The IFRC-DREF experienced a pivotal year in 2025, continuing to provide fast, flexible and locally led humanitarian financing in an increasingly complex global crisis landscape. With CHF 77.4 million allocated across 170 operations, the fund supported 83 National Societies and reached nearly 15 million people affected by crises, including floods, population movement, epidemics, earthquakes and other emergencies. These are just some of the key highlights contained in the IFRC-DREF 2025 Annual Report, which provides detailed reporting on its emergency allocations, anticipatory action and operational performance. As the report explains, 2025 was also a year of transition, marking the final year of the 2021–2025 Strategic Ambition and the move towards the 2026–2030 strategic phase, with renewed emphasis on faster access to funding, stronger localization, accountability and learning.