Etergino said that over the last four years the company reduced annual operating expenses by 18%, or nearly $18 million, excluding one-time gains from the sale of Design Manager, and lowered headcount by more than 30% from its peak. Over that period, he said gross margins increased from 69% in 2022 to 73% in 2025, and Adjusted EBITDA margins improved by approximately 1,900 basis points.Chief Financial Officer Thomas Etergino said fourth-quarter Adjusted EBITDA was $1.3 million, representing a 6% margin and ...

Retail: Retail ICWP grew 6.3% in constant currency to over $2.6 billion, described as broad-based across markets and driven by customer growth rather than pricing. Executives highlighted customer growth of 7.5% and said growth was “not rate dependent,” noting retail rate increases have moderated from about 7% in 2023 to about 2% in 2025. Retail’s undiscounted combined ratio improved to 92.6%, the strongest since 2016, with management pointing to early benefits from the company’s change program. Executives a ...