9 unchanged sentences
When and where possible, Grid Dynamics seeks to match expenses of each entity to currencies in which revenues are generated creating natural hedges.
−Removed: In future periods, Grid Dynamics may also become materially exposed to changes in the value of Serbian dinars and Moldovan leu against the U.S.
+Added: In future periods, Grid Dynamics may also become materially exposed to changes in the value of Argentinian pesos and Serbian dinars against the U.S.
dol lar, due to the recent acquisitions and continuous expansion of operations.
2 unchanged sentences
dollar in the year ended December 31, 2024.
−Removed: We use sensitivity analysis to determine the effects that foreign currency exchange rate fluctuations may have on our income from operations of our foreign subsidiaries where functional currency is different from the U.S.
+Added: We use sensitivity analysis to determine the effects that foreign currency exchange rate fluctuations may have on our income from operations of our foreign subsidiaries.
This sensitivity analysis represents the hypothetical changes in our consolidated income from operations and does not reflect our actual or expected results of operations.
2 unchanged sentences
dollar would have resulted in a $5.1 million increase in Grid Dynamics’ income from operations, while a 10% increase in the zloty’s value would have resulted in a $6.3 million decrease in income from operations.
+Added: • a 10% decrease in the value of the Indian rupees against the U.S.
+Added: dollar would have resulted in a $2.1 million increase in Grid Dynamics’ income from operations, while a 10% increase in the rupee’s value would have resulted in a $2.5 million decrease in income from operations
• a 10% decrease in the value of the Mexican pesos against the U.S.
dollar would have resulted in a $1.2 million increase in Grid Dynamics’ income from operations, while a 10% increase in the pesos’ value would have resulted in a $1.5 million decrease in income from operations.
+Added: • a 10% decrease in the value of the Euro against the U.S.
+Added: dollar would have resulted in a $0.9 million increase in Grid Dynamics’ income from operations, while a 10% increase in the Euro’s value would have resulted in a $1.1 million decrease in income from operations.
In the year ended December 31, 2024:
1 unchanged sentence
dollar would have resulted in a $5.5 million increase in Grid Dynamics’ income from operations, while a 10% increase in the zloty’s value would have resulted in a $6.7 million decrease in income from operations.
+Added: • a 10% decrease in the value of the Indian rupees against the U.S.
+Added: dollar would have resulted in a $1.4 million increase in Grid Dynamics’ income from operations, while a 10% increase in the rupee’s value would have resulted in a $1.8 million decrease in income from operations
• a 10% decrease in the value of the Mexican pesos against the U.S.
dollar would have resulted in a $1.3 million increase in Grid Dynamics’ income from operations, while a 10% increase in the pesos’ value would have resulted in a $1.6 million decrease in income from operations.
−Removed: We analyze sensitivity to the zloty and pesos separately because, in management’s experience, fluctuations in the value of these currencies against the U.S.
+Added: • a 10% decrease in the value of the Euro against the U.S.
+Added: dollar would have resulted in a $1.0 million increase in Grid Dynamics’ income from operations, while a 10% increase in the Euro’s value would have resulted in a $1.2 million decrease in income from operations.
+Added: We analyze sensitivity to the zloty, rupees, euro, and pesos separately because, in management’s experience, fluctuations in the value of these currencies against the U.S.
dollar are frequently driven by distinct macroeconomic and geopolitical factors and have the largest effect on our results during the year ended December 31, 2025.
−Removed: We do not currently hedge our foreign currency exposure, although we seek to minimize it by limiting cash transfers to amounts necessary to fund subsidiary operating expenses for a short period, typically one week.
−Removed: Our management may evaluate new hedging strategies in future periods.
+Added: Grid Dynamics started to manage its exposure to foreign currency fluctuations by implementing a hedging program under which the Company enters into short-term foreign exchange forward contracts designed as cash flow hedges of forecasted transactions denominated in Polish zloty.
+Added: These contracts generally mature during six months or less.
+Added: As of December 31, 2025, all foreign exchange forward contracts are qualified for hedge accounting, with no collateral required to be posted.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.