AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 18/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Integrated client conversions and centralized proxy coordination support a narrow structural advantage. Relative costs, market position and customer switching expense remain unquantified.
durability · 2/4 · Multi-year existing-customer contracts and legally recurring communications support persistence, but do not demonstrate exceptional durability through technological or regulatory change.
customer dependency · 3/4 · System conversions, integrated delivery and legally timed proxy processing demonstrate substantial operational embeddedness. This supports dependency without implying customers cannot leave.
erosion resilience · 2/4 · Recurring revenue rose 8% with positive existing-customer and net-new-business contributions, supporting current resilience. Client concentration and technology and regulatory risks limit confidence; these risks are possibilities, not demonstrated erosion.
Pricing power44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Distribution revenue recovered approximately $34 million of postage rate increases. This is an observed pricing-related outcome, but does not establish higher underlying service prices or discretionary pricing power.
retention · 2/4 · Positive internal growth under existing multi-year contracts and positive net new business support repeat demand indirectly. Neither a renewal rate nor gross client losses is disclosed, and volume growth can contribute.
margin resilience · 2/4 · Nine-month GAAP operating margin held at 14.3%, while quarterly margin fell from 19.0% to 18.4%. Results demonstrate mixed resilience, not broad evidence of pricing-led margin protection.
contractual freedom · 1/4 · SRO reimbursement schedules and NYSE-established intermediary fees constrain pricing discretion in proxy services. Other business lines' repricing rights and escalation clauses are not supplied.
Predictability99
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 1.05
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 3.56
Financial strength67
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 77.92
- netDebtEbitGrade
- 56.15
- interestCoverageGrade
- 96.67
- currentRatioGrade
- 38.85
- Debt / FCF (x)
- 2.55
- Net debt / operating income (x)
- 2.19
- Interest coverage (x)
- 11.63
- Current ratio (x)
- 1.24
Capital allocation97
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 21.74
- 3-year average dilution (%)
- -0.40
- 3-year average SBC / revenue (%)
- 1.14
- cashConversionGrade
- 100.00
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Operating cash flow increased from $1,056.2 million in 2024 to $1,345.6 million in 2026. In 2026, acquisitions, capital and software spending, dividends and repurchases together exceeded operating cash generation, and cash declined. Digital-asset exposure and absent acquisition-return evidence temper the assessment.
incentive alignment · 3/4 · Actual fiscal 2026 incentives include organic recurring growth, onboarding and client satisfaction, with majority performance-based target compensation, equity awards and anti-hedging and clawback policies. Non-GAAP compensation measures and missing beneficial ownership evidence limit the conclusion.
execution · 3/4 · Recurring revenue and operating income grew, three-year operating cash generation increased, and facility closure actions were completed. Execution is assessed from operating outcomes rather than a full targets-versus-results record; digital-asset gains do not receive operating credit.
governance · 3/4 · An independent Chairperson, independent executive sessions at all regularly scheduled 2026 Board and Committee meetings, and actual audit service pre-approvals establish substantive governance practices. The passages do not establish exceptional long-term oversight effectiveness.
Evidence
Further, in the event of the loss of a client’s business, a reduction of a 18 client’s demand for our services, or a change in the method of delivery of our services, then in addition to losing the revenue from that client, we could be required to write-off all or a portion of the related client investments or accelerate the amortization of certain costs, including costs incurred to onboard a client or convert a client’s systems to function with our technology.
Risk factors: client conversion investments and potential write-offs · Filed 04/08/2026
DEFERRED CLIENT CONVERSION AND START-UP COSTS Deferred client conversion and start-up costs consisted of the following: June 30, 2026 2025 (in millions) Deferred client conversion and start-up costs $ 819.3 $ 842.9 The table below sets forth the total amount of Deferred client conversion and start-up costs and Deferred sales commission costs amortized in Operating expenses: June 30, 2026 2025 (in millions) Deferred client conversion and start-up cost amortization $ 145.5 $ 148.8 79 NOTE 13.
Note 12: deferred client conversion and start-up costs · Filed 04/08/2026
“Internal Growth” is a component of recurring revenue and generally reflects year over year changes in existing services to our existing customers’ multi-year contracts beyond the initial twelve month period in which it was included in Net New Business.
MD&A: existing-customer multi-year contracts and internal growth definition · Filed 30/04/2026
41 Table of Contents Nine Months Ended March 31, 2026 versus Nine Months Ended March 31, 2025 The table below presents Condensed Consolidated Statements of Earnings data for the nine months ended March 31, 2026 and 2025, and the dollar and percentage changes between periods: Nine Months Ended March 31, Change 2026 2025 $ % (in millions, except per share amounts) Revenues $ 5,256.9 $ 4,823.7 $ 433.2 9 Cost of revenues 3,733.8 3,456.7 277.1 8 Selling, general and administrative expenses 768.8 677.1 91.8 14 Total operating expenses 4,502.6 4,133.8 368.8 9 Operating income 754.3 689.9 64.4 9 Margin 14.3 % 14.3 % Interest expense, net (73.1) (96.1) 23.1 (24) Other non-operating income (expenses), net 242.7 (6.6) 249.3 NM Earnings before income taxes 923.9 587.2 336.7 57 Provision for income taxes 197.7 121.9 75.7 62 Effective tax rate 21.4 % 20.8 % Net earnings $ 726.2 $ 465.3 $ 261.0 56 Basic earnings per share $ 6.22 $ 3.97 $ 2.25 57 Diluted earnings per share $ 6.18 $ 3.93 $ 2.25 57 Weighted-average shares outstanding: Basic 116.7 117.1 Diluted 117.6 118.3 _____________ NM - Not Meaningful 42 Table of Contents Revenues The table below presents Condensed Consolidated Statements of Earnings data for the nine months ended March 31, 2026 and 2025, and the dollar and percentage changes between periods: Nine Months Ended March 31, Change 2026 2025 $ % ($ in millions) Recurring revenues $ 3,335.7 $ 3,084.3 $ 251.4 8 Event-driven revenues 277.0 240.3 36.7 15 Distribution revenues 1,644.2 1,499.0 145.1 10 Total $ 5,256.9 $ 4,823.7 $ 433.2 9 Points of Growth Net New Business Internal Growth Acquisitions Foreign Exchange Total Recurring revenue Growth Drivers 3pts 3pts 2pts 1pt 8 % Revenues increased $433.2 million, or 9%, to $5,256.9 million from $4,823.7 million.
MD&A: nine-month operating results and recurring revenue growth drivers · Filed 30/04/2026
Through the Communications Cloud, our clients can: •create transactional, regulatory, and marketing communications with dynamic, self-service content designed to drive customer action; •deliver communications seamlessly across print, digital, email, short message service (“SMS”) and emerging channels, including interactive microsites, through a single integration; and •gain comprehensive reporting and analytics to optimize communications and increase engagement based on customer behaviors and preferences.
Business: Communications Cloud integration and capabilities · Filed 04/08/2026
While our clients generally work with multiple business segments, the loss of business from any of our larger clients due to merger or consolidation, financial difficulties or bankruptcy, or the termination or non-renewal of contracts could have a material adverse effect on our revenues and results of operations.
Risk factors: larger-client loss, consolidation and non-renewal · Filed 04/08/2026
Such costs for all clients represented approximately 9% of our total assets as of June 30, 2026, with one client representing a large portion of this amount.
Risk factors: concentration of client-related investments · Filed 04/08/2026
Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include: •changes in laws and regulations affecting Broadridge’s clients or the services provided by Broadridge; •Broadridge’s reliance on a relatively small number of clients, the continued financial health of those clients, and the continued use by such clients of Broadridge’s services with favorable pricing terms; •a material security breach or cybersecurity attack affecting the information of Broadridge’s clients; •declines in participation and activity in the securities markets; •the failure of Broadridge’s key service providers to provide the anticipated levels of service; •a disaster or other significant slowdown or failure of Broadridge’s systems or error in the performance of Broadridge’s services; •overall market, economic and geopolitical conditions and their impact on the securities markets; •the success of Broadridge in retaining and selling additional services to its existing clients and in obtaining new clients; •Broadridge’s failure to keep pace with changes in technology and demands of its clients; •competitive conditions; •Broadridge’s ability to attract and retain key personnel; and •the impact of new acquisitions and divestitures.
Forward-looking statement risks: regulation, clients, technology and competition · Filed 04/08/2026
As it would increase the costs for companies and funds to work with the Nominees through which their shares are held beneficially on an individual basis, companies and funds work with us for the performance of the tasks and processes necessary to ensure that proxy materials are distributed on a timely basis to all beneficial owners and that their votes are accurately reported.
Business: issuer coordination costs and centralized proxy processing · Filed 04/08/2026
A large portion of Broadridge’s ICS business involves the processing and distribution of proxy materials to investors in equity securities and mutual funds, as well as the facilitation of related vote processing.
Description of business: existing proxy distribution and vote processing operations · Filed 30/04/2026
The recurring periodic activity of this business is linked to significant filing deadlines imposed by law on public reporting companies.
Seasonality: recurring activity linked to legal filing deadlines · Filed 30/04/2026
The reimbursement rates are set forth in the rules of self-regulatory organizations (“SROs”), including the New York Stock Exchange (“NYSE”).
Business: SRO reimbursement rate setting · Filed 04/08/2026
In addition, the NYSE rules establish fees for certain services provided by intermediaries, such as Broadridge, in the proxy process.
Business: NYSE rules establishing intermediary service fees · Filed 04/08/2026
45 Table of Contents •Distribution revenues increased $37.8 million, or 7%, driven primarily by the postage rate increase of approximately $34 million.
ICS results: distribution revenue increase primarily from postage rate increases · Filed 30/04/2026
49 Table of Contents Reconciliation of Non-GAAP measures to the most directly comparable GAAP measures (unaudited) Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 (in millions) (in millions) Operating income (GAAP) $ 359.5 $ 344.9 $ 754.3 $ 689.9 Adjustments: Amortization of Acquired Intangibles and Purchased Intellectual Property 52.8 48.9 155.2 146.6 Acquisition and Integration Costs 4.7 6.0 14.3 11.3 Restructuring and Other Related Costs (a) 3.5 5.5 13.2 5.5 Adjusted Operating income (Non-GAAP) $ 420.6 $ 405.2 $ 937.0 $ 853.3 Operating income margin (GAAP) 18.4 % 19.0 % 14.3 % 14.3 % Adjusted Operating income margin (Non-GAAP) 21.5 % 22.4 % 17.8 % 17.7 % Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 (in millions) (in millions) Net earnings (GAAP) $ 276.3 $ 243.1 $ 726.2 $ 465.3 Adjustments: Amortization of Acquired Intangibles and Purchased Intellectual Property 52.8 48.9 155.2 146.6 Acquisition and Integration Costs 4.7 6.0 14.3 11.3 Restructuring and Other Related Costs (a) 3.5 5.5 13.2 5.5 Gains or Losses on Digital Assets (5.6) — (238.3) — Subtotal of adjustments 55.4 60.4 (55.6) 163.4 Tax impact of adjustments (b) (13.8) (14.6) 12.1 (37.1) Adjusted Net earnings (Non-GAAP) $ 317.9 $ 288.8 $ 682.7 $ 591.5 Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 Diluted earnings per share (GAAP) $ 2.36 $ 2.05 $ 6.18 $ 3.93 Adjustments: Amortization of Acquired Intangibles and Purchased Intellectual Property 0.45 0.41 1.32 1.24 Acquisition and Integration Costs 0.04 0.05 0.12 0.10 Restructuring and Other Related Costs (a) 0.03 0.05 0.11 0.05 Gains or Losses on Digital Assets (0.05) — (2.03) — Subtotal of adjustments 0.47 0.51 (0.47) 1.38 Tax impact of adjustments (b) (0.12) (0.12) 0.10 (0.31) Adjusted earnings per share (Non-GAAP) $ 2.72 $ 2.44 $ 5.81 $ 5.00 (a) Restructuring and Other Related Costs for the three and nine months ended March 31, 2026 consists of severance and other costs related to the closure of substantially all operations of a production facility.
Non-GAAP reconciliation: quarterly and nine-month operating margins · Filed 30/04/2026
Consolidated Statements of Cash Flows (In millions) Years ended June 30, 2026 2025 2024 Cash Flows From Operating Activities Net earnings $ 1,124.3 $ 839.5 $ 698.1 Adjustments to reconcile Net earnings to net cash flows from operating activities: Depreciation and amortization 137.7 130.7 119.8 Amortization of acquired intangibles and purchased intellectual property 203.6 196.6 200.3 Amortization of other assets 167.1 170.8 157.8 Write-down of long lived assets and related charges 5.3 14.5 18.2 Stock-based compensation expense 93.9 73.4 70.6 Deferred income taxes 105.8 (5.2) (119.7) Digital assets change in fair market value (231.4) — — Other (41.8) (24.4) (57.7) Changes in operating assets and liabilities, net of assets and liabilities acquired: Accounts receivable, net (19.6) 31.8 (37.4) Other current assets (31.5) (5.4) (2.8) Payables and accrued expenses (86.5) (146.5) 136.5 Contract liabilities 68.8 56.5 80.6 Other non-current assets (155.7) (148.2) (232.4) Other non-current liabilities 5.9 (12.8) 24.3 Net cash flows from operating activities 1,345.6 1,171.3 1,056.2 Cash Flows From Investing Activities Capital expenditures (67.2) (43.8) (57.4) Software purchases and capitalized internal use software (45.4) (71.1) (55.6) Acquisitions, net of cash acquired (282.7) (193.5) (34.3) Other investing activities (56.7) (7.8) (0.8) Net cash flows from investing activities (452.0) (316.2) (148.0) Cash Flows From Financing Activities Debt proceeds 2,017.0 1,238.1 1,022.7 Debt repayments (2,015.6) (1,342.5) (1,082.7) Dividends paid (443.5) (402.3) (368.2) Purchases of Treasury stock (603.7) (134.9) (485.4) Proceeds from exercise of stock options 22.3 62.3 72.4 Other financing activities (25.1) (21.6) (14.3) Net cash flows from financing activities (1,048.5) (600.8) (855.5) Effect of exchange rate changes on Cash and cash equivalents (3.7) 2.8 (0.6) Net change in Cash and cash equivalents (158.7) 257.1 52.1 Cash and cash equivalents, beginning of fiscal year 561.5 304.4 252.3 Cash and cash equivalents, end of fiscal year $ 402.9 $ 561.5 $ 304.4 Supplemental disclosure of cash flow information: Cash payments made for interest $ 102.8 $ 131.5 $ 143.0 Cash payments made for income taxes, net of refunds $ 203.6 $ 279.8 $ 240.2 Non-cash investing and financing activities: Accrual of unpaid property, plant, equipment and software $ 9.6 $ 13.3 $ 1.2 Accrual of unpaid stock repurchase excise tax $ 5.4 $ — $ 2.7 Amounts may not sum due to rounding.
Consolidated cash flow statements: fiscal 2024–2026 cash generation and allocation · Filed 04/08/2026
The following table presents a summary of the changes in the Company’s Canton Coin holdings during the years ended June 30, 2026: June 30, 2026 (in millions) Beginning balance $ — Opening Retained Earnings Adjustment 24.5 Additions - Revenue 16.5 Dispositions (8.5) Canton Digital Asset Treasury transaction (53.1) Total realized and unrealized gains included in other income (loss), net (a) 236.7 Ending balance $ 216.1 (a) Includes realized gains totaling $58.4 million and unrealized gains totaling $178.4 million during the year ended June 30, 2026.
Digital assets: Canton Coin holdings and realized and unrealized gains · Filed 04/08/2026
For fiscal year 2026, these included: Annual Cash Incentive: ▪ Fee-Based Revenue is the foundation for the Company’s future growth ▪ Adjusted EBT is a key measure of annual corporate performance ▪ Closed Sales is an important measure for expected future revenue, which drives the Company’s growth ▪ Client Onboarding reflects the importance of timely conversion of client engagements into revenue realization ▪ Client Satisfaction emphasizes the importance of client retention to the achievement of Broadridge’s financial goals ▪ Strategic and Leadership goals reinforce the importance of the Company’s non-financial strategic objectives, including human capital matters ▪ Associate engagement as a component of the Strategic and Leadership goals emphasizes the importance of engaging associates in driving the Company’s performance Long-Term Equity Incentive: ▪ Adjusted EPS is a primary measure of long-term corporate profitability and is intended to provide alignment with stockholders’ interests and hold executives accountable for the long-term performance of the Company ▪ Organic Recurring Revenue Growth was added as an additional performance measure in fiscal year 2026 in response to feedback provided by some investors and to further align our compensation program to the Company’s performance Compensation Aligned with Performance We believe that aligning our executives’ incentives with Broadridge’s strategic goals is critical to attain long-term strategic success Annual cash incentive payments to the NEOs for fiscal year 2026 ranged from 102% to 110% of their targets Our NEOs’ actual TDC for fiscal year 2026 reflects the Company’s strong overall financial performance Robust Clawback Policy Broadridge’s Clawback Policy includes compensation elements such as time-vested equity awards, discretionary bonuses, and severance payments, as recoupable in the event of either an accounting restatement that the Board determines is the result of a person’s intentional acts or omissions, or engagement in certain activities, such as intentional misconduct, fraud, and failure to appropriately supervise, that causes financial or reputational damage.
Compensation discussion: fiscal 2026 incentive metrics, payouts and clawback policy · Filed 29/09/2026
We have a combination of pay elements and a majority of our NEOs’ target TDC is performance based, with the objective of balancing short- and long-term decision-making in support of our business strategy.
Compensation design: majority performance-based target executive compensation · Filed 29/09/2026
Risk Mitigation and Corporate Governance Policies and Practices Broadridge has certain policies in place to minimize excessive risk taking such as our Clawback Policy and a policy that prohibits the hedging or pledging of the Company’s securities.
Compensation governance: clawback and prohibition on hedging or pledging · Filed 29/09/2026
The Board determined that the leadership of the Board is currently best led by an independent Chairperson.
Corporate governance: current independent Chairperson · Filed 29/09/2026
The independent directors met in executive session at all of the regularly scheduled Board and Committee meetings held in 2026.
Corporate governance: independent executive sessions held during fiscal 2026 · Filed 29/09/2026
Pursuant to the Sarbanes-Oxley Act of 2002, the fees and services provided as noted in the table on page 77 of this Proxy Statement were authorized and approved by the Audit and Risk Committee in compliance with the pre-approval procedures described herein.
Audit governance: actual service and fee pre-approvals · Filed 29/09/2026
Asset write-downs or gains including, but not limited to, mark to market minority investment in private companies not accounted for under equity method accounting, and realized or unrealized impact from rabbi trust investment Litigation or claim judgements or settlements (2024 only) Reorganization and restructuring programs to the extent such programs resulted in aggregate net gain, loss, charge or expense in excess of $11 million Acquisitions or divestures closed during the fiscal year and not included in the operating plan, including earnings generated by the business and expenses related to funding an acquisition Foreign exchange gains and losses whether or not disclosed as described above, based on the variance of (i) the actual impact of FX EBIT to (ii) the FX EBIT amount included in the operating plan finalized within the first 90 days of the performance period 2026 Proxy Statement Broadridge 89 TABLE OF CONTENTS Appendix – Non-GAAP Reconciliation Tables Fiscal Years Ended June 30 2026 2025 2024 2023 NET EARNINGS Net earnings (GAAP) $1,124 $839 $698 $631 Adjustments: Amortization of Acquired Intangibles and Purchased Intellectual Property 204 197 200 214 Acquisition and Integration Costs 17 18 4 16 Restructuring and Other Related Costs(a) 13 7 63 20 Litigation Settlement Charges — — 18 — Russia-Related Exit Costs(b) — — — 11 Gains or Losses on Digital Assets (227) — — — Investment Gain (7) — — — Subtotal of adjustments (0) 222 286 262 Tax impact of adjustments(c) — (50) (63) (57) Adjusted Net earnings (Non-GAAP) $1,124 $1,011 $921 $835 Fiscal Years Ended June 30 2026 2025 2024 2023 DILUTED EARNINGS PER SHARE Diluted earnings per share (GAAP) $9.60 $7.10 $5.86 $5.30 Adjustments: Amortization of Acquired Intangibles and Purchased Intellectual Property 1.74 1.66 1.68 1.80 Acquisition and Integration Costs 0.15 0.15 0.03 0.13 Restructuring and Other Related Costs(a) 0.11 0.06 0.53 0.17 Litigation Settlement Charges — — 0.15 — Russia-Related Exit Costs(b) — — — 0.09 Gains or Losses on Digital Assets (1.94) — — — Investment Gain (0.06) — — — Subtotal of adjustments — 1.88 2.40 2.20 Tax impact of adjustments(c) — (0.43) (0.53) (0.48) Adjusted earnings per share (Non-GAAP) $9.60 $8.55 $7.73 $7.01 Note: Amounts may not sum due to rounding.
Appendix: fiscal 2023–2026 earnings reconciliation and digital-asset adjustments · Filed 29/09/2026
Actions and associated costs related to the closure were completed in the third quarter of fiscal year 2026.
Appendix: completion of production facility closure actions · Filed 29/09/2026
27 Table of Contents The activity related to the Company’s incentive equity awards for the nine months ended March 31, 2026 consisted of the following: Stock Options Time-based Restricted Stock Units Performance-based Restricted Stock Units Number of Options Weighted- Average Exercise Price Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Balances at June 30, 2025 1,917,328 $ 157.97 590,603 $ 178.58 179,113 $ 189.69 Granted 539,247 191.77 239,740 222.73 101,259 221.28 Exercise of stock options (a) (203,037) 104.22 — — — — Vesting of restricted stock units — — (46,919) 166.70 (7,698) 211.26 Expired/forfeited (36,728) 163.64 (23,189) 195.89 (3,527) 199.45 Balances at March 31, 2026 2,216,810 $ 171.02 760,235 $ 192.71 269,147 $ 200.83 _________ (a)Stock options exercised during the period of July 1, 2025 through March 31, 2026 had an aggregate intrinsic value of $28.8 million.
Equity compensation note: actual grants, exercises, vesting and forfeitures · Filed 30/04/2026
In addition, and as a consequence of the importance of these Non-GAAP financial measures in managing our business, the Company’s Compensation Committee of the Board incorporates Non-GAAP financial measures in the evaluation process for determining management compensation.
MD&A: use of non-GAAP measures in management compensation · Filed 04/08/2026
