2025 was a year of progress in delivering our strategy. Despite difficult market conditions, we increased revenue by 10 percent and earnings before interest and tax (EBIT) by 21 percent. That reflects the commitment of our people and the effectiveness of the strategy we have adopted. Under Takis Spiliopoulos as Chief Executive, we now have a strong and stable executive team. His deep knowledge of the business, its products and its strategy, and his leadership experience, will be important to Temenos as we move forward.

Our growth priorities are to strengthen the capabilities of our product portfolio and our market position, to develop modular core banking solutions, and to expand into promising adjacent markets. To deliver on these goals we have increased coordination and collaboration across the management team.

Financial institutions face a changing regulatory framework, rising customer expectations and the need to shift to modern cloud-based technology. That is increasing demand for third-party banking software, and our range of products and services is suited to meeting it. We also have sufficient funding in place to invest in achieving our growth targets.

In 2025, our annual recurring revenue stood at $860 million, 12 percent higher than the previous year. Revenue on a non-IFRS basis was $1.07 billion. Free cash flow also rose 15 percent year-on-year. These results demonstrate the resilience and capability of our business model.

We move forward with a strong leadership team, a clear strategy and the support of our customers, employees and investors. Our aim is not only to grow but to create long-term, sustainable value for all our stakeholders.