Category: 3. Business

NEW YORK – January 29, 2026 – To view the full report please click the following link – Blackstone’s Fourth-Quarter and Full-Year 2025 results.
 
Blackstone will host its fourth-quarter and full-year 2025 investor conference call via public webcast on January 29, 2026 at 9:00 a.m. ET. To register and listen to the call, please use the following link here.
 
For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at https://ir.blackstone.com/ beginning about two hours after the event.
 
About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.  
 
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Fourth quarter exceeds guidance, resulting in over 30% earnings growth in 2025

WAVE season off to a record start, propelling momentum for 2026

Adjusted EPS in 2026 are expected to be $17.70 to $18.10

Expanding vacation portfolio with Royal Caribbean’s new Discovery Class, and 10 additional ships for Celebrity River Cruises

MIAMI, Jan. 29, 2026 /PRNewswire/ — Royal Caribbean Group (NYSE: RCL) today reported 2025 Earnings per Share (“EPS”) of $15.61 and Adjusted EPS of $15.64. These results were better than the company’s guidance primarily due to more favorable revenue and better performance from joint ventures. Looking ahead, demand remains strong and the company expects Adjusted EPS to be in the range of $17.70 to $18.10 per share in 2026.

“2025 was an outstanding year, and the momentum is further accelerating into 2026,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “WAVE is off to a great start and we continue to see strong and growing preference for our leading brands and differentiated vacation experiences. We expect another strong year of financial performance with both revenue and earnings growing double digits, and we remain on track to achieve our Perfecta goals by 2027,” added Liberty.

“We are shaping the future by further investing in game-changing vacation experiences. The new Discovery Class for Royal Caribbean, the expansion of Celebrity River Cruises, and five new exclusive destinations launching by 2028 strengthen our long-term growth trajectory,” added Liberty. “We are also creating long-term value by connecting our innovative ships, differentiated exclusive destinations, cross-brand loyalty program, and disruptive technologies into a single vacation ecosystem. We are attracting new guests and driving repeat engagement, turning the vacation of a lifetime into a lifetime of vacations.”

Full Year 2025 Results:

• Gross Margin Yields increased 8.5% as-reported. Net Yields increased 3.8% as-reported and 3.7% in Constant Currency.
• Gross Cruise Costs per Available Passenger Cruise Day (“APCD”) decreased 0.6% as-reported. Net Cruise Costs (“NCC”), excluding Fuel, per APCD increased 0.1% as-reported and decreased 0.1% in Constant Currency.
• Total revenues were $17.9 billion, Net Income was $4.3 billion or $15.61 per share, Adjusted Net Income was $4.3 billion or $15.64 per share, and Adjusted EBITDA was $7.0 billion.

Full Year 2026 Outlook:

• Net Yields are expected to increase 2.1% to 4.1% as-reported and 1.5% to 3.5% in Constant Currency. This includes 30 bps of headwind from itinerary modifications in China.
• NCC, excluding Fuel, per APCD are expected to be 0.4% to 1.4% as-reported and flat to up 1.0% in Constant Currency.
• Adjusted EPS is expected to be in the range of $17.70 to $18.10, representing a CAGR of 23% over the first two years of Perfecta. Perfecta is the company’s multi-year financial program targeting 20% earnings CAGR from 2024 to 2027 and ROIC in the high teens by 2027.
• The company expects double-digit revenue and Adjusted EPS growth in 2026, driven by 6.7% higher capacity, as well as anticipated yield growth.

Fourth Quarter 2025 Results

Net Income for the fourth quarter of 2025 was $0.8 billion or $2.76 per share compared to Net Income of $0.6 billion or $2.02 per share for the same period in the prior year. Adjusted Net Income was $0.8 billion or $2.80 per share for the fourth quarter of 2025 compared to Adjusted Net Income of $0.4 billion or $1.63 per share for the same period in the prior year. The company also reported total revenues of $4.3 billion and Adjusted EBITDA of $1.5 billion.

Gross Margin Yields increased 9.2% as-reported, and Net Yields increased 3.1% as-reported (2.5% in Constant Currency), when compared to the fourth quarter of 2024. Load factor for the quarter was 108%.

Gross Cruise Costs per APCD decreased 4.5% as-reported, compared to 2024. NCC, excluding Fuel, per APCD decreased 5.8% as-reported and 6.3% in Constant Currency, when compared to 2024.

Update on Bookings and Onboard Revenue

Since the last earnings call, Cyber Sales and the onset of WAVE season have resulted in the highest seven booking weeks in the company’s history. The company has approximately two-thirds of 2026 capacity booked, which is within historical ranges and at record rates, and the company continues to see elevated close-in bookings. Guest spending onboard and pre-cruise purchases continue to exceed prior years driven by greater participation at higher prices. Nearly 50% of onboard revenue in 2025 was booked pre-cruise, with 90% of pre-cruise purchases being made through digital channels. Looking to 2026, the share of booked guests who have purchased onboard revenue pre-cruise is up year-over-year.

“We’re very pleased by the strength we’re seeing across our portfolio as consumers continue to prioritize our vacation experiences,” said Naftali Holtz, Chief Financial Officer, Royal Caribbean Group. “We continue to see net yield growth for key products, including the Caribbean, as our investments continue to differentiate us and strengthen our leadership in the region,” added Holtz.

First Quarter 2026

Net Yields are expected to increase 2.4% to 2.9% as-reported and 1.0% to 1.5% in Constant-Currency as compared to 2025. This includes an impact of 30 bps from itinerary modifications in China.

NCC, excluding Fuel, per APCD, is expected to increase 1.7% to 2.2% as-reported and 0.9% to 1.4% in Constant-Currency as compared to 2025.

Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects first quarter Adjusted EPS to be in the range of $3.18 to $3.28. 

Expanding Vacation Portfolio

Earlier today, Royal Caribbean announced a series of agreements with the Chantiers de l’Atlantique shipyard in Saint Nazaire, France to secure the construction of its highly anticipated Discovery Class ships that will redefine how Royal’s guests experience the world. The agreements include two firm ship orders with options for four additional ships. The first ship in the class is set to debut in 2029, while the second ship is scheduled to be delivered in 2032. 

In addition, Celebrity Cruises announced a commitment for 10 new ships that will expand its river cruise fleet to 20 vessels by 2031. Celebrity River Cruises is Royal Caribbean Group’s new premium river cruise vacation offering that will launch in 2027 and take guests to historic cities on the world’s most iconic rivers.

“Today’s announcements mark an exciting step forward in expanding our vacation portfolio across ocean and river,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “With Discovery Class, we’re building a new platform with Chantiers de l’Atlantique that will advance next-generation innovation and sustainability while taking our guests to extraordinary destinations around the world. And with the next phase of Celebrity River Cruises, we’re extending our vacation ecosystem into iconic rivers and historic cities – expanding into more geographies and itineraries over time while staying true to the elevated, guest-first experience Celebrity is known for. Together, these moves create more reasons for guests to vacation with us more often, for more occasions, and across our family of brands.”

Fuel Expense

Bunker pricing, net of hedging, for the fourth quarter was $667 per metric ton and consumption was 439,000 metric tons.  

The company does not forecast fuel prices and its fuel cost calculations are based on current at-the-pump prices, net of hedging impacts. Based on today’s fuel prices, the company has included $275 million of fuel expense in its first quarter guidance at a forecasted consumption of 436,000 metric tons, which is 66% hedged via swaps. Forecasted consumption is 60%, 47%, and 26% hedged via swaps for 2026, 2027, and 2028, respectively. The annual average cost per metric ton of the hedge portfolio is approximately $474, $393, and $416 for 2026, 2027, and 2028, respectively. 

The company provided the following guidance for the first quarter and full year 2026:

Liquidity

As of December 31, 2025, the Group’s liquidity position was $7.2 billion, which includes cash and cash equivalents and undrawn revolving credit facility capacity.

During the fourth quarter of 2025, the company purchased 1.8 million of its shares for a total of $504 million. The company completed the prior $1 billion share repurchase program, authorized in February 2025 and currently has $1.8 billion remaining under its current program authorization.

The company noted that as of December 31, 2025, the scheduled debt maturities for 2026, 2027, 2028, 2029 and 2030 were $3.2 billion, $2.6 billion, $3.2 billion, $1.1 billion, and $1.1 billion respectively.

Capital Expenditures and Capacity Guidance

Capital expenditures for the full year 2026 are expected to be approximately $5 billion, based on current foreign exchange rates and are predominantly related to the company’s new ship order book. The company expects to take delivery of Legend of the Seas in the second quarter of 2026 and has committed financing in place. Non-new ship related capital expenditures are expected to be $1.8 billion, a significant portion of which includes the company’s previously announced private destinations under development including Perfect Day Mexico.

Capacity changes for 2026 are expected to be 6.7% compared to 2025. Capacity changes for 2027, 2028, and 2029 are expected to be 4%, 6%, and 7%, respectively. These figures do not include potential ship sales or additions that the company may elect in the future.

Conference call scheduled

The company has scheduled a conference call at 10 a.m. Eastern Time today. This call can be heard, either live or on a delayed basis, on the company’s investor relations website at www.rclinvestor.com. 

Definitions
Selected Operational and Financial Metrics

Adjusted Earnings per Share (“Adjusted EPS”) is a non-GAAP measure that represents Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable. We believe that this non-GAAP measure is meaningful when assessing our performance on a comparative basis.

Adjusted EBITDA is a non-GAAP measure that represents EBITDA (as defined below) excluding certain items that we believe adjusting for is meaningful when assessing our profitability on a comparative basis. For the periods presented, these items included (i) other income; (ii) restructuring charges and other initiative expenses; (iii) equity investment impairment, recovery of losses, and other; and (iv) impairment losses.

Adjusted EBITDA Margin is a non-GAAP measure that represents Adjusted EBITDA (as defined above) divided by total revenues.

Adjusted Gross Margin represents Gross Margin, adjusted for payroll and related, food, fuel, other operating, and depreciation and amortization expenses. Gross Margin is calculated pursuant to GAAP as total revenues less total cruise operating expenses, and depreciation and amortization.

Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is a non-GAAP measure that represents Net Income attributable Royal Caribbean Cruises Ltd., excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. For the periods presented, these items included (i) loss on extinguishment of debt and inducement expense; (ii) restructuring charges and other initiatives expenses; (iii) the amortization of the Silversea intangible assets resulting from the Silversea acquisition; (iv) gain on sale of noncontrolling interest; (v) equity investment impairment, recovery of losses and other; (vi) litigation loss contingency, which includes the 2024 release of the loss contingency recorded in 2022 in connection with the Havana Docks litigation inclusive of related legal fees and costs; (vii) impairment losses; and (viii) tax on the sale of PortMiami noncontrolling interest.

Adjusted Operating Income represents operating income including income from equity investments and provision for income taxes but excluding certain items for which we believe adjusting for is meaningful when assessing our operating performance on a comparative basis. We use this non-GAAP measure to calculate ROIC (as defined below).

Available Passenger Cruise Days (“APCD“) is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period, which excludes canceled cruise days and cabins not available for sale. We use this measure to perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise revenue and expenses to vary.

Constant Currency is a significant measure for our revenues and expenses, which are denominated in currencies other than the U.S. Dollar. Because our reporting currency is the U.S. Dollar, the value of these revenues and expenses in U.S. Dollar will be affected by changes in currency exchange rates. Although such changes in local currency prices are just one of many elements impacting our revenues and expenses, it can be an important element. For this reason, we also monitor our revenues and expenses in “Constant Currency” – i.e., as if the current period’s currency exchange rates had remained constant with the comparable prior period’s rates. For the 2025 periods presented, we calculate “Constant Currency” by applying the average for 2024 or Q4 2024 period exchange rates for each of the corresponding months of the reported and/or forecasted period, so as to calculate what the results would have been had exchange rates been the same throughout both periods. We do not make predictions about future exchange rates and use current exchange rates for calculations of future periods. It should be emphasized that the use of Constant Currency is primarily used by us for comparing short-term changes and/or projections. Over the longer term, changes in guest sourcing and shifting the amount of purchases between currencies can significantly change the impact of the purely currency-based fluctuations.

EBITDA is a non-GAAP measure that represents Net Income attributable to Royal Caribbean Cruises Ltd. excluding (i) interest income; (ii) interest expense, net of interest capitalized; (iii) depreciation and amortization expenses; and (iv) provision for income taxes. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis.

Gross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses.

Gross Margin Yield represent Gross Margin per APCD.

Invested Capital represents the most recent five-quarter average of total debt (i.e., Current portion of long-term debt plus Long-term debt) plus the most recent five-quarter average of Total shareholders’ equity. We use this measure to calculate ROIC (as defined below).

Net Cruise Costs (“NCC”) and NCC excluding Fuel are non-GAAP measures that represent Gross Cruise Costs excluding commissions, transportation and other expenses and onboard and other expenses and, in the case of Net Cruise Costs excluding Fuel, fuel expenses. In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Costs and Net Cruise Costs excluding Fuel to be the most relevant indicators of our cost performance. For periods presented, Net Cruise Costs and Net Cruise Costs excluding Fuel exclude (i) restructuring charges and other initiative expenses; and (ii) impairment losses. 

Net Yields represent Adjusted Gross Margin per APCD. We utilize Adjusted Gross Margin and Net Yields to manage our business on a day-to-day basis as we believe that they are the most relevant measures of our pricing performance because they reflect the cruise revenues earned by us net of our most significant variable costs, which are commissions, transportation and other expenses, and onboard and other expenses.

Occupancy (“Load factor”), in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days (as defined below) by APCD. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.

Passenger Cruise Days (“PCD”) represent the number of passengers carried for the period multiplied by the number of days of their respective cruises.

Perfecta Program refers to the multi-year Adjusted EPS and ROIC goals we are seeking to achieve by end of 2027. Under our Perfecta Program, we are targeting 20% compound annual growth rate in Adjusted EPS compared to 2024 and ROIC of 17% or higher by the end of 2027.

Return on Invested Capital (“ROIC”) represents Adjusted Operating Income divided by Invested Capital. We believe ROIC is a meaningful measure because it quantifies how efficiently we generated operating income relative to the capital we have invested in the business.

For additional information see “Adjusted Measures of Financial Performance” below.

About Royal Caribbean Group
Royal Caribbean Group is a leading global vacation company spanning cruise, exclusive destinations, and land-based vacation experiences. The company operates 69 ships sailing to more than 1,000 destinations across all seven continents through its three wholly owned brands -Royal Caribbean, Celebrity Cruises, and Silversea – and a 50% joint venture interest in TUI Cruises which operates the Mein Schiff and Hapag-Lloyd brands.

The Group is expanding its portfolio of private destinations from three to eight by 2028 through its Perfect Day and Royal Beach Club collections, and the company will enter river cruising in 2027 with Celebrity River Cruises. Powered by innovative brands, advanced technology, and an industry-leading loyalty program, the company has built a connected vacation ecosystem, turning the vacation of a lifetime into a lifetime of vacations.

Named to the Fortune World’s Most Admired Companies 2026 list and to Forbes’ 2026 Best American Companies lists, Royal Caribbean Group is guided by its mission to deliver the best vacations responsibly. For more information, visit www.royalcaribbeangroup.com. 

Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to: statements regarding revenues, costs and financial results for 2026 and beyond; anticipated timing for launch of private destinations; our progress toward achievement of our Perfecta Program; demand for our brands; expectations on timing and demand for river cruising offerings; future capital expenditures; and expectations regarding our credit profile. Words such as “anticipate,” “believe,” “could,” “driving,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “encouraged,” “project,” “shaping up,” “position,” “allows,” “seek,” “should,” “will,” “would,” “considering,” and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management’s current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the following: the impact of the economic and geopolitical environment, including changing tariffs and the related uncertainty thereof, on key aspects of our business, such as the demand for cruises, passenger spending, and operating costs; changes in operating costs; the unavailability or cost of air service; disease outbreaks and increased concern about the risk of illness on our ships or when travelling to or from our ships, which could cause a decrease in demand, guest cancellations, and ship redeployments; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; the effects of weather, climate events and/or natural disasters on our business; risks related to our sustainability activities; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; unavailability of ports of call; vacation industry competition and increase in industry capacity and overcapacity; inability to manage our cost and capital allocation strategies; the uncertainties of conducting business globally and expanding into new markets and new ventures, including potential acquisitions; issues with travel advisers that sell and market our cruises; reliance on third-party service providers; potential unavailability of insurance coverage; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining data integrity and security; uncertainties of a foreign legal system as we are not incorporated in the United States; our ability to obtain sufficient financing or capital to fund our capital expenditures, operations, debt repayments and other financing needs; our expectation and ability to pay a cash dividend on our common stock in the future; changes to our dividend policy; growing anti-tourism sentiments and environmental concerns; changes in U.S. or other countries’ foreign travel policy; impact of new or changing legislation and regulations (including environmental regulations) or governmental orders on our business; fluctuations in foreign currency exchange rates, fuel prices and interest rates; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; our ability to recruit, develop and retain high quality personnel; and pending or threatened litigation, investigations and enforcement actions.

More information about factors that could affect our operating results is included under the caption “Risk Factors” in our most recent annual report on Form 10-K, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Adjusted Measures of Financial Performance
This press release includes certain adjusted financial measures defined as non-GAAP financial measures under Securities and Exchange Commission rules, which we believe provide useful information to investors as a supplement to our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles, or U.S. GAAP.

The presentation of adjusted financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. These measures may be different from adjusted measures used by other companies. In addition, these adjusted measures are not based on any comprehensive set of accounting rules or principles. Adjusted measures have limitations in that they do not reflect all of the amounts associated with our results of operations as do the corresponding U.S. GAAP measures.

A reconciliation to the most comparable U.S. GAAP measure of all adjusted financial measures included in this press release can be found in the tables included at the end of this press release. We have not provided a quantitative reconciliation of the projected non-GAAP financial measures to the most comparable GAAP financial measures because preparation of meaningful U.S. GAAP projections would require unreasonable effort. Due to significant uncertainty, we are unable to predict, without unreasonable effort, the future movement of foreign exchange rates, fuel prices and interest rates inclusive of our related hedging programs. In addition, we are unable to determine the future impact of non-core business related gains and losses which may result from strategic initiatives. These items are uncertain and could be material to our results of operations in accordance with U.S. GAAP. Due to this uncertainty, we do not believe that reconciling information for such projected figures would be meaningful.

SOURCE Royal Caribbean Group

Munich. The BMW Group once again reduced the
CO₂ emissions of its vehicle fleet sold in the European
Union (EU27+2: EU, Norway, Iceland) in financial year 2025. Based on
preliminary internal calculations, the figure came in at 90.0 grams
per kilometre according to WLTP (2024: 99.5 grams per kilometre). This
represents a reduction of approximately 9.5% in these emissions
compared to 2024.

The applicable fleet target limit for the BMW Group set by the
European Union (EU27+2: EU, Norway, Iceland) stood at 92.9 grams in
2025. The company was thus able to outperform this target by 2.9 grams.

“We once again overfulfilled Europe’s ambitious CO₂
targets in 2025 – without relying on flexibility mechanisms or
pooling. This underlines that our technology-neutral approach and
systematic CO₂ reduction are not contradictory but go hand
in hand. The decisive factor is the efficiency of all the drive
technologies we offer our customers,” said Oliver Zipse, Chairman of
the Board of Management of BMW AG.

The continuing electrification of the BMW Group was a key driver in
reducing its fleet-wide emissions last year. In 2025, the company
delivered more than 316,000 electrified vehicles to customers in the
European Union (EU27+2: EU, Norway, Iceland). The share of BMW Group
sales represented by electrified vehicles in the European Union
(EU27+2: EU, Norway, Iceland) rose to 41.1% last year.

In 2025, the BMW Group sold over 202,000 fully electric vehicles in
the European Union (EU27+2: EU, Norway, Iceland). This represented
around 26.3% of total sales volume in this region.

This provides a strong starting point for the BMW iX3, the first
production model of the Neue Klasse, which will expand the BMW Group’s
product line-up from 2026.

The reduction of fleet-wide emissions supports the BMW Group’s
long-term climate goals. In this way, the BMW Group is pursuing a
holistic decarbonisation strategy across the entire lifecycle, with
the aim of reaching “net zero” no later than 2050. This represents a
firm commitment by the company to the goals of the Paris Climate
Agreement. By 2035, it plans to reduce its CO₂e emissions
by at least 60 million tonnes compared with 2019 levels.

“Every tonne of CO2 we can avoid counts. That is why we have adopted
a holistic development approach to decarbonisation that goes far
beyond fleet emissions. We are reducing CO2 across the entire
lifecycle of our vehicles – from the supply chain to production and
throughout their operation,” explains Joachim Post, member of the
Board of Management of BMW AG, Development.

The delivery figures reported in this press release are provisional
and may change up until the BMW Group Report 2025 is published. Notes
on how delivery figures are prepared can be found in the BMW Group
Report 2024 on p. 427.

BMW i4 eDrive40 (WLTP combined (EnVKV): energy consumption 17.8
kWh/100 km; CO₂ emissions 0 g/km; CO₂ class A);
range 510-613 km (WLTP combined (PER)

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VELIZY-VILLACOUBLAY, France — January 29, 2026 — Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced 3DEXPERIENCE World taking place in Houston from Feb. 1-4.  The annual event will gather thousands of SOLIDWORKS and 3DEXPERIENCE platform users around the future of design to manufacturing, exploring 3D UNIV+RSES and artificial intelligence at the core of creation and innovation.

Guest speakers Jensen Huang – founder and CEO of NVIDIA, Pablos Holman – the renowned hacker and inventor with more than 6,000 patents, and Jay “Engineezy” Vogler – STEAM advocate and influencer, will kick off a rich agenda delving into the technologies enabling virtual environments that push the boundaries of imagination.  One year after introducing 3D UNIV+RSES, Dassault Systèmes will showcase a holistic view of AI encompassing assistive, predictive and generative AI that plays an integral role in powering more efficient, sustainable and successful design, simulation, manufacturing and governance.

Event highlights include:

• Presentations from Pascal Daloz, CEO, Dassault Systèmes, Manish Kumar, CEO and Vice President R&D, SOLIDWORKS, and Gian Paolo Bassi, Senior Vice President, Customer Role Experience, Dassault Systèmes
• Keynotes from Pablos Holman on his visionary roadmap for addressing the world’s biggest challenges through emerging technologies, and “Engineezy” on the intersection of engineering, art and storytelling;
• Perspectives on creativity, innovation and communities from Manish Kumar and Suchit Jain, Vice President Strategy, SOLIDWORKS;
• Annual reveal of the top 10 SOLIDWORKS enhancements;
• Hundreds of technical training and learning sessions for all skill levels, certification opportunities, and meetup sessions;
• AAKRUTI International Student Design and Innovation Competition, challenging 12 teams from nine countries to solve real-world problems with technology, creativity and engineering skills;
• 3DEXPERIENCE Playground featuring Model Mania and Model Mania Xtreme, an EDU Zone, a Maker Zone and more;
• Product demos from SOLIDWORKS customers and startup program participants Molteni Group, Westwood Robotics, Psyonic, Sparx Hockey, COM-PAK+, NOVOFERM and Brudden.

“Artificial intelligence is defining the way people work – automating tasks but also allowing more time for creativity and innovation.  At 3DEXPERIENCE World 2026, we will demonstrate the value of our AI-powered portfolio for SOLIDWORKS and 3DEXPERIENCE platform users – a legacy of innovation that keeps pushing product development forward to serve 8 million users,” said Manish Kumar.  

In brief

On 16 January 2026, the Health Sciences Authority (HSA) implemented a series of updates on the registration of therapeutic products. The updates are aimed at further improving regulatory efficiency and enhancing clarity for applicants.

In more detail

On 16 January 2026, the HSA released the following key regulatory updates for the registration of therapeutic products:

1.  New submission pathway for standard essential medicines

The new submission pathway allows standard essential medicines to be registered through generic drug applications (GDAs). To qualify for this submission pathway, the product must have a well-established safety and efficacy profile, and documented and recognised references. It must not have a corresponding Singapore reference product.

The submission pathway is designed for unregistered medicines that have a long history of local clinical use in Singapore and are critical for Singapore’s healthcare system. 

Companies must submit an expression of interest (EOI) form at least three months prior to the intended GDA submission and may only proceed after receiving the HSA’s approval of their EOI.

2. Removal of the limit on concurrent MAV-1 submissions

The HSA has lifted the previous limit of three concurrent major variation applications (MAV-1). This enhancement provides industry stakeholders with greater flexibility in managing post-approval clinical indication expansions and reduces administrative hold-ups.

3. New GMP conformity assessment for overseas DS manufacturing sites

The HSA now permits companies to request that HSA conduct a good manufacturing practice (GMP) inspection for overseas drug substance (DS) manufacturing sites that lack sufficient evidence of GMP compliance when submitting a New Chemical / Biologic Entity (NCE/NBE) registration application.

4. Declaration of conflicts of interest by company-engaged experts

The HSA now requires that any statement of opinion provided by an expert clinician and submitted to support an application be accompanied by a written declaration from the expert clinician confirming that they have no conflict of interest in relation to the application.

Key takeaways

The HSA continues to refine its regulatory processes to ensure that they remain efficient, transparent and aligned with industry needs. These updates will be highly relevant to companies making or planning to make therapeutic product applications in Singapore.

• Group sales grew by 7%¹ at constant exchange rates (CER; 2% in CHF), driven by strong demand for medicines and diagnostic solutions.
• Sales in the fourth quarter increased by 8%, reflecting the positive momentum.
• Pharmaceuticals Division sales increased by 9% (3% in CHF), with Phesgo (breast cancer), Xolair (food allergies), Ocrevus (multiple sclerosis), Hemlibra (haemophilia A) and Vabysmo (severe eye diseases) being the top growth drivers.
• Diagnostics Division sales grew 2% (-3% in CHF) as demand for pathology and molecular solutions continued to more than offset the impact of healthcare pricing reforms in China.
• Core operating profit increased by 13% (5% in CHF), driven by higher sales and efficiency gains.
• Core earnings per share showed growth of 11% (4% in CHF); IFRS net income increased by 58% (50% in CHF), due to the strong operational performance in 2025 and the base effect of impairment charges in 2024.
• Highlights:
  • US and EU approval for the subcutaneous form of Lunsumio for a type of blood cancer
  • EU approval for Gazyva/Gazyvaro for lupus nephritis, a serious kidney disease
  • Positive data on several therapies: (phase III) giredestrant for breast cancer, fenebrutinib for two forms of multiple sclerosis, Gazyva/Gazyvaro for two immune-related diseases, PiaSky for a rare, life-threatening kidney condition and Enspryng for a rare autoimmune disease that affects the brain, spinal cord and optic nerves; (phase II) CT-388 for obesity
  • Advancement of 10 key molecules into phase III development in 2025
  • EU CE mark for novel Elecsys Dengue Ag test to diagnose dengue and for cobas BV/CV assay to improve diagnostic accuracy for women affected by vaginitis
  • CE Mark for test to monitor antibiotic therapies, expanding the only automated mass spectrometry platform on the market to an in vitro diagnostic menu of 39 tests
• Board proposes a dividend increase to CHF 9.80 per share and non-voting equity security. If approved by shareholders, this would be the 39th consecutive dividend increase.
• Change in Board of Directors

Outlook for 2026

Roche (SIX: RO, ROG; OTCQX: RHHBY) expects an increase in Group sales in the mid single digit range (CER) for 2026. Core earnings per share are targeted to develop in the high single digit range (CER). Roche expects to further increase its dividend in Swiss francs. 

Key figures	CHF millions		% change
January–December	2025	2024	At CER1	In CHF
Group sales	61,516	60,495	7	2
Pharmaceuticals Division	47,669	46,171	9	3
Diagnostics Division	13,847	14,324	2	-3
Core operating profit	21,833	20,823	13	5
Core EPS – diluted (CHF)	19.46	18.80	11	4
IFRS net income	13,799	9,187	58	50

Roche CEO Thomas Schinecker: “2025 was a strong year for Roche, reflecting our continued focus on operational and R&D excellence.

We have significant momentum across our pharmaceutical pipeline: ten potential new medicines advanced into final-stage development, and 12 late-stage clinical studies delivered positive results. We had important breakthroughs in lupus and oestrogen receptor-positive breast cancer, which accounts for approximately 70% of all breast cancer cases, as well as the first positive late-stage clinical results in a new therapy for multiple sclerosis.

We are also setting new standards in diagnostics: our next-generation sequencing technology, which will be launched this year, decoded an entire human genome in less than four hours.

With our strong financial performance and our continued progress in innovation, we are well positioned for growth.”

Change in Board of Directors

The Board of Directors will propose Lubomira Rochet (1977), Executive Vice President and member of the Group Executive Committee of Societe Generale, for election as a new Board member at the upcoming Annual General Meeting. Severin Schwan, Chairman of the Board: “Lubomira Rochet brings a broad leadership track record and deep experience in business transformations through digital and technology. I am very pleased that we can propose her for election to the Board of Directors.”

As previously announced, Dr Claudia Suessmuth Dyckerhoff has decided not to stand for re-election as a member of the Roche Board of Directors at the Annual General Meeting in 2026.

Group results

In 2025, Roche achieved sales growth of 7% (2% in CHF) to CHF 61.5 billion due to strong demand for pharmaceutical products and diagnostic solutions.

The appreciation of the Swiss franc against most currencies, notably the US dollar, had a significant impact on the results reported in Swiss francs compared to constant exchange rates.

Core operating profit increased by 13% (5% in CHF) to CHF 21.8 billion, driven by higher sales and efficiency gains.

Core earnings per share increased by 11% (4% in CHF).

IFRS net income increased by 58% (50% in CHF) to CHF 13.8 billion due to the strong operating performance in 2025 and the base effect of impairment charges in 2024.

Sales in the Pharmaceuticals Division increased by 9% (3% in CHF) to CHF 47.7 billion, with medicines for severe diseases continuing their strong growth.

The top five growth drivers – Phesgo, Xolair, Ocrevus, Hemlibra and Vabysmo – achieved total sales of CHF 21.4 billion, an increase of CHF 3.2 billion (CER) compared to 2024.

Sales of products with expired patents – Avastin (various types of cancer), Herceptin (breast and gastric cancer), MabThera/Rituxan (blood cancer, rheumatoid arthritis), Esbriet (lung disease), Lucentis (severe eye diseases) and Actemra/RoActemra (rheumatoid arthritis) – decreased by a combined CHF 0.7 billion (CER).

In the United States, sales rose by 8% due to continued growth of Xolair and continuing uptake of Ocrevus, Phesgo, Hemlibra and Polivy (blood cancer). This growth more than compensated for the decline in sales of medicines with expired patents.

Sales in Europe grew 5% as strong demand for Ocrevus and Vabysmo and the continuing uptake of Polivy, Hemlibra and Phesgo more than compensated for the lower sales of Perjeta (breast cancer) due to the ongoing conversion of patients to Phesgo, and the impact of biosimilar competition on Actemra/RoActemra sales.

In Japan, sales increased by 5%, mainly due to the strong uptake of Phesgo, Vabysmo, Hemlibra, Enspryng (acute inflammation of optic nerve and spinal cord) and PiaSky (paroxysmal nocturnal haemoglobinuria). Sales growth was partially offset by the decline in sales of Avastin because of biosimilar erosion and Perjeta due to the continued conversion of patients to Phesgo.

Sales in the International region rose by 14%, led by Phesgo, Xofluza (influenza), Hemlibra, Vabysmo, Elevidys (Duchenne muscular dystrophy) and Polivy. In China, sales rose by 10%, driven by the uptake of Phesgo due to the inclusion in the government drug reimbursement list, strong sales of Xofluza and the continued roll-out of Vabysmo and Polivy.

The Diagnostics Division’s sales increased by 2% (-3% in CHF) to CHF 13.8 billion as growth in demand for pathology and molecular solutions more than offset the impact of healthcare pricing reforms in China.

Sales in the Europe, Middle East and Africa (EMEA) region increased by 6%, driven by higher sales of clinical chemistry and immunodiagnostic products. In North America, sales increased by 9%, with growth across all customer areas. Sales in Asia-Pacific decreased by 12% due to healthcare pricing reforms in China. In Latin America, sales grew by 11%.
 

Pharmaceuticals Division: pipeline

With 66 new molecular entities (NMEs) and a total of 107 projects, Roche has a promising pipeline with a wide variety of therapeutic approaches.

Pharmaceuticals research and development (R&D) expenditure decreased by 3% to CHF 10.4 billion (Group R&D: -3% to CHF 12.2 billion). Oncology remained the primary area for R&D, with substantial investments also in the areas of cardiovascular, renal and metabolism and immunology.

Pharmaceuticals: key developments

Compound	Milestone
Regulatory
Lunsumio Blood cancer	FDA approves Lunsumio VELO for subcutaneous use in relapsed or refractory follicular lymphoma Lunsumio VELO reduces administration time from 2‒4 hours to approximately 1 minute. Availability of Lunsumio VELO allows treatment aligned to people’s clinical needs and personal preferences. The approval is supported by data demonstrating compelling complete response rate in third-line or later treatment of people with follicular lymphoma, a disease that typically becomes harder to treat after each relapse.
Gazyva/Gazyvaro Lupus nephritis	European Commission approves Gazyva/Gazyvaro for adults with active lupus nephritis Approval based on phase II NOBILITY and phase III REGENCY studies showing superiority of Gazyva/Gazyvaro over standard therapy alone. Gazyva/Gazyvaro is the only anti-CD20 antibody to demonstrate a benefit in a complete renal response in lupus nephritis in a randomised phase III study. Gazyva/Gazyvaro could become a new standard of care for up to an estimated 135,000 people affected by lupus nephritis in the European Union, potentially helping to delay or prevent end-stage kidney disease.
Lunsumio Blood cancer	European Commission approves Lunsumio subcutaneous for relapsed or refractory follicular lymphoma Lunsumio provides high rates of deep and long-lasting responses in third-line and later treatment of people with follicular lymphoma, a disease that typically becomes harder to treat each time a patient relapses. Lunsumio subcutaneous offers a new treatment option that can significantly reduce administration time to approximately 1 minute. Lunsumio SC allows patients to receive treatment aligned to clinical requirements and lifestyle preferences.
Phase III, pivotal and other key read-outs
CT-388 Obesity	Roche announces positive phase II results for its dual GLP-1/GIP receptor agonist CT-388 in people living with obesity A once-weekly subcutaneous injection of CT-388 achieved a statistically significant placebo-adjusted weight loss of 22.5% (p < 0.001) at 48 weeks at the highest dose tested (24 mg), without reaching a weight loss plateau. 54% of participants on the 24 mg dose achieved resolution of obesity (BMI <30 kg/m2) vs 13% in the placebo group. CT-388 demonstrated a safety and tolerability profile generally consistent with that of its drug class with no new or unexpected safety signals.
Giredestrant Breast cancer	Giredestrant reduces risk of invasive disease recurrence or death by 30% in ER-positive early-stage breast cancer Giredestrant is the only oral SERD to show superior invasive disease-free survival in the adjuvant setting, marking the first significant endocrine therapy advance in over 20 years1‒3. Transformational results support the potential of giredestrant to become a new standard-of-care for early-stage disease. ER-positive breast cancer accounts for approximately 70% of breast cancer cases, and up to a third of patients experience recurrence on or after adjuvant endocrine therapy treatment.
Lunsumio Blood cancer	Roche presents Lunsumio data showing potential across earlier treatment lines in indolent and aggressive lymphomas Lunsumio in combination with lenalidomide may offer an effective treatment in relapsed or refractory follicular lymphoma based on first data from single-arm US cohort of phase III CELESTIMO study. Data from subcutaneous Lunsumio plus Polivy reinforce its outpatient, chemotherapy-free potential in people with relapsed or refractory large B-cell lymphoma. Results highlight the potential of innovative Lunsumio combination regimens to offer improved outcomes for more people with lymphoma earlier in their disease.
Columvi Blood cancer	Columvi combination shows sustained survival benefit at three-year follow-up of pivotal phase III STARGLO study Overall survival was twice as long for people treated with Columvi in combination with GemOx versus MabThera/Rituxan plus GemOx. This Columvi combination is available off-the-shelf and could offer a potentially curative treatment option for people with relapsed or refractory diffuse large B-cell lymphoma (R/R DLBCL) who are not candidates for transplant. Columvi in combination with GemOx has now been approved in more than 50 countries worldwide and is recommended in international treatment guidelines.
Giredestrant Breast cancer	Giredestrant becomes the first oral SERD to show superior invasive disease-free survival in early breast cancer At interim analysis, giredestrant demonstrated a statistically significant and clinically meaningful benefit versus standard-of-care endocrine monotherapy. These unprecedented results support its potential as a new standard-of-care endocrine therapy in the early-stage setting. lidERA is the second positive phase III read-out for giredestrant following evERA presented at ESMO 2025.
Fenebrutinib Multiple sclerosis	Fenebrutinib shows unprecedented positive phase III results as the potential first and only BTK inhibitor in both relapsing multiple sclerosis (RMS) and primary progressive multiple sclerosis (PPMS) The first pivotal RMS study (FENhance 2) met its primary endpoint, with fenebrutinib significantly reducing relapses compared to teriflunomide. In the pivotal PPMS study (FENtrepid), fenebrutinib slowed disability progression at least as effectively as Ocrevus, the only approved therapy in PPMS. Full data from both studies will be shared at upcoming medical meetings; all data will be considered for regulatory submission after the second RMS study (FENhance 1) reads out, expected in the first half of 2026.
Haematology	Roche presents new data from its broad and innovative haematology portfolio at ASH 2025 Findings demonstrate the effectiveness of Roche’s approved medicines in advancing treatment standards for people with blood disorders. Data from innovative pipeline signals progress towards improved outcomes in haemophilia A, lymphoma and multiple myeloma.
Gazyva/Gazyvaro Systemic lupus erythematosus	Positive phase III data for Gazyva/Gazyvaro show significant reduction in disease activity for systemic lupus erythematosus (SLE) Phase III ALLEGORY study met primary and all key secondary endpoints with Gazyva/Gazyvaro, demonstrating significant reduction in disease activity for SLE. Gazyva/Gazyvaro has the potential to become a transformative new standard of care for up to 3.4 million people affected by SLE worldwide, and would be the first anti-CD20 therapy for SLE to directly target B cells if approved. These positive results follow recent US FDA approval and positive EU CHMP opinion for Gazyva/Gazyvaro in lupus nephritis, as well as positive phase III data from the INShore study in idiopathic nephrotic syndrome.
Gazyva/Gazyvaro Idiopathic nephrotic syndrome	Positive phase III results for Gazyva/Gazyvaro in children and young adults with idiopathic nephrotic syndrome Gazyva/Gazyvaro versus mycophenolate mofetil shows significantly more children and young adults achieved sustained complete remission at week 52. If approved, Gazyva/Gazyvaro could help children and young adults sustain remission, potentially with a reduced need for steroids to manage their disease. INShore is the first global phase III study of a targeted therapy in this chronic kidney disease commonly diagnosed in early childhood.
Other
89bio tender offer	Roche completes tender offer for 89bio, Inc. shares and prepares to finalise acquisition Roche’s subsidiary Bluefin Merger Subsidiary, Inc. accepted for payment all shares validly tendered and not withdrawn in its tender offer for 89bio at USD 14.50 per share in cash plus a contingent value right for up to USD 6.00 per share. Approximately 94,113,710 shares, representing about 60.49% of 89bio’s outstanding common stock, were validly tendered and not withdrawn in the offer, and the tender offer expired on 29 October 2025. Roche intends to complete the acquisition of 89bio through a merger, after which 89bio will become a wholly owned subsidiary of Roche and its shares will be delisted from Nasdaq.

  

Pharmaceuticals sales

Sales	CHF millions		As % of sales		% change
January–December	2025	2024	2025	2024	At CER	In CHF
Pharmaceuticals Division	47,669	46,171	100.0	100.0	9	3
United States	25,355	24,774	53.2	53.7	8	2
Europe	9,164	8,832	19.2	19.1	5	4
Japan	2,882	2,874	6.0	6.2	5	0
International	10,268	9,691	21.6	21.0	14	6

International: Asia-Pacific, CEETRIS (Central Eastern Europe, Türkiye, Russia and Indian subcontinent), Latin America, Middle East, Africa, Canada, others                                

Top 20 best-selling pharmaceuticals	Total		United States		Europe		Japan		International
	CHF m	%	CHF m	%	CHF m	%	CHF m	%	CHF m	%
Ocrevus Multiple sclerosis	7,010	9	4,874	7	1,451	13	–	–	685	21
Hemlibra Haemophilia A	4,754	11	2,665	6	1,002	10	377	8	710	38
Vabysmo Eye diseases (nAMD, DME, RVO)	4,102	12	2,857	3	741	21	146	22	358	116
Tecentriq Cancer immunotherapy	3,566	3	1,640	-2	878	3	349	-4	699	18
Xolair2 Asthma, food allergies	3,075	32	3,075	32	–	–	–	–	–	–
Perjeta2 Breast cancer	2,968	-13	1,268	0	552	-13	69	-37	1,079	-21
Actemra/RoActemra2 RA, COVID-19	2,470	-2	1,206	-4	588	-9	310	5	366	16
Phesgo Breast cancer	2,441	48	708	31	812	12	188	44	733	172
Kadcyla2 Breast cancer	2,025	7	768	6	532	-4	91	-3	634	22
Evrysdi Spinal muscular atrophy	1,757	13	612	10	616	9	90	1	439	25
Alecensa Lung cancer	1,562	6	565	14	262	-6	204	7	531	5
Polivy Blood cancer	1,470	38	688	28	290	53	207	9	285	87
MabThera/Rituxan2 Blood cancer, RA	1,251	-4	794	0	140	-5	14	-11	303	-12
Activase/TNKase2 Cardiac diseases	1,107	-2	1,056	-2	–	–	–	–	51	-11
Herceptin2 Breast and gastric cancer	1,028	-22	225	-10	291	-2	7	-43	505	-32
Gazyva/Gazyvaro2 Blood cancer	986	14	519	19	245	2	35	25	187	15
Avastin2 Various cancer types	973	-17	299	-17	70	-16	145	-23	459	-14
Pulmozyme2 Cystic fibrosis	479	12	343	20	65	-9	1	-12	70	1
Xofluza Influenza	407	184	57	66	2	*	–	–	348	219
CellCept2 Immunosuppressant	385	1	21	-5	131	8	44	17	189	-6

* Over 500%
DME: diabetic macular edema / nAMD: neovascular or ‘wet’ age-related macular degeneration / RVO: retinal vein occlusion / RA: rheumatoid arthritis

Diagnostics Division: portfolio

In Diagnostics, Roche introduced two instrument platforms, six digital solutions and 53 new tests in 2025.

The main areas of R&D activity included the development of high medical value assays, notably for the oncology disease area, as well as of digital solutions and sequencing. In addition, there were continuing investments in cardiometabolic diseases, particularly for continuous blood glucose monitoring.

Diagnostics: key developments

Product	Milestone
cobas Mass Spec solution	Roche expands automated mass spectrometry menu with antibiotics drug monitoring CE mark approval offering industry’s broadest in vitro diagnostic menu With this approval, Roche’s automated mass spectrometry platform now offers the industry’s broadest in vitro diagnostic menu with 39 tests, including tests for therapeutic drug monitoring for immunosuppressants and antibiotics, as well as steroid hormones and vitamin D metabolites. The comprehensive menu brings the sensitivity and specificity of gold-standard testing into routine labs for a wide range of the most frequently tested targets. The fully automated solution replaces labour-intensive manual workflows, reducing turnaround times and supporting faster, standardised, high-quality care.
cobas BV/CV test Vaginitis	Roche launches new PCR test to help improve diagnostic accuracy for women affected by vaginitis in countries following the CE mark The new PCR test aids in the diagnosis of infectious causes of vaginitis through the detection of bacteria associated with bacterial vaginosis and yeast associated with candida vaginitis. The test will help improve diagnostic accuracy for millions of women affected by vaginitis annually, delivering more accurate and specific results. This test offers faster diagnosis by using a single vaginal swab for broader sexual health testing, eliminating the need for an additional sample.
cobas liat Bordetella panel Infectious diseases	Roche receives FDA clearance with CLIA waiver and CE mark for its first point-of-care test for diagnosing Bordetella infections, including whooping cough (pertussis) The point-of-care test delivers PCR-accurate results in just 15 minutes, enabling healthcare providers to act quickly and prevent severe complications and onward transmission. The test detects and differentiates between three types of Bordetella infection that can cause similar cough symptoms, ensuring patients receive the right diagnosis at the earliest opportunity. Early diagnosis can reduce the risk of complications and severe disease in vulnerable groups such as infants and the elderly, by enabling faster, more precise care decisions.
Elecsys Dengue Ag test Dengue	Roche receives CE mark for novel automated high-throughput Elecsys Dengue Ag test to diagnose dengue New dengue antigen test delivers high clinical sensitivity and specificity, as well as inclusivity for all four dengue virus serotypes, helping clinicians confidently distinguish dengue from other acute fever-causing illnesses. Full automation facilitates medium to high throughput and enables improvement of lab efficiency and test traceability, while reducing the risk of human error. Test delivers results in just 18 minutes, enabling faster laboratory workflows and patient management during outbreaks.

Diagnostics sales

Sales	CHF millions		As % of sales		% change
January–December	2025	2024	2025	2024	At CER	In CHF
Diagnostics Division	13,847	14,324	100.0	100.0	2	-3
Customer areas3
Core Lab	7,614	8,011	55.0	55.9	0	-5
Molecular Lab	2,527	2,554	18.3	17.8	4	-1
Near Patient Care	1,983	2,160	14.3	15.1	-3	-8
Pathology Lab	1,723	1,599	12.4	11.2	14	8
Regions
Europe, Middle East, Africa	4,965	4,822	35.9	33.7	6	3
North America	4,444	4,335	32.1	30.3	9	3
Asia-Pacific	3,386	4,099	24.4	28.6	-12	-17
Latin America	1,052	1,068	7.6	7.4	11	-1

Roche’s Full Year Results 2025 – Live Webinar
There will be a live webinar for investors and analysts today, Thursday, 29 January at 1:30 pm CET. To access the webinar, please click here.

Additional information
Full-Year 2025 Presentation
Full-Year 2025 Presentation with appendix
Annual Report 2025
Finance Report
Pharmaceuticals: key product launches in 2025
Diagnostics: key product launches in 2025

About Roche
Founded in 1896 in Basel, Switzerland, as one of the first industrial manufacturers of branded medicines, Roche has grown into the world’s largest biotechnology company and the global leader in in-vitro diagnostics. The company pursues scientific excellence to discover and develop medicines and diagnostics for improving and saving the lives of people around the world. We are a pioneer in personalised healthcare and want to further transform how healthcare is delivered to have an even greater impact. To provide the best care for each person we partner with many stakeholders and combine our strengths in Diagnostics and Pharma with data insights from the clinical practice.

For over 125 years, sustainability has been an integral part of Roche’s business. As a science-driven company, our greatest contribution to society is developing innovative medicines and diagnostics that help people live healthier lives. Roche is committed to the Science Based Targets initiative and the Sustainable Markets Initiative to achieve net zero by 2045.

Genentech, in the United States, is a wholly owned member of the Roche Group. Roche is the majority shareholder in Chugai Pharmaceutical, Japan.

For more information, please visit www.roche.com.

All trademarks used or mentioned in this release are protected by law.

References
[1] Unless otherwise stated, all growth rates and year-on-year comparisons are at constant exchange rates (CER; average rates 2024) and all total figures quoted are reported in Swiss francs.
[2] Products launched before 2015.
[3] Core Lab: diagnostics solutions in the areas of immunoassays, clinical chemistry and CustomBiotech.
Molecular Lab: diagnostics solutions for pathogen detection and monitoring, donor screening, sexual health and genomics, genomic tumour profiling.
Near Patient Care: diagnostics solutions in emergency rooms, medical practices and directly with patients, including integrated personalised diabetes management.
Pathology Lab: diagnostics solutions for tissue biopsies and companion diagnostics.
In 2025, sales in the Pathology Lab customer area include sales previously reported in the Molecular Lab customer area to foster business transparency and harmonisation in the use of solutions in the area of cervical intraepithelial neoplasia technology (CINtec). The comparative information for 2024 has been restated accordingly.
In 2025, sales in the Core Lab customer area include sales previously reported in the Near Patient Care customer area to centralise digital healthcare solutions within Roche Information Solutions. The comparative information for 2024 has been restated accordingly.

Cautionary statement regarding forward-looking statements
This document contains certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes’, ‘expects’, ‘anticipates’, ‘projects’, ‘intends’, ‘should’, ‘seeks’, ‘estimates’, ‘future’ or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this document, such as: (1) pricing and product initiatives of competitors; (2) legislative and regulatory developments and economic conditions; (3) delay or inability in obtaining regulatory approvals or bringing products to market; (4) fluctuations in currency exchange rates and general financial market conditions; (5) uncertainties in the discovery, development or marketing of new products or new uses of existing products, including without limitation negative results of clinical trials or research projects, unexpected side effects of pipeline or marketed products; (6) increased government pricing pressures; (7) interruptions in production; (8) loss of or inability to obtain adequate protection for intellectual property rights; (9) litigation; (10) loss of key executives or other employees; and (11) adverse publicity and news coverage. The statement regarding earnings per share growth is not a profit forecast and should not be interpreted to mean that Roche’s earnings or earnings per share for this or any subsequent period will necessarily match or exceed the historical published earnings or earnings per share of Roche.

Ad hoc announcement pursuant to article 53 LR

• Sales of CHF 7.5 billion, an increase of 5.1% on a like-for-like ¹ basis and an increase of 0.8% in Swiss francs
• Strong performance across all markets, segments and customer groups – high growth markets growing at 8.0% and mature markets at 2.4% on a like-for-like basis  
• EBITDA ² of CHF 1,751 million, an increase of 4.5% over 2024, when measured in local currency – EBITDA margin of 23.4%
• Comparable EBITDA ³ margin of 24.2% compared to 24.5% in 2024
• Net income of CHF 1,071 million; net profit margin of 14.3% of sales
• Free cash flow ⁴ of CHF 1,053 million, or 14.1% of sales
• Proposed dividend of CHF 72.00 per share, up 2.9% year-on-year
• Givaudan delivers on its ambitious targets of its 2025 strategy. With an average like-for-like sales growth of 6.8% and an average free cash flow of 12.5% for the period 2021–2025, the Company exceeded its targets  
• Changes to the Executive Committee and Board of Directors announced in a separate communication today

 

“We are very pleased with our strong financial performance in 2025, which has been achieved against very strong prior year comparables and in a volatile external environment. Furthermore we are very proud of our results over the five-year strategic planning period 2021–2025 where we have exceeded all of our financial ambitions. These industry leading results are a strong testament to the unique position of Givaudan in supporting the growth of our customers across our business and to our Givaudan colleagues for their passion and dedication in consistently delivering excellent results.”

Gilles Andrier, CEO

Sales performance

Full year Group sales were CHF 7,472 million, an increase of 5.1% on a like-for-like (LFL) basis and an increase of 0.8% in Swiss francs, compared to strong comparable growth of 12.3% LFL in 2024.

Givaudan finished the year positively, with good volume growth and the Company maintained its operations and global supply chain at a high level.

With higher input costs in 2025, including tariffs, the Company continued to implement price increases in collaboration with its customers to fully compensate for the increases in input costs.

Fragrance & Beauty sales were CHF 3,830 million, an increase of 7.9% LFL and 4.6% in Swiss francs.

On a business unit basis, Fine Fragrance sales increased by 18.3% LFL against a high prior year comparable growth of 18.4%, and Consumer Products sales increased by 6.8% LFL against a strong prior year comparable growth of 13.5%. Sales of Fragrance Ingredients and Active Beauty decreased by –1.4% LFL, with double-digit growth in Active Beauty offset by weaker performance in Fragrance Ingredients.

Sales in Taste & Wellbeing were CHF 3,642 million, an increase of 2.4% on a LFL basis and a decrease of –2.9% in Swiss francs, against a strong prior year comparable growth of 10.7% LFL.

On a regional basis, sales increased in South Asia, Middle East and Africa by 7.8% LFL, in Europe by 2.6% LFL, in North America by 3.0% LFL and in Latin America by 0.7% LFL. Sales decreased in Asia Pacific by –0.8% LFL. Within the product segments, there was broad based good growth in snacks, health care, dairy, and in sweet goods.

Gross margin

The gross profit decreased from CHF 3,271 million in 2024 to CHF 3,252 million in 2025, with the decrease mainly caused by foreign exchange effects. Measured in local currency, gross profit increased by 4.0%. With higher input costs in 2025, including tariffs, the gross margin decreased to 43.5% in 2025 compared to 44.1% in 2024.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) ²

The EBITDA ² was CHF 1,751 million in 2025 compared to CHF 1,765 million in 2024. The EBITDA margin was 23.4% in 2025 compared to 23.8% in 2024, whilst on a comparable basis ³, the EBITDA margin decreased to 24.2% in 2025 compared to 24.5% in 2024.

The EBITDA of Fragrance & Beauty was CHF 985 million in 2025, flat compared to CHF 985 million in 2024. However, when measured in local currency, the EBITDA of Fragrance & Beauty increased by 4.2%. The EBITDA margin decreased to 25.7% in 2025 from 26.9% in 2024. On a comparable basis the EBITDA margin of Fragrance & Beauty was 26.5% in 2025 compared to 27.8% in 2024.

The EBITDA of Taste & Wellbeing was CHF 766 million in 2025 compared to CHF 780 million in 2024, a decrease of –1.8%. However, when measured in local currency, the EBITDA of Taste & Wellbeing increased by 4.8%. The EBITDA margin increased to 21.0% in 2025, from 20.8% in 2024. On a comparable basis the EBITDA margin of Taste & Wellbeing was 21.7% in 2025 compared to 21.3% in 2024.

Operating income

The operating income was CHF 1,381 million in 2025 compared to CHF 1,394 million in 2024, a decrease of –0.9%, mainly caused by the impact of foreign exchange rates. However, when measured in local currency terms, the operating income increased by 4.9%. The operating margin was 18.5% in 2025 compared to 18.8% in 2024.

The operating income for Fragrance & Beauty decreased from CHF 828 million in 2024 to CHF 819 million in 2025. The operating margin was 21.4% in 2025 compared to 22.6% in 2024.

In Taste & Wellbeing, the operating income was flat, CHF 562 million in 2025 compared to CHF 566 million in 2024. The operating margin increased to 15.4% in 2025 compared to 15.1% in 2024.

Financial performance

Financing costs in 2025 were CHF 113 million versus CHF 121 million in 2024. Other financial income, net of expenses, was CHF 37 million in 2025 compared with CHF 40 million of other financial income, net of expense in 2024.

The income tax expense as a percentage of income before taxes was 18%, compared to 17% in 2024.

Net income

The net income was CHF 1,071 million in 2025 compared to CHF 1,090 million in 2024, a decrease of –1.7% in Swiss francs. However, when measured in local currency, the net income increased by 3.9%. Net profit margin was 14.3% versus 14.7% in 2024. Basic earnings per share were CHF 116.08 compared to CHF 118.17 for the same period in 2024.

Cash flow

Givaudan delivered an operating cash flow of CHF 1,512 million in 2025, compared to CHF 1,625 million in 2024.

Net working capital as a percentage of sales was 22.0%, compared to 23.4% in 2024, with the Group having a continuing focus on the effective management of all aspects of working capital.

Total net investments in property, plant and equipment were CHF 233 million, compared to CHF 223 million in 2024.

Intangible asset additions were CHF 52 million in 2025, compared to CHF 57 million in 2024 as the Company continued to invest in its digital roadmap and in bringing all acquired entities on to the Givaudan operating platform.

Total net investments in tangible and intangible assets were 3.8% of sales in 2025, flat compared to 3.8% in 2024.

Operating cash flow after net investments was CHF 1,227 million in 2025, versus CHF 1,345 million in 2024. Free cash flow ⁴ was CHF 1,053 million in 2025, versus CHF 1,158 million for the comparable period in 2024. As a percentage of sales, free cash flow in 2025 was 14.1%, compared to 15.6% in 2024.

Financial position

Givaudan’s financial position improved further at the end of 2025. Net debt at December 2025 was CHF 3,678 million, compared to CHF 4,002 million in December 2024. The net debt to EBITDA ratio ⁵ was 2.1, compared to 2.3 in December 2024 and 2.5 in June 2025.

Dividend proposal 

At the Annual General Meeting on 19 March 2026, Givaudan’s Board of Directors will propose a cash dividend of CHF 72.00 per share for the financial year 2025, an increase of 2.9% versus 2024. This is the twenty-fifth consecutive dividend increase following Givaudan’s listing at the Swiss stock exchange in 2000.

Non-financial performance

Givaudan has made further progress in 2025 towards its ambitious ESG targets, which are fully aligned with the Group’s purpose.

Regarding its nature ambition and target to achieve net-zero greenhouse gas emissions across its value chain by 2045, the Group has attained a 50% reduction in scope 1+2 emissions compared with the 2015 baseline, while stabilising scope 3 emissions despite the constant growth of the Company. In addition, in 2024, Givaudan met its target of converting its entire electricity supply to fully renewable sources, a target originally set for 2025.

The Group also continues to make progress on its people-related targets in diversity and inclusion and, in 2025, has 34% of senior leadership positions held by women.

Givaudan is advancing towards its goal of sourcing all materials and services in a way that protects people and the environment by 2030, achieving 87% of its naturals portfolio sourced responsibly in 2025, up from 85% achieved in 2024. In line with this commitment and through broader community initiatives, the Group positively impacted around 820,000 people in the communities where it operates, an increase from 626,000 compared to 2024.

2025 Strategy: Targets exceeded

Our 2025 strategy ‘Committed to Growth, with Purpose’, was our intention to deliver growth in partnership with our customers, through creating inspiring products for happier, healthier lives and having a positive impact on nature, people and communities.

Givaudan exceeded its ambitious financial targets. With an average like-for-like sales growth of 6.8% for the period 2021–2025, Givaudan exceeded the upper end of its average five-year sales growth target of 4–5% on a like-for-like basis. And, with an average free cash flow of 12.5% for the period 2021–2025, the Company achieved its target of a free cash flow of at least 12%, also measured as an average over the five-year period strategy cycle.

2030 Guidance: Driving sustainable growth with customers 

Over the next five years, the Company aims to thrive in a dynamic market environment, driving sustainable growth with customers through creative, high value-added products and solutions that consumers love and that stand the test of time.

In this strategic cycle, Givaudan will leverage its existing strengths and proven business model in its core business, while further expanding into high-value adjacent spaces to fuel future sustainable and profitable growth. Remaining committed to its purpose of ‘Creating for happier, healthier lives with love for nature’, the Company will focus on three growth drivers and three growth enablers to deliver both financial and non financial value.

The Company is targeting 4–6% average like-for-like sales growth and over 12% average free cash flow over the five-year period and its 2030 purpose goals in the areas of nature, people and communities. This includes reducing scope 1+2+3 GHG emissions in line with the SBTi Net-Zero Standard trajectory and sourcing all materials and services in a way that protects the environment and people by 2030. The Company will also continue to pursue strategic acquisition opportunities that align with its strategic focus areas.

Further information 

The 2025 full year reports can be downloaded on www.givaudan.com › investors › financial results › results centre: 2025 Integrated Report on economic and ESG performance; 2025 Governance, Compensation and Financial Report.

Further information and reconciliations of the Group’s Alternative Performance Measures can be found in the Appendix of the 2025 Financial Report.

A conference call will be broadcast on www.givaudan.com on Thursday 29 January 2026 at 11:00 CET.

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Upcoming Company events
Annual General Meeting – 19 March 2026
First quarter sales – 14 April 2026
Half year results – 23 July 2026
Nine month sales – 13 October 2026

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Contact
Claudia Pedretti, Head of Investor and Media Relations
T +41 52 354 01 32
E claudia.pedretti@givaudan.com
 

Key tables

KEY FIGURES

In millions of Swiss francs except for earnings per share data	2025	2024	% change in CHF
Group sales	7,472	7,412	0.8%
– Fragrance & Beauty sales	3,830	3,660	4.6%
– Taste & Wellbeing sales	3,642	3,752	–2.9%
Like-for-like sales growth 1	5.1%	12.3%
Gross profit	3,252	3,271	–0.6%
– as % of sales	43.5%	44.1%
EBITDA 2	1,751	1,765	–0.8%
– as % of sales	23.4%	23.8%
Operating income	1,381	1,394	–0.9%
– as % of sales	18.5%	18.8%
Net income	1,071	1,090	–1.7%
– as % of sales	14.3%	14.7%
Operating cash flow	1,512	1,625	–7.0%
– as % of sales	20.2%	21.9%
Free cash flow 4	1,053	1,158	–9.1%
– as % of sales	14.1%	15.6%
Net debt (at 31 December)	3,678	4,002	–8.1%
Net debt/EBITDA 5	2.1	2.3
Earnings per share – basic (CHF)	116.08	118.17	–1.8%

FULL YEAR PERFORMANCE – JANUARY TO DECEMBER

		2025			2024
In millions of Swiss francs		Group	Fragrance & Beauty	Taste  & Wellbeing	Group	Fragrance & Beauty	Taste  & Wellbeing
Sales as reported		7,472	3,830	3,642	7,412	3,660	3,752
– growth in CHF	%	0.8%	4.6%	–2.9%	7.2%	10.5%	4.1%
– like-for-like 1	%	5.1%	7.9%	2.4%	12.3%	14.1%	10.7%
Acquisition impact (net)(A)		53	55	–2	43	54	–11
– acquisition impact (net)	%	0.7%	1.5%	–0.1%	0.6%	1.6%	–0.3%
Currency effects		–370	–174	–196	–399	–175	–224
– currency effects	%	–5.0%	–4.8%	–5.2%	–5.7%	–5.2%	–6.3%
EBITDA as reported 2		1,751	985	766	1,765	985	780
– EBITDA as reported	%	23.4%	25.7%	21.0%	23.8%	26.9%	20.8%
– Acquisition, restructuring expenses and project related expenses(B)		–39	–31	–8	–51	–32	–19
Louisville accident expenses		–17		–17
EBITDA comparable 3		1,807	1,016	791	1,816	1,017	799
– EBITDA margin	%	24.2%	26.5%	21.7%	24.5%	27.8%	21.3%

1. Acquisitions and divestments

	2025			2024
January to December In millions of Swiss francs	Group	Fragrance & Beauty	Taste  & Wellbeing	Group	Fragrance & Beauty	Taste & Wellbeing
Acquisitions and divestments	53	55	–2	43	54	–11
– Belle Aire Creations	5	5
– Vollmens Fragrances	10	10
– b.kolormakeup & skincare	40	40		48	48
– Amyris				6	6
– Discontinued and disposed business	–2		–2	–11		–11

2. Acquisition, restructuring and project related expenses incurred of CHF 39 million are largely related to costs incurred for the competition authorities investigations into the Fragrance industry, as well as some remaining costs for footprint optimisation.

SALES PERFORMANCE – OCTOBER TO DECEMBER

		2025			2024
Quarter only In millions of Swiss francs		Group	Fragrance & Beauty	Taste  & Wellbeing	Group	Fragrance & Beauty	Taste  & Wellbeing
Sales as reported		1,729	907	822	1,768	878	890
– growth in CHF	%	–2.2%	3.3%	–7.6%	7.1%	9.6%	4.8%
– growth like-for-like 1	%	3.2%	7.6%	–1.1%	10.1%	9.7%	10.5%
Acquisition impact (net)(A)		12	13	–1	26	28	–2
– acquisition impact (net)	%	0.7%	1.5%	–0.1%	1.6%	3.5%	–0.2%
Currency effects		–108	–51	–57	–75	–29	–46
– currency effects	%	–6.1%	–5.8%	–6.4%	–4.6%	–3.6%	–5.5%

1. Acquisitions and divestments

	2025			2024
Quarter only In millions of Swiss francs	Group	Fragrance & Beauty	Taste  & Wellbeing	Group	Fragrance & Beauty	Taste  & Wellbeing
Acquisitions and divestments	12	13	–1	26	28	–2
– Belle Aire Creations	5	5
– Vollmens Fragrances	8	8
– b.kolormakeup & skincare				28	28
– Amyris
– Discontinued and disposed business	–1		–1	–2		–2

 

SALES PERFORMANCE BY BUSINESS ACTIVITY

	2025	2024
January to December in %	Sales growth LFL 1	Sales growth LFL 1
Fragrance & Beauty	7.9%	14.1%
– Fine Fragrance	18.3%	18.4%
– Consumer Products	6.8%	13.5%
– Fragrance Ingredients and Active Beauty	–1.4%	11.1%
Taste & Wellbeing	2.4%	10.7%
– Europe	2.6%	5.9%
– South Asia, Middle East and Africa	7.8%	20.9%
– North America	3.0%	5.5%
– Latin America	0.7%	27.3%
– Asia Pacific	–0.8%	8.8%

 

SALES PERFORMANCE BY GEOGRAPHY

		2025			2024
January to December In millions of Swiss francs		Sales reported	LFL1 %	CHF %	Sales reported	LFL1 %	CHF %
LATAM		832	3.6%	–4.8%	875	26.1%	3.4%
APAC		1,798	5.0%	–1.3%	1,821	11.4%	7.2%
NOAM		1,712	2.6%	–1.3%	1,734	5.9%	4.8%
EAME		3,130	7.0%	5.0%	2,982	12.6%	9.8%
High growth markets		3,673	8.0%	6.3%	3,456	19.5%	9.7%
Mature markets		3,799	2.4%	–4.0%	3,956	6.4%	5.1%
Total Group		7,472	5.1%	0.8%	7,412	12.3%	7.2%