Syndax Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update

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Syndax Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update

Syndax Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update

– Total revenue of $68.7 million in 4Q25 and $172.4 million in FY2025 –

– Revuforj^® (revumenib) net revenue of $44.2 million in 4Q25, a 38% increase vs 3Q25, and $124.8 million in FY2025 –

– Niktimvo™ (axatilimab-csfr) net revenue of $56.0 million in 4Q25, a 22% increase vs 3Q25, and $151.6 million in FY2025, resulting in Syndax collaboration revenue of $42.4 million in FY2025 –

– Completed enrollment in Phase 2 IPF trial of axatilimab; topline data expected in 4Q26 –

– Company to host a conference call today at 4:30 p.m. ET –

NEW YORK, Feb. 26, 2026 (GLOBE NEWSWIRE) — Syndax Pharmaceuticals (Nasdaq: SNDX), a commercial-stage biopharmaceutical company advancing innovative cancer therapies, today reported its financial results for the fourth quarter and full year ended December 31, 2025, and provided a business update.

“We solidified our leadership position and proved the strength of Syndax’s R&D and commercial capabilities in 2025, achieving our third FDA approval and successfully launching two first- and best-in-class medicines. We reached thousands of patients with Revuforj and Niktimvo and generated over $275 million in 2025 sales, rapidly advancing the company towards profitability,” said Michael A. Metzger, Chief Executive Officer. “With strong momentum and multiple growth drivers for both products, including increasing uptake of Revuforj in R/R NPM1m AML and the post-transplant setting, Syndax is well positioned for continued growth in 2026 and beyond.”

Mr. Metzger continued, “We’ve also made excellent progress advancing our development programs designed to further unlock multi-billion-dollar opportunities for both our medicines. We are positioned to be first to frontline AML with a menin inhibitor, and to expand our impact on chronic GVHD and other fibrotic diseases through CSF-1R inhibition. Earlier this year, we completed enrollment in our Phase 2 IPF trial and remain on track for topline data later this year which could further unlock Niktimvo’s potential as a novel antifibrotic.”

Recent Business Highlights and Anticipated Milestones

Revuforj^® (revumenib)

Achieved $44.2 million in Revuforj net revenue in the fourth quarter of 2025, a 38% increase over the third quarter of 2025. Revuforj net revenue for the full year 2025 totaled $124.8 million.
Observed continued acceleration in demand following the FDA’s approval on October 24, 2025, of Revuforj for the treatment of relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible nucleophosmin 1 mutation (NPM1m) in adult and pediatric patients one year and older who have no satisfactory alternative treatment options. Total Revuforj prescriptions in the fourth quarter of 2025 were approximately 1,150, an approximate 35% increase over the third quarter of 2025.
Initiated REVEAL-ND, a Phase 3, randomized, double-blind, placebo-controlled trial of revumenib in combination with intensive chemotherapy in newly diagnosed patients with NPM1m AML in November 2025. The trial has dual primary endpoints of measurable residual disease (MRD) negative complete remission (CR) and event free survival (EFS) to support the potential for accelerated approval and full approval, respectively.
Received the ‘Best New Drug’ award for Revuforj at the Scrip Awards in December 2025. The award recognizes excellence in pharmaceutical development and the drug that represents the best therapeutic advance in its area.
Highlighted the company’s leadership in menin inhibition with the presentation of 12 revumenib abstracts, including three oral presentations, at the 67^th American Society of Hematology (ASH) Annual Meeting in December 2025. The presentations reported compelling results with revumenib in multiple acute leukemia subtypes across the R/R, frontline, and post-stem cell transplant maintenance setting.
- The data presented included the first real-world evidence for a menin inhibitor. The results showed an overall response rate (ORR) of 77% (10/13), a measurable residual disease (MRD) negativity rate of 75% (9/12), and favorable tolerability among primarily R/R NPM1m, KMT2Ar, and NUP98r acute leukemia patients who received revumenib in combination with standard of care therapies or as a monotherapy outside of a clinical trial.
Multiple clinical trials evaluating revumenib across the acute leukemia treatment continuum are ongoing, such as:
- EVOLVE-2: A pivotal, Phase 3, randomized, double-blind, placebo-controlled trial of revumenib in combination with venetoclax and azacitidine in newly diagnosed NPM1m (primary efficacy analysis population) and KMT2Ar AML patients who are unfit for intensive chemotherapy. The trial is being conducted in collaboration with the HOVON network, a leading cooperative clinical trial group with extensive experience studying novel therapies for hematologic malignancies.
- REVEAL-ND: A pivotal, Phase 3, randomized, double-blind, placebo-controlled trial of revumenib in combination with intensive chemotherapy in newly diagnosed NPM1m AML patients.
- SAVE: A Phase 1/2 trial evaluating an all-oral combination of revumenib with venetoclax and decitabine/cedazuridine in pediatric and adult patients with newly diagnosed and R/R AML or mixed-lineage acute leukemia (MPAL) harboring either NPM1m, KMT2Ar, or NUP98r alterations. The trial is being conducted by investigators from MD Anderson Cancer Center. New data presented at the 2025 ASH Annual Meeting from the first cohort of newly diagnosed patients showed a complete remission (CR) rate of 76% (16/21), an ORR of 86% (18/21), and a MRD negativity rate among responders of 100% (18/18).
- Intensive chemotherapy: Two ongoing Phase 1 trials evaluating the combination of revumenib with intensive chemotherapy (7+3) in newly diagnosed NPM1m or KMT2Ar acute leukemia patients. Preliminary data presented from both trials at the 2025 ASH Annual Meeting showed that the safety profile of the combination was consistent with the profile for intensive chemotherapy alone, along with high rates of response and MRD negativity.
- BEAT AML: A Phase 1 trial evaluating the combination of revumenib with venetoclax and azacitidine in newly diagnosed older adults (≥60 years) with NPM1m or KMT2Ar AML. The trial is being conducted as part of the Leukemia & Lymphoma Society’s Beat AML^® Master Clinical Trial. Data presented at the 2025 European Hematology Association (EHA) Congress and simultaneously published in the Journal of Clinical Oncology showed a CR rate of 67% (29/43), an ORR of 88% (38/43), and a MRD negativity rate of 100% (37/37) among responders.
- Post-transplant maintenance: A Phase 1 trial evaluating the safety and preliminary efficacy of revumenib as post-transplant maintenance after hematopoietic stem cell transplant (HSCT) in patients with KMT2Ar or NPM1m acute leukemia. The trial is being conducted by investigators from the City of Hope Medical Center.
- Break Through Cancer: A Phase 2 trial studying whether the combination of revumenib and venetoclax can eliminate MRD in patients with AML and extend progression-free survival. The trial is being conducted by Break Through Cancer, a collaboration between leading U.S. cancer research centers.
- INTERCEPT: A Phase 1 trial evaluating the use of novel therapies, including revumenib, to target MRD and early relapse in AML. The trial is being conducted by the Australasian Leukaemia and Lymphoma Group as part of the INTERCEPT AML master clinical trial.
The Company expects to present additional revumenib data at major medical meetings throughout 2026, including additional real-world evidence and data from the frontline and post-HSCT maintenance setting.
The Company expects the RAVEN trial to initiate in the second half of 2026. RAVEN is a Phase 2 collaborative trial of revumenib in combination with venetoclax and azacitidine in newly diagnosed KMT2Ar patients who would be considered eligible, or fit, for intensive chemotherapy.

Niktimvo™ (axatilimab-csfr)

Achieved $56.0 million in Niktimvo net revenue in the fourth quarter of 2025, a 22% increase over the third quarter of 2025. Niktimvo net revenue for the full year 2025 totaled $151.6 million. Syndax and Incyte are co-commercializing Niktimvo. Syndax records 50% of the Niktimvo net commercial profit, defined as net product revenue minus the cost of sales and commercial expenses. Syndax’s share of the Niktimvo product contribution, reported as collaboration revenue, was $19.4 million and $42.4 million in the fourth quarter and full year 2025, respectively.
Presented data from 11 axatilimab abstracts, including three oral presentations, at the 2025 ASH Annual Meeting. The abstracts highlighted the potential for axatilimab to provide long-term benefit in recurrent or refractory chronic graft-versus-host disease (GVHD) and the tolerability of axatilimab with ruxolitinib in newly diagnosed chronic GVHD.
Presented data from nine axatilimab abstracts, including one oral presentation, at the Tandem Meetings (Transplantation & Cellular Therapy Meetings of ASTCT^® and CIBMTR^®) in February 2026. The data presented included a comprehensive analysis of axatilimab in patients with chronic GVHD-related bronchiolitis obliterans syndrome (BOS) in two clinical studies. The results show clinical and symptom responses across a spectrum of lung involvement.
Two trials evaluating axatilimab in combination with standard of care therapies in newly diagnosed chronic GVHD patients are ongoing, including:
- A Phase 2, open-label, randomized, multicenter trial of axatilimab in combination with ruxolitinib in patients ≥ 12 years of age with newly diagnosed chronic GVHD.
- A pivotal Phase 3, randomized, double-blind, placebo-controlled, multi-center trial of axatilimab in combination with corticosteroids in patients ≥ 12 years of age with newly diagnosed chronic GVHD.
Completed enrollment in MAXPIRe, a Phase 2, 26-week randomized, double-blinded, placebo-controlled trial of axatilimab on top of standard of care in patients with idiopathic pulmonary fibrosis (IPF) in the first quarter of 2026. The Company expects to report topline data in the fourth quarter of 2026.

Fourth Quarter and Full Year 2025 Financial Results

As of December 31, 2025, Syndax had cash, cash equivalents, and short-term investments of $394.1 million and 87.7 million common shares and prefunded warrants outstanding.

Total revenue for the fourth quarter of 2025 was $68.7 million, which consisted of $44.2 million in Revuforj net revenue, $19.4 million in Niktimvo collaboration revenue, and $5.1 million in milestone, license and royalty revenue. Total revenue for the full year 2025 was $172.4 million, which consisted of $124.8 million in Revuforj net revenue, $42.4 million in Niktimvo collaboration revenue, and $5.1 million in milestone, license and royalty revenue. The Niktimvo collaboration revenue is derived from the $151.6 million in Niktimvo net revenue that was previously reported by the Company’s partner Incyte for the full year 2025. Syndax records 50% of the Niktimvo net commercial profit, defined as net revenue (recorded by Incyte) minus the cost of sales and commercial expenses.

Fourth quarter 2025 research and development expenses increased to $78.6 million from $65.5 million for the comparable prior year period, and for the full year 2025 increased to $258.8 million compared to $241.6 million for 2024. The year-over-year increase was primarily due to increased clinical, medical, and employee-related expenses.

Fourth quarter 2025 selling, general and administrative expenses increased to $49.9 million from $37.7 million for the comparable prior year period, and for the full year 2025 increased to $179.7 million compared to $120.9 million for 2024. The year-over-year increase was primarily due to increased employee-related expenses and increased sales and marketing expenses related to the U.S. commercial launches of Revuforj and Niktimvo.

For the three months ended December 31, 2025, Syndax reported a net loss attributable to common stockholders of $68.0 million, or $0.78 per share, compared to a net loss attributable to common stockholders of $94.2 million, or $1.10 per share, for the comparable prior year period. For the year ended December 31, 2025, Syndax reported a net loss attributable to common stockholders of $285.4 million or $3.29 per share, compared to a net loss attributable to common stockholders of $318.8 million or $3.72 per share for the comparable prior year period.

Financial Guidance

For the full year of 2026, the Company expects total research and development plus selling, general and administrative expenses to be approximately $400 million, excluding the impact of $50 million in estimated non-cash stock compensation expense.

Syndax expects that its operating expense base will remain stable over the next couple of years. As a result, Syndax expects that its cash, cash equivalents and short-term investments, combined with its anticipated product revenue, collaboration revenue and interest income, will enable the Company to reach profitability.

Conference Call and Webcast

In connection with the earnings release, Syndax’s management team will host a conference call and live audio webcast at 4:30 p.m. ET today, Thursday, February 26, 2026.

The live audio webcast and accompanying slides may be accessed through the Events & Presentations page in the Investors section of the Company’s website. Alternatively, the conference call may be accessed through the following:

Conference ID: Syndax4Q25
Domestic Dial-in Number: (800) 590-8290
International Dial-in Number: (240) 690-8800
Live webcast: https://sndx-4q25.open-exchange.net

For those unable to participate in the conference call or webcast, a replay will be available on the Investors section of the Company’s website at www.syndax.com approximately 24 hours after the conference call and will be available for 90 days following the call.

About Revuforj^® (revumenib)

Revuforj (revumenib) is an oral, first-in-class menin inhibitor that is FDA approved for the treatment of relapsed or refractory (R/R) acute leukemia with a lysine methyltransferase 2A gene (KMT2A) translocation as determined by an FDA-authorized test in adult and pediatric patients one year and older. Revuforj is also indicated for the treatment of R/R acute myeloid leukemia (AML) with a susceptible nucleophosmin 1 (NPM1) mutation in adult and pediatric patients one year and older who have no satisfactory alternative treatment options.

Multiple trials of revumenib are ongoing or planned across the treatment landscape, including in combination with standard of care therapies in newly diagnosed patients with NPM1m or KMT2Ar AML.

Revumenib was previously granted Orphan Drug Designation for the treatment of AML, ALL and acute leukemias of ambiguous lineage (ALAL) by the U.S. FDA and for the treatment of AML by the European Commission. The U.S. FDA also granted Fast Track designation to revumenib for the treatment of adult and pediatric patients with R/R acute leukemias harboring a KMT2A rearrangement or NPM1 mutation and Breakthrough Therapy Designation for the treatment of adult and pediatric patients with R/R acute leukemia harboring a KMT2A rearrangement.

About Niktimvo™ (axatilimab-csfr)

Niktimvo (axatilimab-csfr) is a first-in-class colony stimulating factor-1 receptor (CSF-1R)-blocking antibody approved for use in the U.S. for the treatment of chronic graft-versus-host disease (GVHD) after failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg (88.2 lbs).

In 2016, Syndax licensed exclusive worldwide rights to develop and commercialize axatilimab from UCB. In September 2021, Syndax and Incyte entered into an exclusive worldwide co-development and co-commercialization license agreement for axatilimab in chronic GVHD and any future indications.

Axatilimab is being studied in frontline combination trials in chronic GVHD, including a Phase 2 combination trial with ruxolitinib (NCT06388564) and a Phase 3 combination trial with steroids (NCT06585774). Axatilimab is also being studied in an ongoing Phase 2 trial in patients with idiopathic pulmonary fibrosis (NCT06132256).

About Syndax

Syndax Pharmaceuticals is a commercial-stage biopharmaceutical company advancing innovative cancer therapies. Highlights of the Company’s pipeline include Revuforj^® (revumenib), an FDA-approved menin inhibitor, and Niktimvo™ (axatilimab-csfr), an FDA-approved monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor. Fueled by our commitment to reimagining cancer care, Syndax is working to unlock the full potential of its pipeline and is conducting several clinical trials across the continuum of treatment. For more information, please visit www.syndax.com/ or follow the Company on X and LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “could,” “estimate,” “expects,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative or plural of those terms, and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Syndax’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the progress, timing, clinical development and scope of clinical trials, the reporting of clinical data for Syndax’s product candidates, the acceptance of Syndax and its partners’ products in the marketplace, sales, marketing, manufacturing and distribution requirements, the potential use of its product candidates to treat various cancer indications and fibrotic diseases, and Syndax’s expected full year total operating expenses, including its estimated non-cash stock compensation expense. Many factors may cause differences between current expectations and actual results, including: unexpected safety or efficacy data observed during preclinical or clinical trials; clinical trial site activation or enrollment rates that are lower than expected; changes to Revuforj’s or Niktimvo’s commercial availability; changes in expected or existing competition; changes in the regulatory environment; failure of Syndax’s collaborators to support or advance collaborations or product candidates; and unexpected litigation or other disputes. Other factors that may cause Syndax’s actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Syndax’s filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” sections contained therein. Except as required by law, Syndax assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

Niktimvo is a trademark of Incyte.
All other trademarks are the property of their respective owners.

References

1. Overall response rate (ORR) includes CR, CRh, CRp, CRi, MLFS, and PR; Composite complete remission (CRc) includes CR, CRh, CRp, and CRi.
CR = Complete remission
CRh = Complete remission with partial hematologic recovery
CRp = Complete remission with incomplete platelet recovery
CRi = Complete remission with incomplete count recovery
MLFS = Morphologic leukemia-free state
PR = Partial response

Syndax Contact
Sharon Klahre
Syndax Pharmaceuticals, Inc.
sklahre@syndax.com
Tel 781.684.9827

SNDX-G

SYNDAX PHARMACEUTICALS, INC.
(unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS

			December 31,		December 31,
(In thousands)			2025		2024
Cash, cash equivalents, short and long-term investments			$	394,070	$	692,404
Total assets			$	529,706	$	724,816
Total liabilities			$	465,076	$	436,692
Total stockholders’ equity			$	64,630	$	288,124

Common stock outstanding				87,405,979		85,694,443
Common stock and common stock equivalents*				103,437,561		98,972,323

*Common stock and common stock equivalents:
	Common stock			87,405,979		85,694,443
	Common stock warrants (pre-funded)			285,714		285,714
		Common stock and pre-funded stock warrants		87,691,693		85,980,157
	Options to purchase common stock			13,128,306		11,688,079
	Restricted Stock Units			2,617,562		1,304,087
		Total common stock and common stock equivalents		103,437,561		98,972,323

SYNDAX PHARMACEUTICALS, INC.
(unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

		Three Months Ended December 31,						Year Ended December 31,
(In thousands, except share and per share data)		2025			2024			2025			2024
Revenue
	Product revenue, net	$	44,195			7,680		$	124,844			7,680
	Collaboration revenue, net		19,392			—			42,367			—
	Milestone, license and royalty revenue		5,141			—			5,141			16,000
Total revenues			68,728			7,680			172,352			23,680
Operating expenses:
	Cost of product sales	$	2,706			826		$	6,970			826
	Research and development		78,641			65,529			258,784			241,647
	Selling, general and administrative		49,929			37,690			179,682			120,879
Total operating expenses			131,276			104,045			445,436			363,352
Loss from operations			(62,548	)		(96,365	)		(273,084	)		(339,672	)
Other (expense) income, net			(5,466	)		2,195			(12,338	)		20,914
Net loss		$	(68,014	)	$	(94,170	)	$	(285,422	)	$	(318,758	)

Net loss attributable to common stockholders		$	(68,014	)	$	(94,170	)	$	(285,422	)	$	(318,758	)

Net loss per share:
Basic loss per share attributable to common stockholders		$	(0.78	)	$	(1.10	)	$	(3.29	)	$	(3.72	)
Diluted loss per share attributable to common stockholders		$	(0.78	)	$	(1.10	)	$	(3.29	)	$	(3.72	)

Weighted-average common shares used in calculating:
Basic loss per share attributable to common stockholders			87,359,323			85,791,198			86,625,610			85,622,065
Diluted loss per share attributable to common stockholders			87,359,323			85,791,198			86,625,610			85,622,065

Alignment Healthcare Reports Fourth Quarter and Full-Year 2025 Results; Beats High-End of Guidance Across All Key Metrics

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Alignment Healthcare Reports Fourth Quarter and Full-Year 2025 Results; Beats High-End of Guidance Across All Key Metrics

Alignment Healthcare Reports Fourth Quarter and Full-Year 2025 Results; Beats High-End of Guidance Across All Key Metrics

Delivers full-year revenue of $3.95 billion, representing 46.1% growth year-over-year
Exceeds high-end of fourth quarter and full-year guidance across all key metrics: membership, revenue, adjusted gross profit and adjusted EBITDA
Raises health plan membership guidance by 2,000 at the midpoint and introduces 2026 revenue guidance of $5.14 billion to $5.19 billion, representing 30%-31% growth year-over-year, and adjusted EBITDA of $133 million to $163 million
Earns recognition on the 2026 Fortune World’s Most Admired Companies™ list, underscoring the company’s innovative approach to senior health care

ORANGE, Calif., Feb. 26, 2026 (GLOBE NEWSWIRE) — Alignment Healthcare, Inc. (NASDAQ: ALHC), today reported financial results for its fourth quarter and full year ended Dec. 31, 2025.

“Our fourth quarter and full-year 2025 results show what Medicare Advantage done right looks like,” said John Kao, founder and CEO. “We once again exceeded industry expectations and delivered continued momentum on revenue growth while taking a positive step forward in profitability and margin expansion, including producing free cash flow on a full-year basis. By leading with our care model, we are putting our seniors first and lowering costs by delivering more care, not less. Being named to the 2026 Fortune World’s Most Admired Companies™ list affirms the reputation we’ve built since going public. As we move through 2026, we remain focused on disciplined growth, the scalability of our operations and creating long-term value for the members we serve.”

Fourth Quarter 2025 Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended Dec. 31, 2024.

Health plan membership at the end of the quarter was approximately 236,300, up 25.0% year-over-year
Total revenue was $1,012.8 million, up 44.4% year-over-year
Adjusted gross profit* was $124.9 million and loss from operations was $10.3 million
- Adjusted gross profit excludes depreciation and amortization of $7.8 million and selling, general, and administrative expenses of $125.8 million (which includes $11.5 million of equity-based compensation). Adjusted gross profit also excludes an additional $1.6 million of equity-based compensation recorded within medical expenses
- Medical benefits ratio based on adjusted gross profit was 87.7%
Adjusted EBITDA* was $11.4 million and net loss was $11.0 million

Full Year 2025 Financial Highlights
All comparisons, unless otherwise noted, are to the twelve months ended Dec. 31, 2024.

Total revenue was $3,948.7 million, up 46.1% year over year.
Adjusted gross profit was $494.8 million and income from operations was $14.8 million
- Adjusted gross profit excludes depreciation and amortization of $30.4 million and selling, general, and administrative expenses of $443.4 million (which includes $55.9 million of equity-based compensation). Adjusted gross profit also excludes $0.1 of depreciation expense and an additional $6.1 million of equity-based compensation recorded within medical expenses
- Medical benefits ratio based on adjusted gross profit was 87.5%
Adjusted EBITDA was $109.9 million and net loss was $1.0 million

_{* Please see “Fourth Quarter 2025 Non-GAAP Reconciliation Tables” below for more information on the non-GAAP financial measures reported here as supplemental information.}

Outlook for First Quarter and Fiscal Year 2026

	Three Months Ending March 31, 2026		Twelve Months Ending December 31, 2026
*$ Millions*	Low	High	Low	High
Health Plan Membership	281,000	285,000	292,000	298,000
Revenue	$1,205	$1,225	$5,135	$5,190
Adjusted Gross Profit⁽¹⁾	$138	$148	$615	$650
Adjusted EBITDA⁽¹⁾	$26	$36	$133	$163

_______________________

₍₁₎

_{Adjusted gross profit and adjusted EBITDA are non-GAAP financial measures presented as supplemental disclosure. We cannot provide estimated ranges for the most directly comparable GAAP measures without unreasonable efforts because of the uncertainty around certain items that may impact such GAAP measures, including equity-based compensation expense and depreciation and amortization, that are not within our control or cannot be reasonably predicted. See “Fourth Quarter 2025 Non-GAAP Reconciliation Tables” for additional information.}

Fourth Quarter 2025 Non-GAAP Reconciliation Tables

Adjusted Gross Profit⁽¹⁾ is reconciled as follows:

	Three Months Ended December 31,						Year Ended December 31,
		2025			2024		2025			2024
*(dollars in thousands)*
Income (loss) from operations	$	(10,284	)	$	(22,545	)	$	14,752	$	(101,555	)
Add back:
Equity-based compensation (medical expenses)	$	1,613		$	1,546			6,134		4,930
Depreciation (medical expenses)	$	4		$	46			78		190
Restructuring costs (medical expenses) ⁽²⁾	$	—		$	—			—		796
Depreciation and amortization⁽³⁾	$	7,830		$	6,762			30,404		26,872
Selling, general, and administrative expenses	$	125,764		$	102,128			443,407		371,374
Total add back		135,211			110,482			480,023		404,162
Adjusted gross profit	$	124,927		$	87,937		$	494,775	$	302,607

₍₁₎	_{Adjusted gross profit is a non-GAAP financial measure that is presented as supplemental disclosure, that we define as income (loss) from operations before depreciation and amortization, medical equity-based compensation expense, clinical restructuring costs and selling, general, and administrative expenses.}
₍₂₎	_{Represents severance and related costs incurred as part of a corporate restructuring designed to streamline our organizational structure and drive operational efficiencies.}
₍₃₎	_{Amortization expense for the year ended Dec. 31, 2025 includes $0.6 million in impairment expense related to the remeasurement of goodwill associated with one of our subsidiaries. Amortization expense for the year ended Dec. 31, 2024 includes $0.6 million in impairment expense related to intangible assets that were written off during the year.}

Adjusted EBITDA⁽¹⁾ is reconciled as follows:

	Three Months Ended December 31,						Year Ended December 31,
		2025			2024			2025			2024
*(dollars in thousands)*
Net loss	$	(11,006	)	$	(31,064	)	$	(978	)	$	(128,071	)
Less: Net income (loss) attributable to noncontrolling interest		—			(27	)		(254	)		(36	)
Adjustments:
Interest expense		3,949			5,492			15,799			23,547
Depreciation and amortization⁽²⁾		7,834			6,808			30,482			27,062
Income tax expense		(3,227	)		7			20			21
Equity-based compensation⁽³⁾		13,115			16,236			62,082			71,132
Acquisition expenses⁽⁴⁾		—			—			—			26
Litigation costs⁽⁵⁾		749			892			2,357			2,069
Loss on ROU assets⁽⁶⁾		—			—			—			143
Gain on sale of property and equipment		—			(1	)		(72	)		(9	)
Restructuring costs⁽⁷⁾		—			—			—			2,363
Loss on extinguishment of debt		—			3,020			—			3,020
Adjusted EBITDA	$	11,414		$	1,363		$	109,944		$	1,339

₍₁₎	_{Adjusted EBITDA is a non-GAAP financial measure that is presented as supplemental disclosure, that we define as net income (loss) before interest expense, income taxes, depreciation and amortization expense, acquisition expenses, certain litigation costs, gains or losses on right of use (“ROU”) assets, gains or losses on sale of property and equipment, restructuring costs, equity-based compensation expense, and loss on extinguishment of debt.}
₍₂₎	_{Amortization expense for the year ended Dec. 31, 2025 includes $0.6 million in impairment expense related to the remeasurement of goodwill associated with one of our subsidiaries. Amortization expense for the year ended Dec. 31, 2024 includes $0.6 million in impairment expense related to intangible assets that were written off during the year.}
₍₃₎	_{Represents equity-based compensation related to grants made in the applicable year.}
₍₄₎	_{Represents acquisition-related fees, such as legal and advisory fees, that are non-capitalizable.}
₍₅₎	_{Represents litigation costs considered outside of the ordinary course of business based on the following considerations which we assess regularly: (i) the frequency of similar cases that have been brought to date, or are expected to be brought within two years, (ii) complexity of the case, (iii) nature of the remedies sought, (iv) litigation posture of the Company, (v) counterparty involved, and (vi) the Company’s overall litigation strategy}
₍₆₎	_{Represents gains or losses related to ROU assets that were terminated or subleased in the respective period.}
₍₇₎	_{Represents severance and related costs incurred as part of a corporate restructuring designed to streamline our organizational structure and drive operational efficiencies.}

Conference Call Details
The company will host a conference call at 5 p.m. EST today to discuss these results and management’s outlook for future financial and operational performance. A live audio webcast will be available online at https://ir.alignmenthealth.com/. At the start of the conference call, participants may access the webcast at the following link: https://edge.media-server.com/mmc/p/kd529mia. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web links, and will remain available for approximately 12 months.

About Alignment Health
Alignment Health is championing a new path in senior care that empowers members to age well and live their most vibrant lives. A consumer brand name of Alignment Healthcare (NASDAQ: ALHC), Alignment Health’s mission-focused team makes high-quality, low-cost care a reality for its Medicare Advantage members every day. Based in California, the company partners with nationally recognized and trusted local providers to deliver coordinated care, powered by its customized care model, 24/7 concierge care team and purpose-built technology, AVA^®. As it expands its offerings and grows its national footprint, Alignment upholds its core values of leading with a serving heart and putting the senior first. For more information, visit www.alignmenthealth.com.

From Fortune, ©2026 Fortune Media IP Limited. All rights reserved. Used under license. Fortune^® is a registered trademark and Fortune World’s Most Admired Companies™ is a trademark of Fortune Media IP Limited and is used under license. Fortune and Fortune Media IP Limited are not affiliated with, and does not endorse the products or services of, Alignment Healthcare.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth and our financial outlook for the quarter ending March 31, 2026, and year ending Dec. 31, 2026. Forward-looking statements are subject to risks and uncertainties and are based on assumptions that may prove to be inaccurate, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to attract new members and enter new markets, including the need for certain governmental approvals; our ability to maintain a high rating for our plans on the Five Star Quality Rating System; our ability to develop and maintain satisfactory relationships with care providers that service our members; risks associated with being a government contractor, including potential federal reductions in MA funding; changes in laws and regulations applicable to our business model; risks related to our indebtedness; changes in market or industry conditions and receptivity to our technology and services; results of litigation or a security incident; and the impact of shortages of qualified personnel and related increases in our labor costs. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our Annual Report on Form 10-K for the year ended Dec. 31, 2025, and the other periodic reports we file with the SEC. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update or revise this information unless required by law.

Consolidated Balance Sheets (in thousands, except par value and share amounts)

	December 31, 2025			December 31, 2024
Assets
Current Assets:
Cash and cash equivalents	$	575,817		$	432,859
Accounts receivable (less allowance for credit losses of $833 at December 31, 2025 and $0 at December 31, 2024)		253,207			153,904
Investments – current		28,413			37,791
Prepaid expenses and other current assets		94,140			37,084
Total current assets		951,577			661,638
Property and equipment, net		64,251			67,139
Right of use asset, net		7,019			7,818
Goodwill		32,060			34,826
Intangible assets, net		4,550			4,550
Other assets		6,329			6,092
Total assets	$	1,065,786		$	782,063
Liabilities and Stockholders’ Equity
Current Liabilities:
Medical expenses payable	$	474,569		$	289,788
Accounts payable and accrued expenses		33,284			22,126
Accrued compensation		49,013			39,931
Total current liabilities		556,866			351,845
Long-term debt, net of debt issuance costs		323,176			321,428
Long-term portion of lease liabilities		6,467			7,835
Total liabilities		886,509			681,108
Stockholders’ Equity:
Preferred stock, $.001 par value; 100,000,000 shares authorized as of December 31, 2025 and 2024, respectively; no shares issued and outstanding as of December 31, 2025 and 2024		—			—
Common stock, $.001 par value; 1,000,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 204,153,619 and 191,778,639 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively		205			192
Additional paid-in capital		1,188,089			1,107,952
Accumulated deficit		(1,009,017	)		(1,008,293	)
Total Alignment Healthcare, Inc. stockholders’ equity		179,277			99,851
Noncontrolling interest		—			1,104
Total stockholders’ equity		179,277			100,955
Total liabilities and stockholders’ equity	$	1,065,786		$	782,063

Consolidated Statements of Operations (in thousands, except per share amounts)

	Three Months Ended December 31,						Year Ended December 31,
		2025			2024			2025			2024
Revenues:
Earned premiums	$	1,003,791		$	691,785		$	3,911,718		$	2,671,931
Other		9,013			9,456			37,001			31,630
Total revenues		1,012,804			701,241			3,948,719			2,703,561
Expenses:
Medical expenses		889,494			614,896			3,460,156			2,406,870
Selling, general, and administrative expenses		125,764			102,128			443,407			371,374
Depreciation and amortization		7,830			6,762			30,404			26,872
Total expenses		1,023,088			723,786			3,933,967			2,805,116
Income (loss) from operations		(10,284	)		(22,545	)		14,752			(101,555	)
Other expenses:
Interest expense		3,949			5,492			15,799			23,547
Other income, net		—			—			(89	)		(72	)
Loss on extinguishment of debt		—			3,020			—			3,020
Total other expenses		3,949			8,512			15,710			26,495
Loss before income taxes		(14,233	)		(31,057	)		(958	)		(128,050	)
Provision for income tax expense (benefit)		(3,227	)		7			20			21
Net loss	$	(11,006	)	$	(31,064	)	$	(978	)	$	(128,071	)
Less: Net loss attributable to noncontrolling interest		—			27			(254	)		(36	)
Net loss attributable to Alignment Healthcare, Inc.	$	(11,006	)	$	(31,091	)	$	(724	)	$	(128,035	)

Total weighted-average common shares outstanding – basic and diluted		200,970,862			191,897,164			198,006,216			190,793,552
Net loss per share attributable to Alignment Healthcare, Inc. – basic and diluted		(0.05	)		(0.16	)		0.00			(0.67	)

Consolidated Statements of Cash Flows (in thousands)

	Year Ended December 31,
		2025			2024			2023
Operating Activities:
Net loss	$	(978	)	$	(128,071	)	$	(148,173	)
Adjustments to reconcile Net loss to net cash provided by (used in) operating activities:
Provision for credit loss		833			123			91
(Gain) loss on right of use assets		—			143			(289	)
Gain on sale of property and equipment		(72	)		(9	)		—
Depreciation and amortization		30,482			27,062			21,668
Amortization-debt issuance costs		1,761			1,293			1,254
Amortization-investment discount		(1,298	)		(2,579	)		(4,917	)
Equity-based compensation		62,082			71,132			66,835
Non-cash lease expense		1,609			1,764			2,318
Loss on extinguishment of debt		—			3,020			—
Changes in operating assets and liabilities:
Accounts receivable		(100,106	)		(34,278	)		(26,950	)
Prepaid expenses and other current assets		(57,059	)		7,887			(2,863	)
Other assets		(50	)		60			(142	)
Medical expenses payable		184,781			84,389			35,264
Accounts payable and accrued expenses		10,364			(1,460	)		(6,347	)
Accrued compensation		9,082			5,819			6,574
Lease liabilities		(1,504	)		(1,525	)		(3,510	)
Net cash provided by (used in) operating activities		139,927			34,770			(59,187	)
Investing Activities:
Purchase of investments		(65,633	)		(82,200	)		(379,058	)
Sale of property and equipment		75			14			—
Maturities of investments		76,300			162,795			267,790
Sale of business		1,065			—			—
Acquisition of property and equipment, net		(26,781	)		(41,418	)		(35,995	)
Net cash provided by (used in) investing activities		(14,974	)		39,191			(147,263	)
Financing Activities:
Proceeds from long-term debt		—			380,000			—
Debt issuance costs		(26	)		(8,792	)		—
Repayment of long-term debt		—			(215,000	)		—
Payment of employment taxes related to release of restricted stock		—			(350	)		—
Proceeds from exercise of stock options		18,067			155			—
Contributions from noncontrolling interest holders		—			15			105
Net cash provided by financing activities		18,041			156,028			105
Net increase (decrease) in cash		142,994			229,989			(206,345	)
Cash, cash equivalents and restricted cash at beginning of period		434,943			204,954			411,299
Cash, cash equivalents and restricted cash at end of period	$	577,937		$	434,943		$	204,954
Supplemental disclosure of cash flow information:
Cash paid for interest	$	13,752		$	22,157		$	19,165
Supplemental non-cash investing and financing activities:
Acquisition of property in accounts payable	$	97		$	70		$	59
Debt issuance costs in accounts payable	$	—		$	512		$	—

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the total above:

	December 31, 2025		December 31, 2024		December 31, 2023
Cash and cash equivalents	$	575,817	$	432,859	$	202,904
Restricted cash in other assets		2,120		2,084		2,050
Total	$	577,937	$	434,943	$	204,954

Non-GAAP Financial Measures

Certain of these financial measures are considered “non-GAAP” financial measures within the meaning of Item 10 of Regulation S-K promulgated by the SEC. We believe that non-GAAP financial measures provide an additional way of viewing aspects of our operations that, when viewed with the GAAP results, provide a more complete understanding of our results of operations and the factors and trends affecting our business. These non-GAAP financial measures are also used by our management to evaluate financial results and to plan and forecast future periods. However, non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Non-GAAP financial measures used by us may differ from the non-GAAP measures used by other companies, including our competitors. To supplement our consolidated financial statements presented on a GAAP basis, we disclose the following non-GAAP measures: Medical Benefits Ratio, Adjusted EBITDA and Adjusted Gross Profit as these are performance measures that our management uses to assess our operating performance. Because these measures facilitate internal comparisons of our historical operating performance on a more consistent basis, we use these measures for business planning purposes and in evaluating acquisition opportunities.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure that we define as net income (loss) before interest expense, income taxes, depreciation and amortization expense, acquisition expenses, certain litigation costs, gains or losses on right of use (“ROU”) assets, gains or losses on sale of property and equipment, restructuring costs, equity-based compensation expense, and loss on extinguishment of debt.

Adjusted EBITDA should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA in lieu of net income (loss), which is the most directly comparable financial measure calculated in accordance with GAAP.

Our use of the term Adjusted EBITDA may vary from the use of similar terms by other companies in our industry and accordingly may not be comparable to similarly titled measures used by other companies.

Medical Benefits Ratio (MBR)

We calculate our MBR by dividing total medical expenses, excluding depreciation, equity-based compensation and clinical restructuring costs, by total revenues in a given period.

Adjusted Gross Profit

Adjusted gross profit is a non-GAAP financial measure that we define as income (loss) from operations before depreciation and amortization, medical equity-based compensation expense, clinical restructuring costs and selling, general, and administrative expenses.

Adjusted gross profit should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of adjusted gross profit in lieu of income (loss) from operations, which is the most directly comparable financial measure calculated in accordance with GAAP.

Our use of the term adjusted gross profit may vary from the use of similar terms by other companies in our industry and accordingly may not be comparable to similarly titled measures used by other companies.

Investor Contact
Harrison Zhuo
hzhuo@ahcusa.com

Media Contact
Priya Shah
mPR, Inc. for Alignment Health
alignment@mpublicrelations.com

Alignment Healthcare Reports Fourth Quarter and Full-Year 2025 Results; Beats High-End of Guidance Across All Key Metrics

Posted on by

Delivers full-year revenue of $3.95 billion, representing 46.1% growth year-over-year
Exceeds high-end of fourth quarter and full-year guidance across all key metrics: membership, revenue, adjusted gross profit and adjusted EBITDA
Raises health plan membership guidance by 2,000 at the midpoint and introduces 2026 revenue guidance of $5.14 billion to $5.19 billion, representing 30%-31% growth year-over-year, and adjusted EBITDA of $133 million to $163 million
Earns recognition on the 2026 Fortune World’s Most Admired Companies™ list, underscoring the company’s innovative approach to senior health care

ORANGE, Calif., Feb. 26, 2026 (GLOBE NEWSWIRE) — Alignment Healthcare, Inc. (NASDAQ: ALHC), today reported financial results for its fourth quarter and full year ended Dec. 31, 2025.

Fourth Quarter 2025 Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended Dec. 31, 2024.

Health plan membership at the end of the quarter was approximately 236,300, up 25.0% year-over-year
Total revenue was $1,012.8 million, up 44.4% year-over-year
Adjusted gross profit* was $124.9 million and loss from operations was $10.3 million
- Adjusted gross profit excludes depreciation and amortization of $7.8 million and selling, general, and administrative expenses of $125.8 million (which includes $11.5 million of equity-based compensation). Adjusted gross profit also excludes an additional $1.6 million of equity-based compensation recorded within medical expenses
- Medical benefits ratio based on adjusted gross profit was 87.7%
Adjusted EBITDA* was $11.4 million and net loss was $11.0 million

Full Year 2025 Financial Highlights
All comparisons, unless otherwise noted, are to the twelve months ended Dec. 31, 2024.

Total revenue was $3,948.7 million, up 46.1% year over year.
Adjusted gross profit was $494.8 million and income from operations was $14.8 million
- Adjusted gross profit excludes depreciation and amortization of $30.4 million and selling, general, and administrative expenses of $443.4 million (which includes $55.9 million of equity-based compensation). Adjusted gross profit also excludes $0.1 of depreciation expense and an additional $6.1 million of equity-based compensation recorded within medical expenses
- Medical benefits ratio based on adjusted gross profit was 87.5%
Adjusted EBITDA was $109.9 million and net loss was $1.0 million

_{* Please see “Fourth Quarter 2025 Non-GAAP Reconciliation Tables” below for more information on the non-GAAP financial measures reported here as supplemental information.}

Outlook for First Quarter and Fiscal Year 2026

	Three Months Ending March 31, 2026		Twelve Months Ending December 31, 2026
*$ Millions*	Low	High	Low	High
Health Plan Membership	281,000	285,000	292,000	298,000
Revenue	$1,205	$1,225	$5,135	$5,190
Adjusted Gross Profit⁽¹⁾	$138	$148	$615	$650
Adjusted EBITDA⁽¹⁾	$26	$36	$133	$163

_______________________

₍₁₎

Fourth Quarter 2025 Non-GAAP Reconciliation Tables

Adjusted Gross Profit⁽¹⁾ is reconciled as follows:

	Three Months Ended December 31,						Year Ended December 31,
		2025			2024		2025			2024
*(dollars in thousands)*
Income (loss) from operations	$	(10,284	)	$	(22,545	)	$	14,752	$	(101,555	)
Add back:
Equity-based compensation (medical expenses)	$	1,613		$	1,546			6,134		4,930
Depreciation (medical expenses)	$	4		$	46			78		190
Restructuring costs (medical expenses) ⁽²⁾	$	—		$	—			—		796
Depreciation and amortization⁽³⁾	$	7,830		$	6,762			30,404		26,872
Selling, general, and administrative expenses	$	125,764		$	102,128			443,407		371,374
Total add back		135,211			110,482			480,023		404,162
Adjusted gross profit	$	124,927		$	87,937		$	494,775	$	302,607

₍₁₎	_{Adjusted gross profit is a non-GAAP financial measure that is presented as supplemental disclosure, that we define as income (loss) from operations before depreciation and amortization, medical equity-based compensation expense, clinical restructuring costs and selling, general, and administrative expenses.}
₍₂₎	_{Represents severance and related costs incurred as part of a corporate restructuring designed to streamline our organizational structure and drive operational efficiencies.}
₍₃₎	_{Amortization expense for the year ended Dec. 31, 2025 includes $0.6 million in impairment expense related to the remeasurement of goodwill associated with one of our subsidiaries. Amortization expense for the year ended Dec. 31, 2024 includes $0.6 million in impairment expense related to intangible assets that were written off during the year.}

Adjusted EBITDA⁽¹⁾ is reconciled as follows:

	Three Months Ended December 31,						Year Ended December 31,
		2025			2024			2025			2024
*(dollars in thousands)*
Net loss	$	(11,006	)	$	(31,064	)	$	(978	)	$	(128,071	)
Less: Net income (loss) attributable to noncontrolling interest		—			(27	)		(254	)		(36	)
Adjustments:
Interest expense		3,949			5,492			15,799			23,547
Depreciation and amortization⁽²⁾		7,834			6,808			30,482			27,062
Income tax expense		(3,227	)		7			20			21
Equity-based compensation⁽³⁾		13,115			16,236			62,082			71,132
Acquisition expenses⁽⁴⁾		—			—			—			26
Litigation costs⁽⁵⁾		749			892			2,357			2,069
Loss on ROU assets⁽⁶⁾		—			—			—			143
Gain on sale of property and equipment		—			(1	)		(72	)		(9	)
Restructuring costs⁽⁷⁾		—			—			—			2,363
Loss on extinguishment of debt		—			3,020			—			3,020
Adjusted EBITDA	$	11,414		$	1,363		$	109,944		$	1,339

₍₁₎	_{Adjusted EBITDA is a non-GAAP financial measure that is presented as supplemental disclosure, that we define as net income (loss) before interest expense, income taxes, depreciation and amortization expense, acquisition expenses, certain litigation costs, gains or losses on right of use (“ROU”) assets, gains or losses on sale of property and equipment, restructuring costs, equity-based compensation expense, and loss on extinguishment of debt.}
₍₂₎	_{Amortization expense for the year ended Dec. 31, 2025 includes $0.6 million in impairment expense related to the remeasurement of goodwill associated with one of our subsidiaries. Amortization expense for the year ended Dec. 31, 2024 includes $0.6 million in impairment expense related to intangible assets that were written off during the year.}
₍₃₎	_{Represents equity-based compensation related to grants made in the applicable year.}
₍₄₎	_{Represents acquisition-related fees, such as legal and advisory fees, that are non-capitalizable.}
₍₅₎	_{Represents litigation costs considered outside of the ordinary course of business based on the following considerations which we assess regularly: (i) the frequency of similar cases that have been brought to date, or are expected to be brought within two years, (ii) complexity of the case, (iii) nature of the remedies sought, (iv) litigation posture of the Company, (v) counterparty involved, and (vi) the Company’s overall litigation strategy}
₍₆₎	_{Represents gains or losses related to ROU assets that were terminated or subleased in the respective period.}
₍₇₎	_{Represents severance and related costs incurred as part of a corporate restructuring designed to streamline our organizational structure and drive operational efficiencies.}

Forward-Looking Statements

Consolidated Balance Sheets (in thousands, except par value and share amounts)

	December 31, 2025			December 31, 2024
Assets
Current Assets:
Cash and cash equivalents	$	575,817		$	432,859
Accounts receivable (less allowance for credit losses of $833 at December 31, 2025 and $0 at December 31, 2024)		253,207			153,904
Investments – current		28,413			37,791
Prepaid expenses and other current assets		94,140			37,084
Total current assets		951,577			661,638
Property and equipment, net		64,251			67,139
Right of use asset, net		7,019			7,818
Goodwill		32,060			34,826
Intangible assets, net		4,550			4,550
Other assets		6,329			6,092
Total assets	$	1,065,786		$	782,063
Liabilities and Stockholders’ Equity
Current Liabilities:
Medical expenses payable	$	474,569		$	289,788
Accounts payable and accrued expenses		33,284			22,126
Accrued compensation		49,013			39,931
Total current liabilities		556,866			351,845
Long-term debt, net of debt issuance costs		323,176			321,428
Long-term portion of lease liabilities		6,467			7,835
Total liabilities		886,509			681,108
Stockholders’ Equity:
Preferred stock, $.001 par value; 100,000,000 shares authorized as of December 31, 2025 and 2024, respectively; no shares issued and outstanding as of December 31, 2025 and 2024		—			—
Common stock, $.001 par value; 1,000,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 204,153,619 and 191,778,639 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively		205			192
Additional paid-in capital		1,188,089			1,107,952
Accumulated deficit		(1,009,017	)		(1,008,293	)
Total Alignment Healthcare, Inc. stockholders’ equity		179,277			99,851
Noncontrolling interest		—			1,104
Total stockholders’ equity		179,277			100,955
Total liabilities and stockholders’ equity	$	1,065,786		$	782,063

Consolidated Statements of Operations (in thousands, except per share amounts)

	Three Months Ended December 31,						Year Ended December 31,
		2025			2024			2025			2024
Revenues:
Earned premiums	$	1,003,791		$	691,785		$	3,911,718		$	2,671,931
Other		9,013			9,456			37,001			31,630
Total revenues		1,012,804			701,241			3,948,719			2,703,561
Expenses:
Medical expenses		889,494			614,896			3,460,156			2,406,870
Selling, general, and administrative expenses		125,764			102,128			443,407			371,374
Depreciation and amortization		7,830			6,762			30,404			26,872
Total expenses		1,023,088			723,786			3,933,967			2,805,116
Income (loss) from operations		(10,284	)		(22,545	)		14,752			(101,555	)
Other expenses:
Interest expense		3,949			5,492			15,799			23,547
Other income, net		—			—			(89	)		(72	)
Loss on extinguishment of debt		—			3,020			—			3,020
Total other expenses		3,949			8,512			15,710			26,495
Loss before income taxes		(14,233	)		(31,057	)		(958	)		(128,050	)
Provision for income tax expense (benefit)		(3,227	)		7			20			21
Net loss	$	(11,006	)	$	(31,064	)	$	(978	)	$	(128,071	)
Less: Net loss attributable to noncontrolling interest		—			27			(254	)		(36	)
Net loss attributable to Alignment Healthcare, Inc.	$	(11,006	)	$	(31,091	)	$	(724	)	$	(128,035	)

Total weighted-average common shares outstanding – basic and diluted		200,970,862			191,897,164			198,006,216			190,793,552
Net loss per share attributable to Alignment Healthcare, Inc. – basic and diluted		(0.05	)		(0.16	)		0.00			(0.67	)

Consolidated Statements of Cash Flows (in thousands)

	Year Ended December 31,
		2025			2024			2023
Operating Activities:
Net loss	$	(978	)	$	(128,071	)	$	(148,173	)
Adjustments to reconcile Net loss to net cash provided by (used in) operating activities:
Provision for credit loss		833			123			91
(Gain) loss on right of use assets		—			143			(289	)
Gain on sale of property and equipment		(72	)		(9	)		—
Depreciation and amortization		30,482			27,062			21,668
Amortization-debt issuance costs		1,761			1,293			1,254
Amortization-investment discount		(1,298	)		(2,579	)		(4,917	)
Equity-based compensation		62,082			71,132			66,835
Non-cash lease expense		1,609			1,764			2,318
Loss on extinguishment of debt		—			3,020			—
Changes in operating assets and liabilities:
Accounts receivable		(100,106	)		(34,278	)		(26,950	)
Prepaid expenses and other current assets		(57,059	)		7,887			(2,863	)
Other assets		(50	)		60			(142	)
Medical expenses payable		184,781			84,389			35,264
Accounts payable and accrued expenses		10,364			(1,460	)		(6,347	)
Accrued compensation		9,082			5,819			6,574
Lease liabilities		(1,504	)		(1,525	)		(3,510	)
Net cash provided by (used in) operating activities		139,927			34,770			(59,187	)
Investing Activities:
Purchase of investments		(65,633	)		(82,200	)		(379,058	)
Sale of property and equipment		75			14			—
Maturities of investments		76,300			162,795			267,790
Sale of business		1,065			—			—
Acquisition of property and equipment, net		(26,781	)		(41,418	)		(35,995	)
Net cash provided by (used in) investing activities		(14,974	)		39,191			(147,263	)
Financing Activities:
Proceeds from long-term debt		—			380,000			—
Debt issuance costs		(26	)		(8,792	)		—
Repayment of long-term debt		—			(215,000	)		—
Payment of employment taxes related to release of restricted stock		—			(350	)		—
Proceeds from exercise of stock options		18,067			155			—
Contributions from noncontrolling interest holders		—			15			105
Net cash provided by financing activities		18,041			156,028			105
Net increase (decrease) in cash		142,994			229,989			(206,345	)
Cash, cash equivalents and restricted cash at beginning of period		434,943			204,954			411,299
Cash, cash equivalents and restricted cash at end of period	$	577,937		$	434,943		$	204,954
Supplemental disclosure of cash flow information:
Cash paid for interest	$	13,752		$	22,157		$	19,165
Supplemental non-cash investing and financing activities:
Acquisition of property in accounts payable	$	97		$	70		$	59
Debt issuance costs in accounts payable	$	—		$	512		$	—

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the total above:

	December 31, 2025		December 31, 2024		December 31, 2023
Cash and cash equivalents	$	575,817	$	432,859	$	202,904
Restricted cash in other assets		2,120		2,084		2,050
Total	$	577,937	$	434,943	$	204,954

Non-GAAP Financial Measures

Adjusted EBITDA

Medical Benefits Ratio (MBR)

We calculate our MBR by dividing total medical expenses, excluding depreciation, equity-based compensation and clinical restructuring costs, by total revenues in a given period.

Adjusted Gross Profit

Investor Contact
Harrison Zhuo
hzhuo@ahcusa.com

Media Contact
Priya Shah
mPR, Inc. for Alignment Health
alignment@mpublicrelations.com

Keros Therapeutics Appoints Charles Newton to its Board of Directors

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Keros Therapeutics Appoints Charles Newton to its Board of Directors

Keros Therapeutics Appoints Charles Newton to its Board of Directors

LEXINGTON, Mass., Feb. 26, 2026 (GLOBE NEWSWIRE) — Keros Therapeutics, Inc. (“Keros” or the “Company”) (Nasdaq: KROS), a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of patients with disorders that are linked to dysfunctional signaling of the transforming growth factor-beta (“TGF-ß”) family of proteins, today announced the appointment of Charles Newton to its Board of Directors, effective March 9, 2026.

“We are pleased to welcome Mr. Newton to Keros’ Board of Directors,” said Jean-Jacques Bienaimé, Chair of the Board of Directors. “His extensive expertise in healthcare finance and capital markets, coupled with his track record of helping companies navigate through key value inflection points in their clinical programs, will be highly complementary to the Board’s existing skillsets. As we continue to advance our pipeline, his perspective will be invaluable in supporting disciplined execution and positioning the Company for long-term growth and value creation.”

“I am thrilled to join Keros’ Board and leverage my experience helping biotechnology companies through critical growth to oversee the Company’s next phase of clinical development for rinvatercept (KER-065),” said Mr. Newton. “I look forward to collaborating with the Board and executive team to support the Company’s strategic priorities and continue advancing its mission of delivering meaningful and potentially disease-modifying benefits to patients.”

Mr. Newton served as the Chief Financial Officer of Lyell Immunopharma, Inc. from February 2021 until his retirement from Lyell in September 2025. Prior to Lyell, he served as Managing Director and Co-Head of Healthcare Investment Banking in the Americas at Bank of America. Earlier in his career, he served as Managing Director and Co-Head of Healthcare Investment Banking in the Americas at Credit Suisse, Managing Director and Head of Western Region Healthcare Investment Banking at Morgan Stanley and as a Corporate Finance Analyst at Lehman Brothers. Mr. Newton currently serves as a board member at Novavax, Inc. and Coherus Oncology, Inc. and previously served on the board of directors of 2seventy bio, Inc. until their acquisition by Bristol Myers Squibb, and Carmot Therapeutics, until their acquisition by Roche.

Mr. Newton holds a B.S. in Finance from Miami University and an M.B.A. from The Tuck School at Dartmouth College.

Concurrent with Mr. Newton joining Keros’ Board of Directors, the Company also announced that Carl Gordon, Ph.D., CFA, will be stepping down as a director of the Company, effective March 9, 2026.

President and Chief Executive Officer Jasbir Seehra, Ph.D., commented, “On behalf of the Board and executive team, we thank Carl for his outstanding service and contributions to the Keros Board. We wish him well in his future endeavors.”

About Keros Therapeutics, Inc.

Keros is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of patients with disorders that are linked to dysfunctional signaling of the TGF-ß family of proteins. Keros is a leader in understanding the role of the TGF-ß family of proteins, which are master regulators of the growth, repair and maintenance of a number of tissues, including blood, bone, skeletal muscle, adipose and heart tissue. By leveraging this understanding, Keros has discovered and is developing protein therapeutics that have the potential to provide meaningful and potentially disease-modifying benefit to patients. Keros’ lead product candidate, rinvatercept, is being developed for the treatment of Duchenne muscular dystrophy and for the treatment of amyotrophic lateral sclerosis. Keros’ most advanced product candidate, elritercept, is being developed for the treatment of cytopenias, including anemia and thrombocytopenia, in patients with myelodysplastic syndrome and in patients with myelofibrosis.

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “continue,” “potential” and “will” or similar expressions are intended to identify forward-looking statements. Examples of these forward-looking statements include statements concerning: Keros’ expectations regarding the further advancement of its pipeline; and the expected contributions of Mr. Newton. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among others: Keros’ limited operating history and historical losses; Keros’ ability to raise additional funding to complete the development and any commercialization of its product candidates; Keros’ dependence on the success of its product candidates, rinvatercept and elritercept; that Keros may be delayed in initiating, enrolling or completing any clinical trials; competition from third parties that are developing products for similar uses; Keros’ ability to obtain, maintain and protect its intellectual property; and Keros’ dependence on third parties in connection with manufacturing, clinical trials and preclinical studies.

These and other risks are described more fully in Keros’ filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q, filed with the SEC on November 5, 2025, and its other documents subsequently filed with or furnished to the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, Keros undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Contacts

Investor Contact:
Justin Frantz
jfrantz@kerostx.com
617-221-6042

Media Contact:
Mahmoud Siddig / Adam Pollack / Viveca Tress
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

Keros Therapeutics Appoints Charles Newton to its Board of Directors

Posted on by

Keros Therapeutics Appoints Charles Newton to its Board of Directors

Keros Therapeutics Appoints Charles Newton to its Board of Directors

Mr. Newton holds a B.S. in Finance from Miami University and an M.B.A. from The Tuck School at Dartmouth College.

Concurrent with Mr. Newton joining Keros’ Board of Directors, the Company also announced that Carl Gordon, Ph.D., CFA, will be stepping down as a director of the Company, effective March 9, 2026.

About Keros Therapeutics, Inc.

Cautionary Note Regarding Forward-Looking Statements

Contacts

Investor Contact:
Justin Frantz
jfrantz@kerostx.com
617-221-6042

Media Contact:
Mahmoud Siddig / Adam Pollack / Viveca Tress
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

Full-year 2025 results

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Full-year 2025 results

Full-year 2025 results

Solid 2025 results
Debt reduction trajectory confirmed
Growth objectives for 2025-2028

All tables are available in the PDF.

Successful plan to strengthen the financial position and confirmed debt reduction trajectory:
- Finalised €1 billion disposal plan at an average multiple of c.14X EBITDA
- Normalised access to financing, with a €500 million bond issue
- Reduction in net financial debt (excluding IFRS 16 and IAS 17) of €390 million compared to 31 December 2024, resulting in a decrease in Wholeco leverage⁽¹⁾ to 5.1x
Clariane receives inaugural corporate ratings from two agencies: B+ from S&P and B2 from Moody’s
Operating performance in line with objectives:
- 2025 revenue stands at €5,310 million, up +4.5% on an organic basis
- EBITDA, pre-IFRS 16, stands at €594 million, up +3.1% compared to 2024 pro forma of disposals, reflecting a significant improvement in the EBITDA margin in the second half of the year, at 12.5% compared to 9.9% in the first half of 2025
- Pre-IFRS 16 operating free cash flow⁽²⁾ stood at €267m, up +46%, driven by improved operating performance in the second half of the year and the normalisation of working capital and good control of capital expenditure
Group results:
- Post-IFRS 16 net profit amounted to €2 million, compared with a loss of €55 million in 2024
Non-financial commitments exceeded:
- NPS⁽³⁾ at +45 and number of employees in qualifying paths (7,743) above targets
- Continued decline in the frequency rate of workplace accidents (28 vs. 31 in 2024)
2023–2026 objectives confirmed
2025–2028 objectives:
- Revenue (pro forma for disposals): average annual growth of c.+4% over the period
- EBITDA (pre-IFRS 16, pro forma): average annual growth between +7% and +9% over the period
- Opco EBITDA⁽⁴⁾ (pro forma): average annual growth between +11% and +14% over the period
- Wholeco leverage around 4.5x at the end of 2028*

The audited 2025 financial report, including the annual activity report and the condensed consolidated financial statements as at 31 December 2025, is available on the company’s website at www.clariane.com. The consolidated financial statements were approved by the Board of Directors at its meeting on 26 February 2026. A report with unconditional certification is to be issued by the Statutory auditors. The condensed consolidated financial statements have been prepared in accordance with IFRS 16. For comparability purposes, the following financial information is presented without applying IFRS 16.

In millions of euros –	2024 Reported	2024 Pro forma disposals	2025	Changes
Revenue Organic basis	5,282	5,156	5,310	+0.5% +4.5%
EBITDAR pre-IFRS 16 Pro forma basis of disposals	1,154	1,120	1,159	+0.4% +3.5%
EBITDA pre-IFRS 16 Pro forma basis of disposals	605	576	594	-1.8% +3.1%
Pre-IFRS 16 EBITDA excluding real-estate development activities Pro forma basis of disposals	595	566	579	-2.7% +2.4%
Net profit attributable to the Group pre-IFRS 16	-20		36
Net profit attributable to the Group post IFRS 16	-55		2
Operating free cash flow pre-IFRS 16	183		267	+46.1%

⁽¹⁾Wholeco leverage: leverage used in connection with the amendment and extension of the syndicated loan announced on 17 February 2025. Wholeco leverage is calculated using the following formula: Net debt pre-IFRS 16 and IAS 17 after deduction of Ages & Vie receivables i.e €2,987m /consolidated EBITDA restated for the impact of IFRS 16 and IAS 17 and adjusted for certain non-cash items and the full-year effect of ongoing action plans, i.e. €582m.
⁽²⁾ Operating free cash flow is calculated as follows: EBITDA +/– change in working capital +/- non-current items – maintenance investments – interest and taxes paid.
⁽³⁾ The Net Promoter Score (NPS) is calculated on the basis of satisfaction surveys and corresponds to the percentage of promoters (scores of 9 and 10/10) minus the percentage of detractors (scores of 0 to 6/10).
⁽⁴⁾ Opco EBITDA is defined as follows: EBITDA (1) after capitalised leases in accordance with IFRS 16 (including leases already capitalised prior to the application of IFRS 16, under IAS 17) and (2) restated for the impact of the Group’s real-estate holdings. These impacts mainly consist of market rents associated with real-estate assets held, as defined in the Cushman & Wakefield report on the valuation of the Group’s real-estate portfolio, as well as operating costs associated with real-estate holdings (calculated on the basis of the Group’s property operating costs).
* With a comparable balance sheet structure

Sophie Boissard, Chief Executive Officer of the Clariane Group, said:

In 2025, we finalised the plan to strengthen our financial position, which was launched in November 2023, six months ahead of schedule. This success enabled us, in line with our objectives, to reduce our level of financial leverage and regain normal access to the debt market, particularly the bond market.

In France, after a 2024 financial year and first half of 2025, which were penalised by the entry into force of the new financing framework for medical, post-acute and rehabilitation activities, marked by, on the one hand, ‘tariff anomalies’ and implementation delays and, on the other hand, the underfunding of newly opened facilities, the measures taken by the Group and the corrections agreed by the authorities supported the recovery in operating performance during the second half of the year, a recovery which full effects will materialise as of 2026.

At the same time, and in line with its mission, the Group remained more focused than ever on strengthening its fundamentals and preparing for the future, particularly in terms of care and support for all vulnerabilities, with non-financial indicators once again demonstrating the remarkable commitment of all teams: the Net Promoter Score and the number of employees enrolled in training programmes in 2025 exceeded the ambitious targets we had set ourselves, and the frequency of workplace accidents continued to decline.

On this basis, and thanks to the impact of the “Better support” operational excellence programme, Clariane has everything it needs to approach the coming financial years with confidence and consolidate its position as a leading European player in the prevention and management of frailty and age-related conditions.

Disclaimer

This press release and the information contained herein do not constitute an offer to sell or a solicitation of an offer to purchase or subscribe for bonds in any country, particularly in the United States. Nor do they constitute an offer to repurchase or an invitation to sell the bonds, or an invitation to participate in the offer. The distribution of this press release may be subject to specific regulations in certain countries, and persons in possession of this press release should inform themselves of and comply with any applicable restrictions.
This document contains forward-looking statements that involve risks and uncertainties, including information included or incorporated by reference, concerning the Group’s future growth and profitability, which may cause actual results to differ materially from those indicated in the forward-looking statements. These risks and uncertainties are related to factors that the Company cannot control or accurately estimate, such as future market conditions. The forward-looking information contained in this document constitutes expectations about future events and should be considered as such. Actual events or results may differ from those described in this document due to a number of risks and uncertainties described in Chapter 2 of the 2024 Universal Registration Document filed with the AMF on 31 March 2025 under registration number D.25-0209, available on the Company’s website (www.clariane.com) and the AMF website (https://www.amf-france.org/fr). All forward-looking statements included in this document are valid only as of the date of this press release. Clariane S.E. makes no commitment and assumes no responsibility to update the information contained in this document beyond what is required by applicable regulations.
Readers should not place undue reliance on these forward-looking statements. Neither Clariane nor any of its directors, officers, employees, agents, affiliates or advisers accepts any responsibility for the reasonableness of the assumptions or opinions expressed or the likelihood of the projections, prospects or returns being realised. Any liability for such information is expressly excluded. Nothing in this document is, or should be considered, a promise or statement for the future. Furthermore, no statement contained in this document is intended to be, or can be interpreted as, a forecast of results. Clariane’s past performance cannot be considered a guide to future performance.
The main alternative performance indicators (APIs), such as “EBITDA”, “EBIT”, “net debt” and “financial leverage”, are defined in the Universal Registration Document available on the company’s website www.clariane.com .

1 – Key financial performance indicators as of 31 December 2025

1.1 – Group income statement

1.1.1 – Analysis of revenue on a reported and organic basis

As at 31 December 2025, the Group’s consolidated revenue amounted to €5,310m, representing growth of +0.5% on a reported basis and +4.5% on an organic basis. The difference between reported and organic performance is due to the impact of disposals in 2024 and 2025 as part of the plan to strengthen the Group’s financial position, restated for real-estate revenue and the revision of expected income from the reform of healthcare activities in France.
This momentum confirms the Group’s solidity, which is underpinned by the quality of its diversified portfolio, both in terms of activities and geographies.
Over the whole of the 2025 financial year, the occupancy rate in retirement homes reached 91.0%, compared with 90.6% in 2024. It should be noted that the average occupancy rate for the fourth quarter of 2025 was 91.6%, compared with 91.0% for the same period in 2024.

The network operated as at 31 December 2025, all activities combined, now comprises 1,215 facilities, compared with 1,219 as at 31 December 2024, for a total of nearly 89,400 beds, compared with 90,500 in 2024. These changes take into account:

Disposals carried out as part of the plan to strengthen the Group’s financial position (France, Italy and Germany);
And finally, the closures and restructuring of facilities in France, Germany, Spain and Belgium.

These operations were partially offset by:

The opening of new Ages & Vie shared homes in France;
The commissioning and opening of new facilities in Spain, Belgium, the Netherlands and Germany;

In total, between December 2024 and December 2025, the Group sold or closed 34 facilities, while at the same time opening 30 new facilities.

The growth in revenue resulted from:

A 1.4% increase in volumes, representing a net increase of €74 million (growth in the number of days billed and the commissioning of additional capacity);
A positive pricing impact of +3.1% or +€156 million across all regions, particularly in France, Germany and Belgium-Netherlands, offsetting a slight decline in France in the Specialty Care business due to the impact of the medical, post-acute and rehabilitation activities reform;
A negative scope impact of -3.1% to -€160m mainly due to the disposal plan;
A negative impact from various and transitional items of -0.9% to -€42 million, related in particular to pricing anomalies accompanying the entry into force in 2024 of the reform of medical, post-acute and rehabilitation activities (-€23 million) and the suspension of real-estate development activities, particularly within the Ages & Vie business segment (-€18 million) in France.

1.1.2 – Analysis of pre-IFRS 16 EBITDAR, pre-IFRS 16 EBITDA and opco EBITDA

In millions of euros –	2024 Reported	2024 Pro forma disposals	2025	Changes
In millions of euros –	2024 Reported	2024 Pro forma disposals	2025	Reported	Pro forma
EBITDAR pre-IFRS 16	1,154	1,120	1,159	+0.4%		+3.5%
EBITDA pre-IFRS 16	605	576	594	-1.8%		+3.1%
Impact of IAS 17 Real-estate development Amount of internal rents Holding costs	-69 -10 -171 +10	-69 -10 -169 +10	-70 -15 -169 +10
EBITDA Opco ⁽¹⁾	366	338	351	-4.0%		*+3.9%*

⁽¹⁾ Opco EBITDA is defined as follows: EBITDA (1) after capitalised leases in accordance with IFRS 16 (including leases already capitalised prior to the application of IFRS 16, under IAS 17) and (2) restated for the impact of the Group’s real-estate holdings. These impacts mainly consist of market rents associated with real-estate assets held, as defined in the Cushman & Wakefield report on the valuation of the Group’s real-estate portfolio, as well as operating costs associated with real-estate holdings (calculated on the basis of the Group’s property operating costs).

EBITDAR pre-IFRS 16 amounted to €1,159m in 2025, up +3.5% on a pro forma basis excluding disposals.
Pre-IFRS 16 EBITDA amounted to €594m for the period, up +3.1% on a pro forma basis excluding disposals. This pro forma increase in pre-IFRS 16 EBITDA reflects the improvement in the margin recorded in the second half of the year, which stood at 12.5% compared with 9.9% in the first half of 2025 and 11.9% in the second half of 2024, supported by good control of operating costs, active case mix management and the gradual adaptation of the organisation to the new pricing framework, which, together with the correction of certain regulatory pricing anomalies, started to offset the negative impact of the reform of healthcare pricing in France over this period. On a pro forma basis, the EBITDA margin remained stable at 11.2%.

The change in pre-IFRS 16 EBITDA is the result of:

The impact of changes in scope (-€29m) related to the divestment plan, and closures of a few underperforming facilities in France, Germany and Italy;
An upward adjustment in prices and tariffs (net impact of +€3m, with a positive effect linked to tariff increases of +€156m offsetting cost inflation of -€153m);
A volume effect of +€17 million.

Opco EBITDA amounted to €351m, up +3.9% on a pro forma basis excluding disposals and down -4.0% on a reported basis. This Opco EBITDA measures the profitability of operations, net of all rents (including on real-estate assets owned by the group) and costs related to the group’s ownership of part of its real-estate portfolio under management. This growth reflects the improvement in the company’s operational performance across its various business lines. and good control of rents in relative terms, which remained stable in absolute terms.

1.1.3 – Net profit

Over the year as a whole, the Group’s net profit, pre-IFRS 16, showed a positive result of €36 million, compared with a loss of €20 million in 2024.

The change is essentially explained by:

A decrease in non-recurring expenses, which amounted to €0 million in 2025 (compared to
-€38 million in 2024), including -€70 million in reorganisation and restructuring costs,
-€102 million in asset impairments (with no impact on cash flow) in France, Germany and Italy, and +€185 million in net proceeds from disposals;
An improvement in the financial result of -€186 million in 2025, compared to -€195 million in 2024, linked to the decrease in debt over one year, and despite a slight increase in the average cost of debt;
Tax income of +€3m in 2025, stable compared to 2024
A slight increase in minority interests, amounting to -€8 million in 2025 compared to -€3 million in 2024;

Profit from continuing operations stands at €36 million in 2025 compared to €5 million in 2024.

Net profit attributable to the Group, post-IFRS 16, shows a profit of €2 million in 2025, compared with a loss of €55 million in 2024.

The Group notes that the terms of the amendment and extension agreement to the syndicated loan signed on 14 February 2025 limit dividend distributions to 40%, provided that leverage is less than 4x at the end of the financial year. In this context, the Group will not pay a dividend for the 2025 financial year.

1.2 – Cash flow

In millions of euros, and pre-IFRS 16	2024	2025
EBITDA	605	594
Operating cash flow	400	469
Taxes and financial expenses	-217	-202
Free operating cash flow	183	267
Development investments	-131	-101
Financial investments (acquisitions/disposals)	286	318
Net free cash flow	338	483
Dividend payments (coupons)	-16	-37
Net real-estate investments/divestments	-6	-8
Capital increase	307	-4
Real-estate partnerships	-134	-33
Other (including changes in scope)	-40	6
Cash flow from discontinued operations	-13	–
Change in net debt (incl. IAS17)	435	408

Net debt shows a decrease of €408m as at 31 December 2025 (including IAS 17). Excluding IAS 17, the decrease in net debt amounts to €390m.

This decrease in net debt is mainly due to:

Operating cash flow of €469 million in 2025, compared with €400 million in 2024, supported by a significant improvement in working capital requirements (+€99 million) and broadly stable maintenance investments (€111 million, compared with €105 million in 2024);
Financial expenses and taxes paid of -€202 million in 2025,
Investments limited to -€159 million in 2025, compared to -€242 million in 2024;
Coupon payments of -€37 million;
Cash flows related to real-estate partnerships of -€33 million in 2025;
And finally, proceeds from disposals of +€368 million, reflecting the completion of the disposal plan.

2 – Real-estate portfolio

The value of the Group’s real-estate portfolio stood at €2,459 million at 31 December 2025, compared with €2,612 million and €2,456 million on a pro forma basis excluding disposals at 31 December 2024.

This change is due to disposals made during the financial year. On a like-for-like basis, values are stable. The average capitalisation rate in 2025 is 6.5%, which is stable compared to 31 December 2024.

This change has no significant impact on the valuation of assets in the Group’s accounts, which are recorded at historical cost.

Real-estate debt fell to €1,423m at 31 December 2025, compared with €1,489m at 31 December 2024, after restatement of Ages&Vie real-estate receivables. With a real-estate portfolio value of €2,459m at 31 December 2025, the Loan-To-Value (LTV) ratio stands at 58% on that date, compared with 57% at 31 December 2024.

The value of the Group’s real-estate holdings, net of minority interests in real-estate partnerships and real-estate debt, stood at €471m at the end of December 2025.

3 – Balance sheet situation

The Group’s net financial debt, excluding IFRS 16 and IAS 17, amounted to €3,055m as at 31 December 2025, compared with €3,445m as at 31 December 2024, representing a decrease in net financial debt (excluding IFRS 16 and IAS 17) of €390m.

Net financial debt consists of:

Gross borrowings and financial debt before IFRS 16 of €3,839m at 31 December 2025, compared with €3,963m at 31 December 2024, excluding IAS 17 debt, which amounted to €508 million at 31 December 2025, compared with €526 million at 31 December 2024;
Cash and cash equivalents stood at €785 million at 31 December 2025, compared with €518 million at 31 December 2024. As a reminder, the Group also has an undrawn RCF facility of €402 million, bringing the Group’s total liquidity to €1,187 million.

The Group’s Wholeco financial leverage ratio, as defined in the syndicated credit extension agreement announced on 17 February 2025, stands at 5.1x as at 31 December 2025, compared with 5.8x as at 31 December 2024. Opco leverage, as defined in its bank financing agreements, stood at 3.1x as at 31 December 2025, compared with 3.8x as at 31 December 2024.

4 – Finalisation of the 2024-2025 Plan to strengthen the financial position

This plan, announced on 14 November 2023, involving a total amount of €1.5 billion, aimed to secure and accelerate Clariane’s debt reduction trajectory and enable the Group to adapt its financial position to an economic environment made more difficult by the level of inflation, rising interest rates and tightening credit and real-estate markets, and finally to give it room for manoeuvre in the execution of its strategy.

With the successful completion on 5 July 2024 of the capital increase with preferential subscription rights, which followed the reserved capital increase carried out on 12 June 2024, the first three components of this plan were finalised eight months after its launch.

The fourth and final phase of this plan, consisting of a programme of disposals of operating and real-estate assets and equity partnerships aimed in particular at refocusing its activities geographically, with expected gross proceeds of approximately €1 billion, was completed in the first half of 2025, six months ahead of the initial schedule based on a valuation ratio of around 14x EBITDA, while enabling the Group to refocus on its core businesses and geographies.

Net capital gains associated with the asset disposal programme amounted to €185 million in 2025.

In line with expectations, the completion of this plan has fully contributed to the Group’s debt reduction objectives, improved its Wholeco financial leverage and restored normal access to the debt market.

5 – CSR performance

As part of the non-financial objectives and indicators defined in the 2024-2026 CSR roadmap, which underpin its corporate mission commitments, Clariane exceeded most of its 2025 non-financial objectives:

Key indicators and targets in the 2024-2026 roadmap (Audit procedures completed. Management reports, including sustainability report, currently undergoing certification)	2024	2025	Reminder of 2025 targets	Status (>; =; <)


Consideration score (/10)	8.3	8.4	≥ 8.0	>
Patients / residents / families Net Promoter Score (-100 to +100)	44	45	≥ 42	>
Employee Net Promoter Score (-100 to +100)	5	12	≥ 5	>
Turnover	22.0%	20%	n.a	=
Quality of care (care homes) – composite indicator :
Residents with pressure sores	2.8%	2.6%	≤ 5%	>
Use of physical restraints (belts, bed rails, etc.)	11.5%	9.4%	≤ 13%	>
Residents with up-to-date personalised plan	98.3%	98.7%	≥ 98%	>
Proportion of ISO 9001- or Qualisap-certified facilities
Care and healthcare facilities	98% (*)	99%	≥ 95%	>
Other activities	64%	93%	≥ 40%	>
Lost time accident frequency rate	31	28	30	>
Absenteeism rate	10.4%	10.6%	10%	<
Employees enrolled in qualifying paths	7,780	7,743	7,000	>
Facility director positions filled internally	50%	55%	50%	>
Women on Group and country management boards	38%	40%	≥ 40%	=
Women in top management (~top 150)	53%	51%	≥ 50%	>
Energy-related GHG emissions (vs.2021)	-15%	-23.5%	-22	=
Waste sorted and recycled	44%	40%	^1stmeasure	=
CSR awareness-raising initiatives (min. per country)	5 per country (**)	9 per country.	4 per country	>
Purchases of national origin (referenced suppliers)	78%	78%	≥ 75%	>
Scientiﬁc and health innovation communications	105	79	54	>
Sites with active local stakeholder dialogue	89%	91%	90	=
Active national stakeholder councils	5	5	All countries	<
Site managers trained in social dialogue	42% (**)	68%	50%	>
() 2019 scope (*) new methodology

To support this momentum, several milestones were reached in 2025, both in terms of embedding the quality approach and further developing the Employer Promise, as well as reducing the environmental footprint:

After obtaining ISO 9001 certification for 100% of its retirement homes and clinics¹ , Clariane launched a certification process covering all of its activities in 2024. By the end of 2025, while maintaining a certification rate of 98.7% for retirement homes and specialised clinics, 93% of the entities involved in this process within other activities, such as shared housing, had obtained external certification.
Clariane obtained Top Employer 2026 certification² , both at European level and in each of the six countries where it operates: Clariane thus consolidated its status as the first player in the sector to obtain this distinction at European level, with scores improving across all its locations. This certification recognises the Clariane Group’s commitment to developing the skills of its employees, ensuring high-quality working conditions and promoting social dialogue. For example:

- In terms of skills development: within the Clariane University, which brings together all the training courses related to the Group’s activities, 7,743 employees are enrolled in a qualifying course at the end of 2025. The vast majority of these courses relate to care professions, illustrating Clariane’s commitment to providing long-term support for chronic illnesses and dependency. In addition, in order to strengthen the consideration and support essential to the teams, a new programme was launched in 2025 for regional directors, “OLM” (Operational Leadership Masterclass), with the aim of strengthening operational leadership. In addition, 55 facility directors obtained MEOS certification in 2025, contributing to the achievement of internal promotion objectives.
- In terms of health and safety, the frequency rate of lost-time accidents stood at 28 in 2025, confirming the decline observed in previous financial years (-9 points since 2023). In light of this key challenge, this result illustrates the impetus given at Group level and within facilities to better analyse the causes of workplace accidents and define appropriate preventive measures. These initiatives are part of a rich social dialogue: in line with the European Health and Safety Protocol (2021), Clariane concluded an innovative tripartite health and safety agreement with the European Works Council (EWC) and EPSU in June 2025. Based on a concerted approach, the provisions of this agreement include targeted equipment and training aimed at preventing occupational risks, in line with the objective of reducing the frequency of workplace accidents. Senior management and the social partners are thus committed to continuing to reduce absenteeism (which stood at 10.6% at the end of 2025, compared with 10.4% in 2024).
- In 2025, Clariane maintained its commitment to promoting diversity, with 51% of women in top management and 44% on Group or country management committees, exceeding the 2025 targets.
- Finally, an employee share ownership plan, “Ensemble“, offering the same number of share allocation rights (50), was launched for the benefit of all Group employees in October 2025.
In terms of reducing its carbon footprint³ , Clariane will achieve a performance in line with its 2031 decarbonisation trajectory as validated by the Science Based Targets initiative (SBTi) by the end of 2025. This demanding trajectory is based in particular on the adaptation of equipment and practices and the gradual implementation of automated management tools.

The company notes that the Mission Committee will prepare its third report to assess the consistency of the actions taken in relation to the five commitments of the mission.

6 – Recent events

6.1 – Reorganisation of Clariane’s activities

To address the public health challenges associated with an ageing population and the increase in chronic diseases, Clariane has developed diversified and complementary forms of support and care in its various geographical areas, which will in future be organised around the following two activities:

“Long term care”, which includes the segments “Medicalized nursing homes” and “Alternative living solutions”;
“Speciality care”, which includes the “Specialty and post-acute” and “Mental health” segments.

On this basis, the table below reflects the Group’s performance on a historical basis and on the basis of the new segmentation of the Group’s activities:

Historical segmentation In millions of euros –	2024 revenue	Revenue 2025	% of revenue	Variations
Historical segmentation In millions of euros –	2024 revenue	Revenue 2025	% of revenue	Reported	Organic
Long-term Care	3,281	3,387	64%	+3.2%		+4.8%
Specialised healthcare establishments and services	1,346	1,287	24%	-4.4%		+1.8%
Community Care and shared accommodation	655	636	12%	-2.8%		+8.7%
Total	5,282	5,310	100%	+0.5%		+4.5%

New segmentation In millions of euros –	Revenue 2024	Revenue 2025	% of revenue	Variations
New segmentation In millions of euros –	Revenue 2024	Revenue 2025	% of revenue	Reported	Organic
Long term care Medicalized nursing homes Alternative living solutions	3,936 3,281 655	4,023 3,387 636	76%	+2.2%	+5.4%
Specialty care Specialty & post-acute Mental health	1,346 961 385	1,287 906 381	24%	-4.4%	+1.8%
Total	5,282	5,310	100%	+0.5%	+4.5%

6.2 – Plan to adapt the Group’s central functions in Germany

In spring 2025, Korian Germany launched a programme to reduce non-refinanced payroll costs, resulting in the elimination of 111 positions within central functions (head office) and 69 positions within the network.

The project was presented to the social partners on 3 July 2025. Negotiations on the social plan took place in parallel for seven legal entities. The agreement was signed at the end of October 2025.

In central functions, redundancies were implemented in two stages:

A first phase in November 2025, with contracts ending between the end of 2025 and the beginning of 2026;
A second phase with contract terminations set for 31 March 2026.

The effects of these measures measures contributed in part to the improvement in the Group’s results in Germany at the end of 2025. Their full effect should be felt in 2026.

6.3 – Employment Protection Plan in France

At the end of 2023, Clariane launched a plan to strengthen its financial position with the aim of reducing its debt and restoring its self-financing capacity on a sustainable basis. This plan, finalised in July 2025, resulted in the sale of assets worth approximately €1 billion. In addition, the sector underwent a profound transformation of its economic model, marked in particular by the reform of the financing of medical, post-acute and rehabilitation activities and mental health activities in France.

These changes, combined with the roll-out of the programme to digitise and automate certain transactional functions (Platform 2.0 programme), made it essential to reorganise support functions to maintain an effective level of support consistent with the new network structure.

In this context, on 3 February 2026, the Group presented its social partners with a draft Employment Protection Plan (PSE), including an initial voluntary redundancy phase, exclusively within support functions in France. This plan provides for a net reduction of 71 jobs.

This plan does not affect the Group’s operational activities in France, namely Korian Long-term Care, Inicea clinics and Âges & Vie shared accommodation.

The impact of this plan will be felt gradually during the 2026 financial year and in full from 2027 onwards.

6.4 – Inaugural corporate ratings

On 25 February 2026, S&P Global Ratings assigned the following ratings:

Corporate rating of B+/Stable to Clariane SE;
Instrument rating of B+ to the unsecured bonds of €500m issued by Clariane SE maturing in 2030.

On 25 February 2026, Moody’s assigned the following ratings:

Corporate rating of B2/Stable to Clariane SE;
Instrument rating of B2 to the unsecured bonds of €500m issued by Clariane SE maturing in 2030.

Obtaining these ratings from the agencies marks an important step in the Group’s financing strategy.

7 – Outlook

7.1 – 2023-2026 objectives

The Group reiterates its main objectives for the period from 1 January 2023 to 31 December 2026:

An average annual organic growth objective (CAGR) for revenue of approximately +5% on a pro forma basis, supported in particular by a gradual and steady increase in occupancy rates and activity volumes, including outpatient care, an improvement in the case mix and the ongoing catch-up in pricing, particularly in Germany;
A target improvement of 100 to 150 basis points in the EBITDA margin, pre-IFRS 16, pro forma for disposals and excluding real-estate development, by 31 December 2026, compared with 31 December 2023, when it stood at 10.5% (see Appendix 12 to this press release: “2023, 2024 and 2025 data on a pro forma basis excluding disposals”), supported mainly by revenue growth and targeted improvement measures relating to the central cost structure and rental expenses;
The Group has set itself the objective of reducing its net financial debt, pre-IFRS 16 and on a comparable balance sheet basis, to around €3 billion, representing a “Wholeco” leverage ratio of less than 5x at 31 December 2026*.

In order to achieve these objectives, and given the finalisation of the plan to strengthen its financial position, the Group will rely mainly on:

Continued improvement in operational performance;
And maintaining strict investment discipline, for an amount of approximately €300 million per year, divided equally between maintenance and development investments.

With regard to non-financial indicators, restated for the effects of the scope of consolidation related to the disposal plan, the Group reiterates its 2023-2026 objectives:

Maintain the net recommendation score (NPS) for residents/patients and families at a level greater than or equal to 40;
Maintain the number of employees enrolled in qualifying paths at over 7,200, in line with its mission commitments;
Reduce the lost-time accident frequency rate to 29;

Continue to implement the low-carbon energy decarbonisation strategy as validated by the Science-Based Target initiative (SBTi), leading to a 27% reduction in energy-related greenhouse gas emissions⁴ .

7.2 – Growth objectives for 2025-2028

Following the successful implementation of the various components of its plan to improve its financial position, the Group today announces its main objectives for the period 2025-2028:

Average annual growth (CAGR) in revenue of around +4% on a pro forma basis⁽⁵⁾, supported in particular by:

- An increase in business volumes in the Long-Term Care segment, driven by the gradual saturation of average occupancy in Long-term Care facilities, a steady improvement in pricing over the period based on the continued development of a differentiated, high-quality offering, and the dynamism of the Alternative Housing segment;
- Growth in revenue in the Specialised Healthcare Facilities and Services business, which will be driven in particular by strong growth in outpatient care, an improvement in the case mix combined, in France, with the full-year correction of the tariff anomalies in Post-acute care, as of 2026

An average annual growth rate (CAGR) in pro forma⁽⁵⁾ pre-IFRS 16 EBITDA of between +7% and +9%;
An average annual growth rate (CAGR) in pro forma opco EBITDA of between +11% and +14%.

This significant improvement in pre-IFRS 16 EBITDA and opco EBITDA over the entire period should be supported by:

- Revenue growth;
- Effective control of external rental expenses;
- Targeted improvement measures focusing on the central cost structure, particularly in France and Germany;
- The gradual decline in the relative weight of internal rents compared to business growth.
Wholeco financial leverage, as defined in its bank financing agreements, of around 4.5x at the end of 2028*.

* With a comparable balance sheet structure

8 – Meeting and conference call:

In connection with the publication of its 2025 results, Clariane will hold the following on 27 February 2026:

An in-person information meeting at 10 a.m., in French, at the following address:

Chateauform’ Les Jardins de Saint Dominique – 49-51 rue Saint Dominique, 75007 Paris

A conference call and webcast, in English, will also be held on 27 February 2026 at 3 p.m. (CET).
- You can register to listen to the conference here
- This conference call will also be available as a webcast. You can register by clicking here.

A replay of this conference call will be available by following the link here

The presentation supporting this event will be available on the Clariane website www.clariane.com on 27 February 2026 from 10:00 a.m. (CET).

9 – Upcoming events

23 April 2026: First quarter 2026 revenue after the close of trading on Euronext Paris
12 May 2026: 2026 Annual General Meeting
29 July 2026: Revenue and results for the first half of 2026 after the close of trading on Euronext Paris
28 October 2026: Third quarter 2026 revenue after the close of trading on Euronext Paris

APPENDICES

10 – Performance by geographical area

10.1 – France

In millions of euros	2024	2025	Changes
Revenue	2,332	2,264
Reported basis Organic basis			-2.9% +2.6%
EBITDAR pre-IFRS 16	517	458
Reported basis Pro forma basis EBITDAR margin	22.2%	*20.2%*	-11.5% -7.0%
EBITDAR pre-IFRS 16 and excluding real-estate activities	512	458	-10.6%
EBITDAR margin excluding real-estate activities	22.1%	*20.2%*

Revenue in France rose by 2.6% on an organic basis over the full period. The decline on a reported basis is due to the impact of various disposals since 2024 as part of the plan to strengthen the financial position.

Revenue from the Long-term Care business grew by +2.9% on an organic basis over the full year, supported by the effect of price adjustments. The average occupancy rate declined slightly in 2024, standing at 88.3% compared with 89.1% in 2024, due to the seasonal flu epidemic at the beginning of the year, which proved to be particularly active. It should be noted that in the fourth quarter, the occupancy rate stood at 88.7%.
The Specialty Care business grew by +0.7% on an organic basis, reflecting higher volumes thanks to the continued growth of outpatient activity (+16%), which offset the temporarily unfavourable tariff base effects due in particular to the significant negative impact of the regulatory tariff anomalies related to the new funding scheme for the Post-acute activities., which started to be offset from H2 through cost adaptation measures and active case-mix management combined with correction measures decided by the regulation authorities, especially for the facilities opened after 2022, correction measures which will have a full effect from 2026 on.,.
Finally, the Community Care business grew organically by +16.3% in 2025, driven by strong demand in this business. It should be noted that revenue for this business declined by -3.3% on a reported basis due to the disposal of the Petits-fils business on 30 July 2025.

Taking these factors into account, pre-IFRS 16 EBITDAR amounted to €458 million for the financial year, compared with €517 million in 2024, representing a pro forma decline of 7.0% based on disposals. This decline is mainly due to the impact of the reform of the Specialised Healthcare Facilities and Services business, the delay in annual indexation in this business and the impact of influenza during the first quarter of 2025.

10.2 – Germany

In millions of euros	2024	2025	Changes
Revenue	1,253	1,316
Reported basis Organic basis			+5.0% +8.0%
EBITDAR pre-IFRS 16	267	315
Reported basis Pro forma basis EBITDAR margin	21.3%	*24.0%*	+17.9% +18.4%

Revenue in Germany improved by +8.0% on an organic basis in 2025, supported by steady growth in business volume and continued price recovery.

Long-term Care revenue rose by +7.9% on an organic basis, supported by higher rates and an occupancy rate averaging 91.1% for the full year, compared with 89.7% in 2024. It should be noted that in the fourth quarter, the occupancy rate improved significantly, reaching 91.9%, compared with 90.0% in the same period in 2024.
Revenue from the Community Care business grew by 8.3% on an organic basis.

EBITDAR in this region amounted to €315 million in 2025, up 18.4% on a pro forma basis. Negotiated price increases, combined with the Group’s efforts, enabled Clariane to confirm its recovery in this region, with a 270 basis point increase in EBITDAR margin compared to 2024.

10.3 – Belgium and the Netherlands

In millions of euros	2024	2025	Changes
Revenue	805	846
Reported basis Organic basis			+5.1% +5.0%
EBITDAR pre-IFRS 16	180	197
Reported basis Pro forma basis EBITDAR margin	22.3%	*23.3%*	+9.9% +9.9%
EBITDAR pre-IFRS 16 and excluding real-estate activities	180	183	+2.0%
EBITDAR margin excluding real-estate activities	22.3%	*21.7%*

Growth remains strong in the region, with revenue up +5.0% on an organic basis in 2025.

In Belgium, revenue in 2025 amounted to €675m, up +3.8% on an organic basis.

The Long-term Care business grew by 3.8% on an organic basis, supported by both an occupancy rate of 92.7% for the period as a whole, compared with 92.3% in 2024, and a steady increase in rates. It should be noted that in the fourth quarter, the occupancy rate averaged 93.5%, stable compared to the same period in 2024.
The Community Care business (which accounts for around 7% of revenue generated in Belgium) grew by +3.7% on an organic basis.

In the Netherlands, revenue in 2025 stood at €171 million, up +10.4% on an organic basis.

The Long-term Care business grew organically by +10.5%, with an average occupancy rate of 76.9% for the full year, compared to 73.7% in 2024. It should be noted that in the 4quarter, the occupancy rate averaged 79.8%, compared with 76.4% in 2024. This increase reflects the positive impact of the commissioning of new capacity following the opening of four new greenfield sites in 2025, which are gradually ramping up, supported by a favourable sector environment.
The Specialty Care business, which accounts for nearly 2% of revenue in this country, declined by -3.0% on an organic basis
Finally, the Community Care business (approximately 14% of revenue generated in this country) grew by +12.6%.

Taking these factors into account, and given the limited impact of inflation on costs, pre-IFRS 16 EBITDAR for the region as a whole is expected to reach €197 million in 2025, up +9.9% on a pro forma basis excluding disposals compared with 2024. On this basis, the EBITDAR margin increased by +100 basis points over the period to 23.3%.

10.4 – Italy

In millions of euros	2024	2025	Changes
Revenue	626	618
Reported basis Organic basis			-1.3% +2.4%
EBITDAR pre-IFRS 16	135	135
Reported basis Pro forma basis EBITDAR margin	21.5%	*21.8%*	+0.0% +3.3%

The Italian market remained buoyant throughout the year, with organic revenue growth of +2.4%. The slight contraction of -1.3% on a reported basis was due to disposals made as part of the plan to strengthen the Group’s financial structure.

The Long-term Care business grew by +3.4% on an organic basis, supported by a high occupancy rate averaging 97.4% over the period, compared with 96.4% in 2024, and by price revisions.
The Specialty Care business (approximately 44% of revenue generated in this country) posted organic growth of +1.6%.
Finally, the Community Care business (7% of revenue generated in this country) grew by +1.2% on an organic basis.

EBITDAR in Italy is expected to reach €135m in 2025, up +3.3% on a pro forma basis. The EBITDA margin is expected to increase by +30 basis points compared to 2024.

10.5 – Spain and United Kingdom*

In millions of euros	2024	2025	Changes
Revenue	266	267
Reported basis Organic basis			+0.3% +7.8%
EBITDAR pre-IFRS 16	55	53
Reported basis Pro forma basis EBITDAR margin	20.6%	*19.9%*	-3.3% +4.4%
EBITDAR pre-IFRS 16 and excluding real-estate activities	50	53	+5.5%
EBITDAR margin excluding real-estate activities	18.8%	*19.8%*

* Given the completion of the sale of all of the Group’s activities in the United Kingdom on 9 April 2024, the Group’s performance therefore includes the financial performance achieved in the United Kingdom for the entire first quarter of 2024.

The UK business has been fully deconsolidated since 9 April 2024. As a reminder, revenue in the UK amounted to €17m as at 9 April 2024, the date of the sale of all of the Group’s assets and activities in that country.

Revenue in Spain amounted to €267 million in 2025, up +7.8% on an organic basis (+7.1% on a reported basis).

The Long-term Care business (approximately 21% of revenue generated in this country) grew by +10.8% on an organic basis, supported by a slight increase in rates and an average occupancy rate of 92.2% over the period as a whole, compared with 90.1% in 2024. It should be noted that in the fourth quarter, the average occupancy rate was 92.5%, compared with 91.0% for the same period in 2024.
The Specialty Care business, (more than 75% of revenue generated in this country), grew by +7.3% on an organic basis. This performance was driven by the expansion of its network and services following the acquisition of Grupo 5.
The Community Care business, which accounts for just over 3% of revenue generated in this country, remains highly volatile given the size of this business, recording an increase of +2.2% over the period as a whole.

EBITDAR in this region amounted to €53m in 2025, up +4.0% on a pro forma basis. On this basis, the EBITDAR margin fell slightly by -70 basis points to 19.9%. On a pro forma basis and excluding real-estate activities, the EBITDAR margin improved by 100 basis points.

11 – Performance by activity

11.1 – Historical segmentation of the Group’s activities

11.1.1 – Long-term Care

The Long-term Care business, which accounts for 64% of the Group’s activity, generated revenue of €3,387m in 2025, compared with €3,281m in 2024 (which included revenue from the UK business), representing an increase of +3.2% on a reported basis and +4.8% on an organic basis.

This organic growth is based both on the continued increase in business volume, reflected in the rise in the occupancy rate, which averaged 91.0% over the full year, compared with 90.6% in 2024, and on an increase in rates. It should be noted that the average occupancy rate for the fourth quarter of 2025 was 91.6%, compared with 91.0% for the same period in 2024.

11.1.2 – Healthcare facilities and services

The Healthcare Facilities and Services business generated revenue of €1,287m in 2025, representing 24% of the Group’s revenue, up +1.8% on an organic basis. Taking into account the scope effect linked to the plan to strengthen the financial position, in particular the sale of the Home Hospitalisation business, and adjustments made to certain provisions in France in the first half of 2025, revenue fell by 4.4% on a reported basis.

11.1.3 – Home and alternative living environments

Revenue from the Community Care business amounted to €636 million in 2025, representing 12% of the Group’s revenue, up +8.7% on an organic basis. Taking into account the sale of Petits-fils on 30 July 2025 and certain small disposals in Germany and Italy, the business declined by 2.8% on a reported basis.

11.2 – New segmentation of the Group’s activities

11.2.1 – “Long term care” business

The “Long term care” business, which includes the “Medicalized nursing homes” and “Alternative living solutions” segments, represents 76% of the Group’s business and generated revenue of €4,023m in 2025, compared with €3,936m in 2024 (which included revenue from the UK business), representing an increase of +2.2% on a reported basis and +5.4% on an organic basis.

11.2.2 – “Specialty care” business

The “ Specialty care” business, which includes the Medicalized & post-acute and Mental Health segments, generated revenue of €1,287 million in 2025, representing 24% of the Group’s revenue, up +1.8% on an organic basis. Taking into account the scope effect related to the plan to strengthen the financial position, in particular the sale of the Home Hospitalisation business, and adjustments made to certain provisions in France in the first half of 2025, revenue declined by 4.4% on a reported basis.

12 – 2023, 2024 and 2025 data on a pro forma basis of disposals

The pro forma is presented taking into account impact of disposals on a full-year basis.

In millions of euros	2023			2024			2025
	Reported	*Impact of disposals*	Pro forma	Reported	*Impact of disposals*	Pro forma	Reported	*Impact of disposals*	Pro forma
Revenue	5,047	(302)	4,746	5,282	(256)	5,025	5,310	(142)	5,168**
Of which France	2,243	(165)	2,078	2,332	(166)	2,166	2,264	(98)	2,166
Of which Germany	1,166	(17)	1,149	1,253	(16)	1,237	1,316	(6)	1,310
Of which Italy	609	(56)	554	626	(58)	569	618	(38)	580
Of which Belgium and the Netherlands	748	0	748	805	0	805	846	0	846
Of which Spain and the United Kingdom	281	(63)	218	266	(17)	249	267	0	267
EBITDAR pre IFRS 16	1,127	(71)	1,056	1,154	(67)	1,087	1,159	(37)	1,122
Margin (%)	22.3		22.3	21.8		21.6	21.8		21.7
Of which France	557	(39)	518	517	(47)	470	458	(25)	433
Of which Germany	220	(2)	218	267	(2)	266	315	(1)	315
Of which Italy	129	(14)	116	135	(15)	120	135	(11)	124
Of which Belgium and the Netherlands	167	0	167	180	0	180	197	0	197
Of which Spain and the United Kingdom	52	(16)	37	55	(4)	51	53	0	53
EBITDA pre IFRS 16	614	(64)	550	605	(60)	546	594	(32)	562**
Margin (%)	12.2		11.6	11.5		10.9	11.2		10.9
Of which France	328	(31)	297	259	(39)	219	192	(19)	174
Of which Germany	73	(2)	72	121	(1)	120	165	(1)	165
Of which Italy	87	(6)	82	94	(7)	87	95	(5)	90
Of which Belgium and the Netherlands	81	(10)	72	87	(9)	78	100	(8)	93
Of which Spain and the United Kingdom	43	(16)	27	44	(4)	40	41	(0)	41
EBITDA before IFRS 16 and excluding real-estate development	561	(68)	492	595	(60)	535	579	(32)	548
Margin (%)	11.2		10.5*	11.3		10.7	10.9		10.6
EBITDA opco	320	(27)	279	366	(27)	317	351	(23)	328**

*Basis of the 2023-2026 target improvement of 100 to 150 basis points in the EBITDA margin, pre-IFRS 16, pro forma for disposals and excluding real-estate development
**Basis of the 2025-2028 growth objectives

Consolidated accounts as at 31 December 2025

Income statement

M€	2025 post IFRS 16	IFRS 16 adjustments	2025 pre-IFRS 16	2024 pre-IFRS 16	∆
M€	2025 post IFRS 16	IFRS 16 adjustments	2025 pre-IFRS 16	2024 pre-IFRS 16	∆


Revenue	5,310.3	–	5,310.3	5,281.8	28.5
Growth %	0.5%	–	0.5%	4.6%	-410 bps
Personnel costs	(3,236.7)	–	(3,236.7)	(3,152.7)	(84.0)
% of revenue	61.0%	–	61.0%	59.7%	+130 bps
Other costs	(927.1)	(12.1)	(915.0)	(975.1)	60.1
% of revenue	17.5%	–	17.2%	18.5%	-130 bps
EBITDAR	1,146.5	*(12.1)*	1,158.6	1,153.9	4.7
% of revenue	21.6%	–	21.8%	21.8%	–
External rents	(77.3)	487.3	(564.6)	(548.8)	(15.8)
% of revenue	1.5%	–	10.6%	10.4%	+20 bps
EBITDA	1,069.2	*475.2*	594.0	605.1	(11.1)
% of revenue	20.1%		11.2%	11.5%	-30 bps
Amortisation & depreciation	(715.0)	(411.1)	(303.9)	(302.6)	(1.3)
Provisions	(57.2)	1.5	(58.7)	(63.5)	4.9
EBIT	297.0	*65.6*	231.4	239.0	(7.5)
% of revenue	5.6%	–	4.4%	4.5%	-10 bps
Non-recurring expenses	3.7	3.5	0.2	(38.3)	38.5
Operating profit	300.7	*69.1*	231.6	200.7	30.9
% of revenue	5.7%	–	4.4%	3.8%	+60 bps
Financial income	(288.8)	(103.2)	(185.6)	(194.6)	9.0
Pre-tax profit	11.9	*(34.1)*	46.0	6.1	39.9
Income taxes	3.3	(0.1)	3.4	2.6	0.8
Tax rate	(27.9%)	(0.4%)	(7.5%)	(42.9%)	n.a
Income from equity-accounted companies	(6.0)	–	(6.0)	(0.3)	(5.7)
Minority interests	(7.6)	–	(7.6)	(3.4)	(4.2)
Net profit from continuing operations	1.6	*(34.3)*	35.9	5.0	30.8
% of revenue	0.0%	–	0.7%	0.1%	+60 bps
Income from discontinued operations	–	–	–	(25.4)	25.4
Net profit – Group share	1.6	*(34.3)*	35.9	(20.3)	56.2
% of revenue	0.0%	–	0.7%	-0.4%	+110 bps

Balance sheet

In thousands of euros	31.12.2025	31.12.2024
Goodwill	3,129,532	3,239,523
Intangible assets	2,151,332	2,336,177
Property, plant and equipment	2,886,228	3,108,748
Right-of-use assets	3,533,378	3,617,552
Non-current financial assets	123,063	111,037
Equity-accounted investments	58,149	64,160
Deferred tax assets	193,351	144,168
Non-current assets	12,075,033	12,621,365
Inventories	36,226	22,240
Trade receivables and related accounts	410,527	457,310
Other receivables and current assets	448,934	616,799
Current tax receivables	8,693	21,069
Financial instruments with a positive fair value	4,749	4,066
Cash and cash equivalents	784,793	518,072
Current assets	1,693,922	1,639,556
Assets held for sale	37,915.00	–
TOTAL ASSETS	13,806,870	14,260,921

In thousands of euros	31.12.2025	31.12.2024
Share capital	3,568	3,560
Additional paid-in capital	1,514,495	1,514,495
Reserves and retained earnings	2,095,601	2,174,229
Equity attributable to owners of the Group	3,613,664	3,692,284
Non-controlling interests	287,987	328,538
Total equity	3,901,651	4,020,822
Provisions for pensions	78,825	82,263
Deferred tax liabilities	537,849	553,997
Other provisions	61,338	53,493
Borrowings and financial debt	3,225,372	2,977,431
Non-current lease liabilities	3,549,657	3,609,482
Other non-current liabilities	19,547	56,863
Non-current liabilities	7,472,588	7,333,529
Current provisions	20,222	25,027
Trade payables and related accounts	540,340	570,028
Other payables and accruals	810,987	891,238
Current tax payables	11,282	23,850
Current borrowings and bank overdrafts	614,096	985,716
Current lease liabilities	417,729	408,776
Financial instruments with a negative fair value	1,184	1,935
Current liabilities	2,415,840	2,906,570
Liabilities related to assets held for sale	16,791	–
TOTAL EQUITY AND LIABILITIES	13,806,870	14,260,921

Cash flow

M€	FY 2025	IFRS 16 impact	FY 2025	FY 2024
M€	post IFRS 16	IFRS 16 impact	pre IFRS 16	pre. IFRS 16

EBITDA	1 069	475	594	605
Non cash & others	(93)	20	(114)	(102)
Change in WC	99	(0)	99	2
Operating Capex	(111)	–	(111)	(105)
Operating cash flow	964	495	469	400
Income tax paid	(29)	0	(29)	(20)
Financial expenses paid/received	(276)	(103)	(173)	(197)
Free operating cash flow	659	392	267	183
Development Capex	(101)	–	(101)	(131)
Financial investments/divestments	318	–	318	286
Net Free cash flow	875	392	483	338
Dividends/hybrid coupons paid	(37)	–	(37)	(16)
Real estate investments / divestments	(8)	–	(8)	(6)
Increase in equity	(4)	–	(4)	307
Partnership Real Estate	(33)	–	(33)	(134)
Other net debt	(353)	(359)	6	(40)
Cash flow from discontinued operations	–		–	(13)
Net debt variation	441	33	408	435

¹ By the end of 2023, based on 2019 figures

² By the Top Employer Institute

³ energy-related CO2 emissions

⁴ Compared to 2021

⁵ The historical figures for 2025 on a pro forma basis are presented in Appendix 12 to this press release: ‘Pro forma figures for 2023, 2024 and 2025 based on disposals’

Attachments

Regeneron Renews Sponsorship of the Regeneron Science Talent Search Through 2036, Committing an Additional $150 Million to Empower the Next Generation of Science and Technology Leaders

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Regeneron Renews Sponsorship of the Regeneron Science Talent Search Through 2036, Committing an Additional $150 Million to Empower the Next Generation of Science and Technology Leaders

Regeneron Renews Sponsorship of the Regeneron Science Talent Search Through 2036, Committing an Additional $150 Million to Empower the Next Generation of Science and Technology Leaders

Key Takeaways:

Regeneron will extend its title sponsorship of the Regeneron Science Talent Search (STS) for a second decade, continuing its partnership with Society for Science to support the United States’ oldest and most prestigious science and mathematics competition for high school seniors
Since the start of Regeneron’s sponsorship in 2017 through this year’s STS, Regeneron and the Society have engaged and inspired more than 20,000 of the nation’s top young scientists, recognized 3,000 as Regeneron scholars, and awarded over $31 million in prizes
Regeneron is also the title sponsor of the Regeneron International Science and Engineering Fair (ISEF), a program of Society for Science and the world’s largest high school science competition
Today’s commitment brings Regeneron’s total STS and ISEF investment, from 2017 to 2036, to more than $300 million

TARRYTOWN, N.Y. AND WASHINGTON, Feb. 26, 2026 (GLOBE NEWSWIRE) — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced the renewal of Regeneron’s title sponsorship of the Regeneron Science Talent Search (STS), the United States’ oldest and most prestigious science and mathematics competition for high school seniors. The company is increasing its commitment for the next 10 years by 50%, pledging an additional $150 million to further empower and inspire the next generation of science and technology leaders, and bringing its 20-year investment in STS to $250 million. Regeneron is also the title sponsor of the Regeneron International Science and Engineering Fair (ISEF), a program of the Society and the world’s largest high school science competition. Regeneron’s support for these two premier programs totals more than $300 million from 2017 to 2036.

“My own scientific journey can be traced back to my experience with the Science Talent Search, which profoundly shaped who I am today. Participating in and becoming a winner of STS gave me the confidence to dedicate my life to science and the pursuit of inventing medicines that improve people’s lives,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, co-Chairman, President, and Chief Scientific Officer at Regeneron, and a 1976 STS Winner. “Today, Regeneron helps millions of people around the world facing serious diseases, which is a testament to what is possible when young scientific talent is nurtured. We are renewing our commitment to STS because we see in these students that same potential to transform our world, and we eagerly await their future contributions to science and humanity.”

“At Regeneron, our success has always been driven by a deep belief in science and the people behind it,” said Leonard S. Schleifer, M.D., Ph.D., co-Founder, co-Chairman, President, and Chief Executive Officer at Regeneron, and 1970 STS Alumnus. “This renewed, long-term investment in the Regeneron Science Talent Search – alongside our support for many other STEM education programs – reflects our confidence in the extraordinary potential of young scientists and our responsibility to help cultivate the curiosity, rigor, and leadership that will shape the future of scientific discovery.”

What is the Regeneron Science Talent Search?
The Regeneron Science Talent Search, first established in 1942 as the Westinghouse Science Talent Search and later the Intel Science Talent Search, is now proudly supported by Regeneron as its third long-term sponsor. Since the beginning of this enduring sponsorship through this year’s STS, Regeneron and the Society have engaged and inspired more than 20,000 of the nation’s top young scientists, recognized 3,000 as Regeneron scholars, and awarded over $31 million in prizes.

For 85 years, STS has recognized and championed the United States’ most promising young scientists whose groundbreaking research and leadership potential can fuel the breakthroughs of tomorrow. The competition serves as a catalyst for young scientists to build confidence, strengthen their research skills, and deepen their commitment to high-quality scientific inquiry.

“In its 85th year, the Science Talent Search inspires and elevates the nation’s top high school students passionate about tackling the world’s most intractable problems,” said Maya Ajmera, President and CEO at Society for Science; Executive Publisher, Science News; and 1985 STS Alumna. “This renewal not only secures the legacy of this historic competition but also amplifies its impact in the years ahead. With Regeneron’s unwavering support, we will continue to empower the extraordinary – the rising stars and the legends in the making – who will define the future of science, innovation, and discovery.”

Each year, nearly 2,500 of the nation’s top science and math students from across the United States enter STS, presenting original research spanning fields such as artificial intelligence, climate science, cancer biology, and renewable energy. Thousands of STS alumni have gone on to world-changing careers in science, with several earning esteemed honors, including the Nobel Prize, the Fields Medal, the National Medal of Science, and the MacArthur Fellowship for groundbreaking research across STEM fields. Since Regeneron became the title sponsor, entries to STS have increased by 49%, reflecting a significant expansion in the program’s reach and impact on young scientists nationwide.

As part of this sponsorship renewal, Regeneron will continue to support the Society’s STEM Outreach Programs. Through these programs, the Society works to provide high-quality educator training and reach young people across the country – in every state, including both urban and rural areas, and regardless of socioeconomic status, gender, or race – to help all students reach their full potential through STEM.

Regeneron’s STS and ISEF sponsorships are a cornerstone of STEM-Fueled™, the company’s collection of longstanding programs and partnerships that fuel the next generation of scientific innovators to pursue bold ideas and advance world-changing solutions. Through philanthropic investments, Regeneron has provided more than 4 million students with STEM experiences since 2020.

What is Regeneron?
Regeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops, and commercializes potentially life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, hematologic conditions, infectious diseases, and rare diseases.

Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence, and to build sustainable communities. Our most significant philanthropic investments are in science education, a commitment we call STEM-Fueled™ – our collection of programs and partnerships, including the Regeneron Science Talent Search (STS) and the Regeneron International Science and Engineering Fair (ISEF), that fuel future scientific innovators to pursue bold ideas and advance world-changing solutions. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono, and matching gift programs. We are proud to be recognized on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the United States.

For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.

What is Society for Science?
Society for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair, and the Thermo Fisher Scientific Junior Innovators Challenge, and its STEM Outreach programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate, and inspire. Learn more at www.societyforscience.org and follow us on Facebook, X, Instagram, and LinkedIn.

Media Contacts:
Tina Parisi Tuttle, Regeneron
914-847-3511, tinaparisituttle@regeneron.com

Gayle Kansagor, Society for Science
703-489-1131, gkansagor@societyforscience.org

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d8e4cfb1-4445-4849-a2dc-8cffab283f8e

Flourish Research® Announces Strategic Partnership with Capitol Imaging Services and Upcoming Launch of Flourish Imaging™ in Gainesville, Georgia

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Flourish Research® Announces Strategic Partnership with Capitol Imaging Services and Upcoming Launch of Flourish Imaging™ in Gainesville, Georgia

Flourish Research® Announces Strategic Partnership with Capitol Imaging Services and Upcoming Launch of Flourish Imaging™ in Gainesville, Georgia

APEX, N.C., Feb. 26, 2026 (GLOBE NEWSWIRE) — Flourish Research^® today announced a strategic partnership with Capitol Imaging Services in advance of the launch of Flourish Imaging™, an advanced imaging center currently under development in Gainesville, Georgia. The facility will feature a state-of-the-art GE HealthCare Omni™ PET scanner and is expected to open in the coming months, expanding both clinical trial imaging capabilities and community diagnostic access in the region.

The collaboration with Capitol Imaging Services establishes a strong commercial foundation for Flourish Imaging ahead of its opening. Capitol Imaging Services will lead retail booking, scheduling, and community outreach efforts, ensuring seamless access to PET imaging services for referring physicians and patients throughout Gainesville and surrounding communities.

Flourish Imaging represents a strategic expansion of Flourish Research’s clinical trial infrastructure, particularly in CNS and oncology studies. The installation of the GE Omni PET scanner will significantly enhance the organization’s ability to conduct high-resolution molecular imaging critical for modern clinical research, including tracer trials and endpoints that require complex imaging.

“Our partnership with Capitol Imaging Services is an important step as we prepare to launch Flourish Imaging,” said Reinhold Schulz, CEO of Flourish Research. “By investing in advanced PET imaging and aligning with an experienced imaging services partner, we are building a center that will advance clinical research capabilities while also expanding access to state-of-the-art diagnostic imaging for the Gainesville community. This collaboration positions us to better serve our clients and study participants.”

John Stagg, CEO of Capitol Imaging Services, agrees with Mr. Schulz. “The newly established partnership with Flourish will certainly be a focal point of collaboration in Gainesville for patients, providers, and clinical research organizations. Our organizations also look forward to the relationship growing across the Southeast to expand imaging and therapy capabilities for sponsors looking to provide new and exciting advancements in clinical areas like oncology and CNS through cutting edge technology.”

Clinical trial and retail imaging services will follow installation and final commissioning of the GE Omni PET scanner.

Trademarks are the property of their respective owners.

About Flourish Research

Flourish Research is a fully integrated, multi-site clinical trial network serving sponsors and CROs in North America. Across more than 30 wholly-owned sites, we conduct Phase I–IV studies in oncology, neuroscience, cardiovascular, and metabolic indications, delivering best-in-class quality, expert scientific leadership, and predictable recruitment at scale.

About Capitol Imaging Services

Capitol Imaging Services is one of the largest independent imaging providers across the southeast with 58 locations across six states. The company prides itself on being doctor trusted and patient preferred by providing the highest quality imaging and customer service with a vast variety of modalities. The highly trained staff serve local communities of patients, providers, and clinical research organizations helping to lower overall costs with high patient satisfaction.

Contact for Capitol Imaging Services

Michael Holmes

michael.holmes@capitolimagingservices.com

Chief Growth Officer

Capitol Imaging Services

Regeneron Renews Sponsorship of the Regeneron Science Talent Search Through 2036, Committing an Additional $150 Million to Empower the Next Generation of Science and Technology Leaders

Posted on by

Key Takeaways:

Regeneron will extend its title sponsorship of the Regeneron Science Talent Search (STS) for a second decade, continuing its partnership with Society for Science to support the United States’ oldest and most prestigious science and mathematics competition for high school seniors
Since the start of Regeneron’s sponsorship in 2017 through this year’s STS, Regeneron and the Society have engaged and inspired more than 20,000 of the nation’s top young scientists, recognized 3,000 as Regeneron scholars, and awarded over $31 million in prizes
Regeneron is also the title sponsor of the Regeneron International Science and Engineering Fair (ISEF), a program of Society for Science and the world’s largest high school science competition
Today’s commitment brings Regeneron’s total STS and ISEF investment, from 2017 to 2036, to more than $300 million

TARRYTOWN, N.Y. and WASHINGTON, Feb. 26, 2026 (GLOBE NEWSWIRE) — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced the renewal of Regeneron’s title sponsorship of the Regeneron Science Talent Search (STS), the United States’ oldest and most prestigious science and mathematics competition for high school seniors. The company is increasing its commitment for the next 10 years by 50%, pledging an additional $150 million to further empower and inspire the next generation of science and technology leaders, and bringing its 20-year investment in STS to $250 million. Regeneron is also the title sponsor of the Regeneron International Science and Engineering Fair (ISEF), a program of the Society and the world’s largest high school science competition. Regeneron’s support for these two premier programs totals more than $300 million from 2017 to 2036.

“At Regeneron, our success has always been driven by a deep belief in science and the people behind it,” said Leonard S. Schleifer, M.D., Ph.D., co-Founder, co-Chairman, President, and Chief Executive Officer at Regeneron, and 1970 STS Alumnus. “This renewed, long-term investment in the Regeneron Science Talent Search – alongside our support for many other STEM education programs – reflects our confidence in the extraordinary potential of young scientists and our responsibility to help cultivate the curiosity, rigor and leadership that will shape the future of scientific discovery.”

For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.

Media Contacts:
Tina Parisi Tuttle, Regeneron
914-847-3511, tinaparisituttle@regeneron.com

Gayle Kansagor, Society for Science
703-489-1131, gkansagor@societyforscience.org

GENFIT Reports Fourth Quarter 2025 Financial Information and Provides a Corporate Update

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GENFIT Reports Fourth Quarter 2025 Financial Information and Provides a Corporate Update

GENFIT Reports Fourth Quarter 2025 Financial Information and Provides a Corporate Update

Cash and cash equivalents totaled €101.1 million as of December 31, 2025
Revenues amounted to €65.4 million as of December 31, 2025
Ipsen’s strong performance with Iqirvo® in PBC (>$200M net sales in year one) triggered GENFIT’s €17.0 million ($20.0 million) milestone, included in reported revenues, but not yet reflected in the cash position
ACLF and CCA programs progressing according to plan

Lille (France), Cambridge (Massachusetts, United States), Zurich (Switzerland), February 26, 2026 – GENFIT (Euronext: GNFT), a biopharmaceutical company dedicated to improving the lives of patients with rare and life-threatening liver diseases, today announces its fourth quarter 2025 revenues and cash position results¹ and provides a corporate update.

I. Cash position

As of December 31, 2025, the Company’s cash and cash equivalents amounted to €101.1 million compared with €81.8 million as of December 31, 2024 and €119.0 million as of September 30, 2025.

In 2025, cash utilization is mainly the result of our research and development efforts in our Acute on-Chronic Liver Failure (ACLF) franchise (notably VS-01, NTZ/G1090N, SRT-015, CLM-022, and VS-02 HE), as well as GNS561 in cholangiocarcinoma (CCA). Cash utilization is offset notably by the €26.55 million milestone received in July 2025 (invoiced in May 2025) upon pricing and reimbursement approval of Iqirvo® (elafibranor) in Italy, the third major European country to do so, as part of our long-term strategic partnership with Ipsen (the “Ipsen Agreement”) signed in December 2021.

In January 2026, GENFIT exercised its option to receive (and did in fact receive) the second installment of the Royalty Financing agreement totaling €30.0 million. Both this amount, as well as the first commercial milestone of €17.0 million ($20.0 million) that GENFIT will receive as part of the Ipsen Agreement, are not included in cash and cash equivalents as of December 31, 2025.

We expect that our existing cash and cash equivalents will enable us to fund our operating expenses and capital expenditure requirements beyond the end of 2028, enabling the Company to further develop its R&D pipeline focused on ACLF and support general corporate purposes. This is based on current assumptions and programs and does not include exceptional events. This estimation assumes (i) our expectation to receive significant future commercial milestone revenue pursuant to the Ipsen Agreement and Ipsen meeting its sales-based thresholds and (ii) drawing down the third and final, optional installment under the Royalty Financing agreement.

Revenue
Revenues for 2025 amounted to €65.4 million compared to €67.0 million for the same period in 2024.

Revenue	Year ended
(in € millions)	31/12/2024	31/12/2025
Royalty revenue	2.7	21.8
Milestone revenue	48.7	43.6
Revenue initially deferred from the Licensing Agreement (Ipsen)	15.3	–
Revenue from the Part B Transition Services Agreement (Ipsen)	0.1	–
Other revenue	0.2	–
TOTAL	67.0	65.4

Royalty revenue is entirely attributable to worldwide sales of Iqirvo® (elafibranor), which amounted to $208 million in 2025.

Milestone revenue in 2025 is comprised of two milestones:

GENFIT’s first commercial milestone of €17.0 million ($20.0 million) after Ipsen’s Iqirvo® exceeded the $200 million threshold in its first full year of net sales, and
GENFIT’s milestone of €26.55 million upon pricing and reimbursement approval of Iqirvo® (elafibranor) in Italy, the third major European country to do so.

II. Corporate update and program highlights

Acute On-Chronic Liver Failure (ACLF)
- The key highlight for this pipeline segment in the fourth quarter 2025 was the progress of our lead program, G1090N, which generated preliminary Phase 1 data readout showing a safety profile and a robust anti-Inflammatory activity evidenced through functional ex vivo assays on blood samples from study participants and cirrhotic donors. As communicated earlier, GENFIT will engage with regulatory authorities to determine the best approach for progressing to a Phase 2 proof-of-concept in inflammatory conditions such as ACLF, where systemic immune dysregulation is a critical driver of disease progression.
- Other assets developed to address the unmet medical need in ACLF continued their preclinical evaluation during the fourth quarter of 2025 to fully assess their potential before advancing into clinical development.
Cholangiocarcinoma (CCA)
- The main highlight in this indication in the fourth quarter of 2025 was the highly encouraging early data delivered from the ongoing Phase 1b study evaluating investigational drug GNS561 with a MEK inhibitor (MEKi) in KRAS mutated CCA, positioning this novel combination as a potential new therapeutic approach for difficult-to-treat cancers. Phase 1b dose escalation continues as planned to confirm the activity signal, with new data for next patient cohorts and recommended Phase 2 combination doses expected in the first half of 2026. Phase 2 initiation remains targeted for the second half of 2026.
Ipsen’s Iqirvo® (elafibranor) in Primary Biliary Cholangitis (PBC) and Primary Sclerosing Cholangitis (PSC)
- PBC: Iqirvo®’s net sales for the fourth quarter 2025 amounted to $88 million, bringing full-year 2025 sales to $208 million, triggering the first commercial milestone payment to GENFIT one year ahead of schedule.
- PSC: Ipsen confirmed the initiation of the first and only global Phase 3 clinical trial, addressing a significant unmet medical need, as no approved therapies currently exist for this severe and progressive disease. PSC represents a substantial untapped market opportunity, comparable in size to second line PBC. Should Iqirvo® ultimately receive regulatory approval for this indication, GENFIT would be eligible for additional milestone payments as well as additional double‑digit royalties.

END

ABOUT GENFIT

GENFIT is a biopharmaceutical company committed to improving the lives of patients with rare, life-threatening liver diseases whose medical needs remain largely unmet. GENFIT is a pioneer in liver disease research and development with a rich history and a solid scientific heritage spanning more than two decades. Today, GENFIT focuses on Acute on-chronic Liver Failure (ACLF) and associated conditions such as acute decompensation (AD) and hepatic encephalopathy (HE). It develops therapeutic assets which have complementary mechanisms of action, selected to address key pathophysiological pathways. GENFIT also targets other serious diseases, such as cholangiocarcinoma (CCA), urea cycle disorders (UCD) and organic acidemia (OA). Its R&D portfolio, covering several stages of development, ensures a constant news flow. GENFIT’s expertise in developing high-potential molecules – from early to advanced pre-commercialization stages – culminated in 2024 with the accelerated approval of Iqirvo® (elafibranor) by the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA) and the Medicines and Healthcare products Regulatory Agency (MHRA) in the United Kingdom for the treatment of Primary Biliary Cholangitis (PBC). Iqirvo® is now marketed in several countries.² Beyond therapies, GENFIT also has a diagnostic franchise including NIS2+® for the detection of Metabolic dysfunction-associated steatohepatitis (MASH, formerly known as NASH for non-alcoholic steatohepatitis). GENFIT, a BCorp™ certified company since 2025, is headquartered in Lille, France and has offices in Paris (France), Zurich (Switzerland) and Cambridge, MA (USA). The Company is listed on the Euronext regulated market in Paris, Compartment B (Euronext: GNFT). In 2021, Ipsen became one of GENFIT’s largest shareholders, acquiring an 8% stake in the Company’s capital. www.genfit.com

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements with respect to GENFIT, including, but not limited to, statements about the Company’s cash runway and the development of its clinical and preclinical programs, to the timelines for obtaining results from ongoing studies and initiating upcoming studies, to upcoming discussions with regulatory authorities, to the potential regulatory approval of its product candidates, and to the projected sales of Iqirvo® in PSC should it be approved for this indication. The use of certain words, such as “believe”, “potential”, “expect”, “target”, “may”, “will”, “should”, “could”, “if” and similar expressions, is intended to identify forward-looking statements. Although the Company believes its expectations are based on the current expectations and reasonable assumptions of the Company’s management, these forward-looking statements are subject to numerous known and unknown risks and uncertainties, which could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. These risks and uncertainties include, among others, the uncertainties inherent in research and development, including in relation to non-clinical and pre-clinical programs, reproducibility of preclinical results, the translation of animal model data to human biology, in relation to safety of drug candidates, cost of, progression of, and results from, our ongoing and planned clinical trials, patient recruitment, review and approvals by regulatory authorities in the United States, Europe and worldwide, of our drug and diagnostic candidates, pricing, approval and commercial success of elafibranor in the relevant jurisdictions, exchange rate fluctuations, and our continued ability to raise capital to fund our development, as well as those risks and uncertainties discussed or identified in the Company’s public filings with the AMF, including those listed in Chapter 2 “Risk Factors and Internal Control” of the Company’s 2024 Universal Registration Document filed on April 29, 2025 (no. 25-0331) with the Autorité des marchés financiers (“AMF”), which is available on GENFIT’s website (www.genfit.fr) and the AMF’s website (www.amf.org), and those discussed in the public documents and reports filed with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s 2024 Annual Report on Form 20-F filed with the SEC on April 29, 2025 and subsequent filings and reports filed with the AMF or SEC or otherwise made public, by the Company. In addition, even if the results, performance, financial position and liquidity of the Company and the development of the industry in which it operates are consistent with such forward-looking statements, they may not be predictive of results or developments in future periods. These forward-looking statements speak only as of the date of publication of this press release. Other than as required by applicable law, the Company does not undertake any obligation to update or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise.

CONTACTS

GENFIT | Investors
Jean-Christophe Marcoux – Chief Corporate Affairs Officer | Tel: +33 3 2016 4000 |
jean-christophe.marcoux@genfit.com

GENFIT | Media
Bruno ARABIAN – Agence Maarc | Tel : 06 87 88 47 26 | bruno.arabian@maarc.fr

Stephanie Boyer – Press relations | Tel: +333 2016 4000 | stephanie.boyer@genfit.com

GENFIT | 885 Avenue Eugène Avinée, 59120 Loos – FRANCE | +333 2016 4000 | www.genfit.com

1 Unaudited financial information under IFRS
2 Elafibranor is marketed and commercialized, notably in the U.S and Europe, by Ipsen under the trademark Iqirvo®

Attachment

GENFIT Reports Fourth Quarter 2025 Financial Information and Provides a Corporate Update

Biotech 365

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