As we reflect on the past year, it is clear that the industries we serve have continued to face both significant challenges and profound transformation. Geopolitical uncertainty, energy transition, and structural change across sectors such as energy, marine, transport, and other heavy industries have reshaped investment priorities and operating environments. At the same time, these dynamics have reinforced the importance of resilience, security of supply, and long-term competitiveness.

Despite this uncertainty, I am cautiously optimistic. The outlook today is stronger than it appeared even six months ago. While the management consulting market has remained challenging, the industries we work with are actively repositioning themselves for the future—seeking clarity, capability, and partners who can support them through complexity.

For us at PBI, the past year was one of transformation, yet we still managed to pursue our growth path, which I am grateful for. Above all, I want to thank our clients for your trust and collaboration. We remain committed to our strategy and values, and to acting as long-term partners to the organizations we serve. Our ambition is not only to continue working with you, but to work even closer together in the years ahead.

Looking forward, artificial intelligence is increasingly shaping both our own work and the industries in which our clients operate. AI offers powerful opportunities to improve efficiency, enable better decision-making, and create new sources of competitive advantage. We are actively investing in AI-enabled and AI-native services to strengthen our delivery and to help our clients capture value faster and more effectively.

In parallel, we will continue to invest strongly in our core focus areas. Research, development, and innovation services remain central to our offering, supporting our clients in screening, applying for, and executing RDI projects both domestically and across Europe. Alongside this, we are further developing our strategic business development and strategy services. We also see growing demand for experience management and customer experience management, and together with our technology partner Qualtrics, we believe there is significant untapped potential to create measurable value in this area.

Increasingly, we see convergence across these services. RDI development and execution, strategy work, and experience management are no longer separate disciplines—they reinforce one another. Our clients benefit from this integrated approach, combined with our deep understanding of their industries, operating environments, and business logic.

As we move toward 2026, these themes are becoming even more pronounced. Decarbonisation, security of supply, and resilience are no longer competing priorities; they are increasingly intertwined. Producing sustainable energy locally, reducing dependency on imported fuels, and strengthening industrial resilience go hand in hand. The energy-intensive industries we work with are not only those facing the greatest challenges—but also those with the greatest potential to drive meaningful impact.

This year also marks an important milestone for us: PBI turns 25. I want to extend my sincere thanks to all the clients who have been part of our journey over the years, including those who have been with us from the very beginning. Together, we have built lasting partnerships and delivered meaningful change.

At PBI, our mission remains clear: we create and implement new knowledge for a more sustainable world. I look forward to continuing this journey with you—building better business for our clients and a stronger future for our societies.

Sincerely,

Filip