Thermo Fisher Scientific

“We sell our products and services in several industries that are characterized by rapid and significant technological changes, frequent new product and service introductions and enhancements and evolving industry standards. Competitive factors include technological innovation, including the timely, responsible and effective adoption of emerging technologies (such as AI), price, service and delivery, breadth of product line, customer support, e-business capabilities and the ability to meet the special requirements of customers.”

Annual report 2025A · The company itself

“For example, we are incorporating AI and machine learning technologies into our products, services and internal processes. Failure to keep pace with rapid developments in AI technologies could adversely affect our competitive position and results of operations.”

Annual report 2025A · The company itself

“We and our third-party providers experience cyber-attacks and other attempts to gain unauthorized access to our products, services, and systems and data on a regular basis, and we anticipate continuing to be subject to such attempts as cyber-attacks 12 THERMO FISHER SCIENTIFIC INC. become increasingly sophisticated and more difficult to predict and protect against, particularly with the advancement of AI.”

Annual report 2025A · The company itself

“More recently, privacy and data protection regulators are paying special attention to emerging issues linked to new digital technologies, such as the use of AI, biometrics, and surveillance technologies, which pose unique challenges to existing privacy and data protection paradigms.”

Annual report 2025A · The company itself

“Improper or unauthorized use of AI by our employees or third parties working on our behalf could create additional risks, including exposure of confidential information, errors in output, or the generation of inaccurate, misleading or biased results, which could negatively impact our customers, stakeholders and reputation.”

Annual report 2025A · The company itself

“The integration of AI, including generative AI, into our products, services or internal operations may expose us to increased risks of intellectual property infringement or misappropriation.”

Annual report 2025A · The company itself

“New Products and Research and Development Our business includes the development and introduction of new products and may include entry into new business segments. We anticipate that we will continue to make significant expenditures for research and development (R&D) as we seek to provide a continuing flow of innovative products to maintain and improve our competitive position. Our R&D efforts focus on developing new technologies, enhancing the performance and usability of existing offerings, and expanding the applications for which our products are used.”

Annual report 2025A · The company itself

“The company continues to execute its proven growth strategy which consists of three pillars: •High-impact innovation; •Our trusted partner status with customers; and •Our unparalleled commercial engine.”

Annual report 2025A · The company itself

“Our business is affected by general economic conditions, both inside and outside the U.S. Both domestic and international markets experienced significant inflationary pressures in 2025 and inflation rates in the U.S., as well as in other countries in which we operate, continue at elevated levels.”

Annual report 2025A · The company itself

“If the global economy and financial markets, or economic conditions in Europe, the U.S. or other key markets, are unstable, that could adversely affect the business, results of operations and financial condition of the company and its customers, distributors, and suppliers, having the effect of: •reducing demand for some of our products and services; •increasing the rate of order cancellations or delays; •increasing the risk of excess and obsolete inventories; •increasing pressure on the prices for our products and services; •causing supply interruptions, which could disrupt our ability to produce our products; and •creating longer sales cycles, and greater difficulty in collecting sales proceeds and slower adoption of new technologies.”

Annual report 2025A · The company itself

“The benefits of PPI include optimized price realization, reduced costs resulting from implementing continuous improvement methodologies, global sourcing initiatives, a lower cost structure following restructuring actions including headcount reductions and consolidation of facilities, and low cost region manufacturing.”

Annual report 2025A · The company itself

“GAAP operating income margin and adjusted operating income margin increased in 2025 due primarily to very strong productivity improvements, partially offset by unfavorable business mix and strategic investments.”

Annual report 2025A · The company itself

“Other Laws and Regulations Our operations, and some of the products and services we offer, are subject to a number of complex and stringent laws and regulations governing the development, testing, approval, production, handling, transportation and distribution of chemicals, drugs and other similar products, including the operating and security standards of the Food and Drug Administration, the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and various state boards of pharmacy as well as comparable state and foreign agencies.”

Annual report 2025A · The company itself

“For example, we manufacture pharmaceuticals and many of our instruments are marketed to the pharmaceutical industry for use in discovering and developing drugs. Changes in the U.S. Food and Drug Administration’s (the FDA) regulation of the drug discovery and development process could have an adverse effect on the demand for these products, and increased FDA regulation of laboratory-developed tests could delay and add to the cost of commercialization of these products, as well as subject us to additional regulatory controls.”

Annual report 2025A · The company itself

“Life Sciences Solutions Segment Through our Life Sciences Solutions segment, we provide an extensive portfolio of reagents, instruments and consumables used in biological and medical research, discovery and production of new drugs and vaccines as well as diagnosis of disease. These products and services are used by customers in pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.”

Annual report 2025A · The company itself

“Life Sciences Solutions Segment Through our Life Sciences Solutions segment, we provide an extensive portfolio of reagents, instruments and consumables used in biological and medical research, discovery and production of new drugs and vaccines as well as diagnosis of disease. These products and services are used by customers in pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.”

Annual report 2025A · The company itself

“Our biosciences business includes reagents, instruments and consumables that help our customers conduct biological and medical research in areas such as molecular biology and protein biology, discover new drugs and vaccines, and enable the diagnosis of disease.”

Annual report 2025A · The company itself

“The segment also includes a comprehensive offering of outsourced services used by the pharmaceutical and biotech industries for drug development, clinical research, clinical trials services and commercial drug manufacturing. We serve the pharmaceutical, biotechnology, academic, government and other research and industrial markets, as well as the clinical laboratory market through four key businesses: laboratory products, research and safety market channel, pharma services and clinical research.”

Annual report 2025A · The company itself

“Our pharma services business provides the entire spectrum of development, manufacturing and clinical trials services for both small-molecule and large-molecule pharmaceuticals.”

Annual report 2025A · The company itself

“Overview Thermo Fisher Scientific Inc. enables customers to make the world healthier, cleaner and safer by helping them accelerate life sciences research, solve complex analytical challenges, increase laboratory productivity, and improve patient health through diagnostics and the development and manufacture of life-changing therapies. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.”

Annual report 2025A · The company itself

“Notable Recent Acquisitions On July 10, 2024, the company acquired, within the Life Sciences Solutions segment, Olink Holding AB (publ), a Swedish-based provider of next-generation proteomics solutions. The acquisition enhances the segment’s capabilities in the high-growth proteomics market with the addition of highly differentiated solutions.”

Annual report 2025A · The company itself

“On September 1, 2025, the company acquired, within the Life Sciences Solutions segment, our filtration and separation business, a leading provider of purification and filtration technologies used in the production of biologics as well as in medical technologies and industrial applications, from Solventum Corporation. The business strengthens the segment’s bioproduction offerings with advanced filtration technologies that improve quality and efficiency across upstream and downstream workflows.”

Annual report 2025A · The company itself

“Pending Acquisition The company has entered into an agreement to acquire Clario Holdings, Inc. for approximately $8.875 billion in cash at the closing of the transaction, with an additional $125 million in deferred consideration and up to $400 million in contingent consideration to be payable following the closing. Clario is a leading provider of endpoint data solutions for clinical trials.”

Annual report 2025A · The company itself

“Adjusted earnings per share (non-GAAP measure) $ 22.87 $ 21.86 5 % Organic Revenue Growth Revenue growth 4 % Impact of acquisitions 1 % Impact of currency translation 1 % Organic revenue growth (non-GAAP measure) 2 % During 2025, revenues grew in the pharma and biotech market due to increased demand from customers, partially offset by reduced demand for COVID-19 vaccine and therapy related products and services.”

Annual report 2025A · The company itself

“pt The increase in organic revenues in 2025 was driven by the bioproduction business. On a reported basis, the bioproduction business grew $548 million, driven by higher demand from pharma and biotech customers, as well as the impact from the 2025 acquisition of the filtration and separation business.”

Annual report 2025A · The company itself

“Specialty Diagnostics Segment Our Specialty Diagnostics segment offers a wide range of diagnostic test kits, reagents, culture media, instruments and associated products to serve customers in healthcare, clinical, pharmaceutical, industrial, and food safety laboratories. Our healthcare products are used to increase the speed and accuracy of diagnoses, which improves patient care in a more cost-efficient manner.”

Annual report 2025A · The company itself

“Overview Thermo Fisher Scientific Inc. enables customers to make the world healthier, cleaner and safer by helping them accelerate life sciences research, solve complex analytical challenges, increase laboratory productivity, and improve patient health through diagnostics and the development and manufacture of life-changing therapies. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.”

Annual report 2025A · The company itself

“These products and services are used by customers in pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.”

Annual report 2025A · The company itself

“Our healthcare market channel offerings include a broad array of consumables, diagnostic kits and reagents, equipment, instruments, solutions and services for hospitals, clinical laboratories, reference laboratories, physicians’ offices and other clinical testing facilities.”

Annual report 2025A · The company itself

“Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.”

Annual report 2025A · The company itself

“Specialty Diagnostics Organic (non-GAAP measure) (Dollars in millions) 2025 2024 Total Change Acquisitions/ Divestitures Currency Translation pt The increase in organic revenues in 2025 was led by growth in the healthcare market channel and the transplant diagnostics business.”

Annual report 2025A · The company itself

“These products and services are used by customers in pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.”

Annual report 2025A · The company itself

“Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.”

Annual report 2025A · The company itself

“Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.”

Annual report 2025A · The company itself

“Revenue to customers in the industrial and applied market grew.”

Annual report 2025A · The company itself

“Acquisitions Acquisitions The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforces. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products and services; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products and services.”

Annual report 2025A · The company itself

“Investing Activities During 2025, acquisitions used cash of $4.04 billion.”

Annual report 2025A · The company itself

“Revenues in the academic and government market declined, driven by customer hesitancy in a more uncertain environment in the U.S. and macro conditions in China.”

Annual report 2025A · The company itself

“Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.”

Annual report 2025A · The company itself

“Our electron microscopy business serves customers in the life sciences, materials sciences, and semiconductor markets providing leading research tools; and also, in the semiconductor market provides integrated workflows that power research and development and production solutions.”

Annual report 2025A · The company itself

“The business strengthens the segment’s bioproduction offerings with advanced filtration technologies that improve quality and efficiency across upstream and downstream workflows. In addition, its industrial filtration and membrane solutions will expand our reach into industries including battery, semiconductor and medical device manufacturing.”

Annual report 2025A · The company itself

“The company continues to execute its proven growth strategy which consists of three pillars: •High-impact innovation; •Our trusted partner status with customers; and •Our unparalleled commercial engine.”

Annual report 2025A · The company itself

“The business strengthens the segment’s bioproduction offerings with advanced filtration technologies that improve quality and efficiency across upstream and downstream workflows. In addition, its industrial filtration and membrane solutions will expand our reach into industries including battery, semiconductor and medical device manufacturing.”

Annual report 2025A · The company itself

“The benefits of PPI include optimized price realization, reduced costs resulting from implementing continuous improvement methodologies, global sourcing initiatives, a lower cost structure following restructuring actions including headcount reductions and consolidation of facilities, and low cost region manufacturing.”

Annual report 2025A · The company itself

“Overview Thermo Fisher Scientific Inc. enables customers to make the world healthier, cleaner and safer by helping them accelerate life sciences research, solve complex analytical challenges, increase laboratory productivity, and improve patient health through diagnostics and the development and manufacture of life-changing therapies. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.”

Annual report 2025A · The company itself

“These products and services are used by customers in pharmaceutical, biotechnology, academic, government, environmental and other research and industrial markets, as well as the clinical laboratory.”

Annual report 2025A · The company itself

“Seasonal Influences Revenues in the fourth quarter are historically stronger than in other quarters due to the capital spending patterns of industrial, pharmaceutical and government customers.”

Annual report 2025A · The company itself

“Industry and Economic Risks Our growth would be impacted if the markets into which we sell our products and services decline, do not grow as anticipated or experience cyclicality. Our growth depends in part on the growth of the markets which we serve. Any decline or lower than expected growth in our served markets would diminish demand for our products and services, which would adversely affect our financial statements.”

Annual report 2025A · The company itself

“Our growth depends in part on the growth of the markets which we serve. Any decline or lower than expected growth in our served markets could diminish demand for our products and services, which would adversely affect our results of operations and financial condition.”

Annual report 2025A · The company itself

“Revenues in the academic and government market declined, driven by customer hesitancy in a more uncertain environment in the U.S. and macro conditions in China.”

Annual report 2025A · The company itself

“Our leverage could have negative consequences, including increasing our vulnerability to adverse economic and industry conditions, limiting our ability to obtain additional financing and limiting our ability to acquire new products and technologies through strategic acquisitions.”

Annual report 2025A · The company itself

“As a global organization, we are subject to data privacy and data protection laws, rules, and customer-imposed controls as a result of producing, collecting, processing, storing and transmitting confidential, personal and/or sensitive data in the course of our business. A significant number of countries where we operate have enacted privacy or data protection laws, rules and regulations, the majority of which have extraterritorial scope, creating significant compliance challenges as we seek to maintain our global reach, with significant penalties for non-compliance, based on total worldwide annual revenue from the preceding financial year.”

Annual report 2025A · The company itself

“We are required to comply with a wide variety of laws and regulations, and are subject to regulation by various federal, state and foreign agencies. We are subject to various local, state, federal, foreign and transnational laws and regulations, which include the operating and security standards of the FDA, the U.S.”

Annual report 2025A · The company itself

“The manufacture, distribution and marketing of many of our products and services, including medical devices, and our pharma and clinical development services, are subject to extensive ongoing regulation by the FDA, the DEA, the EMA, and other equivalent local, state, federal and non-U.S. regulatory authorities. In addition, we are subject to inspections by these regulatory authorities.”

Annual report 2025A · The company itself

“As a global company, we are subject to taxation in numerous countries, states and other jurisdictions.”

Annual report 2025A · The company itself

“As of December 31, 2025, numerous countries where we operate have enacted legislation, or have indicated their intent to adopt legislation, to implement certain aspects of the Pillar Two rules. The OECD and implementing countries are expected to continue to make further revisions to their legislation and release additional guidance.”

Annual report 2025A · The company itself

“Our success in doing so is largely dependent upon various factors, including a highly competitive market, sought-after skills, management changes, competitor recruitment, and maintaining an attractive workplace culture (including where there is high demand for new products, services, and technologies, such as related to AI). Macroeconomic shifts such as increased competition for employees and wage inflation, have previously and could in the future affect our talent retention, turnover rates and operational costs.”

Annual report 2025A · The company itself

“We have approximately 14,000 sales personnel including highly trained technical specialists who enable us to better meet the needs of our more technical end-users.”

Annual report 2025A · The company itself

“We are committed to maintaining the strongest team in our industry, focusing on developing and retaining our colleagues, while leveraging our Mission and leadership brand to attract new colleagues to our company. As of December 31, 2025, we employed approximately 125,000 colleagues globally, with an approximate regional distribution as follows: 59,000 based in the Americas, 22,000 in the Asia-Pacific region, and 44,000 in Europe, the Middle East and Africa (EMEA).”

Annual report 2025A · The company itself

“Our success is largely dependent upon our ability to attract and retain a highly qualified workforce, comprised of scientific, technical, clinical, and management talent. We have in the past, and may in the future, have difficulty in attracting and retaining such talent.”

Annual report 2025A · The company itself

“We are subject to a broad and evolving set of global requirements related to data privacy, cybersecurity and the responsible use of emerging technologies such as generative artificial intelligence (AI). These include comprehensive frameworks such as the EU’s General Data Protection Regulation (GDPR), the EU’s AI Act, U.S. federal and state privacy and security laws (including the Health Insurance Portability and Accountability Act of 1996 (HIPAA) for certain operations), and data-localization or cross-border transfer restrictions in various international markets. Governments in the EU, U.S. and other jurisdictions are also advancing new regulations that govern transparency, risk management and data practices associated with AI systems.”

Annual report 2025A · The company itself

“A significant cyber-attack or other disruption in, or breach in security of, our information technology systems could adversely harm our operating results and financial condition, damage our reputation or otherwise materially harm our business. We rely on information technology systems to process, transmit and store electronic information (including sensitive data such as confidential business information, medical information, financial data and personally identifiable data relating to employees, customers and other business partners) and to manage or support a variety of critical business processes and activities (such as interacting with suppliers, selling our products and services, fulfilling orders and billing, collecting and making payments, shipping products, providing services and support to customers, tracking customer activity, fulfilling contractual obligations and otherwise conducting business).”

Annual report 2025A · The company itself

“We and our third-party providers experience cyber-attacks and other attempts to gain unauthorized access to our products, services, and systems and data on a regular basis, and we anticipate continuing to be subject to such attempts as cyber-attacks 12 THERMO FISHER SCIENTIFIC INC. become increasingly sophisticated and more difficult to predict and protect against, particularly with the advancement of AI.”

Annual report 2025A · The company itself

“We have significant operations in California, near major earthquake faults, which make us susceptible to earthquake risk. An earthquake or other natural disaster (including the effects of climate change such as sea level rise, drought, flooding, wildfires and more intense weather events), could disrupt our operations, including the ability to fulfill supply obligations to our customers, or impair our critical systems.”

Annual report 2025A · The company itself

“In addition, if any of our facilities, including our manufacturing or warehouse facilities, or the facilities of our suppliers, third-party service providers, or customers, is affected by natural disasters, such as earthquakes, tsunamis, power shortages or outages, fires, floods or monsoons, public health crises, such as pandemics and epidemics, political crises, such as terrorism, war, political instability or other conflict, or other events outside of our control, such as trade protectionism, strikes or other labor unrest, our results of operations could be adversely affected. Moreover, these types of events could negatively impact customer spending in the impacted regions or depending upon the severity, globally, which could also adversely impact our operating results.”

Annual report 2025A · The company itself

“Some emerging market countries may be particularly vulnerable to periods of global and local political, legal, regulatory and financial instability, including issues of geopolitical relations, the imposition of international sanctions in response to certain state actions and/or sovereign debt issues, and may have a higher incidence of corruption and fraudulent business practices. As a result of these and other factors, our strategy to grow in emerging markets may not be successful, and growth rates in these markets may not be sustainable.”

Annual report 2025A · The company itself

“In addition, if any of our facilities, including our manufacturing or warehouse facilities, or the facilities of our suppliers, third-party service providers, or customers, is affected by natural disasters, such as earthquakes, tsunamis, power shortages or outages, fires, floods or monsoons, public health crises, such as pandemics and epidemics, political crises, such as terrorism, war, political instability or other conflict, or other events outside of our control, such as trade protectionism, strikes or other labor unrest, our results of operations could be adversely affected. Moreover, these types of events could negatively impact customer spending in the impacted regions or depending upon the severity, globally, which could also adversely impact our operating results.”

Annual report 2025A · The company itself

“As of December 31, 2025, the company’s debt portfolio was comprised primarily of fixed rate borrowings. The fair market value of the company’s fixed interest rate debt is subject to interest rate risk.”

Annual report 2025A · The company itself

“If interest rates were to decrease by 100 basis points, the fair value of the company’s debt at December 31, 2025 would increase by approximately $2.45 billion. If interest rates were to increase by 100 basis points, the fair value of the company’s debt at December 31, 2025 would decrease by approximately $2.19 billion.”

Annual report 2025A · The company itself

“We are also subject to a variety of federal, state, local and international laws and regulations that govern, among other things, the handling, transportation and manufacture of substances that could be classified as hazardous, and we are required to comply with various import laws and export control and economic sanctions laws, which may affect our transactions with certain customers. In certain circumstances, export control and economic sanctions regulations may prohibit the export of certain products, services and technologies.”

Annual report 2025A · The company itself

“The decrease in segment income margin resulted primarily from the impacts of tariffs and related foreign exchange, strategic investments, and unfavorable business mix, partially offset by strong productivity improvements.”

Annual report 2025A · The company itself

“We are subject to a broad and evolving set of global requirements related to data privacy, cybersecurity and the responsible use of emerging technologies such as generative artificial intelligence (AI). These include comprehensive frameworks such as the EU’s General Data Protection Regulation (GDPR), the EU’s AI Act, U.S. federal and state privacy and security laws (including the Health Insurance Portability and Accountability Act of 1996 (HIPAA) for certain operations), and data-localization or cross-border transfer restrictions in various international markets. Governments in the EU, U.S. and other jurisdictions are also advancing new regulations that govern transparency, risk management and data practices associated with AI systems.”

Annual report 2025A · The company itself

“In addition, if any of our facilities, including our manufacturing or warehouse facilities, or the facilities of our suppliers, third-party service providers, or customers, is affected by natural disasters, such as earthquakes, tsunamis, power shortages or outages, fires, floods or monsoons, public health crises, such as pandemics and epidemics, political crises, such as terrorism, war, political instability or other conflict, or other events outside of our control, such as trade protectionism, strikes or other labor unrest, our results of operations could be adversely affected. Moreover, these types of events could negatively impact customer spending in the impacted regions or depending upon the severity, globally, which could also adversely impact our operating results.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had approximately $39.38 billion in outstanding indebtedness.”

Annual report 2025A · The company itself

“We are also subject to a variety of federal, state, local and international laws and regulations that govern, among other things, the handling, transportation and manufacture of substances that could be classified as hazardous, and we are required to comply with various import laws and export control and economic sanctions laws, which may affect our transactions with certain customers. In certain circumstances, export control and economic sanctions regulations may prohibit the export of certain products, services and technologies.”

Annual report 2025A · The company itself

“We are subject to risks associated with public health emergencies, pandemics, epidemics, or other health outbreaks. Our global operations expose us to risks associated with public health emergencies, epidemics, pandemics and other health outbreaks. These events have had an adverse impact on certain of our operations, supply chains and distribution systems in the past, and may again in the future, and we may experience unpredictable reductions in supply and demand for certain of our products and services.”

Annual report 2025A · The company itself

“Demand for some of our products depends on capital spending policies of our customers and on government funding policies. Our customers include pharmaceutical and biotechnology companies, laboratories, universities, healthcare providers, government agencies and public and private research institutions. Many factors, including public policy spending priorities such as national procurement initiatives, available resources, cost reimbursement policies, and product and economic cycles, have had and we expect to have a significant effect on the capital spending policies of these entities.”

Annual report 2025A · The company itself

“Because we rely heavily on third-party package-delivery services, a significant disruption in these services or significant increases in prices may disrupt our ability to ship products, increase our costs and lower our profitability. We ship a significant portion of our products to our customers through independent package delivery companies, such as Federal Express in the U.S. and DHL in Europe.”

Annual report 2025A · The company itself

“We face increasing scrutiny from stakeholders related to our sustainability practices and disclosures. Investor advocacy groups, certain institutional investors, lenders, investment funds and other influential investors are also increasingly focused on such practices and related disclosures and in recent years have placed increasing importance on the implications and social cost of their investments.”

Annual report 2025A · The company itself

“In addition, government organizations are enhancing or advancing legal and regulatory requirements specific to these matters. The heightened stakeholder focus on sustainability issues related to our business requires the continuous monitoring of various and evolving laws, regulations, standards and expectations and the associated reporting requirements.”

Annual report 2025A · The company itself

“Our primary commodity exposures are for fuel, petroleum-based resins and steel. The costs for these commodities, as well as the costs of transportation, construction and services necessary for the production and distribution of our products, continue to increase and be volatile.”

Annual report 2025A · The company itself

“The decrease in segment income margin resulted primarily from the impacts of tariffs and related foreign exchange, strategic investments, and unfavorable business mix, partially offset by strong productivity improvements.”

Annual report 2025A · The company itself

“In October 2025, the federal government entered a shutdown due to a lapse in appropriations, resulting from an inability by Congress to pass a budget or continuing resolution. A similar impasse in federal government budget decisions could lead to substantial delays or reductions in federal spending.”

Annual report 2025A · The company itself

“Our primary commodity exposures are for fuel, petroleum-based resins and steel. The costs for these commodities, as well as the costs of transportation, construction and services necessary for the production and distribution of our products, continue to increase and be volatile.”

Annual report 2025A · The company itself

“In 2025, currency translation had a favorable effect of $0.37 billion on revenues due to the weakening of the U.S. dollar relative to other currencies in which the company sells products and services.”

Annual report 2025A · The company itself

“Economic, political, foreign currency and other risks associated with international sales and operations could adversely affect our results of operations. International markets contribute a substantial portion of our revenues, and we intend to continue expanding our presence in these regions.”

Annual report 2025A · The company itself

“During 2025, sales grew in North America, Europe and Asia-Pacific, but declined in China.”

Annual report 2025A · The company itself

“Economic, political, foreign currency and other risks associated with international sales and operations could adversely affect our results of operations. International markets contribute a substantial portion of our revenues, and we intend to continue expanding our presence in these regions.”

Annual report 2025A · The company itself

“During 2025, sales grew in North America, Europe and Asia-Pacific, but declined in China.”

Annual report 2025A · The company itself

“During 2025, sales grew in North America, Europe and Asia-Pacific, but declined in China.”

Annual report 2025A · The company itself

“During 2025, sales grew in North America, Europe and Asia-Pacific, but declined in China.”

Annual report 2025A · The company itself

“Economic, political, foreign currency and other risks associated with international sales and operations could adversely affect our results of operations. International markets contribute a substantial portion of our revenues, and we intend to continue expanding our presence in these regions.”

Annual report 2025A · The company itself