Financial Performance - monday.com reported significant growth in FY2025, with total revenue reaching $500 million, representing a 30% increase year-over-year[38] - Revenue for the years ended December 31, 2025, 2024, and 2023 was $1,232.0 million, $972.0 million, and $729.7 million, representing increases of 27%, 33%, and 41% respectively over the prior year[51] - Total revenue for FY-25 reached $1,232 million, reflecting a year-over-year growth of 27%[216] - Gross margin for the company stood at 89%[216] - Operating cash flow was $333.6 million, $311.1 million, and $215.4 million for the years ended December 31, 2025, 2024, and 2023 respectively[51] - The adjusted free cash flow for the same periods was $322.7 million, $295.8 million, and $204.9 million[51] - Net cash provided by operating activities amounted to $334 million, representing 27% of total revenue[216] - Adjusted free cash flow was $323 million, accounting for 26% of total revenue[216] Customer Metrics - The company achieved a customer retention rate of 95%, indicating strong user satisfaction and loyalty[35] - Net Dollar Retention Rate was 110%, 112%, and 110% for the three months ended December 31, 2025, 2024, and 2023 respectively, with a rate of 116% for customers with more than $50,000 in ARR[46] - As of December 31, 2025, monday.com had over 250,000 customers, including 4,281 enterprise customers with more than $50,000 in ARR[106] Product Development and Innovation - In 2025, monday.com expanded its CRM offerings, launching the AI-powered monday campaigns product, enhancing its product suite for better customer engagement[35] - The company introduced four new AI capabilities in 2025, enhancing its product offerings and user experience[64] - The platform's AI capabilities automate repetitive tasks, significantly increasing productivity and efficiency for users[79] - The mobile application is designed for high performance on smartphones and tablets, catering to mobile-first customer use cases[98] - mondayDB 3.0, which entered beta in 2025, is expected to enable customers to host 5X more projects within a single portfolio[101] - The app marketplace is expected to enhance innovation and expand the addressable market by allowing external developers to create applications[49] Strategic Initiatives - The company plans to invest over $100 million in research and development to enhance AI capabilities and expand into new verticals[39] - The company is actively exploring strategic partnerships and acquisitions to bolster its market position and expand its service offerings[27] - The company aims to expand its global footprint and deepen its partner ecosystem to increase market presence[50] - The company plans to invest in sales and marketing to drive customer acquisition and engagement, leveraging AI sales agents by 2026[48] - The company emphasizes the importance of unified platforms for enterprise tech, which can drive efficiency and strategic advantage[54] Employee and Organizational Development - The builders group consists of 875 employees focused on research and development, enabling rapid product iterations and improvements[109] - The company has 3,155 employees worldwide as of December 31, 2025, with 1,729 in Israel, 755 in the Americas, 514 in Europe, and 157 in APAC[149][150] - The company has established nine Employee Resource Groups (ERGs) to support talent attraction, retention, and employee engagement[153] - The company offers a comprehensive rewards program designed to recruit and retain top talent with market-competitive compensation and benefits[160] Corporate Governance and Shareholder Information - As of December 31, 2025, the company had 51,160,822 ordinary shares outstanding[192] - Major shareholders included Capital World Investors with 3,286,461 shares (6.4%) and WCM Investment Management, LLC with 3,761,924 shares (7.4%)[196] - Roy Mann, Co-CEO, held 4,932,613 shares (9.6%), while Eran Zinman, Co-CEO, held 1,736,323 shares (3.4%) as of December 31, 2025[196] - The group of executive officers and directors collectively owned 7,137,194 shares (13.9%) as of December 31, 2025[196] - The company’s board of directors includes members with extensive backgrounds in technology and finance, enhancing its strategic direction[171-190] Social Responsibility and Philanthropy - The company established the monday.com Foundation to support its social responsibility mission, issuing 68,000 Ordinary Shares to the Foundation[205] - A one-time donation of $6.3 million was made to the Foundation, representing 1% of the proceeds from the initial public offering[207] - The Foundation Services Agreement allows for service fees up to $1.5 million per calendar year for operational support[208] - The company has a philanthropic initiative, the monday.com Foundation, focused on supporting communities through technology and financial resources[162] Security and Compliance - The company is committed to providing a secure environment, utilizing top-tier security tools and aligning with strict data protection measures, including compliance with HIPAA[141][144] - The company has implemented a Guardian add-on to enhance data protection and governance, including features like Tenant-level encryption and Bring Your Own Key[142] Market Position and Competitive Strategy - The company aims to maintain profitability while managing the complexities of rapid growth and increasing operational costs[25] - The company is focused on expanding brand awareness through various marketing strategies, including organic marketing and performance-based marketing[126][127] - The company aims to maintain its competitive edge by continuously improving its technology and adapting to market trends[130][131]

Product Development and Commercialization - The company currently has no products approved for sale and does not expect to generate product revenues for several years[53]. - The clinical product candidates in development include active immunotherapies ACI-35.030, ACI-24.060, ACI-7104.056, and small molecule drug ACI-19764 (NLRP3 inhibitor)[52]. - The company has invested significantly in the development of its product candidates, with a focus on obtaining regulatory approvals and eventual commercialization[53]. - The company relies heavily on collaboration partners for clinical development, which may impact the timeline and success of product commercialization[53]. - The company anticipates incurring losses for the foreseeable future and may need to delay or reduce product development programs if additional funding is not obtained[51]. - The company has conducted clinical studies outside the U.S., and data from these studies may not be accepted by regulatory authorities[49]. - The successful commercialization of product candidates will depend on adequate coverage and reimbursement levels from government and health insurers, which are increasingly scrutinizing pricing and requiring evidence of clinical outcomes[70]. - The company is focusing on expanding its Morphomer and SupraAntigen proprietary technology platforms to develop therapies for diseases like Alzheimer's and Parkinson's, but future product candidates may not be safe or effective[91]. - The company has never commercialized a product candidate and currently lacks a sales force, marketing, or distribution capabilities, which may hinder its ability to achieve commercial success[128]. - Future revenue generation is contingent upon successfully completing clinical development and obtaining marketing approvals for product candidates, including active immunotherapies and small molecule drugs[204]. - The company has a significant in-process research and development asset valued at CHF 50.4 million, which may become impaired if associated R&D efforts are abandoned[216]. Competition and Market Risks - The company faces intense competition from large biopharmaceutical and pharmaceutical companies, which may affect market acceptance of its products[46]. - The company operates in a highly competitive environment, which may lead to challenges in discovering and commercializing competing products[46]. - The company’s key competitor product candidates include AADvac1, UB-311, and VTX3232, among others, indicating a competitive landscape[90]. - The company is unable to predict the market acceptance of its product candidates, which could materially affect revenue generation and profitability[75]. - The potential market opportunity for product candidates is difficult to estimate and may be smaller than anticipated due to various assumptions[77]. - The company faces intense competition from larger pharmaceutical companies and biopharmaceutical firms, which may have greater resources and experience in product development and commercialization[86]. Financial Condition and Funding - The company incurred a net loss of CHF 70.4 million for the year ended December 31, 2025, with accumulated losses totaling CHF 439.0 million[201]. - The company has never generated any revenue from product sales and relies on upfront and milestone payments from collaboration agreements for liquidity[203]. - The company anticipates continuing to incur significant operating losses as it progresses with research and development efforts[202]. - The company has no products approved for commercialization, which poses a substantial risk to its financial condition and future profitability[204]. - As of December 31, 2025, the company had cash and cash equivalents of CHF 26.8 million and short-term financial assets of CHF 64.6 million, resulting in a total liquidity position of CHF 91.4 million[208]. - The company may need to raise additional capital sooner than anticipated due to various factors, including the scope and rate of progress of development activities[208]. - The company has established an "at the market offering" for the sale of up to USD 80.0 million worth of common shares, which may lead to shareholder dilution[212]. Regulatory and Compliance Risks - The company faces risks related to regulatory approvals, which are necessary for the commercialization of product candidates, and may not receive such approvals[218]. - Regulatory approval for product candidates is uncertain across different jurisdictions, which may limit market opportunities[228]. - Sales of approved drugs will be subject to U.S. and non-U.S. regulatory requirements, impacting commercialization plans[228]. - Ongoing regulatory review could result in restrictions on marketing and potential withdrawal of product authorization[232]. - Compliance with international regulatory requirements is crucial to avoid market access limitations and realize full market potential[230]. - The company may incur substantial expenses to meet ongoing regulatory obligations and oversight after product approval[231]. - Changes in regulatory policies could impact the approval timeline and market introduction of product candidates[233]. Intellectual Property Risks - The company may be subject to claims of patent infringement that could materially affect its ability to commercialize product candidates[186]. - The patent position is uncertain, with potential challenges to validity and enforceability that could allow competitors to commercialize similar products[160]. - The company may face intellectual property litigation, which could be costly and time-consuming, impacting ownership of patents[152]. - The company relies on trade secret protection and confidentiality agreements to safeguard proprietary know-how, but trade secrets can be difficult to protect, increasing the risk of competitive disadvantage[168]. - The company’s patent protection for some product candidates depends on third parties, and failure of these parties to maintain patents could adversely affect the company's exclusivity and market position[175]. - Third-party claims of intellectual property infringement could expose the company to significant liability and delay development efforts[184]. Operational and Strategic Risks - The company relies on third-party manufacturers for production and processing of product candidates, and disruptions in their operations could adversely affect clinical supplies[126]. - The company has strategic partnerships with Eli Lilly, Janssen, Lantheus, and Takeda, which are crucial for its business and commercialization prospects[133]. - The company may seek additional strategic alliances to enhance its product development and commercialization efforts, which could be complex and time-consuming[138]. - The company faces significant competition in establishing collaborations, and delays in partnerships could impact the development and commercialization of its product candidates[139]. - The company is dependent on third-party suppliers for the manufacturing of product candidates, and any issues with these suppliers could impair research and development programs[143]. Cybersecurity and Data Privacy Risks - Cybersecurity risks are increasing, with potential breaches leading to liability, reputational damage, and operational disruptions[117]. - Data privacy breaches could expose sensitive information, resulting in significant costs and operational challenges[118]. - Compliance with evolving data privacy laws, such as GDPR, may impose substantial operational costs and require changes in data processing practices[124]. - Non-compliance with data privacy regulations could lead to reputational damage and significant fines, adversely affecting financial condition[125]. - The company is subject to both U.S. and international data protection regulations, increasing complexity and potential liability[124]. - Global geopolitical events, such as the Russia-Ukraine conflict, heighten cybersecurity risks for the company and its partners[121]. Economic and Market Conditions - Unfavorable global economic conditions, such as rising interest rates and high inflation, could adversely affect the company's financial condition and operational capabilities[94]. - The U.S. government announced significant tariff increases, including a 39% tariff on goods imported from Switzerland, which could impact the company's financial condition[95]. - Rising inflation may increase costs of components and raw materials, adversely influencing profit margins and commercialization efforts[148].

Acquisitions and Strategic Growth - The company recently acquired the exclusive distribution rights in the U.S. to the Saypha line of hyaluronic acid injectable gels, integrating it within the Obagi Medical business[56]. - On July 23, 2025, the company announced the acquisition of Novaestiq Corp., aimed at expanding Obagi Medical's offerings beyond U.S. medical-grade skincare[56]. - The strategic acquisition is intended to position Obagi Medical as an industry leader in integrated skincare and aesthetic solutions[56]. - The company expects capital and operating expenditures to increase as it expands its international footprint and invests in innovation and marketing activities[69]. - The international expansion of Obagi Medical and Milk Makeup products is a core growth strategy, with significant investments needed for establishing distribution networks in new markets[103]. Financial Performance and Risks - The company faces challenges in maintaining adequate cash flow and profitability, with risks including declining sales or rising costs that could weaken financial stability[35]. - The company is undergoing a strategic review to maximize shareholder value, but there is no assurance that this will result in successful transactions or increased shareholder value[48]. - The company recorded non-cash impairment charges of $132.1 million for Obagi Medical and $20.0 million for Milk Makeup due to discrepancies between projected and actual performance post-acquisition[66]. - The financial performance of the company's brands has historically been variable, with potential future declines in sales and operating results due to external factors[72]. - The company faces challenges in achieving profitability, with a history of operating losses and the need to adapt to rapidly shifting consumer beauty trends[74]. Regulatory and Compliance Challenges - The company must enhance its sales force and regulatory compliance functions to compete in the medical devices segment, which is highly regulated[57]. - The company is exposed to various risks including regulatory actions, litigation, and compliance challenges that could impact financial performance and reputation[38]. - The introduction of the MoCRA in December 2022 imposes new compliance obligations for cosmetic products, which could harm operations if not adhered to[119]. - The company is subject to various legal and regulatory risks, including potential product liability claims that could exceed insurance coverage and impact financial resources[113]. - Compliance with diverse regulations and intellectual property protections in international markets increases the risk of counterfeit products and operational uncertainties[105]. Inventory and Supply Chain Management - Effective inventory management is critical, as misestimating demand could lead to inventory write-offs and impact sales[80]. - The company's reliance on international distributors for demand forecasts may hinder its ability to accurately manage inventory levels, affecting sales and operating results[81]. - Obagi Medical products have expiration dates ranging from 24 to 36 months, and the company estimates potential excess inventory that may need to be written down, which could adversely affect net income and financial condition[82]. - The company is dependent on a limited number of suppliers for critical components, which could lead to production delays and inefficiencies if disruptions occur[201]. - Rising shipping costs and operational disruptions in the supply chain could adversely affect the company's gross margins and profitability[203]. Shareholder and Market Considerations - The company entered into 2023 Subscription Agreements for the issuance of 14,000,000 Class A ordinary shares at a price of $5.00 each, resulting in gross proceeds of $70.0 million[157]. - The company is subject to potential delisting from Nasdaq due to non-compliance with filing requirements, with a notice received on October 31, 2023, indicating a delisting determination effective November 9, 2023[151]. - The company has a significant number of outstanding warrants, totaling 29,533,282 Class A ordinary shares, exercisable at an exercise price of $11.50 per share, which could lead to further dilution[159]. - The company may issue additional securities without shareholder approval, which could dilute existing ownership interests and depress market prices[156]. - The company faces risks related to share price volatility and limited liquidity in trading, which may affect the market price of its securities[148]. Legal and Data Privacy Risks - The company is subject to various anti-corruption laws, including the U.K. Bribery Act and the FCPA, which could lead to significant penalties if violated[128]. - Compliance with privacy and data protection laws is complex and evolving, with potential for significant penalties for noncompliance[133]. - The California Consumer Privacy Act (CCPA) and the California Privacy Rights Act (CPRA) impose substantial compliance costs and potential liabilities for the company[135]. - The GDPR imposes fines ranging from €10 million to €20 million or 2% to 4% of annual global revenue for breaches, which could significantly impact the company's financial condition[137]. - Noncompliance with privacy laws could lead to negative publicity, investigations, and significant fines, adversely affecting the company's operations[144]. Operational and Market Competition - The cosmetics and skincare industry is highly competitive, with many competitors possessing greater financial and marketing resources, which could negatively impact the company's growth prospects[193]. - The company faces risks related to the timely introduction of new products, which are critical for aligning with consumer trends and sustaining growth[194]. - The company does not have the infrastructure to manufacture products and relies on third-party contract manufacturers, exposing it to regulatory compliance risks[205]. - Compliance with FDA regulations is critical, and violations could lead to significant operational disruptions and financial penalties[206]. - The company’s ability to attract and retain qualified personnel is crucial for future growth, with intense competition in the job market posing a challenge[197].

Acquisition and Industry Presence - The acquisition of MJBiz was completed on December 31, 2021, enhancing the company's presence in the cannabis industry through its publication MJBiz Daily and the annual MJBizCon event [87]. - The company may face regulatory, financial, and operational risks associated with its connection to the cannabis industry through MJBiz, despite not directly engaging in cannabis sales [87]. Financial Performance and Risks - The company is exposed to foreign exchange rate fluctuations, particularly with currencies like the U.K. Pound Sterling, which may impact financial performance [86]. - The company has experienced increased event cancellation insurance premiums and higher deductibles due to a history of claims related to COVID-19 and natural disasters [95]. - The company has identified material weaknesses in internal control over financial reporting, which could affect the accuracy of financial results and investor confidence [99]. - Remediation efforts for previously identified material weaknesses have been costly and time-consuming, focusing on enhancing control activities related to preferred stock accounting [100]. - The company maintains various insurance policies, but these may not cover all risks associated with business operations, potentially leading to material adverse effects on financial condition [95]. - The company faces risks associated with event cancellations or interruptions, which may not be fully covered by insurance [95]. - The company faces risks related to its high level of indebtedness, which could limit its ability to raise additional capital and increase vulnerability to adverse economic conditions [107]. - Changes in income tax rates and regulations, including the Inflation Reduction Act and the One Big Beautiful Bill Act, may affect the company's future financial results [104]. - The company recorded intangible asset impairment charges of $7.3 million, with potential for further impairment charges in future periods [102]. - The stock price has experienced significant fluctuations, which may continue due to various factors beyond the company's control [124]. Operational and Management Challenges - The company relies on digital media and print publications to engage with event audiences, and failure to generate relevant content could negatively impact revenues [90]. - The company has long-term sponsorship agreements with industry associations that are crucial for marketing trade shows, and disruptions in these relationships could adversely affect business [93]. - The company relies on key management personnel, and their loss could negatively impact business operations [105]. - The company is currently reviewing and updating its information technology systems to enhance data analytics capability, which may consume time and resources [116]. - The company relies on license agreements for certain trade shows and events, and disruptions in these relationships could adversely impact revenue streams [120]. - The company faces risks related to the infringement of proprietary rights, which could materially affect its business operations [121]. - The use of AI technologies in the company's operations may lead to reputational harm and financial costs if not managed properly [122]. Governance and Shareholder Rights - Onex owns approximately 93.3% of the company's outstanding common stock, allowing it to control major corporate decisions [126]. - Future stock issuances could negatively impact the market price of the company's common stock [128]. - The company has reintroduced a quarterly dividend of $0.015 per share, with payments subject to board discretion and financial conditions [137]. - The company is a holding entity with no operations of its own, relying on dividends and distributions from subsidiaries [140]. - The ability of subsidiaries to pay dividends is subject to local laws and contractual arrangements, including indebtedness [140]. - Delaware law may impose restrictions on the company's ability to pay dividends to common stockholders [140]. - The board of directors is divided into three classes with staggered three-year terms [139]. - Stockholders can only remove directors "for cause" once Onex owns less than 50% of outstanding common stock [139]. - Stockholders are prohibited from calling special meetings once Onex owns less than 50% of outstanding common stock [139]. - Stockholder actions by written consent are prohibited once Onex owns less than 50% of outstanding common stock [139]. - The board is authorized to adopt, alter, or repeal the second amended and restated bylaws [139]. - The Court of Chancery of the State of Delaware will be the exclusive forum for disputes between the company and stockholders [139]. - Approval from at least two-thirds of outstanding shares is required to amend certain bylaws if Onex ceases to own more than 50% of outstanding common stock [139].

Revenue Performance - Full-year 2025 revenues were $463.4 million, an increase of $64.6 million, or 16.2%, compared to the prior year, driven by acquisitions and higher organic revenues [6]. - Fourth quarter 2025 revenues were $132.7 million, an increase of $25.9 million, or 24.3%, compared to the fourth quarter 2024, primarily due to $25.4 million in revenue from acquisitions [9]. - Full-year 2025 organic revenues were $397.0 million, an increase of $4.4 million, or 1.1%, from $392.6 million in the prior year period [6]. - Total revenues for the three months ended December 31, 2025, were $132.7 million, a 24.3% increase from $106.8 million in the same period of 2024 [39]. - The Connections segment generated revenues of $121.9 million for the three months ended December 31, 2025, up 29.4% from $94.3 million in the prior year [44]. - The company reported a 29.3% increase in revenues from connections for the three months ended December 31, 2025, totaling $121.9 million compared to $94.3 million in 2024 [40]. - The total revenues for the year ended December 31, 2025, reached $463.4 million, a 16.2% increase from $398.8 million in 2024 [44]. Financial Performance - Adjusted EBITDA for full-year 2025 was $127.1 million, a 25.0% increase from $101.7 million in the prior year [6]. - Fourth quarter 2025 adjusted EBITDA was $36.3 million, a 9.7% increase from $33.1 million in the fourth quarter 2024 [9]. - Adjusted EBITDA for the three months ended December 31, 2025, was $36.3 million, up from $33.1 million in the same period of 2024 [42]. - Adjusted EBITDA for the Connections segment was $46.9 million for the three months ended December 31, 2025, representing a 30.5% increase from $36.1 million in the same period of 2024 [44]. - The company reported a net loss of $30.7 million for full-year 2025, compared to net income of $2.2 million in the prior year [6]. - The company reported a net loss of $30.2 million for the three months ended December 31, 2025, compared to a net income of $5.1 million for the same period in 2024 [36]. - The company reported a loss before income taxes of $25.0 million for the three months ended December 31, 2025, compared to income of $11.3 million in the same period of 2024 [44]. Cash Flow and Expenditures - For the full year 2025, net cash provided by operating activities was $42.6 million, a decrease from $46.8 million in the prior year [24]. - Full year 2025 capital expenditures were $8.3 million, down from $9.8 million in the prior year [24]. - Free cash flow for the year ended December 31, 2025, was $34.3 million, compared to $37.0 million in 2024, reflecting a decrease of 7.3% [43]. - The company’s free cash flow excluding event cancellation insurance proceeds was $10.1 million for the three months ended December 31, 2025, compared to $17.9 million in 2024, a decrease of 43.3% [43]. - Capital expenditures for the three months ended December 31, 2025, were $2.2 million, consistent with the same period in 2024 [43]. Shareholder Actions - The company repurchased 282,386 shares for $1.3 million in the fourth quarter 2025 at an average price of $4.56 per share [18]. - The share repurchase program has resulted in the buyback of 17.3 million shares for a total of $71.3 million since its restart in 2021 [19]. - The company declared a dividend of $0.015 per share for the quarter ending March 31, 2026 [17]. Strategic Initiatives - The company has initiated a review of potential strategic options following inquiries regarding a possible acquisition [20]. - The company is focused on leveraging artificial intelligence and other technologies to enhance its products and services [34]. - The company plans to hold a conference call on March 13, 2026, to discuss its fourth quarter 2025 results [22]. Balance Sheet Highlights - Total assets increased to $1,212.8 million as of December 31, 2025, compared to $1,048.7 million as of December 31, 2024 [38]. - Total liabilities rose to $874.0 million as of December 31, 2025, compared to $662.8 million as of December 31, 2024 [38]. - Cash and cash equivalents decreased to $100.9 million as of December 31, 2025, down from $194.8 million as of December 31, 2024 [38]. - Goodwill increased to $783.6 million as of December 31, 2025, compared to $573.8 million as of December 31, 2024 [38]. - Deferred revenues increased to $219.2 million as of December 31, 2025, from $190.5 million as of December 31, 2024 [38].

Financial Performance - Reported revenue for 2025 was €20.9 billion, an increase of 2.3%, with comparable and FX neutral revenue at €21.3 billion, reflecting a growth of 2.8%[14] - Reported operating profit rose by 31.0% to €2.8 billion, while on a comparable and FX neutral basis, it increased by 7.1% to €2.9 billion[14] - Reported diluted earnings per share (EPS) was €4.26, with comparable diluted EPS at €4.11[14] - CCEP returned just under €2 billion to shareholders in 2025, including €1 billion from its share buyback program[39] - The company achieved robust top and bottom line growth in 2025, marking a record year across all key financial metrics[39] Sustainability Initiatives - The company achieved an 18.9% absolute reduction in greenhouse gas emissions compared to 2019[14] - The company was included in CDP's A-list for climate for the 10th consecutive year, highlighting its commitment to sustainability[22] - CCEP Ventures continues to invest in innovative solutions to support sustainability ambitions[22] - The company reported that 84.1% of the electricity consumed came from renewable sources, reflecting its commitment to sustainability[133] - Coca-Cola Europacific Partners returned 23.6 million m³ of water to nature through 63 water replenishment projects, supporting its sustainability initiatives[133] - The company aims to achieve Net Zero emissions (Scope 1, 2, and 3) by 2040, with a 30% reduction in absolute GHG emissions by 2030 compared to 2019 levels[144] - By 2030, the company targets to return at least 85% of the total water used in high-risk locations to nature and communities, with a goal of 100% by 2035[143] - The company plans to collect and recycle at least 85% of the bottles and cans sold by 2030, and ensure that at least 30% of the PET used in plastic bottles is recycled PET[143] - The company is focused on enhancing water security across its value chain and achieving best-in-class water stewardship[147] - The company is investing in low-carbon solutions through CCEP Ventures to support its emissions reduction targets[154] Community Engagement - The company supported 146,100 people through its Skills for Impact programme, enhancing employability and entrepreneurship[14] - The GIRA Jóvenes program reached approximately 700 participants in 2025, with over 300 from rural areas, showcasing CCEP's commitment to community support[26] - The company aims to strengthen local communities through grassroots support and employee volunteering initiatives[149] Operational Developments - The Philippines acquisition was completed on February 23, 2024, contributing to the financial results for the year[14] - The company invested around €1 billion in 2025 to expand manufacturing capacity, evolve its packaging portfolio, and advance digital transformation[40] - CCEP placed over 75,000 coolers in Europe in 2025, which are a significant growth engine for the company[37] - Coca-Cola Europacific Partners invested in new production facilities, including a new can line in Australia and a production facility in the Philippines, to support growing demand and local preferences[128] - A new greenfield site investment in North Luzon, Philippines, was approved to enhance production capacity and support long-term growth ambitions in the Asia-Pacific region[183] Product Innovation - CCEP's alcohol ready-to-drink (ARTD) portfolio is rapidly scaling, supported by new flavor launches and partnerships[34] - Coca-Cola Zero Sugar volumes grew by +5.3% in FY 2025, driven by strong performance in Europe and double-digit growth in Australia and the Philippines[78] - Sports volumes increased by +4.5% in FY 2025, primarily due to the growth of Aquarius in Spain[78] - Energy volumes surged by +18.8% in FY 2025, supported by innovation and distribution gains[78] - New product innovations included bold flavors in the Fanta Zero Sugar line-up and limited-edition collaborations with the English Premier League[81] - The company expanded its ARTD portfolio with new products like Absolut Vodka & Sprite Watermelon and BACARDI & Coca-Cola[81] Employee Engagement - The workforce consisted of 39,000 employees across 31 countries, with a commitment to diversity and inclusion, aiming for at least 45% of leadership positions to be held by women by 2030[102] - The company invested in digital innovation, enhancing data and AI capabilities through a global learning program for all employees[90] - The Employee Share Purchase Plan saw over 50% employee participation, allowing staff to own a part of the company's success[97] Strategic Partnerships and Market Position - The company secured strategic partnerships with key accounts, including Dutch football giant Feyenoord and Taco Bell in Sweden, reinforcing its ability to deliver joint growth plans[125] - Coca-Cola Europacific Partners generated €3.9 billion of value for retail customers over the last three years, delivering more revenue growth than FMCG peers in Europe in 2025[117] - The company empowered its sales force with AI-driven tools, enhancing planning and partnership capabilities, which contributed to €2.38 billion of revenue from the MyCCEP customer portal serving around 280,000 registered customers[118][119] Risk Management - CCEP's Enterprise Risk Management framework aligns with the COSO ERM Framework, integrating risk management into business planning processes[192] - The company conducts annual Enterprise Risk Assessments to analyze principal risks and their potential impacts, ensuring proactive risk management[195] - CCEP's Business Resilience program includes extensive training and crisis resolution processes to safeguard revenue and brand value[193] Financial Strategy - A share buyback program of up to €1 billion was announced, commencing on February 18, 2025, and completed on December 22, 2025[175] - The program is supported by CCEP's robust financial performance, with a target leverage range of 2.5–3.0x net debt to comparable EBITDA, ensuring financial resilience[179] - The Board's decisions reflect a commitment to disciplined investment and delivering attractive returns for shareholders while considering the interests of all stakeholders[188]

Financial Performance - Sales for 2025 reached £3,577 million, reflecting an underlying growth of 4%[20] - Adjusted operating profit for 2025 was £614 million, with an underlying growth of 6%[20] - Free cash flow increased by 125% year-on-year, totaling £527 million[20] - The group adjusted operating profit margin improved to 17.2%[20] - In 2025, the company achieved underlying sales growth of 4%, with adjusted operating profit of £614 million, reflecting a 6% increase on an underlying basis[73] - Free cash flow conversion remained strong at 125%, underscoring the resilience of the company's model[73] - The company expects adjusted operating profit for 2026 to be between £640m and £685m, with a free cash flow conversion of 90-100%[182] - Sales increased by £25m or 1% from £3,552m in 2024 to £3,577m in 2025, with underlying sales growth of 4%[178] - Adjusted operating profit rose by £14m or 2% from £600m in 2024 to £614m in 2025, while reported operating profit decreased by £34m from £541m to £507m[178] - Free cash flow for 2025 was £527m, up from £490m in 2024, reflecting a 7.6% increase[175] Business Segments Performance - Pearson Professional Assessments continued to lead the global market in large-scale testing services, securing new contracts despite challenges[24] - Clinical Assessment experienced strong growth, driven by digital product adoption and the launch of innovative products like Revibe[25] - The US Student Assessment unit renewed and extended key contracts, including Maryland, while launching a partnership with McGraw Hill[26] - The UK & International Qualifications segment benefited from volume growth and expanded digital offerings[27] - The English Language Learning segment continued to grow, with the Pearson Test of English performing well despite a challenging market backdrop[78] - In the Virtual Learning segment, sales grew by 4% on a headline basis and 8% on an underlying basis, with adjusted operating profit increasing by 29% in underlying terms[194] - The Assessment & Qualifications segment saw sales growth of 1% on a headline basis and 4% on an underlying basis, with adjusted operating profit increasing by 1%[186] - Higher Education sales decreased by 1% on a headline basis but increased by 2% on an underlying basis, with strong growth in Inclusive Access up 19%[197] - English Language Learning sales decreased by 4% on a headline basis but grew by 1% on an underlying basis, with adjusted operating profit increasing by 16% in underlying terms[198] - Enterprise Learning & Skills sales increased by 4% on a headline basis and 6% on an underlying basis, with adjusted operating profit rising by 40% in underlying terms[200] Strategic Initiatives and Partnerships - The acquisition of eDynamic Learning enhanced Pearson's ability to support learners transitioning from education to the workforce[35] - Priorities for 2026 include expanding into high-stakes test prep and enhancing operational excellence through AI[28] - The company expanded its digital learning capabilities with new AI-powered tools, including the Smart Lesson Generator for educators[38] - The launch of Communication Coach, co-developed with Microsoft, aims to improve communication skills for both native and non-native English speakers[41] - Strategic partnerships with Microsoft, AWS, and Google Cloud are instrumental in accelerating the company's cloud transformation and providing unique go-to-market opportunities[61] - The company is focused on reskilling and upskilling employees through its Enterprise Skilling initiatives, utilizing a unique skills ontology to identify workforce capabilities[81] - The company plans to enhance access and integration across its Inclusive Access offerings in the US while focusing on international digital expansion and content localization[36] - The company is committed to scaling collaboration in high-impact domains with leading hyperscalers and professional services partners, with multiple transformative projects already underway[95] - The company plans to deepen partnerships with industry associations and workforce boards to build a sustainable, skills-ready talent pipeline[95] - The company aims to create vibrant learning experiences by studying trends in usage and behavior, and conducting focus groups and surveys[124] Innovation and Technology - The company launched the PTE Express Test to meet the growing demand for trusted online testing among US-bound learners[39] - Significant expansion of AI capabilities was noted, including the deployment of AI agents for customer support and market analysis, improving speed and accuracy[94] - The company is embedding AI in customer services to boost efficiency and impact[1] - The AI Centre for Enablement (C4E) was established to unify standards, tools, and expertise for the responsible deployment of AI solutions across the product ecosystem[96] - The company is focused on scaling proven AI solutions and advancing responsible practices to deliver innovative, research-driven learning experiences to more learners and educators worldwide[96] - The company is exploring immersive technologies in partnership with Meta for Education and Vū Technologies to enhance learning products[122] - The company plans to further embed AI across its product ecosystem, guided by learning science principles[96] Organizational Development and Leadership - Leadership changes include the departure of Sally Johnson in May 2026 and the appointment of Simon Robson as the new Group Chief Financial Officer in March 2026[83] - The company is committed to investing in the growth and development of its people, providing clarity on success and progression through its Career Navigation System and Learning Hub[96] - The launch of the Career Navigation System (CNS) in 2025 provided clarity on career pathways, simplifying the structure from 1,600 to 140 roles[152] - The global engagement survey in 2025 showed that 87% of employees provided feedback, with an overall Grand Mean score improving by +0.07 to 4.23 out of 5[157] - The company held 218 meetings with 198 institutions in 2025, focusing on financial performance, strategy execution, and capital allocation[97] Shareholder Value and Capital Management - The company is committed to increasing its final dividend to 25.2p per share, reflecting confidence in its financial outlook and commitment to shareholder value creation[60] - A £350 million share buyback program was launched in January 2026 to demonstrate proactive capital management and drive long-term stakeholder value[96] - The company established a Capital Committee to allocate investments towards faster growth segments, demonstrating a proactive capital deployment strategy[1] - Investment priorities have been aligned with clear opportunities for growth, returns, and value creation, optimizing capital deployment across time horizons[96]

Product Launch and Revenue - Tonix Pharmaceuticals launched TONMYA™ on November 17, 2025, for fibromyalgia treatment, with over 1,500 healthcare providers prescribing it and approximately 2,500 patients initiating treatment by February 27, 2026[1][6] - Net product revenue for the full year 2025 was approximately $13.1 million, an increase from $10.1 million in 2024, with TONMYA contributing approximately $1.4 million from its launch to year-end[16] - Product revenue for the year ended December 31, 2025, was $13,107 million, a 30% increase from $10,094 million in 2024[28] Expenses - Research and development expenses for 2025 were approximately $44.5 million, up from $40.0 million in 2024, primarily due to pipeline prioritization and increased headcount[17] - Selling, general, and administrative expenses for 2025 were $87.7 million, significantly higher than $40.1 million in 2024, driven by spending on sales and marketing for TONMYA[17] - Research and development expenses increased to $44,486 million in 2025 from $39,972 million in 2024, reflecting an 11% rise[28] - Selling, general, and administrative expenses surged to $87,684 million in 2025, compared to $40,101 million in 2024, marking a 118% increase[28] Financial Performance - The net loss available to common stockholders for 2025 was approximately $124.0 million, or $14.57 per share, compared to a net loss of $130.0 million, or $176.60 per share, in 2024[18] - The net loss for the year ended December 31, 2025, was $124,021 million, slightly improved from a net loss of $130,036 million in 2024[28] - The net loss per common share, basic and diluted, was $14.57 for 2025, compared to $176.60 for 2024[28] - The company reported a significant operating loss of $125,703 million for the year ended December 31, 2025, compared to an operating loss of $136,701 million in 2024[28] Cash and Assets - As of December 31, 2025, Tonix had approximately $207.6 million in cash and cash equivalents, up from $98.8 million at the end of 2024[12] - The company completed a $20.0 million registered direct offering in December 2025 to fund commercialization and pipeline development[13] - Total assets increased to $277,171 million in 2025 from $162,890 million in 2024, representing a 70% growth[30] - Cash and cash equivalents rose significantly to $207,637 million in 2025, up from $98,776 million in 2024, indicating a 110% increase[30] - Total liabilities increased to $32,021 million in 2025 from $23,332 million in 2024, a 37% rise[30] - Stockholders' equity grew to $245,150 million in 2025, compared to $139,558 million in 2024, reflecting a 76% increase[30] Future Plans and Studies - Tonix plans to initiate a U.S. field study for TNX-4800 in 2027 for Lyme disease prevention, pending FDA clearance[1][5] - The company expects to initiate enrollment for the HORIZON study of TNX-102 SL in major depressive disorder in mid-2026[9] - Tonix's salesforce for TONMYA consists of approximately 90 members, aimed at increasing awareness and adoption among healthcare providers[2] Market and Strategic Initiatives - The company reported a significant increase in revenue, reaching $96.77 billion in the September quarter, setting a record for iPhone sales[110] - User data indicates a growing customer base, with a notable increase in active devices across all product lines[110] - Future outlook remains positive, with guidance suggesting a revenue growth of 10% year-over-year for the next quarter[110] - The company is investing heavily in R&D for new products, with a budget allocation of $5 billion for the upcoming fiscal year[110] - Market expansion efforts are underway, targeting emerging markets with a projected increase in market share by 15%[110] - Recent acquisitions have strengthened the company's position in the AI sector, contributing an estimated $1 billion in additional revenue[110] - The company plans to launch three new products in the next quarter, expected to generate $2 billion in sales[110] - A new technology initiative aims to enhance user experience, with a projected increase in customer satisfaction ratings by 20%[110] - The company is focusing on sustainability, with a goal to reduce carbon emissions by 30% over the next five years[110] - Strategic partnerships are being formed to enhance supply chain efficiency, potentially reducing costs by 10%[110]

Financial Performance - The company reported a net loss of $52,953 for the three months ended December 31, 2025, with a basic and diluted net loss per ordinary share of $0.01 [13]. - The Company reported a net loss of $52,953 for the three months ended December 31, 2025, primarily due to general and administrative costs [101]. - As of December 31, 2025, the Company had a working capital deficit of $299,606 and no cash available [102]. Initial Public Offering (IPO) - The company raised gross proceeds of $100,000,000 from its Initial Public Offering (IPO) on February 17, 2026, with each unit priced at $10.00 [26]. - The Initial Public Offering generated gross proceeds of $100,000,000 from the sale of 10,000,000 Units at $10.00 per Unit [44]. - The company completed its Initial Public Offering (IPO) on February 17, 2026, selling 10,000,000 Units at $10.00 per unit, generating gross proceeds of $100,000,000 [123]. - In conjunction with the IPO, the company sold 350,000 Private Placement Units at $10.00 per unit, resulting in gross proceeds of $3,500,000 [124]. - The company also sold 350,000 Private Placement Units for a total of $3,500,000, with each Unit priced at $10.00 [65]. - Total transaction costs related to the IPO totaled $4,708,386, which included a cash underwriting fee of $2,000,000 and the fair value of EBC founder shares amounting to $501,500 [28]. - The Company incurred total offering costs of $4,708,386, including a cash underwriting fee of $2,000,000 [104]. Assets and Equity - Total assets as of December 31, 2025, amounted to $758,705, compared to $113,494 as of September 30, 2025, indicating a significant increase [10]. - Shareholders' equity increased to $459,099 as of December 31, 2025, up from $8,922 as of September 30, 2025, reflecting a substantial growth in equity [17]. - The Company had cash of $1,152,138 and working capital of $584,394 as of February 17, 2026, following the Initial Public Offering [44]. Business Operations - As of December 31, 2025, the company had not commenced any operations and will not generate operating revenues until after completing a business combination [25]. - The Company does not expect to generate operating revenues until after the completion of its Business Combination [100]. - The Company has broad discretion regarding the application of net proceeds from the IPO, primarily aimed at consummating a business combination [29]. - The Company may need to raise additional funds to complete its Business Combination or to cover redemptions of public shares [108]. Future Plans and Focus - The company intends to focus its search for business combinations on the deep technology sector, particularly in Asia, including areas like artificial intelligence and biotechnology [24]. - The Company has until 21 months from the closing of the Initial Public Offering to consummate a Business Combination [37]. - The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period [38]. Financial Obligations and Loans - The Company has a commitment to pay EBC a service fee of 3.5% of the gross proceeds from the Initial Public Offering, amounting to $3,500,000, upon consummation of its initial Business Combination [81]. - The Company has agreed to loan $150,000 from the Sponsor for Initial Public Offering expenses, with $98,688 borrowed as of December 31, 2025 [70]. - Up to $1,500,000 of Working Capital Loans may be converted into units at a price of $10.00 per unit upon consummation of the Business Combination [45]. Regulatory and Risk Factors - The Company is considered an "emerging growth company" and may take advantage of certain exemptions from various reporting requirements [48]. - The geopolitical instability from the Russia-Ukraine conflict and the Israel-Hamas conflict may lead to market disruptions and affect the Company's search for an initial Business Combination [74]. - As of the date of the Quarterly Report, there have been no material changes to the risk factors disclosed in the final prospectus for the IPO [122]. - The company has not experienced any changes in internal control over financial reporting that materially affected its financial reporting during the fiscal quarter of 2026 [118]. Miscellaneous - The Company has entered into an Administrative Services Agreement to pay $10,000 per month for office space and administrative support services [110]. - The Company has no off-balance sheet arrangements as of December 31, 2025 [109]. - The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense, with no unrecognized tax benefits as of December 31, 2025 [55]. - The Company recorded deferred offering costs of $501,500 related to the issuance of 250,000 EBC founder shares, valued at approximately $2.006 per share [68]. - The Company issued 250,000 founder shares during the period, increasing the total ordinary shares outstanding to 4,083,333 [17]. - The Company is authorized to issue 200,000,000 ordinary shares, with 4,083,333 shares issued and outstanding as of December 31, 2025 [83].

Financial Performance - Revenue for the year ended December 31, 2025, was $250.2 million, a decrease of $38.3 million, or 13.3%, compared to $288.5 million in 2024[152]. - Gross profit decreased by $7.5 million to $42.5 million in 2025, with a gross profit margin of 17.0%, down from 17.3% in 2024[157]. - Net loss for the year ended December 31, 2025, was $(15.4) million compared to a net loss of $(15.1) million in 2024[168]. - Adjusted EBITDA for 2025 decreased 35.7% to $9.3 million from $14.5 million in 2024[171]. - The decline in revenue was primarily driven by headwinds from certain clients in the industrial end market, reducing revenue by $31.4 million[153]. - Incremental growth across the broader portfolio contributed approximately $7.0 million in revenue during 2025, with $29.4 million from new client growth[154]. Cost Management - Cost of revenue decreased to $207.7 million in 2025 from $238.5 million in 2024, primarily due to lower volumes related to customer attrition and divestiture of underperforming operations[156]. - Operating expenses decreased to $48.7 million in 2025 from $54.5 million in 2024, driven by labor-related cost savings and reduced professional fees[159]. - Interest expense decreased to $9.2 million in 2025 from $10.3 million in 2024, primarily due to reduced borrowings under the revolving credit facility[165]. Cash Flow and Working Capital - Net cash provided by operating activities improved significantly to $9.6 million in 2025, a positive change of $15.6 million compared to a cash outflow of $6.1 million in 2024[187]. - Cash provided by investing activities was $4.6 million in 2025, primarily from the sale of divested business operations, compared to a cash outflow of $6.0 million in 2024[190]. - Net cash used in financing activities was $(13.5) million in 2025, driven by net repayments of $5.7 million on notes payable and $7.5 million on the ABL Facility, contrasting with a cash inflow of $12.1 million in 2024[191]. - As of December 31, 2025, the company had working capital of $11.7 million, a decrease from $30.7 million in 2024, primarily due to the sale of $9.9 million in assets held for sale[175]. - The company had cash and cash equivalents of $1.0 million as of December 31, 2025, an increase from $0.4 million in 2024[175]. Debt and Financing - The principal amount of the senior secured term loan facility was $51.1 million as of December 31, 2025, with a maturity date of June 28, 2030[178]. - The company entered into a Loan and Security Agreement with Texas Capital Bank on March 12, 2026, providing for an asset-based revolving credit facility of up to $40.0 million[183]. - The company believes its existing cash, borrowing availability, and expected cash generation from operations will be sufficient to fund operations for the next 12 months[177]. Impairment and Valuation - The company performed its most recent goodwill impairment analysis in Q2 2025, with no impairment recorded[198]. - An impairment charge of $1.7 million was recognized for customer relationship intangible assets during the year ended December 31, 2025, due to recoverability issues[199]. - As of December 31, 2025 and 2024, the company established a full valuation allowance for all deferred tax assets[203]. - The company does not anticipate any significant unrecognized tax benefits will be recorded during the next 12 months[204]. Financial Instruments and Risks - Financial instruments consist of cash and cash equivalents, accounts receivable, and accounts payable, with no significant currency or credit risks identified[205]. - The fair values of financial instruments approximate their carrying values, based on short maturities or current borrowing rates[205]. - The company has no off-balance sheet debt or similar obligations[207]. Stock Options and Compensation - Stock options are estimated using the Black-Scholes model, with significant assumptions based on historical data and market conditions[200][208]. - Performance Stock Units (PSUs) may vest between 0% and 200%, but no compensation expense has been recognized as it was not probable that PSUs would be earned as of December 31, 2025[202].