FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 Or ☑ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents As filed with the Securities and Exchange Commission on February 19, 2026 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the fiscal year ended December 31, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

Exhibit 99.1 NEWS RELEASE Visteon Delivers Record Gross Margin and Adjusted EBITDA in 2025 VAN BUREN TOWNSHIP, Mich., Feb. 19, 2026 — Visteon Corporation (NASDAQ: VC) today reported fourth quarter and full-year 2025 financial results. Highlights include: Fourth Quarter Financial Results Visteon reported net sales of $948 million, reflecting solid demand for cockpit products. Sales performance was supported by continued strength in displays and clusters, particularly in Europe, partially offset by lower batt ...

Exhibit 99.1 N-able Announces Fourth Quarter and Full-Year 2025 Results Full-Year 2025 Results All Above Guidance Full-Year 2026 Constant Currency ARR Outlook of 8% to 9% Year-Over-Year Growth Full-Year 2026 Adjusted EBITDA Outlook of 30% to 31% BURLINGTON, Massachusetts - February 19, 2026 - N-able, Inc. (NYSE:NABL), a global cybersecurity company delivering business resilience, today reported results for its fourth quarter ended December 31, 2025. "We enter 2026 with momentum following another year of pro ...

Madrigal Pharmaceuticals Reports Fourth-Quarter and Full-Year 2025 Financial Results CONSHOHOCKEN, Pa., Feb. 19, 2026 – Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL), a biopharmaceutical company focused on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis (MASH), today reports fourth-quarter and year-end 2025 financial results and provides corporate updates. Bill Sibold, Chief Executive Officer of Madrigal, stated: "2025 marked a defining year for Madrigal. We solidified our ...

Exhibit 99.1 Wayfair Announces Fourth Quarter and Full Year 2025 Results, Reports Further Share Capture and Strong Profitability Q4 Net Revenue of $3.3 billion with 21.3 million Active Customers BOSTON, MA — February 19, 2026 — Wayfair Inc. ("Wayfair," "we," or "our") (NYSE: W), the destination for all things home, today reported financial results for its fourth quarter and full year ended December 31, 2025. Fourth Quarter 2025 Financial Highlights Full Year 2025 Financial Highlights • Total net revenue of ...

EXHIBIT 99.1 For More Information: Investor contact: Ann Thornton 414-438-6887 Media contact: Kate Venne 414-358-5176 Brady Corporation Reports Fiscal 2026 Second Quarter Results and Raises the Low End of its Fiscal 2026 EPS Guidance MILWAUKEE (February 19, 2026) -- Brady Corporation (NYSE: BRC) ("Brady" or "Company"), a world leader in identification solutions, today reported its financial results for its fiscal 2026 second quarter ended January 31, 2026. Quarter Ended January 31, 2026 Financial Results: S ...

Bandwidth Announces Fourth Quarter and Full Year 2025 Financial Results Record fourth quarter Adjusted EBITDA and free cash flow Provides 2026 outlook of approximately 16% revenue growth and 29% Adjusted EBITDA growth Board authorizes an $80 million share repurchase program February 19, 2026 Conference Call Bandwidth will host a conference call to discuss financial results for the fourth quarter and full year ended December 31, 2025 on February 19, 2026. Details can be found below and on the investor sectio ...

Financial Performance - In 2025, net income increased to $310 million, up from $282 million in 2024, primarily due to lower interest expenses and increased gross profit [216]. - Total net sales for 2025 were $3,584 million, representing a 3.1% increase from $3,475 million in 2024, driven by higher demand in gasoline and commercial vehicles [203][204]. - For the year ended December 31, 2025, net income increased by $28 million to $310 million compared to $282 million in 2024 [226]. - Adjusted EBIT for 2025 was $510 million, an increase of $25 million from $485 million in 2024, driven by higher sales volumes and productivity [227]. - Cash provided by operating activities increased by $5 million to $413 million in 2025, supported by a $28 million increase in net income [245]. Sales and Revenue - Revenue from Europe in 2025 was $1,745 million, accounting for 49% of total revenue, an increase from $1,642 million or 47% in 2024 [201]. - Diesel product sales increased by $10 million or 1% in 2025, while gasoline product sales rose by $87 million or 6% [205][206]. Expenses and Costs - Selling, general and administrative expenses remained flat at $240 million, constituting 6.7% of sales in 2025 [211]. - The effective tax rate increased to 20.9% in 2025 from 17.8% in 2024, primarily due to unrecognized tax benefits in Switzerland and China [215]. - Cash used for investing activities increased by $27 million to $41 million in 2025, primarily due to lower proceeds from the sale of a joint venture [246]. - Cash used for financing activities decreased by $194 million to $326 million in 2025, compared to $520 million in 2024, due to lower debt repayments [247]. Share Repurchase and Capital Expenditures - The company repurchased $208 million of common stock, including 7.5 million shares for $103 million from Oaktree Capital Management [198]. - The company entered into a new $250 million share repurchase program valid from January 1, 2026, until December 31, 2026 [242]. - The company expects capital expenditures to increase in 2026 compared to 2025, primarily for investments in zero emissions technology [250]. Production and Market Trends - Turbocharger production is expected to rise from approximately 49 million units in 2024 to nearly 50 million units in 2025, before declining in subsequent years due to electric vehicle penetration [196]. - The company anticipates steady demand for turbochargers in the short to medium term, driven by hybridized powertrains in response to emissions standards [199]. Financial Instruments and Risks - As of December 31, 2025, the net fair value of financial instruments exposed to currency risk was a $163 million liability, with a potential impact of $225 million from a 10% adverse change in exchange rates [269]. - A 50 basis point change in interest rates would affect interest expense by $3 million for borrowings under the Credit Agreement as of December 31, 2025 [271]. - Approximately 79% of the cost of sales consists of purchased components, with a 10% variation in commodity prices potentially impacting costs by up to $39 million annually [273]. Accounting and Liabilities - Revenue is recognized based on shipping terms, with adjustments for variable considerations such as price concessions [252]. - The company is subject to contingent liabilities from lawsuits and claims, with potential losses assessed and recognized based on legal analysis [253]. - Warranty costs are estimated based on past experience and obligations, with adjustments made as circumstances change [254]. - The company sponsors defined benefit pension plans, with costs and liabilities determined from actuarial valuations influenced by market conditions [255][256].

Drug Approvals and Designations - ARIKAYCE received accelerated approval in the US in September 2018 for MAC lung disease, with subsequent approvals in Europe and Japan in October 2020 and March 2021 respectively[21]. - BRINSUPRI was approved in the US in August 2025 and in Europe in November 2025 for non-cystic fibrosis bronchiectasis, with regulatory submissions accepted in the UK and Japan[37]. - The FDA granted orphan drug designation to TPIP for pulmonary arterial hypertension in January 2026, with a Phase 3 study planned for H1 2026[27]. - The FDA granted orphan drug designation for INS1201 in August 2025 for the treatment of DMD, and treprostinil palmitil received the same designation in January 2026 for PAH[135]. - Orphan drug designation provides a seven-year exclusive marketing period in the US upon FDA approval for drugs targeting rare diseases[136]. - The European Commission grants a 10-year orphan exclusivity period for drugs with orphan drug marketing authorization, extendable by two years with an agreed pediatric investigation plan[140]. Clinical Trials and Studies - The Phase 2b CEDAR study of brensocatib for hidradenitis suppurativa completed enrollment in October 2025, with topline data expected in Q2 2026[30]. - The ENCORE trial for ARIKAYCE completed enrollment with 425 patients in Q4 2024, and topline data is anticipated by April 2026[28]. - The ASPEN study of brensocatib demonstrated a 21.1% reduction in the annualized rate of pulmonary exacerbations compared to placebo[44]. - The Phase 2b study of brensocatib in chronic rhinosinusitis was discontinued as it did not meet primary or secondary efficacy endpoints[82]. - The Phase 1 study of TPIP was generally well tolerated, with 88.4% of patients experiencing treatment-emergent adverse events (TEAEs) compared to 75.8% in the placebo group[77]. - The Phase 2a study showed that 79.3% of TPIP patients reached the maximum dose of 640 µg by Week 5, with serious adverse events reported in 20.7% of TPIP patients versus 40.0% in the placebo group[70]. - The Phase 2b study demonstrated a 35% placebo-adjusted reduction in pulmonary vascular resistance (PVR) and a 60% reduction in NT-proBNP concentrations, both statistically significant[75]. Market Potential and Commercialization - The potential addressable market for bronchiectasis is estimated at 500,000 patients in the US, 600,000 in the European 5, and 150,000 in Japan[45]. - The estimated addressable market for TPIP at launch includes approximately 50,000 diagnosed patients with PH-ILD and 35,000 with PAH in the United States[81]. - The company aims to ensure a successful US commercial launch of BRINSUPRI and expand the label for ARIKAYCE[36]. - The company is exploring lifecycle management programs for ARIKAYCE to reach more patients beyond refractory MAC lung disease[63]. Intellectual Property and Patents - The company owns or licenses over 1,400 patents, including more than 400 related to ARIKAYCE, to maintain proprietary protection for its product candidates[93]. - The company has 13 in-force US patents related to ARIKAYCE, with expiration dates ranging from 2026 to 2035, ensuring patent coverage through at least May 15, 2035[97][98]. - The company owns 10 in-force European patents for ARIKAYCE, with expiration dates also extending to 2035, which supports its market position in Europe[99]. - There are 13 in-force US patents for BRINSUPRI, with expiration dates primarily in 2035, which secures the company's intellectual property for this drug[102][103]. Financial and Investment Activities - The company made an upfront payment of $30 million to AstraZeneca for exclusive global rights to develop and commercialize brensocatib, with additional milestone payments totaling up to $42.5 million for further indications[113]. - An asset purchase agreement with Opsidio in December 2025 included an upfront payment of $40.0 million and contingent payments up to $382 million based on development and sales milestones[127]. - The aggregate investment to increase long-term production capacity for ARIKAYCE, including agreements with Patheon, is estimated to be approximately $127.7 million[125]. - The company is focused on controlling spending and prudently deploying capital to support the best return-generating opportunities[36]. Regulatory and Compliance - The FDA's approval process includes extensive regulation and compliance checks, ensuring safety and efficacy before marketing[146]. - The FDA may require substantial post-approval testing, known as Phase 4 studies, to gather additional information on a drug's effects and side effects[157]. - The FDA typically requires post-marketing clinical studies to verify clinical benefits for drugs granted accelerated approval, with the possibility of withdrawal if studies fail[159]. - The FDA's enforcement of promotional regulations includes strict penalties for off-label marketing, which can lead to significant liabilities for companies[189]. Pediatric Considerations - Pediatric assessments are required under the PREA for certain NDAs, BLAs, and supplements to ensure safety and effectiveness in pediatric populations[216]. - The BPCA incentivizes pediatric research with the possibility of six months of pediatric exclusivity for drugs that meet specific criteria[217]. - In the EU, new drugs must undergo mandatory pediatric testing through a pediatric investigation plan (PIP) approved by the EMA[218]. - The MHLW in Japan recommends adequate post-marketing surveillance for pediatric drugs to collect information for proper use[219].

Financial Performance - Insmed reported total revenues of $606.4 million for the full year 2025, with BRINSUPRI revenues of $172.7 million and ARIKAYCE revenues of $433.8 million, reflecting a 19% annual growth for ARIKAYCE[1]. - The company expects full-year 2026 BRINSUPRI revenues to be at least $1 billion and maintains ARIKAYCE revenue guidance of $450 million to $470 million[1]. - ARIKAYCE global revenue grew 19% in 2025 compared to 2024, exceeding the upper end of the 2025 guidance of $420 million to $430 million[7]. - Product revenues for the three months ended December 31, 2025, were $263.843 million, a significant increase from $104.442 million in the same period of 2024, representing a growth of 152%[21]. - Total operating expenses for the twelve months ended December 31, 2025, were $1.853 billion, up from $1.242 billion in 2024, reflecting an increase of 49.1%[21]. - The net loss for the three months ended December 31, 2025, was $328.485 million, compared to a net loss of $235.548 million for the same period in 2024, indicating a 39.3% increase in losses[21]. - The company reported a net loss of $328.5 million, or $1.54 per share, for the fourth quarter of 2025, compared to a net loss of $235.5 million, or $1.32 per share, for the same period in 2024[16]. - Cash and cash equivalents as of December 31, 2025, were $510.445 million, down from $555.030 million as of December 31, 2024, a decrease of 8%[23]. - Total assets increased to $2.265 billion as of December 31, 2025, from $2.025 billion in 2024, marking an increase of 11.8%[23]. - The total liabilities decreased to $1.526 billion as of December 31, 2025, from $1.740 billion in 2024, a reduction of 12.3%[23]. Research and Development - Research and development expenses for the full year 2025 were $771.1 million, up from $598.4 million in 2024, primarily due to increased compensation and the acquisition of INS1148[16]. - Research and development expenses for the twelve months ended December 31, 2025, were $771.093 million, up from $598.367 million in 2024, an increase of 28.9%[21]. - Insmed plans to advance Phase 3 studies for TPIP in patients with pulmonary arterial hypertension (PAH) and interstitial lung disease (ILD) in 2026[19]. - The company anticipates submitting an average of one to two INDs per year from its pre-clinical research programs[19]. - Insmed completed enrollment in the Phase 2b CEDAR study of brensocatib in patients with hidradenitis suppurativa (HS) and expects to report topline data in the second quarter of 2026[9]. - Insmed's early-stage programs include technologies such as gene therapy and AI-driven protein engineering[59]. Product Portfolio and Market Focus - The company is focused on expanding its product portfolio with innovative therapies such as ARIKAYCE and BRINSUPRI, which are already approved for specific indications[24][26]. - ARIKAYCE is indicated for adults with limited or no alternative treatment options for Mycobacterium avium complex (MAC) lung disease, requiring a minimum of 6 consecutive months of multidrug therapy[45]. - The company has developed several investigational products, including INS1201 and INS1202, targeting significant unmet medical needs in respiratory and neurological diseases[30][31]. - Insmed is advancing a diverse portfolio of approved and investigational medicines, focusing on pulmonary and inflammatory conditions[59]. Adverse Reactions and Safety - The most common adverse reactions in patients using ARIKAYCE included dysphonia (47%), cough (39%), and bronchospasm (29%), with significant differences compared to the background regimen alone[42]. - In the ASPEN trial, the incidence of ALT >3X upper limit of normal (ULN) was 0%, 1.2%, and 0.9% for placebo and BRINSUPRI 10 mg and 25 mg, respectively[53]. - The incidence of skin cancers in patients treated with BRINSUPRI was 0.5% and 1.9% for 10 mg and 25 mg doses, compared to 1.1% in placebo-treated patients[54]. - The use of ARIKAYCE is not recommended for patients with non-refractory MAC lung disease[46]. Company Recognition and Forward-Looking Statements - The company has been recognized as one of the best employers in the biopharmaceutical industry, including five consecutive years as the No. 1 Science Top Employer[60]. - Forward-looking statements indicate potential risks, including failure to successfully commercialize ARIKAYCE and BRINSUPRI in key markets[61]. - The company cautions that actual results may differ materially from forward-looking statements due to various risks and uncertainties[63].