EuroFinance

Treasury teams around the world are facing an era of rapid change — shifting markets, tighter liquidity, evolving regulations, and a growing demand for strategic insight. Yet, some organisations have managed to turn these challenges into opportunities for transformation.

With the EuroFinance Treasury Excellence Awards, we celebrate the companies and individuals who have rethought the role of treasury, harnessed technology, built resilience, and delivered measurable impact for their organisations.

This year’s accolades are awarded in five categories: Cash champion, Risk & resilience, Financing & liquidity, Technology transformation, and the Rising Star award.

Cash Champion
Winner: Teva Pharmaceutical

Teva Pharmaceuticals’ treasury team took a bold, company-wide approach to cash management, driving working capital ratios down to more efficient levels. Their reforms didn’t stop at numbers — they built cash discipline into the culture of every business unit and embedded ESG objectives into financial planning. The result is a treasury function is delivering operational excellence while advancing the company’s long-term sustainability goals.

Risk & resilience
Winner: Netflix

For a global entertainment company with tens of billions of dollars of revenue and production costs spread across multiple currencies, risk is inevitable — but Netflix developed a tailor-made approach for its global footprint. By hedging revenues, content expenses, euro debt, and balance sheet positions with a coordinated, precise strategy, the team has created increased stability across cash flow, operating income, and net income. Their in-house value-at-risk model ensures every move is data-driven and deliberate.

Highly commended: Saudi Telecom Company

Saudi Telecom Company has demonstrated how strong partnerships can underpin financial resilience. By working closely with regional and international financial institutions, its treasury and capital management teams secured competitive financing for major strategic projects, maintaining prudent risk exposure while enabling growth. The acquisition of a stake in Telefónica further diversified its portfolio and extended its reach beyond the Middle East into the European market, opening the door to new growth opportunities and access to advanced technologies from a leading global telecommunications company.

Technology transformation
Winner: UNHCR – The United Nations High Commissioner for Refugees

In a year when displacement reached record levels, UNHCR accelerated its technology overhaul to serve 123 million people more effectively. By modernising payment systems, strengthening security, and building innovative partnerships — including refugee-led initiatives — UNHCR has transformed how humanitarian aid is delivered, making it faster, safer, and more efficient under the most challenging conditions.

UNHCR’s bold transformation included moving toward digital payments and blockchain-powered solutions.

Using blockchain-based digital wallets, UNHCR connected a fully backed USD stablecoin to different off-ramp solutions and tokenized local currencies, enabling direct access to the financial ecosystem and cross-border cash-out capabilities. Beneficiaries accessed funds via non-custodial digital wallets, fully compliant with national regulations.

The initiative enhanced the continuity and reliability of humanitarian assistance and significantly outperformed conventional cross-border payment systems in terms of cost savings and efficiency, ensuring full accountability for aid disbursed.

Highly recommended: EssilorLuxottica

EssilorLuxottica faced the formidable challenge of uniting its treasury operations after the merger of three major industry players. By implementing a unified global treasury management system, tightening risk controls, and streamlining cash processes, the company achieved efficiency gains and stronger governance during a critical integration period.

Financing & liquidity
Winner: Allseas

Dutch/Swiss-based Allseas overhauled its Brazilian treasury operations by introducing a single-upload solution. This created a simplified submission process supported by comprehensive pre-agreed rules and rates for FX execution. The company replaced the numerous individual trade agreements and confirmations with master agreements, greatly simplifying operations.

A flexible liquidity solution aligned project-driven cash inflows and outflows,  enhancing the efficiency of both funding and repayment activities. Cross-border payments are now executed automatically at pre-agreed rates, reducing operational workload and accelerating settlements. FX conversions were also optimised by linking onshore BRL transactions to the Group’s centralized NDF hedging program, improving risk coverage and lowering costs. In addition, the use of pre-agreed margins enables precise cost estimates, increasing transparency and making future project bids more competitive.

Highly commended: Cognita Schools

Cognita Schools, an international network of private schools spanning Europe, Asia, the Middle East, and Latin America, demonstrated how strategic funding decisions can unlock global expansion. The treasury team secured new loans, repriced existing loans for better terms, and expanded its revolving credit facility. These steps supported M&A growth, reduced FX exposure, and lowered financing costs, even amid market volatility.

Rising Star – Seda Mutlu, Banvit BRF Turkiye (BRF Group)

Banvit BRF Turkiye, Turkey’s’s largest poultry exporter and part of BRF — one of the world’s largest food companies — has in Seda Mutlu a treasury professional who combines analytical precision with a forward-thinking approach. In just six years, she has led initiatives that modernise processes, strengthen compliance, and enhance financial oversight. Her proactive work in supplier risk assessment, bank coordination, and audits has made her a driving force for positive change in the organisation.

The 2025 winners prove that treasury is more than a support function — it’s a driver of strategic growth, innovation, and organisational resilience.

The award recipients will be honoured at the 34th annual EuroFinance International Treasury Management conference, taking place in Budapest from October 15th–17th, where over 150 speakers will share insights to inspire the next chapter in treasury excellence.

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