Looking back over 2025, what stands out most is not the individual wins. It is what they helped prove.

Not everything was perfect. Far from it at times. But we kept going, solved hard problems, and stayed focused. And very often, that’s exactly what created the wins.

Condor in Germany showed that near-zero decline rates on deferred authorizations are achievable at scale. Our team worked closely with acquirers and local banks to navigate the complexity of offline-first payments. Today we support more card types, more local setups, and deliver consistently higher payment success rates than anything we’ve seen in the market. In many cases, live authorization simply is not the best option anymore.

But the number that matters most this year is 17.

Across all of our airline customers, average sales per passenger increased by about 17 percent. The improvement didn’t come from advertising or promotions. It came from faster checkout, clearer flows for crew, smarter prompts at the right moment, better forecasting of what sells on each route, subtle nudges that feel natural, and incentives that actually matter. A direct outcome of our product doing exactly what it was built to do.

If our product were used by a non-airline retailer, for example Starbucks and it boosted revenue by 17 percent simply by upgrading its tech stack, it would be headline news. That is the scale of impact our partners are experiencing onboard.

2025 also saw the introduction of our platform into three new countries in South America. We launched an end-to-end program with Aer Lingus, the Irish flagship and historic airline. We doubled the size of our team while staying focused on lean, small groups. And we began weaving AI into our work in practical, beneficial ways: forecasting, automation and smarter decision-making, what we internally call Full Self Driving for onboard retail.

Since launching three years ago, MOST has grown into the leading fintech and onboard retail platform in our space, consistently adding new capabilities and new customers. And it is still early.

2026 is the year we execute at scale. We will onboard the airline programs we have recently won across North America and Europe. We will deepen our presence in South America. We will begin steps into emerging markets and Asia. And we will continue to invest in our customers and our teams before anything else.

At the same time, we are quietly exploring how everything we have learned can apply outside aviation, environments where connectivity is unstable, where checkout needs to be instant and mobile, and every second matters. One of the ideas we are developing internally is PayHero. More on that later. It is something we are genuinely excited about.

We are also planning a MOST customer gathering for 2026 likely more than 25 airlines together in one place. Still choosing the location. Trying to make it special.

Three years brought us here. The next chapter will be bigger. But the foundation remains the same: build well, stay close to customers, keep learning and enjoy the journey.