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Monday, March 2, 2026

Kioxia Appoints Yoshihiko Kawamura as Chief Financial Officer

(BUSINESS WIRE)--Kioxia Holdings Corporation (TOKYO:285A), a world leader in memory solutions, today announced the appointment of Yoshihiko Kawamura as Chief Financial Officer (CFO), effective April 1, 2026.

Mr. Kawamura brings extensive international experience to Kioxia, having held assignments at Mitsubishi Corporation’s U.S. headquarters, served as General Manager of its Chicago office, and completed a tenure at the World Bank. At Hitachi, Ltd., he held senior leadership positions, including Chief Strategy Officer (CSO), Chief Financial Officer (CFO), and Chief Risk Management Officer (CRMO), where he was instrumental in leading the company’s management reforms. Since joining Kioxia as Executive Vice President in June 2025, Mr. Kawamura has worked closely with the executive team to advance the business through strategic capital and financial planning.

Following its initial public offering on the Prime Market of the Tokyo Stock Exchange in December 2024, Kioxia is entering a new phase of growth characterized by business expansion and financial improvement. Under this new leadership, the company will pursue sustainable growth and enhanced financial soundness to drive long-term corporate value.

Comment from Nobuo Hayasaka, President and CEO:

“As Kioxia enters this new phase, I am confident our growth will be further solidified with Mr. Kawamura as CFO. His extensive leadership experience and outstanding knowledge in capital and financial strategy will be invaluable to our executive team.”

Comment from Yoshihiko Kawamura, incoming Chief Financial Officer:

“I am honored to take on this important role. I am committed to working with the management team to further enhance our corporate value and deliver on the expectations of our stakeholders for continued business growth.”

* This announcement has been prepared to provide information on our business and does not constitute or form part of an offer or invitation to sell or a solicitation of an offer to buy or subscribe for or otherwise acquire any securities in any jurisdiction or an inducement to engage in investment activity nor shall it form the basis of or be relied on in connection with any contract thereof.

* Information in this document, including product prices and specifications, content of services and contact information, is correct on the date of the announcement but is subject to change without prior notice.

About Kioxia

Kioxia is a world leader in memory solutions, dedicated to the development, production and sale of flash memory and solid-state drives (SSDs). In April 2017, its predecessor Toshiba Memory was spun off from Toshiba Corporation, the company that invented NAND flash memory in 1987. Kioxia is committed to uplifting the world with “memory” by offering products, services and systems that create choice for customers and memory-based value for society. Kioxia's innovative 3D flash memory technology, BiCS FLASH™, is shaping the future of storage in high-density applications, including advanced smartphones, PCs, automotive systems, data centers and generative AI systems.

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Contacts

Kota Yamaji

Public Relations

Kioxia Holdings Corporation

+81-3-6478-2319

kioxia-hd-pr@kioxia.com

Hydnum Steel Secures 500 MW of Electrical Power, a Key Step Forward in the Construction of Its Clean Steel Plant in Spain

PUERTOLLANO, Spain - Friday, 27. February 2026 AETOSWire Print

The company will produce flat steel, a product for which the EU has an annual deficit of almost 11 million tons

(BUSINESS WIRE)--Hydnum Steel has taken a decisive step towards constructing Spain’s first clean steel plant after being granted access to the electricity grid at the Brazatortas node in the province of Ciudad Real. The company has been granted an electricity capacity of 500 MW, as published in the Official State Gazette, which should be enough to guarantee supply to its electric arc furnace. This concession marks a significant milestone for a pioneering project in the Iberian Peninsula.

Hydnum Steel is consolidating its position as a reliable supplier of clean European steel. The fully digitally integrated plant will produce hot-rolled steel coils efficiently and sustainably, with benefits for the environment and the economy. Hydnum Steel will deliver a solution for steel-consuming industries that need to decarbonize their production processes. It will also supply flat steel, which is in short supply in the EU. European countries import almost 11 million tons of steel per year. Hydnum Steel is set to produce 1.5 million tons in the inaugural phase, with projections indicating an eventual output of 2.7 million tons. Construction will begin in 2026, with an investment of more than €1.5 billion. More than 400 direct jobs are expected to be generated by Hydnum Steel in its initial phase, with this figure eventually exceeding 1,000.

During the process of establishing the connection, the Ministry of Ecological Transition gives precedence to schemes that decrease emissions. The magnitude of investment and the projected start date are also given due consideration. Hydnum Steel excels in all these areas. By eliminating fossil fuels from the equation, it will use 100% renewable energy and achieve a 98% reduction in emissions compared to a conventional blast furnace steel mill.

The original source-language text of this announcement is the official, authoritative version. Translations are provided as an accommodation only, and should be cross-referenced with the source-language text, which is the only version of the text intended to have legal effect.

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Contacts

Press Contact

Mariluz Ferreiro

Communication & Institutional Affairs Director

Tel +34 609 219 707

mariluz.ferreiro@hydnumsteel.com

Friday, February 27, 2026

1089 Inc. Partners with Price Forbes and Oka-Lloyd's Syndicate 1922 to Launch Market-Defining First: Carbon Asset Insurance Framework for Transportation and Energy Sectors

LONDON & BOULDER, Colo. - Friday, 27. February 2026

New program introduces dedicated insurance safeguards and immutable transfer infrastructure to advance fiscal maturation of global carbon markets, enabling scaled participation across world's highest-emitting sectors, Transportation and Energy.

(BUSINESS WIRE)--1089 Inc., in collaboration with Price Forbes and Oka, The Carbon Insurance Company, announce launch of an insured carbon asset designed to bring institutional safeguards, disciplined financial architecture, and verifiable data integrity to carbon markets.

The framework provides defined risk coverage for 1089’s CX89 Advanced Fuels Carbon Assets, underwritten by Lloyd’s Syndicate 1922 and placed with the support of Price Forbes and Oka. The program introduces institutional-grade protection designed to prevent performance losses resulting from credit degradation between wrapping and minting.

Luke Hanley, Founder and CEO of 1089 Inc., shared the framework’s core thesis:

“The future of carbon markets is not built on environmental penance. It is built on structured participation that aligns financial incentives with decarbonization outcomes."

Founder and CEO of Oka, Chris Slater, added, “Voluntary carbon markets have previously lacked the financial infrastructure required for institutional capital. By embedding defined invalidation risk coverage directly into the asset, we introduce certainty and balance sheet strength where it matters most. This represents a decisive step toward establishing carbon as an investable, insurable asset class.”

The framework integrates embedded insurance, registry oversight, and immutable accounting. Enabling organizations to address fuels-linked operational emissions across supply-chains and convert market demand into financial incentives supporting scaled low-emission fuel production.

"Given the complexity of global carbon markets, it's more practical to bring finance to carbon than the inverse," Hanley states.

Spenser Lee, Chief Brokering Officer of Price Forbes, emphasized the significance, “By securing Lloyd’s capacity for embedded invalidation coverage, we’ve created transparent risk-transfer framework enhancing liquidity and investor confidence. This is the kind of disciplined brokering approach that will be required as carbon markets mature.”

CX89 Advanced Fuels Carbon Assets address Scope 1-3 emissions across Oil & Gas, Data Centers, Manufacturing, EV-charging, Power Generation, and Distribution across Aviation, Automotive, Maritime, and Rail.

CX89 Advanced Fuels Carbon Assets are available for global purchase.

Organizations and institutions seeking fuel-linked offset assets or portfolio diversification, as well as media representatives, may direct enquiries to 1089 at info@1089inc.com

1089 Inc. is a carbon asset infrastructure company pioneering the evolution of global carbon markets.

www.1089inc.com

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Contacts

Rhiannon O'Donnell

info@1089inc.com

New Lenovo Service Delivers Always-On Infrastructure: Premier Support Plus for Servers Powered by Proactive, AI-Driven Support

(BUSINESS WIRE)--Lenovo today announced the availability of Lenovo Premier Support Plus for Servers, a new premium support offering designed to help enterprises reduce downtime, simplify IT operations, and keep mission-critical infrastructure always ready. Built for today’s always-on environments, Premier Support Plus combines AI-driven proactive and predictive support, preventative maintenance, 24/7 access to Lenovo experts, and designated Service Engagement Managers to help organizations move from reactive issue resolution to proactive system care.

As digital operations continue to expand and infrastructure environments grow more complex, IT teams are under increasing pressure to maintain uptime while managing limited resources. Traditional, reactive support models can lead to extended outages, repeated issues, and unpredictable costs. Lenovo Premier Support Plus for Servers addresses these challenges by identifying potential issues early and resolving them before they impact business operations.

“With Premier Support Plus for Servers, Lenovo is helping customers stay ahead of potential infrastructure issues before they affect the business,” said John Stamer, Vice President & GM, Global Product & Sustainability Services at Lenovo. “By combining predictive intelligence, expert oversight, and rapid response, we’re enabling organizations to protect uptime, reduce risk, and focus on innovation.”

Premier Support Plus for Servers is Lenovo’s highest-tier support offering for enterprise server environments, building on the foundation of Lenovo Premier Support. The service is designed for Lenovo ThinkSystem and ThinkAgile servers and delivers intelligent support for organizations that depend on continuous availability. Key capabilities of Lenovo Premier Support Plus for Servers include:

Proactive and predictive support powered by AI-driven monitoring and Call Home automation, which detects potential issues early and automatically initiates support cases and parts dispatch.

Preventative maintenance through wellness dashboards, firmware health checks, and expert guidance to improve system health, reliability, and longevity.

24/7 expert assistance with a 4-hour onsite response objective for critical issues, helping ensure faster recovery and minimal disruption.

A designated Lenovo Service Engagement Manager who provides onboarding, ongoing reporting, and regular service reviews, serving as a single point of accountability.

Keep Your Drive, enabling customers to retain failed drives to maintain control of sensitive data and meet internal security and compliance requirements.

Global service coverage across more than 75 markets, delivering consistent, enterprise-grade support worldwide.

“According to recent IDC research, customers are placing as much, if not more, emphasis on services capabilities as on product features when evaluating vendors,” says Rob Brothers, VP, Services, IDC. “It’s not just the product, but the experience surrounding it that helps customers choose the right vendor for their needs. With the addition of Premier Support Plus, Lenovo is expanding its services portfolio, which is designed to enhance the overall Lenovo server experience.”

For customers with mission-critical environments where downtime is not an option, Lenovo also offers Committed Service Repair as an optional add-on. This enhanced service provides a 6-hour onsite repair commitment, delivering faster resolution for the most demanding operational needs.

Premier Support Plus combines predictive detection, preventative maintenance, and guided planning to keep infrastructure optimized and ready to scale. With designated account oversight from a Lenovo Service Engagement Manager, global coverage, and data retention controls through Keep Your Drive, customers gain consistent, transparent support they can trust. By shifting the burden of monitoring, maintenance, and escalation to Lenovo, IT teams can spend less time reacting to issues and more time driving strategic initiatives.

Premier Support Plus for Servers is part of Lenovo’s broader services portfolio, which includes Lenovo Lifecycle Services which are designed to help customers plan, deploy, manage, optimize and evolve IT infrastructure with confidence.

To learn more about Lenovo Premier Support Plus for Servers, visit: https://www.lenovo.com/us/en/services/support-services/premier-support-plus-for-infrastructure/.

About Lenovo

Lenovo is a US$69 billion revenue global technology powerhouse, ranked #196 in the Fortune Global 500, and serving millions of customers every day in 180 markets. Focused on a bold vision to deliver Smarter Technology for All, Lenovo has built on its success as the world’s largest PC company with a full-stack portfolio of AI-enabled, AI-ready, and AI-optimized devices (PCs, workstations, smartphones, tablets), infrastructure (server, storage, edge, high performance computing and software defined infrastructure), software, solutions, and services. Lenovo’s continued investment in world-changing innovation is building a more equitable, trustworthy, and smarter future for everyone, everywhere. Lenovo is listed on the Hong Kong stock exchange under Lenovo Group Limited (HKSE: 992) (ADR: LNVGY). To find out more visit https://www.lenovo.com, and read about the latest news via our StoryHub.

Disclaimers

Committed Service Repair (CSR) service availability may vary by product and location. Refer to the Lenovo Locator Tool to see if CSR is available in your location.

Response time is a target, not a guaranteed commitment. For more information, see the Lenovo Data Center Services Agreement.

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Contacts

Zeno Group for Lenovo SSG

Email: LenovoSSG@zenogroup.com

BeOne Medicines Announces Fourth Quarter and Full Year 2025 Financial Results, Highlighting Global Success of BRUKINSA and Foundational Oncology Leadership

Total global revenues of $1.5 billion and $5.3 billion for the fourth quarter and full year, increases of 33% and 40% from the prior-year periods

Global BRUKINSA (zanubrutinib) revenues of $1.1 billion and $3.9 billion for the fourth quarter and full year, increases of 38% and 49% from the prior-year periods

Diluted GAAP Earnings per American Depository Share (ADS) of $0.58 and $2.53 for the fourth quarter and full year; non-GAAP diluted Earnings per ADS of $1.95 and $8.09 for the fourth quarter and full year

Full year 2026 total revenue guidance of $6.2 billion to $6.4 billion

(BUSINESS WIRE)--BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, today announced financial results and corporate updates from the fourth quarter and full year 2025.

“These strong financial results for the fourth quarter and full year 2025 underscore our continued evolution as a global oncology leader with durable competitive advantages in clinical development and manufacturing and one of the industry’s deepest and most differentiated pipelines,” said John V. Oyler, Co-Founder, Chairman and CEO at BeOne. “BRUKINSA has firmly established itself as the global leader in the BTK inhibitor class, distinguished by broad regulatory approvals, expanding geographic reach, strong physician adoption, and unmatched long-term efficacy and safety data in CLL. At the same time, we are securing new indications and expanded reimbursement for TEVIMBRA across key markets worldwide. With our late-stage, foundational hematology assets nearing commercialization and a robust solid tumor portfolio delivering encouraging data, we are well positioned to extend our leadership and drive the next phase of sustainable global growth.”

(Amounts in thousands of U.S. dollars full year GAAP amounts audited, all other amounts unaudited)

* For an explanation of our use of non-GAAP financial measures refer to the “Note Regarding Use of Non-GAAP Financial Measures” section later in this press release and for a reconciliation of each non-GAAP financial measure to the most comparable GAAP measures, see the table at the end of this press release.

Fourth Quarter and Full Year 2025 Financial Results

Product Revenue, which represents 99% of total revenue, totaled $1.5 billion and $5.3 billion for the fourth quarter and full year of 2025, representing growth of 32% and 40%, compared to the prior-year periods.

BRUKINSA: Global sales totaled $1.1 billion and $3.9 billion the fourth quarter and full year of 2025, representing growth of 38% and 49%, compared to the prior-year periods; U.S. sales of BRUKINSA totaled $845 million and $2.8 billion in the fourth quarter and full year of 2025, representing growth of 37% and 45%, compared to the prior-year periods.

TEVIMBRA (tislelizumab): Global sales totaled $182 million and $737 million, in the fourth quarter and full year of 2025, representing growth of 18% and 19%, compared to the prior-year periods.

Amgen in-licensed products: Global sales totaled $112 million and $486 million for the fourth quarter and full year of 2025, representing growth of 11% and 33%, compared to prior-year periods.

Gross Margin as a percentage of global product sales for the fourth quarter and full year of 2025 was 90.4% and 87.3%, compared to 85.6% and 84.3%, in the prior-year periods on a GAAP basis. On an adjusted basis, which does not include depreciation and amortization, gross margin as a percentage of global product sales increased to 90.7% and 87.8% for the fourth quarter and full year of 2025, compared to 87.4% and 85.5%, in the prior-year periods.

Operating Expenses

The following table summarizes operating expenses for the fourth quarter of 2025 and 2024:

Research and Development (R&D) Expenses increased for the fourth quarter and full year of 2025 compared to the prior-year periods on both a GAAP and adjusted basis. Upfront fees and milestone payments related to in-process R&D for in-licensed assets totaled nil and $0.7 million in the fourth quarter and full year of 2025, compared to $63 million and $114 million in the prior-year periods.

Selling, General and Administrative (SG&A) Expenses increased for the fourth quarter and full year of 2025 compared to the prior-year periods on both a GAAP and adjusted basis. SG&A expenses as a percentage of product sales were 38% and 39% for the fourth quarter and full year of 2025, compared to 45% and 48% in the prior-year periods.

Net Income/(Loss) and Basic/Diluted Earnings Per Share

GAAP net income for the fourth quarter and full year of 2025 was $67 million and $287 million, an increase of $218 million and $932 million, over the prior-year periods, primarily attributable to revenue growth and improved operating leverage. Included within GAAP net income for full year 2025 were $76 million of equity investment impairment charges, $25 million of non-recurring tax expenses and $20 million of timing related tax expenses in certain jurisdictions, which were primarily incurred in the fourth quarter.

For the fourth quarter of 2025, basic and diluted earnings per share were $0.05 and $0.04 per share and $0.60 and $0.58 per American Depositary Share (ADS), compared to basic loss of $0.11 per share and $1.43 per ADS in the prior-year period. For the full year of 2025, basic and diluted earnings per share were $0.20 and $0.19 per share and $2.63 and $2.53 per ADS, compared to basic loss of $0.47 per share and $6.12 per ADS in the prior-year period.

Free Cash Flow for the fourth quarter of 2025 was $380 million, representing an increase of $397 million over the prior-year period. For the full year of 2025, free cash flow was $942 million, representing an increase of $1.6 billion over the prior-year period.

For further details on BeOne’s 2025 Financial Statements, please see BeOne’s Annual Report on Form 10-K for fiscal year 2025 filed with the U.S. Securities and Exchange Commission.

Full Year 2026 Guidance

BeOne’s financial guidance is summarized below:

BeOne’s total revenue guidance for full year 2026 of $6.2 billion to $6.4 billion includes expectations for strong revenue growth driven by BRUKINSA’s U.S. leadership position and continued global expansion in both Europe and other important rest of world markets. Gross margin percentage is expected to be in the high-80% range and includes the impact of product mix and a full year of 2026 productivity improvements. Guidance for combined operating expenses on a GAAP basis includes expectations of investment to support growth in both commercial and research at a pace that continues to deliver meaningful operating leverage.

The Company is providing the following additional guidance on items impacting net income and earnings per ADS:

Other income (expense): estimated range of $25 million to $50 million in expense, includes interest amortization from Royalty Pharma arrangement.

Income tax outlook: earnings may provide sufficient positive evidence to reverse certain valuation allowances in 2026, resulting in a material tax benefit when recognized; the timing and magnitude of a potential reversal is uncertain; prior to reversal, income tax expense should trend with earnings per historical relationship.

Diluted ADS outstanding: the Company expects diluted ADSs outstanding of approximately 118 million.

Fourth Quarter Business Highlights

Core Marketed Products

BRUKINSA (zanubrutinib)

Presented 6-year landmark results from the Phase 3 SEQUOIA trial and long-term results from the Phase 3 ALPINE trial at the American Society of Hematology (ASH) Annual Meeting, confirming sustained benefit for the treatment of adult patients with treatment-naïve (TN) and relapsed or refractory (R/R) chronic lymphocytic leukemia (CLL)/small lymphocytic lymphoma (SLL), respectively.

Sonrotoclax (BCL2 inhibitor)

Received first global approvals in China for the treatment of adult patients with:

R/R mantle cell lymphoma (MCL) who have received at least two systemic therapies, including a Bruton tyrosine kinase (BTK) inhibitor;

and R/R CLL/SLL who have previously received at least one systemic therapy, including a BTK inhibitor.

Granted U.S. Food and Drug Administration (FDA) priority review for the treatment of adult patients with R/R MCL.

Submitted Marketing Authorization Application in the European Union for the treatment of adult patients with R/R MCL.

Enrolled first subject in Phase 3 trial in combination with BRUKINSA as a fixed-duration regimen versus acalabrutinib plus venetoclax for the treatment of adult patients with TN CLL.

TEVIMBRA (tislelizumab)

Presented full results in partnership with Jazz Pharmaceuticals and Zymeworks from the HERIZON-GEA-01 trial in combination with ZIIHERA (zanidatamab) and chemotherapy, demonstrating statistically significant and clinically meaningful improvement in overall survival versus trastuzumab plus chemotherapy for the first-line treatment of adult patients with HER2-positive gastroesophageal adenocarcinoma (GEA).

Select Clinical-Stage Programs

Hematology

BGB-16673 (BTK chimeric degradation activation compound (CDAC)): Presented results at ASH from the Phase 1 CaDAnCe-101 trial for the treatment of adult patients with R/R CLL.

Breast and Gynecologic Cancers

BG-75202 (KAT6A/B inhibitor): Initiated first in human study.

BG-75908 (CDK2 CDAC): Initiated first in human study.

Lung Cancer

BG-C0902 (EGFRxMETxMET antibody-drug conjugate): Initiated first in human study.

Gastrointestinal Cancers

BGB-B2033 (GPC3x41BB bispecific antibody): Granted FDA Fast Track Designation for the treatment of adult patients with hepatocellular carcinoma who experience disease progression on or after post-systemic therapy.

Anticipated R&D Milestones

The Company’s earnings conference call for the fourth quarter and full year 2025 will be broadcast via webcast at 8:00 a.m. ET on Thursday, February 26, 2026, and will be accessible through the Investors section of BeOne’s website at www.beonemedicines.com. Supplemental information in the form of a slide presentation, transcript of prepared remarks, and a replay of the webcast will also be available.

About BeOne

BeOne Medicines is a global oncology company that is discovering and developing innovative treatments for cancer patients worldwide. With a portfolio spanning hematology and solid tumors, BeOne is expediting development of its diverse pipeline of novel therapeutics through its internal capabilities and collaborations. The Company has a growing global team spanning six continents who are driven by scientific excellence and exceptional speed to reach more patients than ever before.

To learn more about BeOne, please visit www.beonemedicines.com and follow us on LinkedIn, X, Facebook and Instagram.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding: potential commercialization of BeOne’s late-stage hematology assets; BeOne’s next phase of global growth; BeOne’s future revenue, gross margin percentage, operating expenses, operating income, other income or expense, income tax and diluted ADS outstanding; BeOne’s expectations regarding continued global expansion and investment to support growth; upcoming R&D milestones to be achieved by BeOne; the timing of clinical developments and data readouts; and BeOne’s plans, commitments, aspirations and goals under the caption “About BeOne.” Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including BeOne’s ability to demonstrate the efficacy and safety of its drug candidates; the clinical results for its drug candidates, which may not support further development or marketing approval; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; BeOne’s ability to achieve commercial success for its marketed medicines and drug candidates, if approved; BeOne’s ability to obtain and maintain protection of intellectual property for its medicines and technology; BeOne’s reliance on third parties to conduct drug development, manufacturing, commercialization, and other services; BeOne’s limited experience in obtaining regulatory approvals and commercializing pharmaceutical products; BeOne’s ability to obtain additional funding for operations and to complete the development of its drug candidates and achieve and maintain profitability; and those risks more fully discussed in the section entitled “Risk Factors” in BeOne’s most recent periodic report filed with the U.S. Securities and Exchange Commission (“SEC”), as well as discussions of potential risks, uncertainties, and other important factors in BeOne’s subsequent filings with the SEC. All information in this press release is as of the date of this press release, and BeOne undertakes no duty to update such information unless required by law. BeOne’s financial guidance is based on estimates and assumptions that are subject to significant uncertainties.

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Contacts

Investor Contact

Liza Heapes

+1 857-302-5663

ir@beonemed.com

Media Contact

Kyle Blankenship

+1 667-351-5176

media@beonemed.com

Galderma’s Nemluvio® (nemolizumab) Demonstrates Long-Term Disease Control in Prurigo Nodularis up to Three Years

Results from an interim analysis of the OLYMPIA long-term extension (LTE) study show that Nemluvio maintained long-term disease control up to three years, with clinically meaningful improvements in itch intensity, skin lesions and quality of life1
These results, to be presented at 2026 Winter Clinical™ Miami, mark the longest LTE study in prurigo nodularis reported to date1
Nemluvio is the first approved monoclonal antibody that specifically targets and inhibits the signaling of IL-31 – a neuroimmune cytokine that drives itch and other symptoms in prurigo nodularis2-5
Nemluvio is approved by multiple regulatory authorities around the world for the treatment of prurigo nodularis and moderate-to-severe atopic dermatitis, including in the United States (U.S.) and European Union (EU)4,5

(BUSINESS WIRE)--Galderma (SIX: GALD) today announced new data from the OLYMPIA open-label extension study investigating the long-term safety and efficacy of Nemluvio in moderate-to-severe prurigo nodularis.1 Results showed that Nemluvio maintained long-term disease control and a well-tolerated safety profile, with clinically meaningful improvements in itch intensity, skin lesions and quality of life up to three years.1 Results will be presented at 2026 Winter Clinical Miami and build on previous data from OLYMPIA – the largest completed pivotal clinical program in prurigo nodularis and the only one with a LTE study.1,6,7

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260226796734/en/

“Prurigo nodularis is not only intensely itchy, painful and uncomfortable, it can also take a profound toll on sleep, emotional wellbeing, and daily functioning. That’s why achieving sustained, long-term disease control is critical for patients. These data show that Nemluvio can make a meaningful difference to people’s lives by improving itch, skin lesions and quality of life up to three years, with a well-tolerated safety profile.”

DOCTOR SHAWN KWATRA, M.D.

LEAD INVESTIGATOR OF OLYMPIA PROGRAM

JOSEPH W. BURNETT ENDOWED PROFESSOR AND CHAIRMAN OF DERMATOLOGY UNIVERSITY OF MARYLAND SCHOOL OF MEDICINE

Nemluvio demonstrated long-term improvements in itch intensity, skin lesions and quality of life

The OLYMPIA LTE study was designed to assess the safety and efficacy of Nemluvio in patients with prurigo nodularis up to four years and included 508 patients from the phase II trial and the OLYMPIA 1 and 2 phase III trials.1 At Week 148, in evaluable patients, the interim analysis showed that Nemluvio maintained long-term disease control with a consistent safety profile:

Over 70% of patients achieved clear or almost clear skin lesions based on Investigator’s Global Assessment score, and over 85% achieved more than 75% of healed lesions based on prurigo activity score.1

Over 85% of patients achieved a clinically meaningful itch improvement, and about three-quarters attained an itch-free or nearly itch-free state.1

About 90% of patients achieved a clinically meaningful improvement in quality of life, and >50% achieved a Dermatology Life Quality Index score of zero or one, meaning no effect of the disease on quality of life.1

The long-term safety profile of Nemluvio remained consistent with previous findings and aligned with previously established safety data for prurigo nodularis.1

“We recognize that prurigo nodularis is a chronic, debilitating condition that patients often struggle with for many years. Our goal has always been to generate robust, long-term evidence on how to ease such disease burden for patients suffering from prurigo nodularis, drawing on data from the largest completed pivotal clinical program and now the longest extension study reported in this disease to date.”

BALDO SCASSELLATI SFORZOLINI, M.D., PH.D.

GLOBAL HEAD OF R&D

GALDERMA

Nemluvio is the first approved monoclonal antibody that specifically targets IL-31 receptor alpha, inhibiting the signaling of IL-31.2-5 IL-31 is a neuroimmune cytokine that drives itch and other symptoms in prurigo nodularis.2-5 Nemluvio is approved by multiple regulatory authorities around the world for the treatment of prurigo nodularis and moderate-to-severe atopic dermatitis, including in the U.S. and EU.4,5

Media can find more information and resources on prurigo nodularis in this toolkit.

About Nemluvio

Nemluvio was initially developed by Chugai Pharmaceutical Co., Ltd. In 2016, Galderma obtained exclusive rights to the development and marketing of nemolizumab worldwide, except in Japan. In Japan, nemolizumab is marketed as Mitchga® and is approved for the treatment of prurigo nodularis, as well as pruritus associated with atopic dermatitis in pediatric, adolescent, and adult patients.8,9

Nemluvio was approved by the U.S. Food and Drug Administration (FDA) for the treatment of adults with prurigo nodularis, and patients 12 years and older with moderate-to-severe atopic dermatitis, in combination with topical corticosteroids and/or calcineurin inhibitors when the disease is not adequately controlled with topical prescription therapies.4 To date, Nemluvio is approved for both moderate-to-severe atopic dermatitis and prurigo nodularis by multiple regulatory authorities around the world, including in the EU, Australia, Singapore, Switzerland and the United Kingdom. Additional regulatory submissions and reviews are ongoing.

About prurigo nodularis

Prurigo nodularis is a chronic, debilitating, and distinct neuroimmune skin disease characterized by the presence of intense itch and thick skin nodules covering large body areas.10-12 It is estimated to affect between 7-111 people per 100,000 in the EU depending on the country and up to 181,000 people in the U.S.13-16 The majority of patients report that the persistent itch negatively impacts their quality of life.17 Furthermore, the intense itch associated with prurigo nodularis results in significant sleep disturbance and further contributes to reduced quality of life.18,19

About Galderma

Galderma (SIX: GALD) is the pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium flagship brands and services that span the full spectrum of the fast-growing dermatology market through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our focus and passion to the human body’s largest organ – the skin – meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals. Because we understand that the skin we are in shapes our lives, we are advancing dermatology for every skin story. For more information: www.galderma.com.

References

Kwatra SG, et al. Nemolizumab long-term safety and efficacy up to 148 weeks in the OLYMPIA open-label extension study in patients with prurigo nodularis. Presented at Winter Clinical Miami; February 27- March 1, 2026; Florida, U.S.

Silverberg JI, et al. Phase 2B randomized study of nemolizumab in adults with moderate-to-severe atopic dermatitis and severe pruritus. J Allergy Clin Immunol. 2020;145(1):173-182. doi: 10.1016/j.jaci.2019.08.013.

Bewley A, et al. Prurigo Nodularis: A Review of IL-31RA Blockade and Other Potential Treatments. Dermatol Ther (Heidelb). 2022;12(9):2039-2048. doi: 10.1007/s13555-022-00782-2.

Nemluvio® U.S. Prescribing Information. Available online. Accessed February 2026.

Nemluvio® European Medicines Agency. Summary of Product Characteristics. Available online. Accessed February 2026.

ClinicalTrials.Gov. A Study to Assess the Efficacy and Safety of Nemolizumab (CD14152) in Participants With Prurigo Nodularis (PN) (NCT04501679). Available online. Accessed February 2026.

ClinicalTrials.Gov. Study to Assess the Efficacy and Safety of Nemolizumab (CD14152) in Participants With Prurigo Nodularis (PN) (NCT04501666). Available online. Accessed February 2026.

Chugai Pharmaceutical Co., Ltd. Maruho Obtained Regulatory Approval for Mitchga, the first Antibody Targeting IL-31 for Itching Associated with Atopic Dermatitis. Available online. Accessed February 2026.

Chugai Pharmaceutical Co., Ltd. Mitchga Approved for Itching in Pediatric Atopic Dermatitis and Prurigo Nodularis, for its Subcutaneous Injection 30mg Vials. Available online. Accessed February 2026.

Ständer S, et al. IFSI-guideline on chronic prurigo including prurigo nodularis. Itch. 2020;5(4):e42. doi: 10.1097/itx.0000000000000042.

Huang AH, et al. Prurigo nodularis: Epidemiology and clinical features. J Am Acad Dermatol. 2020;83(6):1559-1565. doi: 10.1016/j.jaad.2020.04.183.

Pereira MP, et al. European academy of dermatology and venereology European prurigo project: expert consensus on the definition, classification and terminology of chronic prurigo. J Eur Acad Dermatol Venereol. 2018;32(7):1059-1065. doi: 10.1111/jdv.14570.

Ryczek A, and Reich A. Prevalence of Prurigo Nodularis in Poland. Acta Derm Venereol. 2020;100:adv00155. doi: 10.2340/00015555-3518.

Ständer S, et al. Epidemiology of Prurigo Nodularis compared with Psoriasis in Germany: A Claims Database Analysis. Acta Derm Venereol. 2020;100(18):1-6. doi: 10.2340/00015555-3655.

Kwatra SG, et al. Prevalence of prurigo nodularis in the United States. JAAD Int. 2024;18:134-136. doi: 10.1016/j.jdin.2023.12.013.

Ständer S, et al. Prevalence of prurigo nodularis in the United States of America: A retrospective database analysis. JAAD Int. 2020;2:28-30. doi: 10.1016/j.jdin.2020.10.009.

Todberg T, et al. Treatment and Burden of Disease in a Cohort of Patients with Prurigo Nodularis: A Survey-based Study. Acta Derm Venereol. 2020;100(8):adv00119. doi: 10.2340/00015555-3471.

Kwatra SG. Breaking the Itch–Scratch Cycle in Prurigo Nodularis. N Engl J Med. 2020;382(8):757-758. doi: 10.1056/NEJMe1916733.

Aggarwal P, et al. Clinical characteristics and disease burden in prurigo nodularis. Clin Exp Dermatol. 2021;46(7):1277-1284. doi: 10.1111/ced.14722.

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Contacts

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Christian Marcoux, M.Sc.

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christian.marcoux@galderma.com

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Corporate Communications Director

richard.harbinson@galderma.com

+41 76 210 60 62

Céline Buguet

Franchises and R&D Communications Director

celine.buguet@galderma.com

+41 76 249 90 87

Emil Ivanov

Head of Strategy, Investor Relations, and ESG

emil.ivanov@galderma.com

+41 21 642 78 12

Jessica Cohen

Investor Relations and Strategy Director

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+41 21 642 76 43

Allianz Achieves Record Operating Profit of 17.4 Billion Euros – Excellent Start to New Strategic Cycle

MUNICH -

Excellent momentum and record operating profit

Total business volume rises 8.11 percent and reaches 186.9 billion euros with contributions from all segments

Operating profit increases 8.4 percent to 17.4 billion euros, our highest operating profit ever

Shareholders’ core net income advances 10.9 percent to 11.1 billion euros

Core earnings per share (EPS) grow 12.5 percent and reach 28.61 euros

Core return on equity (RoE) reaches an excellent level of 18.1 percent

Solvency II ratio2 increases 10 percentage points to 218 percent supported by excellent capital generation

4Q 2025

Diversified growth and double-digit increase in shareholders’ core net income

Total business volume rises 6.5 1 percent with contributions from all segments

Operating profit increases 3.0 percent to 4.3 billion euros, driven by excellent contribution from the Property-Casualty segment

Shareholders’ core net income advances 12.2 percent and reaches 2.7 billion euros

Outlook & other

For 2026, Allianz targets an operating profit of 17.4 billion euros, plus or minus 1 billion euros3

Management to propose a dividend per share of 17.10 euros, an increase of 11.0 percent from 2024

Allianz has announced a new share buy-back program of up to 2.5 billion euros on February 25, 2026

CEO comment

“Allianz’s record results for 2025 demonstrate – again – our ability to deliver reliably, including in rapidly shifting and increasingly divisive environments. The strength of our performance and fundamentals goes well beyond our financial discipline and operational resilience. Our success is also powered by our leading brand strength, record customer loyalty, and highly motivated employees.

Customers expect protection and peace of mind at a price that they can afford, which is why our ability to offer superior value is so vital to the continued growth of our customer base. To mitigate deepening polarization in the world, it remains our strategic priority – as well as our societal responsibility – to ensure that people can access the freedom and security that our products and services provide.”

- Oliver Bäte, Chief Executive Officer of Allianz SE

FINANCIAL HIGHLIGHTS

Allianz Group: An excellent start to our Capital Markets Day delivery

Key performance indicator

4Q 2025

Change vs

prior year

12M 2025

Change vs

prior year

Total business volume (€ bn)4

45.7

6.5

186.9

8.1

Operating profit (€ mn)

4,297

3.0

17,374

8.4

Shareholders’ core net income (€ mn)

2,731

12.2

11,113

10.9

Core return on equity (%)

18.1

1.2%-p

Solvency II ratio (%)

218

10%-p

CFO comment

“We had an excellent start into our new strategic cycle. Our performance highlights the strength and resilience of Allianz’s business model.

Allianz’s record results for 2025 are characterized by very good growth across our segments and excellent profitability, while we further enhanced our financial strength. This demonstrates our ability to create sustainable value for our customers and shareholders alike.

As we pursue our 2026 target of an operating profit of 17.4 billion euros, plus or minus 1 billion euros, we continue the focused execution of our strategic Capital Markets Day priorities to deliver on our 2025 – 2027 plan.”

- Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE

Allianz’s 12M 2025 results were excellent. Allianz sustained its momentum across all three segments and achieved a record operating profit.

Our total business volume expanded to 186.9 billion euros (12M 2024: 179.8 billion euros). Internal growth, which excludes the effects of foreign-currency translation as well as acquisitions and divestments, was strong at 8.1 percent, supported by growth across all segments.

Operating profit reached a record level of 17.4 (16.0) billion euros, an increase of 8.4 percent. The Property-Casualty business was the main growth driver and all business segments exceeded their full-year outlook midpoints.

Shareholders’ core net income rose by 10.9 percent to 11.1 (10.0) billion euros. Adjusted for a one-off tax provision related to the sale of our stake in our Indian Joint Ventures in 1Q 2025 and the divestment gain on the UniCredit Joint Venture in 2Q 2025, shareholders’ core net income was up by 9.3 percent.

Core earnings per share (EPS)5 amounted to 28.61 (25.42) euros, an increase of 12.5 percent. Adjusted for the above-mentioned one-off tax provision and divestment gain, core earnings per share rose 10.8 percent.

Allianz has delivered an excellent core return on equity (RoE)5 of 18.1 percent in 12M 2025 (12M 2024: 16.9 percent). Adjusted for the effects of the one-off tax provision and divestment gain, the core return on equity was 17.8 percent.

This performance was achieved while Allianz further strengthened its capitalization. The Solvency II ratio was 218 percent, an increase of 10 percentage points compared to full-year 2024 (209 percent) and 3Q 2025 (209 percent). This development was supported by excellent operating capital generation of 25 percentage points after tax/before dividend.

In 4Q 2025, Allianz delivered a strong performance, characterized by good growth across our three segments and excellent profitability.

Our total business volume amounted to 45.7 billion euros (4Q 2024: 45.9 billion euros). Internal growth was good at 6.5 percent and all segments contributed.

Operating profit rose 3.0 percent to 4.3 (4.2) billion euros, reaching 27 percent of our full-year outlook midpoint. The increase was mainly driven by excellent operating profit growth in our Property-Casualty business.

Shareholders’ core net income advanced 12.2 percent to 2.7 (2.4) billion euros. A higher operating profit and an improved non-operating result contributed.

Outlook

In 2026, Allianz targets an operating profit of 17.4 billion euros, plus or minus 1 billion euros.

Other

The Board of Management proposes a dividend per share of 17.10 euros (2024: 15.40 euros) for 2025, an increase of 11.0 percent from 2024.

On February 25, 2026, Allianz has announced a new share buy-back program of up to 2.5 billion euros.

Property-Casualty insurance: Excellent delivery across all dimensions

Key performance indicator

4Q 2025

Change vs

prior year

12M 2025

Change vs

prior year

Total business volume (€ bn)4

19.9

6.7

86.7

8.2

Operating profit (€ mn)

2,134

9.6

8,992

13.9

Combined ratio (%)

93.6

-1.1%-p

92.2

-1.3%-p

Loss ratio (%)

69.8

-0.9%-p

68.3

-1.0%-p

Expense ratio (%)

23.8

-0.2%-p

23.9

-0.3%-p

Core messages Property-Casualty insurance 12M 2025

Very good internal growth across retail and commercial

Record operating profit, well exceeding the full-year outlook midpoint

Excellent combined ratio supported by underwriting actions

In the 12M 2025 period, total business volume rose to 86.7 billion euros (12M 2024: 82.9 billion euros). Internal growth was very good at 8.2 percent.

Operating profit was excellent at 9.0 (7.9) billion euros, well exceeding our full-year outlook midpoint of 8.0 billion euros. Operating profit growth of 13.9 percent was almost exclusively driven by a higher operating insurance service result.

The combined ratio was at an excellent level of 92.2 percent (93.4 percent), with improvements in the loss ratio and the expense ratio. The loss ratio reached 68.3 percent, an improvement of 1.0 percentage point compared to prior year (69.3 percent). Lower natural catastrophe losses and underlying improvements from underwriting actions overcompensated a conservative run-off ratio. The expense ratio improved by 0.3 percentage points to 23.9 percent (24.2 percent), reflecting a successful ongoing productivity focus.

The retail6 business delivered excellent internal growth of 9 percent while our commercial7 business grew by 7 percent.

Profitability in both retail and commercial was strong. The retail combined ratio improved 1.8 percentage points to 92.4 percent (94.1 percent), while in commercial the combined ratio reached an excellent level of 91.7 percent (92.2 percent), an improvement of 0.5 percentage points.

Core messages Property-Casualty insurance 4Q 2025

Strong internal growth of 6.7 percent

Excellent operating profit of 2.1 billion euros, up 10 percent

Very good combined ratio, supported by a better loss ratio and expense ratio

In 4Q 2025, total business volume reached 19.9 billion euros (4Q 2024: 19.5 billion euros), a strong internal growth of 6.7 percent.

The operating profit grew to 2.1 (1.9) billion euros, an increase of 9.6 percent, reaching 27 percent of our full-year outlook midpoint. A stronger operating insurance service result was the main driver.

The combined ratio improved to a very good level of 93.6 percent (94.7 percent). The loss ratio was 69.8 percent (70.7 percent), an improvement of 0.9 percentage points. The expense ratio improved by 0.2 percentage points to 23.8 percent (24.1 percent).

Our retail business delivered excellent internal growth of 9 percent and the combined ratio reached 94.5 percent (94.0 percent).

The commercial business achieved an internal growth of 3 percent, carefully managing the market environment, while the combined ratio improved by 4.0 percentage points to a strong level of 92.6 percent (96.6 percent).

Life/Health insurance: Consistently good results

Key performance indicator

4Q 2025

Change vs

prior year

12M 2025

Change vs

prior year

PVNBP (€ mn)

21,163

-0.2

84,682

3.5

New business margin (%)

5.8

0.3%-p

5.7

-0.0%-p

Value of new business (€ mn)

1,217

5.3

4,829

2.9

Operating profit (€ mn)

1,364

-4.2

5,601

1.7

Contractual Service Margin (€ bn, eop)

55.7

1.4%8

55.7

5.2%9

Core messages Life/Health insurance 12M 2025

Good PVNBP growth of 3.5 percent from exceptionally high prior year level

Very good normalized CSM growth of 5.2 percent

Operating profit above full-year outlook midpoint

In 12M 2025, PVNBP, the present value of new business premiums, reached 84.7 billion euros (12M 2024: 81.8 billion euros), an increase of 3.5 percent from an exceptionally high prior year level or 7.5 percent higher adjusted for foreign currency translation effects and scope changes10. Growth was spread across most regions. The share of new business premiums generated in our preferred lines was 91 percent (93 percent).

The new business margin remained strong at 5.7 percent (5.7 percent) and the value of new business rose to 4.8 (4.7) billion euros, an increase of 5.8 percent adjusted for foreign currency translation effects and scope changes10.

Operating profit grew to 5.6 (5.5) billion euros, an increase of 1.7 percent, and exceeding our full-year outlook midpoint.

The Contractual Service Margin (CSM) remained broadly stable at 55.7 billion euros compared to 55.6 billion euros11 at the end of 2024. Very good normalized CSM growth of 5.2 percent was largely offset by foreign currency translation effects and non-economic movements.

Core messages Life/Health insurance 4Q 2025

New business margin strong at 5.8 percent

Value of new business increases 12 percent adjusted for foreign currency translation effects and scope changes

Operating profit good at 1.4 billion euros

In 4Q 2025, PVNBP, the present value of new business premiums, amounted to 21.2 billion euros (4Q 2024: 21.2 billion euros), an increase of 7.8 percent adjusted for foreign currency translation effects and scope changes10. The share of new business premiums generated in our preferred lines was 90 percent (92 percent).

The new business margin (NBM) of 5.8 percent (5.5 percent) was strong and above our ambition of at least 5 percent. The value of new business (VNB) increased by 5.3 percent to 1.2 (1.2) billion euros or 11.7 percent adjusted for foreign currency translation effects and scope changes10.

Operating profit reached a good level of 1.4 (1.4) billion euros, amounting to 25 percent of our full-year outlook midpoint.

Contractual Service Margin (CSM) increased to 55.7 billion euros (3Q 2025: 55.5 billion euros). Normalized CSM growth of 1.4 percent was very good and overcompensated non-economic movements.

Asset Management: Excellent third-party net inflows

Key performance indicator

4Q 2025

Change vs

prior year

12M 2025

Change vs

prior year

Operating revenues (€ bn)12

2.3

5.8

8.5

5.9

Operating profit (€ mn)

928

-1.5

3,345

3.3

Cost-income ratio (%)

60.0

-0.0%-p

60.7

-0.4%-p

Third-party net flows (€ bn)

45.5

173.2

139.3

64.2

Third-party assets under management (€ bn)

1,990

3.6

Average third-party assets under management (€ bn)

1,978

4.8

1,914

5.8

Core messages Asset Management 12M 2025

Operating profit increases 3 percent to 3.3 billion euros

Cost-income ratio improves to 60.7 percent, ahead of full-year ambition of around 61 percent

Excellent third-party net inflows of 139 billion euros

In 12M 2025, operating revenues increased to 8.5 billion euros (12M 2024: 8.3 billion euros), an internal growth of 5.9 percent. Growth was driven by higher AuM-driven revenues, which advanced by 8.3 percent adjusted for foreign currency translation effects. This was supported by higher average third-party AuM.

Operating profit rose to 3.3 (3.2) billion euros, up 3.3 percent, or 6.9 percent adjusted for foreign currency translation effects. The cost-income ratio (CIR) improved to a very good level of 60.7 percent (61.1 percent), ahead of our full-year ambition of around 61 percent. This development reflects strong underlying revenue momentum and management actions.

Third-party assets under management amounted to 1.990 (1.920) trillion euros as of December 31, 2025, reaching an all-time high. Excellent net inflows of 139 billion euros and positive market effects of 94 billion euros were partly offset by negative foreign currency translation effects of 170 billion euros. Average third-party assets under management amounted to 1.914 trillion euros, 5.8 percent above the 2024 average.

Core messages Asset Management 4Q 2025

Assets under management (AuM)-driven revenues grow by 10 percent (F/X adjusted)

Operating profit at 928 million euros, reaching 28 percent of our full-year outlook midpoint

Strong third-party net inflows of 45 billion euros

In 4Q 2025, operating revenues reached 2.3 billion euros (4Q 2024: 2.4 billion euros), an internal growth of 5.8 percent. This was due to higher AuM-driven revenues, which increased by 10.5 percent adjusted for foreign currency translation effects.

Operating profit amounted to 928 (941) million euros, an increase of 5.3 percent adjusted for foreign currency translation effects. The cost-income ratio (CIR) was stable at an excellent level of 60.0 percent (60.0 percent).

Third-party assets under management of 1.990 trillion euros as of December 31, 2025 increased by 3.2 percent compared to 3Q 2025 (4Q 2024: 1.920 trillion euros; 3Q 2025: 1.928 trillion euros). Strong net inflows of 45 billion euros and market effects of 20 billion euros were the drivers. Average third-party assets under management increased 4.8 percent compared to 4Q 2024 and reached 1.978 trillion euros.

FOOTNOTES

_____________________________________

Internal growth; total growth 4.0 percent in 12M 2025 and -0.5 percent in 4Q 2025.

Solvency II ratio / Solvency II capitalization ratio: ratio that expresses the capital adequacy of a company by comparing own funds to SCR. This applies to all information related to the Solvency II ratio in this document.

As always, natural catastrophes and adverse developments in the capital markets, as well as factors stated in our cautionary note regarding forward-looking statements may severely affect the operating profit and/or net income of our operations and the results of the Allianz Group.

Change refers to internal growth.

Core EPS and core RoE calculation based on shareholders‘ core net income.

Retail including SME and Fleet. This applies to all information related to retail in this document.

Commercial including large Corporate, MidCorp, credit insurance, internal and 3rd party R/I. This applies to all information related to commercial in this document.

Normalized CSM growth fourth quarter 2025.

Normalized CSM growth 2025, percentage calculated including the scope changes in the base value in the first quarter 2025 and including UniCredit Allianz Vita S.p.A. until the sale in the second quarter 2025.

Sale of our stake in UniCredit JV and transfer of our German accident insurance with premium refund (APR) and the Austrian health businesses from the P/C segment to the L/H segment.

Figure includes gross CSM of EUR 0.8 bn as of December 31, 2024 for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the third quarter of 2024.

Internal growth.

4Q & 12M 2025 RESULTS TABLE

Allianz Group - key figures 4th quarter and fiscal year 2025

4Q 2025

4Q 2024

Delta

12M 2025

12M 2024

Delta

Total business volume

€ bn

45.7

45.9

-0.5%

186.9

179.8

4.0%

- Property-Casualty

€ bn

19.9

19.5

1.7%

86.7

82.9

4.7%

- Life/Health

€ bn

23.6

24.3

-2.6%

92.3

89.3

3.4%

- Asset Management

€ bn

2.3

2.4

-1.5%

8.5

8.3

2.2%

- Consolidation

€ bn

-0.1

-0.3

-42.7%

-0.6

-0.7

-16.5%

Operating profit / loss

€ mn

4,297

4,174

3.0%

17,374

16,023

8.4%

- Property-Casualty

€ mn

2,134

1,948

9.6%

8,992

7,898

13.9%

- Life/Health

€ mn

1,364

1,424

-4.2%

5,601

5,505

1.7%

- Asset Management

€ mn

928

941

-1.5%

3,345

3,239

3.3%

- Corporate and Other

€ mn

-129

-140

-7.7%

-565

-615

-8.2%

- Consolidation

€ mn

-69.6%

-4

n.m.

Net income

€ mn

2,821

2,636

7.0%

11,430

10,540

8.4%

- attributable to non-controlling interests

€ mn

157

163

-3.9%

655

609

7.7%

- attributable to shareholders

€ mn

2,664

2,472

7.7%

10,775

9,931

8.5%

Shareholders’ core net income1

€ mn

2,731

2,434

12.2%

11,113

10,017

10.9%

Core earnings per share2

€

7.17

6.31

13.7%

28.61

25.42

12.5%

Dividend per share

€

–

17.10

15.40

11.0%

Additional KPIs

- Group

Core return on equity4

–

18.1%

16.9%

1.2%

-p

- Property-Casualty

Combined ratio

93.6%

94.7%

-1.1%

-p

92.2%

93.4%

-1.3%

-p

- Life/Health

New business margin

5.8%

5.5%

0.3%

-p

5.7%

-0.0%

-p

- Asset Management

Cost-income ratio

60.0%

-0.0%

-p

60.7%

61.1%

-0.4%

-p

12/31/2025

12/31/2024

Delta

Shareholders' equity5

€ bn

62.7

60.3

4.0%

Contractual service margin (net)6

€ bn

35.4

34.5

2.4%

Solvency II capitalization ratio7

218%

209%

10%

-p

Third-party assets under management

€ bn

1,990

1,920

3.6%

Please note: The figures are presented in millions of Euros, unless otherwise stated. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Presents the portion of shareholders’ net income before non-operating market movements and before amortization of intangible assets from business combinations (including any related income tax effects).

Calculated by dividing the respective period’s shareholders' core net income, adjusted for net financial charges related to undated subordinated bonds classified as shareholders' equity, by the weighted average number of shares outstanding (basic core EPS).

Proposal.

Represents the ratio of shareholders’ core net income to the average shareholders’ equity at the beginning and at the end of the year. Shareholders’ core net income is adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity. From the average shareholders’ equity, undated subordinated bonds classified as shareholders’ equity, unrealized gains and losses from insurance contracts and other unrealized gains and losses are excluded.

Excluding non-controlling interests.

Includes net CSM of EUR 0.3bn as of 31 December 2024 for UniCredit Allianz Vita S.p.A., which was classified as held for sale in 3Q 2024. Sale has been completed in 2Q 2025.

Risk capital figures are group diversified at 99.5% confidence level.

RATING

Ratings1

S&P Global

Moody’s

A.M. Best2

Insurer financial strength rating

AA | stable outlook

Aa2 | stable outlook

A+ | stable outlook

Counterparty credit rating

AA | stable outlook

Not rated

aa3 | stable

Senior unsecured debt rating

Aa2 | stable outlook

aa | stable

Subordinated debt rating

A+/A

A1/A34 | stable outlook

aa- / a+ | stable

Commercial paper (short term) rating

A-1+

Prime-1

Not rated

Includes ratings for securities issued by Allianz Finance II B.V. and Allianz Finance Corporation.

A.M. Best's Rating Reports reproduced on www.allianz.com appear under licence from A.M. Best Company and do not constitute, either expressly or implicitly, an endorsement of Allianz's products or services. A.M. Best's Rating Reports are the copyright of A.M. Best Company and may not be reproduced or distributed without the express written consent of A.M. Best Company. Visitors to www.allianz.com are authorised to print a single copy of the rating report displayed there for their own use. Any other printing, copying or distribution is strictly prohibited. A.M. Best's ratings are under continual review and subject to change or affirmation. To confirm the current rating visit www.ambest.com.

Issuer credit rating.

Final ratings vary on the basis of the terms.