907		1,452,070

Attributable to:
Ordinary shareholders of the Company	1,871,704		3,390,488		435,613		5,443,094		11,337,721		1,456,671
Non-controlling interests	(2,245	)	(21,045	)	(2,704	)	(10,038	)	(35,814	)	(4,601	)
	1,869,459		3,369,443		432,909		5,433,056		11,301,907		1,452,070


Net income per share attributable to ordinary shareholders of the Company
Basic	1.69		3.04		0.39		4.93		10.17		1.31
Diluted	1.67		2.99		0.38		4.86		10.03		1.29

Net income per ADS
Basic	13.54		24.32		3.12		39.44		81.36		10.45
Diluted	13.35		23.92		3.07		38.88		80.24		10.31

Weighted average number of ordinary shares used in computing net income per share
Basic	1,106,025,655		1,115,595,012		1,115,595,012		1,104,199,740		1,114,463,205		1,114,463,205
Diluted	1,121,506,777		1,133,282,856		1,133,282,856		1,120,478,183		1,130,846,701		1,130,846,701

Net income	1,869,459		3,369,443		432,909		5,433,056		11,301,907		1,452,070
Other comprehensive (loss)/ income, net of tax
Changes in the fair value of financial assets	–		(322	)	(41	)	–		(474	)	(61	)
Foreign currency translation adjustment	(223,100	)	67,759		8,707		(200,220	)	301,624		38,754
Total comprehensive income	1,646,359		3,436,880		441,575		5,232,836		11,603,057		1,490,763

Attributable to:
Ordinary shareholders of the Company	1,648,308		3,457,929		444,279		5,242,611		11,639,140		1,495,400
Non-controlling interests	(1,949	)	(21,049	)	(2,704	)	(9,775	)	(36,083	)	(4,637	)
	1,646,359		3,436,880		441,575		5,232,836		11,603,057		1,490,763

FUTU HOLDINGS LIMITED UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS (In thousands)

	For the Three Months Ended			For the Twelve Months Ended
	December 31, 2024	December 31, 2025	December 31, 2025	December 31, 2024	December 31, 2025	December 31, 2025
	HK$	HK$	US$	HK$	HK$	US$

Net income	1,869,459	3,369,443	432,909	5,433,056	11,301,907	1,452,070
Add: Share-based compensation expenses	82,886	86,276	11,085	334,926	343,024	44,072
Adjusted net income	1,952,345	3,455,719	443,994	5,767,982	11,644,931	1,496,142

Non-GAAP to GAAP reconciling items have no income tax effect.

March 12, 2026 4:03 am

InterDigital to Showcase Breakthrough in Energy-Efficient Video Streaming at DVB World

AI-driven PVR technology can help reduce energy burden of streaming industry

WILMINGTON, Del., March 12, 2026 (GLOBE NEWSWIRE) — InterDigital, Inc. (Nasdaq: IDCC), a wireless, video and AI technology research and development company, will attend Digital Video Broadcasting (DVB) World 2026 to spotlight breakthroughs in energy-aware media innovation that make video streaming more efficient, alongside new leadership roles within DVB governance.

During the DVB World Conference, InterDigital will showcase “Optimized Energy Aware Streaming,” a sustainable solution to a pressing industry challenge. As demand for video content grows and the number of streaming platforms proliferate, InterDigital’s innovation pioneers new ways to increase the energy efficiency of video services while maintaining premium quality for users. On the exhibitor floor, InterDigital will demonstrate our AI-driven Pixel Value Reduction technology and its exciting potential for energy-efficient streaming.

InterDigital’s influence in DVB leadership roles will also be on display at the show. InterDigital’s Senior Director of Standards and Competition Stéphane Tronchon was elected DVB IPR Module Chair, responsible for making recommendations concerning the DVB’s intellectual property rights policy and related issues. InterDigital holds additional leadership roles in DVB, including Ralf Schaefer who was re-elected as vice-chair of the DVB Commercial Module and Valérie Allie who chairs the DVB Commercial Module subgroup on Energy Efficiency.

Taking place in Amsterdam from March 17 – 18, DVB World is an annual conference dedicated to media delivery and distribution based on DVB standards, services, and technology. The conference gathers global delegates representing broadcasters, service providers, manufacturers, and policymakers to address pressing challenges and emerging issues facing the broadcast and media industry.

To register and learn more about the DVB World Conference, please click here.

About InterDigital
^®

InterDigital is a global research and development company focused primarily on wireless, video, artificial intelligence (“AI”), and related technologies. We design and develop foundational technologies that enable connected, immersive experiences in a broad range of communications and entertainment products and services. We license our innovations worldwide to companies providing such products and services, including makers of wireless communications devices, consumer electronics, IoT devices, cars and other motor vehicles, and providers of cloud-based services such as video streaming. As a leader in wireless technology, our engineers have designed and developed a wide range of innovations that are used in wireless products and networks, from the earliest digital cellular systems to 5G and today’s most advanced Wi-Fi technologies. We are also a leader in video processing and video encoding/decoding technology, with a significant AI research effort that intersects with both wireless and video technologies. Founded in 1972, InterDigital is listed on Nasdaq.

InterDigital® is a registered trademark of InterDigital, Inc.

For more information, visit: www.interdigital.com.

InterDigital Contact:

Roya Stephens
Email: [email protected]
+1 (202) 349-1714

March 12, 2026 3:08 am

Arista Announces XPO High Density Liquid Cooled Pluggable Optics

Arista Announces XPO High Density Liquid Cooled Pluggable Optics

Multi-source Agreement for 64-channel XPO module delivering 12.8Tbps capacity

SANTA CLARA, Calif.–(BUSINESS WIRE)–
Arista Networks (NYSE: ANET) today announced the formation of a multi-source agreement (MSA) for XPO, a revolutionary 12.8 Tbps liquid cooled optics module that supports a front panel density of 204.8 Tbps per open compute rack unit, a 4X improvement compared to 1600G-OSFP optics.

XPO was designed specifically to support AI networking including scale-up, scale-out, scale-across, and metro reach fabrics, offering the following key innovations:

Record-Breaking Throughput: Delivers 12.8 Tbps per pluggable module.
Unprecedented Rack Density: Achieves 204.8 Tbps per OCP rack unit.
Integrated Cold Plate: Capable of cooling up to 400W power per module.
Universality: Supports all industry optics standards (DR, FR, LR, SR, ZR/ZR+) as well as next-generation coherent-lite, slow&wide, copper, and RF-Microwave.
Flexibility: Supports linear, half-retimed, or fully-retimed interface architectures.

“The unprecedented growth in AI fabric bandwidth and the transition to liquid cooling requires a new generation of pluggable optics modules,” said Andreas Bechtolsheim, Chief Architect at Arista Networks. “XPO solves this challenge by providing fundamental improvements in density, cooling capability and reliability for pluggable optics modules.”

“XPO is an important milestone for the optical industry, extending the benefits of pluggable optics to the extreme bandwidth demands of AI scale-out and scale-up systems,” said Matthew Mattina, VP for AI Systems Architecture at Microsoft. “Microsoft believes this specification can help establish a robust, broadly adopted form factor that enables a diverse optical ecosystem.”

“The XPO module is a breakthrough for AI data centers delivering 4X the front panel density compared to OSFP, while preserving the configurability and serviceability of a pluggable optics module,” said Sameh Boujelbene, Vice President of Dell’Oro Group. “The success of any new optical form factor hinges on a strong ecosystem of suppliers and I am pleased to see XPO supported by all major optical module suppliers.”

The XPO MSA will debut at OFC 2026 in Los Angeles with live demonstrations at the Arista booth 1571 (South Hall) and at many partner exhibits. A list of Arista speaking engagements at OFC can be found here.

For more information on the XPO MSA and how to join, please visit www.xpomsa.com

Additional Resources

Watch the XPO Video
Executive Blog: AI Datacenters are Reshaping the Optics Industry
Whitepaper: XPO: Redefining Pluggable Optics for AI Networking
Join our Webinar: The Next Generation of Pluggable Optics for AI Networking, on April 2. Register HERE.

About Arista

Arista Networks is an industry leader in data-driven, client-to-cloud networking for large AI, data center, campus, and routing environments. Its award-winning platforms deliver availability, agility, automation, analytics, and security through an advanced network operating stack. For more information, visit www.arista.com.

ARISTA is among the registered and unregistered trademarks of Arista Networks, Inc. in jurisdictions around the world. Other company names or product names may be trademarks of their respective owners. Additional information and resources can be found at www.arista.com. This press release contains forward-looking statements including, but not limited to, statements regarding the performance and capabilities of Arista’s products and services. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including rapid technological and market change, customer requirements, and industry standards, as well as other risks stated in our filings with the SEC available on Arista’s website at www.arista.com and the SEC’s website at www.sec.gov. Arista disclaims any obligation to publicly update or revise any forward-looking statement to reflect events that occur or circumstances that exist after the date on which they were made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260312930165/en/

Media Contact:

Amanda Jaramillo

Corporate Communications

Tel: (408)547-5798

[email protected]

Investor Contact:

Investor Advocacy

Rudolph Araujo

Rod Hall

Tel: (408) 547-8080

[email protected]

KEYWORDS: California Europe United States North America Asia Pacific

INDUSTRY KEYWORDS: Data Management Consumer Electronics Technology IOT (Internet of Things) Other Technology Telecommunications Software Artificial Intelligence Networks Mobile/Wireless Hardware

MEDIA:

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March 12, 2026 2:05 am

BW LPG Limited – Ex Dividend US$0.57 on the Oslo Stock Exchange Today

BW LPG Limited – Ex Dividend US$0.57 on the Oslo Stock Exchange Today

SINGAPORE–(BUSINESS WIRE)–
With reference to the press release dated 3 March 2026 by BW LPG Limited (“BW LPG” or the “Company”, OSE ticker code: “BWLPG.OL”, NYSE ticker code “BWLP”) on key information relating to the cash dividend for Q4 2025, the shares of the Company will be traded ex-dividend on the Oslo Stock Exchange from today and from 13 March 2026 on the New York Stock Exchange.

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, with a fleet of about 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.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20260311532254/en/

For further information, please contact:

Samantha Xu

Chief Financial Officer

[email protected]

KEYWORDS: Singapore Southeast Asia Asia Pacific

INDUSTRY KEYWORDS: Maritime Energy Transport Oil/Gas

MEDIA:

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March 12, 2026 2:03 am

Pharming Group reports fourth quarter and full year 2025 financial results, delivering strong revenue growth and profitability with positive cash flow

Full year 2025 total revenues increased by 27% to US$376.1 million, driven by continued growth of RUCONEST® and rising demand for Joenja® (leniolisib)
Fourth quarter 2025 total revenues increased by 15% to US$106.5 million, compared to the fourth quarter 2024
RUCONEST® full year revenue increased by 26% to US$317.9 million and fourth quarter revenue increased by 9% to US$86.7 million
Joenja® revenue increased by 29% to US$58.2 million and fourth quarter revenue increased by 53% to US$19.8 million
Achieved US$25.8 million operating profit in 2025, compared to a loss in 2024
Achieved US$54.7 million net cash flow from operations in 2025, compared to negative cash flow in the prior year
2026 total revenue guidance of US$405.0 – US$425.0 million (8% to 13% growth), driven by significant and accelerating growth for Joenja® and continued growth for RUCONEST®
Advancing the clinical pipeline with key 2026 milestones including Phase II leniolisib readouts in PIDs with immune dysregulation and pivotal FALCON study enrollment completion for napazimone (KL1333) in primary mitochondrial disease
Pharming to host a conference call today at 13:30 CET (8:30 am EDT)

Leiden, the Netherlands, March 12, 2026: Pharming Group N.V. (“Pharming” or “the Company”) (Euronext Amsterdam: PHARM / Nasdaq: PHAR) presents its preliminary (unaudited) financial report for the three months and full year ended December 31, 2025.

Chief Executive Officer, Fabrice Chouraqui commented:

“2025 was a defining year for Pharming and reflects the focus and discipline our teams have brought to executing our strategy. We outperformed revenue guidance and delivered strong financial performance, with total revenues up 27%, driven by continued RUCONEST® growth and rising demand for Joenja® (leniolisib).

With its efficacy, reliability and rapid onset of action, RUCONEST® remains an established on-demand treatment option for difficult to treat patients. Joenja® performance accelerated in 2025, with growth driven by a 25% increase in patients on paid therapy in the U.S. We have identified approximately 1,000 APDS patients globally, reinforcing the expanding opportunity for Joenja® as diagnosis and patient identification continue to improve.

We also demonstrated disciplined cost management, delivering US$25.8 million in operating profit and US$54.7 million in net cash flow from operations in 2025. This marks an important inflection point and strengthens our ability to fund growth and long-term investment.

Building on this momentum, we plan to further enhance capital allocation to drive growth. We expect 2026 total revenues in the range of US$405 million to US$425 million, representing 8% to 13% growth, driven by both Joenja® and RUCONEST®.

Our pipeline is a significant value driver, and we highlighted its depth and upcoming catalysts at our recent Investor Day.

Entering 2026, our priorities are clear: reinforce RUCONEST® as a cornerstone on-demand therapy for difficult to treat HAE patients, accelerate Joenja®’s expansion, and advance our pipeline to broaden our impact in rare disease. We continue to expect Phase II read-outs for leniolisib in broader primary immunodeficiencies with immune dysregulation in the second half of 2026 and are on track to complete enrollment in the pivotal FALCON study of napazimone (KL1333) in 2026, with data readout anticipated in late 2027.

This momentum reinforces the strength of our business and positions us to advance our high-value pipeline, delivering long-term value for shareholders and meaningful impact for rare disease patients.”

Fourth quarter and full year 2025 highlights

Commercialized products

RUCONEST® marketed for the treatment of acute HAE attacks

RUCONEST® growth continued in the fourth quarter of 2025, with revenue of US$86.7 million, a 9% increase compared to the fourth quarter of 2024. Revenue for the full year 2025 reached a record US$317.9 million, representing 26% year-over-year growth.

In the U.S. market, we continued to expand our patient and prescriber base during the quarter and throughout the year. Revenue growth over the prior year reflects the benefit of a larger patient base, including patients with HAE with normal C1-INH. With its efficacy, reliability and rapid onset of action via IV administration, RUCONEST® remains an established on-demand treatment option for patients experiencing more severe or frequent attacks who have failed other on-demand medications. During the year, we increased the RUCONEST® physician prescriber base by 6%. Unit sales volume in the U.S. increased by 2% in the fourth quarter and 20% for the full year.

Joenja® (leniolisib) marketed for the treatment of APDS

Joenja® revenue increased to US$19.8 million in the fourth quarter of 2025, a 53% increase compared to the fourth quarter of 2024. Revenue for the full year 2025 increased to US$58.2 million, a 29% increase compared to 2024. Revenue growth in the fourth quarter of 2025 was driven by a significant increase in patients on paid therapy in the U.S. and increased demand in international markets, including strong patient uptake in the U.K. following the April 2025 launch and purchases under government-supported access programs.

The U.S. market contributed 86% of 2025 revenues, while the EU and Rest of World contributed 14%.

As of December 31, 2025, 120 patients were on paid therapy in the U.S., representing a 25% increase from the 96 patients at the end of 2024. The number of patients on paid therapy in the U.S. increased by 24 during 2025, compared to an increase of 16 in 2024. The number of U.S. patients diagnosed with APDS that we have identified increased by 40 in 2025 compared to an increase of 18 in 2024.

APDS patient finding

As of December 31, 2025, we have identified 998 diagnosed APDS patients of all ages globally, including 274 patients in the U.S. and 382 in core markets outside of the U.S. Of the identified patients in the U.S., 181 patients are 12 years of age or older and currently eligible for treatment with Joenja®, while 52 are between 4 and 11 years of age.

VUS patient reclassification

We previously announced that genetic testing laboratories were evaluating data from a study published in June 2025 in the journal Cell by researchers at Columbia University to determine the process and potential for reclassifying variants of uncertain significance, or VUS, enabling providers to genetically confirm APDS diagnoses. Based on this evaluation, additional complementary evidence will be required for variant interpretation by genetic testing laboratories. We are planning new experiments to generate the data needed for genetic testing laboratories to evaluate VUSs identified in patients who have undergone genetic testing for APDS or other immunodeficiencies.

There are currently over 1,800 known U.S. patients with a VUS in the PIK3CD and PIK3R1 genes implicated in APDS. We expect to provide an estimate of how many of these patients may be diagnosed with APDS following completion of these experiments.

Joenja® (leniolisib) development

Leniolisib for APDS

As of December 31, 2025, there are 175 APDS patients in either a leniolisib Expanded Access Program (compassionate use), an ongoing clinical study, or a paid access program.

Pediatric label expansion

On January 30, 2026, we received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding our supplemental New Drug Application (sNDA) for Joenja® (leniolisib) for the treatment of APDS in children aged 4 to 11 years. The FDA requested additional pediatric pharmacokinetic (PK) data and clarification related to an analytical batch testing method.

We believe we can address the clinical pharmacology and batch testing methodology issues outlined in the letter, and have requested a Type A meeting with the FDA to discuss the Agency’s feedback and align on the path forward for resubmission. The meeting is expected to occur in March 2026.

European Economic Area (EEA)

We completed the required manufacturing activities and quality controls requested by the European Medicine Agency’s (EMA) Committee for Human Medicinal Products (CHMP) and submitted our comprehensive response, including supporting data, by the January 2026 deadline. We now expect a CHMP opinion on the Marketing Authorisation Application (MAA) for leniolisib in adult and pediatric patients aged 12 years and older with potential EC approval in the first half of 2026.

Japan

A decision by the Japanese Pharmaceuticals and Medical Devices Agency (PMDA) is expected by the end of March 2026 on our new drug application (NDA) for leniolisib for the treatment of APDS in adult and pediatric patients 4 years of age and older.

Additional markets

We submitted a response with additional CMC data to Health Canada at the end of January 2026. A decision on the regulatory submission in Canada for APDS patients 12 years of age and older is expected by mid-year.

Leniolisib for additional primary immunodeficiencies (PIDs)

Two Phase II clinical trials are evaluating leniolisib for additional primary immunodeficiencies (PIDs) with immune dysregulation, which represent substantially larger patient populations than APDS. These include (i) genetically identifiable PIDs with immune dysregulation linked to altered PI3Kδ signaling and (ii) common variable immunodeficiency, or CVID, with immune dysregulation identified independently of genetics. We outlined the scientific and clinical rationale supporting the expansion of leniolisib into these patient populations at an Investor Day held on February 3, 2026.

Patient enrollment in both clinical trials is now complete and we anticipate trial read-outs in the second half of 2026.

Napazimone (KL1333) for mitochondrial DNA-driven primary mitochondrial disease

Napazimone (KL1333) is being evaluated in the pivotal FALCON clinical trial in adult patients with mtDNA-driven mitochondrial disease, and has the potential to become the first standard of care in this setting. Pharming management outlined the scientific and clinical rationale for the development of napazimone (KL1333) at the Investor Day held on February 3, 2026.

Over 20 clinical sites in the trial are actively recruiting, and the number of sites is expected to expand during the first half of 2026. The program remains on track to complete enrollment this year, with trial readout anticipated in late 2027 and potential FDA approval by the end of 2028, if successful.

Organizational updates

On September 2, 2025, we announced that Mr. Kenneth Lynard was appointed as Chief Financial Officer, effective October 1, 2025.

On November 6, 2025, we announced that Mrs. Leverne Marsh had been appointed as Chief Commercial Officer effective January 1, 2026, succeeding Mr. Stephen Toor.

Financial Summary

Consolidated Statement of Income	Q4 2025	Q4 2024	2025	2024
Amounts in US$m except per share data
Total Revenues	106.5	92.7	376.1	297.2
Cost of sales	(21.1)	(12.2)	(45.5)	(35.4)
Gross profit	85.4	80.5	330.6	261.8
Other income	4.2	0.1	6.5	2.2
Research and development	(32.1)	(22.3)	(100.4)	(83.1)
General and administrative	(20.0)	(24.7)	(80.0)	(70.7)
Marketing and sales	(31.3)	(26.9)	(131.0)	(118.8)
Other Operating Costs	(83.4)	(73.9)	(311.3)	(272.6)
Operating profit (loss)	6.2	6.7	25.8	(8.6)
Finance result (net) and share of result in associates	(1.4)	—	(13.0)	0.1
Profit (loss) before tax	4.8	6.7	12.8	(8.5)
Income tax credit (expense)	0.5	(3.8)	(10.3)	(3.3)
Profit (loss) for the period	5.3	2.9	2.5	(11.8)
Earnings per share
Basic, attributable to equity holders of the parent (US$)	0.008	0.004	0.004	(0.018)
Diluted, attributable to equity holders of the parent (US$)	0.007	0.004	0.004	(0.018)

Segment information – Revenues	Q4 2025	Q4 2024	2025	2024
Amounts in US$m
Revenue – RUCONEST® (US)	84.3	78.2	311.7	246.6
Revenue – RUCONEST® (EU and RoW)	2.4	1.4	6.2	5.6
Total Revenues – RUCONEST®	86.7	79.7	317.9	252.2
Revenue – Joenja® (US)	15.4	11.8	50.1	40.5
Revenue – Joenja® (EU and RoW)	4.4	1.3	8.1	4.5
Total Revenues – Joenja®	19.8	13.0	58.2	45.0

Total Revenues – US	99.8	90.0	361.7	287.1
Total Revenues – EU and RoW	6.8	2.7	14.4	10.1

Total Revenues	106.5	92.7	376.1	297.2

Consolidated Balance Sheet	December 31, 2025	December 31, 2024
Amounts in US$m
Cash and cash equivalents, restricted cash and marketable securities	181.1	169.4
Current assets	299.5	278.4
Total assets	500.0	400.0
Current liabilities	115.8	73.8
Equity	277.1	221.1

Underlying figures are unrounded. Therefore, totals may differ slightly from the sum of individual items due to rounding effects in the presentation of this press release.

Financial highlights

Fourth quarter 2025

For the fourth quarter of 2025, total revenues increased by US$13.8 million, or 15%, to US$106.5 million, compared to US$92.7 million in the fourth quarter of 2024. RUCONEST® revenues amounted to US$86.7 million, a 9% increase compared to the fourth quarter of 2024. This increase in RUCONEST® revenues was primarily driven by volume growth and a price increase in the U.S. Joenja® revenues amounted to US$19.8 million in the fourth quarter of 2025, a 53% increase compared to the fourth quarter of 2024. This increase in Joenja® revenues was primarily driven by an increase in volume.

Gross profit increased by US$4.9 million or 6% to US$85.4 million (4Q 2024: US$80.5 million), mainly due to the increase in revenues. This was partially offset by the first sales milestone payment for Joenja® of US$5.0 million included in cost of sales.

Other income increased from US$0.1 million in the fourth quarter of 2024 to US$4.2 million in the fourth quarter of 2025, primarily driven by a US$3.9 million gain on the early termination of the DSP facility lease at Pivot Park in Oss, the Netherlands.

The operating profit decreased 8% and amounted to US$6.2 million compared to US$6.7 million in the fourth quarter of 2024. Adjusted to exclude US$0.1 million of non-recurring Abliva acquisition-related expenses, US$4.1 million in one-off restructuring expenses, and the US$3.9 million gain on the early termination of the DSP facility lease, the operating profit amounted to US$6.5 million. The improved operating result was primarily driven by an increase in revenues, partially offset by higher operating expenses, which include a total of US$9.3 million in Abliva-related expenses, and the first sales milestone for Joenja® of US$5.0 million.

The finance result (net) and share of result in associates amounted to a loss of US$1.4 million compared to US$— million in the fourth quarter of 2024. This was primarily driven by unfavorable EUR/USD exchange rate developments, resulting in a foreign currency loss of US$2.2 million compared to a gain of US$2.6 million in the fourth quarter of 2024, partially offset by higher results from fair value measurements of US$2.5 million and higher share of results in associates of US$1.4 million.

In the fourth quarter of 2025, a net profit of US$5.3 million was realized, compared to a net profit of US$2.9 million in the fourth quarter of 2024. In addition to the aforementioned drivers, the net result was positively impacted by a tax credit of US$0.5 million compared to a tax expense of US$3.8 million in the fourth quarter of 2024.

Cash generated from operations amounted to US$10.7 million, compared to US$9.3 million in the fourth quarter of 2024. Cash and cash equivalents, including restricted cash and marketable securities, increased from US$168.9 million at the end of third quarter of 2025 to US$181.1 million at the end of the fourth quarter of 2025. This increase was primarily driven by the net cash flows generated from operating activities.

Full year 2025

In 2025, Pharming revenues increased by 27% to US$376.1 million. Operating profit improved from a US$8.6 million loss in 2024 to a US$25.8 million profit in 2025. Similarly, net profit improved from a US$11.8 million loss in 2024 to a US$2.5 million profit in 2025.

This section will further elaborate on Pharming’s financial performance in 2025.

Revenues and Gross Profit

Total revenues for 2025 grew by 27%, reaching US$376.1 million, compared to US$297.2 million in 2024. Total RUCONEST® revenues were 26% higher at US$317.9 million, compared to revenues of US$252.2 million for 2024. Joenja® revenues amounted to US$58.2 million in 2025, a 29% increase compared to revenues of US$45.0 million for 2024. This increase was primarily driven by a 37% increase in volume.

Cost of sales increased by 29% from US$35.4 million in 2024 to US$45.5 million in 2025. Cost of inventories recognized as expenses in 2025 amounted to US$32.0 million compared to US$25.6 million in 2024, primarily due to the higher unit sales volume. The remainder of the increase in cost of sales in 2025 stems primarily from the higher royalty payments to Novartis on Joenja® sales of US$5.8 million (2024: US$4.9 million) and the first sales milestone payment for Joenja® of US$5.0 million (2024: US$— million), partially offset by lower impairment charges on inventory of US$2.7 million (2024: US$4.8 million).

Gross profit increased by US$68.8 million, or 26%, to US$330.6 million for the year 2025. The primary driver for this increase was higher sales volumes of RUCONEST® and Joenja®.

Other income

Other income increased to US$6.5 million compared to US$2.2 million in 2024. Other income in 2025 was supported by the gain on the early termination of the DSP facility lease at Pivot Park in Oss, the Netherlands of US$3.9 million.

Operating Profit (loss) and Other Operating Costs

The operating profit amounted to US$25.8 million compared to an operating loss of US$8.6 million for the prior year. Adjusted to exclude US$10.3 million of non-recurring Abliva acquisition-related expenses (of which US$8.1 million is included in General and administrative expenses and US$2.2 million is included in Research and development expenses), US$4.1 million in one-off restructuring expenses, and the US$3.9 million gain on the early termination of the DSP facility lease, the operating profit amounted to US$36.4 million. The improved operating result was primarily driven by an increase in revenues, partially offset by higher operating expenses which include a total of US$29.7 million in Abliva-related expenses, and the first sales milestone for Joenja® of US$5.0 million. Excluding the Abliva-related expenses and restructuring expenses, other operating expenses increased by 2% compared to prior year.

Finance result (net) and share of result in associates

The finance result (net) and share of result in associates amounted to a loss of US$13.0 million compared to a gain of US$0.1 million in 2024. The year‑on‑year decline was primarily driven by foreign currency losses of US$7.2 million, compared to a gain of US$2.0 million in 2024, resulting from the strengthening of the euro against the US dollar. In addition, interest income declined as the Company reduced its investments in marketable securities during the year. These effects were partially offset by a higher share of results in associates of US$2.4 million.

Income tax expense

Income tax expense increased from US$3.3 million for the year ending December 31, 2024, to US$10.3 million for the year ending December 31, 2025. This tax expense mainly results from the profits of Pharming in the U.S. being taxed against a U.S. Federal and State combined tax rate of 27.96%, while the losses in the Netherlands only partly result in an offsetting tax credit, as the share-based compensation expenses and losses in associates are generally non-deductible based on Dutch tax law.

Net result for the year

The Company had a net profit of US$2.5 million in 2025, compared to a net loss of US$11.8 million in 2024.

Intangible assets

In 2025, intangible assets increased by US$74.5 million, from US$61.0 million in 2024 to US$135.5 million in 2025. The significant year‑on‑year growth is primarily attributable to the acquisition of Abliva AB, including the recognition of the intellectual property related to the napazimone (KL1333) program.
The amortization relates to regular amortization of software, the RUCONEST® licenses (U.S. and EU) and the Joenja® license. The RUCONEST® license has a remaining amortization period of 12 years for the U.S. and 6 years for the EU. The Joenja® license has a remaining amortization period of 11 years.

Property, plant and equipment

The value of property, plant and equipment decreased from US$7.8 million in 2024 to US$7.2 million in 2025. This decline was primarily driven by regular depreciation (US$2.1 million) and positive foreign currency effects (US$0.8 million), partially offset by capital expenditures (US$0.7 million).

Right-of-use assets

The right-of-use assets increased from US$16.4 million in 2024 to US$16.7 million in 2025. This increase was primarily driven by remeasurements (US$2.4 million) and positive foreign currency effects (US$1.6 million), partially offset by regular depreciation (US$3.5 million) and the subsequent impairment of the remeasurement of the DSP facility at Pivot Park in Oss, the Netherlands (US$0.5 million). The 2025 building remeasurements were related to adjustments in the existing right-of-use assets to account for inflation-related higher lease payments.

Investments

Investments increased by US$4.4 million to US$8.6 million as of December 31, 2025. This increase was primarily driven by the capital contributions made to BioConnection of US$0.7 million, Pharming’s share in the net result of BioConnection of US$0.6 million and a fair value increase of US$2.3 million in the preference share in BioConnection, carried at fair value through the statement of profit and loss (FVTPL).

Inventories

Inventories increased from US$55.7 million as of December 31, 2024, to US$64.9 million as of December 31, 2025 mainly as a result of foreign currency effects.

Cash and cash equivalents and marketable securities

Cash and cash equivalents alone increased by US$90.4 million to US$145.3 million as of December 31, 2025. Cash and cash equivalents is managed in combination with the marketable securities position.

The combined total of cash and cash equivalents, together with restricted cash and marketable securities increased from US$169.4 million at year-end 2024 to US$181.1 million at year-end 2025. This increase was primarily driven by the positive operating cash flow of US$54.7 million as well as proceeds from exercise of share-based compensation awards during 2025, amounting to US$19.8 million in positive cashflows for 2025. This increase was primarily offset by purchases of Abliva shares totaling US$68.0 million.
Shareholders’ equity

Shareholders’ equity increased by US$56.0 million from US$221.1 million for the year ended December 31, 2024, to US$277.1 million for the year ended December 31, 2025. This increase was driven by transactions recognized directly in equity relating to share-based compensation and exercised options (totaling US$23.7 million) and the other comprehensive income of US$29.1 million. The other comprehensive income was primarily driven by currency translation differences.

Convertible bond

The convertible bond position has increased by US$15.7 million to US$98.1 million at year-end 2025, from US$82.4 million as of December 31, 2024. This increase was mainly driven by foreign currency effects of US$11.0 million resulting from the strengthening of the euro against the US dollar.

Lease liabilities

Lease liabilities decreased by US$12.2 million, moving from US$29.9 million as of December 31, 2024, to US$17.7 million as of December 31, 2025. This decrease was primarily driven by disposals of lease liabilities, amounting to US$13.7 million of which the main contributor was the early termination of the DSP facility lease at Pivot Park in Oss, the Netherlands.

Trade and other payables

Trade and other payables increased by US$39.3 million, moving from US$66.6 million as of December 2024, to US$105.9 million as of December 31, 2025. This increase was driven by the fee for the early termination of the DSP facility lease at Pivot Park in Oss, the Netherlands of US$12.3 million, the acquisition of Abliva AB resulting in an additional US$7.0 million in Trade and other Payables, as well as the first sales milestone for Joenja® of US$5.0 million.

Outlook/Summary

For 2026, the Company anticipates:

Total revenues between US$405 million and US$425 million (8% to 13% growth), with quarterly fluctuations expected.
Total operating expenses between US$330 million and US$335 million (6% to 8% growth), including US$60 million incremental R&D expenses to advance the pipeline and US$9 million structural G&A cost reductions based on the plan announced in October 2025.
Continued RUCONEST® growth, and significant and accelerating Joenja® U.S. and x-U.S. growth.
Progress towards additional regulatory approvals and commercial launches for leniolisib for APDS patients 12 years of age or older and for pediatric label expansion in key global markets.
Top-line data readouts for the two ongoing leniolisib Phase II clinical trials in PIDs with immune dysregulation to expand the asset’s addressable patient population.
Completion of enrollment in the pivotal FALCON clinical study for napazimone (KL1333) in mitochondrial DNA-driven primary mitochondrial diseases.
Enhancing capital allocation to drive growth and build a leading rare disease company.
Continued focus on potential acquisitions and in-licensing of clinical stage opportunities in rare diseases. Financing, if required, would come via a combination of our strong balance sheet and access to capital markets.

No further specific financial guidance for 2026 is provided.

Additional information

Presentation

The conference call presentation is available on the Pharming.com website from 07:30 CET today.

Conference Call

The conference call will begin at 13:30 CET/08:30 am EDT on Thursday, March 12. A transcript will be made available on the Pharming.com website in the days following the call.

Please note, the Company will only take questions from dial-in attendees.

Webcast Link:

https://edge.media-server.com/mmc/p/ddxigjqm

Conference call dial-in details:

https://register-conf.media-server.com/register/BIb3649a77439d4a2d8e5e002bac980cd1

Additional information on how to register for the conference call/webcast can be found on the
Pharming.com website.

Financial Calendar 2026

Annual Report and 20-F 2025                        April 2
1Q 2026 financial results                         May 7
Annual General Meeting of Shareholders        May 28
2Q/1H 2026 financial results                        July 30
3Q 2026 financial results                        November 5

For further public information, contact:

Investor Relations

Michael Levitan, VP Investor Relations & Corporate Communications
T: +1 (908) 705 1696
E: [email protected]

Media Relations

Global: Saskia Mehring, Corporate Communications Manager
T: +31 6 28 32 60 41
E: [email protected]

U.S.: Ethan Metelenis (Precision AQ on behalf of Pharming)
T: +1 (917) 882-9038

Netherlands: Leon Melens (LifeSpring Life Sciences Communication on behalf of Pharming)
T: +31 6 53 81 64 27

About Pharming Group N.V.

Pharming Group N.V. (EURONEXT Amsterdam: PHARM/Nasdaq: PHAR) is a global biopharmaceutical company dedicated to transforming the lives of patients with rare, debilitating, and life-threatening diseases. Pharming is developing and commercializing a portfolio of innovative medicines, including small molecules and biologics. Pharming is headquartered in Leiden, the Netherlands, with a significant proportion of its employees based in the U.S.

For more information, visit www.pharming.com and find us on LinkedIn.

Risk profile

We continue to closely monitor and manage the key risks and opportunities, and will respond appropriately to any emerging risk. We will issue a full overview of our risk profile in our Annual report 2025 to be published on April 2, 2026.

Related party transactions

There are no material changes in the nature, scope, and (relative) scale in this reporting period compared to last year.

Auditor’s involvement

The Condensed Consolidated Interim Financial Statements have not been audited by the Company’s statutory auditor.

Forward-looking Statements

This press release may contain forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, “milestones”, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. Examples of forward-looking statements may include statements with respect to timing and progress of Pharming’s preclinical studies and clinical trials of its product candidates, Pharming’s clinical and commercial prospects, and Pharming’s expectations regarding its projected working capital requirements and cash resources, which statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to the scope, progress and expansion of Pharming’s clinical trials and ramifications for the cost thereof; and clinical, scientific, regulatory, commercial, competitive and technical developments. In light of these risks and uncertainties, and other risks and uncertainties that are described in Pharming’s 2024 Annual Report and the Annual Report on Form 20-F for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission, the events and circumstances discussed in such forward-looking statements may not occur, and Pharming’s actual results could differ materially and adversely from those anticipated or implied thereby. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Any forward-looking statements speak only as of the date of this press release and are based on information available to Pharming as of the date of this release. Pharming does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information.

Inside Information

This press release relates to the disclosure of information that qualifies, or may have qualified, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Pharming Group N.V.

Condensed Consolidated Financial Statements in U.S. Dollars (unaudited)

For the period ended December 31, 2025

Condensed consolidated statement of income
Condensed consolidated statement of comprehensive income
Condensed consolidated balance sheet
Condensed consolidated statement of changes in equity
Condensed consolidated statement of cash flow

CONDENSED CONSOLIDATED STATEMENT OF INCOME
For the period ended December 31

Amounts in US$ ‘000	2025	2024
Revenues	376,134	297,200
Costs of sales	(45,500)	(35,399)
Gross profit	330,634	261,801
Other income	6,528	2,177
Research and development	(100,367)	(83,147)
General and administrative	(79,958)	(70,650)
Marketing and sales	(130,995)	(118,802)
Other Operating Costs	(311,320)	(272,599)
Operating profit (loss)	25,842	(8,621)
Fair value gain (loss) on revaluation	2,345	4,990
Other finance income	2,176	6,843
Other finance expenses	(18,140)	(9,944)
Finance result (net)	(13,618)	1,889
Share of net profits (loss) in associates using the equity method	623	(1,760)
Profit (loss) before tax	12,847	(8,492)
Income tax credit (expense)	(10,310)	(3,349)
Profit (loss) for the period	2,538	(11,841)
Attributable to:
Equity holders of the parent	2,851	(11,841)
Non-controlling interests	(313)	—

Earnings per share
Basic earnings per share (US$)	0.004	(0.018)
Diluted earnings per share (US$)	0.004	(0.018)

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended December 31

Amounts in US$ ‘000	2025	2024
Profit (loss) for the period	2,538	(11,841)
Currency translation differences	29,060	(11,980)
Items that may be subsequently reclassified to profit or loss	29,060	(11,980)
Fair value remeasurement investments	—	79
Items that shall not be subsequently reclassified to profit or loss	—	79
Other comprehensive income (loss), net of tax	29,060	(11,901)
Total comprehensive income (loss) for the period	31,598	(23,742)
Attributable to:
Equity holders of the parent	31,828	(23,742)
Non-controlling interests	(230)	—

CONDENSED CONSOLIDATED BALANCE SHEET

Amounts in US$ ‘000	December 31, 2025	December 31, 2024
Non-current assets
Intangible assets	135,538	61,039
Property, plant and equipment	7,233	7,752
Right-of-use assets	16,738	16,382
Long-term prepayments	94	90
Deferred tax assets	31,017	30,544
Investment accounted for using the equity method	1,944	466
Investment in debt instruments designated as at FVTPL	6,703	3,767
Restricted cash	1,227	1,505
Total non-current assets	200,495	121,545
Current assets
Inventories	64,902	55,724
Trade and other receivables	54,704	54,823
Restricted cash	761	—
Marketable securities	33,796	112,949
Cash and cash equivalents	145,305	54,944
Total current assets	299,469	278,440
Total assets	499,963	399,985
Equity
Share capital	8,009	7,769
Share premium	513,257	488,990
Other reserves	28,819	(209)
Accumulated deficit	(272,983)	(275,489)
Total equity	277,102	221,061
Non-current liabilities
Convertible bonds	92,719	78,154
Lease liabilities	14,351	26,968
Total non-current liabilities	107,070	105,122
Current liabilities
Convertible bonds	5,336	4,245
Provisions	1,187	—
Trade and other payables	105,899	66,611
Lease liabilities	3,369	2,946
Total current liabilities	115,791	73,802
Total equity and liabilities	499,963	399,985

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended December 31

	Attributable to owners of the parent
Amounts in US$ ‘000	Share capital	Share premium	Other reserves	Accumulated deficit	Non-controlling interest	Total equity
January 1, 2024	7,669	478,431	(2,057)	(265,262)	—	218,781
Profit (loss) for the year	—	—	—	(11,841)	—	(11,841)
Movement in reserves	—	—	1,555	(1,555)	—	—
Other comprehensive income	—	—	(11,901)	—	—	(11,901)
Total comprehensive income (loss) for the year	—	—	(10,346)	(13,395)	—	(23,742)
Income tax expense from excess tax deductions related to share-based payments	—	—	—	(66)	—	(66)
Movement in reserves	—	—	(31)	31	—	—
Share-based compensation	—	—	—	11,248	—	11,248
Options exercised / LTIP shares issued	100	10,559	—	(8,044)	—	2,615
Value of conversion rights of convertible bonds, net of tax	—	—	12,225	—	—	12,225
Total transactions with owners, recognized directly in equity	100	10,559	12,194	3,169	—	26,022
Balance at December 31, 2024	7,769	488,990	(209)	(275,489)	—	221,061
January 1, 2025	7,769	488,990	(209)	(275,489)	—	221,061
Profit (loss) for the year	—	—	—	2,851	(313)	2,538
Movement in reserves	—	—	—	—	—	—
Other comprehensive income	—	—	28,977	—	83	29,060
Total comprehensive income (loss) for the year	—	—	28,977	2,851	(230)	31,598
Income tax expense from excess tax deductions related to share-based payments	—	—	—	1,343	—	1,343
Movement in reserves	—	—	(32)	32	—	—
Share-based compensation	—	—	—	13,766	—	13,766
Options exercised / LTIP shares issued	241	24,266	—	(14,581)	—	9,926
Acquisition of a subsidiary	—	—	—	—	7,285	7,285
Capital contributions to a subsidiary with non-controlling interests	—	—	—	(706)	706	—
Acquisition of non-controlling interests	—	—	83	(198)	(7,761)	(7,876)
Total transactions with owners, recognized directly in equity	241	24,266	51	(345)	230	24,443
Balance at December 31, 2025	8,009	513,257	28,819	(272,983)	—	277,102

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended December 31

Amounts in US$ ’000	2025	2024
Profit (loss) before tax	12,847	(8,492)
*Adjustments to reconcile net profit (loss) to net cash used in operating activities:*
Depreciation, amortization, impairment of non-current assets	11,216	16,070
Equity settled share based payments	13,766	11,248
Fair value loss (gain) on revaluation	(2,345)	(4,990)
Loss (gain) on disposal of leases	(3,733)	22
Other finance income	(2,176)	(6,843)
Other finance expenses	17,901	9,887
Share of net losses (gains) in associates using the equity method	(623)	1,758
Operating cash flows before changes in working capital	46,853	18,660
*Changes in working capital:*
Inventories	(1,288)	(503)
Trade and other receivables	(3,355)	(6,783)
Payables and other current liabilities	17,820	(2,769)
Provisions	1,187	—
Restricted cash	(285)	(17)
Total changes in working capital	14,079	(10,072)
Interest received	2,069	5,201
Income taxes received (paid)	(8,293)	(15,584)
Net cash flows generated from (used in) operating activities	54,708	(1,795)
Capital expenditure for property, plant and equipment	(749)	(790)
Investment intangible assets	(6)	(6)
Disposal of investment designated as at FVOCI	224	2,098
Investment in associates using the equity method	(739)	—
Purchases of marketable securities	(2)	(284,314)
Proceeds from sale of marketable securities	85,001	314,630
Acquisition of a subsidiary, net of cash acquired	(57,476)	—
Net cash flows generated from (used in) investing activities	26,252	31,618
Payment of lease liabilities	(4,245)	(4,008)
Interests on lease liabilities	(1,130)	(1,141)
Net proceeds of issued convertible bonds	—	104,539
Repurchase of convertible bonds	—	(134,924)
Interests on convertible bonds	(5,067)	(4,457)
Acquisition of non-controlling interests	(7,876)	—
Exercise of share-based compensation awards	19,813	5,579
Net cash flows generated from (used in) financing activities	1,495	(34,412)
Increase (decrease) of cash	82,454	(4,589)
Exchange rate effects	7,907	(2,208)
Cash and cash equivalents at January 1	54,944	61,741
Total cash and cash equivalents at December 31	145,305	54,944

—ENDS—

Attachment

Pharming Group reports 4Q25_FY25 results_EN_12MAR26

March 12, 2026 1:33 am

Cemex to Divest a Part of Its Operations in Colombia

Cemex to Divest a Part of Its Operations in Colombia

MONTERREY, Mexico–(BUSINESS WIRE)–
Cemex announced today that it is in the process of divesting certain operations in Colombia. The divestment is expected to take place through several separate transactions with different parties, for a combined purchase price of approximately US$555 million, at an approximate 10x multiple of 2025 EBITDA.

As a first step, Cemex entered into an agreement with the Holcim Group to sell a cement plant (Caracolito), a grinding mill (Santa Rosa), and a portfolio of ready‑mix concrete, aggregates, mortar, and admixture plants for a purchase price of US$485 million. The transaction with Holcim is currently expected to close at the end of the year, subject to customary closing conditions, including regulatory approvals.

In addition, Cemex is currently negotiating with other third parties the sale of remaining assets in the same general geographic area that were not included in the transaction with Holcim, which the company expects to generate approximately US$70 million in additional proceeds.

“We are pleased with the continued progress we are making in further streamlining our portfolio, while we focus on investing and strengthening our position in key geographies and businesses in the U.S., Europe, and Mexico,” said Jaime Muguiro, CEO of Cemex. “We began our portfolio rebalancing effort in 2018 and have accomplished most of what we have set out to do.”

Following the completion of these transactions, Cemex will retain two cement plants (Maceo and Cúcuta) in Colombia, with a total installed capacity of 1.6 million tons per year, as well as a grinding mill (Clemencia), ready‑mix concrete plants, and aggregates quarries. Together with our employees and long‑standing commercial partners, these assets will continue to underpin Cemex’s competitive position and its ability to serve the Colombian market.

About Cemex

Cemex is a global construction materials company that is building a better future through sustainable products and solutions. Cemex is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. Cemex is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the help of new technologies. Cemex offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience enabled by digital technologies. For more information, please visit: www.cemex.com

Except as the context otherwise may require, references in this press release to “we,” “us,” “our,” or similar expressions refer to Cemex, S.A.B. de C.V. (“Cemex”) (NYSE: CX; BMV: CEMEX.CPO) and its consolidated entities. The information disclosed in this press release and the current or future events referenced therein may contain forward-looking statements within the meaning of applicable securities laws and regulations, including but not limited to Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend these forward-looking statements to be covered by the “safe harbor” provisions for forward-looking statements within the meaning of applicable securities laws and regulations in all jurisdictions where such provisions exist, including but not limited to the US Private Securities Litigation Reform Act of 1995. These forward-looking statements and information are necessarily subject to risks, uncertainties, and assumptions, including but not limited to statements related to our plans, objectives, and expectations (financial or otherwise), and typically can be identified by the use of words such as, but not limited to, “will”, “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential,” “target,” “goal,” “strategy,” “intend,” “aimed”, or other forward-looking words. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to be correct, and actual results, performance and/or achievements may vary, including materially, from historical results, performance and/or achievements or those anticipated by forward-looking statements due to various factors. Unless otherwise indicated, these forward-looking statements reflect our current expectations and projections about the future based on certain assumptions and on our knowledge of facts and circumstances as of the date such forward-looking statements are made. These forward-looking statements necessarily involve risks, uncertainties, assumptions and other important factors that could cause results and any estimate, projection and/or guidance presented in this press release, to differ materially from historical results, performance and/or achievements or those anticipated by forward-looking statements due to various factors, including the divestments referred to herein to not close or to not close in the terms herein contained, which may include Cemex receiving a different purchase price from the one expressed herein as a result of purchase price adjustments or indirectly as a result of other terms and conditions agreed to in the transaction documents, including indemnity provisions. Among others, such risks, uncertainties, assumptions, and other important factors that could cause results and any estimate, projection and/or guidance presented in this press release to differ or fail to materialize, or that otherwise could have an impact on us, include those discussed in our most recent annual report and those detailed from time to time in our other filings with the U.S. Securities and the Exchange Commission (“SEC”), Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, the “CNBV”) and the Mexican Stock Exchange (Bolsa Mexicana de Valores, the “BMV”), which factors are incorporated herein by reference, including, but not limited to: changes in general economic, political and social conditions, including government shutdowns, new governments or regimes and decisions implemented by such new governments or regimes, changes in laws or regulations in the countries in which we do business, elections, changes in inflation, interest and foreign exchange rates, employment levels, population growth, any slowdown in the flow of remittances into countries where we operate, consumer confidence and the liquidity of the financial and capital markets in Mexico, the United States of America, the European Union (“EU”), the United Kingdom or other countries in which we operate; the cyclical activity of the construction sector and reduced construction activity in our end markets or reduced use in our end markets for our products; our exposure to sectors that impact our and our clients’ businesses, particularly those operating in the commercial and residential construction sectors, and the public and private infrastructure and energy sectors; volatility in pension plan asset values and liabilities, which may require cash or other contributions to the pension plans; changes in spending levels for residential and commercial construction and general infrastructure projects; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; any impact of not maintaining investment grade debt rating or not obtaining investment grade debt ratings from additional rating agencies on our cost of capital and on the cost of the products and services we purchase; availability of raw materials and related fluctuating prices of raw materials, as well as of goods and services in general, in particular increases in prices of raw materials, goods and services, as a result of inflation, trade barriers, measures imposed by governments or as a result of conflicts between countries that disrupt supply chains; our ability to maintain and expand our distribution network and maintain favorable relationships with third parties who supply us with equipment, services and essential suppliers; competition in the markets in which we offer our products and services; the impact of environmental cleanup costs and other remedial actions, and other environmental, climate and related liabilities relating to existing and/or divested businesses, assets and/or operations; our ability to secure and permit aggregates reserves in strategically located areas in amounts that our operations require to operate or operate in a cost-efficient manner; the timing and amount of federal, state, and local funding for infrastructure; changes in our effective tax rate; our ability to comply with regulations and implement technologies and other initiatives that aim to reduce and/or capture CO₂ emissions and comply with related carbon emissions regulations in place in the jurisdictions where we have operations; the legal and regulatory environment, including environmental, climate, trade, energy, tax, antitrust, sanctions, export controls, construction, human rights and labor welfare, and acquisition-related rules and regulations in the countries and regions in which we have operations; the effects of currency fluctuations on our results of operations and financial condition; our ability to satisfy our obligations under our debt agreements, the indentures that govern our outstanding notes, and our other debt instruments and financial obligations, and also regarding our subordinated notes with no fixed maturity and other financial obligations; adverse legal or regulatory proceedings or disputes, such as class actions or enforcement or other proceedings brought by third parties, government and regulatory agencies, including antitrust investigations and claims; our ability to protect our reputation and intellectual property; our ability to consummate asset sales or consummate asset sales in terms favorable to us, fully integrate newly acquired businesses, achieve cost-savings from our cost-reduction initiatives, implement our pricing and commercial initiatives for our products and services, and generally meet our business strategy’s goals; the increasing reliance on information technology infrastructure for our sales, invoicing, procurement, financial statements, and other processes that can adversely affect our sales and operations in the event that the infrastructure does not work as intended, experiences technical difficulties, or is subjected to invasion, disruption, or damage caused by circumstances beyond our control, including cyber-attacks, catastrophic events, power outages, natural disasters, computer system or network failures, or other security breaches; the effects of climate change, in particular reflected in weather conditions, including but not limited to excessive rain and snow, shortage of usable water, wildfires and natural disasters, such as earthquakes, hurricanes, tornadoes and floods, that could affect our facilities or the markets in which we offer our products and services or from where we source our raw materials; trade barriers, including but not limited to tariffs or import taxes, including those imposed by the United States of America to key markets in which we operate, in particular, Mexico and the EU, and changes in existing trade policies or changes to, or withdrawals from, free trade agreements, including the United States-Mexico-Canada Agreement (the “USMCA”), and the overall impact that the imposition or threat of trade barriers may cause on the overall economy of the countries in which we do business or that are part of our global supply chain; availability and cost of trucks, railcars, barges, and ships, terminals, warehouses, as well as their licensed operators, drivers, staff and workers for transport, loading and unloading of our materials or that are otherwise a part of our supply chain; labor shortages and constraints; our ability to hire, effectively compensate and retain our key personnel and maintain satisfactory labor relations; our ability to detect and prevent money laundering, terrorism financing and corruption, as well as other illegal activities, and how any measures implemented by governments to detect and prevent money laundering, terrorism financing and corruption, and other illegal activities, affect our customers, suppliers and countries in which we do business in general; defaults, losses or disruptions in agreements, financial transactions or operations resulting from sanctions or restrictions imposed on any financial institution, including but not limited to banks, common representatives, trustees, payment processors, paying agents or other financial intermediaries, or any related parties; terrorist and organized criminal activities, social unrest, as well as geopolitical events, such as global, regional or national instability, hostilities, war, and armed conflicts, including the current war between Russia and Ukraine, conflicts in the Middle East and any insecurity and hostilities in Mexico related to illegal activities or organized crime and any actions any government takes to prevent these illegal activities and organized crime; the impact of pandemics, epidemics, or outbreaks of infectious diseases and the response of governments and other third parties, which could adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as the availability of, and demand for, our products and services; changes in the economy that affect demand for consumer goods, consequently affecting demand for our products and services; the depth and duration of an economic slowdown or recession, instability in the business landscape and lack of availability of credit; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as, for example, COVID-19); and our ability to implement our climate action program in effect at any given time, if any, including our current “Future in Action” climate action program, and to achieve our sustainability goals and objectives in effect at any given time, if any, including under our current “Future in Action” climate action program.Many factors could cause our expectations, expected results, and/or projections expressed in this press release and in the events referenced herein not being reached and/or not producing the expected benefits and/or results, including the divestments referenced herein not closing or not closing in the terms herein contained, as any such benefits or results are subject to uncertainties, costs, performance, and also rate of success and/or implementation of technologies, some of which are yet not proven, among other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance and/or achievements may vary materially from historical results, performance, and/or achievements and/or results; performance and/or achievements expressly or implicitly anticipated by the forward-looking statements; or otherwise could have an impact on us. Forward-looking statements should not be considered guarantees of future performance, and past results or developments are not indicative of results or developments in subsequent periods. Actual results, performance and/or achievements of our operations and the development of market conditions in which we operate, or other circumstances that may materialize, may differ materially from those described in, or suggested by, the forward-looking statements contained in this press release, and events referenced therein. Any or all of our forward-looking statements may turn out to be inaccurate and the factors identified above are not exhaustive. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. The forward-looking statements and the information disclosed in this press release are made and stated as of the dates specified in such referenced press release and are subject to change without notice; and, except to the extent legally required, we expressly disclaim any obligation or undertaking to update or correct the information contained in this press release, or revise any forward-looking statements in such referenced press release, whether to reflect new information, the occurrence of anticipated or unanticipated future events or circumstances, any change in our expectations regarding those forward-looking statements, any change in events, conditions or circumstances on which any such statement is based, or otherwise. Readers should review future reports filed or furnished by us with the SEC, the CNBV and the BMV. Market data used in this press release and events referenced herein not attributed to a specific source are our estimates and have not been independently verified. Certain financial and statistical information contained in this press release is subject to rounding adjustments; accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. Unless otherwise specified, all references to records are our internal records.This press release includes certain non-International Financing Reporting Standards (“IFRS”) financial measures that differ from financial information presented by us in accordance with IFRS in its financial statements and reports containing financial information. The aforementioned non-IFRS financial measures include “Operating EBITDA” (operating earnings before other expenses, net plus depreciation and amortization) and “Operating EBITDA Margin”. The closest IFRS financial measure to Operating EBITDA is “Operating earnings before other expenses, net”, as Operating EBITDA adds depreciation and amortization to the IFRS financial measure. Our Operating EBITDA Margin is calculated by dividing our Operating EBITDA for the period by our revenues as reported in our financial statements for the same period. We believe there is no close IFRS financial measure to compare Operating EBITDA Margin. These non-IFRS financial measures are designed to complement and should not be considered superior to financial measures calculated in accordance with IFRS. Although Operating EBITDA and Operating EBITDA Margin are not measures of operating performance, an alternative to cash flows or a measure of financial position under IFRS, Operating EBITDA is the financial measure used by our management to review operating performance and profitability, for decision-making purposes and to allocate resources. Moreover, our Operating EBITDA is a measure used by our creditors to review our ability to internally fund capital expenditures, service or incur debt and comply with financial covenants under our financing agreements. Furthermore, our management regularly reviews our Operating EBITDA Margin by reportable segment and on a consolidated basis as a measure of performance and profitability. These non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. The financial measures presented in this press release are being provided for informative purposes only and shall not be construed as investment, financial, or other advice. Also, this press release includes statistical data regarding the production, distribution, marketing and sale of cement, ready-mix concrete, clinker, aggregates and Urbanization Solutions. We generated some of this data internally, and some was obtained from independent industry publications and reports that we believe to be reliable sources. We have not independently verified this data nor sought the consent of any organizations to refer to their reports in this press release. We act in strict compliance with antitrust laws and as such, among other measures, maintains an independent pricing policy that has been independently developed and its core element is to price our products and services based upon their quality and characteristics as well as their value to our customers. We do not accept any communications or agreements of any type with competitors regarding the determination of our prices for our products and services. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to our prices for our products. The information, statements, and opinions contained in this press release are for informational purposes only and do not constitute a public offer under any applicable legislation, an offer to sell, or solicitation of any offer to buy any securities or financial instruments, or any advice or recommendation with respect to such securities or other financial instruments. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. We are not responsible for any third-party information referenced in this press release.

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Patricio Treviño

+52 (81) 8888-4327

[email protected]

Media Relations

Jorge Pérez

+52 (81) 8259-6666

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March 11, 2026 10:45 pm

Firefly Aerospace Successfully Launches Alpha Flight 7

Stairway to Seven mission tested and validated key Alpha Block II upgrades ahead of Flight 8

LOMPOC, Calif., March 11, 2026 (GLOBE NEWSWIRE) — Firefly Aerospace (Nasdaq: FLY), a market leading space and defense technology company, today announced the successful launch of its Alpha Flight 7 Stairway to Seven mission. Alpha lifted off from Firefly’s Space Launch Complex 2 at the Vandenberg Space Force Base at 5:50 pm PDT on March 11 before completing an orbital insertion and delivering a demonstrator payload for Lockheed Martin.

Firefly’s Alpha rocket also performed a stage two engine relight and validated key Alpha Block II upgrades, including a new in-house avionics suite and enhanced thermal protection system, ahead of the full Block II configuration upgrade planned for Flight 8.

“Alpha Flight 7 was flawlessly executed with all mission requirements completed, further proving the resiliency, innovation, and passion of the Firefly team,” said Jason Kim, CEO of Firefly Aerospace. “Over the last several months, we took a hard look at our processes across engineering, production, test, integration, and operations and invested the time required to make a series of improvements to ensure a higher level of quality and reliability in every Alpha we deliver and launch as we move to our Block II upgrade.”

The Firefly team is now working to complete the final milestones for Alpha Flight 8 that is set to launch the full Block II configuration upgrade designed to enhance reliability and manufacturability across the vehicle. The upgrades include a 7-foot increase to Alpha’s length, consolidated batteries and avionics built in house, improved thermal protection system, and stronger carbon composite structures built with automated machinery.

“Flight 7 served as a critical opportunity to validate Alpha’s performance ahead of our Block II upgrade, and this team knocked it out of the park,” said Adam Oakes, Vice President of Launch at Firefly Aerospace. “I’m incredibly proud of the Firefly team for continuing to define perseverance. We have full confidence in our Alpha rocket, and we’re committed to continuous improvement as we roll out Block II. We want to thank Space Launch Delta 30 and our customers for their ongoing collaboration and support.”

About Firefly Aerospace

Firefly Aerospace is a space and defense technology company that enables government and commercial customers to launch, land, and operate in space – anywhere, anytime. As the partner of choice for responsive space missions, Firefly is the only commercial company to launch a satellite to orbit with approximately 24-hour notice. Firefly is also the only company to achieve a fully successful landing on the Moon. Established in 2017, Firefly’s engineering, manufacturing, and test facilities are co-located in central Texas to enable rapid innovation. The company’s small- to medium-lift launch vehicles, lunar landers, and orbital vehicles are built with common flight-proven technologies to enable speed, reliability, and cost efficiencies for each mission from low Earth orbit to the Moon and beyond. For more information, visit www.fireflyspace.com.

Forward-Looking Statement

This press release contains “forward-looking statements” including, but not limited to, statements regarding the expectations regarding Alpha Flight 8, the benefits and expectations of the Alpha Block II upgrade and other statements regarding Firefly’s future expectations, beliefs, plans, objectives, financial conditions, assumptions, future events, or performance that are not historical facts. In some cases, you can identify forward-looking statements because they contain words such as “set,” “prepare,” “may,” “will,” “expects,” “plans,” “anticipates,” “could,” “would,” “intends,” and “believes.” There may also be negative words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Not all forward-looking statements contain such identifying words. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates, or expectations will be achieved. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. These statements are based on management’s current expectations, assumptions, and beliefs concerning future developments, which are inherently subject to uncertainties, risks, and changes in circumstances that are difficult to predict. We cannot assure you that the events reflected in the forward-looking statements will occur; actual events could differ materially from those described in the forward-looking statements. In addition to the risks and uncertainties of our ordinary business operations and conditions in the general economy and markets in which we compete, the forward-looking statements in this press release are subject to the risks, uncertainties, and other factors disclosed in our filings with the U.S. Securities and Exchange Commission, including our Form 10-Q for the quarterly period ended September 30, 2025, which risks, uncertainties, and other factors could cause actual events to differ materially from those described in the forward-looking statements. Any forward-looking statement speaks only as of the date as of which such statement is made, and except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements whether because of new information, future events; etc.

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Video/Image Gallery

Flickr | Alpha Flight 7 Stairway to Seven

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/60197458-0a6b-4175-8d79-16628937a633