A message from our CEO continued Major milestones and an eye to the future The achievements outlined in this report, from the completion of Cardano’s transition towards decentralized governance, and the maturation of our technical stack, to significant traction across identity, traceability, and financial reporting, illustrate how far the ecosystem has come. To fully align our reporting, the Foundation’s financial activity for 2025 is also included at the end of this report. The achievements noted also reflect the work of countless contributors: the developers, researchers, stake pool operators, ambassadors, entrepreneurs, enterprises, and community members who have invested in Cardano’s mission from the beginning. Their commitment is evident throughout this report, and it remains one of the ecosystem’s greatest strengths. The focus areas outlined in this report reflect how privileged we feel to be given the responsibility to nurture and guide the Cardano ecosystem towards the achievement of its full potential. In 2025, that meant zeroing in on three key areas: technology, governance, and adoption. Each reinforcing the other, and together defining the path to long-term sustainability. With decentralized governance now live, the role of the Foundation becomes even more important: not to direct the ecosystem but to support it with responsible stewardship, rigorous and innovative engineering, and global engagement. Our efforts continue to gain momentum across our focus areas. Cardano has always been renowned for its engineering rigor, but in 2025 it reached a new level becoming the true driving force behind the ecosystem’s next chapter. As governance prepared to move fully on-chain, the underlying technology needed to demonstrate not just resilience, but readiness for global-scale adoption. This alignment shaped much of our technical work. Adoption, too, remains at the forefront of our mind, with increased collaboration and success across education, regulation, marketing, and delivering enterprise solutions. Looking to the future, the Cardano Foundation will continue in 2026 to focus on technology and governance, as well enterprise and institutional adoption, ensuring that the ecosystem remains robust, decentralized, and prepared for the future. We will strengthen Cardano’s role in real- world asset infrastructure, fuel the expansion of stablecoin markets and DeFi liquidity, and drive Web3 native integrations. Underpinning this scale, we will equip the enterprise and developer sectors with the robust open-source tooling required to build the systems of tomorrow. Above all, we remain committed to the responsible stewardship of Cardano. Yours Sincerely, Frederik Gregaard CEO, Cardano Foundation Industries, governments, and markets are grappling with the same foundational problem: how to establish trust at a global scale.” 6 Cardano Foundation Activity Report 2025