Morning, thank you for joining us. With me on the call are Tom Priore, Chairman and Chief Executive Officer of Priority Technology Holdings, Tim O'Leary, Chief Financial Officer, and Brad Miller, General Counsel and Chief Risk Officer. Before we provide our prepared remarks, I would like to remind all participants that our comments today will include forward-looking statements, which involve a number of risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. The company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise. We provide a detailed discussion of the various risk factors in our SEC filings. We encourage you to review these filings.
Additionally, we may refer to non-GAAP measures, including, but not limited to EBITDA and adjusted EBITDA during the call. Reconciliations of our non-GAAP performance and liquidity measures to the appropriate GAAP measures can be found in the earnings press releases and SEC filings available in the investor section of our website. Before I turn the call over to Tom, I would like to say that on today's call, we will only be discussing Priority's financial and operational results and the results of the stockholder vote. We will not be commenting on or answering questions related to the special committee's ongoing evaluation of the take private proposal. Please continue to review the company's prior press releases for the latest on that topic. I would now like to turn the call over to our Chairman and CEO, Tom Priore.
Good morning, ladies and gentlemen, welcome to the 2026 Annual Meeting of Stockholders of Priority Technology Holdings, Inc. I'm Tom Priore, Chairman of the Board of Directors and CEO. We appreciate all of you joining us today for our annual meeting. While the meeting this year is again virtual only, we will welcome questions from our stockholders. When we come to the Q&A portion, we will first give stockholders the opportunity to ask a question. In order to do so, please enter your question into the question box on your screen. Please remember that you may vote your shares online at any time during the meeting prior to the closing of the polls. To start the meeting, I'll briefly summarize some of the highlights from our 2025 annual report. We will open the business portion of the meeting.
First, I'd like to thank our board of directors for joining the call today, as well as the executive management team. I'd also like to thank our auditors, KPMG, for joining the call today. Before we get to the business portion of our meeting, I'd like to highlight some of the key achievements from last year. We reported another solid performance by increasing net revenue by 8% and growing adjusted gross profit and adjusted EBITDA for the year by 14% and 10%, respectively.
We continued to see steady adoption of our commerce platform by ending the year with 1.8 million total customer accounts, up from 1.2 million at the end of 2024. Annual transaction volume in 2025 increased by 20 billion to 150 billion. Account balances under administration improved by $500 million from the prior year to $1.7 billion. By all measures, a solid 2025.
Our performance in 2025 demonstrates that the Priority Commerce Engine, which streamlines collecting, storing, lending, and sending money, continues to resonate with our customers and partners by creating revenue and delivering operational success for businesses. We saw that with our steady performance in 2025. Our customer adoption and current market conditions continue to reinforce our belief that systems connecting payments and treasury solutions to accept and distribute funds in multi-party environments will be critical as businesses put greater demands on software and payment infrastructure providers to deliver a full suite of core business services in a single relationship. We believe that Priority Commerce and the unique engine we've built is poised to help our customers thrive in this environment. I'd like to take the opportunity to answer any questions you may have.
As you can see on the website for the meeting, there's a place to log your questions. Let us take a moment to see if any questions have been submitted.
We'll give it another minute, Tom. No questions.
Certainly. Thank you, Brad.
Looks like we don't have any questions, Tom.
Thank you, Brad. We'll now begin the business portion of our meeting this morning. First, we'll need to determine if there is a quorum. I'll call on Brad Miller, our Corporate Secretary, to give us the total number of shares represented.
We have 68,775,578 shares voting by proxy or present, representing 83.5% of the outstanding shares. We have a quorum.
The next order of business is a description of matters properly brought before the meeting. I will call on Brad to read the proposal.
The first item of business today is to elect six directors to constitute the Board of Directors to serve until the next annual meeting and until their successors are elected and qualified. The nominees are listed in your proxy materials and on the agenda. The Board of Directors of the company recommends the following nominees: Tom Priore, Marc Crisafulli, Marietta Colston-Davis, Christina Favilla, Clayton Main, and Michael Passilla. The second proposal is to approve Amendment 2 to the Priority Technology Holdings, Inc. 2018 Equity Incentive Plan. The third proposal is to approve, on a non-binding basis, the compensation of our named executive officers. The fourth proposal is for the ratification of the appointment of KPMG as the company's Independent Registered Public Accounting Firm. We will now declare the polls closed.
Our inspector of elections has filed certifications of our preliminary results of the voting. I will now read through those results. The preliminary results as to the first proposal, the election of the full slate of directors, based on the voting of shares represented by valid proxies on the file and tabulated at the meeting this morning, show that each of the six nominees for election have been elected as directors to serve a one-year term expiring at next year's annual meeting. Each director nominee received at least 98% of the votes present at today's meeting. As for Proposal 2 , to approve Amendment 2 to the Priority Technology Holdings, Inc. 2018 Equity Incentive Plan, more than 96% of the votes present at today's meeting voted in favor of approving Amendment 2. The equity incentive plan has been amended.
As for Proposal 3 , to approve on a non-binding basis the compensation of our named executive officers, more than 94% of the votes present at today's meeting voted in favor of approving the compensation of those named executive officers. As for Proposal 4, the ratification of KPMG as the company's independent registered public accounting firm, received more than 98% of the votes in favor, and the appointment has been ratified. Back to you, Tom.
If there's no further official business to come before the meeting, we will adjourn. Thank you again for participating in our meeting today. We appreciate your continued support and confidence in Priority, and have a great day.
This concludes today's meeting. You may now disconnect.